Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 3 Easton Oval | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Columbus | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43219 | |
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 | 126,876,036 | |
Entity Central Index Key | 0001471265 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 504,532 | $ 1,279,259 |
Marketable securities available-for-sale (amortized cost of $1,516,743 and $1,565,002, respectively) | 1,364,743 | 1,548,592 |
Marketable securities held-to-maturity (fair value of $835,565 and $751,513, respectively) | 923,180 | 768,154 |
Total cash and cash equivalents and marketable securities | 2,792,455 | 3,596,005 |
Loans held-for-sale | 31,153 | 25,056 |
Loans held for investment | 10,401,671 | 9,991,336 |
Allowance for credit losses | (98,355) | (102,241) |
Loans receivable, net | 10,334,469 | 9,914,151 |
FHLB stock, at cost | 13,362 | 14,184 |
Accrued interest receivable | 27,708 | 25,599 |
Real estate owned, net | 1,205 | 873 |
Premises and equipment, net | 146,869 | 156,524 |
Bank-owned life insurance | 254,109 | 256,213 |
Goodwill | 380,997 | 380,997 |
Other intangible assets, net | 10,538 | 12,836 |
Other assets | 192,983 | 144,126 |
Total assets | 14,154,695 | 14,501,508 |
Liabilities: | ||
Noninterest-bearing demand deposits | 3,058,249 | 3,099,526 |
Interest-bearing demand deposits | 2,858,691 | 2,940,442 |
Money market deposit accounts | 2,631,712 | 2,629,882 |
Savings deposits | 2,362,725 | 2,303,760 |
Time deposits | 1,155,878 | 1,327,555 |
Total deposits | 12,067,255 | 12,301,165 |
Borrowed funds | 130,490 | 139,093 |
Subordinated debt | 113,666 | 123,575 |
Junior subordinated debentures | 129,184 | 129,054 |
Advances by borrowers for taxes and insurance | 55,622 | 44,582 |
Accrued interest payable | 1,725 | 1,804 |
Other liabilities | 162,214 | 178,664 |
Total liabilities | 12,660,156 | 12,917,937 |
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, 126,881,766 and 126,612,183 shares issued and outstanding, respectively | 1,269 | 1,266 |
Additional paid-in capital | 1,015,349 | 1,010,405 |
Retained earnings | 620,551 | 609,529 |
Accumulated other comprehensive loss | (142,630) | (37,629) |
Total shareholders’ equity | 1,494,539 | 1,583,571 |
Total liabilities and shareholders’ equity | $ 14,154,695 | $ 14,501,508 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 1,516,743 | $ 1,565,002 |
Securities held-to-maturity | $ 835,565 | $ 751,513 |
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) | 126,881,766 | 126,612,183 |
Common stock, shares outstanding (in shares) | 126,881,766 | 126,612,183 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income: | ||||
Loans receivable | $ 95,574 | $ 95,255 | $ 183,748 | $ 197,573 |
Mortgage-backed securities | 7,158 | 5,680 | 13,518 | 9,880 |
Taxable investment securities | 715 | 693 | 1,392 | 1,327 |
Tax-free investment securities | 683 | 594 | 1,357 | 1,169 |
FHLB stock dividends | 82 | 138 | 163 | 254 |
Interest-earning deposits | 1,684 | 192 | 2,151 | 375 |
Total interest income | 105,896 | 102,552 | 202,329 | 210,578 |
Interest expense: | ||||
Deposits | 3,341 | 4,773 | 7,092 | 10,287 |
Borrowed funds | 2,290 | 2,050 | 4,349 | 4,104 |
Interest expense | 5,631 | 6,823 | 11,441 | 14,391 |
Net interest income | 100,265 | 95,729 | 190,888 | 196,187 |
Provision for credit losses | 2,629 | 0 | 1,148 | (5,620) |
Net interest income after provision for credit losses | 97,636 | 95,729 | 189,740 | 201,807 |
Noninterest income: | ||||
Loss on sale of investments | (3) | (105) | (5) | (126) |
Service charges and fees | 13,673 | 12,744 | 26,740 | 25,138 |
Trust and other financial services income | 7,461 | 7,435 | 14,473 | 13,919 |
Insurance commission income | 0 | 1,043 | 0 | 3,589 |
Gain on real estate owned, net | 291 | 166 | 262 | 124 |
Income from bank-owned life insurance | 2,008 | 1,639 | 3,991 | 3,375 |
Mortgage banking income | 2,157 | 3,811 | 3,622 | 9,831 |
Gain on sale of insurance business | 0 | 25,327 | 0 | 25,327 |
Other operating income | 4,861 | 2,648 | 7,105 | 5,484 |
Total noninterest income | 30,448 | 54,708 | 56,188 | 86,661 |
Noninterest expense: | ||||
Compensation and employee benefits | 48,073 | 48,894 | 94,990 | 96,133 |
Premises and occupancy costs | 7,280 | 7,410 | 15,077 | 16,224 |
Office operations | 3,162 | 3,317 | 6,545 | 6,482 |
Collections expense | 403 | 303 | 923 | 919 |
Processing expenses | 12,947 | 15,151 | 25,495 | 28,607 |
Marketing expenses | 2,047 | 2,101 | 4,175 | 4,081 |
Federal deposit insurance premiums | 1,130 | 1,353 | 2,259 | 2,660 |
Professional services | 3,333 | 4,231 | 5,906 | 8,813 |
Amortization of intangible assets | 1,115 | 1,433 | 2,298 | 3,027 |
Real estate owned expense | 72 | 85 | 109 | 160 |
Merger, asset disposition and restructuring expense | 0 | 632 | 1,374 | 641 |
Other expenses | 5,245 | 1,422 | 7,600 | 4,776 |
Total noninterest expense | 84,807 | 86,332 | 166,751 | 172,523 |
Income before income taxes | 43,277 | 64,105 | 79,177 | 115,945 |
Federal and state income taxes expense | 9,851 | 15,138 | 17,464 | 26,741 |
Net income | $ 33,426 | $ 48,967 | $ 61,713 | $ 89,204 |
Basic earnings per share (in dollars per share) | $ 0.26 | $ 0.38 | $ 0.49 | $ 0.70 |
Diluted earnings per share (in dollars per share) | $ 0.26 | $ 0.38 | $ 0.49 | $ 0.70 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 33,426 | $ 48,967 | $ 61,713 | $ 89,204 |
Net unrealized holding gains/(losses) on marketable securities: | ||||
Unrealized holding gains/(losses), net of tax of $0, $(1,245), $0, and $4,736 respectively | (39,954) | 4,322 | (104,737) | (13,099) |
Reclassification adjustment for gains included in net income, net of tax of $0, $43, $0, and $65, respectively | (1) | (136) | (2) | (211) |
Net unrealized holding gains/(losses) on marketable securities | (39,955) | 4,186 | (104,739) | (13,310) |
Defined benefit plan: | ||||
Actuarial reclassification adjustments for prior period service costs and actuarial (gains)/losses included in net income, net of tax of $51, $(128), $101, and $(258), respectively | (131) | 334 | (262) | 667 |
Other comprehensive (loss)/income | (40,086) | 4,520 | (105,001) | (12,643) |
Total comprehensive income/(loss) | $ (6,660) | $ 53,487 | $ (43,288) | $ 76,561 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding gains (losses), tax | $ 11,973,000 | $ (1,245,000) | $ 30,850,000 | $ 4,736,000 |
Reclassification adjustment for gains included in net income, tax | 0 | 43,000 | 0 | 65,000 |
Reclassification adjustments for prior period service costs and net losses included in net income, tax | $ 51,000 | $ (128,000) | $ 101,000 | $ (258,000) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) |
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 | 89,204 | 89,204 | |||
Net other comprehensive income | (12,643) | (12,643) | |||
Total comprehensive income/(loss) | 76,561 | 89,204 | (12,643) | ||
Exercise of stock options (in shares) | 986,345 | ||||
Exercise of stock options | 12,033 | $ 10 | 12,023 | ||
Stock-based compensation expense (in shares) | 322,685 | ||||
Stock-based compensation expense | 2,679 | $ 3 | 2,676 | ||
Share repurchases (in shares) | (388,012) | ||||
Share repurchases | (5,031) | $ (4) | (5,027) | ||
Stock-based compensation forfeited (in shares) | (32,585) | ||||
Dividends paid | (49,584) | (49,584) | |||
Ending balance (in shares) at Jun. 30, 2021 | 127,907,885 | ||||
Ending balance at Jun. 30, 2021 | 1,575,361 | $ 1,279 | 1,025,174 | 595,100 | (46,192) |
Beginning balance (in shares) at Mar. 31, 2021 | 127,222,648 | ||||
Beginning balance at Mar. 31, 2021 | 1,540,994 | $ 1,272 | 1,018,822 | 571,612 | (50,712) |
Comprehensive income: | |||||
Net income | 48,967 | 48,967 | |||
Net other comprehensive income | 4,520 | 4,520 | |||
Total comprehensive income/(loss) | 53,487 | 48,967 | 4,520 | ||
Exercise of stock options (in shares) | 418,916 | ||||
Exercise of stock options | 5,106 | $ 4 | 5,102 | ||
Stock-based compensation expense (in shares) | 320,755 | ||||
Stock-based compensation expense | 1,718 | 1,715 | |||
Share repurchases (in shares) | (34,460) | ||||
Share repurchases | (465) | (465) | |||
Stock-based compensation forfeited (in shares) | (19,974) | ||||
Dividends paid | (25,479) | (25,479) | |||
Ending balance (in shares) at Jun. 30, 2021 | 127,907,885 | ||||
Ending balance at Jun. 30, 2021 | 1,575,361 | $ 1,279 | 1,025,174 | 595,100 | (46,192) |
Beginning balance (in shares) at Dec. 31, 2021 | 126,612,183 | ||||
Beginning balance at Dec. 31, 2021 | 1,583,571 | $ 1,266 | 1,010,405 | 609,529 | (37,629) |
Comprehensive income: | |||||
Net income | 61,713 | 61,713 | |||
Net other comprehensive income | (105,001) | (105,001) | |||
Total comprehensive income/(loss) | (43,288) | 61,713 | (105,001) | ||
Exercise of stock options (in shares) | 241,408 | ||||
Exercise of stock options | 2,824 | $ 2 | 2,822 | ||
Stock-based compensation expense (in shares) | 75,377 | ||||
Stock-based compensation expense | 2,123 | $ 2 | 2,121 | ||
Stock-based compensation forfeited (in shares) | (47,202) | ||||
Stock-based compensation forfeited | $ (1) | 1 | |||
Dividends paid | (50,691) | (50,691) | |||
Ending balance (in shares) at Jun. 30, 2022 | 126,881,766 | ||||
Ending balance at Jun. 30, 2022 | 1,494,539 | $ 1,269 | 1,015,349 | 620,551 | (142,630) |
Beginning balance (in shares) at Mar. 31, 2022 | 126,686,373 | ||||
Beginning balance at Mar. 31, 2022 | 1,523,512 | $ 1,267 | 1,012,308 | 612,481 | (102,544) |
Comprehensive income: | |||||
Net income | 33,426 | 33,426 | |||
Net other comprehensive income | (40,086) | (40,086) | |||
Total comprehensive income/(loss) | (6,660) | 33,426 | (40,086) | ||
Exercise of stock options (in shares) | 139,795 | ||||
Exercise of stock options | 1,619 | $ 1 | 1,618 | ||
Stock-based compensation expense (in shares) | 65,155 | ||||
Stock-based compensation expense | 1,424 | 1,422 | |||
Stock-based compensation forfeited (in shares) | (9,557) | ||||
Stock-based compensation forfeited | 0 | $ (1) | 1 | ||
Dividends paid | (25,356) | (25,356) | |||
Ending balance (in shares) at Jun. 30, 2022 | 126,881,766 | ||||
Ending balance at Jun. 30, 2022 | $ 1,494,539 | $ 1,269 | $ 1,015,349 | $ 620,551 | $ (142,630) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other comprehensive income (loss), tax | $ 12,024 | $ (1,331) | $ 30,951 | $ 4,543 |
Dividends paid, per share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.39 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income | $ 61,713 | $ 89,204 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 1,148 | (5,620) |
Net gain on sale of assets | (625) | (570) |
Mortgage banking activity | (2,660) | (13,818) |
Gain on sale of insurance business | 0 | (25,327) |
Net depreciation, amortization and accretion | 2,860 | 3,058 |
(Increase)/decrease in other assets | (23,489) | 26,603 |
Decrease in other liabilities | (16,891) | (18,261) |
Net amortization on marketable securities | 2,783 | 4,040 |
Noncash compensation expense related to stock benefit plans | 2,123 | 2,679 |
Noncash write-down of real estate owned | 41 | 128 |
Deferred income tax expense | 2,256 | 900 |
Origination of loans held-for-sale | (225,091) | (420,530) |
Proceeds from sale of loans held-for-sale | 222,662 | 462,522 |
Net cash provided by operating activities | 26,830 | 105,008 |
Investing activities: | ||
Purchase of marketable securities held-to-maturity | (212,892) | (479,165) |
Purchase of marketable securities available-for-sale | (102,178) | (509,499) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 57,254 | 18,261 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 148,260 | 225,823 |
Proceeds from sale of marketable securities available-for-sale | 0 | 61,748 |
Proceeds from bank-owned life insurance | 2,553 | 3,984 |
Loan originations | (2,158,246) | (2,056,750) |
Loan purchases | (304,163) | 0 |
Proceeds from loan maturities and principal reductions | 2,054,203 | 2,292,701 |
Net proceeds/(redemptions) of FHLB stock | 822 | (1,539) |
Proceeds from sale of real estate owned | 424 | 1,431 |
Proceeds from sale of real estate owned for investment | 153 | 153 |
Disposals/(purchases) of premises and equipment, net | 1,687 | (1,005) |
Proceeds from the sale of insurance business | 0 | 28,238 |
Net cash used in investing activities | (512,123) | (415,619) |
Financing activities: | ||
Net (decrease)/increase in deposits | (233,910) | 491,475 |
Repayments of long-term borrowings | (10,094) | (22,000) |
Net decrease in short-term borrowings | (8,603) | (3,785) |
Increase in advances by borrowers for taxes and insurance | 11,040 | 8,378 |
Cash dividends paid on common stock | (50,691) | (49,584) |
Purchase of common stock for retirement | 0 | (5,031) |
Proceeds from stock options exercised | 2,824 | 12,033 |
Net cash (used in)/provided by financing activities | (289,434) | 431,486 |
Net (decrease)/increase in cash and cash equivalents | (774,727) | 120,875 |
Cash and cash equivalents at beginning of period | 1,279,259 | 736,277 |
Cash and cash equivalents at end of period | 504,532 | 857,152 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $6,943 and $10,295, respectively) | 11,520 | 14,625 |
Income taxes | 11,581 | 20,601 |
Non-cash activities: | ||
Loan foreclosures and repossessions | 2,591 | 2,831 |
Sale of real estate owned financed by the Company | $ 0 | $ 54 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 6,943 | $ 10,295 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 6 Months Ended |
Jun. 30, 2022 | |
