Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34582 | |
Entity Registrant Name | NORTHWEST BANCSHARES, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 27-0950358 | |
Entity Address, Address Line One | 100 Liberty Street | |
Entity Address, City or Town | Warren, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 16365 | |
City Area Code | 814 | |
Local Phone Number | 726-2140 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, 0.01 Par Value | |
Trading Symbol | NWBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 126,562,556 | |
Entity Central Index Key | 0001471265 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 1,090,485 | $ 736,277 |
Marketable securities available-for-sale (amortized cost of $1,587,105 and $1,375,685, respectively) | 1,583,715 | 1,398,941 |
Marketable securities held-to-maturity (fair value of $609,777 and $179,666, respectively) | 618,395 | 178,887 |
Total cash and cash equivalents and marketable securities | 3,292,595 | 2,314,105 |
Loans held-for-sale | 27,411 | 58,786 |
Loans held for investment | 10,171,557 | 10,522,063 |
Allowance for credit losses | (109,767) | (134,427) |
Loans receivable, net | 10,089,201 | 10,446,422 |
FHLB stock, at cost | 14,567 | 21,748 |
Accrued interest receivable | 26,995 | 35,554 |
Real estate owned, net | 809 | 2,232 |
Premises and equipment, net | 155,740 | 161,538 |
Bank-owned life insurance | 254,871 | 253,951 |
Goodwill | 380,997 | 382,279 |
Other intangible assets, net | 14,041 | 19,936 |
Other assets | 159,419 | 168,503 |
Total assets | 14,389,235 | 13,806,268 |
Liabilities: | ||
Noninterest-bearing demand deposits | 3,052,115 | 2,716,224 |
Interest-bearing demand deposits | 2,926,351 | 2,755,950 |
Money market deposit accounts | 2,584,424 | 2,437,539 |
Savings deposits | 2,271,496 | 2,047,424 |
Time deposits | 1,387,827 | 1,642,096 |
Total deposits | 12,222,213 | 11,599,233 |
Borrowed funds | 126,496 | 159,715 |
Subordinated debt | 123,486 | 123,329 |
Junior subordinated debentures | 128,989 | 128,794 |
Advances by borrowers for taxes and insurance | 26,951 | 45,230 |
Accrued interest payable | 589 | 2,054 |
Other liabilities | 198,743 | 209,210 |
Total liabilities | 12,827,467 | 12,267,565 |
Shareholders’ equity: | ||
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value: 500,000,000 shares authorized, 126,521,344 and 127,019,452 shares issued and outstanding, respectively | 1,265 | 1,270 |
Additional paid-in capital | 1,008,099 | 1,015,502 |
Retained earnings | 604,787 | 555,480 |
Accumulated other comprehensive loss | (52,383) | (33,549) |
Total shareholders’ equity | 1,561,768 | 1,538,703 |
Total liabilities and shareholders’ equity | $ 14,389,235 | $ 13,806,268 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 1,587,105 | $ 1,375,685 |
Securities held-to-maturity | $ 609,777 | $ 179,666 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 126,521,344 | 127,019,452 |
Common stock, shares outstanding (in shares) | 126,521,344 | 127,019,452 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans receivable | $ 97,475 | $ 107,241 | $ 295,048 | $ 305,226 |
Mortgage-backed securities | 5,840 | 4,652 | 15,720 | 12,865 |
Taxable investment securities | 649 | 427 | 1,976 | 1,514 |
Tax-free investment securities | 628 | 655 | 1,797 | 1,404 |
FHLB stock dividends | 71 | 218 | 325 | 789 |
Interest-earning deposits | 352 | 221 | 727 | 541 |
Total interest income | 105,015 | 113,414 | 315,593 | 322,339 |
Interest expense: | ||||
Deposits | 4,540 | 8,443 | 14,827 | 29,182 |
Borrowed funds | 2,056 | 1,437 | 6,160 | 4,317 |
Total interest expense | 6,596 | 9,880 | 20,987 | 33,499 |
Net interest income | 98,419 | 103,534 | 294,606 | 288,840 |
Provision for credit losses | (4,354) | 6,818 | (9,974) | 86,205 |
Net interest income after provision for credit losses | 102,773 | 96,716 | 304,580 | 202,635 |
Noninterest income: | ||||
Gain/(loss) on sale of investments | (46) | (12) | (172) | 161 |
Gain on sale of loans | 0 | 0 | 0 | 1,302 |
Service charges and fees | 13,199 | 14,354 | 38,337 | 42,539 |
Trust and other financial services income | 7,182 | 5,376 | 21,101 | 15,200 |
Insurance commission income | 44 | 2,331 | 3,633 | 7,098 |
Gain/(loss) on real estate owned, net | 247 | (32) | 371 | (220) |
Income from bank-owned life insurance | 1,332 | 1,576 | 4,707 | 3,860 |
Mortgage banking income | 3,941 | 11,055 | 13,772 | 24,271 |
Gain on sale of insurance business | 0 | 0 | 25,327 | 0 |
Other operating income | 3,287 | 2,022 | 8,771 | 5,931 |
Total noninterest income | 29,186 | 36,670 | 115,847 | 100,142 |
Noninterest expense: | ||||
Compensation and employee benefits | 49,063 | 47,371 | 145,196 | 130,166 |
Premises and occupancy costs | 7,745 | 8,342 | 23,969 | 23,008 |
Office operations | 4,143 | 4,626 | 10,625 | 11,719 |
Collections expense | 411 | 1,264 | 1,330 | 2,382 |
Processing expenses | 13,517 | 15,042 | 42,124 | 37,864 |
Marketing expenses | 2,102 | 2,147 | 6,183 | 5,701 |
Federal deposit insurance premiums | 1,184 | 1,498 | 3,844 | 3,116 |
Professional services | 4,295 | 3,246 | 13,108 | 8,883 |
Amortization of intangible assets | 1,321 | 1,781 | 4,348 | 5,192 |
Real estate owned expense | 94 | 111 | 254 | 295 |
Merger, asset disposition and restructuring expense | 0 | 1,414 | 641 | 13,551 |
Other expenses | 2,227 | 27 | 7,003 | 12,766 |
Total noninterest expense | 86,102 | 86,869 | 258,625 | 254,643 |
Income before income taxes | 45,857 | 46,517 | 161,802 | 48,134 |
Federal and state income taxes expense | 10,794 | 8,467 | 37,535 | 8,345 |
Net income | $ 35,063 | $ 38,050 | $ 124,267 | $ 39,789 |
Basic earnings per share (in dollars per share) | $ 0.28 | $ 0.30 | $ 0.98 | $ 0.34 |
Diluted earnings per share (in dollars per share) | $ 0.27 | $ 0.30 | $ 0.97 | $ 0.34 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 35,063 | $ 38,050 | $ 124,267 | $ 39,789 |
Net unrealized holding gains/(losses) on marketable securities: | ||||
Unrealized holding gains/(losses), net of tax of $2,076, ($107), $6,812, and ($5,286), respectively | (6,455) | 676 | (19,554) | 13,623 |
Reclassification adjustment for (gains)/losses included in net income, net of tax of $24, $1, $89, and $0, respectively | (69) | (1) | (280) | 1 |
Net unrealized holding gains/(losses) on marketable securities | (6,524) | 675 | (19,834) | 13,624 |
Change in fair value of interest rate swaps | ||||
Unrealized holding losses on interest rate swaps, net of tax of $0, $0, $0, and $209, respectively | 0 | 0 | 0 | (946) |
Reclassification adjustment for losses included in net income, net of tax of $0, $(375), $0, and $(375), respectively | 0 | 946 | 0 | 946 |
Net change in fair value of interest rate swaps | 0 | 946 | 0 | 0 |
Defined benefit plan: | ||||
Actuarial reclassification adjustments for prior period service costs and actuarial losses included in net income, net of tax of ($128), ($99), ($386), and ($297) respectively | 333 | 250 | 1,000 | 748 |
Other comprehensive income/(loss) | (6,191) | 1,871 | (18,834) | 14,372 |
Total comprehensive income | $ 28,872 | $ 39,921 | $ 105,433 | $ 54,161 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding gains (losses), tax | $ 2,076 | $ (107) | $ 6,812 | $ (5,286) |
Reclassification adjustment for gains included in net income, tax | 24 | 1 | 89 | 0 |
Unrealized holding losses on interest rate swaps, tax | 0 | 0 | 0 | 209 |
Reclassification adjustment for losses included in net income, tax | 0 | (375) | 0 | (375) |
Reclassification adjustments for prior period service costs and net losses included in net income, tax | $ (128) | $ (99) | $ (386) | $ (297) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income/(loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 106,859,088 | ||||||
Beginning balance at Dec. 31, 2019 | $ 1,353,285 | $ (9,649) | $ 1,069 | $ 805,750 | $ 583,407 | $ (9,649) | $ (36,941) |
Comprehensive income: | |||||||
Net Income (loss) | 39,789 | 39,789 | |||||
Other comprehensive income (loss) , net | 14,372 | 14,372 | |||||
Total comprehensive income | 54,161 | 39,789 | 14,372 | ||||
Acquisition of MutualBank (in shares) | 20,658,957 | ||||||
Acquisition of MutualBank | 213,406 | $ 206 | 213,200 | ||||
Exercise of stock options (in shares) | 87,305 | ||||||
Exercise of stock options | 1,006 | $ 1 | 1,005 | ||||
Stock-based compensation expense (in shares) | 282,691 | ||||||
Stock-based compensation expense | 3,769 | $ 3 | 3,766 | ||||
Stock-based compensation forfeited (in shares) | (86,744) | ||||||
Stock-based compensation forfeited | 0 | $ (1) | 1 | ||||
Other | 105 | 105 | |||||
Dividends paid | (68,852) | (68,852) | |||||
Ending balance (in shares) at Sep. 30, 2020 | 127,801,297 | ||||||
Ending balance at Sep. 30, 2020 | 1,547,231 | $ 1,278 | 1,023,827 | 544,695 | (22,569) | ||
Beginning balance (in shares) at Jun. 30, 2020 | 127,838,400 | ||||||
Beginning balance at Jun. 30, 2020 | 1,530,849 | $ 1,278 | 1,023,083 | 530,928 | (24,440) | ||
Comprehensive income: | |||||||
Net Income (loss) | 38,050 | 38,050 | |||||
Other comprehensive income (loss) , net | 1,871 | 1,871 | |||||
Total comprehensive income | 39,921 | 38,050 | 1,871 | ||||
Stock-based compensation expense | 743 | 743 | |||||
Stock-based compensation forfeited (in shares) | (37,103) | ||||||
Stock-based compensation forfeited | 1 | 1 | |||||
Dividends paid | (24,283) | (24,283) | |||||
Ending balance (in shares) at Sep. 30, 2020 | 127,801,297 | ||||||
Ending balance at Sep. 30, 2020 | 1,547,231 | $ 1,278 | 1,023,827 | 544,695 | (22,569) | ||
Beginning balance (in shares) at Dec. 31, 2020 | 127,019,452 | ||||||
Beginning balance at Dec. 31, 2020 | 1,538,703 | $ 1,270 | 1,015,502 | 555,480 | (33,549) | ||
Comprehensive income: | |||||||
Net Income (loss) | 124,267 | 124,267 | |||||
Other comprehensive income (loss) , net | (18,834) | (18,834) | |||||
Total comprehensive income | 105,433 | 124,267 | (18,834) | ||||
Exercise of stock options (in shares) | 1,043,487 | ||||||
Exercise of stock options | 12,721 | $ 10 | 12,711 | ||||
Stock-based compensation expense (in shares) | 323,824 | ||||||
Stock-based compensation expense | 3,725 | $ 3 | 3,722 | ||||
Share repurchases (in shares) | (1,813,132) | ||||||
Share repurchases | (23,854) | $ (18) | (23,836) | ||||
Stock-based compensation forfeited (in shares) | (52,287) | ||||||
Dividends paid | (74,960) | (74,960) | |||||
Ending balance (in shares) at Sep. 30, 2021 | 126,521,344 | ||||||
Ending balance at Sep. 30, 2021 | 1,561,768 | $ 1,265 | 1,008,099 | 604,787 | (52,383) | ||
Beginning balance (in shares) at Jun. 30, 2021 | 127,907,885 | ||||||
Beginning balance at Jun. 30, 2021 | 1,575,361 | $ 1,279 | 1,025,174 | 595,100 | (46,192) | ||
Comprehensive income: | |||||||
Net Income (loss) | 35,063 | 35,063 | |||||
Other comprehensive income (loss) , net | (6,191) | (6,191) | |||||
Total comprehensive income | 28,872 | 35,063 | (6,191) | ||||
Exercise of stock options (in shares) | 57,142 | ||||||
Exercise of stock options | 688 | 688 | |||||
Stock-based compensation expense (in shares) | 1,139 | ||||||
Stock-based compensation expense | 1,046 | 1,046 | |||||
Share repurchases (in shares) | (1,425,120) | ||||||
Share repurchases | (18,823) | $ (14) | (18,809) | ||||
Stock-based compensation forfeited (in shares) | (19,702) | ||||||
Dividends paid | (25,376) | (25,376) | |||||
Ending balance (in shares) at Sep. 30, 2021 | 126,521,344 | ||||||
Ending balance at Sep. 30, 2021 | $ 1,561,768 | $ 1,265 | $ 1,008,099 | $ 604,787 | $ (52,383) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other comprehensive income (loss), tax | $ 1,972 | $ (581) | $ 6,515 | $ (5,749) |
Dividends paid, per share (in dollars per share) | $ 0.20 | $ 0.19 | $ 0.59 | $ 0.57 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income | $ 124,267 | $ 39,789 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | (9,974) | 86,205 |
Net gain on sale of assets | (970) | (2,322) |
Mortgage banking activity | (17,321) | (16,676) |
Gain on sale of insurance business | (25,327) | 0 |
Net depreciation, amortization and accretion | (271) | 6,625 |
(Increase)/decrease in other assets | 19,248 | (28,825) |
Increase/(decrease) in other liabilities | (10,545) | 79,299 |
Net amortization on marketable securities | 5,830 | 2,240 |
Noncash compensation expense related to stock benefit plans | 3,725 | 3,769 |
Noncash write-down of real estate owned | 173 | 272 |
Deferred income tax (benefit)/expense | 1,889 | (15,812) |
Origination of loans held-for-sale | (605,947) | (472,121) |
Proceeds from sale of loans held-for-sale | 652,770 | 471,367 |
Net cash provided by operating activities | 137,547 | 153,810 |
Investing activities: | ||
Purchase of marketable securities held-to-maturity | (479,165) | 0 |
Purchase of marketable securities available-for-sale | (619,987) | (730,096) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 38,974 | 2,694 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 341,121 | 284,532 |
Proceeds from sale of marketable securities available-for-sale | 62,127 | 8 |
Proceeds from bank-owned life insurance | 3,984 | 596 |
Loan originations | (3,063,998) | (3,640,293) |
Proceeds from loan maturities and principal reductions | 3,413,907 | 3,132,329 |
Proceeds from sale of loans held for investment | 0 | 50,791 |
Net proceeds of FHLB stock | 7,181 | 4,684 |
Proceeds from sale of real estate owned | 2,440 | 1,062 |
Proceeds from sale of real estate owned for investment, net | 229 | 455 |
Purchase of premises and equipment | (3,728) | (10,808) |
Proceeds from the sale of insurance business | 28,238 | 0 |
Acquisitions, net of cash received | 0 | 261,712 |
Net cash used in investing activities | (268,677) | (642,334) |
Financing activities: | ||
Net increase in deposits | 622,980 | 1,247,573 |
Proceeds from long-term borrowings | 0 | 123,247 |
Repayments of long-term borrowings | (22,105) | (112,253) |
Net decrease in short-term borrowings | (11,165) | (89,504) |
Increase in advances by borrowers for taxes and insurance | (18,279) | (16,790) |
Cash dividends paid on common stock | (74,960) | (68,852) |
Purchase of common stock for retirement | (23,854) | 0 |
Proceeds from stock options exercised | 12,721 | 1,006 |
Net cash provided by financing activities | 485,338 | 1,084,427 |
Net increase in cash and cash equivalents | 354,208 | 595,903 |
Cash and cash equivalents at beginning of period | 736,277 | 60,846 |
Cash and cash equivalents at end of period | 1,090,485 | 656,749 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $14,631 and $27,668, respectively) | 22,452 | 33,639 |
Income taxes | 28,961 | 21,800 |
Business acquisitions: | ||
Fair value of assets acquired | 0 | 2,090,599 |
Northwest Bancshares, Inc. common stock issued | 0 | (213,406) |
Net cash paid | 0 | 0 |
Liabilities assumed | 0 | 1,877,193 |
Non-cash activities: | ||
Loan foreclosures and repossessions | 3,848 | 4,216 |
Sale of real estate owned financed by the Company | $ 54 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 14,631 | $ 27,668 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Informational Disclosures | Basis of Presentation and Informational Disclosures Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Warren, Pennsylvania, is a bank holding company regulated by the Board of Governors of the Federal Reserve System ("FRB"). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation ("FDIC") and the Pennsylvania Department of Banking. Northwest operates 170 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Allegheny Services, Inc., Great Northwest Corporation, The Bert Company (doing business as Northwest Insurance Services, which was sold April 30, 2021) and MutualFirst Investment Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year's reporting format. The results of operations for the quarter and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any other period. Stock-Based Compensation On May 25, 2021, the Company awarded employees 621,972 stock options and directors 72,000 stock options with an exercise price of $13.68 and grant date fair value of $0.64 per stock option, and the Company awarded employees 293,755 restricted common shares and directors 27,000 restricted common shares with a grant date fair value of $13.68. Awarded stock options and common shares vest over a five-year period with the first vesting occurring on the grant date. Stock-based compensation expense of $1.0 million and $743,000 for the quarters ended September 30, 2021 and 2020, respectively, was recognized in compensation expense relating to our stock benefit plans. At September 30, 2021, there was compensation expense of $1.9 million to be recognized for awarded but unvested stock options and $10.7 million for unvested restricted common shares. Income Taxes-Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At September 30, 2021, we had $336,000 of liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2020, 2019, 2018 and 2017. Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued the accounting standard update ("ASU") 2018-14, “ Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This guidance removes and adds disclosure requirements for defined benefit pension or other post-retirement plans. On January 1, 2021, the Company adopted ASU 2018-14 on a retrospective basis for disclosures impacted. The adoption of this standard did not have a material effect on our results of operations or financial position. Refer to Note 8, "Pension and Other Post-Retirement Benefits". In December 2019, the FASB issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes." This guidance simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The following table shows the portfolio of marketable securities available-for-sale at September 30, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due after ten years $ 58,537 — (1,545) 56,992 Debt issued by government-sponsored enterprises: Due in less than one year 191 1 — 192 Due in five years through ten years 47,516 87 (1,133) 46,470 Municipal securities: Due in less than one year 1,151 18 — 1,169 Due in one year through five years 1,647 31 — 1,678 Due in five years through ten years 21,722 583 (93) 22,212 Due after ten years 99,832 2,385 (747) 101,470 Residential mortgage-backed securities: Fixed rate pass-through 283,015 3,278 (2,325) 283,968 Variable rate pass-through 12,115 356 (15) 12,456 Fixed rate agency CMOs 1,017,472 4,800 (9,335) 1,012,937 Variable rate agency CMOs 43,907 294 (30) 44,171 Total residential mortgage-backed securities 1,356,509 8,728 (11,705) 1,353,532 Total marketable securities available-for-sale $ 1,587,105 11,833 (15,223) 1,583,715 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2020 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due after ten years $ 40,761 211 (55) 40,917 Debt issued by government-sponsored enterprises: Due in less than one year 24,976 159 — 25,135 Due in one year through five years 238 3 — 241 Due in five years through ten years 68,973 238 (80) 69,131 Municipal securities: Due in less than one year 4,008 14 — 4,022 Due in one year through five years 2,803 63 (2) 2,864 Due in five years through ten years 16,045 429 (5) 16,469 Due after ten years 89,778 3,752 (72) 93,458 Residential mortgage-backed securities: Fixed rate pass-through 339,406 7,125 (86) 346,445 Variable rate pass-through 14,778 431 (20) 15,189 Fixed rate agency CMOs 723,586 11,758 (1,093) 734,251 Variable rate agency CMOs 50,333 519 (33) 50,819 Total residential mortgage-backed securities 1,128,103 19,833 (1,232) 1,146,704 Total marketable securities available-for-sale $ 1,375,685 24,702 (1,446) 1,398,941 The following table shows the portfolio of marketable securities held-to-maturity at September 30, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due in one year through five years $ 16,478 — (49) 16,429 Due in five years through ten years 107,972 — (3,636) 104,336 Residential mortgage-backed securities: Fixed rate pass-through 192,976 248 (1,104) 192,120 Variable rate pass-through 716 24 — 740 Fixed rate agency CMOs 299,650 476 (4,595) 295,531 Variable rate agency CMOs 603 18 — 621 Total residential mortgage-backed securities 493,945 766 (5,699) 489,012 Total marketable securities held-to-maturity $ 618,395 766 (9,384) 609,777 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2020 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due in five years through ten years $ 67,990 12 (123) 67,879 Residential mortgage-backed securities: Fixed rate pass-through 1,723 131 — 1,854 Variable rate pass-through 919 30 — 949 Fixed rate agency CMOs 107,651 716 (2) 108,365 Variable rate agency CMOs 604 15 — 619 Total residential mortgage-backed securities 110,897 892 (2) 111,787 Total marketable securities held-to-maturity $ 178,887 904 (125) 179,666 The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at September 30, 2021 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in less than one year $ 453 455 Due in one year through five years 39,580 40,067 Due after five years through ten years 230,932 232,244 Due after ten years 1,085,544 1,080,766 Total residential mortgage-backed securities $ 1,356,509 1,353,532 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at September 30, 2021 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in one year through five years $ 890 948 Due after five years through ten years 212,525 210,946 Due after ten years 280,530 277,118 Total residential mortgage-backed securities $ 493,945 489,012 The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2021 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 216,233 (6,055) 6,916 (308) 223,149 (6,363) Municipal securities 34,492 (840) — — 34,492 (840) Residential mortgage-backed securities - agency 1,106,779 (14,455) 103,690 (2,949) 1,210,469 (17,404) Total $ 1,357,504 (21,350) 110,606 (3,257) 1,468,110 (24,607) The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2020 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 67,809 (179) 1,923 (80) 69,732 (259) Municipal securities 4,257 (79) — — 4,257 (79) Residential mortgage-backed securities - agency 300,767 (1,202) 5,533 (31) 306,300 (1,233) Total $ 372,833 (1,460) 7,456 (111) 380,289 (1,571) The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of September 30, 2021, which were comprised of 216 individual securities, represents a credit loss impairment. All of these securities were issued by U.S. government agencies or U.S. government-sponsored enterprises. There securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. The Company does not have the intent to sell these investment securities and it is likely that we will not be required to sell these securities before their anticipated recovery, which may be at maturity. All of the Company's held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. There securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Therefore, the Company did not record an allowance for credit losses for these securities as of September 30, 2021. The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of September 30, 2021 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody's and S&P, or when credit ratings cannot be sourced from the agencies, they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2021. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by government-sponsored enterprises $ 124,450 124,450 Residential mortgage-backed securities 493,945 493,945 Total marketable securities held-to-maturity $ 618,395 618,395 |
Loans Receivable