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 Columbus, Ohio, 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 150 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., Great Northwest Corporation, and MutualFirst Interest 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, 2021 updated, as required, for any new pronouncements or changes. Allowance for Credit Losses and Provision for Credit Losses Update During the quarter-ended June 30, 2022, the Bank implemented a new model to calculate the allowance for credit losses on our vehicle loan portfolio. Additionally, as part of the process we re-assessed our loan segmentation and loans that were previously included in our consumer loan portfolio were moved into our vehicle loan portfolio. The change in segmentation was driven by underlying collateral types and the loans continue to share similar risk characteristics. The allowance for credit losses within the vehicle loan portfolio is calculated using a non-discounted cash flow model developed by an external third-party. Monthly probabilities of default and prepayment are estimated for each loan, along with estimates of exposure at default and loss given default. The model utilizes loan, borrower, and collateral characteristics, and macroeconomic data as inputs. Certain items previously reported have been reclassified to conform to the current year’s reporting format. The results of operations for the quarter ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any other period. Stock-Based Compensation On May 18, 2022, the Company awarded employees 150,027 restricted stock units (“RSUs”) with a weighted average discounted grant date fair value of $11.00. The RSUs vest over a three-year period with the first vesting occurring one year from the grant date. The Company awarded directors 41,206 restricted stock awards (“RSAs”) with a grant date fair value of $12.55 which fully vest one-year from the grant date. Also, the Company awarded employees 150,027 performance share units (“PSUs”) with a discounted grant date fair value of $10.26. The number of PSUs earned will be based on attainment of certain performance criteria over a three-year period, with the actual number of shares issuable ranging between 0% and 150% of the number of PSUs granted. The PSUs have a three-year cliff vesting, from the date of grant, and any PSU's earned will be issued after the vesting period. Stock-based compensation expense of $1.4 million and $1.7 million for the quarters ended June 30, 2022 and 2021, respectively, was recognized in compensation expense relating to our stock benefit plans. At June 30, 2022, there was compensation expense of $1.1 million to be recognized for awarded but unvested stock options, $6.6 million for unvested restricted common shares, $1.3 million to be recognized for awarded but unvested RSUs, $420,000 to be recognized for awarded but unvested RSAs, and $1.3 million to be recognized for awarded but unvested PSUs. 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. We had a $241,000 and $336,000 liability for unrecognized tax benefits as of June 30, 2022 and 2021, respectively. 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, 2021, 2020, 2019 and 2018. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The following table shows the portfolio of marketable securities available-for-sale at June 30, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due in one year through five years $ 20,000 — (1,147) 18,853 Due after ten years 55,553 — (7,674) 47,879 Debt issued by government-sponsored enterprises: Due in one year through five years 992 — (12) 980 Due in five years through ten years 46,019 — (5,735) 40,284 Municipal securities: Due in less than one year 723 1 — 724 Due in one year through five years 1,174 6 (19) 1,161 Due in five years through ten years 32,974 25 (1,640) 31,359 Due after ten years 95,283 45 (13,175) 82,153 Corporate debt issues: Due in five years through ten years 13,564 8 (62) 13,510 Residential mortgage-backed securities: Fixed rate pass-through 243,193 144 (22,991) 220,346 Variable rate pass-through 9,813 62 (60) 9,815 Fixed rate agency CMOs 964,937 12 (99,663) 865,286 Variable rate agency CMOs 32,518 137 (262) 32,393 Total residential mortgage-backed securities 1,250,461 355 (122,976) 1,127,840 Total marketable securities available-for-sale $ 1,516,743 440 (152,440) 1,364,743 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 20,000 — (68) 19,932 Due after ten years 57,681 — (1,722) 55,959 Debt issued by government-sponsored enterprises: Due in less than one year 177 — — 177 Due in one year through five years 991 73 — 1,064 Due in five years through ten years 46,411 1 (1,568) 44,844 Municipal securities: Due in less than one year 946 13 — 959 Due in one year through five years 1,261 22 (3) 1,280 Due in five years through ten years 23,692 661 (146) 24,207 Due after ten years 99,558 2,884 (187) 102,255 Residential mortgage-backed securities: Fixed rate pass-through 265,604 2,389 (2,525) 265,468 Variable rate pass-through 11,306 294 (9) 11,591 Fixed rate agency CMOs 997,680 2,284 (18,965) 980,999 Variable rate agency CMOs 39,695 224 (62) 39,857 Total residential mortgage-backed securities 1,314,285 5,191 (21,561) 1,297,915 Total marketable securities available-for-sale $ 1,565,002 8,845 (25,255) 1,548,592 Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 16,477 — (1,214) 15,263 Due in five years through ten years 107,975 — (15,547) 92,428 Residential mortgage-backed securities: Fixed rate pass-through 171,477 2 (18,329) 153,150 Variable rate pass-through 611 2 — 613 Fixed rate agency CMOs 626,080 197 (52,731) 573,546 Variable rate agency CMOs 560 5 — 565 Total residential mortgage-backed securities 798,728 206 (71,060) 727,874 Total marketable securities held-to-maturity $ 923,180 206 (87,821) 835,565 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one through five years $ 16,478 — (206) 16,272 Due in five years through ten years 107,973 — (4,613) 103,360 Residential mortgage-backed securities: Fixed rate pass-through 183,092 58 (2,161) 180,989 Variable rate pass-through 667 24 — 691 Fixed rate agency CMOs 459,345 251 (10,011) 449,585 Variable rate agency CMOs 599 17 — 616 Total residential mortgage-backed securities 643,703 350 (12,172) 631,881 Total marketable securities held-to-maturity $ 768,154 350 (16,991) 751,513 The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at June 30, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in less than one year $ 142 142 Due in one year through five years 44,173 42,250 Due after five years through ten years 175,552 163,453 Due after ten years 1,030,594 921,995 Total residential mortgage-backed securities $ 1,250,461 1,127,840 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at June 30, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in one year through five years $ 20,792 18,371 Due after five years through ten years 171,108 152,785 Due after ten years 606,828 556,718 Total residential mortgage-backed securities $ 798,728 727,874 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 June 30, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 65,246 (6,707) 150,441 (24,622) 215,687 (31,329) Municipal securities 101,666 (14,055) 3,702 (779) 105,368 (14,834) Corporate debt issues 6,409 (62) — — 6,409 (62) Residential mortgage-backed securities - agency 1,141,928 (107,959) 560,788 (86,077) 1,702,716 (194,036) Total $ 1,315,249 (128,783) 714,931 (111,478) 2,030,180 (240,261) 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, 2021 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 132,782 (3,504) 106,160 (4,673) 238,942 (8,177) Municipal securities 25,118 (336) — — 25,118 (336) Residential mortgage-backed securities - agency 1,428,582 (26,516) 184,389 (7,217) 1,612,971 (33,733) Total $ 1,586,482 (30,356) 290,549 (11,890) 1,877,031 (42,246) The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of June 30, 2022, which were comprised of 583 individual securities, represents a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, corporate debt or local municipalities. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises 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 corporate debt issues and securities issued by local municipalities were all highly rated by major rating agencies and have no history of 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. These 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 June 30, 2022. The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of June 30, 2022 (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 June 30, 2022. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by the U.S. government-sponsored enterprises $ 124,452 124,452 Residential mortgage-backed securities 798,728 798,728 Total marketable securities held-to-maturity $ 923,180 923,180 |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table shows a summary of our loans receivable at amortized cost basis at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Originated (1) Acquired (2) Total Originated (1) Acquired (2) Total Personal Banking: Residential mortgage loans (3) $ 3,101,251 185,524 3,286,775 2,783,459 211,161 2,994,620 Home equity loans 1,095,844 184,648 1,280,492 1,107,202 212,729 1,319,931 Vehicle loans 1,785,828 109,907 1,895,735 1,384,246 99,985 1,484,231 Consumer loans 97,939 8,871 106,810 307,961 46,556 354,517 Total Personal Banking 6,080,862 488,950 6,569,812 5,582,868 570,431 6,153,299 Commercial Banking: Commercial real estate loans 2,130,573 355,401 2,485,974 2,202,027 423,454 2,625,481 Commercial real estate loans - owner occupied 342,907 47,295 390,202 321,253 68,750 390,003 Commercial loans 926,565 60,271 986,836 765,877 81,732 847,609 Total Commercial Banking 3,400,045 462,967 3,863,012 3,289,157 573,936 3,863,093 Total loans receivable, gross 9,480,907 951,917 10,432,824 8,872,025 1,144,367 10,016,392 Allowance for credit losses (84,300) (14,055) (98,355) (86,750) (15,491) (102,241) Total loans receivable, net (4) $ 9,396,607 937,862 10,334,469 8,785,275 1,128,876 9,914,151 (1) Includes originated and purchased loan pools purchased in an asset acquisition. (2) Includes loans subject to purchase accounting in a business combination. (3) Includes fair value of $31.2 million and $25.1 million of loans held-for-sale at June 30, 2022 and December 31, 2021, respectively. (4) Includes $67.0 million and $62.8 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at June 30, 2022 and December 31, 2021, respectively. During the six months ended June 30, 2022, the Company purchased a total of $115.8 million small business equipment finance loan pools and a total of $188.3 million one- to four-family jumbo mortgage loan pools. 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 June 30, 2022 (in thousands): Balance as of June 30, 2022 Current period provision Charge-offs Recoveries Balance as of March 31, 2022 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 16,158 2,723 (138) 267 13,306 Home equity loans 5,232 (583) (255) 427 5,643 Vehicle loans 15,738 1,888 (934) 603 14,181 Consumer loans 779 (1,685) (978) 333 3,109 Total Personal Banking 37,907 2,343 (2,305) 1,630 36,239 Commercial Banking: Commercial real estate loans 39,641 (1,917) (4,392) 1,378 44,572 Commercial real estate loans - owner occupied 4,095 (188) — 7 4,276 Commercial loans 16,712 2,391 (329) 442 14,208 Total Commercial Banking 60,448 286 (4,721) 1,827 63,056 Total $ 98,355 2,629 (7,026) 3,457 99,295 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 6 — — — 6 Home equity loans 64 9 — — 55 Total Personal Banking 70 9 — — 61 Commercial Banking: Commercial real estate loans 3,463 1,671 — — 1,792 Commercial real estate loans - owner occupied 328 120 — — 208 Commercial loans 3,589 1,596 — — 1,993 Total Commercial Banking 7,380 3,387 — — 3,993 Total off-balance sheet exposure $ 7,450 3,396 — — 4,054 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 June 30, 2021 (in thousands): Balance as of June 30, 2021 Current period provision Charge-offs Recoveries Balance as of March 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,247 1,922 (770) 234 5,861 Home equity loans 7,239 2,253 (379) 124 5,241 Vehicle loans 12,888 (1,196) (1,598) 794 14,888 Consumer loans 2,801 691 (803) 350 2,563 Total Personal Banking 30,175 3,670 (3,550) 1,502 28,553 Commercial Banking: Commercial real estate loans 64,580 (2,925) (3,074) 373 70,206 Commercial real estate loans - owner occupied 4,729 (1,138) (890) 4 6,753 Commercial loans 17,846 393 (1,161) 129 18,485 Total Commercial Banking 87,155 (3,670) (5,125) 506 95,444 Total $ 117,330 — (8,675) 2,008 123,997 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 42 8 — — 34 Total Personal Banking 44 8 — — 36 Commercial Banking: Commercial real estate loans 1,932 (183) — — 2,115 Commercial real estate loans - owner occupied 181 (207) — — 388 Commercial loans 1,232 (848) — — 2,080 Total Commercial Banking 3,345 (1,238) — — 4,583 Total off-balance sheet exposure $ 3,389 (1,230) — — 4,619 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2022 (in thousands): Balance as of June 30, 2022 Current period provision Charge-offs Recoveries Balance as of December 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 16,158 9,685 (1,321) 421 7,373 Home equity loans 5,232 (214) (702) 848 5,300 Vehicle loans 15,738 583 (1,581) 1,253 15,483 Consumer loans 779 (691) (2,054) 640 2,884 Total Personal Banking 37,907 9,363 (5,658) 3,162 31,040 Commercial Banking: Commercial real estate loans 39,641 (11,582) (5,416) 2,498 54,141 Commercial real estate loans - owner occupied 4,095 201 — 11 3,883 Commercial loans 16,712 3,166 (1,010) 1,379 13,177 Total Commercial Banking 60,448 (8,215) (6,426) 3,888 71,201 Total $ 98,355 1,148 (12,084) 7,050 102,241 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 6 4 — — 2 Home equity loans 64 25 — — 39 Total Personal Banking 70 29 — — 41 Commercial Banking: Commercial real estate loans 3,463 2,582 — — 881 Commercial real estate loans - owner occupied 328 186 — — 142 Commercial loans 3,589 2,195 — — 1,394 Total Commercial Banking 7,380 4,963 — — 2,417 Total off-balance sheet exposure $ 7,450 4,992 — — 2,458 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2021 (in thousands): Balance as of June 30, 2021 Current Charge-offs Recoveries Balance as of December 31, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,247 1,330 (1,625) 276 7,266 Home equity loans 7,239 1,601 (607) 253 5,992 Vehicle loans 12,888 (423) (2,905) 1,391 14,825 Consumer loans 2,801 1,342 (2,099) 687 2,871 Total Personal Banking 30,175 3,850 (7,236) 2,607 30,954 Commercial Banking: Commercial real estate loans 64,580 (7,756) (7,700) 655 79,381 Commercial real estate loans - owner occupied 4,729 (4,904) (890) 5 10,518 Commercial loans 17,846 3,190 (1,215) 2,297 13,574 Total Commercial Banking 87,155 (9,470) (9,805) 2,957 103,473 Total $ 117,330 (5,620) (17,041) 5,564 134,427 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 42 7 — — 35 Total Personal Banking 44 7 — — 37 Commercial Banking: Commercial real estate loans 1,932 (1,517) — — 3,449 Commercial real estate loans - owner occupied 181 (145) — — 326 Commercial loans 1,232 (1,319) — — 2,551 Total Commercial Banking 3,345 (2,981) — — 6,326 Total off-balance sheet exposure $ 3,389 (2,974) — — 6,363 The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at June 30, 2022 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,286,775 16,158 7,616 — 6,157 861 — Home equity loans 1,280,492 5,232 4,156 — 1,465 472 — Vehicle loans 1,895,735 15,738 3,166 — — — — Consumer loans 106,810 779 136 379 — — — Total Personal Banking 6,569,812 37,907 15,074 379 7,622 1,333 — Commercial Banking: Commercial real estate loans 2,485,974 39,641 76,437 — 42,180 1,558 18 Commercial real estate loans - owner occupied 390,202 4,095 590 — 144 23 — Commercial loans 986,836 16,712 6,284 — 4,291 549 327 Total Commercial Banking 3,863,012 60,448 83,311 — 46,615 2,130 345 Total $ 10,432,824 98,355 98,385 379 54,237 3,463 345 (1) Includes $37.6 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, 2021 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 2,994,620 7,373 10,402 — 6,749 1,442 — Home equity loans 1,319,931 5,300 5,758 — 1,781 718 — Vehicle loans 1,484,231 15,483 3,263 — — — — Consumer loans 354,517 2,884 675 331 — — — Total Personal Banking 6,153,299 31,040 20,098 331 8,530 2,160 — Commercial Banking: Commercial real estate loans 2,625,481 54,141 129,666 — 17,025 2,024 400 Commercial real estate loans - owner occupied 390,003 3,883 1,233 — 159 24 — Commercial loans 847,609 13,177 7,474 — 4,574 609 60 Total Commercial Banking 3,863,093 71,201 138,373 — 21,758 2,657 460 Total $ 10,016,392 102,241 158,471 331 30,288 4,817 460 (1) Includes $17.2 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 the beginning and end of the period ended June 30, 2022 (in thousands): June 30, 2022 Nonaccrual loans at January 1, 2022 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 10,402 7,616 — 7,616 — Home equity loans 5,758 3,956 200 4,156 — Vehicle loans 3,263 1,941 1,225 3,166 — Consumer loans 675 136 — 136 379 Total Personal Banking 20,098 13,649 1,425 15,074 379 Commercial Banking: Commercial real estate loans 129,666 10,534 65,903 76,437 — Commercial real estate loans - owner occupied 1,233 590 — 590 — Commercial loans 7,474 3,506 2,778 6,284 — Total Commercial Banking 138,373 14,630 68,681 83,311 — Total $ 158,471 28,279 70,106 98,385 379 During the three and six months ended June 30, 2022, we recognized $137,000 and $290,000 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, 2021 (in thousands): December 31, 2021 Nonaccrual loans at January 1, 2021 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 15,924 10,402 — 10,402 — Home equity loans 9,123 5,551 207 5,758 — Vehicle loans 5,533 3,251 12 3,263 — Consumer loans 1,031 674 1 675 331 Total Personal Banking 31,611 19,878 220 20,098 331 Commercial Banking: Commercial real estate loans 44,092 65,529 64,137 129,666 — Commercial real estate loans - owner occupied 3,642 1,233 — 1,233 — Commercial loans 23,487 3,941 3,533 7,474 — Total Commercial Banking 71,221 70,703 67,670 138,373 — Total $ 102,832 90,581 67,890 158,471 331 During the year ended December 31, 2021, we recognized $803,000 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 June 30, 2022 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 575 — 575 Home equity loans 100 — 100 Total Personal Banking 675 — 675 Commercial Banking: Commercial real estate loans 74,267 — 74,267 Commercial loans 3,810 1,262 5,072 Total Commercial Banking 78,077 1,262 79,339 Total $ 78,752 1,262 80,014 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2021 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 580 — 580 Home equity loans 99 — 99 Total Personal Banking 679 — 679 Commercial Banking: Commercial real estate loans 119,825 1,705 121,530 Commercial loans 3,973 1,926 5,899 Total Commercial Banking 123,798 3,631 127,429 Total $ 124,477 3,631 128,108 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 prior 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 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 June 30, 2022 2021 Number of Amount Number of Amount Beginning TDR balance: 130 $ 28,701 164 $ 27,510 New TDRs 2 26,115 2 2,295 Re-modified TDRs 5 6,403 1 344 Net paydowns — (479) — (1,610) Paid-off loans: Residential mortgage loans — — 4 (726) Home equity loans 1 (13) 1 (11) Commercial real estate loans 2 (80) 2 (302) Commercial loans 1 (7) 1 (69) Ending TDR balance: 128 $ 54,237 158 $ 27,431 Accruing TDRs $ 16,590 $ 18,480 Nonaccrual TDRs 37,647 8,951 For the six months ended June 30, 2022 2021 Number of Amount Number of Amount Beginning TDR balance: 134 $ 30,288 170 $ 32,135 New TDRs 2 26,115 2 2,295 Re-modified TDRs 6 6,603 5 1,241 Net paydowns — (1,509) — (4,073) Charge-offs: Residential mortgage loans 1 (3) — — Paid-off loans: Residential mortgage loans 1 (201) 4 (726) Home equity loans 2 (77) 1 (11) Commercial real estate loans 3 (369) 5 (2,686) Commercial real estate loans - owner occupied — — 1 (47) Commercial loans 1 (7) 3 (697) Ending TDR balance: 128 $ 54,237 158 $ 27,431 Accruing TDRs $ 16,590 $ 18,480 Nonaccrual TDRs 37,647 8,951 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 June 30, 2022 For the six months ended June 30, 2022 Number of Recorded Current Current Number of Recorded Current Current Commercial Banking: Commercial real estate loans 3 $ 58,042 29,292 1,122 4 $ 58,372 29,492 1,133 Commercial loans 4 3,524 3,226 410 4 3,524 3,226 411 Total Commercial Banking 7 61,566 32,518 1,532 8 61,896 32,718 1,544 Total 7 $ 61,566 32,518 1,532 8 $ 61,896 32,718 1,544 For the quarter ended June 30, 2021 For the six months ended June 30, 2021 Number of Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans — $ — — — 1 $ 121 116 10 Home equity loans — — — — 1 3 — — Total Personal Banking — — — — 2 124 116 10 Commercial Banking: Commercial real estate loans 1 725 343 34 3 1,537 1,125 148 Commercial loans 2 2,396 2,295 — 2 2,396 2,295 — Total Commercial Banking 3 3,121 2,638 34 5 3,933 3,420 148 Total 3 $ 3,121 2,638 34 7 $ 4,057 3,536 158 The following table provides information as of June 30, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended June 30, 2022 (in thousands): Type of modification Number of contracts Rate Maturity date Total Commercial Banking: Commercial real estate loans 3 $ 4,179 25,113 29,292 Commercial loans 4 — 3,226 3,226 Total Commercial Banking 7 4,179 28,339 32,518 Total 7 $ 4,179 28,339 32,518 The following table provides information as of June 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 June 30, 2021 (in thousands): Type of modification Number of contracts Rate Maturity date Total Commercial Banking: Commercial real estate loans 1 $ — 343 343 Commercial loans 2 — 2,295 2,295 Total Commercial Banking 3 — 2,638 2,638 Total 3 $ — 2,638 2,638 The following table provides information as of June 30, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2022 (in thousands): Type of modification Number of contracts Rate Maturity date Total Commercial Banking: Commercial real estate loans 4 $ 4,179 25,313 29,492 Commercial loans 4 — 3,226 3,226 Total Commercial Banking 8 4,179 28,539 32,718 Total 8 $ 4,179 28,539 32,718 The following table provides information as of June 30, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2021 (in thousands): Type of modification Number of contracts Rate Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ 116 — — 116 Home equity loans 1 — — — — Total Personal Banking 2 116 — — 116 Commercial Banking: Commercial real estate loans 3 — 1,052 73 1,125 Commercial loans 2 — 2,295 — 2,295 Total Commercial Banking 5 — 3,347 73 3,420 Total 7 $ 116 3,347 73 3,536 The following table provides information related to troubled debt restructurings modified within the previous twelve months of June 30, 2022 that subsequently defaulted: Number of Recorded Current Current Commercial Banking: Commercial real estate loans 1 $ 4,167 3,823 — Total Commercial Banking 1 4,167 3,823 — Total 1 $ 4,167 3,823 — The following table provides information related to troubled debt restructurings modified within the previous twelve months of June 30, 2021 that subsequently defaulted: Number of Recorded Current Current Commercial Banking: Commercial real estate loans 1 $ 454 454 50 Total Commercial Banking 1 454 454 50 Total 1 $ 454 454 50 The following table provides information related to the amortized cost basis of loan payment delinquencies at June 30, 2022 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 785 5,941 5,445 12,171 3,274,604 3,286,775 — Home equity loans 3,664 952 2,081 6,697 1,273,795 1,280,492 — Vehicle loans 6,449 1,170 1,861 9,480 1,886,255 1,895,735 — Consumer loans 449 290 460 1,199 105,611 106,810 379 Total Personal Banking 11,347 8,353 9,847 29,547 6,540,265 6,569,812 379 Commercial Banking: Commercial real estate loans 2,581 1,350 14,823 18,754 2,467,220 2,485,974 — Commercial real estate loans - owner occupied 120 122 126 368 389,834 390,202 — Commercial loans 1,486 341 583 2,410 984,426 986,836 — Total Commercial Banking 4,187 1,813 15,532 21,532 3,841,480 3,863,012 — Total loans $ 15,534 10,166 25,379 51,079 10,381,745 10,432,824 379 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2021 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 20,567 5,433 7,641 33,641 2,960,979 2,994,620 — Home equity loans 3,153 949 4,262 8,364 1,311,567 1,319,931 — Vehicle loans 5,331 1,487 1,635 8,453 1,475,778 1,484,231 — Consumer loans 1,205 519 765 2,489 352,028 354,517 331 Total Personal Banking 30,256 8,388 14,303 52,947 6,100,352 6,153,299 331 Commercial Banking: Commercial real estate loans 16,938 699 23,489 41,126 2,584,355 2,625,481 — Commercial real estate loans - owner occupied 127 70 574 771 389,232 390,003 — Commercial loans 193 727 1,105 2,025 845,584 847,609 — Total Commercial Banking 17,258 1,496 25,168 43,922 3,819,171 3,863,093 — Total originated loans $ 47,514 9,884 39,471 96,869 9,919,523 10,016,392 331 Credit Quality Indicators: For Commercial Banking 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 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 June 30, 2022 (in thousands): YTD June 30, 2022 2021 2020 2019 2018 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 290,471 843,802 572,648 278,086 141,007 1,147,103 — — 3,273,117 Substandard — 106 710 258 417 12,167 — — 13,658 Total residential mortgage loans 290,471 843,908 573,358 278,344 141,424 1,159,270 — — 3,286,775 Home equity loans Pass 62,500 138,755 187,786 121,932 56,161 231,691 435,304 40,995 1,275,124 Substandard — 48 — 378 345 2,889 845 863 5,368 Total home equity loans 62,500 138,803 187,786 122,310 56,506 234,580 436,149 41,858 1,280,492 Vehicle loans Pass 527,150 742,059 288,651 181,929 97,160 55,620 — — 1,892,569 Substandard 83 964 402 764 578 375 — — 3,166 Total vehicle loans 527,233 743,023 289,053 182,693 97,738 55,995 — — 1,895,735 Consumer loans Pass 9,391 12,822 5,966 5,235 3,613 6,244 61,662 1,361 106,294 Substandard — 27 — 10 5 61 412 1 516 Total consumer loans 9,391 12,849 5,966 5,245 3,618 6,305 62,074 1,362 106,810 Total Personal Banking 889,595 1,738,583 1,056,163 588,592 299,286 1,456,150 498,223 43,220 6,569,812 Business Banking: Commercial real estate loans Pass 124,555 344,825 415,474 297,289 235,348 798,170 28,902 9,104 2,253,667 Special mention — 798 1,466 20,818 1,077 6,863 988 15 32,025 Substandard — 96 7,117 28,401 43,407 116,480 564 4,217 200,282 Total commercial real estate loans 124,555 345,719 424,057 346,508 279,832 921,513 30,454 13,336 2,485,974 Commercial real estate loans - owner occupied Pass 41,726 63,126 18,245 39,001 47,377 132,060 3,233 1,772 346,540 Special mention — — — 15,067 3,698 689 61 — 19,515 Substandard — — — 5,360 1,934 14,747 — 2,106 24,147 Total commercial real estate loans - owner occupied 41,726 63,126 18,245 59,428 53,009 147,496 3,294 3,878 390,202 Commercial loans Pass 335,778 127,282 63,945 54,761 21,293 57,692 288,640 4,738 954,129 Special mention 153 155 283 486 47 — 1,344 — 2,468 Substandard 569 306 896 3,309 2,596 1,881 11,060 9,622 30,239 Total commercial loans 336,500 127,743 65,124 58,556 23,936 59,573 301,044 14,360 986,836 Total Business Banking 502,781 536,588 507,426 464,492 356,777 1,128,582 334,792 31,574 3,863,012 Total loans $ 1,392,376 2,275,171 1,563,589 1,053,084 656,063 2,584,732 833,015 74,794 10,432,824 During the six months ended June 30, 2022, $9.2 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, 2021 (in thousands): 2021 2020 2019 2018 2017 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 644,862 602,429 304,275 156,639 171,240 1,098,635 — — 2,978,080 Substandard 138 489 377 538 882 14,116 — — 16,540 Total residential mortgage loans 645,000 602,918 304,652 157,177 172,122 1,112,751 — — 2,994,620 Home equity loans Pass 150,847 210,224 138,661 65,011 61,692 209,959 435,660 40,766 1,312,820 Substandard — — 441 60 455 3,820 1,275 1,060 7,111 Total home equity loans 150,847 210,224 139,102 65,071 62,147 213,779 436,935 41,826 1,319,931 Vehicle loans Pass 801,084 292,804 205,653 119,304 34,546 27,576 — — 1,480,967 Substandard 387 365 1,141 745 379 247 — — 3,264 Total vehicle loans 801,471 293,169 206,794 120,049 34,925 27,823 — — 1,484,231 Consumer loans Pass 117,856 81,266 47,195 20,595 9,794 12,202 63,025 1,578 353,511 Substandard 213 161 105 64 26 50 357 30 1,006 Total consumer loans 118,069 81,427 47,300 20,659 9,820 12,252 63,382 1,608 354,517 Total Personal Banking 1,715,387 1,187,738 697,848 362,956 279,014 1,366,605 500,317 43,434 6,153,299 Business Banking: Commercial real estate loans Pass 306,689 433,219 335,541 263,524 221,450 683,537 26,288 10,179 2,280,427 Special mention 803 1,808 52,513 3,296 1,394 8,529 729 23 69,095 Substandard — 34,153 44,712 46,045 56,077 89,311 492 5,169 275,959 Total commercial real estate loans 307,492 469,180 432,766 312,865 278,921 781,377 27,509 15,371 2,625,481 Commercial real estate - owner occupied Pass 69,084 19,452 51,997 60,824 57,676 94,687 2,822 2,707 359,249 Special mention — — — 769 1,959 1,444 856 — 5,028 Substandard — — 3,575 2,887 7,840 10,602 — 822 25,726 Total commercial real estate - owner occupied loans 69,084 19,452 55,572 64,480 67,475 106,733 3,678 3,529 390,003 Commercial loans Pass 224,367 110,171 73,276 27,668 20,748 76,987 262,805 12,301 808,323 Special mention 197 661 812 1,195 50 581 2,234 — 5,730 Substandard 329 4,767 5,102 4,437 1,529 2,116 6,667 8,609 33,556 Total commercial loans 224,893 115,599 79,190 33,300 22,327 79,684 271,706 20,910 847,609 Total Business Banking 601,469 604,231 567,528 410,645 368,723 967,794 302,893 39,810 3,863,093 Total loans $ 2,316,856 1,791,969 1,265,376 773,601 647,737 2,334,399 803,210 83,244 10,016,392 During the year ended December 31, 2021, $27.3 million of revolving loans were converted to term loans. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 December 31, 2021 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 74,899 Less: accumulated amortization (64,416) (62,158) Core deposit intangibles - net $ 10,483 12,741 Customer and Contract intangible assets - gross $ 12,775 12,775 Customer list intangible assets disposed of due to sale of insurance business — (1,547) Less: accumulated amortization (12,720) (11,133) Customer and Contract intangible assets - net 55 95 Total intangible assets - net $ 10,538 12,836 The following table shows the actual aggregate amortization expense for the quarters and six months ended June 30, 2022 and 2021, 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 June 30, 2022 $ 1,115 For the quarter ended June 30, 2021 1,433 For the six months ended June 30, 2022 2,298 For the six months ended June 30, 2021 3,027 For the year ending December 31, 2022 4,277 For the year ending December 31, 2023 3,270 For the year ending December 31, 2024 2,452 For the year ending December 31, 2025 1,662 For the year ending December 31, 2026 871 For the year ending December 31, 2027 304 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2020 $ 382,279 Purchase accounting adjustment 77 Goodwill disposed of due to sale of insurance business (1,359) Balance at December 31, 2021 380,997 Balance at June 30, 2022 $ 380,997 |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds (a) Borrowings Borrowed funds at June 30, 2022 and December 31, 2021 are presented in the following table: June 30, 2022 December 31, 2021 Amount Average rate Amount Average rate Collateralized borrowings, due within one year $ 117,440 0.19 % $ 139,093 0.19 % Collateral received, due within one year 13,050 1.58 % — — Total borrowed funds $ 130,490 $ 139,093 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. 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 June 30, 2022 and December 31, 2021. At June 30, 2022 and December 31, 2021, collateralized borrowings due within one year were $117.4 million and $139.1 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At June 30, 2022 and December 31, 2021, collateral received was $13.1 million and $0, respectively. This represents collateral posted to us from our derivative counterparties. 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 June 30, 2022 and December 31, 2021, subordinated debentures, net of issuance costs, were $113.7 million and $123.6 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 the date listed. Maturity date Interest rate Capital debt securities June 30, 2022 December 31, 2021 Northwest Bancorp Capital Trust III December 30, 2035 3-month LIBOR plus 1.38% $ 50,000 $ 51,547 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month LIBOR plus 1.38% 50,000 51,547 51,547 LNB Trust II June 15, 2037 3-month LIBOR plus 1.48% 7,875 8,119 8,119 UNCT I (1) January 23, 2034 3-month LIBOR plus 2.85% 8,000 7,962 7,950 UNCT II (1) November 23, 2034 3-month LIBOR plus 2.00% 3,000 2,755 2,741 MFBC Statutory Trust I (1) September 15, 2035 3-month LIBOR plus 1.70% 5,000 3,632 3,580 Universal Preferred Trust (1) October 7, 2035 3-month LIBOR plus 1.69% 5,000 3,622 3,570 $ 129,184 129,054 (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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $46.5 million, of which $36.8 million is fully collateralized. At June 30, 2022, we had a liability which represents deferred income of $685,000 related to the standby letters of credit. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Six months ended June 30, 2022 2021 2022 2021 Net income $ 33,426 48,967 61,713 89,204 Less: Dividends and undistributed earnings allocated to participating securities 159 340 294 619 Net income available to common shareholders $ 33,267 48,627 61,419 88,585 Weighted average common shares outstanding 126,059,165 126,749,707 125,960,997 126,456,814 Add: Participating shares outstanding 604,613 887,958 604,613 887,958 Total weighted average common shares and dilutive potential shares 126,663,778 127,637,665 126,565,610 127,344,772 Basic earnings per share $ 0.26 0.38 0.49 0.70 Diluted earnings per share $ 0.26 0.38 0.49 0.70 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Pension benefits Other post-retirement benefits 2022 2021 2022 2021 Service cost $ 2,599 2,860 — — Interest cost 1,671 1,518 10 5 Expected return on plan assets (3,864) (3,465) — — Amortization of prior service cost (564) (581) — — Amortization of the net loss 381 1,040 2 3 Net periodic cost $ 223 1,372 12 8 Six months ended June 30, Pension benefits Other post-retirement benefits 2022 2021 2022 2021 Service cost $ 5,198 5,720 — — Interest cost 3,342 3,035 20 9 Expected return on plan assets (7,728) (6,930) — — Amortization of prior service cost (1,128) (1,161) — — Amortization of the net loss 762 2,079 4 7 Net periodic cost $ 446 2,743 24 16 We anticipate making a contribution to our defined benefit pension plan between $0 and $2.0 million during the year ending December 31, 2022. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