Loans Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table shows a summary of our loans receivable at amortized cost basis at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,756,383 233,138 2,989,521 2,753,593 314,528 3,068,121 Home equity loans 1,122,611 227,737 1,350,348 1,175,703 292,033 1,467,736 Vehicle loans 1,350,278 110,912 1,461,190 995,040 157,633 1,152,673 Consumer loans 305,549 50,097 355,646 288,066 67,254 355,320 Total Personal Banking 5,534,821 621,884 6,156,705 5,212,402 831,448 6,043,850 Commercial Banking: Commercial real estate loans 2,258,953 477,531 2,736,484 2,223,108 624,873 2,847,981 Commercial real estate loans - owner occupied 335,461 90,606 426,067 344,016 153,892 497,908 Commercial loans 786,111 93,601 879,712 1,019,482 171,628 1,191,110 Total Commercial Banking 3,380,525 661,738 4,042,263 3,586,606 950,393 4,536,999 Total loans receivable, gross 8,915,346 1,283,622 10,198,968 8,799,008 1,781,841 10,580,849 Allowance for credit losses (87,222) (22,545) (109,767) (102,874) (31,553) (134,427) Total loans receivable, net (2) $ 8,828,124 1,261,077 10,089,201 8,696,134 1,750,288 10,446,422 (1) Includes fair value of $27.4 million and $58.8 million of loans held-for-sale at September 30, 2021 and December 31, 2020, respectively. (2) Includes $57.6 million and $40.9 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at September 30, 2021 and December 31, 2020, respectively. The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2021 (in thousands): Balance as of September 30, 2021 Current period provision Charge-offs Recoveries Balance as of June 30, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,987 1,939 (1,263) 64 7,247 Home equity loans 6,293 291 (1,474) 237 7,239 Vehicle loans 12,457 82 (1,112) 599 12,888 Consumer loans 3,074 949 (1,036) 360 2,801 Total Personal Banking 29,811 3,261 (4,885) 1,260 30,175 Commercial Banking: Commercial real estate loans 58,451 (5,103) (1,581) 555 64,580 Commercial real estate loans - owner occupied 3,246 (1,487) — 4 4,729 Commercial loans 18,259 (1,025) (412) 1,850 17,846 Total Commercial Banking 79,956 (7,615) (1,993) 2,409 87,155 Total $ 109,767 (4,354) (6,878) 3,669 117,330 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 40 (2) — — 42 Total Personal Banking 42 (2) — — 44 Commercial Banking: Commercial real estate loans 2,647 715 — — 1,932 Commercial real estate loans - owner occupied 140 (41) — — 181 Commercial loans 1,333 101 — — 1,232 Total Commercial Banking 4,120 775 — — 3,345 Total off-balance sheet exposure $ 4,162 773 — — 3,389 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2020, and includes the cumulative effect of adopting ASU 2016-13 (in thousands): Balance as of September 30, 2020 Current period provision Charge-offs Recoveries Balance as of June 30, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 12,036 268 (129) 189 11,708 Home equity loans 9,585 183 (88) 127 9,363 Vehicle loans 16,713 4,111 (1,763) 530 13,835 Consumer loans 3,147 1,871 (1,593) 363 2,506 Total Personal Banking 41,481 6,433 (3,573) 1,209 37,412 Commercial Banking: Commercial real estate loans 73,410 780 (470) 267 72,833 Commercial real estate loans - owner occupied 13,570 (1,205) (62) 10 14,827 Commercial loans 11,748 810 (4,892) 316 15,514 Total Commercial Banking 98,728 385 (5,424) 593 103,174 Total $ 140,209 6,818 (8,997) 1,802 140,586 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 3 3 — — — Home equity loans 40 2 — — 38 Total Personal Banking 43 5 — — 38 Commercial Banking: Commercial real estate loans 2,423 (2,712) — — 5,135 Commercial real estate loans - owner occupied 469 (157) — — 626 Commercial loans 3,312 (1,072) — — 4,384 Total Commercial Banking 6,204 (3,941) — — 10,145 Total off-balance sheet exposure $ 6,247 (3,936) — — 10,183 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2021 (in thousands): Balance as of September 30, 2021 Current period provision Charge-offs Recoveries Balance as of December 31, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,987 3,269 (2,888) 340 7,266 Home equity loans 6,293 1,892 (2,081) 490 5,992 Vehicle loans 12,457 (341) (4,017) 1,990 14,825 Consumer loans 3,074 2,291 (3,135) 1,047 2,871 Total Personal Banking 29,811 7,111 (12,121) 3,867 30,954 Commercial Banking: Commercial real estate loans 58,451 (12,859) (9,281) 1,210 79,381 Commercial real estate loans - owner occupied 3,246 (6,392) (890) 9 10,518 Commercial loans 18,259 2,166 (1,627) 4,147 13,574 Total Commercial Banking 79,956 (17,085) (11,798) 5,366 103,473 Total $ 109,767 (9,974) (23,919) 9,233 134,427 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 40 5 — — 35 Total Personal Banking 42 5 — — 37 Commercial Banking: Commercial real estate loans 2,647 (802) — — 3,449 Commercial real estate loans - owner occupied 140 (186) — — 326 Commercial loans 1,333 (1,218) — — 2,551 Total Commercial Banking 4,120 (2,206) — — 6,326 Total off-balance sheet exposure $ 4,162 (2,201) — — 6,363 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2020 and includes the cumulative effect of adopting ASU 2016-13 (in thousands): Balance as of September 30, 2020 Current Charge-offs Recoveries Initial ACL on loans purchased with credit deterioration Cumulative effect of ASU 2016-13* Balance as of December 31, 2019 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 12,036 1,132 (510) 304 1,095 7,441 2,574 Home equity loans 9,585 536 (550) 408 216 5,786 3,189 Vehicle loans 16,713 12,419 (5,369) 1,294 235 842 7,292 Consumer loans 3,147 3,600 (4,666) 1,179 157 (2,424) 5,301 Total Personal Banking 41,481 17,687 (11,095) 3,185 1,703 11,645 18,356 Commercial Banking: Commercial real estate loans 73,410 50,018 (1,470) 1,011 5,720 2,288 15,843 Commercial real estate loans - owner occupied 13,570 5,642 (83) 25 963 1,278 5,745 Commercial loans 11,748 12,858 (16,056) 909 459 (4,419) 17,997 Total Commercial Banking 98,728 68,518 (17,609) 1,945 7,142 (853) 39,585 Total $ 140,209 86,205 (28,704) 5,130 8,845 10,792 57,941 Allowance for Credit Losses - Personal Banking: Residential mortgage loans $ 3 3 — — — — — Home equity loans 40 10 — — — (293) 323 Consumer loans — — — — — (402) 402 Total Personal Banking 43 13 — — — (695) 725 Commercial Banking: Commercial real estate loans 2,423 412 — — — 1,934 77 Commercial real estate loans - owner occupied 469 378 — — — 88 3 Commercial loans 3,312 2,220 — — — 923 169 Total Commercial Banking 6,204 3,010 — — — 2,945 249 Total off-balance sheet exposure $ 6,247 3,023 — — — 2,250 974 * Includes the impact of the initial allowance on PCD loans of $517,000. During the nine months ended September 30, 2021, there were no loans sold that were classified as held for investment. During the nine months ended September 30, 2020, we sold $50.0 million of loans that were classified as held for investment, for a gain of $1.3 million, which is reported in gain on sale of loans on the Consolidated Statements of Income. No loans were sold during the three months ended September 30, 2021 or September 30, 2020. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at September 30, 2021 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 2,989,521 7,987 10,710 — 7,007 1,792 — Home equity loans 1,350,348 6,293 6,482 — 1,821 709 — Vehicle loans 1,461,190 12,457 2,977 — — — — Consumer loans 355,646 3,074 1,115 386 — — — Total Personal Banking 6,156,705 29,811 21,284 386 8,828 2,501 — Commercial Banking: Commercial real estate loans 2,736,484 58,451 135,902 — 14,032 845 499 Commercial real estate loans - owner occupied 426,067 3,246 1,359 — 326 55 — Commercial loans 879,712 18,259 18,397 — 3,336 187 296 Total Commercial Banking 4,042,263 79,956 155,658 — 17,694 1,087 795 Total $ 10,198,968 109,767 176,942 386 26,522 3,588 795 (1) Includes $12.9 million of nonaccrual TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2020 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,068,121 7,266 15,924 — 8,431 560 — Home equity loans 1,467,736 5,992 9,123 — 2,058 381 26 Vehicle loans 1,152,673 14,825 5,533 1 — — — Consumer loans 355,320 2,871 1,031 584 1 — — Total Personal Banking 6,043,850 30,954 31,611 585 10,490 941 26 Commercial Banking: Commercial real estate loans 2,847,981 79,381 44,092 — 18,430 787 471 Commercial real estate loans - owner occupied 497,908 10,518 3,642 — 761 123 — Commercial loans 1,191,110 13,574 23,487 — 2,454 165 362 Total Commercial Banking 4,536,999 103,473 71,221 — 21,645 1,075 833 Total $ 10,580,849 134,427 102,832 585 32,135 2,016 859 (1) Includes $10.7 million of nonaccrual TDRs. We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of September 30, 2021 and December 31, 2020 (in thousands): Nonaccrual loans at December 31, 2020 Nonaccrual loans at September 30, 2021 with an allowance Nonaccrual loans at September 30, 2021 with no allowance Loans at September 30, 2021 90 days past due and accruing Personal Banking: Residential mortgage loans $ 15,924 10,710 — — Home equity loans 9,123 6,270 212 — Vehicle loans 5,533 2,964 13 — Consumer loans 1,031 1,114 1 386 Total Personal Banking 31,611 21,058 226 386 Commercial Banking: Commercial real estate loans 44,092 80,831 55,071 — Commercial real estate loans - owner occupied 3,642 1,359 — — Commercial loans 23,487 14,726 3,671 — Total Commercial Banking 71,221 96,916 58,742 — Total $ 102,832 117,974 58,968 386 During the three and nine months ended September 30, 2021, we recognized $138,000 and $664,000 of interest income on nonaccrual and troubled debt restructuring loans. The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2020 and December 21, 2019 (in thousands): Nonaccrual loans at December 31, 2019 Nonaccrual loans at December 31, 2020 with an allowance Nonaccrual loans at December 31, 2020 with no allowance Loans at December 31, 2020 90 days past due and accruing Personal Banking: Residential mortgage loans $ 14,476 15,923 — — Home equity loans 6,745 8,872 252 — Vehicle loans 3,147 5,377 156 1 Consumer loans 1,079 1,030 1 584 Total Personal Banking 25,447 31,202 409 585 Commercial Banking: Commercial real estate loans 18,832 27,079 17,013 — Commercial real estate loans - owner occupied 16,032 3,642 — — Commercial loans 8,559 18,069 5,418 — Total Commercial Banking 43,423 48,790 22,431 — Total $ 68,870 79,992 22,840 585 During the year ended December 31, 2020, we recognized $842,000 of interest income on nonaccrual and troubled debt restructuring loans. The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2021 (in thousands): Real estate Equipment Other Total Personal Banking: Residential mortgage loans $ — — 583 583 Home equity loans — — 99 99 Total Personal Banking — — 682 682 Commercial Banking: Commercial real estate loans 123,975 1,778 — 125,753 Commercial loans 4,301 9,576 1,211 15,088 Total Commercial Banking 128,276 11,354 1,211 140,841 Total $ 128,276 11,354 1,893 141,523 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2020 (in thousands): Real estate Equipment Other Total Personal Banking: Residential mortgage loans $ 1,269 — — 1,269 Home equity loans 99 — — 99 Total Personal Banking 1,368 — — 1,368 Commercial Banking: Commercial real estate loans 79,392 1,997 1,703 83,092 Commercial loans 3,313 197 11,069 14,579 Total Commercial Banking 82,705 2,194 12,772 97,671 Total $ 84,073 2,194 12,772 99,039 Our loan portfolios include loans that have been modified in a TDR, where concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include: extending the note’s maturity date, permitting interest only payments, reducing the interest rate to a rate lower than current market rates for new debt with similar risk, reducing the principal payment, principal forbearance or other actions. These concessions are applicable to all loan segments and classes. Certain TDRs are classified as nonperforming at the time of restructuring and may be returned to performing status after considering the borrower’s sustained repayment performance for a period of at least six months. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, the loan’s observable market price or the current fair value of the collateral, less selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premiums or discounts), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment in accordance with ASC 310-10. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, we evaluate the loan for possible further impairment. The allowance may be increased, adjustments may be made in the allocation of the allowance, partial charge-offs may be taken to further write-down the carrying value of the loan, or the loan may be charged-off completely. In March 2020 and August 2020, joint statements were issued by federal and state regulatory agencies, after consultation with the FASB, to clarify that short-term loan modifications are not TDRs if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to any relief. Under this guidance, six months is provided as an example of short-term, and current is defined as less than 30 days past due at the time the modification program is implemented. The guidance also provides that these modified loans generally will not be classified as nonaccrual during the term of the modification. For borrowers who are 30 days or more past due when enrolling in a loan modification program related to the COVID-19 pandemic, we evaluate the loan modifications under our existing TDR framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan will be accounted for as a TDR and will generally not accrue interest. This TDR relief under the CARES Act was extended by the Consolidated Appropriations Act, 2021 ("CAA"), signed into law on December 27, 2020. Under the CAA, such relief will continue until the earlier of 60 days after the date the COVID-19 national emergency comes to an end or January 1, 2022. Certain loan modifications made during the year were done in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus . Accordingly, these loans and leases were not categorized as TDRs. The following table provides a roll forward of troubled debt restructurings for the periods indicated (dollars in thousands): For the quarter ended September 30, 2021 2020 Number of Amount Number of Amount Beginning TDR balance: 158 $ 27,431 167 $ 35,450 New TDRs 3 345 7 803 Re-modified TDRs 3 4,490 3 6,679 Net paydowns — (4,702) — (8,127) Charge-offs: Home equity loans 1 (29) — — Commercial real estate loans 2 (53) — — Commercial real estate loans - owner occupied 1 (105) — — Commercial loans 5 (139) — — Paid-off loans: Residential mortgage loans 5 (307) — — Home equity loans 4 (122) — — Commercial real estate loans 4 (287) — — Commercial loans — — 1 (1) Ending TDR balance: 139 $ 26,522 173 $ 34,804 Accruing TDRs $ 13,664 $ 17,684 Nonaccrual TDRs 12,858 17,120 For the nine months ended September 30, 2021 2020 Number of Amount Number of Amount Beginning TDR balance: 170 $ 32,135 176 $ 31,999 New TDRs 5 2,608 10 889 Re-modified TDRs 8 5,701 5 9,720 Net paydowns — (8,713) — (7,192) Charge-offs: Home equity loans 1 (29) 1 (10) Commercial real estate loans 2 (53) — — Commercial real estate loans - owner occupied 1 (105) — — Commercial loans 5 (139) — — Paid-off loans: Residential mortgage loans 9 (1,033) 2 (330) Home equity loans 5 (133) 2 (3) Commercial real estate loans 9 (2,973) 1 (26) Commercial real estate loans - owner occupied 1 (47) 1 (25) Commercial loans 3 (697) 6 (218) Ending TDR balance: 139 $ 26,522 173 $ 34,804 Accruing TDRs $ 13,664 $ 17,684 Nonaccrual TDRs 12,858 17,120 The following table provides information related to TDRs (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (in thousands): For the quarter ended September 30, 2021 For the nine months ended September 30, 2021 Number of Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans — $ — — — 1 $ 125 115 16 Home equity loans 2 153 36 17 3 156 36 17 Total Personal Banking 2 153 36 17 4 281 151 33 Commercial Banking: Commercial real estate loans 3 4,840 4,490 65 6 6,723 5,586 207 Commercial loans 1 330 309 — 3 2,726 2,572 — Total Commercial Banking 4 5,170 4,799 65 9 9,449 8,158 207 Total 6 $ 5,323 4,835 82 13 $ 9,730 8,309 240 For the quarter ended September 30, 2020 For the nine months ended September 30, 2020 Number of contracts Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans 1 $ 90 89 1 1 $ 90 89 1 Home equity loans — — — — 2 86 81 14 Total Personal Banking 1 90 89 1 3 176 170 15 Commercial Banking: Commercial real estate loans 5 7,096 7,040 816 5 7,096 7,040 816 Commercial real estate loans - owner occupied — — — — 1 58 51 10 Commercial loans 4 444 353 — 5 2,944 2,354 2 Total Commercial Banking 9 7,540 7,393 816 11 10,098 9,445 828 Total 10 $ 7,630 7,482 817 14 $ 10,274 9,615 843 The following table provides information as of September 30, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended September 30, 2021 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Home equity loans 2 $ — 30 6 — 36 Total Personal Banking 2 — 30 6 — 36 Commercial Banking: Commercial real estate loans 3 378 — 4,112 — 4,490 Commercial loans 1 — — 309 — 309 Total Commercial Banking 4 378 — 4,421 — 4,799 Total 6 $ 378 30 4,427 — 4,835 The following table provides information as of September 30, 2020 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended September 30, 2020 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — 89 — 89 Total Personal Banking 1 — — 89 — 89 Commercial Banking: Commercial real estate loans 5 — — 6,755 285 7,040 Commercial loans 4 — 114 239 — 353 Total Commercial Banking 9 — 114 6,994 285 7,393 Total 10 $ — 114 7,083 285 7,482 The following table provides information as of September 30, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the nine months ended September 30, 2021 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ 115 — — — 115 Home equity loans 3 — 30 6 — 36 Total Personal Banking 4 115 30 6 — 151 Commercial Banking: Commercial real estate loans 6 378 — 5,136 72 5,586 Commercial loans 3 — — 2,572 — 2,572 Total Commercial Banking 9 378 — 7,708 72 8,158 Total 13 $ 493 30 7,714 72 8,309 The following table provides information as of September 30, 2020 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the nine months ended September 30, 2020 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — 89 — 89 Home equity loans 2 66 — 15 — 81 Total Personal Banking 3 66 — 104 — 170 Commercial Banking: Commercial real estate loans 5 — — 6,755 285 7,040 Commercial real estate loans - owner occupied 1 — — 51 — 51 Commercial loans 5 — 114 239 2,001 2,354 Total Commercial Banking 11 — 114 7,045 2,286 9,445 Total 14 $ 66 114 7,149 2,286 9,615 The following table provides information related to troubled debt restructurings modified within the previous twelve months of September 30, 2021 that subsequently defaulted: Number of contracts Recorded Current Current Commercial Banking: Commercial real estate loans 3 4,167 3,951 2 Total Commercial Banking 3 $ 4,167 3,951 2 Total 3 $ 4,167 3,951 2 No TDRs modified within the previous twelve months of September 30, 2020 subsequently defaulted. The following table provides information related to the amortized cost basis of loan payment delinquencies at September 30, 2021 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 Days or Personal Banking: Residential mortgage loans $ 765 4,907 8,069 13,741 2,975,780 2,989,521 — Home equity loans 3,351 1,024 4,745 9,120 1,341,228 1,350,348 — Vehicle loans 4,795 1,345 1,198 7,338 1,453,852 1,461,190 — Consumer loans 1,351 412 1,370 3,133 352,513 355,646 386 Total Personal Banking 10,262 7,688 15,382 33,332 6,123,373 6,156,705 386 Commercial Banking: Commercial real estate loans 1,743 1,170 25,420 28,333 2,708,151 2,736,484 — Commercial real estate loans - owner occupied 261 — 142 403 425,664 426,067 — Commercial loans 692 170 1,104 1,966 877,746 879,712 — Total Commercial Banking 2,696 1,340 26,666 30,702 4,011,561 4,042,263 — Total loans $ 12,958 9,028 42,048 64,034 10,134,934 10,198,968 386 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2020 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 28,797 5,083 14,489 48,369 3,019,752 3,068,121 — Home equity loans 4,763 1,656 8,441 14,860 1,452,876 1,467,736 — Vehicle loans 7,707 1,776 4,599 14,082 1,138,592 1,152,674 1 Consumer loans 2,867 966 1,459 5,292 350,027 355,319 584 Total Personal Banking 44,134 9,481 28,988 82,603 5,961,247 6,043,850 585 Commercial Banking: Commercial real estate loans 6,692 1,615 23,307 31,614 2,816,366 2,847,980 — Commercial real estate loans - owner occupied 4,231 — 1,980 6,211 491,698 497,909 — Commercial loans 6,405 864 7,325 14,594 1,176,516 1,191,110 — Total Commercial Banking 17,328 2,479 32,612 52,419 4,484,580 4,536,999 — Total originated loans $ 61,462 11,960 61,600 135,022 10,445,827 10,580,849 585 Credit Quality Indicators: For Commercial Banking loans we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: Special Mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future. For Personal Banking loans a pass risk rating is maintained until they are greater than 90 days past due, and risk rating reclassification is based primarily on past due status of the loan. The risk rating categories can generally be described by the following groupings: Pass — Loans classified as pass are homogeneous loans that are less than 90 days past due from the required payment date at month-end. Substandard — Loans classified as substandard are homogeneous loans that are greater than 90 days past due from the required payment date at month-end, loans classified as TDRs, PCD loans, or homogenous retail loans that are greater than 180 days past due from the required payment date at month-end that has been written down to the value of underlying collateral, less costs to sell. Doubtful — Loans classified as doubtful are homogeneous loans that are greater than 180 days past due from the required payment date at month-end and not written down to the value of underlying collateral. These loans are generally charged-off in the month in which the 180 day period elapses. The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of September 30, 2021 (in thousands): YTD September 30, 2021 2020 2019 2018 2017 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 487,627 627,031 327,054 169,600 186,866 1,174,311 — — 2,972,489 Substandard — 495 205 565 946 14,821 — — 17,032 Total residential mortgage loans 487,627 627,526 327,259 170,165 187,812 1,189,132 — — 2,989,521 Home equity loans Pass 122,912 225,366 150,967 69,938 67,057 228,689 437,098 40,452 1,342,479 Substandard — 66 539 65 361 4,116 1,440 1,282 7,869 Total home equity loans 122,912 225,432 151,506 70,003 67,418 232,805 438,538 41,734 1,350,348 Vehicle loans Pass 679,196 330,014 235,766 139,654 41,199 32,385 — — 1,458,214 Substandard 196 233 1,056 885 405 201 — — 2,976 Total vehicle loans 679,392 330,247 236,822 140,539 41,604 32,586 — — 1,461,190 Consumer loans Pass 97,143 91,731 54,194 23,280 11,168 13,248 61,703 1,679 354,146 Substandard 145 151 328 180 132 144 410 10 1,500 Total consumer loans 97,288 91,882 54,522 23,460 11,300 13,392 62,113 1,689 355,646 Total Personal Banking 1,387,219 1,275,087 770,109 404,167 308,134 1,467,915 500,651 43,423 6,156,705 Business Banking: Commercial real estate loans Pass 231,278 449,316 415,206 280,005 238,909 757,071 29,551 10,509 2,411,845 Special Mention 811 2,653 34,758 1,177 4,149 10,891 708 25 55,172 Substandard — 33,671 27,741 49,665 59,169 92,974 1,233 5,014 269,467 Total commercial real estate loans 232,089 485,640 477,705 330,847 302,227 860,936 31,492 15,548 2,736,484 Commercial real estate loans - owner occupied Pass 65,945 24,876 56,170 69,834 59,792 105,531 2,851 2,748 387,747 Special Mention — — 1,729 784 2,963 1,770 616 — 7,862 Substandard — — 2,783 1,195 9,072 16,542 98 768 30,458 Total commercial real estate loans - owner occupied 65,945 24,876 60,682 71,813 71,827 123,843 3,565 3,516 426,067 Commercial loans Pass 245,021 111,415 79,383 32,820 37,961 80,850 215,455 10,760 813,665 Special Mention 108 5,578 806 1,384 52 646 2,402 — 10,976 Substandard 401 5,215 5,852 5,840 3,828 3,717 15,032 15,186 55,071 Total commercial loans 245,530 122,208 86,041 40,044 41,841 85,213 232,889 25,946 879,712 Total Business Banking 543,564 632,724 624,428 442,704 415,895 1,069,992 267,946 45,010 4,042,263 Total loans $ 1,930,783 1,907,811 1,394,537 846,871 724,029 2,537,907 768,597 88,433 10,198,968 For the nine months ended September 30, 2021, $23.0 million of revolving loans were converted to term loans. The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2020 (in thousands): 2020 2019 2018 2017 2016 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 641,963 418,057 229,477 247,426 215,893 1,289,728 — — 3,042,544 Substandard — 68 1,293 1,674 1,091 21,451 — — 25,577 Total residential mortgage loans 641,963 418,125 230,770 249,100 216,984 1,311,179 — — 3,068,121 Home equity loans Pass 273,076 193,439 94,757 87,717 81,212 219,061 465,453 40,759 1,455,474 Substandard — 210 318 281 876 5,158 3,509 1,910 12,262 Total home equity loans 273,076 193,649 95,075 87,998 82,088 224,219 468,962 42,669 1,467,736 Vehicle loans Pass 448,746 352,661 218,372 70,122 31,197 24,791 — — 1,145,889 Substandard 343 1,958 2,087 1,210 667 519 — — 6,784 Total vehicle loans 449,089 354,619 220,459 71,332 31,864 25,310 — — 1,152,673 Consumer loans Pass 128,809 83,419 35,183 17,439 7,848 11,757 66,965 1,695 353,115 Substandard 133 399 139 192 36 619 686 1 2,205 Total consumer loans 128,942 83,818 35,322 17,631 7,884 12,376 67,651 1,696 355,320 Total Personal Banking 1,493,070 1,050,211 581,626 426,061 338,820 1,573,084 536,613 44,365 6,043,850 Business Banking: Commercial real estate loans Pass 417,390 473,115 316,045 264,702 195,168 709,459 36,980 29,755 2,442,614 Special Mention 584 3,381 20,180 24,675 15,424 15,817 597 3,048 83,706 Subs |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): September 30, 2021 December 31, 2020 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 71,182 Acquisitions — 3,717 Less: accumulated amortization (60,974) (56,896) Core deposit intangibles - net $ 13,925 18,003 Customer and Contract intangible assets - gross $ 12,775 12,775 Customer list intangible assets disposed of due to sale of insurance business (1,591) — Less: accumulated amortization (11,068) (10,842) Customer and Contract intangible assets - net 116 1,933 Total intangible assets - net $ 14,041 19,936 The following table shows the actual aggregate amortization expense for the quarters ended September 30, 2021 and 2020, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended September 30, 2021 $ 1,321 For the quarter ended September 30, 2020 1,781 For the nine months ended September 30, 2021 4,348 For the nine months ended September 30, 2020 5,192 For the year ending December 31, 2021 5,509 For the year ending December 31, 2022 4,277 For the year ending December 31, 2023 3,270 For the year ending December 31, 2024 2,452 For the year ending December 31, 2025 1,662 For the year ending December 31, 2026 871 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2019 $ 346,103 Goodwill acquired 36,176 Balance at December 31, 2020 382,279 Purchase accounting adjustment 77 Goodwill disposed of due to sale of insurance business (1,359) Balance at September 30, 2021 $ 380,997 We performed our annual goodwill impairment test as of June 30, 2021 in accordance with ASC 350, as updated by ASU 2017-04 ("Step 0"), and concluded that goodwill was not impaired. As of September 30, 2021, there were no events or changes in circumstances that would cause us to update that goodwill impairment test and we have concluded there is no impairment of goodwill. |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds (a) Borrowings September 30, 2021 Amount Average rate Collateralized borrowings, due within one year $ 126,496 0.19 % Total borrowed funds $ 126,496 Borrowings from the Federal Home Loan Banks ("FHLB") of Pittsburgh and Indianapolis, if any, are secured by our residential first mortgage and other qualifying loans. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment. During the year ended September 30, 2021, $2.0 million of term notes payable to the FHLB of Indianapolis matured. The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250.0 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. The revolving line of credit had no balance as of September 30, 2021 and December 31, 2020. At September 30, 2021 and December 31, 2020, collateralized borrowings due within one year were $126.5 million and $137.7 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. On September 9, 2020, the Company issued $125.0 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate ("SOFR") plus 3.89% payable quarterly in arrears commencing on December 15, 2025. The subordinated debt issuance costs of approximately $1.8 million are being amortized over five years on a straight-line basis into interest expense. At September 30, 2021 and December 31, 2020, subordinated debentures, net of issuance costs, were $123.5 million and $123.3 million, respectively. (b) Trust Preferred Securities The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I ("UNCT I"), a Delaware statutory business trust, Union National Capital Trust II ("UNCT II"), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the "Trusts"). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements. The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of September 30, 2021. Maturity date Interest rate Capital debt securities September 30, 2021 Northwest Bancorp Capital Trust III December 30, 2035 3-month LIBOR plus 1.38% $ 50,000 $ 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month LIBOR plus 1.38% 50,000 51,547 LNB Trust II June 15, 2037 3-month LIBOR plus 1.48% 7,875 8,119 UNCT I (1) January 23, 2034 3-month LIBOR plus 2.85% 8,000 7,944 UNCT II (1) November 23, 2034 3-month LIBOR plus 2.00% 3,000 2,734 MFBC Statutory Trust I (1) September 15, 2035 3-month LIBOR plus 1.70% 5,000 3,554 Universal Preferred Trust (1) October 7, 2035 3-month LIBOR plus 1.69% 5,000 3,544 $ 128,989 (1) Net of discounts due to the fair value adjustment made at the time of acquisition. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing: • the interest on the debentures to no longer be deductible by the Company for federal income tax purposes; • the trusts to become subject to federal income tax or to certain other taxes or governmental charges; • the trusts to register as an investment company; or • the preferred securities to no longer qualify as Tier I capital. We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees [Abstract] | |