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; and ◦ 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, residential mortgage loans held-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, borrowed funds, foreign exchange swaps, 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. 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 repurchase agreements approximates their 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. Interest Rate and Foreign Exchange Swap Agreements and Risk Participation 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 June 30, 2022 and December 31, 2021, 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 June 30, 2022 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 504,532 504,532 504,532 — — Securities available-for-sale 1,364,743 1,364,743 — 1,364,743 — Securities held-to-maturity 923,180 835,565 — 835,565 — Loans receivable, net 10,303,316 9,619,661 — — 9,619,661 Residential mortgage loans held-for-sale 31,153 31,153 — — 31,153 Accrued interest receivable 27,708 27,708 27,708 — — Interest rate lock commitments 1,520 1,520 — — 1,520 Forward commitments 213 213 — 213 — Foreign exchange swaps 2 2 — 2 — Interest rate swaps not designated as hedging instruments 31,018 31,018 — 31,018 — FHLB stock 13,362 13,362 — — — Total financial assets $ 13,200,747 12,429,477 532,240 2,231,541 9,652,334 Financial liabilities: Savings and checking deposits $ 10,911,377 10,911,377 10,911,377 — — Time deposits 1,155,878 1,163,015 — — 1,163,015 Borrowed funds 130,490 130,418 130,418 — — Subordinated debt 113,666 107,485 — 107,485 — Junior subordinated debentures 129,184 114,729 — — 114,729 Interest rate swaps not designated as hedging instruments 31,028 31,028 — 31,028 — Risk participation agreements 18 18 — 18 — Accrued interest payable 1,725 1,725 1,725 — — Total financial liabilities $ 12,473,366 12,459,795 11,043,520 138,531 1,277,744 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, 2021 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,279,259 1,279,259 1,279,259 — — Securities available-for-sale 1,548,592 1,548,592 — 1,548,592 — Securities held-to-maturity 768,154 751,513 — 751,513 — Loans receivable, net 9,889,095 9,648,825 — — 9,648,825 Residential mortgage loans held-for-sale 25,056 25,056 — — 25,056 Accrued interest receivable 25,599 25,599 25,599 — — Interest rate lock commitments 1,684 1,684 — — 1,684 Forward commitments 371 371 — 371 — Interest rate swaps not designated as hedging instruments 31,254 31,254 — 31,254 — FHLB stock 14,184 14,184 — — — Total financial assets $ 13,583,248 13,326,337 1,304,858 2,331,730 9,675,565 Financial liabilities: Savings and checking accounts $ 10,973,610 10,973,610 10,973,610 — — Time deposits 1,327,555 1,339,308 — — 1,339,308 Borrowed funds 139,093 139,093 139,093 — — Subordinated debt 123,575 129,138 — 129,138 — Junior subordinated debentures 129,054 120,083 — — 120,083 Foreign exchange swaps 341 341 — 341 — Interest rate swaps not designated as hedging instruments 31,357 31,357 — 31,357 — Risk participation agreements 60 60 — 60 — Accrued interest payable 1,804 1,804 1,804 — — Total financial liabilities $ 12,726,449 12,734,794 11,114,507 160,896 1,459,391 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 June 30, 2022 and December 31, 2021. The following table represents assets and liabilities measured at fair value on a recurring basis at June 30, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 66,732 — 66,732 Government-sponsored enterprises — 41,264 — 41,264 States and political subdivisions — 115,397 — 115,397 Corporate — 13,510 — 13,510 Total debt securities — 236,903 — 236,903 Residential mortgage-backed securities: GNMA — 14,100 — 14,100 FNMA — 132,487 — 132,487 FHLMC — 83,164 — 83,164 Non-agency — 410 — 410 Collateralized mortgage obligations: GNMA — 404,716 — 404,716 FNMA — 217,403 — 217,403 FHLMC — 275,560 — 275,560 Total mortgage-backed securities — 1,127,840 — 1,127,840 Interest rate lock commitments — — 1,520 1,520 Forward commitments — 213 213 Foreign exchange swaps — 2 — 2 Interest rate swaps not designated as hedging instruments — 31,018 — 31,018 Total assets $ — 1,395,976 1,520 1,397,496 Interest rate swaps not designated as hedging instruments — 31,028 — 31,028 Risk participation agreements — 18 — 18 Total liabilities $ — 31,046 — 31,046 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 75,891 — 75,891 Government-sponsored enterprises — 46,085 — 46,085 States and political subdivisions — 128,701 — 128,701 Total debt securities — 250,677 — 250,677 Residential mortgage-backed securities: GNMA — 16,510 — 16,510 FNMA — 160,063 — 160,063 FHLMC — 100,055 — 100,055 Non-agency — 431 — 431 Collateralized mortgage obligations: GNMA — 492,328 — 492,328 FNMA — 269,060 — 269,060 FHLMC — 259,468 — 259,468 Total mortgage-backed securities — 1,297,915 — 1,297,915 Interest rate lock commitments — — 1,684 1,684 Forward commitments — 371 — 371 Interest rate swaps not designated as hedging instruments — 31,254 — 31,254 Total assets $ — 1,580,217 1,684 1,581,901 Foreign exchange swaps $ — 341 — 341 Interest rate swaps not designated as hedging instruments — 31,357 — 31,357 Risk participation agreements — 60 — 60 Total liabilities $ — 31,758 — 31,758 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 June 30, Six months ended June 30, 2022 2022 2021 2022 2021 Beginning balance, $ 1,680 5,060 1,684 6,465 Interest rate lock commitments: Net activity (160) (1,452) (164) (2,857) Ending balance $ 1,520 3,608 1,520 3,608 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 June 30, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 7,168 7,168 Real estate owned, net — — 1,205 1,205 Total assets $ — — 8,373 8,373 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, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 46,968 46,968 Mortgage servicing rights — — 380 380 Real estate owned, net — — 873 873 Total assets $ — — 48,221 48,221 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 2021 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 June 30, 2022 (in thousands): Fair value Valuation techniques Significant Range (weighted average) Loans individually assessed $ 7,168 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 5.46% to 13.26% (6.86%) Real estate owned, net 1,205 Appraisal value (1) Estimated cost to sell 10.0% Loans held for sale 31,153 Quoted prices for similar loans in active markets adjusted by an expected pull-through rate Estimated pull-through rate 100.0% (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 | 6 Months Ended |
Jun. 30, 2022 | |
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 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 June 30, 2022 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 691,991 31,018 691,991 31,028 Foreign exchange swap agreements 675 2 — — Interest rate lock commitments 72,160 1,520 — — Forward commitments 19,621 213 — — Risk participation agreements — — 92,812 18 Total Derivatives $ 784,447 32,753 784,803 31,046 At December 31, 2021 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 644,997 31,254 644,997 31,357 Foreign exchange swap agreements — — 17,124 341 Interest rate lock commitments 67,473 1,684 — — Forward commitments 14,484 371 — — Risk participation agreements — — 93,135 60 Total derivatives $ 726,954 33,309 755,256 31,758 The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Non-hedging swap derivatives: Increase/(decrease) in other income $ 53 (26) 114 498 (Decrease)/increase in mortgage banking income (96) 1,510 322 3,570 |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, 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 June 30, 2022. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Unrealized Change in Total Balance as of March 31, 2022 $ (77,101) (25,443) (102,544) Other comprehensive loss before reclassification adjustments (1) (39,954) — (39,954) Amounts reclassified from accumulated other comprehensive income (2) (3) (1) (131) (132) Net other comprehensive loss (39,955) (131) (40,086) Balance as of June 30, 2022 $ (117,056) (25,574) (142,630) For the quarter ended June 30, 2021 Unrealized Change in Total Balance as of March 31, 2021 $ (653) (50,059) (50,712) Other comprehensive loss before reclassification adjustments (4) 4,322 — 4,322 Amounts reclassified from accumulated other comprehensive income (5) (6) (136) 334 198 Net other comprehensive income 4,186 334 4,520 Balance as of June 30, 2021 $ 3,533 (49,725) (46,192) (1) Consists of unrealized holding losses, net of tax of $11,973. (2) Consists of realized gains, net of tax of $0. (3) Consists of realized gains, net of tax of $51. (4) Consists of unrealized holding gains, net of tax ($1,245). (5) Consists of realized gains, net of tax $43. (6) Consists of realized losses, net of tax of ($128). For the six months ended June 30, 2022 Unrealized Change in Total Balance as of December 31, 2021 $ (12,317) (25,312) (37,629) Other comprehensive loss before reclassification adjustments (1) (104,737) — (104,737) Amounts reclassified from accumulated other comprehensive income (2) (3) (2) (262) (264) Net other comprehensive loss (104,739) (262) (105,001) Balance as of June 30, 2022 $ (117,056) (25,574) (142,630) For the six months ended June 30, 2021 Unrealized Change in Total Balance as of December 31, 2020 $ 16,843 (50,392) (33,549) Other comprehensive income/(loss) before reclassification adjustments (4) (13,099) — (13,099) Amounts reclassified from accumulated other comprehensive income (5) (6) (211) 667 456 Net other comprehensive (loss)/income (13,310) 667 (12,643) Balance as of June 30, 2021 $ 3,533 (49,725) (46,192) (1) Consists of unrealized holding losses, net of tax of $30,850. (2) Consists of realized gains, net of tax of $0. (3) Consists of realized gains, net of tax of $101. (4) Consists of unrealized holding losses, net of tax $4,736. (5) Consists of realized gains, net of tax $65. (6) Consists of realized losses, net of tax of ($258). |
Basis of Presentation and Inf_2
Basis of Presentation and Informational Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, 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 150 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., Great Northwest Corporation, and MutualFirst Interest 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, 2021 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. We had a $241,000 and $336,000 liability for unrecognized tax benefits as of June 30, 2022 and 2021, respectively. 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, 2021, 2020, 2019 and 2018. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due in one year through five years $ 20,000 — (1,147) 18,853 Due after ten years 55,553 — (7,674) 47,879 Debt issued by government-sponsored enterprises: Due in one year through five years 992 — (12) 980 Due in five years through ten years 46,019 — (5,735) 40,284 Municipal securities: Due in less than one year 723 1 — 724 Due in one year through five years 1,174 6 (19) 1,161 Due in five years through ten years 32,974 25 (1,640) 31,359 Due after ten years 95,283 45 (13,175) 82,153 Corporate debt issues: Due in five years through ten years 13,564 8 (62) 13,510 Residential mortgage-backed securities: Fixed rate pass-through 243,193 144 (22,991) 220,346 Variable rate pass-through 9,813 62 (60) 9,815 Fixed rate agency CMOs 964,937 12 (99,663) 865,286 Variable rate agency CMOs 32,518 137 (262) 32,393 Total residential mortgage-backed securities 1,250,461 355 (122,976) 1,127,840 Total marketable securities available-for-sale $ 1,516,743 440 (152,440) 1,364,743 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 20,000 — (68) 19,932 Due after ten years 57,681 — (1,722) 55,959 Debt issued by government-sponsored enterprises: Due in less than one year 177 — — 177 Due in one year through five years 991 73 — 1,064 Due in five years through ten years 46,411 1 (1,568) 44,844 Municipal securities: Due in less than one year 946 13 — 959 Due in one year through five years 1,261 22 (3) 1,280 Due in five years through ten years 23,692 661 (146) 24,207 Due after ten years 99,558 2,884 (187) 102,255 Residential mortgage-backed securities: Fixed rate pass-through 265,604 2,389 (2,525) 265,468 Variable rate pass-through 11,306 294 (9) 11,591 Fixed rate agency CMOs 997,680 2,284 (18,965) 980,999 Variable rate agency CMOs 39,695 224 (62) 39,857 Total residential mortgage-backed securities 1,314,285 5,191 (21,561) 1,297,915 Total marketable securities available-for-sale $ 1,565,002 8,845 (25,255) 1,548,592 |
Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of marketable securities held-to-maturity at June 30, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 16,477 — (1,214) 15,263 Due in five years through ten years 107,975 — (15,547) 92,428 Residential mortgage-backed securities: Fixed rate pass-through 171,477 2 (18,329) 153,150 Variable rate pass-through 611 2 — 613 Fixed rate agency CMOs 626,080 197 (52,731) 573,546 Variable rate agency CMOs 560 5 — 565 Total residential mortgage-backed securities 798,728 206 (71,060) 727,874 Total marketable securities held-to-maturity $ 923,180 206 (87,821) 835,565 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one through five years $ 16,478 — (206) 16,272 Due in five years through ten years 107,973 — (4,613) 103,360 Residential mortgage-backed securities: Fixed rate pass-through 183,092 58 (2,161) 180,989 Variable rate pass-through 667 24 — 691 Fixed rate agency CMOs 459,345 251 (10,011) 449,585 Variable rate agency CMOs 599 17 — 616 Total residential mortgage-backed securities 643,703 350 (12,172) 631,881 Total marketable securities held-to-maturity $ 768,154 350 (16,991) 751,513 |