Guarantees | Guarantees We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At September 30, 2021, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $47.8 million, of which $38.4 million is fully collateralized. At September 30, 2021, we had a liability which represents deferred income of $481,000 related to the standby letters of credit. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net income $ 35,063 38,050 124,267 39,789 Less: Dividends and undistributed earnings allocated to participating securities 237 — 841 — Net income available to common shareholders $ 34,826 38,050 123,426 39,789 Weighted average common shares outstanding 126,111,774 126,855,810 126,333,290 118,088,122 Add: Participating shares outstanding 856,206 — 856,206 — Total weighted average common shares and dilutive potential shares 126,967,980 126,855,810 127,189,496 118,088,122 Basic earnings per share $ 0.28 0.30 0.98 0.34 Diluted earnings per share $ 0.27 0.30 0.97 0.34 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands): Quarter ended September 30, Pension benefits Other post-retirement benefits 2021 2020 2021 2020 Service cost $ 2,860 2,097 — — Interest cost 1,517 1,713 4 7 Expected return on plan assets (3,464) (3,090) — — Amortization of prior service cost (580) (580) — — Amortization of the net loss 1,038 925 3 4 Net periodic cost $ 1,371 1,065 7 11 Nine months ended September 30, Pension benefits Other post-retirement benefits 2021 2020 2021 2020 Service cost $ 8,580 6,293 — — Interest cost 4,552 5,141 13 20 Expected return on plan assets (10,394) (9,272) — — Amortization of prior service cost (1,741) (1,742) — — Amortization of the net loss 3,117 2,773 10 13 Net periodic cost $ 4,114 3,193 23 33 We anticipate making a contribution to our defined benefit pension plan between $4.0 million and $8.0 million during the year ending December 31, 2021. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | Disclosures About Fair Value of Financial Instruments We are required to disclose fair value information about financial instruments whether or not recognized in the Consolidated Statement of Financial Condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 - Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. • Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. • Level 3 - Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: ◦ Quotes from brokers or other external sources that are not considered binding; ◦ Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; ◦ Quotes and other information from brokers or other external sources where the inputs are not deemed observable. We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. The carrying amounts reported in the Consolidated Statement of Financial Condition approximate fair value for the following financial instruments: cash and cash equivalents, marketable securities available-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, risk participation agreements and accrued interest payable. Marketable Securities Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government obligations. Certain debt securities which were AAA rated at purchase do not have an active market and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as Level 2 securities if an active market for those assets or similar assets existed are included herein as Level 3 assets. Debt Securities — held-to-maturity - The fair value of debt securities held-to-maturity is determined in the same manner as debt securities available-for-sale. Loans Receivable Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Characteristics of comparable loans include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan including the approximate discount or market rate, which is not considered an exit price. Loans Held-for-Sale The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers. Loans Held for Investment The fair value of loans held for investment is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. FHLB Stock Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. Deposit Liabilities The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity. Borrowed Funds Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of collateralized borrowings approximates the fair value. Subordinated Debentures The fair value of our subordinated debentures is calculated using the discounted cash flows at rates observable for other similarly traded liabilities. Junior Subordinated Debentures The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest. Interest Rate Lock Commitments and Forward Commitments The fair value of interest rate lock commitments is based on the value of underlying loans held-for-sale which is based on quoted prices for similar loans in the secondary market. This value is then adjusted based on the probability of the loan closing (i.e., the “pull-through” amount, a significant unobservable input). The fair value of forward sale commitments is based on quoted prices from the secondary market based on the settlement date of the contracts. Cash Flow Hedges, Interest Rate and Foreign Exchange Swap Agreements The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the LIBOR swap curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using LIBOR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions we believe to be reasonable. Risk participation agreements are entered into when Northwest purchases a portion of a commercial loan that has an interest rate swap. Northwest assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower. Off-Balance Sheet Financial Instruments These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At September 30, 2021 and December 31, 2020, there was no significant unrealized appreciation or depreciation on these financial instruments. The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at September 30, 2021 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,090,485 1,090,485 1,090,485 — — Securities available-for-sale 1,583,715 1,583,715 — 1,583,715 — Securities held-to-maturity 618,395 609,777 — 609,777 — Loans receivable, net 10,061,790 10,012,659 — — 10,012,659 Residential mortgage loans held-for-sale 27,411 27,411 — — 27,411 Accrued interest receivable 26,995 26,995 26,995 — — Interest rate lock commitments 3,137 3,137 — — 3,137 Forward commitments 518 518 — 518 — Foreign exchange swaps 1,399 1,399 — 1,399 — Interest rate swaps not designated as hedging instruments 34,983 34,983 — 34,983 — FHLB stock 14,567 14,567 — — — Total financial assets $ 13,463,395 13,405,646 1,117,480 2,230,392 10,043,207 Financial liabilities: Savings and checking deposits $ 10,834,386 10,834,386 10,834,386 — — Time deposits 1,387,827 1,402,858 — — 1,402,858 Borrowed funds 126,496 126,496 126,496 — — Subordinated debt 123,486 129,421 — 129,421 — Junior subordinated debentures 128,989 121,571 — — 121,571 Foreign exchange swaps 961 961 — 961 — Interest rate swaps not designated as hedging instruments 35,152 35,152 — 35,152 — Risk participation agreements 71 71 — 71 — Accrued interest payable 589 589 589 — — Total financial liabilities $ 12,637,957 12,651,505 10,961,471 165,605 1,524,429 The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2020 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 736,277 736,277 736,277 — — Securities available-for-sale 1,398,941 1,398,941 — 1,398,941 — Securities held-to-maturity 178,887 179,666 — 179,666 — Loans receivable, net 10,387,636 10,334,521 — — 10,334,521 Residential mortgage loans held-for-sale 58,786 58,786 — — 58,786 Accrued interest receivable 35,554 35,554 35,554 — — Interest rate lock commitments 6,465 6,465 — — 6,465 Forward commitments 1,105 1,105 — 1,105 — Interest rate swaps not designated as hedging instruments 53,863 53,863 — 53,863 — FHLB stock 21,748 21,748 — — — Total financial assets $ 12,879,262 12,826,926 771,831 1,633,575 10,399,772 Financial liabilities: Savings and checking accounts $ 9,957,137 9,957,137 9,957,137 — — Time deposits 1,642,096 1,669,546 — — 1,669,546 Borrowed funds 159,715 159,745 159,745 — — Subordinated debt 123,329 123,329 — 123,329 — Junior subordinated debentures 128,794 121,106 — — 121,106 Interest rate swaps not designated as hedging instruments 54,579 54,579 — 54,579 — Risk participation agreements 86 86 — 86 — Accrued interest payable 2,054 2,054 2,054 — — Total financial liabilities $ 12,067,790 12,087,582 10,118,936 177,994 1,790,652 Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both September 30, 2021 and December 31, 2020. The following table represents assets and liabilities measured at fair value on a recurring basis at September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 56,992 — 56,992 Government-sponsored enterprises — 46,662 — 46,662 States and political subdivisions — 126,529 — 126,529 Total debt securities — 230,183 — 230,183 Residential mortgage-backed securities: GNMA — 18,029 — 18,029 FNMA — 171,926 — 171,926 FHLMC — 106,027 — 106,027 Non-agency — 442 — 442 Collateralized mortgage obligations: GNMA — 490,548 — 490,548 FNMA — 277,829 — 277,829 FHLMC — 288,731 — 288,731 Total mortgage-backed securities — 1,353,532 — 1,353,532 Interest rate lock commitments — — 3,137 3,137 Forward commitments — 518 — 518 Foreign exchange swaps — 1,399 — 1,399 Interest rate swaps not designated as hedging instruments — 34,983 — 34,983 Total assets $ — 1,620,615 3,137 1,623,752 Foreign exchange swaps $ — 961 — 961 Interest rate swaps not designated as hedging instruments — 35,152 — 35,152 Risk participation agreements — 71 — 71 Total liabilities $ — 36,184 — 36,184 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 40,917 — 40,917 Government-sponsored enterprises — 94,507 — 94,507 States and political subdivisions — 116,813 — 116,813 Total debt securities — 252,237 — 252,237 Residential mortgage-backed securities: GNMA — 23,026 — 23,026 FNMA — 203,571 — 203,571 FHLMC — 134,572 — 134,572 Non-agency — 465 — 465 Collateralized mortgage obligations: GNMA — 343,409 — 343,409 FNMA — 262,109 — 262,109 FHLMC — 179,552 — 179,552 Total mortgage-backed securities — 1,146,704 — 1,146,704 Interest rate lock commitments — — 6,465 6,465 Forward commitments — 1,105 — 1,105 Interest rate swaps not designated as hedging instruments — 53,863 — 53,863 Total assets $ — 1,453,909 6,465 1,460,374 Interest rate swaps not designated as hedging instruments $ — 54,579 — 54,579 Risk participation agreements — 86 — 86 Total liabilities $ — 54,665 — 54,665 The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands): For the quarter ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Beginning balance $ 3,608 7,416 6,465 559 Total gains or losses: Included in net income — — — — Included in other comprehensive income — — — — Interest rate lock commitments: Net activity (471) 792 (3,328) 7,649 Transfers from Level 3 — — — — Transfers into Level 3 — — — — Ending balance $ 3,137 8,208 3,137 8,208 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held-for-sale, loans individually assessed, real estate owned, and mortgage servicing rights. The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 65,835 65,835 Mortgage servicing rights — — 2,333 2,333 Real estate owned, net — — 809 809 Total assets $ — — 68,977 68,977 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 95,303 95,303 Real estate owned, net — — 2,232 2,232 Total assets $ — — 97,535 97,535 Individually Assessed Loans - A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2020 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3. Real Estate Owned - Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at September 30, 2021 (in thousands): Fair Valuation Significant Range Loans individually assessed $ 65,835 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 10.92% to 15.4% (13.26%) Mortgage servicing rights 2,333 Discounted cash flow Annual service cost $84 Prepayment rates 7.0% to 24.6% (11.2%) Expected life (months) 40.1 to 103.9 (73.2) Option adjusted spread 750 basis points Forward yield curve 0.09% to 1.32% Real estate owned, net 809 Appraisal value (1) Estimated cost to sell 10.0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements. Derivatives Designated as Hedging Instruments During March 2020, the Company entered into four separate pay-fixed interest rate swaps in order to synthetically convert short-term three month FHLB advances to fixed-rate term funding with an aggregate value of $100 million with maturities ranging from three Derivatives and Hedging . The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the quarter ended September 30, 2020, the Company discontinued these cash flow hedges and, as a result, reclassified a $1.3 million loss into earnings. As of September 30, 2021, the Company had no cash flow hedges. Derivatives Not Designated as Hedging Instruments We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the consolidated statement of financial condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income. We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the consolidated statement of financial condition. Northwest sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income. We enter into risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands): Asset derivatives Liability derivatives Notional amount Fair value Notional amount Fair value At September 30, 2021 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 632,709 34,983 632,709 35,152 Foreign exchange swap agreements 20,027 1,399 2,824 961 Interest rate lock commitments 100,695 3,137 — — Forward commitments 17,135 518 — — Risk participation agreements — — 81,888 71 Total derivatives $ 770,566 40,037 717,421 36,184 At December 31, 2020 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 599,300 53,863 599,300 54,579 Interest rate lock commitments 171,357 6,465 — — Forward commitments 25,474 1,105 — — Risk participation agreements — — 77,532 86 Total derivatives $ 796,131 61,433 676,832 54,665 The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Hedging derivatives: Decrease in interest expense $ — 67 — (35) Non-hedging swap derivatives: Increase/(decrease) in other income 590 (353) 1,087 (875) Increase in mortgage banking income 345 315 3,915 8,563 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of September 30, 2021, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings. During the year-ended December 31, 2018, Northwest and our subsidiary, The Bert Company (doing business as Northwest Insurance Services) (“NWIS”), were involved in a lawsuit against, among others, First National Bank of Pennsylvania (“FNB”) and their insurance subsidiary, First National Insurance Agency, LLC (“FNIA”). All counterclaims against Northwest were discontinued and, in December 2018, a verdict was rendered in favor of NWIS on several of its claims. Post-trial proceedings have continued throughout the current year and, due to the inherent uncertainties with respect to these proceedings, we have not accrued any awards associated with this verdict within our Consolidated Financial Statements as of September 30, 2021. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended September 30, 2021 Unrealized Change in Change in Total Balance as of June 30, 2021 $ 3,533 — (49,725) (46,192) Other comprehensive loss before reclassification adjustments (1) (6,455) — — (6,455) Amounts reclassified from accumulated other comprehensive income (2) (3) (69) — 333 264 Net other comprehensive income/(loss) (6,524) — 333 (6,191) Balance as of September 30, 2021 $ (2,991) — (49,392) (52,383) For the quarter ended September 30, 2020 Unrealized Change in Change in Total Balance as of June 30, 2020 $ 16,096 (946) (39,590) (24,440) Other comprehensive income before reclassification adjustments (4) 676 — — 676 Amounts reclassified from accumulated other comprehensive income (5) (6) (7) (1) 946 250 1,195 Net other comprehensive income 675 946 250 1,871 Balance as of September 30, 2020 $ 16,771 — (39,340) (22,569) (1) Consists of unrealized holding losses, net of tax of ($2,076). (2) Consists of realized losses, net of tax of ($24). (3) Consists of realized gains, net of tax of $128. (4) Consists of unrealized holding gains, net of tax $107. (5) Consists of realized gains on securities, net of tax ($1). (6) Consists of realized losses, net of tax of $375. (7) Consists of realized gains, net of tax of $99. For the nine months ended September 30, 2021 Unrealized Change in Change in Total Balance as of December 31, 2020 $ 16,843 — (50,392) (33,549) Other comprehensive loss before reclassification adjustments (1) (19,554) — — (19,554) Amounts reclassified from accumulated other comprehensive income (2) (3) (280) — 1,000 720 Net other comprehensive income/(loss) (19,834) — 1,000 (18,834) Balance as of September 30, 2021 $ (2,991) — (49,392) (52,383) For the nine months ended September 30, 2020 Unrealized Change in Change in Total Balance as of December 31, 2019 $ 3,147 — (40,088) (36,941) Other comprehensive income/(loss) before reclassification adjustments (4) (5) 13,623 (946) — 12,677 Amounts reclassified from accumulated other comprehensive income (6) (7) (8) 1 946 748 1,695 Net other comprehensive income 13,624 — 748 14,372 Balance as of September 30, 2020 $ 16,771 — (39,340) (22,569) (1) Consists of unrealized holding losses, net of tax of ($6,812). (2) Consists of realized losses, net of tax of ($89). (3) Consists of realized gains, net of tax of $386. (4) Consists of unrealized holding gains, net of tax $5,286. (5) Consists of realized holding losses, net of tax ($209). (6) Consists of realized gains, net of tax of $0. (7) Consists of realized losses, net of tax of $375. (8) Consists of realized gains, net of tax of $297. |
Basis of Presentation and Inf_2
Basis of Presentation and Informational Disclosures (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Warren, Pennsylvania, is a bank holding company regulated by the Board of Governors of the Federal Reserve System ("FRB"). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation ("FDIC") and the Pennsylvania Department of Banking. Northwest operates 170 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Allegheny Services, Inc., Great Northwest Corporation, The Bert Company (doing business as Northwest Insurance Services, which was sold April 30, 2021) and MutualFirst Investment Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 updated, as required, for any new pronouncements or changes. |
Income Taxes - Uncertain Tax Positions | Income Taxes-Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At September 30, 2021, we had $336,000 of liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2020, 2019, 2018 and 2017. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued the accounting standard update ("ASU") 2018-14, “ Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This guidance removes and adds disclosure requirements for defined benefit pension or other post-retirement plans. On January 1, 2021, the Company adopted ASU 2018-14 on a retrospective basis for disclosures impacted. The adoption of this standard did not have a material effect on our results of operations or financial position. Refer to Note 8, "Pension and Other Post-Retirement Benefits". In December 2019, the FASB issued ASU 2019-12, "Income Taxes - Simplifying the Accounting for Income Taxes." This guidance simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the portfolio of investment securities available-for-sale | The following table shows the portfolio of marketable securities available-for-sale at September 30, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due after ten years $ 58,537 — (1,545) 56,992 Debt issued by government-sponsored enterprises: Due in less than one year 191 1 — 192 Due in five years through ten years 47,516 87 (1,133) 46,470 Municipal securities: Due in less than one year 1,151 18 — 1,169 Due in one year through five years 1,647 31 — 1,678 Due in five years through ten years 21,722 583 (93) 22,212 Due after ten years 99,832 2,385 (747) 101,470 Residential mortgage-backed securities: Fixed rate pass-through 283,015 3,278 (2,325) 283,968 Variable rate pass-through 12,115 356 (15) 12,456 Fixed rate agency CMOs 1,017,472 4,800 (9,335) 1,012,937 Variable rate agency CMOs 43,907 294 (30) 44,171 Total residential mortgage-backed securities 1,356,509 8,728 (11,705) 1,353,532 Total marketable securities available-for-sale $ 1,587,105 11,833 (15,223) 1,583,715 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2020 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due after ten years $ 40,761 211 (55) 40,917 Debt issued by government-sponsored enterprises: Due in less than one year 24,976 159 — 25,135 Due in one year through five years 238 3 — 241 Due in five years through ten years 68,973 238 (80) 69,131 Municipal securities: Due in less than one year 4,008 14 — 4,022 Due in one year through five years 2,803 63 (2) 2,864 Due in five years through ten years 16,045 429 (5) 16,469 Due after ten years 89,778 3,752 (72) 93,458 Residential mortgage-backed securities: Fixed rate pass-through 339,406 7,125 (86) 346,445 Variable rate pass-through 14,778 431 (20) 15,189 Fixed rate agency CMOs 723,586 11,758 (1,093) 734,251 Variable rate agency CMOs 50,333 519 (33) 50,819 Total residential mortgage-backed securities 1,128,103 19,833 (1,232) 1,146,704 Total marketable securities available-for-sale $ 1,375,685 24,702 (1,446) 1,398,941 |
Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of marketable securities held-to-maturity at September 30, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due in one year through five years $ 16,478 — (49) 16,429 Due in five years through ten years 107,972 — (3,636) 104,336 Residential mortgage-backed securities: Fixed rate pass-through 192,976 248 (1,104) 192,120 Variable rate pass-through 716 24 — 740 Fixed rate agency CMOs 299,650 476 (4,595) 295,531 Variable rate agency CMOs 603 18 — 621 Total residential mortgage-backed securities 493,945 766 (5,699) 489,012 Total marketable securities held-to-maturity $ 618,395 766 (9,384) 609,777 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2020 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due in five years through ten years $ 67,990 12 (123) 67,879 Residential mortgage-backed securities: Fixed rate pass-through 1,723 131 — 1,854 Variable rate pass-through 919 30 — 949 Fixed rate agency CMOs 107,651 716 (2) 108,365 Variable rate agency CMOs 604 15 — 619 Total residential mortgage-backed securities 110,897 892 (2) 111,787 Total marketable securities held-to-maturity $ 178,887 904 (125) 179,666 The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at September 30, 2021 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in less than one year $ 453 455 Due in one year through five years 39,580 40,067 Due after five years through ten years 230,932 232,244 Due after ten years 1,085,544 1,080,766 Total residential mortgage-backed securities $ 1,356,509 1,353,532 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at September 30, 2021 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in one year through five years $ 890 948 Due after five years through ten years 212,525 210,946 Due after ten years 280,530 277,118 Total residential mortgage-backed securities $ 493,945 489,012 |
Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position | The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2021 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 216,233 (6,055) 6,916 (308) 223,149 (6,363) Municipal securities 34,492 (840) — — 34,492 (840) Residential mortgage-backed securities - agency 1,106,779 (14,455) 103,690 (2,949) 1,210,469 (17,404) Total $ 1,357,504 (21,350) 110,606 (3,257) 1,468,110 (24,607) The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2020 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 67,809 (179) 1,923 (80) 69,732 (259) Municipal securities 4,257 (79) — — 4,257 (79) Residential mortgage-backed securities - agency 300,767 (1,202) 5,533 (31) 306,300 (1,233) Total $ 372,833 (1,460) 7,456 (111) 380,289 (1,571) |
Schedule of credit quality of held-to-maturity securities | The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of September 30, 2021 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody's and S&P, or when credit ratings cannot be sourced from the agencies, they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2021. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by government-sponsored enterprises $ 124,450 124,450 Residential mortgage-backed securities 493,945 493,945 Total marketable securities held-to-maturity $ 618,395 618,395 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Summary of loans receivable | The following table shows a summary of our loans receivable at amortized cost basis at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,756,383 233,138 2,989,521 2,753,593 314,528 3,068,121 Home equity loans 1,122,611 227,737 1,350,348 1,175,703 292,033 1,467,736 Vehicle loans 1,350,278 110,912 1,461,190 995,040 157,633 1,152,673 Consumer loans 305,549 50,097 355,646 288,066 67,254 355,320 Total Personal Banking 5,534,821 621,884 6,156,705 5,212,402 831,448 6,043,850 Commercial Banking: Commercial real estate loans 2,258,953 477,531 2,736,484 2,223,108 624,873 2,847,981 Commercial real estate loans - owner occupied 335,461 90,606 426,067 344,016 153,892 497,908 Commercial loans 786,111 93,601 879,712 1,019,482 171,628 1,191,110 Total Commercial Banking 3,380,525 661,738 4,042,263 3,586,606 950,393 4,536,999 Total loans receivable, gross 8,915,346 1,283,622 10,198,968 8,799,008 1,781,841 10,580,849 Allowance for credit losses (87,222) (22,545) (109,767) (102,874) (31,553) (134,427) Total loans receivable, net (2) $ 8,828,124 1,261,077 10,089,201 8,696,134 1,750,288 10,446,422 (1) Includes fair value of $27.4 million and $58.8 million of loans held-for-sale at September 30, 2021 and December 31, 2020, respectively. (2) Includes $57.6 million and $40.9 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at September 30, 2021 and December 31, 2020, respectively. |
Schedule of the changes in the allowance for losses on loans receivable | The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2021 (in thousands): Balance as of September 30, 2021 Current period provision Charge-offs Recoveries Balance as of June 30, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,987 1,939 (1,263) 64 7,247 Home equity loans 6,293 291 (1,474) 237 7,239 Vehicle loans 12,457 82 (1,112) 599 12,888 Consumer loans 3,074 949 (1,036) 360 2,801 Total Personal Banking 29,811 3,261 (4,885) 1,260 30,175 Commercial Banking: Commercial real estate loans 58,451 (5,103) (1,581) 555 64,580 Commercial real estate loans - owner occupied 3,246 (1,487) — 4 4,729 Commercial loans 18,259 (1,025) (412) 1,850 17,846 Total Commercial Banking 79,956 (7,615) (1,993) 2,409 87,155 Total $ 109,767 (4,354) (6,878) 3,669 117,330 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 40 (2) — — 42 Total Personal Banking 42 (2) — — 44 Commercial Banking: Commercial real estate loans 2,647 715 — — 1,932 Commercial real estate loans - owner occupied 140 (41) — — 181 Commercial loans 1,333 101 — — 1,232 Total Commercial Banking 4,120 775 — — 3,345 Total off-balance sheet exposure $ 4,162 773 — — 3,389 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2020, and includes the cumulative effect of adopting ASU 2016-13 (in thousands): Balance as of September 30, 2020 Current period provision Charge-offs Recoveries Balance as of June 30, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 12,036 268 (129) 189 11,708 Home equity loans 9,585 183 (88) 127 9,363 Vehicle loans 16,713 4,111 (1,763) 530 13,835 Consumer loans 3,147 1,871 (1,593) 363 2,506 Total Personal Banking 41,481 6,433 (3,573) 1,209 37,412 Commercial Banking: Commercial real estate loans 73,410 780 (470) 267 72,833 Commercial real estate loans - owner occupied 13,570 (1,205) (62) 10 14,827 Commercial loans 11,748 810 (4,892) 316 15,514 Total Commercial Banking 98,728 385 (5,424) 593 103,174 Total $ 140,209 6,818 (8,997) 1,802 140,586 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 3 3 — — — Home equity loans 40 2 — — 38 Total Personal Banking 43 5 — — 38 Commercial Banking: Commercial real estate loans 2,423 (2,712) — — 5,135 Commercial real estate loans - owner occupied 469 (157) — — 626 Commercial loans 3,312 (1,072) — — 4,384 Total Commercial Banking 6,204 (3,941) — — 10,145 Total off-balance sheet exposure $ 6,247 (3,936) — — 10,183 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2021 (in thousands): Balance as of September 30, 2021 Current period provision Charge-offs Recoveries Balance as of December 31, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,987 3,269 (2,888) 340 7,266 Home equity loans 6,293 1,892 (2,081) 490 5,992 Vehicle loans 12,457 (341) (4,017) 1,990 14,825 Consumer loans 3,074 2,291 (3,135) 1,047 2,871 Total Personal Banking 29,811 7,111 (12,121) 3,867 30,954 Commercial Banking: Commercial real estate loans 58,451 (12,859) (9,281) 1,210 79,381 Commercial real estate loans - owner occupied 3,246 (6,392) (890) 9 10,518 Commercial loans 18,259 2,166 (1,627) 4,147 13,574 Total Commercial Banking 79,956 (17,085) (11,798) 5,366 103,473 Total $ 109,767 (9,974) (23,919) 9,233 134,427 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 40 5 — — 35 Total Personal Banking 42 5 — — 37 Commercial Banking: Commercial real estate loans 2,647 (802) — — 3,449 Commercial real estate loans - owner occupied 140 (186) — — 326 Commercial loans 1,333 (1,218) — — 2,551 Total Commercial Banking 4,120 (2,206) — — 6,326 Total off-balance sheet exposure $ 4,162 (2,201) — — 6,363 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2020 and includes the cumulative effect of adopting ASU 2016-13 (in thousands): Balance as of September 30, 2020 Current Charge-offs Recoveries Initial ACL on loans purchased with credit deterioration Cumulative effect of ASU 2016-13* Balance as of December 31, 2019 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 12,036 1,132 (510) 304 1,095 7,441 2,574 Home equity loans 9,585 536 (550) 408 216 5,786 3,189 Vehicle loans 16,713 12,419 (5,369) 1,294 235 842 7,292 Consumer loans 3,147 3,600 (4,666) 1,179 157 (2,424) 5,301 Total Personal Banking 41,481 17,687 (11,095) 3,185 1,703 11,645 18,356 Commercial Banking: Commercial real estate loans 73,410 50,018 (1,470) 1,011 5,720 2,288 15,843 Commercial real estate loans - owner occupied 13,570 5,642 (83) 25 963 1,278 5,745 Commercial loans 11,748 12,858 (16,056) 909 459 (4,419) 17,997 Total Commercial Banking 98,728 68,518 (17,609) 1,945 7,142 (853) 39,585 Total $ 140,209 86,205 (28,704) 5,130 8,845 10,792 57,941 Allowance for Credit Losses - Personal Banking: Residential mortgage loans $ 3 3 — — — — — Home equity loans 40 10 — — — (293) 323 Consumer loans — — — — — (402) 402 Total Personal Banking 43 13 — — — (695) 725 Commercial Banking: Commercial real estate loans 2,423 412 — — — 1,934 77 Commercial real estate loans - owner occupied 469 378 — — — 88 3 Commercial loans 3,312 2,220 — — — 923 169 Total Commercial Banking 6,204 3,010 — — — 2,945 249 Total off-balance sheet exposure $ 6,247 3,023 — — — 2,250 974 |
Schedule of loan portfolio by portfolio segment and by class of financing receivable | The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at September 30, 2021 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 2,989,521 7,987 10,710 — 7,007 1,792 — Home equity loans 1,350,348 6,293 6,482 — 1,821 709 — Vehicle loans 1,461,190 12,457 2,977 — — — — Consumer loans 355,646 3,074 1,115 386 — — — Total Personal Banking 6,156,705 29,811 21,284 386 8,828 2,501 — Commercial Banking: Commercial real estate loans 2,736,484 58,451 135,902 — 14,032 845 499 Commercial real estate loans - owner occupied 426,067 3,246 1,359 — 326 55 — Commercial loans 879,712 18,259 18,397 — 3,336 187 296 Total Commercial Banking 4,042,263 79,956 155,658 — 17,694 1,087 795 Total $ 10,198,968 109,767 176,942 386 26,522 3,588 795 (1) Includes $12.9 million of nonaccrual TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2020 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,068,121 7,266 15,924 — 8,431 560 — Home equity loans 1,467,736 5,992 9,123 — 2,058 381 26 Vehicle loans 1,152,673 14,825 5,533 1 — — — Consumer loans 355,320 2,871 1,031 584 1 — — Total Personal Banking 6,043,850 30,954 31,611 585 10,490 941 26 Commercial Banking: Commercial real estate loans 2,847,981 79,381 44,092 — 18,430 787 471 Commercial real estate loans - owner occupied 497,908 10,518 3,642 — 761 123 — Commercial loans 1,191,110 13,574 23,487 — 2,454 165 362 Total Commercial Banking 4,536,999 103,473 71,221 — 21,645 1,075 833 Total $ 10,580,849 134,427 102,832 585 32,135 2,016 859 (1) Includes $10.7 million of nonaccrual TDRs. |
Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | The following table presents the amortized cost of our loans on nonaccrual status as of September 30, 2021 and December 31, 2020 (in thousands): Nonaccrual loans at December 31, 2020 Nonaccrual loans at September 30, 2021 with an allowance Nonaccrual loans at September 30, 2021 with no allowance Loans at September 30, 2021 90 days past due and accruing Personal Banking: Residential mortgage loans $ 15,924 10,710 — — Home equity loans 9,123 6,270 212 — Vehicle loans 5,533 2,964 13 — Consumer loans 1,031 1,114 1 386 Total Personal Banking 31,611 21,058 226 386 Commercial Banking: Commercial real estate loans 44,092 80,831 55,071 — Commercial real estate loans - owner occupied 3,642 1,359 — — Commercial loans 23,487 14,726 3,671 — Total Commercial Banking 71,221 96,916 58,742 — Total $ 102,832 117,974 58,968 386 The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2020 and December 21, 2019 (in thousands): Nonaccrual loans at December 31, 2019 Nonaccrual loans at December 31, 2020 with an allowance Nonaccrual loans at December 31, 2020 with no allowance Loans at December 31, 2020 90 days past due and accruing Personal Banking: Residential mortgage loans $ 14,476 15,923 — — Home equity loans 6,745 8,872 252 — Vehicle loans 3,147 5,377 156 1 Consumer loans 1,079 1,030 1 584 Total Personal Banking 25,447 31,202 409 585 Commercial Banking: Commercial real estate loans 18,832 27,079 17,013 — Commercial real estate loans - owner occupied 16,032 3,642 — — Commercial loans 8,559 18,069 5,418 — Total Commercial Banking 43,423 48,790 22,431 — Total $ 68,870 79,992 22,840 585 During the year ended December 31, 2020, we recognized $842,000 of interest income on nonaccrual and troubled debt restructuring loans. The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2021 (in thousands): Real estate Equipment Other Total Personal Banking: Residential mortgage loans $ — — 583 583 Home equity loans — — 99 99 Total Personal Banking — — 682 682 Commercial Banking: Commercial real estate loans 123,975 1,778 — 125,753 Commercial loans 4,301 9,576 1,211 15,088 Total Commercial Banking 128,276 11,354 1,211 140,841 Total $ 128,276 11,354 1,893 141,523 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2020 (in thousands): Real estate Equipment Other Total Personal Banking: Residential mortgage loans $ 1,269 — — 1,269 Home equity loans 99 — — 99 Total Personal Banking 1,368 — — 1,368 Commercial Banking: Commercial real estate loans 79,392 1,997 1,703 83,092 Commercial loans 3,313 197 11,069 14,579 Total Commercial Banking 82,705 2,194 12,772 97,671 Total $ 84,073 2,194 12,772 99,039 |
Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | The following table provides a roll forward of troubled debt restructurings for the periods indicated (dollars in thousands): For the quarter ended September 30, 2021 2020 Number of Amount Number of Amount Beginning TDR balance: 158 $ 27,431 167 $ 35,450 New TDRs 3 345 7 803 Re-modified TDRs 3 4,490 3 6,679 Net paydowns — (4,702) — (8,127) Charge-offs: Home equity loans 1 (29) — — Commercial real estate loans 2 (53) — — Commercial real estate loans - owner occupied 1 (105) — — Commercial loans 5 (139) — — Paid-off loans: Residential mortgage loans 5 (307) — — Home equity loans 4 (122) — — Commercial real estate loans 4 (287) — — Commercial loans — — 1 (1) Ending TDR balance: 139 $ 26,522 173 $ 34,804 Accruing TDRs $ 13,664 $ 17,684 Nonaccrual TDRs 12,858 17,120 For the nine months ended September 30, 2021 2020 Number of Amount Number of Amount Beginning TDR balance: 170 $ 32,135 176 $ 31,999 New TDRs 5 2,608 10 889 Re-modified TDRs 8 5,701 5 9,720 Net paydowns — (8,713) — (7,192) Charge-offs: Home equity loans 1 (29) 1 (10) Commercial real estate loans 2 (53) — — Commercial real estate loans - owner occupied 1 (105) — — Commercial loans 5 (139) — — Paid-off loans: Residential mortgage loans 9 (1,033) 2 (330) Home equity loans 5 (133) 2 (3) Commercial real estate loans 9 (2,973) 1 (26) Commercial real estate loans - owner occupied 1 (47) 1 (25) Commercial loans 3 (697) 6 (218) Ending TDR balance: 139 $ 26,522 173 $ 34,804 Accruing TDRs $ 13,664 $ 17,684 Nonaccrual TDRs 12,858 17,120 The following table provides information related to TDRs (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (in thousands): For the quarter ended September 30, 2021 For the nine months ended September 30, 2021 Number of Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans — $ — — — 1 $ 125 115 16 Home equity loans 2 153 36 17 3 156 36 17 Total Personal Banking 2 153 36 17 4 281 151 33 Commercial Banking: Commercial real estate loans 3 4,840 4,490 65 6 6,723 5,586 207 Commercial loans 1 330 309 — 3 2,726 2,572 — Total Commercial Banking 4 5,170 4,799 65 9 9,449 8,158 207 Total 6 $ 5,323 4,835 82 13 $ 9,730 8,309 240 For the quarter ended September 30, 2020 For the nine months ended September 30, 2020 Number of contracts Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans 1 $ 90 89 1 1 $ 90 89 1 Home equity loans — — — — 2 86 81 14 Total Personal Banking 1 90 89 1 3 176 170 15 Commercial Banking: Commercial real estate loans 5 7,096 7,040 816 5 7,096 7,040 816 Commercial real estate loans - owner occupied — — — — 1 58 51 10 Commercial loans 4 444 353 — 5 2,944 2,354 2 Total Commercial Banking 9 7,540 7,393 816 11 10,098 9,445 828 Total 10 $ 7,630 7,482 817 14 $ 10,274 9,615 843 The following table provides information as of September 30, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended September 30, 2021 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Home equity loans 2 $ — 30 6 — 36 Total Personal Banking 2 — 30 6 — 36 Commercial Banking: Commercial real estate loans 3 378 — 4,112 — 4,490 Commercial loans 1 — — 309 — 309 Total Commercial Banking 4 378 — 4,421 — 4,799 Total 6 $ 378 30 4,427 — 4,835 The following table provides information as of September 30, 2020 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended September 30, 2020 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — 89 — 89 Total Personal Banking 1 — — 89 — 89 Commercial Banking: Commercial real estate loans 5 — — 6,755 285 7,040 Commercial loans 4 — 114 239 — 353 Total Commercial Banking 9 — 114 6,994 285 7,393 Total 10 $ — 114 7,083 285 7,482 The following table provides information as of September 30, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the nine months ended September 30, 2021 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ 115 — — — 115 Home equity loans 3 — 30 6 — 36 Total Personal Banking 4 115 30 6 — 151 Commercial Banking: Commercial real estate loans 6 378 — 5,136 72 5,586 Commercial loans 3 — — 2,572 — 2,572 Total Commercial Banking 9 378 — 7,708 72 8,158 Total 13 $ 493 30 7,714 72 8,309 The following table provides information as of September 30, 2020 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the nine months ended September 30, 2020 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — 89 — 89 Home equity loans 2 66 — 15 — 81 Total Personal Banking 3 66 — 104 — 170 Commercial Banking: Commercial real estate loans 5 — — 6,755 285 7,040 Commercial real estate loans - owner occupied 1 — — 51 — 51 Commercial loans 5 — 114 239 2,001 2,354 Total Commercial Banking 11 — 114 7,045 2,286 9,445 Total 14 $ 66 114 7,149 2,286 9,615 The following table provides information related to troubled debt restructurings modified within the previous twelve months of September 30, 2021 that subsequently defaulted: Number of contracts Recorded Current Current Commercial Banking: Commercial real estate loans 3 4,167 3,951 2 Total Commercial Banking 3 $ 4,167 3,951 2 Total 3 $ 4,167 3,951 2 |
Schedule of loan delinquencies | The following table provides information related to the amortized cost basis of loan payment delinquencies at September 30, 2021 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 Days or Personal Banking: Residential mortgage loans $ 765 4,907 8,069 13,741 2,975,780 2,989,521 — Home equity loans 3,351 1,024 4,745 9,120 1,341,228 1,350,348 — Vehicle loans 4,795 1,345 1,198 7,338 1,453,852 1,461,190 — Consumer loans 1,351 412 1,370 3,133 352,513 355,646 386 Total Personal Banking 10,262 7,688 15,382 33,332 6,123,373 6,156,705 386 Commercial Banking: Commercial real estate loans 1,743 1,170 25,420 28,333 2,708,151 2,736,484 — Commercial real estate loans - owner occupied 261 — 142 403 425,664 426,067 — Commercial loans 692 170 1,104 1,966 877,746 879,712 — Total Commercial Banking 2,696 1,340 26,666 30,702 4,011,561 4,042,263 — Total loans $ 12,958 9,028 42,048 64,034 10,134,934 10,198,968 386 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2020 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 28,797 5,083 14,489 48,369 3,019,752 3,068,121 — Home equity loans 4,763 1,656 8,441 14,860 1,452,876 1,467,736 — Vehicle loans 7,707 1,776 4,599 14,082 1,138,592 1,152,674 1 Consumer loans 2,867 966 1,459 5,292 350,027 355,319 584 Total Personal Banking 44,134 9,481 28,988 82,603 5,961,247 6,043,850 585 Commercial Banking: Commercial real estate loans 6,692 1,615 23,307 31,614 2,816,366 2,847,980 — Commercial real estate loans - owner occupied 4,231 — 1,980 6,211 491,698 497,909 — Commercial loans 6,405 864 7,325 14,594 1,176,516 1,191,110 — Total Commercial Banking 17,328 2,479 32,612 52,419 4,484,580 4,536,999 — Total originated loans $ 61,462 11,960 61,600 135,022 10,445,827 10,580,849 585 |
Schedule of credit quality indicators | The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of September 30, 2021 (in thousands): YTD September 30, 2021 2020 2019 2018 2017 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 487,627 627,031 327,054 169,600 186,866 1,174,311 — — 2,972,489 Substandard — 495 205 565 946 14,821 — — 17,032 Total residential mortgage loans 487,627 627,526 327,259 170,165 187,812 1,189,132 — — 2,989,521 Home equity loans Pass 122,912 225,366 150,967 69,938 67,057 228,689 437,098 40,452 1,342,479 Substandard — 66 539 65 361 4,116 1,440 1,282 7,869 Total home equity loans 122,912 225,432 151,506 70,003 67,418 232,805 438,538 41,734 1,350,348 Vehicle loans Pass 679,196 330,014 235,766 139,654 41,199 32,385 — — 1,458,214 Substandard 196 233 1,056 885 405 201 — — 2,976 Total vehicle loans 679,392 330,247 236,822 140,539 41,604 32,586 — — 1,461,190 Consumer loans Pass 97,143 91,731 54,194 23,280 11,168 13,248 61,703 1,679 354,146 Substandard 145 151 328 180 132 144 410 10 1,500 Total consumer loans 97,288 91,882 54,522 23,460 11,300 13,392 62,113 1,689 355,646 Total Personal Banking 1,387,219 1,275,087 770,109 404,167 308,134 1,467,915 500,651 43,423 6,156,705 Business Banking: Commercial real estate loans Pass 231,278 449,316 415,206 280,005 238,909 757,071 29,551 10,509 2,411,845 Special Mention 811 2,653 34,758 1,177 4,149 10,891 708 25 55,172 Substandard — 33,671 27,741 49,665 59,169 92,974 1,233 5,014 269,467 Total commercial real estate loans 232,089 485,640 477,705 330,847 302,227 860,936 31,492 15,548 2,736,484 Commercial real estate loans - owner occupied Pass 65,945 24,876 56,170 69,834 59,792 105,531 2,851 2,748 387,747 Special Mention — — 1,729 784 2,963 1,770 616 — 7,862 Substandard — — 2,783 1,195 9,072 16,542 98 768 30,458 Total commercial real estate loans - owner occupied 65,945 24,876 60,682 71,813 71,827 123,843 3,565 3,516 426,067 Commercial loans Pass 245,021 111,415 79,383 32,820 37,961 80,850 215,455 10,760 813,665 Special Mention 108 5,578 806 1,384 52 646 2,402 — 10,976 Substandard 401 5,215 5,852 5,840 3,828 3,717 15,032 15,186 55,071 Total commercial loans 245,530 122,208 86,041 40,044 41,841 85,213 232,889 25,946 879,712 Total Business Banking 543,564 632,724 624,428 442,704 415,895 1,069,992 267,946 45,010 4,042,263 Total loans $ 1,930,783 1,907,811 1,394,537 846,871 724,029 2,537,907 768,597 88,433 10,198,968 The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2020 (in thousands): 2020 2019 2018 2017 2016 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 641,963 418,057 229,477 247,426 215,893 1,289,728 — — 3,042,544 Substandard — 68 1,293 1,674 1,091 21,451 — — 25,577 Total residential mortgage loans 641,963 418,125 230,770 249,100 216,984 1,311,179 — — 3,068,121 Home equity loans Pass 273,076 193,439 94,757 87,717 81,212 219,061 465,453 40,759 1,455,474 Substandard — 210 318 281 876 5,158 3,509 1,910 12,262 Total home equity loans 273,076 193,649 95,075 87,998 82,088 224,219 468,962 42,669 1,467,736 Vehicle loans Pass 448,746 352,661 218,372 70,122 31,197 24,791 — — 1,145,889 Substandard 343 1,958 2,087 1,210 667 519 — — 6,784 Total vehicle loans 449,089 354,619 220,459 71,332 31,864 25,310 — — 1,152,673 Consumer loans Pass 128,809 83,419 35,183 17,439 7,848 11,757 66,965 1,695 353,115 Substandard 133 399 139 192 36 619 686 1 2,205 Total consumer loans 128,942 83,818 35,322 17,631 7,884 12,376 67,651 1,696 355,320 Total Personal Banking 1,493,070 1,050,211 581,626 426,061 338,820 1,573,084 536,613 44,365 6,043,850 Business Banking: Commercial real estate loans Pass 417,390 473,115 316,045 264,702 195,168 709,459 36,980 29,755 2,442,614 Special Mention 584 3,381 20,180 24,675 15,424 15,817 597 3,048 83,706 Substandard 7,426 4,007 57,694 56,991 24,056 140,147 2,240 29,100 321,661 Total commercial real estate loans 425,400 480,503 393,919 346,368 234,648 865,423 39,817 61,903 2,847,981 Commercial real estate loans - owner occupied Pass 24,895 67,162 87,497 71,626 46,760 100,081 4,422 7,648 410,091 Special Mention — 4,371 4,514 3,643 4,276 3,689 3,822 — 24,315 Substandard — 21,627 1,903 12,898 4,013 21,777 874 410 63,502 Total commercial real estate loans - owner occupied 24,895 93,160 93,914 88,167 55,049 125,547 9,118 8,058 497,908 Commercial loans Pass 479,436 99,877 50,915 51,858 58,597 49,178 286,467 16,170 1,092,498 Special Mention 5,828 2,751 5,579 4,588 162 190 16,512 5,668 41,278 Substandard 1,660 3,343 2,932 2,016 2,266 3,003 27,988 14,126 57,334 Total commercial loans 486,924 105,971 59,426 58,462 61,025 52,371 330,967 35,964 1,191,110 Total Business Banking 937,219 679,634 547,259 492,997 350,722 1,043,341 379,902 105,925 4,536,999 Total loans $ 2,430,289 1,729,845 1,128,885 919,058 689,542 2,616,425 916,515 150,290 10,580,849 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets subject to amortization | The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): September 30, 2021 December 31, 2020 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 71,182 Acquisitions — 3,717 Less: accumulated amortization (60,974) (56,896) Core deposit intangibles - net $ 13,925 18,003 Customer and Contract intangible assets - gross $ 12,775 12,775 Customer list intangible assets disposed of due to sale of insurance business (1,591) — Less: accumulated amortization (11,068) (10,842) Customer and Contract intangible assets - net 116 1,933 Total intangible assets - net $ 14,041 19,936 |
Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets | The following table shows the actual aggregate amortization expense for the quarters ended September 30, 2021 and 2020, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended September 30, 2021 $ 1,321 For the quarter ended September 30, 2020 1,781 For the nine months ended September 30, 2021 4,348 For the nine months ended September 30, 2020 5,192 For the year ending December 31, 2021 5,509 For the year ending December 31, 2022 4,277 For the year ending December 31, 2023 3,270 For the year ending December 31, 2024 2,452 For the year ending December 31, 2025 1,662 For the year ending December 31, 2026 871 |
Schedule of the changes in carrying amount of goodwill | The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2019 $ 346,103 Goodwill acquired 36,176 Balance at December 31, 2020 382,279 Purchase accounting adjustment 77 Goodwill disposed of due to sale of insurance business (1,359) Balance at September 30, 2021 $ 380,997 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowings September 30, 2021 Amount Average rate Collateralized borrowings, due within one year $ 126,496 0.19 % Total borrowed funds $ 126,496 |