Information regarding the issuers and the carrying values of the entity's mortgage-backed securities | The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at June 30, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in less than one year $ 142 142 Due in one year through five years 44,173 42,250 Due after five years through ten years 175,552 163,453 Due after ten years 1,030,594 921,995 Total residential mortgage-backed securities $ 1,250,461 1,127,840 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at June 30, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in one year through five years $ 20,792 18,371 Due after five years through ten years 171,108 152,785 Due after ten years 606,828 556,718 Total residential mortgage-backed securities $ 798,728 727,874 |
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 June 30, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 65,246 (6,707) 150,441 (24,622) 215,687 (31,329) Municipal securities 101,666 (14,055) 3,702 (779) 105,368 (14,834) Corporate debt issues 6,409 (62) — — 6,409 (62) Residential mortgage-backed securities - agency 1,141,928 (107,959) 560,788 (86,077) 1,702,716 (194,036) Total $ 1,315,249 (128,783) 714,931 (111,478) 2,030,180 (240,261) 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, 2021 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 132,782 (3,504) 106,160 (4,673) 238,942 (8,177) Municipal securities 25,118 (336) — — 25,118 (336) Residential mortgage-backed securities - agency 1,428,582 (26,516) 184,389 (7,217) 1,612,971 (33,733) Total $ 1,586,482 (30,356) 290,549 (11,890) 1,877,031 (42,246) |
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 June 30, 2022 (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 June 30, 2022. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by the U.S. government-sponsored enterprises $ 124,452 124,452 Residential mortgage-backed securities 798,728 798,728 Total marketable securities held-to-maturity $ 923,180 923,180 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Summary of loans receivable | The following table shows a summary of our loans receivable at amortized cost basis at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Originated (1) Acquired (2) Total Originated (1) Acquired (2) Total Personal Banking: Residential mortgage loans (3) $ 3,101,251 185,524 3,286,775 2,783,459 211,161 2,994,620 Home equity loans 1,095,844 184,648 1,280,492 1,107,202 212,729 1,319,931 Vehicle loans 1,785,828 109,907 1,895,735 1,384,246 99,985 1,484,231 Consumer loans 97,939 8,871 106,810 307,961 46,556 354,517 Total Personal Banking 6,080,862 488,950 6,569,812 5,582,868 570,431 6,153,299 Commercial Banking: Commercial real estate loans 2,130,573 355,401 2,485,974 2,202,027 423,454 2,625,481 Commercial real estate loans - owner occupied 342,907 47,295 390,202 321,253 68,750 390,003 Commercial loans 926,565 60,271 986,836 765,877 81,732 847,609 Total Commercial Banking 3,400,045 462,967 3,863,012 3,289,157 573,936 3,863,093 Total loans receivable, gross 9,480,907 951,917 10,432,824 8,872,025 1,144,367 10,016,392 Allowance for credit losses (84,300) (14,055) (98,355) (86,750) (15,491) (102,241) Total loans receivable, net (4) $ 9,396,607 937,862 10,334,469 8,785,275 1,128,876 9,914,151 (1) Includes originated and purchased loan pools purchased in an asset acquisition. (2) Includes loans subject to purchase accounting in a business combination. (3) Includes fair value of $31.2 million and $25.1 million of loans held-for-sale at June 30, 2022 and December 31, 2021, respectively. (4) Includes $67.0 million and $62.8 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at June 30, 2022 and December 31, 2021, 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 June 30, 2022 (in thousands): Balance as of June 30, 2022 Current period provision Charge-offs Recoveries Balance as of March 31, 2022 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 16,158 2,723 (138) 267 13,306 Home equity loans 5,232 (583) (255) 427 5,643 Vehicle loans 15,738 1,888 (934) 603 14,181 Consumer loans 779 (1,685) (978) 333 3,109 Total Personal Banking 37,907 2,343 (2,305) 1,630 36,239 Commercial Banking: Commercial real estate loans 39,641 (1,917) (4,392) 1,378 44,572 Commercial real estate loans - owner occupied 4,095 (188) — 7 4,276 Commercial loans 16,712 2,391 (329) 442 14,208 Total Commercial Banking 60,448 286 (4,721) 1,827 63,056 Total $ 98,355 2,629 (7,026) 3,457 99,295 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 6 — — — 6 Home equity loans 64 9 — — 55 Total Personal Banking 70 9 — — 61 Commercial Banking: Commercial real estate loans 3,463 1,671 — — 1,792 Commercial real estate loans - owner occupied 328 120 — — 208 Commercial loans 3,589 1,596 — — 1,993 Total Commercial Banking 7,380 3,387 — — 3,993 Total off-balance sheet exposure $ 7,450 3,396 — — 4,054 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 June 30, 2021 (in thousands): Balance as of June 30, 2021 Current period provision Charge-offs Recoveries Balance as of March 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,247 1,922 (770) 234 5,861 Home equity loans 7,239 2,253 (379) 124 5,241 Vehicle loans 12,888 (1,196) (1,598) 794 14,888 Consumer loans 2,801 691 (803) 350 2,563 Total Personal Banking 30,175 3,670 (3,550) 1,502 28,553 Commercial Banking: Commercial real estate loans 64,580 (2,925) (3,074) 373 70,206 Commercial real estate loans - owner occupied 4,729 (1,138) (890) 4 6,753 Commercial loans 17,846 393 (1,161) 129 18,485 Total Commercial Banking 87,155 (3,670) (5,125) 506 95,444 Total $ 117,330 — (8,675) 2,008 123,997 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 42 8 — — 34 Total Personal Banking 44 8 — — 36 Commercial Banking: Commercial real estate loans 1,932 (183) — — 2,115 Commercial real estate loans - owner occupied 181 (207) — — 388 Commercial loans 1,232 (848) — — 2,080 Total Commercial Banking 3,345 (1,238) — — 4,583 Total off-balance sheet exposure $ 3,389 (1,230) — — 4,619 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2022 (in thousands): Balance as of June 30, 2022 Current period provision Charge-offs Recoveries Balance as of December 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 16,158 9,685 (1,321) 421 7,373 Home equity loans 5,232 (214) (702) 848 5,300 Vehicle loans 15,738 583 (1,581) 1,253 15,483 Consumer loans 779 (691) (2,054) 640 2,884 Total Personal Banking 37,907 9,363 (5,658) 3,162 31,040 Commercial Banking: Commercial real estate loans 39,641 (11,582) (5,416) 2,498 54,141 Commercial real estate loans - owner occupied 4,095 201 — 11 3,883 Commercial loans 16,712 3,166 (1,010) 1,379 13,177 Total Commercial Banking 60,448 (8,215) (6,426) 3,888 71,201 Total $ 98,355 1,148 (12,084) 7,050 102,241 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 6 4 — — 2 Home equity loans 64 25 — — 39 Total Personal Banking 70 29 — — 41 Commercial Banking: Commercial real estate loans 3,463 2,582 — — 881 Commercial real estate loans - owner occupied 328 186 — — 142 Commercial loans 3,589 2,195 — — 1,394 Total Commercial Banking 7,380 4,963 — — 2,417 Total off-balance sheet exposure $ 7,450 4,992 — — 2,458 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2021 (in thousands): Balance as of June 30, 2021 Current Charge-offs Recoveries Balance as of December 31, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 7,247 1,330 (1,625) 276 7,266 Home equity loans 7,239 1,601 (607) 253 5,992 Vehicle loans 12,888 (423) (2,905) 1,391 14,825 Consumer loans 2,801 1,342 (2,099) 687 2,871 Total Personal Banking 30,175 3,850 (7,236) 2,607 30,954 Commercial Banking: Commercial real estate loans 64,580 (7,756) (7,700) 655 79,381 Commercial real estate loans - owner occupied 4,729 (4,904) (890) 5 10,518 Commercial loans 17,846 3,190 (1,215) 2,297 13,574 Total Commercial Banking 87,155 (9,470) (9,805) 2,957 103,473 Total $ 117,330 (5,620) (17,041) 5,564 134,427 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 42 7 — — 35 Total Personal Banking 44 7 — — 37 Commercial Banking: Commercial real estate loans 1,932 (1,517) — — 3,449 Commercial real estate loans - owner occupied 181 (145) — — 326 Commercial loans 1,232 (1,319) — — 2,551 Total Commercial Banking 3,345 (2,981) — — 6,326 Total off-balance sheet exposure $ 3,389 (2,974) — — 6,363 |
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 June 30, 2022 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,286,775 16,158 7,616 — 6,157 861 — Home equity loans 1,280,492 5,232 4,156 — 1,465 472 — Vehicle loans 1,895,735 15,738 3,166 — — — — Consumer loans 106,810 779 136 379 — — — Total Personal Banking 6,569,812 37,907 15,074 379 7,622 1,333 — Commercial Banking: Commercial real estate loans 2,485,974 39,641 76,437 — 42,180 1,558 18 Commercial real estate loans - owner occupied 390,202 4,095 590 — 144 23 — Commercial loans 986,836 16,712 6,284 — 4,291 549 327 Total Commercial Banking 3,863,012 60,448 83,311 — 46,615 2,130 345 Total $ 10,432,824 98,355 98,385 379 54,237 3,463 345 (1) Includes $37.6 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, 2021 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 2,994,620 7,373 10,402 — 6,749 1,442 — Home equity loans 1,319,931 5,300 5,758 — 1,781 718 — Vehicle loans 1,484,231 15,483 3,263 — — — — Consumer loans 354,517 2,884 675 331 — — — Total Personal Banking 6,153,299 31,040 20,098 331 8,530 2,160 — Commercial Banking: Commercial real estate loans 2,625,481 54,141 129,666 — 17,025 2,024 400 Commercial real estate loans - owner occupied 390,003 3,883 1,233 — 159 24 — Commercial loans 847,609 13,177 7,474 — 4,574 609 60 Total Commercial Banking 3,863,093 71,201 138,373 — 21,758 2,657 460 Total $ 10,016,392 102,241 158,471 331 30,288 4,817 460 (1) Includes $17.2 million of nonaccrual TDRs. |
Schedule of the composition of nonaccrual 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 the beginning and end of the period ended June 30, 2022 (in thousands): June 30, 2022 Nonaccrual loans at January 1, 2022 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 10,402 7,616 — 7,616 — Home equity loans 5,758 3,956 200 4,156 — Vehicle loans 3,263 1,941 1,225 3,166 — Consumer loans 675 136 — 136 379 Total Personal Banking 20,098 13,649 1,425 15,074 379 Commercial Banking: Commercial real estate loans 129,666 10,534 65,903 76,437 — Commercial real estate loans - owner occupied 1,233 590 — 590 — Commercial loans 7,474 3,506 2,778 6,284 — Total Commercial Banking 138,373 14,630 68,681 83,311 — Total $ 158,471 28,279 70,106 98,385 379 The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2021 (in thousands): December 31, 2021 Nonaccrual loans at January 1, 2021 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 15,924 10,402 — 10,402 — Home equity loans 9,123 5,551 207 5,758 — Vehicle loans 5,533 3,251 12 3,263 — Consumer loans 1,031 674 1 675 331 Total Personal Banking 31,611 19,878 220 20,098 331 Commercial Banking: Commercial real estate loans 44,092 65,529 64,137 129,666 — Commercial real estate loans - owner occupied 3,642 1,233 — 1,233 — Commercial loans 23,487 3,941 3,533 7,474 — Total Commercial Banking 71,221 70,703 67,670 138,373 — Total $ 102,832 90,581 67,890 158,471 331 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of June 30, 2022 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 575 — 575 Home equity loans 100 — 100 Total Personal Banking 675 — 675 Commercial Banking: Commercial real estate loans 74,267 — 74,267 Commercial loans 3,810 1,262 5,072 Total Commercial Banking 78,077 1,262 79,339 Total $ 78,752 1,262 80,014 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2021 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 580 — 580 Home equity loans 99 — 99 Total Personal Banking 679 — 679 Commercial Banking: Commercial real estate loans 119,825 1,705 121,530 Commercial loans 3,973 1,926 5,899 Total Commercial Banking 123,798 3,631 127,429 Total $ 124,477 3,631 128,108 |
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 June 30, 2022 2021 Number of Amount Number of Amount Beginning TDR balance: 130 $ 28,701 164 $ 27,510 New TDRs 2 26,115 2 2,295 Re-modified TDRs 5 6,403 1 344 Net paydowns — (479) — (1,610) Paid-off loans: Residential mortgage loans — — 4 (726) Home equity loans 1 (13) 1 (11) Commercial real estate loans 2 (80) 2 (302) Commercial loans 1 (7) 1 (69) Ending TDR balance: 128 $ 54,237 158 $ 27,431 Accruing TDRs $ 16,590 $ 18,480 Nonaccrual TDRs 37,647 8,951 For the six months ended June 30, 2022 2021 Number of Amount Number of Amount Beginning TDR balance: 134 $ 30,288 170 $ 32,135 New TDRs 2 26,115 2 2,295 Re-modified TDRs 6 6,603 5 1,241 Net paydowns — (1,509) — (4,073) Charge-offs: Residential mortgage loans 1 (3) — — Paid-off loans: Residential mortgage loans 1 (201) 4 (726) Home equity loans 2 (77) 1 (11) Commercial real estate loans 3 (369) 5 (2,686) Commercial real estate loans - owner occupied — — 1 (47) Commercial loans 1 (7) 3 (697) Ending TDR balance: 128 $ 54,237 158 $ 27,431 Accruing TDRs $ 16,590 $ 18,480 Nonaccrual TDRs 37,647 8,951 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 June 30, 2022 For the six months ended June 30, 2022 Number of Recorded Current Current Number of Recorded Current Current Commercial Banking: Commercial real estate loans 3 $ 58,042 29,292 1,122 4 $ 58,372 29,492 1,133 Commercial loans 4 3,524 3,226 410 4 3,524 3,226 411 Total Commercial Banking 7 61,566 32,518 1,532 8 61,896 32,718 1,544 Total 7 $ 61,566 32,518 1,532 8 $ 61,896 32,718 1,544 For the quarter ended June 30, 2021 For the six months ended June 30, 2021 Number of Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans — $ — — — 1 $ 121 116 10 Home equity loans — — — — 1 3 — — Total Personal Banking — — — — 2 124 116 10 Commercial Banking: Commercial real estate loans 1 725 343 34 3 1,537 1,125 148 Commercial loans 2 2,396 2,295 — 2 2,396 2,295 — Total Commercial Banking 3 3,121 2,638 34 5 3,933 3,420 148 Total 3 $ 3,121 2,638 34 7 $ 4,057 3,536 158 The following table provides information as of June 30, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended June 30, 2022 (in thousands): Type of modification Number of contracts Rate Maturity date Total Commercial Banking: Commercial real estate loans 3 $ 4,179 25,113 29,292 Commercial loans 4 — 3,226 3,226 Total Commercial Banking 7 4,179 28,339 32,518 Total 7 $ 4,179 28,339 32,518 The following table provides information as of June 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 June 30, 2021 (in thousands): Type of modification Number of contracts Rate Maturity date Total Commercial Banking: Commercial real estate loans 1 $ — 343 343 Commercial loans 2 — 2,295 2,295 Total Commercial Banking 3 — 2,638 2,638 Total 3 $ — 2,638 2,638 The following table provides information as of June 30, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2022 (in thousands): Type of modification Number of contracts Rate Maturity date Total Commercial Banking: Commercial real estate loans 4 $ 4,179 25,313 29,492 Commercial loans 4 — 3,226 3,226 Total Commercial Banking 8 4,179 28,539 32,718 Total 8 $ 4,179 28,539 32,718 The following table provides information as of June 30, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2021 (in thousands): Type of modification Number of contracts Rate Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ 116 — — 116 Home equity loans 1 — — — — Total Personal Banking 2 116 — — 116 Commercial Banking: Commercial real estate loans 3 — 1,052 73 1,125 Commercial loans 2 — 2,295 — 2,295 Total Commercial Banking 5 — 3,347 73 3,420 Total 7 $ 116 3,347 73 3,536 The following table provides information related to troubled debt restructurings modified within the previous twelve months of June 30, 2022 that subsequently defaulted: Number of Recorded Current Current Commercial Banking: Commercial real estate loans 1 $ 4,167 3,823 — Total Commercial Banking 1 4,167 3,823 — Total 1 $ 4,167 3,823 — The following table provides information related to troubled debt restructurings modified within the previous twelve months of June 30, 2021 that subsequently defaulted: Number of Recorded Current Current Commercial Banking: Commercial real estate loans 1 $ 454 454 50 Total Commercial Banking 1 454 454 50 Total 1 $ 454 454 50 |