Debt securities held-to-maturity on preferred securities and junior subordinated debt held by the trust | The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of September 30, 2021. Maturity date Interest rate Capital debt securities September 30, 2021 Northwest Bancorp Capital Trust III December 30, 2035 3-month LIBOR plus 1.38% $ 50,000 $ 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month LIBOR plus 1.38% 50,000 51,547 LNB Trust II June 15, 2037 3-month LIBOR plus 1.48% 7,875 8,119 UNCT I (1) January 23, 2034 3-month LIBOR plus 2.85% 8,000 7,944 UNCT II (1) November 23, 2034 3-month LIBOR plus 2.00% 3,000 2,734 MFBC Statutory Trust I (1) September 15, 2035 3-month LIBOR plus 1.70% 5,000 3,554 Universal Preferred Trust (1) October 7, 2035 3-month LIBOR plus 1.69% 5,000 3,544 $ 128,989 (1) Net of discounts due to the fair value adjustment made at the time of acquisition. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): Quarter ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net income $ 35,063 38,050 124,267 39,789 Less: Dividends and undistributed earnings allocated to participating securities 237 — 841 — Net income available to common shareholders $ 34,826 38,050 123,426 39,789 Weighted average common shares outstanding 126,111,774 126,855,810 126,333,290 118,088,122 Add: Participating shares outstanding 856,206 — 856,206 — Total weighted average common shares and dilutive potential shares 126,967,980 126,855,810 127,189,496 118,088,122 Basic earnings per share $ 0.28 0.30 0.98 0.34 Diluted earnings per share $ 0.27 0.30 0.97 0.34 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic costs for the defined benefit pension plans and the post retirement healthcare plans | The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands): Quarter ended September 30, Pension benefits Other post-retirement benefits 2021 2020 2021 2020 Service cost $ 2,860 2,097 — — Interest cost 1,517 1,713 4 7 Expected return on plan assets (3,464) (3,090) — — Amortization of prior service cost (580) (580) — — Amortization of the net loss 1,038 925 3 4 Net periodic cost $ 1,371 1,065 7 11 Nine months ended September 30, Pension benefits Other post-retirement benefits 2021 2020 2021 2020 Service cost $ 8,580 6,293 — — Interest cost 4,552 5,141 13 20 Expected return on plan assets (10,394) (9,272) — — Amortization of prior service cost (1,741) (1,742) — — Amortization of the net loss 3,117 2,773 10 13 Net periodic cost $ 4,114 3,193 23 33 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition | The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at September 30, 2021 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,090,485 1,090,485 1,090,485 — — Securities available-for-sale 1,583,715 1,583,715 — 1,583,715 — Securities held-to-maturity 618,395 609,777 — 609,777 — Loans receivable, net 10,061,790 10,012,659 — — 10,012,659 Residential mortgage loans held-for-sale 27,411 27,411 — — 27,411 Accrued interest receivable 26,995 26,995 26,995 — — Interest rate lock commitments 3,137 3,137 — — 3,137 Forward commitments 518 518 — 518 — Foreign exchange swaps 1,399 1,399 — 1,399 — Interest rate swaps not designated as hedging instruments 34,983 34,983 — 34,983 — FHLB stock 14,567 14,567 — — — Total financial assets $ 13,463,395 13,405,646 1,117,480 2,230,392 10,043,207 Financial liabilities: Savings and checking deposits $ 10,834,386 10,834,386 10,834,386 — — Time deposits 1,387,827 1,402,858 — — 1,402,858 Borrowed funds 126,496 126,496 126,496 — — Subordinated debt 123,486 129,421 — 129,421 — Junior subordinated debentures 128,989 121,571 — — 121,571 Foreign exchange swaps 961 961 — 961 — Interest rate swaps not designated as hedging instruments 35,152 35,152 — 35,152 — Risk participation agreements 71 71 — 71 — Accrued interest payable 589 589 589 — — Total financial liabilities $ 12,637,957 12,651,505 10,961,471 165,605 1,524,429 The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2020 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 736,277 736,277 736,277 — — Securities available-for-sale 1,398,941 1,398,941 — 1,398,941 — Securities held-to-maturity 178,887 179,666 — 179,666 — Loans receivable, net 10,387,636 10,334,521 — — 10,334,521 Residential mortgage loans held-for-sale 58,786 58,786 — — 58,786 Accrued interest receivable 35,554 35,554 35,554 — — Interest rate lock commitments 6,465 6,465 — — 6,465 Forward commitments 1,105 1,105 — 1,105 — Interest rate swaps not designated as hedging instruments 53,863 53,863 — 53,863 — FHLB stock 21,748 21,748 — — — Total financial assets $ 12,879,262 12,826,926 771,831 1,633,575 10,399,772 Financial liabilities: Savings and checking accounts $ 9,957,137 9,957,137 9,957,137 — — Time deposits 1,642,096 1,669,546 — — 1,669,546 Borrowed funds 159,715 159,745 159,745 — — Subordinated debt 123,329 123,329 — 123,329 — Junior subordinated debentures 128,794 121,106 — — 121,106 Interest rate swaps not designated as hedging instruments 54,579 54,579 — 54,579 — Risk participation agreements 86 86 — 86 — Accrued interest payable 2,054 2,054 2,054 — — Total financial liabilities $ 12,067,790 12,087,582 10,118,936 177,994 1,790,652 |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table represents assets and liabilities measured at fair value on a recurring basis at September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 56,992 — 56,992 Government-sponsored enterprises — 46,662 — 46,662 States and political subdivisions — 126,529 — 126,529 Total debt securities — 230,183 — 230,183 Residential mortgage-backed securities: GNMA — 18,029 — 18,029 FNMA — 171,926 — 171,926 FHLMC — 106,027 — 106,027 Non-agency — 442 — 442 Collateralized mortgage obligations: GNMA — 490,548 — 490,548 FNMA — 277,829 — 277,829 FHLMC — 288,731 — 288,731 Total mortgage-backed securities — 1,353,532 — 1,353,532 Interest rate lock commitments — — 3,137 3,137 Forward commitments — 518 — 518 Foreign exchange swaps — 1,399 — 1,399 Interest rate swaps not designated as hedging instruments — 34,983 — 34,983 Total assets $ — 1,620,615 3,137 1,623,752 Foreign exchange swaps $ — 961 — 961 Interest rate swaps not designated as hedging instruments — 35,152 — 35,152 Risk participation agreements — 71 — 71 Total liabilities $ — 36,184 — 36,184 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 40,917 — 40,917 Government-sponsored enterprises — 94,507 — 94,507 States and political subdivisions — 116,813 — 116,813 Total debt securities — 252,237 — 252,237 Residential mortgage-backed securities: GNMA — 23,026 — 23,026 FNMA — 203,571 — 203,571 FHLMC — 134,572 — 134,572 Non-agency — 465 — 465 Collateralized mortgage obligations: GNMA — 343,409 — 343,409 FNMA — 262,109 — 262,109 FHLMC — 179,552 — 179,552 Total mortgage-backed securities — 1,146,704 — 1,146,704 Interest rate lock commitments — — 6,465 6,465 Forward commitments — 1,105 — 1,105 Interest rate swaps not designated as hedging instruments — 53,863 — 53,863 Total assets $ — 1,453,909 6,465 1,460,374 Interest rate swaps not designated as hedging instruments $ — 54,579 — 54,579 Risk participation agreements — 86 — 86 Total liabilities $ — 54,665 — 54,665 |
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands): For the quarter ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Beginning balance $ 3,608 7,416 6,465 559 Total gains or losses: Included in net income — — — — Included in other comprehensive income — — — — Interest rate lock commitments: Net activity (471) 792 (3,328) 7,649 Transfers from Level 3 — — — — Transfers into Level 3 — — — — Ending balance $ 3,137 8,208 3,137 8,208 |
Schedule of fair value measurement for nonrecurring assets | The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 65,835 65,835 Mortgage servicing rights — — 2,333 2,333 Real estate owned, net — — 809 809 Total assets $ — — 68,977 68,977 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 95,303 95,303 Real estate owned, net — — 2,232 2,232 Total assets $ — — 97,535 97,535 |
Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements | The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at September 30, 2021 (in thousands): Fair Valuation Significant Range Loans individually assessed $ 65,835 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 10.92% to 15.4% (13.26%) Mortgage servicing rights 2,333 Discounted cash flow Annual service cost $84 Prepayment rates 7.0% to 24.6% (11.2%) Expected life (months) 40.1 to 103.9 (73.2) Option adjusted spread 750 basis points Forward yield curve 0.09% to 1.32% Real estate owned, net 809 Appraisal value (1) Estimated cost to sell 10.0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives not designated as hedging instruments | The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands): Asset derivatives Liability derivatives Notional amount Fair value Notional amount Fair value At September 30, 2021 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 632,709 34,983 632,709 35,152 Foreign exchange swap agreements 20,027 1,399 2,824 961 Interest rate lock commitments 100,695 3,137 — — Forward commitments 17,135 518 — — Risk participation agreements — — 81,888 71 Total derivatives $ 770,566 40,037 717,421 36,184 At December 31, 2020 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 599,300 53,863 599,300 54,579 Interest rate lock commitments 171,357 6,465 — — Forward commitments 25,474 1,105 — — Risk participation agreements — — 77,532 86 Total derivatives $ 796,131 61,433 676,832 54,665 |
Schedule of derivative instruments gain (loss) | The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Hedging derivatives: Decrease in interest expense $ — 67 — (35) Non-hedging swap derivatives: Increase/(decrease) in other income 590 (353) 1,087 (875) Increase in mortgage banking income 345 315 3,915 8,563 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive income by component | The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended September 30, 2021 Unrealized Change in Change in Total Balance as of June 30, 2021 $ 3,533 — (49,725) (46,192) Other comprehensive loss before reclassification adjustments (1) (6,455) — — (6,455) Amounts reclassified from accumulated other comprehensive income (2) (3) (69) — 333 264 Net other comprehensive income/(loss) (6,524) — 333 (6,191) Balance as of September 30, 2021 $ (2,991) — (49,392) (52,383) For the quarter ended September 30, 2020 Unrealized Change in Change in Total Balance as of June 30, 2020 $ 16,096 (946) (39,590) (24,440) Other comprehensive income before reclassification adjustments (4) 676 — — 676 Amounts reclassified from accumulated other comprehensive income (5) (6) (7) (1) 946 250 1,195 Net other comprehensive income 675 946 250 1,871 Balance as of September 30, 2020 $ 16,771 — (39,340) (22,569) (1) Consists of unrealized holding losses, net of tax of ($2,076). (2) Consists of realized losses, net of tax of ($24). (3) Consists of realized gains, net of tax of $128. (4) Consists of unrealized holding gains, net of tax $107. (5) Consists of realized gains on securities, net of tax ($1). (6) Consists of realized losses, net of tax of $375. (7) Consists of realized gains, net of tax of $99. For the nine months ended September 30, 2021 Unrealized Change in Change in Total Balance as of December 31, 2020 $ 16,843 — (50,392) (33,549) Other comprehensive loss before reclassification adjustments (1) (19,554) — — (19,554) Amounts reclassified from accumulated other comprehensive income (2) (3) (280) — 1,000 720 Net other comprehensive income/(loss) (19,834) — 1,000 (18,834) Balance as of September 30, 2021 $ (2,991) — (49,392) (52,383) For the nine months ended September 30, 2020 Unrealized Change in Change in Total Balance as of December 31, 2019 $ 3,147 — (40,088) (36,941) Other comprehensive income/(loss) before reclassification adjustments (4) (5) 13,623 (946) — 12,677 Amounts reclassified from accumulated other comprehensive income (6) (7) (8) 1 946 748 1,695 Net other comprehensive income 13,624 — 748 14,372 Balance as of September 30, 2020 $ 16,771 — (39,340) (22,569) (1) Consists of unrealized holding losses, net of tax of ($6,812). (2) Consists of realized losses, net of tax of ($89). (3) Consists of realized gains, net of tax of $386. (4) Consists of unrealized holding gains, net of tax $5,286. (5) Consists of realized holding losses, net of tax ($209). (6) Consists of realized gains, net of tax of $0. (7) Consists of realized losses, net of tax of $375. (8) Consists of realized gains, net of tax of $297. |
Basis of Presentation and Inf_3
Basis of Presentation and Informational Disclosures (Details) $ / shares in Units, $ in Thousands | May 25, 2021$ / sharesshares | Sep. 30, 2021USD ($)bank_location | Sep. 30, 2020USD ($) |
Stock Related Compensation | |||
Number of banking locations | bank_location | 170 | ||
Options exercise price (in dollars per share) | $ / shares | $ 13.68 | ||
Options weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.64 | ||
Stock-based compensation expense | $ | $ 1,000 | $ 743 | |
Unrecognized tax benefits liability | $ | 336 | ||
Employee Stock Option | |||
Stock Related Compensation | |||
Award vesting period | 5 years | ||
Compensation expense yet to be recognized | $ | 1,900 | ||
Restricted Stock | |||
Stock Related Compensation | |||
Restricted common shares weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.68 | ||
Award vesting period | 5 years | ||
Compensation expense yet to be recognized | $ | $ 10,700 | ||
Employees | |||
Stock Related Compensation | |||
Options granted (in shares) | shares | 621,972 | ||
Employees | Restricted Stock | |||
Stock Related Compensation | |||
Restricted common shares granted (in shares) | shares | 293,755 | ||
Director | |||
Stock Related Compensation | |||
Options granted (in shares) | shares | 72,000 | ||
Director | Restricted Stock | |||
Stock Related Compensation | |||
Restricted common shares granted (in shares) | shares | 27,000 |
Marketable Securities - Availab
Marketable Securities - Available For Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Residential mortgage-backed securities | $ 1,587,105 | $ 1,375,685 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 11,833 | 24,702 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (15,223) | (1,446) |
Fair value | ||
Securities available-for-sale | 1,583,715 | 1,398,941 |
Debt issued by the U.S government and agencies | ||
Amortized cost | ||
Due after ten years | 58,537 | 40,761 |
Gross unrealized holding gains | ||
Due after ten years | 0 | 211 |
Gross unrealized holding losses | ||
Due after ten years | (1,545) | (55) |
Fair value | ||
Due after ten years | 56,992 | 40,917 |
Debt issued by government sponsored enterprises | ||
Amortized cost | ||
Due in less than one year | 191 | 24,976 |
Due in one year through five years | 238 | |
Due in five years through ten years | 47,516 | 68,973 |
Gross unrealized holding gains | ||
Due in less than one year | 1 | 159 |
Due in one year through five years | 3 | |
Due in five years through ten years | 87 | 238 |
Gross unrealized holding losses | ||
Due in less than one year | 0 | 0 |
Due in one year through five years | 0 | |
Due in five years through ten years | (1,133) | (80) |
Fair value | ||
Due in less than one year | 192 | 25,135 |
Due in one year through five years | 241 | |
Due in five years through ten years | 46,470 | 69,131 |
Municipal securities | ||
Amortized cost | ||
Due in less than one year | 1,151 | 4,008 |
Due in one year through five years | 1,647 | 2,803 |
Due in five years through ten years | 21,722 | 16,045 |
Due after ten years | 99,832 | 89,778 |
Gross unrealized holding gains | ||
Due in less than one year | 18 | 14 |
Due in one year through five years | 31 | 63 |
Due in five years through ten years | 583 | 429 |
Due after ten years | 2,385 | 3,752 |
Gross unrealized holding losses | ||
Due in less than one year | 0 | 0 |
Due in one year through five years | 0 | (2) |
Due in five years through ten years | (93) | (5) |
Due after ten years | (747) | (72) |
Fair value | ||
Due in less than one year | 1,169 | 4,022 |
Due in one year through five years | 1,678 | 2,864 |
Due in five years through ten years | 22,212 | 16,469 |
Due after ten years | 101,470 | 93,458 |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due in less than one year | 453 | |
Due in one year through five years | 39,580 | |
Due in five years through ten years | 230,932 | |
Due after ten years | 1,085,544 | |
Residential mortgage-backed securities | 1,356,509 | 1,128,103 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 8,728 | 19,833 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (11,705) | (1,232) |
Fair value | ||
Due in less than one year | 455 | |
Due in one year through five years | 40,067 | |
Due in five years through ten years | 232,244 | |
Due after ten years | 1,080,766 | |
Securities available-for-sale | 1,353,532 | 1,146,704 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 283,015 | 339,406 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 3,278 | 7,125 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (2,325) | (86) |
Fair value | ||
Securities available-for-sale | 283,968 | 346,445 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 1,017,472 | 723,586 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 4,800 | 11,758 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (9,335) | (1,093) |
Fair value | ||
Securities available-for-sale | 1,012,937 | 734,251 |
Variable rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 12,115 | 14,778 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 356 | 431 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (15) | (20) |
Fair value | ||
Securities available-for-sale | 12,456 | 15,189 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 43,907 | 50,333 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 294 | 519 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (30) | (33) |
Fair value | ||
Securities available-for-sale | $ 44,171 | $ 50,819 |
Marketable Securities - Held To
Marketable Securities - Held To Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Amortized cost | $ 618,395 | $ 178,887 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 766 | 904 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (9,384) | (125) |
Fair value | ||
Fair value | 609,777 | 179,666 |
Debt issued by the U.S government and agencies | ||
Amortized cost | ||
Due after five years through ten years | 107,972 | |
Gross unrealized holding gains | ||
Due in five years through ten years | 0 | |
Gross unrealized holding losses | ||
Due in five years through ten years | (3,636) | |
Fair value | ||
Due after five years through ten years | 104,336 | |
Debt issued by the U.S government and agencies | Pass-through | ||
Amortized cost | ||
Due in one year through five years | 16,478 | |
Amortized cost | 67,990 | |
Gross unrealized holding gains | ||
Due in one year through five years | 0 | |
Gross unrealized holding gains | 12 | |
Gross unrealized holding losses | ||
Due in one year through five years | (49) | |
Gross unrealized holding losses | (123) | |
Fair value | ||
Due in one year through five years | 16,429 | |
Fair value | 67,879 | |
Fixed rate | Pass-through | ||
Amortized cost | ||
Amortized cost | 192,976 | 1,723 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 248 | 131 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (1,104) | 0 |
Fair value | ||
Fair value | 192,120 | 1,854 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Amortized cost | 299,650 | 107,651 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 476 | 716 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (4,595) | (2) |
Fair value | ||
Fair value | 295,531 | 108,365 |
Variable rate | Pass-through | ||
Amortized cost | ||
Amortized cost | 716 | 919 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 24 | 30 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | 0 | 0 |
Fair value | ||
Fair value | 740 | 949 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Amortized cost | 603 | 604 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 18 | 15 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | 0 | 0 |
Fair value | ||
Fair value | 621 | 619 |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due in one year through five years | 890 | |
Due after five years through ten years | 212,525 | |
Amortized cost | 493,945 | 110,897 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 766 | 892 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (5,699) | (2) |
Fair value | ||
Due in one year through five years | 948 | |
Due after five years through ten years | 210,946 | |
Fair value | $ 489,012 | $ 111,787 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Sep. 30, 2021USD ($) |
Amortized cost | |
Due in less than one year | $ 453 |
Due in one year through five years | 39,580 |
Due after five years through ten years | 230,932 |
Due after ten years | 1,085,544 |
Total marketable securities available-for-sale | 1,356,509 |
Fair value | |
Due in less than one year | 455 |
Due in one year through five years | 40,067 |
Due in five years through ten years | 232,244 |
Due after ten years | 1,080,766 |
Total marketable securities available-for-sale | $ 1,353,532 |
Marketable Securities - Held _2
Marketable Securities - Held To Maturity, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Sep. 30, 2021USD ($) |
Amortized cost | |
Due in one year through five years | $ 890 |
Due after five years through ten years | 212,525 |
Due after ten years | 280,530 |
Total marketable securities held-to-maturity | 493,945 |
Fair value | |
Due in one year through five years | 948 |
Due after five years through ten years | 210,946 |
Due after ten years | 277,118 |
Total marketable securities held-to-maturity | $ 489,012 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)position | Dec. 31, 2020USD ($) | |
Marketable securities | ||
Less than 12 months - Fair value | $ 1,357,504 | $ 372,833 |
Less than 12 months - Unrealized loss | (21,350) | (1,460) |
12 months or more - Fair value | 110,606 | 7,456 |
12 months or more - Unrealized loss | (3,257) | (111) |
Total - Fair value | 1,468,110 | 380,289 |
Total - Unrealized loss | $ (24,607) | (1,571) |
Number of investment positions with unrealized losses | position | 216 | |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | $ 216,233 | 67,809 |
Less than 12 months - Unrealized loss | (6,055) | (179) |
12 months or more - Fair value | 6,916 | 1,923 |
12 months or more - Unrealized loss | (308) | (80) |
Total - Fair value | 223,149 | 69,732 |
Total - Unrealized loss | (6,363) | (259) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 34,492 | 4,257 |
Less than 12 months - Unrealized loss | (840) | (79) |
12 months or more - Fair value | 0 | 0 |
12 months or more - Unrealized loss | 0 | 0 |
Total - Fair value | 34,492 | 4,257 |
Total - Unrealized loss | (840) | (79) |
Residential mortgage-backed securities - agency | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 1,106,779 | 300,767 |
Less than 12 months - Unrealized loss | (14,455) | (1,202) |
12 months or more - Fair value | 103,690 | 5,533 |
12 months or more - Unrealized loss | (2,949) | (31) |
Total - Fair value | 1,210,469 | 306,300 |
Total - Unrealized loss | $ (17,404) | $ (1,233) |
Marketable Securities - Credit
Marketable Securities - Credit Quality of Held To Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | $ 618,395 | $ 178,887 |
Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 493,945 | |
U.S. government and agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 124,450 | |
AA+ | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 618,395 | |
AA+ | Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 493,945 | |
AA+ | U.S. government and agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | $ 124,450 |
Loans Receivable - Summary of O
Loans Receivable - Summary of Originated and Acquired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 10,198,968 | $ 10,580,849 | ||||
Allowance for credit losses | (109,767) | $ (117,330) | (134,427) | $ (140,209) | $ (140,586) | $ (57,941) |
Total loans receivable, net | 10,089,201 | 10,446,422 | ||||
Loans held-for-sale | 27,411 | 58,786 | ||||
Unearned income, unamortized premiums and discounts and deferred fees and costs | 57,600 | 40,900 | ||||
Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,156,705 | 6,043,850 | ||||
Allowance for credit losses | (29,811) | (30,175) | (30,954) | (41,481) | (37,412) | (18,356) |
Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,989,521 | 3,068,121 | ||||
Allowance for credit losses | (7,987) | (7,247) | (7,266) | (12,036) | (11,708) | (2,574) |
Loans held-for-sale | 58,800 | |||||
Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,350,348 | 1,467,736 | ||||
Allowance for credit losses | (6,293) | (7,239) | (5,992) | (9,585) | (9,363) | (3,189) |
Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,461,190 | 1,152,673 | ||||
Allowance for credit losses | (12,457) | (12,888) | (14,825) | (16,713) | (13,835) | (7,292) |
Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 355,646 | 355,320 | ||||
Allowance for credit losses | (3,074) | (2,801) | (2,871) | (3,147) | (2,506) | (5,301) |
Commercial banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,042,263 | 4,536,999 | ||||
Allowance for credit losses | (79,956) | (87,155) | (103,473) | (98,728) | (103,174) | (39,585) |
Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,736,484 | 2,847,981 | ||||
Allowance for credit losses | (58,451) | (64,580) | (79,381) | (73,410) | (72,833) | (15,843) |
Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 426,067 | 497,908 | ||||
Allowance for credit losses | (3,246) | (4,729) | (10,518) | (13,570) | (14,827) | (5,745) |
Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 879,712 | 1,191,110 | ||||
Allowance for credit losses | (18,259) | $ (17,846) | (13,574) | $ (11,748) | $ (15,514) | $ (17,997) |
Originated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 8,915,346 | 8,799,008 | ||||
Allowance for credit losses | (87,222) | (102,874) | ||||
Total loans receivable, net | 8,828,124 | 8,696,134 | ||||
Originated | Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 5,534,821 | 5,212,402 | ||||
Originated | Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,756,383 | 2,753,593 | ||||
Originated | Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,122,611 | 1,175,703 | ||||
Originated | Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,350,278 | 995,040 | ||||
Originated | Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 305,549 | 288,066 | ||||
Originated | Commercial banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,380,525 | 3,586,606 | ||||
Originated | Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,258,953 | 2,223,108 | ||||
Originated | Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 335,461 | 344,016 | ||||
Originated | Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 786,111 | 1,019,482 | ||||
Acquired | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,283,622 | 1,781,841 | ||||
Allowance for credit losses | (22,545) | (31,553) | ||||
Total loans receivable, net | 1,261,077 | 1,750,288 | ||||
Acquired | Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 621,884 | 831,448 | ||||
Acquired | Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 233,138 | 314,528 | ||||
Acquired | Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 227,737 | 292,033 | ||||
Acquired | Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 110,912 | 157,633 | ||||
Acquired | Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 50,097 | 67,254 | ||||
Acquired | Commercial banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 661,738 | 950,393 | ||||
Acquired | Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 477,531 | 624,873 | ||||
Acquired | Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 90,606 | 153,892 | ||||
Acquired | Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 93,601 | $ 171,628 |
Loans Receivable - Changes in t
Loans Receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | $ 117,330 | $ 140,586 | $ 134,427 | $ 57,941 | ||
Current period provision | (4,354) | 6,818 | (9,974) | 86,205 | ||
Charge-offs | (6,878) | (8,997) | (23,919) | (28,704) | ||
Recoveries | 3,669 | 1,802 | 9,233 | 5,130 | ||
Initial ACL on loans purchased with credit deterioration | 8,845 | |||||
Ending balance | 109,767 | 140,209 | 109,767 | 140,209 | ||
Loans classified as held-for-investment sold | 0 | 0 | 0 | 50,000 | ||
Gain on sale of loans | 0 | 0 | 0 | 1,302 | ||
Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 10,792 | |||||
Initial ACL on loans purchased with credit deterioration | 517 | |||||
Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 3,389 | 10,183 | 6,363 | 974 | ||
Current period provision | 773 | (3,936) | (2,201) | 3,023 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 4,162 | 6,247 | 4,162 | 6,247 | ||
Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 2,250 | |||||
Personal banking | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 30,175 | 37,412 | 30,954 | 18,356 | ||
Current period provision | 3,261 | 6,433 | 7,111 | 17,687 | ||
Charge-offs | (4,885) | (3,573) | (12,121) | (11,095) | ||
Recoveries | 1,260 | 1,209 | 3,867 | 3,185 | ||
Initial ACL on loans purchased with credit deterioration | 1,703 | |||||
Ending balance | 29,811 | 41,481 | 29,811 | 41,481 | ||
Personal banking | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 11,645 | |||||
Personal banking | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 44 | 38 | 37 | 725 | ||
Current period provision | (2) | 5 | 5 | 13 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 42 | 43 | 42 | 43 | ||
Personal banking | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | (695) | |||||
Personal banking | Residential mortgage loans | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 7,247 | 11,708 | 7,266 | 2,574 | ||
Current period provision | 1,939 | 268 | 3,269 | 1,132 | ||
Charge-offs | (1,263) | (129) | (2,888) | (510) | ||
Recoveries | 64 | 189 | 340 | 304 | ||
Initial ACL on loans purchased with credit deterioration | 1,095 | |||||
Ending balance | 7,987 | 12,036 | 7,987 | 12,036 | ||
Personal banking | Residential mortgage loans | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 7,441 | |||||
Personal banking | Residential mortgage loans | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 2 | 2 | ||||
Current period provision | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 2 | 2 | ||||
Allowance for credit losses | 3 | 3 | $ 0 | $ 0 | ||
Provision for Loan, Lease, and Other Losses | 3 | 3 | ||||
Personal banking | Residential mortgage loans | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Allowance for credit losses | 0 | 0 | ||||
Personal banking | Home equity loans | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 7,239 | 9,363 | 5,992 | 3,189 | ||
Current period provision | 291 | 183 | 1,892 | 536 | ||
Charge-offs | (1,474) | (88) | (2,081) | (550) | ||
Recoveries | 237 | 127 | 490 | 408 | ||
Initial ACL on loans purchased with credit deterioration | 216 | |||||
Ending balance | 6,293 | 9,585 | 6,293 | 9,585 | ||
Personal banking | Home equity loans | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 5,786 | |||||
Personal banking | Home equity loans | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 42 | 38 | 35 | 323 | ||
Current period provision | (2) | 2 | 5 | 10 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 40 | 40 | 40 | 40 | ||
Personal banking | Home equity loans | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | (293) | |||||
Personal banking | Vehicle loans | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 12,888 | 13,835 | 14,825 | 7,292 | ||
Current period provision | 82 | 4,111 | (341) | 12,419 | ||
Charge-offs | (1,112) | (1,763) | (4,017) | (5,369) | ||
Recoveries | 599 | 530 | 1,990 | 1,294 | ||
Initial ACL on loans purchased with credit deterioration | 235 | |||||
Ending balance | 12,457 | 16,713 | 12,457 | 16,713 | ||
Personal banking | Vehicle loans | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 842 | |||||
Personal banking | Consumer loans | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 2,801 | 2,506 | 2,871 | 5,301 | ||
Current period provision | 949 | 1,871 | 2,291 | 3,600 | ||
Charge-offs | (1,036) | (1,593) | (3,135) | (4,666) | ||
Recoveries | 360 | 363 | 1,047 | 1,179 | ||
Initial ACL on loans purchased with credit deterioration | 157 | |||||
Ending balance | 3,074 | 3,147 | 3,074 | 3,147 | ||
Personal banking | Consumer loans | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | (2,424) | |||||
Personal banking | Consumer loans | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 402 | |||||
Current period provision | 0 | |||||
Charge-offs | 0 | |||||
Recoveries | 0 | |||||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 0 | 0 | ||||
Personal banking | Consumer loans | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | (402) | |||||
Commercial banking | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 87,155 | 103,174 | 103,473 | 39,585 | ||
Current period provision | (7,615) | 385 | (17,085) | 68,518 | ||
Charge-offs | (1,993) | (5,424) | (11,798) | (17,609) | ||
Recoveries | 2,409 | 593 | 5,366 | 1,945 | ||
Initial ACL on loans purchased with credit deterioration | 7,142 | |||||
Ending balance | 79,956 | 98,728 | 79,956 | 98,728 | ||
Commercial banking | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | (853) | |||||
Commercial banking | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 3,345 | 10,145 | 6,326 | 249 | ||
Current period provision | 775 | (3,941) | (2,206) | 3,010 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 4,120 | 6,204 | 4,120 | 6,204 | ||
Commercial banking | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 2,945 | |||||
Commercial banking | Commercial real estate loans | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 64,580 | 72,833 | 79,381 | 15,843 | ||
Current period provision | (5,103) | 780 | (12,859) | 50,018 | ||
Charge-offs | (1,581) | (470) | (9,281) | (1,470) | ||
Recoveries | 555 | 267 | 1,210 | 1,011 | ||
Initial ACL on loans purchased with credit deterioration | 5,720 | |||||
Ending balance | 58,451 | 73,410 | 58,451 | 73,410 | ||
Commercial banking | Commercial real estate loans | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 2,288 | |||||
Commercial banking | Commercial real estate loans | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 1,932 | 5,135 | 3,449 | 77 | ||
Current period provision | 715 | (2,712) | (802) | 412 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 2,647 | 2,423 | 2,647 | 2,423 | ||
Commercial banking | Commercial real estate loans | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 1,934 | |||||
Commercial banking | Commercial real estate loans - owner occupied | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 4,729 | 14,827 | 10,518 | 5,745 | ||
Current period provision | (1,487) | (1,205) | (6,392) | 5,642 | ||
Charge-offs | 0 | (62) | (890) | (83) | ||
Recoveries | 4 | 10 | 9 | 25 | ||
Initial ACL on loans purchased with credit deterioration | 963 | |||||
Ending balance | 3,246 | 13,570 | 3,246 | 13,570 | ||
Commercial banking | Commercial real estate loans - owner occupied | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 1,278 | |||||
Commercial banking | Commercial real estate loans - owner occupied | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 181 | 626 | 326 | 3 | ||
Current period provision | (41) | (157) | (186) | 378 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | 140 | 469 | 140 | 469 | ||
Commercial banking | Commercial real estate loans - owner occupied | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 88 | |||||
Commercial banking | Commercial loans | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 17,846 | 15,514 | 13,574 | 17,997 | ||
Current period provision | (1,025) | 810 | 2,166 | 12,858 | ||
Charge-offs | (412) | (4,892) | (1,627) | (16,056) | ||
Recoveries | 1,850 | 316 | 4,147 | 909 | ||
Initial ACL on loans purchased with credit deterioration | 459 | |||||
Ending balance | 18,259 | 11,748 | 18,259 | 11,748 | ||
Commercial banking | Commercial loans | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | (4,419) | |||||
Commercial banking | Commercial loans | Off-Balance sheet exposure | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | 1,232 | 4,384 | 2,551 | 169 | ||
Current period provision | 101 | (1,072) | (1,218) | 2,220 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Initial ACL on loans purchased with credit deterioration | 0 | |||||
Ending balance | $ 1,333 | $ 3,312 | $ 1,333 | 3,312 | ||
Commercial banking | Commercial loans | Off-Balance sheet exposure | Cumulative effect of ASU 2016-13 | ||||||
Changes in allowance for losses on allocated loans receivable | ||||||
Beginning balance | $ 923 |
Loans Receivable - Loan Portfol
Loans Receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 10,198,968 | $ 10,580,849 | ||||
Allowance for credit losses | 109,767 | $ 117,330 | 134,427 | $ 140,209 | $ 140,586 | $ 57,941 |
Nonaccrual loans | 176,942 | 102,832 | 68,870 | |||
Loans 90 days past due and accruing | 386 | 585 | ||||
TDRs | 26,522 | 32,135 | ||||
Allowance related to TDRs | 3,588 | 2,016 | ||||
Additional commitments to customers with loans classified as TDRs | 795 | 859 | ||||
Non-accrual TDRs | 12,858 | 10,700 | 17,120 | |||
Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,156,705 | 6,043,850 | ||||
Allowance for credit losses | 29,811 | 30,175 | 30,954 | 41,481 | 37,412 | 18,356 |
Nonaccrual loans | 21,284 | 31,611 | 25,447 | |||
Loans 90 days past due and accruing | 386 | 585 | ||||
TDRs | 8,828 | 10,490 | ||||
Allowance related to TDRs | 2,501 | 941 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 26 | ||||
Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,989,521 | 3,068,121 | ||||
Allowance for credit losses | 7,987 | 7,247 | 7,266 | 12,036 | 11,708 | 2,574 |
Nonaccrual loans | 10,710 | 15,924 | 14,476 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 7,007 | 8,431 | ||||
Allowance related to TDRs | 1,792 | 560 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,350,348 | 1,467,736 | ||||
Allowance for credit losses | 6,293 | 7,239 | 5,992 | 9,585 | 9,363 | 3,189 |
Nonaccrual loans | 6,482 | 9,123 | 6,745 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 1,821 | 2,058 | ||||
Allowance related to TDRs | 709 | 381 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 26 | ||||
Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,461,190 | 1,152,673 | ||||
Allowance for credit losses | 12,457 | 12,888 | 14,825 | 16,713 | 13,835 | 7,292 |
Nonaccrual loans | 2,977 | 5,533 | 3,147 | |||
Loans 90 days past due and accruing | 0 | 1 | ||||
TDRs | 0 | 0 | ||||
Allowance related to TDRs | 0 | 0 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 355,646 | 355,320 | ||||
Allowance for credit losses | 3,074 | 2,801 | 2,871 | 3,147 | 2,506 | 5,301 |
Nonaccrual loans | 1,115 | 1,031 | 1,079 | |||
Loans 90 days past due and accruing | 386 | |||||
TDRs | 0 | |||||
Allowance related to TDRs | 0 | |||||
Additional commitments to customers with loans classified as TDRs | 0 | |||||
Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 355,320 | |||||
Allowance for credit losses | 2,871 | |||||
Nonaccrual loans | 1,031 | |||||
Loans 90 days past due and accruing | 584 | |||||
TDRs | 1 | |||||
Allowance related to TDRs | 0 | |||||
Additional commitments to customers with loans classified as TDRs | 0 | |||||
Commercial banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,042,263 | 4,536,999 | ||||
Allowance for credit losses | 79,956 | 87,155 | 103,473 | 98,728 | 103,174 | 39,585 |
Nonaccrual loans | 155,658 | 71,221 | 43,423 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 17,694 | 21,645 | ||||
Allowance related to TDRs | 1,087 | 1,075 | ||||
Additional commitments to customers with loans classified as TDRs | 795 | 833 | ||||
Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,736,484 | 2,847,981 | ||||
Allowance for credit losses | 58,451 | 64,580 | 79,381 | 73,410 | 72,833 | 15,843 |
Nonaccrual loans | 135,902 | 44,092 | 18,832 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 14,032 | 18,430 | ||||
Allowance related to TDRs | 845 | 787 | ||||
Additional commitments to customers with loans classified as TDRs | 499 | 471 | ||||
Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 426,067 | 497,908 | ||||
Allowance for credit losses | 3,246 | 4,729 | 10,518 | 13,570 | 14,827 | 5,745 |
Nonaccrual loans | 1,359 | 3,642 | 16,032 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 326 | 761 | ||||
Allowance related to TDRs | 55 | 123 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 879,712 | 1,191,110 | ||||
Allowance for credit losses | 18,259 | $ 17,846 | 13,574 | $ 11,748 | $ 15,514 | 17,997 |
Nonaccrual loans | 18,397 | 23,487 | $ 8,559 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 3,336 | 2,454 | ||||
Allowance related to TDRs | 187 | 165 | ||||
Additional commitments to customers with loans classified as TDRs | $ 296 | $ 362 |
Loans Receivable - Composition
Loans Receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | $ 176,942 | $ 176,942 | $ 102,832 | $ 68,870 |
Nonaccrual loans | 117,974 | 117,974 | 79,992 | |
Nonaccrual loans at September 30, 2021 with no allowance | 58,968 | 58,968 | 22,840 | |
Loans at September 30, 2021 90 days past due and accruing | 386 | 386 | 585 | |
Interest income, accrual method | 138 | 664 | 842 | |
Amortized cost basis of collateral-dependent loans | 141,523 | 141,523 | 99,039 | |
Real estate | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 128,276 | 128,276 | 84,073 | |
Equipment | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 11,354 | 11,354 | 2,194 | |
Other | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 1,893 | 1,893 | 12,772 | |
Personal banking | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 21,284 | 21,284 | 31,611 | 25,447 |
Nonaccrual loans | 21,058 | 21,058 | 31,202 | |
Nonaccrual loans at September 30, 2021 with no allowance | 226 | 226 | 409 | |
Loans at September 30, 2021 90 days past due and accruing | 386 | 386 | 585 | |
Amortized cost basis of collateral-dependent loans | 682 | 682 | 1,368 | |
Personal banking | Real estate | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 0 | 0 | 1,368 | |
Personal banking | Equipment | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 0 | 0 | 0 | |
Personal banking | Other | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 682 | 682 | 0 | |
Personal banking | Residential mortgage loans | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 10,710 | 10,710 | 15,924 | 14,476 |
Nonaccrual loans | 10,710 | 10,710 | 15,923 | |
Nonaccrual loans at September 30, 2021 with no allowance | 0 | 0 | 0 | |
Loans at September 30, 2021 90 days past due and accruing | 0 | 0 | 0 | |
Amortized cost basis of collateral-dependent loans | 583 | 583 | 1,269 | |
Personal banking | Residential mortgage loans | Real estate | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 0 | 0 | 1,269 | |
Personal banking | Residential mortgage loans | Equipment | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 0 | 0 | 0 | |
Personal banking | Residential mortgage loans | Other | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 583 | 583 | 0 | |
Personal banking | Home equity loans | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 6,482 | 6,482 | 9,123 | 6,745 |
Nonaccrual loans | 6,270 | 6,270 | 8,872 | |
Nonaccrual loans at September 30, 2021 with no allowance | 212 | 212 | 252 | |
Loans at September 30, 2021 90 days past due and accruing | 0 | 0 | 0 | |
Amortized cost basis of collateral-dependent loans | 99 | 99 | 99 | |
Personal banking | Home equity loans | Real estate | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 0 | 0 | 99 | |
Personal banking | Home equity loans | Equipment | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 0 | 0 | 0 | |
Personal banking | Home equity loans | Other | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 99 | 99 | 0 | |
Personal banking | Vehicle loans | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 2,977 | 2,977 | 5,533 | 3,147 |
Nonaccrual loans | 2,964 | 2,964 | 5,377 | |
Nonaccrual loans at September 30, 2021 with no allowance | 13 | 13 | 156 | |
Loans at September 30, 2021 90 days past due and accruing | 0 | 0 | 1 | |
Personal banking | Consumer loans | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 1,115 | 1,115 | 1,031 | 1,079 |
Nonaccrual loans | 1,114 | 1,114 | 1,030 | |
Nonaccrual loans at September 30, 2021 with no allowance | 1 | 1 | 1 | |
Loans at September 30, 2021 90 days past due and accruing | 386 | 386 | 584 | |
Commercial banking | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 155,658 | 155,658 | 71,221 | 43,423 |
Nonaccrual loans | 96,916 | 96,916 | 48,790 | |
Nonaccrual loans at September 30, 2021 with no allowance | 58,742 | 58,742 | 22,431 | |
Loans at September 30, 2021 90 days past due and accruing | 0 | 0 | 0 | |
Amortized cost basis of collateral-dependent loans | 140,841 | 140,841 | 97,671 | |
Commercial banking | Real estate | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 128,276 | 128,276 | 82,705 | |
Commercial banking | Equipment | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 11,354 | 11,354 | 2,194 | |
Commercial banking | Other | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 1,211 | 1,211 | 12,772 | |
Commercial banking | Commercial real estate loans | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 135,902 | 135,902 | 44,092 | 18,832 |
Nonaccrual loans | 80,831 | 80,831 | 27,079 | |
Nonaccrual loans at September 30, 2021 with no allowance | 55,071 | 55,071 | 17,013 | |
Loans at September 30, 2021 90 days past due and accruing | 0 | 0 | 0 | |
Amortized cost basis of collateral-dependent loans | 125,753 | 125,753 | 83,092 | |
Commercial banking | Commercial real estate loans | Real estate | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 123,975 | 123,975 | 79,392 | |
Commercial banking | Commercial real estate loans | Equipment | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 1,778 | 1,778 | 1,997 | |
Commercial banking | Commercial real estate loans | Other | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 0 | 0 | 1,703 | |
Commercial banking | Commercial real estate loans - owner occupied | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 1,359 | 1,359 | 3,642 | 16,032 |
Nonaccrual loans | 1,359 | 1,359 | 3,642 | |
Nonaccrual loans at September 30, 2021 with no allowance | 0 | 0 | 0 | |
Loans at September 30, 2021 90 days past due and accruing | 0 | 0 | 0 | |
Commercial banking | Commercial loans | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Nonaccrual loans | 18,397 | 18,397 | 23,487 | $ 8,559 |
Nonaccrual loans | 14,726 | 14,726 | 18,069 | |
Nonaccrual loans at September 30, 2021 with no allowance | 3,671 | 3,671 | 5,418 | |
Loans at September 30, 2021 90 days past due and accruing | 0 | 0 | 0 | |
Amortized cost basis of collateral-dependent loans | 15,088 | 15,088 | 14,579 | |
Commercial banking | Commercial loans | Real estate | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 4,301 | 4,301 | 3,313 | |
Commercial banking | Commercial loans | Equipment | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | 9,576 | 9,576 | 197 | |
Commercial banking | Commercial loans | Other | ||||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||||
Amortized cost basis of collateral-dependent loans | $ 1,211 | $ 1,211 | $ 11,069 |
Loans Receivable - Roll Forward
Loans Receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Dec. 31, 2020USD ($) | |
Number of contracts | |||||
Beginning balance | contract | 158 | 167 | 170 | 176 | |
New TDRs | contract | 3 | 7 | 5 | 10 | |
Re-modified TDRs | contract | 3 | 3 | 8 | 5 | |
Net paydowns | contract | 0 | 0 | 0 | 0 | |
Ending balance | contract | 139 | 173 | 139 | 173 | |
Amount | |||||
Beginning TDR balance | $ 27,431 | $ 35,450 | $ 32,135 | $ 31,999 | |
New TDRs | 345 | 803 | 2,608 | 889 | |
Re-modified TDRs | 4,490 | 6,679 | 5,701 | 9,720 | |
Net paydowns | (4,702) | (8,127) | (8,713) | (7,192) | |
Ending TDR balance | 26,522 | 34,804 | 26,522 | 34,804 | |
Accruing TDRs | 13,664 | 17,684 | 13,664 | 17,684 | |
Non-accrual TDRs | $ 12,858 | $ 17,120 | $ 12,858 | $ 17,120 | $ 10,700 |
Residential mortgage loans | |||||
Number of contracts | |||||
Paid-off loans: | contract | 5 | 0 | 9 | 2 | |
Amount | |||||
Paid-off loans: | $ (307) | $ 0 | $ (1,033) | $ (330) | |
Home equity loans | |||||
Number of contracts | |||||
Charge-offs: | contract | 1 | 0 | 1 | 1 | |
Paid-off loans: | contract | 4 | 0 | 5 | 2 | |
Amount | |||||
Charge-offs: | $ (29) | $ 0 | $ (29) | $ (10) | |
Paid-off loans: | $ (122) | $ 0 | $ (133) | $ (3) | |
Commercial real estate loans | |||||
Number of contracts | |||||
Charge-offs: | contract | 2 | 0 | 2 | 0 | |
Paid-off loans: | contract | 4 | 0 | 9 | 1 | |
Amount | |||||
Charge-offs: | $ (53) | $ 0 | $ (53) | $ 0 | |
Paid-off loans: | $ (287) | $ 0 | $ (2,973) | $ (26) | |
Commercial real estate loans - owner occupied | |||||
Number of contracts | |||||
Charge-offs: | contract | 1 | 0 | 1 | 0 | |
Paid-off loans: | contract | 1 | 1 | |||
Amount | |||||
Charge-offs: | $ (105) | $ 0 | $ (105) | $ 0 | |
Paid-off loans: | $ (47) | $ (25) | |||
Commercial loans | |||||
Number of contracts | |||||
Charge-offs: | contract | 5 | 0 | 5 | 0 | |
Paid-off loans: | contract | 0 | 1 | 3 | 6 | |
Amount | |||||
Charge-offs: | $ (139) | $ 0 | $ (139) | $ 0 | |
Paid-off loans: | $ 0 | $ (1) | $ (697) | $ (218) |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructuring (Including Re-Modified TDRs) by Portfolio Segment and by Class of Financing Receivable (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 6 | 10 | 13 | 14 |
Recorded investment at the time of modification | $ 5,323 | $ 7,630 | $ 9,730 | $ 10,274 |
Current recorded investment | 4,835 | 7,482 | 8,309 | 9,615 |
Current allowance | $ 82 | $ 817 | $ 240 | $ 843 |
Personal banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 2 | 1 | 4 | 3 |
Recorded investment at the time of modification | $ 153 | $ 90 | $ 281 | $ 176 |
Current recorded investment | 36 | 89 | 151 | 170 |
Current allowance | $ 17 | $ 1 | $ 33 | $ 15 |
Personal banking | Residential mortgage loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 0 | 1 | 1 | 1 |
Recorded investment at the time of modification | $ 0 | $ 90 | $ 125 | $ 90 |
Current recorded investment | 0 | 89 | 115 | 89 |
Current allowance | $ 0 | $ 1 | $ 16 | $ 1 |
Personal banking | Home equity loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 2 | 0 | 3 | 2 |
Recorded investment at the time of modification | $ 153 | $ 0 | $ 156 | $ 86 |
Current recorded investment | 36 | 0 | 36 | 81 |
Current allowance | $ 17 | $ 0 | $ 17 | $ 14 |
Commercial banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 4 | 9 | 9 | 11 |
Recorded investment at the time of modification | $ 5,170 | $ 7,540 | $ 9,449 | $ 10,098 |
Current recorded investment | 4,799 | 7,393 | 8,158 | 9,445 |