Schedule of loan delinquencies | The following table provides information related to the amortized cost basis of loan payment delinquencies at June 30, 2022 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 785 5,941 5,445 12,171 3,274,604 3,286,775 — Home equity loans 3,664 952 2,081 6,697 1,273,795 1,280,492 — Vehicle loans 6,449 1,170 1,861 9,480 1,886,255 1,895,735 — Consumer loans 449 290 460 1,199 105,611 106,810 379 Total Personal Banking 11,347 8,353 9,847 29,547 6,540,265 6,569,812 379 Commercial Banking: Commercial real estate loans 2,581 1,350 14,823 18,754 2,467,220 2,485,974 — Commercial real estate loans - owner occupied 120 122 126 368 389,834 390,202 — Commercial loans 1,486 341 583 2,410 984,426 986,836 — Total Commercial Banking 4,187 1,813 15,532 21,532 3,841,480 3,863,012 — Total loans $ 15,534 10,166 25,379 51,079 10,381,745 10,432,824 379 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2021 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 20,567 5,433 7,641 33,641 2,960,979 2,994,620 — Home equity loans 3,153 949 4,262 8,364 1,311,567 1,319,931 — Vehicle loans 5,331 1,487 1,635 8,453 1,475,778 1,484,231 — Consumer loans 1,205 519 765 2,489 352,028 354,517 331 Total Personal Banking 30,256 8,388 14,303 52,947 6,100,352 6,153,299 331 Commercial Banking: Commercial real estate loans 16,938 699 23,489 41,126 2,584,355 2,625,481 — Commercial real estate loans - owner occupied 127 70 574 771 389,232 390,003 — Commercial loans 193 727 1,105 2,025 845,584 847,609 — Total Commercial Banking 17,258 1,496 25,168 43,922 3,819,171 3,863,093 — Total originated loans $ 47,514 9,884 39,471 96,869 9,919,523 10,016,392 331 |
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 June 30, 2022 (in thousands): YTD June 30, 2022 2021 2020 2019 2018 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 290,471 843,802 572,648 278,086 141,007 1,147,103 — — 3,273,117 Substandard — 106 710 258 417 12,167 — — 13,658 Total residential mortgage loans 290,471 843,908 573,358 278,344 141,424 1,159,270 — — 3,286,775 Home equity loans Pass 62,500 138,755 187,786 121,932 56,161 231,691 435,304 40,995 1,275,124 Substandard — 48 — 378 345 2,889 845 863 5,368 Total home equity loans 62,500 138,803 187,786 122,310 56,506 234,580 436,149 41,858 1,280,492 Vehicle loans Pass 527,150 742,059 288,651 181,929 97,160 55,620 — — 1,892,569 Substandard 83 964 402 764 578 375 — — 3,166 Total vehicle loans 527,233 743,023 289,053 182,693 97,738 55,995 — — 1,895,735 Consumer loans Pass 9,391 12,822 5,966 5,235 3,613 6,244 61,662 1,361 106,294 Substandard — 27 — 10 5 61 412 1 516 Total consumer loans 9,391 12,849 5,966 5,245 3,618 6,305 62,074 1,362 106,810 Total Personal Banking 889,595 1,738,583 1,056,163 588,592 299,286 1,456,150 498,223 43,220 6,569,812 Business Banking: Commercial real estate loans Pass 124,555 344,825 415,474 297,289 235,348 798,170 28,902 9,104 2,253,667 Special mention — 798 1,466 20,818 1,077 6,863 988 15 32,025 Substandard — 96 7,117 28,401 43,407 116,480 564 4,217 200,282 Total commercial real estate loans 124,555 345,719 424,057 346,508 279,832 921,513 30,454 13,336 2,485,974 Commercial real estate loans - owner occupied Pass 41,726 63,126 18,245 39,001 47,377 132,060 3,233 1,772 346,540 Special mention — — — 15,067 3,698 689 61 — 19,515 Substandard — — — 5,360 1,934 14,747 — 2,106 24,147 Total commercial real estate loans - owner occupied 41,726 63,126 18,245 59,428 53,009 147,496 3,294 3,878 390,202 Commercial loans Pass 335,778 127,282 63,945 54,761 21,293 57,692 288,640 4,738 954,129 Special mention 153 155 283 486 47 — 1,344 — 2,468 Substandard 569 306 896 3,309 2,596 1,881 11,060 9,622 30,239 Total commercial loans 336,500 127,743 65,124 58,556 23,936 59,573 301,044 14,360 986,836 Total Business Banking 502,781 536,588 507,426 464,492 356,777 1,128,582 334,792 31,574 3,863,012 Total loans $ 1,392,376 2,275,171 1,563,589 1,053,084 656,063 2,584,732 833,015 74,794 10,432,824 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, 2021 (in thousands): 2021 2020 2019 2018 2017 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 644,862 602,429 304,275 156,639 171,240 1,098,635 — — 2,978,080 Substandard 138 489 377 538 882 14,116 — — 16,540 Total residential mortgage loans 645,000 602,918 304,652 157,177 172,122 1,112,751 — — 2,994,620 Home equity loans Pass 150,847 210,224 138,661 65,011 61,692 209,959 435,660 40,766 1,312,820 Substandard — — 441 60 455 3,820 1,275 1,060 7,111 Total home equity loans 150,847 210,224 139,102 65,071 62,147 213,779 436,935 41,826 1,319,931 Vehicle loans Pass 801,084 292,804 205,653 119,304 34,546 27,576 — — 1,480,967 Substandard 387 365 1,141 745 379 247 — — 3,264 Total vehicle loans 801,471 293,169 206,794 120,049 34,925 27,823 — — 1,484,231 Consumer loans Pass 117,856 81,266 47,195 20,595 9,794 12,202 63,025 1,578 353,511 Substandard 213 161 105 64 26 50 357 30 1,006 Total consumer loans 118,069 81,427 47,300 20,659 9,820 12,252 63,382 1,608 354,517 Total Personal Banking 1,715,387 1,187,738 697,848 362,956 279,014 1,366,605 500,317 43,434 6,153,299 Business Banking: Commercial real estate loans Pass 306,689 433,219 335,541 263,524 221,450 683,537 26,288 10,179 2,280,427 Special mention 803 1,808 52,513 3,296 1,394 8,529 729 23 69,095 Substandard — 34,153 44,712 46,045 56,077 89,311 492 5,169 275,959 Total commercial real estate loans 307,492 469,180 432,766 312,865 278,921 781,377 27,509 15,371 2,625,481 Commercial real estate - owner occupied Pass 69,084 19,452 51,997 60,824 57,676 94,687 2,822 2,707 359,249 Special mention — — — 769 1,959 1,444 856 — 5,028 Substandard — — 3,575 2,887 7,840 10,602 — 822 25,726 Total commercial real estate - owner occupied loans 69,084 19,452 55,572 64,480 67,475 106,733 3,678 3,529 390,003 Commercial loans Pass 224,367 110,171 73,276 27,668 20,748 76,987 262,805 12,301 808,323 Special mention 197 661 812 1,195 50 581 2,234 — 5,730 Substandard 329 4,767 5,102 4,437 1,529 2,116 6,667 8,609 33,556 Total commercial loans 224,893 115,599 79,190 33,300 22,327 79,684 271,706 20,910 847,609 Total Business Banking 601,469 604,231 567,528 410,645 368,723 967,794 302,893 39,810 3,863,093 Total loans $ 2,316,856 1,791,969 1,265,376 773,601 647,737 2,334,399 803,210 83,244 10,016,392 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 December 31, 2021 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 74,899 Less: accumulated amortization (64,416) (62,158) Core deposit intangibles - net $ 10,483 12,741 Customer and Contract intangible assets - gross $ 12,775 12,775 Customer list intangible assets disposed of due to sale of insurance business — (1,547) Less: accumulated amortization (12,720) (11,133) Customer and Contract intangible assets - net 55 95 Total intangible assets - net $ 10,538 12,836 |
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 and six months ended June 30, 2022 and 2021, 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 June 30, 2022 $ 1,115 For the quarter ended June 30, 2021 1,433 For the six months ended June 30, 2022 2,298 For the six months ended June 30, 2021 3,027 For the year ending December 31, 2022 4,277 For the year ending December 31, 2023 3,270 For the year ending December 31, 2024 2,452 For the year ending December 31, 2025 1,662 For the year ending December 31, 2026 871 For the year ending December 31, 2027 304 |
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, 2020 $ 382,279 Purchase accounting adjustment 77 Goodwill disposed of due to sale of insurance business (1,359) Balance at December 31, 2021 380,997 Balance at June 30, 2022 $ 380,997 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowed funds at June 30, 2022 and December 31, 2021 are presented in the following table: June 30, 2022 December 31, 2021 Amount Average rate Amount Average rate Collateralized borrowings, due within one year $ 117,440 0.19 % $ 139,093 0.19 % Collateral received, due within one year 13,050 1.58 % — — Total borrowed funds $ 130,490 $ 139,093 |
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 the date listed. Maturity date Interest rate Capital debt securities June 30, 2022 December 31, 2021 Northwest Bancorp Capital Trust III December 30, 2035 3-month LIBOR plus 1.38% $ 50,000 $ 51,547 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month LIBOR plus 1.38% 50,000 51,547 51,547 LNB Trust II June 15, 2037 3-month LIBOR plus 1.48% 7,875 8,119 8,119 UNCT I (1) January 23, 2034 3-month LIBOR plus 2.85% 8,000 7,962 7,950 UNCT II (1) November 23, 2034 3-month LIBOR plus 2.00% 3,000 2,755 2,741 MFBC Statutory Trust I (1) September 15, 2035 3-month LIBOR plus 1.70% 5,000 3,632 3,580 Universal Preferred Trust (1) October 7, 2035 3-month LIBOR plus 1.69% 5,000 3,622 3,570 $ 129,184 129,054 (1) Net of discounts due to the fair value adjustment made at the time of acquisition. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Net income $ 33,426 48,967 61,713 89,204 Less: Dividends and undistributed earnings allocated to participating securities 159 340 294 619 Net income available to common shareholders $ 33,267 48,627 61,419 88,585 Weighted average common shares outstanding 126,059,165 126,749,707 125,960,997 126,456,814 Add: Participating shares outstanding 604,613 887,958 604,613 887,958 Total weighted average common shares and dilutive potential shares 126,663,778 127,637,665 126,565,610 127,344,772 Basic earnings per share $ 0.26 0.38 0.49 0.70 Diluted earnings per share $ 0.26 0.38 0.49 0.70 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, Pension benefits Other post-retirement benefits 2022 2021 2022 2021 Service cost $ 2,599 2,860 — — Interest cost 1,671 1,518 10 5 Expected return on plan assets (3,864) (3,465) — — Amortization of prior service cost (564) (581) — — Amortization of the net loss 381 1,040 2 3 Net periodic cost $ 223 1,372 12 8 Six months ended June 30, Pension benefits Other post-retirement benefits 2022 2021 2022 2021 Service cost $ 5,198 5,720 — — Interest cost 3,342 3,035 20 9 Expected return on plan assets (7,728) (6,930) — — Amortization of prior service cost (1,128) (1,161) — — Amortization of the net loss 762 2,079 4 7 Net periodic cost $ 446 2,743 24 16 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 504,532 504,532 504,532 — — Securities available-for-sale 1,364,743 1,364,743 — 1,364,743 — Securities held-to-maturity 923,180 835,565 — 835,565 — Loans receivable, net 10,303,316 9,619,661 — — 9,619,661 Residential mortgage loans held-for-sale 31,153 31,153 — — 31,153 Accrued interest receivable 27,708 27,708 27,708 — — Interest rate lock commitments 1,520 1,520 — — 1,520 Forward commitments 213 213 — 213 — Foreign exchange swaps 2 2 — 2 — Interest rate swaps not designated as hedging instruments 31,018 31,018 — 31,018 — FHLB stock 13,362 13,362 — — — Total financial assets $ 13,200,747 12,429,477 532,240 2,231,541 9,652,334 Financial liabilities: Savings and checking deposits $ 10,911,377 10,911,377 10,911,377 — — Time deposits 1,155,878 1,163,015 — — 1,163,015 Borrowed funds 130,490 130,418 130,418 — — Subordinated debt 113,666 107,485 — 107,485 — Junior subordinated debentures 129,184 114,729 — — 114,729 Interest rate swaps not designated as hedging instruments 31,028 31,028 — 31,028 — Risk participation agreements 18 18 — 18 — Accrued interest payable 1,725 1,725 1,725 — — Total financial liabilities $ 12,473,366 12,459,795 11,043,520 138,531 1,277,744 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, 2021 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,279,259 1,279,259 1,279,259 — — Securities available-for-sale 1,548,592 1,548,592 — 1,548,592 — Securities held-to-maturity 768,154 751,513 — 751,513 — Loans receivable, net 9,889,095 9,648,825 — — 9,648,825 Residential mortgage loans held-for-sale 25,056 25,056 — — 25,056 Accrued interest receivable 25,599 25,599 25,599 — — Interest rate lock commitments 1,684 1,684 — — 1,684 Forward commitments 371 371 — 371 — Interest rate swaps not designated as hedging instruments 31,254 31,254 — 31,254 — FHLB stock 14,184 14,184 — — — Total financial assets $ 13,583,248 13,326,337 1,304,858 2,331,730 9,675,565 Financial liabilities: Savings and checking accounts $ 10,973,610 10,973,610 10,973,610 — — Time deposits 1,327,555 1,339,308 — — 1,339,308 Borrowed funds 139,093 139,093 139,093 — — Subordinated debt 123,575 129,138 — 129,138 — Junior subordinated debentures 129,054 120,083 — — 120,083 Foreign exchange swaps 341 341 — 341 — Interest rate swaps not designated as hedging instruments 31,357 31,357 — 31,357 — Risk participation agreements 60 60 — 60 — Accrued interest payable 1,804 1,804 1,804 — — Total financial liabilities $ 12,726,449 12,734,794 11,114,507 160,896 1,459,391 |
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 June 30, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 66,732 — 66,732 Government-sponsored enterprises — 41,264 — 41,264 States and political subdivisions — 115,397 — 115,397 Corporate — 13,510 — 13,510 Total debt securities — 236,903 — 236,903 Residential mortgage-backed securities: GNMA — 14,100 — 14,100 FNMA — 132,487 — 132,487 FHLMC — 83,164 — 83,164 Non-agency — 410 — 410 Collateralized mortgage obligations: GNMA — 404,716 — 404,716 FNMA — 217,403 — 217,403 FHLMC — 275,560 — 275,560 Total mortgage-backed securities — 1,127,840 — 1,127,840 Interest rate lock commitments — — 1,520 1,520 Forward commitments — 213 213 Foreign exchange swaps — 2 — 2 Interest rate swaps not designated as hedging instruments — 31,018 — 31,018 Total assets $ — 1,395,976 1,520 1,397,496 Interest rate swaps not designated as hedging instruments — 31,028 — 31,028 Risk participation agreements — 18 — 18 Total liabilities $ — 31,046 — 31,046 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 75,891 — 75,891 Government-sponsored enterprises — 46,085 — 46,085 States and political subdivisions — 128,701 — 128,701 Total debt securities — 250,677 — 250,677 Residential mortgage-backed securities: GNMA — 16,510 — 16,510 FNMA — 160,063 — 160,063 FHLMC — 100,055 — 100,055 Non-agency — 431 — 431 Collateralized mortgage obligations: GNMA — 492,328 — 492,328 FNMA — 269,060 — 269,060 FHLMC — 259,468 — 259,468 Total mortgage-backed securities — 1,297,915 — 1,297,915 Interest rate lock commitments — — 1,684 1,684 Forward commitments — 371 — 371 Interest rate swaps not designated as hedging instruments — 31,254 — 31,254 Total assets $ — 1,580,217 1,684 1,581,901 Foreign exchange swaps $ — 341 — 341 Interest rate swaps not designated as hedging instruments — 31,357 — 31,357 Risk participation agreements — 60 — 60 Total liabilities $ — 31,758 — 31,758 |
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 June 30, Six months ended June 30, 2022 2022 2021 2022 2021 Beginning balance, $ 1,680 5,060 1,684 6,465 Interest rate lock commitments: Net activity (160) (1,452) (164) (2,857) Ending balance $ 1,520 3,608 1,520 3,608 |
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 June 30, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 7,168 7,168 Real estate owned, net — — 1,205 1,205 Total assets $ — — 8,373 8,373 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, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 46,968 46,968 Mortgage servicing rights — — 380 380 Real estate owned, net — — 873 873 Total assets $ — — 48,221 48,221 |