Current allowance | $ 65 | $ 816 | $ 207 | $ 828 |
Commercial banking | Commercial real estate loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 3 | 5 | 6 | 5 |
Recorded investment at the time of modification | $ 4,840 | $ 7,096 | $ 6,723 | $ 7,096 |
Current recorded investment | 4,490 | 7,040 | 5,586 | 7,040 |
Current allowance | $ 65 | $ 816 | $ 207 | $ 816 |
Commercial banking | Commercial real estate loans - owner occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 0 | 1 | ||
Recorded investment at the time of modification | $ 0 | $ 58 | ||
Current recorded investment | 0 | 51 | ||
Current allowance | $ 0 | $ 10 | ||
Commercial banking | Commercial loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 1 | 4 | 3 | 5 |
Recorded investment at the time of modification | $ 330 | $ 444 | $ 2,726 | $ 2,944 |
Current recorded investment | 309 | 353 | 2,572 | 2,354 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 2 |
Loans Receivable - Troubled D_2
Loans Receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | |
Troubled debt restructurings | ||||
Number of contracts | contract | 6 | 10 | 13 | 14 |
Type of modification | $ 4,835 | $ 7,482 | $ 8,309 | $ 9,615 |
Number of TDR contracts with subsequent default | contract | 0 | |||
Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 378 | 0 | 493 | $ 66 |
Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 30 | 114 | 30 | 114 |
Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 4,427 | 7,083 | 7,714 | 7,149 |
Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | $ 285 | $ 72 | $ 2,286 |
Personal banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 2 | 1 | 4 | 3 |
Type of modification | $ 36 | $ 89 | $ 151 | $ 170 |
Personal banking | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 0 | 115 | 66 |
Personal banking | Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 30 | 0 | 30 | 0 |
Personal banking | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 6 | 89 | 6 | 104 |
Personal banking | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | $ 0 | $ 0 | $ 0 |
Personal banking | Residential mortgage loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 1 | 1 | 1 |
Type of modification | $ 0 | $ 89 | $ 115 | $ 89 |
Personal banking | Residential mortgage loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 115 | 0 | |
Personal banking | Residential mortgage loans | Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 0 | 0 | |
Personal banking | Residential mortgage loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 89 | 0 | 89 | |
Personal banking | Residential mortgage loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | $ 0 | $ 0 | |
Personal banking | Home equity loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 2 | 0 | 3 | 2 |
Type of modification | $ 36 | $ 0 | $ 36 | $ 81 |
Personal banking | Home equity loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 0 | 66 | |
Personal banking | Home equity loans | Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 30 | 30 | 0 | |
Personal banking | Home equity loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 6 | 6 | 15 | |
Personal banking | Home equity loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | $ 0 | $ 0 | |
Commercial banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 4 | 9 | 9 | 11 |
Type of modification | $ 4,799 | $ 7,393 | $ 8,158 | $ 9,445 |
Number of TDR contracts with subsequent default | contract | 3 | |||
Recorded investment at the time of modification | $ 4,167 | |||
Current recorded investment | 3,951 | |||
Current allowance | 2 | |||
Commercial banking | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 378 | 0 | 378 | 0 |
Commercial banking | Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 114 | 0 | 114 |
Commercial banking | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 4,421 | 6,994 | 7,708 | 7,045 |
Commercial banking | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | $ 285 | $ 72 | $ 2,286 |
Commercial banking | Commercial real estate loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 3 | 5 | 6 | 5 |
Type of modification | $ 4,490 | $ 7,040 | $ 5,586 | $ 7,040 |
Number of TDR contracts with subsequent default | contract | 3 | |||
Recorded investment at the time of modification | $ 4,167 | |||
Current recorded investment | 3,951 | |||
Current allowance | 2 | |||
Commercial banking | Commercial real estate loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 378 | 0 | 378 | 0 |
Commercial banking | Commercial real estate loans | Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 0 | 0 | 0 |
Commercial banking | Commercial real estate loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 4,112 | 6,755 | 5,136 | 6,755 |
Commercial banking | Commercial real estate loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | $ 285 | $ 72 | $ 285 |
Commercial banking | Commercial real estate loans - owner occupied | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 1 | ||
Type of modification | $ 0 | $ 51 | ||
Commercial banking | Commercial real estate loans - owner occupied | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | |||
Commercial banking | Commercial real estate loans - owner occupied | Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | |||
Commercial banking | Commercial real estate loans - owner occupied | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 51 | |||
Commercial banking | Commercial real estate loans - owner occupied | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | |||
Commercial banking | Commercial loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 4 | 3 | 5 |
Type of modification | $ 309 | $ 353 | $ 2,572 | $ 2,354 |
Commercial banking | Commercial loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 0 | 0 | 0 |
Commercial banking | Commercial loans | Payment | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 114 | 0 | 114 |
Commercial banking | Commercial loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 309 | 239 | 2,572 | 239 |
Commercial banking | Commercial loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | $ 0 | $ 0 | $ 2,001 |
Loans Receivable - Loan Delinqu
Loans Receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loan payment delinquencies | ||
Total loans receivable | $ 10,198,968 | $ 10,580,849 |
90 days or greater delinquent and accruing | 386 | 585 |
Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 64,034 | 135,022 |
30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 12,958 | 61,462 |
60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 9,028 | 11,960 |
90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 42,048 | 61,600 |
Current | ||
Loan payment delinquencies | ||
Total loans receivable | 10,134,934 | 10,445,827 |
Personal banking | ||
Loan payment delinquencies | ||
Total loans receivable | 6,156,705 | 6,043,850 |
90 days or greater delinquent and accruing | 386 | 585 |
Personal banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 33,332 | 82,603 |
Personal banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 10,262 | 44,134 |
Personal banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 7,688 | 9,481 |
Personal banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 15,382 | 28,988 |
Personal banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 6,123,373 | 5,961,247 |
Personal banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans receivable | 2,989,521 | 3,068,121 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Residential mortgage loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 13,741 | 48,369 |
Personal banking | Residential mortgage loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 765 | 28,797 |
Personal banking | Residential mortgage loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,907 | 5,083 |
Personal banking | Residential mortgage loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 8,069 | 14,489 |
Personal banking | Residential mortgage loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 2,975,780 | 3,019,752 |
Personal banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,350,348 | 1,467,736 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Home equity loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 9,120 | 14,860 |
Personal banking | Home equity loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 3,351 | 4,763 |
Personal banking | Home equity loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,024 | 1,656 |
Personal banking | Home equity loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,745 | 8,441 |
Personal banking | Home equity loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 1,341,228 | 1,452,876 |
Personal banking | Vehicle loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,461,190 | 1,152,674 |
90 days or greater delinquent and accruing | 0 | 1 |
Personal banking | Vehicle loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 7,338 | 14,082 |
Personal banking | Vehicle loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,795 | 7,707 |
Personal banking | Vehicle loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,345 | 1,776 |
Personal banking | Vehicle loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,198 | 4,599 |
Personal banking | Vehicle loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 1,453,852 | 1,138,592 |
Personal banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans receivable | 355,646 | 355,319 |
90 days or greater delinquent and accruing | 386 | 584 |
Personal banking | Consumer loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 3,133 | 5,292 |
Personal banking | Consumer loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,351 | 2,867 |
Personal banking | Consumer loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 412 | 966 |
Personal banking | Consumer loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,370 | 1,459 |
Personal banking | Consumer loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 352,513 | 350,027 |
Commercial banking | ||
Loan payment delinquencies | ||
Total loans receivable | 4,042,263 | 4,536,999 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 30,702 | 52,419 |
Commercial banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,696 | 17,328 |
Commercial banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,340 | 2,479 |
Commercial banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 26,666 | 32,612 |
Commercial banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 4,011,561 | 4,484,580 |
Commercial banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans receivable | 2,736,484 | 2,847,980 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial real estate loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 28,333 | 31,614 |
Commercial banking | Commercial real estate loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,743 | 6,692 |
Commercial banking | Commercial real estate loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,170 | 1,615 |
Commercial banking | Commercial real estate loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 25,420 | 23,307 |
Commercial banking | Commercial real estate loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 2,708,151 | 2,816,366 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Loan payment delinquencies | ||
Total loans receivable | 426,067 | 497,909 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial real estate loans - owner occupied | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 403 | 6,211 |
Commercial banking | Commercial real estate loans - owner occupied | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 261 | 4,231 |
Commercial banking | Commercial real estate loans - owner occupied | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 0 | 0 |
Commercial banking | Commercial real estate loans - owner occupied | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 142 | 1,980 |
Commercial banking | Commercial real estate loans - owner occupied | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 425,664 | 491,698 |
Commercial banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans receivable | 879,712 | 1,191,110 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 1,966 | 14,594 |
Commercial banking | Commercial loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 692 | 6,405 |
Commercial banking | Commercial loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 170 | 864 |
Commercial banking | Commercial loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,104 | 7,325 |
Commercial banking | Commercial loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | $ 877,746 | $ 1,176,516 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Credit quality indicators | ||
Year one | $ 1,930,783 | $ 2,430,289 |
Year two | 1,907,811 | 1,729,845 |
Year three | 1,394,537 | 1,128,885 |
Year four | 846,871 | 919,058 |
Year five | 724,029 | 689,542 |
Prior | 2,537,907 | 2,616,425 |
Revolving loans | 768,597 | 916,515 |
Revolving loans converted to term loans | 88,433 | 150,290 |
Total loans receivable, gross | 10,198,968 | 10,580,849 |
Revolving loans converted to term loans during the period | 23,000 | 23,100 |
Special mention and substandard | Minimum | ||
Credit quality indicators | ||
Total loans receivable, gross | 1,000 | |
Personal banking | ||
Credit quality indicators | ||
Year one | 1,387,219 | 1,493,070 |
Year two | 1,275,087 | 1,050,211 |
Year three | 770,109 | 581,626 |
Year four | 404,167 | 426,061 |
Year five | 308,134 | 338,820 |
Prior | 1,467,915 | 1,573,084 |
Revolving loans | 500,651 | 536,613 |
Revolving loans converted to term loans | 43,423 | 44,365 |
Total loans receivable, gross | 6,156,705 | 6,043,850 |
Personal banking | Residential mortgage loans | ||
Credit quality indicators | ||
Year one | 487,627 | 641,963 |
Year two | 627,526 | 418,125 |
Year three | 327,259 | 230,770 |
Year four | 170,165 | 249,100 |
Year five | 187,812 | 216,984 |
Prior | 1,189,132 | 1,311,179 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 2,989,521 | 3,068,121 |
Personal banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Year one | 487,627 | 641,963 |
Year two | 627,031 | 418,057 |
Year three | 327,054 | 229,477 |
Year four | 169,600 | 247,426 |
Year five | 186,866 | 215,893 |
Prior | 1,174,311 | 1,289,728 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 2,972,489 | 3,042,544 |
Personal banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 495 | 68 |
Year three | 205 | 1,293 |
Year four | 565 | 1,674 |
Year five | 946 | 1,091 |
Prior | 14,821 | 21,451 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 17,032 | 25,577 |
Personal banking | Home equity loans | ||
Credit quality indicators | ||
Year one | 122,912 | 273,076 |
Year two | 225,432 | 193,649 |
Year three | 151,506 | 95,075 |
Year four | 70,003 | 87,998 |
Year five | 67,418 | 82,088 |
Prior | 232,805 | 224,219 |
Revolving loans | 438,538 | 468,962 |
Revolving loans converted to term loans | 41,734 | 42,669 |
Total loans receivable, gross | 1,350,348 | 1,467,736 |
Personal banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Year one | 122,912 | 273,076 |
Year two | 225,366 | 193,439 |
Year three | 150,967 | 94,757 |
Year four | 69,938 | 87,717 |
Year five | 67,057 | 81,212 |
Prior | 228,689 | 219,061 |
Revolving loans | 437,098 | 465,453 |
Revolving loans converted to term loans | 40,452 | 40,759 |
Total loans receivable, gross | 1,342,479 | 1,455,474 |
Personal banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 66 | 210 |
Year three | 539 | 318 |
Year four | 65 | 281 |
Year five | 361 | 876 |
Prior | 4,116 | 5,158 |
Revolving loans | 1,440 | 3,509 |
Revolving loans converted to term loans | 1,282 | 1,910 |
Total loans receivable, gross | 7,869 | 12,262 |
Personal banking | Vehicle loans | ||
Credit quality indicators | ||
Year one | 679,392 | 449,089 |
Year two | 330,247 | 354,619 |
Year three | 236,822 | 220,459 |
Year four | 140,539 | 71,332 |
Year five | 41,604 | 31,864 |
Prior | 32,586 | 25,310 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 1,461,190 | 1,152,673 |
Personal banking | Vehicle loans | Pass | ||
Credit quality indicators | ||
Year one | 679,196 | 448,746 |
Year two | 330,014 | 352,661 |
Year three | 235,766 | 218,372 |
Year four | 139,654 | 70,122 |
Year five | 41,199 | 31,197 |
Prior | 32,385 | 24,791 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 1,458,214 | 1,145,889 |
Personal banking | Vehicle loans | Substandard | ||
Credit quality indicators | ||
Year one | 196 | 343 |
Year two | 233 | 1,958 |
Year three | 1,056 | 2,087 |
Year four | 885 | 1,210 |
Year five | 405 | 667 |
Prior | 201 | 519 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 2,976 | 6,784 |
Personal banking | Consumer loans | ||
Credit quality indicators | ||
Year one | 97,288 | 128,942 |
Year two | 91,882 | 83,818 |
Year three | 54,522 | 35,322 |
Year four | 23,460 | 17,631 |
Year five | 11,300 | 7,884 |
Prior | 13,392 | 12,376 |
Revolving loans | 62,113 | 67,651 |
Revolving loans converted to term loans | 1,689 | 1,696 |
Total loans receivable, gross | 355,646 | 355,320 |
Personal banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Year one | 97,143 | 128,809 |
Year two | 91,731 | 83,419 |
Year three | 54,194 | 35,183 |
Year four | 23,280 | 17,439 |
Year five | 11,168 | 7,848 |
Prior | 13,248 | 11,757 |
Revolving loans | 61,703 | 66,965 |
Revolving loans converted to term loans | 1,679 | 1,695 |
Total loans receivable, gross | 354,146 | 353,115 |
Personal banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Year one | 145 | 133 |
Year two | 151 | 399 |
Year three | 328 | 139 |
Year four | 180 | 192 |
Year five | 132 | 36 |
Prior | 144 | 619 |
Revolving loans | 410 | 686 |
Revolving loans converted to term loans | 10 | 1 |
Total loans receivable, gross | 1,500 | 2,205 |
Commercial banking | ||
Credit quality indicators | ||
Year one | 543,564 | 937,219 |
Year two | 632,724 | 679,634 |
Year three | 624,428 | 547,259 |
Year four | 442,704 | 492,997 |
Year five | 415,895 | 350,722 |
Prior | 1,069,992 | 1,043,341 |
Revolving loans | 267,946 | 379,902 |
Revolving loans converted to term loans | 45,010 | 105,925 |
Total loans receivable, gross | 4,042,263 | 4,536,999 |
Commercial banking | Commercial real estate loans | ||
Credit quality indicators | ||
Year one | 232,089 | 425,400 |
Year two | 485,640 | 480,503 |
Year three | 477,705 | 393,919 |
Year four | 330,847 | 346,368 |
Year five | 302,227 | 234,648 |
Prior | 860,936 | 865,423 |
Revolving loans | 31,492 | 39,817 |
Revolving loans converted to term loans | 15,548 | 61,903 |
Total loans receivable, gross | 2,736,484 | 2,847,981 |
Commercial banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Year one | 231,278 | 417,390 |
Year two | 449,316 | 473,115 |
Year three | 415,206 | 316,045 |
Year four | 280,005 | 264,702 |
Year five | 238,909 | 195,168 |
Prior | 757,071 | 709,459 |
Revolving loans | 29,551 | 36,980 |
Revolving loans converted to term loans | 10,509 | 29,755 |
Total loans receivable, gross | 2,411,845 | 2,442,614 |
Commercial banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 7,426 |
Year two | 33,671 | 4,007 |
Year three | 27,741 | 57,694 |
Year four | 49,665 | 56,991 |
Year five | 59,169 | 24,056 |
Prior | 92,974 | 140,147 |
Revolving loans | 1,233 | 2,240 |
Revolving loans converted to term loans | 5,014 | 29,100 |
Total loans receivable, gross | 269,467 | 321,661 |
Commercial banking | Commercial real estate loans | Special Mention | ||
Credit quality indicators | ||
Year one | 811 | 584 |
Year two | 2,653 | 3,381 |
Year three | 34,758 | 20,180 |
Year four | 1,177 | 24,675 |
Year five | 4,149 | 15,424 |
Prior | 10,891 | 15,817 |
Revolving loans | 708 | 597 |
Revolving loans converted to term loans | 25 | 3,048 |
Total loans receivable, gross | 55,172 | 83,706 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Credit quality indicators | ||
Year one | 65,945 | 24,895 |
Year two | 24,876 | 93,160 |
Year three | 60,682 | 93,914 |
Year four | 71,813 | 88,167 |
Year five | 71,827 | 55,049 |
Prior | 123,843 | 125,547 |
Revolving loans | 3,565 | 9,118 |
Revolving loans converted to term loans | 3,516 | 8,058 |
Total loans receivable, gross | 426,067 | 497,908 |
Commercial banking | Commercial real estate loans - owner occupied | Pass | ||
Credit quality indicators | ||
Year one | 65,945 | 24,895 |
Year two | 24,876 | 67,162 |
Year three | 56,170 | 87,497 |
Year four | 69,834 | 71,626 |
Year five | 59,792 | 46,760 |
Prior | 105,531 | 100,081 |
Revolving loans | 2,851 | 4,422 |
Revolving loans converted to term loans | 2,748 | 7,648 |
Total loans receivable, gross | 387,747 | 410,091 |
Commercial banking | Commercial real estate loans - owner occupied | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 21,627 |
Year three | 2,783 | 1,903 |
Year four | 1,195 | 12,898 |
Year five | 9,072 | 4,013 |
Prior | 16,542 | 21,777 |
Revolving loans | 98 | 874 |
Revolving loans converted to term loans | 768 | 410 |
Total loans receivable, gross | 30,458 | 63,502 |
Commercial banking | Commercial real estate loans - owner occupied | Special Mention | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 4,371 |
Year three | 1,729 | 4,514 |
Year four | 784 | 3,643 |
Year five | 2,963 | 4,276 |
Prior | 1,770 | 3,689 |
Revolving loans | 616 | 3,822 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 7,862 | 24,315 |
Commercial banking | Commercial loans | ||
Credit quality indicators | ||
Year one | 245,530 | 486,924 |
Year two | 122,208 | 105,971 |
Year three | 86,041 | 59,426 |
Year four | 40,044 | 58,462 |
Year five | 41,841 | 61,025 |
Prior | 85,213 | 52,371 |
Revolving loans | 232,889 | 330,967 |
Revolving loans converted to term loans | 25,946 | 35,964 |
Total loans receivable, gross | 879,712 | 1,191,110 |
Commercial banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Year one | 245,021 | 479,436 |
Year two | 111,415 | 99,877 |
Year three | 79,383 | 50,915 |
Year four | 32,820 | 51,858 |
Year five | 37,961 | 58,597 |
Prior | 80,850 | 49,178 |
Revolving loans | 215,455 | 286,467 |
Revolving loans converted to term loans | 10,760 | 16,170 |
Total loans receivable, gross | 813,665 | 1,092,498 |
Commercial banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Year one | 401 | 1,660 |
Year two | 5,215 | 3,343 |
Year three | 5,852 | 2,932 |
Year four | 5,840 | 2,016 |
Year five | 3,828 | 2,266 |
Prior | 3,717 | 3,003 |
Revolving loans | 15,032 | 27,988 |
Revolving loans converted to term loans | 15,186 | 14,126 |
Total loans receivable, gross | 55,071 | 57,334 |
Commercial banking | Commercial loans | Special Mention | ||
Credit quality indicators | ||
Year one | 108 | 5,828 |
Year two | 5,578 | 2,751 |
Year three | 806 | 5,579 |
Year four | 1,384 | 4,588 |
Year five | 52 | 162 |
Prior | 646 | 190 |
Revolving loans | 2,402 | 16,512 |
Revolving loans converted to term loans | 0 | 5,668 |
Total loans receivable, gross | $ 10,976 | $ 41,278 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Amortizable intangible assets: | |||||
Intangible asset - net | $ 14,041 | $ 14,041 | $ 19,936 | ||
Estimated amortization expense | |||||
Amortization expense | 1,321 | $ 1,781 | 4,348 | $ 5,192 | |
For the year ending December 31, 2021 | 5,509 | 5,509 | |||
For the year ending December 31, 2022 | 4,277 | 4,277 | |||
For the year ending December 31, 2023 | 3,270 | 3,270 | |||
For the year ending December 31, 2024 | 2,452 | 2,452 | |||
For the year ending December 31, 2025 | 1,662 | 1,662 | |||
For the year ending December 31, 2026 | 871 | 871 | |||
Core deposits | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 74,899 | 74,899 | 71,182 | ||
Acquisitions (disposals) | 0 | 0 | 3,717 | ||
Less: accumulated amortization | (60,974) | (60,974) | (56,896) | ||
Intangible asset - net | 13,925 | 13,925 | 18,003 | ||
Customer and contract | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 12,775 | 12,775 | 12,775 | ||
Acquisitions (disposals) | (1,591) | (1,591) | 0 | ||
Less: accumulated amortization | (11,068) | (11,068) | (10,842) | ||
Intangible asset - net | $ 116 | $ 116 | $ 1,933 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | $ 382,279 | $ 346,103 |
Goodwill acquired | 36,176 | |
Purchase accounting adjustment | 77 | |
Goodwill disposed of due to sale of insurance business | (1,359) | |
Balance at the end of the period | $ 380,997 | $ 382,279 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Amount | $ 126,496 | |
Collateralized borrowings | ||
Debt Instrument [Line Items] | ||
Amount | $ 126,496 | $ 137,700 |
Average rate | 0.19% |
Borrowed Funds - Narrative (Det
Borrowed Funds - Narrative (Details) | Sep. 09, 2020USD ($) | Sep. 30, 2021USD ($)business_trust | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||
Borrowed funds | $ 126,496,000 | ||
Number of statutory business trusts owned | business_trust | 7 | ||
Trust preferred investments | |||
Debt Instrument [Line Items] | |||
Maximum period for which interest payment on the subordinated debentures can be deferred | 5 years | ||
Interest deferral | $ 0 | ||
Term notes payable to the Federal Home Loan Bank (FHBLB) | Federal Home Loan Bank of Indianapolis | |||
Debt Instrument [Line Items] | |||
FHLB borrowings matured | 2,000,000 | ||
Line of credit | Federal Home Loan Bank of Pittsburgh | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 250,000,000 | ||
Revolving line of credit | 0 | $ 0 | |
Collateralized borrowings | |||
Debt Instrument [Line Items] | |||
Borrowed funds | 126,496,000 | 137,700,000 | |
Subordinated debentures | |||
Debt Instrument [Line Items] | |||
Borrowed funds | $ 123,500,000 | $ 123,300,000 | |
Debt issued | $ 125,000,000 | ||
Stated rate | 4.00% | ||
Debt issuance costs | $ 1,800,000 | ||