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 June 30, 2022 (in thousands): Fair value Valuation techniques Significant Range (weighted average) Loans individually assessed $ 7,168 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 5.46% to 13.26% (6.86%) Real estate owned, net 1,205 Appraisal value (1) Estimated cost to sell 10.0% Loans held for sale 31,153 Quoted prices for similar loans in active markets adjusted by an expected pull-through rate Estimated pull-through rate 100.0% (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) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative 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 June 30, 2022 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 691,991 31,018 691,991 31,028 Foreign exchange swap agreements 675 2 — — Interest rate lock commitments 72,160 1,520 — — Forward commitments 19,621 213 — — Risk participation agreements — — 92,812 18 Total Derivatives $ 784,447 32,753 784,803 31,046 At December 31, 2021 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 644,997 31,254 644,997 31,357 Foreign exchange swap agreements — — 17,124 341 Interest rate lock commitments 67,473 1,684 — — Forward commitments 14,484 371 — — Risk participation agreements — — 93,135 60 Total derivatives $ 726,954 33,309 755,256 31,758 |
Gain (loss) on derivative instruments | The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Non-hedging swap derivatives: Increase/(decrease) in other income $ 53 (26) 114 498 (Decrease)/increase in mortgage banking income (96) 1,510 322 3,570 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of the 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 June 30, 2022 Unrealized Change in Total Balance as of March 31, 2022 $ (77,101) (25,443) (102,544) Other comprehensive loss before reclassification adjustments (1) (39,954) — (39,954) Amounts reclassified from accumulated other comprehensive income (2) (3) (1) (131) (132) Net other comprehensive loss (39,955) (131) (40,086) Balance as of June 30, 2022 $ (117,056) (25,574) (142,630) For the quarter ended June 30, 2021 Unrealized Change in Total Balance as of March 31, 2021 $ (653) (50,059) (50,712) Other comprehensive loss before reclassification adjustments (4) 4,322 — 4,322 Amounts reclassified from accumulated other comprehensive income (5) (6) (136) 334 198 Net other comprehensive income 4,186 334 4,520 Balance as of June 30, 2021 $ 3,533 (49,725) (46,192) (1) Consists of unrealized holding losses, net of tax of $11,973. (2) Consists of realized gains, net of tax of $0. (3) Consists of realized gains, net of tax of $51. (4) Consists of unrealized holding gains, net of tax ($1,245). (5) Consists of realized gains, net of tax $43. (6) Consists of realized losses, net of tax of ($128). For the six months ended June 30, 2022 Unrealized Change in Total Balance as of December 31, 2021 $ (12,317) (25,312) (37,629) Other comprehensive loss before reclassification adjustments (1) (104,737) — (104,737) Amounts reclassified from accumulated other comprehensive income (2) (3) (2) (262) (264) Net other comprehensive loss (104,739) (262) (105,001) Balance as of June 30, 2022 $ (117,056) (25,574) (142,630) For the six months ended June 30, 2021 Unrealized Change in Total Balance as of December 31, 2020 $ 16,843 (50,392) (33,549) Other comprehensive income/(loss) before reclassification adjustments (4) (13,099) — (13,099) Amounts reclassified from accumulated other comprehensive income (5) (6) (211) 667 456 Net other comprehensive (loss)/income (13,310) 667 (12,643) Balance as of June 30, 2021 $ 3,533 (49,725) (46,192) (1) Consists of unrealized holding losses, net of tax of $30,850. (2) Consists of realized gains, net of tax of $0. (3) Consists of realized gains, net of tax of $101. (4) Consists of unrealized holding losses, net of tax $4,736. (5) Consists of realized gains, net of tax $65. (6) Consists of realized losses, net of tax of ($258). |
Basis of Presentation and Inf_3
Basis of Presentation and Informational Disclosures (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 18, 2022 $ / shares shares | Jun. 30, 2022 USD ($) bank_location | Jun. 30, 2021 USD ($) | |
Stock Related Compensation | |||
Number of banking locations | bank_location | 150 | ||
Stock-based compensation expense | $ 1,400 | $ 1,700 | |
Unrecognized tax benefits liability | 241 | $ 336 | |
Restricted Stock Units (RSUs) | |||
Stock Related Compensation | |||
Compensation expense yet to be recognized | 1,300 | ||
Restricted Stock Units (RSUs) | Employees | |||
Stock Related Compensation | |||
Grants (in shares) | shares | 150,027 | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 11 | ||
Award vesting period | 3 years | ||
Restricted Stock Awards | |||
Stock Related Compensation | |||
Compensation expense yet to be recognized | 420 | ||
Restricted Stock Awards | Director | |||
Stock Related Compensation | |||
Grants (in shares) | shares | 41,206 | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.55 | ||
Award vesting period | 1 year | ||
Performance Share Units | |||
Stock Related Compensation | |||
Compensation expense yet to be recognized | 1,300 | ||
Performance Share Units | Employees | |||
Stock Related Compensation | |||
Grants (in shares) | shares | 150,027 | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.26 | ||
Award vesting period | 3 years | ||
Performance Share Units | Employees | Minimum | |||
Stock Related Compensation | |||
Percent of shares issuable | 0% | ||
Performance Share Units | Employees | Maximum | |||
Stock Related Compensation | |||
Percent of shares issuable | 150% | ||
Employee Stock Option | |||
Stock Related Compensation | |||
Compensation expense yet to be recognized | 1,100 | ||
Restricted Stock | |||
Stock Related Compensation | |||
Compensation expense yet to be recognized | $ 6,600 |
Marketable Securities - Availab
Marketable Securities - Available For Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized cost | ||
Residential mortgage-backed securities | $ 1,516,743 | $ 1,565,002 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 440 | 8,845 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (152,440) | (25,255) |
Fair value | ||
Securities available-for-sale | 1,364,743 | 1,548,592 |
U.S. government and agencies | ||
Amortized cost | ||
Due in one year through five years | 20,000 | 20,000 |
Due after ten years | 55,553 | 57,681 |
Gross unrealized holding gains | ||
Due in one year through five years | 0 | 0 |
Due after ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due in one year through five years | (1,147) | (68) |
Due after ten years | (7,674) | (1,722) |
Fair value | ||
Due in one year through five years | 18,853 | 19,932 |
Due after ten years | 47,879 | 55,959 |
Government-sponsored enterprises | ||
Amortized cost | ||
Due in less than one year | 177 | |
Due in one year through five years | 992 | 991 |
Due in five years through ten years | 46,019 | 46,411 |
Gross unrealized holding gains | ||
Due in less than one year | 0 | |
Due in one year through five years | 0 | 73 |
Due in five years through ten years | 0 | 1 |
Gross unrealized holding losses | ||
Due in less than one year | 0 | |
Due in one year through five years | (12) | 0 |
Due in five years through ten years | (5,735) | (1,568) |
Fair value | ||
Due in less than one year | 177 | |
Due in one year through five years | 980 | 1,064 |
Due in five years through ten years | 40,284 | 44,844 |
Municipal securities | ||
Amortized cost | ||
Due in less than one year | 723 | 946 |
Due in one year through five years | 1,174 | 1,261 |
Due in five years through ten years | 32,974 | 23,692 |
Due after ten years | 95,283 | 99,558 |
Gross unrealized holding gains | ||
Due in less than one year | 1 | 13 |
Due in one year through five years | 6 | 22 |
Due in five years through ten years | 25 | 661 |
Due after ten years | 45 | 2,884 |
Gross unrealized holding losses | ||
Due in less than one year | 0 | 0 |
Due in one year through five years | (19) | (3) |
Due in five years through ten years | (1,640) | (146) |
Due after ten years | (13,175) | (187) |
Fair value | ||
Due in less than one year | 724 | 959 |
Due in one year through five years | 1,161 | 1,280 |
Due in five years through ten years | 31,359 | 24,207 |
Due after ten years | 82,153 | 102,255 |
Corporate | ||
Amortized cost | ||
Due in five years through ten years | 13,564 | |
Gross unrealized holding gains | ||
Due in five years through ten years | 8 | |
Gross unrealized holding losses | ||
Due in five years through ten years | (62) | |
Fair value | ||
Due in five years through ten years | 13,510 | |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due in less than one year | 142 | |
Due in one year through five years | 44,173 | |
Due in five years through ten years | 175,552 | |
Due after ten years | 1,030,594 | |
Residential mortgage-backed securities | 1,250,461 | 1,314,285 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 355 | 5,191 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (122,976) | (21,561) |
Fair value | ||
Due in less than one year | 142 | |
Due in one year through five years | 42,250 | |
Due in five years through ten years | 163,453 | |
Due after ten years | 921,995 | |
Securities available-for-sale | 1,127,840 | 1,297,915 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 243,193 | 265,604 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 144 | 2,389 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (22,991) | (2,525) |
Fair value | ||
Securities available-for-sale | 220,346 | 265,468 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 964,937 | 997,680 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 12 | 2,284 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (99,663) | (18,965) |
Fair value | ||
Securities available-for-sale | 865,286 | 980,999 |
Variable rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 9,813 | 11,306 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 62 | 294 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (60) | (9) |
Fair value | ||
Securities available-for-sale | 9,815 | 11,591 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 32,518 | 39,695 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 137 | 224 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (262) | (62) |
Fair value | ||
Securities available-for-sale | $ 32,393 | $ 39,857 |
Marketable Securities - Held To
Marketable Securities - Held To Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized cost | ||
Amortized cost | $ 923,180 | $ 768,154 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 206 | 350 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (87,821) | (16,991) |
Fair value | ||
Fair value | 835,565 | 751,513 |
U.S. government and agencies | ||
Amortized cost | ||
Due after five years through ten years | 107,975 | |
Gross unrealized holding gains | ||
Due in five years through ten years | 0 | |
Gross unrealized holding losses | ||
Due in five years through ten years | (15,547) | |
Fair value | ||
Due after five years through ten years | 92,428 | |
U.S. government and agencies | Pass-through | ||
Amortized cost | ||
Due in one year through five years | 16,477 | 16,478 |
Due after five years through ten years | 107,973 | |
Gross unrealized holding gains | ||
Due in one year through five years | 0 | 0 |
Due in five years through ten years | 0 | |
Gross unrealized holding losses | ||
Due in one year through five years | (1,214) | (206) |
Due in five years through ten years | (4,613) | |
Fair value | ||
Due in one year through five years | 15,263 | 16,272 |
Due after five years through ten years | 103,360 | |
Fixed rate | Pass-through | ||
Amortized cost | ||
Amortized cost | 171,477 | 183,092 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 2 | 58 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (18,329) | (2,161) |
Fair value | ||
Fair value | 153,150 | 180,989 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Amortized cost | 626,080 | 459,345 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 197 | 251 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (52,731) | (10,011) |
Fair value | ||
Fair value | 573,546 | 449,585 |
Variable rate | Pass-through | ||
Amortized cost | ||
Amortized cost | 611 | 667 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 2 | 24 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | 0 | 0 |
Fair value | ||
Fair value | 613 | 691 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Amortized cost | 560 | 599 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 5 | 17 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | 0 | 0 |
Fair value | ||
Fair value | 565 | 616 |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due in one year through five years | 20,792 | |
Due after five years through ten years | 171,108 | |
Amortized cost | 798,728 | 643,703 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 206 | 350 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (71,060) | (12,172) |
Fair value | ||
Due in one year through five years | 18,371 | |
Due after five years through ten years | 152,785 | |
Fair value | $ 727,874 | $ 631,881 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Jun. 30, 2022 USD ($) |
Amortized cost | |
Due in less than one year | $ 142 |
Due in one year through five years | 44,173 |
Due after five years through ten years | 175,552 |
Due after ten years | 1,030,594 |
Total marketable securities available-for-sale | 1,250,461 |
Fair value | |
Due in less than one year | 142 |
Due in one year through five years | 42,250 |
Due in five years through ten years | 163,453 |
Due after ten years | 921,995 |
Total marketable securities available-for-sale | $ 1,127,840 |
Marketable Securities - Held _2
Marketable Securities - Held To Maturity, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Jun. 30, 2022 USD ($) |
Amortized cost | |
Due in one year through five years | $ 20,792 |
Due after five years through ten years | 171,108 |
Due after ten years | 606,828 |
Total marketable securities held-to-maturity | 798,728 |
Fair value | |
Due in one year through five years | 18,371 |
Due after five years through ten years | 152,785 |
Due after ten years | 556,718 |
Total marketable securities held-to-maturity | $ 727,874 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) position | Dec. 31, 2021 USD ($) | |
Marketable securities | ||
Less than 12 months - Fair value | $ 1,315,249 | $ 1,586,482 |
Less than 12 months - Unrealized loss | (128,783) | (30,356) |
12 months or more - Fair value | 714,931 | 290,549 |
12 months or more - Unrealized loss | (111,478) | (11,890) |
Total - Fair value | 2,030,180 | 1,877,031 |
Total - Unrealized loss | $ (240,261) | (42,246) |
Number of investment positions with unrealized losses | position | 583 | |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | $ 65,246 | 132,782 |
Less than 12 months - Unrealized loss | (6,707) | (3,504) |
12 months or more - Fair value | 150,441 | 106,160 |
12 months or more - Unrealized loss | (24,622) | (4,673) |
Total - Fair value | 215,687 | 238,942 |
Total - Unrealized loss | (31,329) | (8,177) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 101,666 | 25,118 |
Less than 12 months - Unrealized loss | (14,055) | (336) |
12 months or more - Fair value | 3,702 | 0 |
12 months or more - Unrealized loss | (779) | 0 |
Total - Fair value | 105,368 | 25,118 |
Total - Unrealized loss | (14,834) | (336) |
Corporate | ||
Marketable securities | ||
Less than 12 months - Fair value | 6,409 | |
Less than 12 months - Unrealized loss | (62) | |
12 months or more - Fair value | 0 | |
12 months or more - Unrealized loss | 0 | |
Total - Fair value | 6,409 | |
Total - Unrealized loss | (62) | |
Residential mortgage-backed securities - agency | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 1,141,928 | 1,428,582 |
Less than 12 months - Unrealized loss | (107,959) | (26,516) |
12 months or more - Fair value | 560,788 | 184,389 |
12 months or more - Unrealized loss | (86,077) | (7,217) |
Total - Fair value | 1,702,716 | 1,612,971 |
Total - Unrealized loss | $ (194,036) | $ (33,733) |
Marketable Securities - Credit
Marketable Securities - Credit Quality of Held To Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | $ 923,180 | $ 768,154 |
Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 798,728 | $ 643,703 |
U.S. government and agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 124,452 | |
AA+ | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 923,180 | |
AA+ | Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 798,728 | |
AA+ | U.S. government and agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | $ 124,452 |
Loans Receivable - Summary of O
Loans Receivable - Summary of Originated and Acquired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 10,432,824 | $ 10,016,392 | ||||
Allowance for credit losses | (98,355) | $ (99,295) | (102,241) | $ (117,330) | $ (123,997) | $ (134,427) |
Total loans receivable, net | 10,334,469 | 9,914,151 | ||||
Loans held-for-sale | 31,153 | 25,056 | ||||
Unearned income, unamortized premiums and discounts and deferred fees and costs | 67,000 | 62,800 | ||||
Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,569,812 | 6,153,299 | ||||
Allowance for credit losses | (37,907) | (36,239) | (31,040) | (30,175) | (28,553) | (30,954) |
Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,286,775 | 2,994,620 | ||||
Allowance for credit losses | (16,158) | (13,306) | (7,373) | (7,247) | (5,861) | (7,266) |
Loans held-for-sale | 25,100 | |||||
Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,280,492 | 1,319,931 | ||||
Allowance for credit losses | (5,232) | (5,643) | (5,300) | (7,239) | (5,241) | (5,992) |
Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,895,735 | 1,484,231 | ||||
Allowance for credit losses | (15,738) | (14,181) | (15,483) | (12,888) | (14,888) | (14,825) |
Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 106,810 | 354,517 | ||||
Allowance for credit losses | (779) | (3,109) | (2,884) | (2,801) | (2,563) | (2,871) |
Commercial banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,863,012 | 3,863,093 | ||||
Allowance for credit losses | (60,448) | (63,056) | (71,201) | (87,155) | (95,444) | (103,473) |
Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,485,974 | 2,625,481 | ||||
Allowance for credit losses | (39,641) | (44,572) | (54,141) | (64,580) | (70,206) | (79,381) |
Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 390,202 | 390,003 | ||||
Allowance for credit losses | (4,095) | (4,276) | (3,883) | (4,729) | (6,753) | (10,518) |
Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 986,836 | 847,609 | ||||
Allowance for credit losses | (16,712) | $ (14,208) | (13,177) | $ (17,846) | $ (18,485) | $ (13,574) |
Originated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 9,480,907 | 8,872,025 | ||||
Allowance for credit losses | (84,300) | (86,750) | ||||
Total loans receivable, net | 9,396,607 | 8,785,275 | ||||
Originated | Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,080,862 | 5,582,868 | ||||
Originated | Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,101,251 | 2,783,459 | ||||
Originated | Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,095,844 | 1,107,202 | ||||
Originated | Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,785,828 | 1,384,246 | ||||
Originated | Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 97,939 | 307,961 | ||||
Originated | Commercial banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,400,045 | 3,289,157 | ||||
Originated | Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,130,573 | 2,202,027 | ||||
Originated | Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 342,907 | 321,253 | ||||
Originated | Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 926,565 | 765,877 | ||||
Acquired | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 951,917 | 1,144,367 | ||||
Allowance for credit losses | (14,055) | (15,491) | ||||
Total loans receivable, net | 937,862 | 1,128,876 | ||||
Acquired | Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 488,950 | 570,431 | ||||
Acquired | Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 185,524 | 211,161 | ||||
Acquired | Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 184,648 | 212,729 | ||||
Acquired | Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 109,907 | 99,985 | ||||
Acquired | Personal banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 8,871 | 46,556 | ||||
Acquired | Commercial banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 462,967 | 573,936 | ||||
Acquired | Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 355,401 | 423,454 | ||||
Acquired | Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 47,295 | 68,750 | ||||
Acquired | Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 60,271 | $ 81,732 |
Loans Receivable - Changes in t
Loans Receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | $ 99,295 | $ 123,997 | $ 102,241 | $ 134,427 |
Current period provision | 2,629 | 0 | 1,148 | (5,620) |
Charge-offs | (7,026) | (8,675) | (12,084) | (17,041) |
Recoveries | 3,457 | 2,008 | 7,050 | 5,564 |
Ending balance | 98,355 | 117,330 | 98,355 | 117,330 |
Small Business Equipment Finance Loan Pool | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Loans purchased | 115,800 | |||
One-To-Four Family Jumbo Mortgage Loan Pool | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Loans purchased | 188,300 | |||
Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 4,054 | 4,619 | 2,458 | 6,363 |
Current period provision | 3,396 | (1,230) | 4,992 | (2,974) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 7,450 | 3,389 | 7,450 | 3,389 |
Personal banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 36,239 | 28,553 | 31,040 | 30,954 |
Current period provision | 2,343 | 3,670 | 9,363 | 3,850 |
Charge-offs | (2,305) | (3,550) | (5,658) | (7,236) |
Recoveries | 1,630 | 1,502 | 3,162 | 2,607 |
Ending balance | 37,907 | 30,175 | 37,907 | 30,175 |
Personal banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 13,306 | 5,861 | 7,373 | 7,266 |
Current period provision | 2,723 | 1,922 | 9,685 | 1,330 |
Charge-offs | (138) | (770) | (1,321) | (1,625) |
Recoveries | 267 | 234 | 421 | 276 |
Ending balance | 16,158 | 7,247 | 16,158 | 7,247 |
Personal banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 5,643 | 5,241 | 5,300 | 5,992 |
Current period provision | (583) | 2,253 | (214) | 1,601 |
Charge-offs | (255) | (379) | (702) | (607) |
Recoveries | 427 | 124 | 848 | 253 |
Ending balance | 5,232 | 7,239 | 5,232 | 7,239 |
Personal banking | Vehicle loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 14,181 | 14,888 | 15,483 | 14,825 |
Current period provision | 1,888 | (1,196) | 583 | (423) |
Charge-offs | (934) | (1,598) | (1,581) | (2,905) |
Recoveries | 603 | 794 | 1,253 | 1,391 |
Ending balance | 15,738 | 12,888 | 15,738 | 12,888 |
Personal banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 3,109 | 2,563 | 2,884 | 2,871 |
Current period provision | (1,685) | 691 | (691) | 1,342 |
Charge-offs | (978) | (803) | (2,054) | (2,099) |
Recoveries | 333 | 350 | 640 | 687 |
Ending balance | 779 | 2,801 | 779 | 2,801 |
Personal banking | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 61 | 36 | 41 | 37 |
Current period provision | 9 | 8 | 29 | 7 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 70 | 44 | 70 | 44 |
Personal banking | Off-Balance sheet exposure | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 6 | 2 | 2 | 2 |
Current period provision | 0 | 0 | 4 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 6 | 2 | 6 | 2 |
Personal banking | Off-Balance sheet exposure | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 55 | 34 | 39 | 35 |
Current period provision | 9 | 8 | 25 | 7 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 64 | 42 | 64 | 42 |
Commercial banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 63,056 | 95,444 | 71,201 | 103,473 |
Current period provision | 286 | (3,670) | (8,215) | (9,470) |
Charge-offs | (4,721) | (5,125) | (6,426) | (9,805) |
Recoveries | 1,827 | 506 | 3,888 | 2,957 |
Ending balance | 60,448 | 87,155 | 60,448 | 87,155 |
Commercial banking | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 44,572 | 70,206 | 54,141 | 79,381 |
Current period provision | (1,917) | (2,925) | (11,582) | (7,756) |
Charge-offs | (4,392) | (3,074) | (5,416) | (7,700) |
Recoveries | 1,378 | 373 | 2,498 | 655 |
Ending balance | 39,641 | 64,580 | 39,641 | 64,580 |
Commercial banking | Commercial real estate loans - owner occupied | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 4,276 | 6,753 | 3,883 | 10,518 |
Current period provision | (188) | (1,138) | 201 | (4,904) |
Charge-offs | 0 | (890) | 0 | (890) |
Recoveries | 7 | 4 | 11 | 5 |
Ending balance | 4,095 | 4,729 | 4,095 | 4,729 |
Commercial banking | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 14,208 | 18,485 | 13,177 | 13,574 |
Current period provision | 2,391 | 393 | 3,166 | 3,190 |
Charge-offs | (329) | (1,161) | (1,010) | (1,215) |
Recoveries | 442 | 129 | 1,379 | 2,297 |
Ending balance | 16,712 | 17,846 | 16,712 | 17,846 |
Commercial banking | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 3,993 | 4,583 | 2,417 | 6,326 |
Current period provision | 3,387 | (1,238) | 4,963 | (2,981) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 7,380 | 3,345 | 7,380 | 3,345 |
Commercial banking | Off-Balance sheet exposure | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 1,792 | 2,115 | 881 | 3,449 |
Current period provision | 1,671 | (183) | 2,582 | (1,517) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 3,463 | 1,932 | 3,463 | 1,932 |
Commercial banking | Off-Balance sheet exposure | Commercial real estate loans - owner occupied | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 208 | 388 | 142 | 326 |
Current period provision | 120 | (207) | 186 | (145) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 328 | 181 | 328 | 181 |
Commercial banking | Off-Balance sheet exposure | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 1,993 | 2,080 | 1,394 | 2,551 |
Current period provision | 1,596 | (848) | 2,195 | (1,319) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | $ 3,589 | $ 1,232 | $ 3,589 | $ 1,232 |
Loans Receivable - Loan Portfol
Loans Receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 10,432,824 | $ 10,016,392 | ||||
Allowance for credit losses | 98,355 | $ 99,295 | 102,241 | $ 117,330 | $ 123,997 | $ 134,427 |
Nonaccrual loans | 98,385 | 158,471 | 102,832 | |||
Loans 90 days past due and accruing | 379 | 331 | ||||
TDRs | 54,237 | 30,288 | ||||
Allowance related to TDRs | 3,463 | 4,817 | ||||
Additional commitments to customers with loans classified as TDRs | 345 | 460 | ||||
Non-accrual TDRs | 37,647 | 17,200 | 8,951 | |||
Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 7,450 | 4,054 | 2,458 | 3,389 | 4,619 | 6,363 |
Personal banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,569,812 | 6,153,299 | ||||
Allowance for credit losses | 37,907 | 36,239 | 31,040 | 30,175 | 28,553 | 30,954 |
Nonaccrual loans | 15,074 | 20,098 | 31,611 | |||
Loans 90 days past due and accruing | 379 | 331 | ||||
TDRs | 7,622 | 8,530 | ||||
Allowance related to TDRs | 1,333 | 2,160 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Personal banking | Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 70 | 61 | 41 | 44 | 36 | 37 |
Personal banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,286,775 | 2,994,620 | ||||
Allowance for credit losses | 16,158 | 13,306 | 7,373 | 7,247 | 5,861 | 7,266 |
Nonaccrual loans | 7,616 | 10,402 | 15,924 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 6,157 | 6,749 | ||||
Allowance related to TDRs | 861 | 1,442 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Personal banking | Residential mortgage loans | Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 6 | 6 | 2 | 2 | 2 | 2 |
Personal banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,280,492 | 1,319,931 | ||||
Allowance for credit losses | 5,232 | 5,643 | 5,300 | 7,239 | 5,241 | 5,992 |
Nonaccrual loans | 4,156 | 5,758 | 9,123 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 1,465 | 1,781 | ||||
Allowance related to TDRs | 472 | 718 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Personal banking | Home equity loans | Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 64 | 55 | 39 | 42 | 34 | 35 |
Personal banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,895,735 | 1,484,231 | ||||
Allowance for credit losses | 15,738 | 14,181 | 15,483 | 12,888 | 14,888 | 14,825 |
Nonaccrual loans | 3,166 | 3,263 | 5,533 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
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 | 106,810 | 354,517 | ||||
Allowance for credit losses | 779 | 3,109 | 2,884 | 2,801 | 2,563 | 2,871 |
Nonaccrual loans | 136 | 675 | 1,031 | |||
Loans 90 days past due and accruing | 379 | |||||
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 | 354,517 | |||||
Allowance for credit losses | 2,884 | |||||
Nonaccrual loans | 675 | |||||
Loans 90 days past due and accruing | 331 | |||||
TDRs | 0 | |||||
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 | 3,863,012 | 3,863,093 | ||||
Allowance for credit losses | 60,448 | 63,056 | 71,201 | 87,155 | 95,444 | 103,473 |
Nonaccrual loans | 83,311 | 138,373 | 71,221 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 46,615 | 21,758 | ||||
Allowance related to TDRs | 2,130 | 2,657 | ||||
Additional commitments to customers with loans classified as TDRs | 345 | 460 | ||||
Commercial banking | Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 7,380 | 3,993 | 2,417 | 3,345 | 4,583 | 6,326 |
Commercial banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,485,974 | 2,625,481 | ||||
Allowance for credit losses | 39,641 | 44,572 | 54,141 | 64,580 | 70,206 | 79,381 |
Nonaccrual loans | 76,437 | 129,666 | 44,092 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 42,180 | 17,025 | ||||
Allowance related to TDRs | 1,558 | 2,024 | ||||
Additional commitments to customers with loans classified as TDRs | 18 | 400 | ||||
Commercial banking | Commercial real estate loans | Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 3,463 | 1,792 | 881 | 1,932 | 2,115 | 3,449 |
Commercial banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 390,202 | 390,003 | ||||
Allowance for credit losses | 4,095 | 4,276 | 3,883 | 4,729 | 6,753 | 10,518 |
Nonaccrual loans | 590 | 1,233 | 3,642 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 144 | 159 | ||||
Allowance related to TDRs | 23 | 24 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Commercial banking | Commercial real estate loans - owner occupied | Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 328 | 208 | 142 | 181 | 388 | 326 |
Commercial banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 986,836 | 847,609 | ||||
Allowance for credit losses | 16,712 | 14,208 | 13,177 | 17,846 | 18,485 | 13,574 |
Nonaccrual loans | 6,284 | 7,474 | 23,487 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 4,291 | 4,574 | ||||
Allowance related to TDRs | 549 | 609 | ||||
Additional commitments to customers with loans classified as TDRs | 327 | 60 | ||||
Commercial banking | Commercial loans | Off-Balance sheet exposure | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | $ 3,589 | $ 1,993 | $ 1,394 | $ 1,232 | $ 2,080 | $ 2,551 |
Loans Receivable - Composition