Debt issuance amortization period | 5 years | ||
Subordinated debentures | SOFR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.89% |
Borrowed Funds - Debt Securitie
Borrowed Funds - Debt Securities Held-to-maturity on Preferred Securities and Junior Subordinated Debt Held by Trust (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 128,989 | $ 128,794 |
Trust Preferred Investments | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 128,989 | |
Trust Preferred Investments | Northwest Bancorp Capital Trust III | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.38% | |
Capital debt securities | $ 50,000 | |
Junior subordinated debentures | $ 51,547 | |
Trust Preferred Investments | Northwest Bancorp Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.38% | |
Capital debt securities | $ 50,000 | |
Junior subordinated debentures | $ 51,547 | |
Trust Preferred Investments | LNB Trust II | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.48% | |
Capital debt securities | $ 7,875 | |
Junior subordinated debentures | $ 8,119 | |
Trust Preferred Investments | UNCT I | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.85% | |
Capital debt securities | $ 8,000 | |
Junior subordinated debentures | $ 7,944 | |
Trust Preferred Investments | UNCT II | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.00% | |
Capital debt securities | $ 3,000 | |
Junior subordinated debentures | $ 2,734 | |
Trust Preferred Investments | MFBC Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.70% | |
Capital debt securities | $ 5,000 | |
Junior subordinated debentures | $ 3,554 | |
Trust Preferred Investments | Universal Preferred Trust | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.69% | |
Capital debt securities | $ 5,000 | |
Junior subordinated debentures | $ 3,544 |
Guarantees (Details)
Guarantees (Details) - Letter of credit $ in Thousands | Sep. 30, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Maximum exposure collateralized | $ 47,800 |
Maximum potential amount of future payments | 38,400 |
Liability recognized for the obligations | $ 481,000 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 35,063 | $ 38,050 | $ 124,267 | $ 39,789 |
Less: Dividends and undistributed earnings allocated to participating securities | 237 | 0 | 841 | 0 |
Net income available to common shareholders | 34,826 | 38,050 | 123,426 | 39,789 |
Net income available to common shareholders | $ 34,826 | $ 38,050 | $ 123,426 | $ 39,789 |
Weighted average common shares outstanding (in shares) | 126,111,774 | 126,855,810 | 126,333,290 | 118,088,122 |
Dilutive potential shares due to effect of stock options (in shares) | 856,206 | 0 | 856,206 | 0 |
Total weighted average common shares and dilutive potential shares (in shares) | 126,967,980 | 126,855,810 | 127,189,496 | 118,088,122 |
Basic earnings per share (in dollars per share) | $ 0.28 | $ 0.30 | $ 0.98 | $ 0.34 |
Diluted earnings per share (in dollars per share) | $ 0.27 | $ 0.30 | $ 0.97 | $ 0.34 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 2,860 | $ 2,097 | $ 8,580 | $ 6,293 |
Interest cost | 1,517 | 1,713 | 4,552 | 5,141 |
Expected return on plan assets | (3,464) | (3,090) | (10,394) | (9,272) |
Amortization of prior service cost | (580) | (580) | (1,741) | (1,742) |
Amortization of the net loss | 1,038 | 925 | 3,117 | 2,773 |
Net periodic cost | 1,371 | 1,065 | 4,114 | 3,193 |
Pension benefits | Minimum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 4,000 | 4,000 | ||
Pension benefits | Maximum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 8,000 | 8,000 | ||
Other post-retirement benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 4 | 7 | 13 | 20 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss | 3 | 4 | 10 | 13 |
Net periodic cost | $ 7 | $ 11 | $ 23 | $ 33 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Securities available-for-sale | $ 1,583,715 | $ 1,398,941 |
Securities held-to-maturity | 609,777 | 179,666 |
Accrued interest receivable | 26,995 | 35,554 |
Financial liabilities: | ||
Subordinated debt | 123,486 | 123,329 |
Junior subordinated debentures | 128,989 | 128,794 |
Interest rate swaps not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 40,037 | 61,433 |
Financial liabilities: | ||
Derivative liabilities | 36,184 | 54,665 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 1,090,485 | 736,277 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 0 | 0 |
Residential mortgage loans held-for-sale | 0 | 0 |
Accrued interest receivable | 26,995 | 35,554 |
FHLB stock | 0 | 0 |
Total financial assets | 1,117,480 | 771,831 |
Financial liabilities: | ||
Savings and checking deposits | 10,834,386 | 9,957,137 |
Time deposits | 0 | 0 |
Borrowed funds | 126,496 | 159,745 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 589 | 2,054 |
Total financial liabilities | 10,961,471 | 10,118,936 |
Level 1 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Interest rate swap agreements | Interest rate swaps not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 1,583,715 | 1,398,941 |
Securities held-to-maturity | 609,777 | 179,666 |
Loans receivable, net | 0 | 0 |
Residential mortgage loans held-for-sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Total financial assets | 2,230,392 | 1,633,575 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Subordinated debt | 129,421 | 123,329 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 165,605 | 177,994 |
Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 518 | 1,105 |
Level 2 | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 1,399 | |
Financial liabilities: | ||
Derivative liabilities | 961 | |
Level 2 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 34,983 | 53,863 |
Level 2 | Interest rate swap agreements | Interest rate swaps not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 35,152 | 54,579 |
Level 2 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 71 | 86 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 10,012,659 | 10,334,521 |
Residential mortgage loans held-for-sale | 27,411 | 58,786 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Total financial assets | 10,043,207 | 10,399,772 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 1,402,858 | 1,669,546 |
Borrowed funds | 0 | 0 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 121,571 | 121,106 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 1,524,429 | 1,790,652 |
Level 3 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 3,137 | 6,465 |
Level 3 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 3 | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 3 | Interest rate swap agreements | Interest rate swaps not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 1,090,485 | 736,277 |
Securities available-for-sale | 1,583,715 | 1,398,941 |
Securities held-to-maturity | 618,395 | 178,887 |
Loans receivable, net | 10,061,790 | 10,387,636 |
Residential mortgage loans held-for-sale | 27,411 | 58,786 |
Accrued interest receivable | 26,995 | 35,554 |
FHLB stock | 14,567 | 21,748 |
Total financial assets | 13,463,395 | 12,879,262 |
Financial liabilities: | ||
Savings and checking deposits | 10,834,386 | 9,957,137 |
Time deposits | 1,387,827 | 1,642,096 |
Borrowed funds | 126,496 | 159,715 |
Subordinated debt | 123,486 | 123,329 |
Junior subordinated debentures | 128,989 | 128,794 |
Accrued interest payable | 589 | 2,054 |
Total financial liabilities | 12,637,957 | 12,067,790 |
Carrying amount | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 3,137 | 6,465 |
Carrying amount | Forward commitments | ||
Financial assets: | ||
Derivative assets | 518 | 1,105 |
Carrying amount | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 1,399 | |
Financial liabilities: | ||
Derivative liabilities | 961 | |
Carrying amount | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 34,983 | 53,863 |
Carrying amount | Interest rate swap agreements | Interest rate swaps not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 35,152 | 54,579 |
Carrying amount | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 71 | 86 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 1,090,485 | 736,277 |
Securities available-for-sale | 1,583,715 | 1,398,941 |
Securities held-to-maturity | 609,777 | 179,666 |
Loans receivable, net | 10,012,659 | 10,334,521 |
Residential mortgage loans held-for-sale | 27,411 | 58,786 |
Accrued interest receivable | 26,995 | 35,554 |
FHLB stock | 14,567 | 21,748 |
Total financial assets | 13,405,646 | 12,826,926 |
Financial liabilities: | ||
Savings and checking deposits | 10,834,386 | 9,957,137 |
Time deposits | 1,402,858 | 1,669,546 |
Borrowed funds | 126,496 | 159,745 |
Subordinated debt | 129,421 | 123,329 |
Junior subordinated debentures | 121,571 | 121,106 |
Accrued interest payable | 589 | 2,054 |
Total financial liabilities | 12,651,505 | 12,087,582 |
Estimated fair value | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 3,137 | 6,465 |
Estimated fair value | Forward commitments | ||
Financial assets: | ||
Derivative assets | 518 | 1,105 |
Estimated fair value | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 1,399 | |
Financial liabilities: | ||
Derivative liabilities | 961 | |
Estimated fair value | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 34,983 | 53,863 |
Estimated fair value | Interest rate swap agreements | Interest rate swaps not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 35,152 | 54,579 |
Estimated fair value | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | $ 71 | $ 86 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | $ 1,583,715 | $ 1,398,941 |
Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 40,037 | 61,433 |
Derivative liabilities | 36,184 | 54,665 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
Total financial assets | 1,117,480 | 771,831 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 1,583,715 | 1,398,941 |
Total financial assets | 2,230,392 | 1,633,575 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
Total financial assets | 10,043,207 | 10,399,772 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 230,183 | 252,237 |
Total mortgage-backed securities | 1,353,532 | 1,146,704 |
Total financial assets | 1,623,752 | 1,460,374 |
Total liabilities | 36,184 | 54,665 |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
Total mortgage-backed securities | 0 | 0 |
Total financial assets | 0 | 0 |
Total liabilities | 0 | 0 |
Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 230,183 | 252,237 |
Total mortgage-backed securities | 1,353,532 | 1,146,704 |
Total financial assets | 1,620,615 | 1,453,909 |
Total liabilities | 36,184 | 54,665 |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
Total mortgage-backed securities | 0 | 0 |
Total financial assets | 3,137 | 6,465 |
Total liabilities | 0 | 0 |
U.S. government and agencies | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 56,992 | 40,917 |
U.S. government and agencies | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
U.S. government and agencies | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 56,992 | 40,917 |
U.S. government and agencies | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
Government-sponsored enterprises | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 46,662 | 94,507 |
Government-sponsored enterprises | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
Government-sponsored enterprises | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 46,662 | 94,507 |
Government-sponsored enterprises | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
States and political subdivisions | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 126,529 | 116,813 |
States and political subdivisions | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
States and political subdivisions | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 126,529 | 116,813 |
States and political subdivisions | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Debt securities: | 0 | 0 |
GNMA | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 18,029 | 23,026 |
Collateralized mortgage obligations: | 490,548 | 343,409 |
GNMA | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
GNMA | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 18,029 | 23,026 |
Collateralized mortgage obligations: | 490,548 | 343,409 |
GNMA | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FNMA | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 171,926 | 203,571 |
Collateralized mortgage obligations: | 277,829 | 262,109 |
FNMA | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FNMA | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 171,926 | 203,571 |
Collateralized mortgage obligations: | 277,829 | 262,109 |
FNMA | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FHLMC | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 106,027 | 134,572 |
Collateralized mortgage obligations: | 288,731 | 179,552 |
FHLMC | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FHLMC | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 106,027 | 134,572 |
Collateralized mortgage obligations: | 288,731 | 179,552 |
FHLMC | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
Non-agency | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 442 | 465 |
Non-agency | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Non-agency | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 442 | 465 |
Non-agency | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Interest rate lock commitments | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 3,137 | 6,465 |
Interest rate lock commitments | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 3,137 | 6,465 |
Interest rate lock commitments | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 3,137 | 6,465 |
Forward commitments | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Forward commitments | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 518 | 1,105 |
Forward commitments | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Forward commitments | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 518 | 1,105 |
Forward commitments | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Forward commitments | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 518 | 1,105 |
Forward commitments | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Foreign exchange swaps | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Foreign exchange swaps | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 1,399 | |
Derivative liabilities | 961 | |
Foreign exchange swaps | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Foreign exchange swaps | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 1,399 | |
Derivative liabilities | 961 | |
Foreign exchange swaps | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Foreign exchange swaps | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 1,399 | |
Derivative liabilities | 961 | |
Foreign exchange swaps | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Interest rate swaps not designated as hedging instruments | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Level 1 | Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 34,983 | 53,863 |
Interest rate swaps not designated as hedging instruments | Level 2 | Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 35,152 | 54,579 |
Interest rate swaps not designated as hedging instruments | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Level 3 | Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 53,863 | |
Derivative liabilities | 54,579 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 34,983 | |
Derivative liabilities | 35,152 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 1 | Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 53,863 | |
Derivative liabilities | 54,579 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 2 | Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 34,983 | |
Derivative liabilities | 35,152 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 3 | Interest rate swaps not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Risk participation agreements | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 71 | 86 |
Risk participation agreements | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 71 | 86 |
Risk participation agreements | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 71 | 86 |
Risk participation agreements | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | $ 0 | $ 0 |
Disclosures About Fair Value _6
Disclosures About Fair Value of Financial Instruments - Reconciliation of all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||
Beginning balance | $ 3,608 | $ 7,416 | $ 6,465 | $ 559 |
Total gains or losses: | ||||
Included in net income | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Interest rate lock commitments: | ||||
Net activity | (471) | 792 | (3,328) | 7,649 |
Transfers from Level 3 | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 3,137 | $ 8,208 | $ 3,137 | $ 8,208 |
Disclosures About Fair Value _7
Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | $ 0 | $ 0 |
Total financial assets | 1,117,480 | 771,831 |
Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Total financial assets | 2,230,392 | 1,633,575 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 10,012,659 | 10,334,521 |
Total financial assets | 10,043,207 | 10,399,772 |
Fair value measurements nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 2,333 | |
Real estate owned, net | 809 | 2,232 |
Total financial assets | 68,977 | 97,535 |
Fair value measurements nonrecurring | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 0 | |
Real estate owned, net | 0 | 0 |
Total financial assets | 0 | 0 |
Fair value measurements nonrecurring | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 0 | |
Real estate owned, net | 0 | 0 |
Total financial assets | 0 | 0 |
Fair value measurements nonrecurring | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 2,333 | |
Real estate owned, net | 809 | 2,232 |
Total financial assets | 68,977 | 97,535 |
Impaired loans | Fair value measurements nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 65,835 | 95,303 |
Impaired loans | Fair value measurements nonrecurring | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Impaired loans | Fair value measurements nonrecurring | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Impaired loans | Fair value measurements nonrecurring | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | $ 65,835 | $ 95,303 |
Disclosures About Fair Value _8
Disclosures About Fair Value of Financial Instruments - Additional Quantitative Information, Assets Measured at Fair Value, Recurring and Nonrecurring Basis, Level 3 Input (Details) - Fair value measurements nonrecurring | 9 Months Ended | |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 2,333,000 | |
Real estate owned, net | 809,000 | $ 2,232,000 |
Real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net | $ 809,000 | |
Estimated cost to sell | Impaired loans | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.100 | |
Estimated cost to sell | Real estate owned | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net, measurement input | 0.100 | |
Discount rate | Impaired loans | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.1092 | |
Discount rate | Impaired loans | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.154 | |
Discount rate | Impaired loans | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.1326 | |
Annual service cost | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 84 | |
Prepayment rates | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.070 | |
Prepayment rates | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.246 | |
Prepayment rates | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.112 | |
Expected life (months) | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, term | 40 months 3 days | |
Expected life (months) | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, term | 103 months 27 days | |
Expected life (months) | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, term | 73 months 6 days | |
Option adjusted spread | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0750 | |
Forward yield curve | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0009 | |
Forward yield curve | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0132 | |
Impaired loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 65,835,000 | $ 95,303,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - Derivatives designated as hedging instruments $ in Millions | 1 Months Ended | 3 Months Ended |
Mar. 31, 2020USD ($)derivative | Sep. 30, 2020USD ($) | |
Derivative [Line Items] | ||
Cash flow hedges reclassification for discontinued | $ 1.3 | |
Interest rate swaps not designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivatives | derivative | 4 | |
Derivative, notional amount | $ 100 | |
Interest rate swaps not designated as hedging instruments | Minimum | ||
Derivative [Line Items] | ||
Derivative contract maturities | 3 years | |
Interest rate swaps not designated as hedging instruments | Maximum | ||
Derivative [Line Items] | ||
Derivative contract maturities | 5 years |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - Interest rate swaps not designated as hedging instruments - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 770,566 | $ 796,131 |
Asset derivatives, fair value | 40,037 | 61,433 |
Liability derivatives, notional amount | 717,421 | 676,832 |
Liability derivatives, fair value | 36,184 | 54,665 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 632,709 | 599,300 |
Asset derivatives, fair value | 34,983 | 53,863 |
Liability derivatives, notional amount | 632,709 | 599,300 |
Liability derivatives, fair value | 35,152 | 54,579 |
Foreign exchange swaps | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 20,027 | |
Asset derivatives, fair value | 1,399 | |
Liability derivatives, notional amount | 2,824 | |
Liability derivatives, fair value | 961 | |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 100,695 | 171,357 |
Asset derivatives, fair value | 3,137 | 6,465 |
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives, fair value | 0 | 0 |
Forward commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 17,135 | 25,474 |
Asset derivatives, fair value | 518 | 1,105 |
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives, fair value | 0 | 0 |
Risk participation agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives, fair value | 0 | 0 |
Liability derivatives, notional amount | 81,888 | 77,532 |
Liability derivatives, fair value | $ 71 | $ 86 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Hedging derivatives: | ||||
Decrease in interest expense | $ 0 | $ 67 | $ 0 | $ (35) |
Increase/(decrease) in other income | ||||
Non-hedging swap derivatives: | ||||
Increase/(decrease) in other income | 590 | (353) | 1,087 | (875) |
Increase in mortgage banking income | ||||
Non-hedging swap derivatives: | ||||
Increase/(decrease) in other income | $ 345 | $ 315 | $ 3,915 | $ 8,563 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | $ 1,575,361 | $ 1,530,849 | $ 1,538,703 | $ 1,353,285 |
Other comprehensive income/(loss) before reclassification adjustments | (6,455) | 676 | (19,554) | 12,677 |
Amounts reclassified from accumulated other comprehensive income | 264 | 1,195 | 720 | 1,695 |
Other comprehensive income/(loss) | (6,191) | 1,871 | (18,834) | 14,372 |
Ending balance | 1,561,768 | 1,547,231 | 1,561,768 | 1,547,231 |
Unrealized holding gains (losses), tax | (2,076) | 107 | (6,812) | 5,286 |
Reclassification adjustment for gains included in net income, tax | (24) | (1) | (89) | 0 |
Reclassification adjustment for prior period service costs included in net income, tax | (128) | (99) | (386) | (297) |
Unrealized holding losses on interest rate swaps, tax | 0 | 0 | 0 | (209) |
Reclassification adjustment for losses included in net income, tax | 0 | 375 | 0 | 375 |
Realized gain on securities (gain on sales of investments, net) | (1) | |||
Unrealized gains/(losses) on securities available-for-sale | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | 3,533 | 16,096 | 16,843 | 3,147 |
Other comprehensive income/(loss) before reclassification adjustments | (6,455) | 676 | (19,554) | 13,623 |
Amounts reclassified from accumulated other comprehensive income | (69) | (1) | (280) | 1 |
Other comprehensive income/(loss) | (6,524) | 675 | (19,834) | 13,624 |
Ending balance | (2,991) | 16,771 | (2,991) | 16,771 |
Change in fair value of interest rate swaps | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | 0 | (946) | 0 | 0 |
Other comprehensive income/(loss) before reclassification adjustments | 0 | 0 | 0 | (946) |
Amounts reclassified from accumulated other comprehensive income | 0 | 946 | 0 | 946 |
Other comprehensive income/(loss) | 0 | 946 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 |
Change in defined benefit pension plans | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (49,725) | (39,590) | (50,392) | (40,088) |
Other comprehensive income/(loss) before reclassification adjustments | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 333 | 250 | 1,000 | 748 |
Other comprehensive income/(loss) | 333 | 250 | 1,000 | 748 |
Ending balance | (49,392) | (39,340) | (49,392) | (39,340) |
Total | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (46,192) | (24,440) | (33,549) | (36,941) |
Other comprehensive income/(loss) | (6,191) | 1,871 | (18,834) | 14,372 |
Ending balance | $ (52,383) | $ (22,569) | $ (52,383) | $ (22,569) |
Uncategorized Items - nwbi-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |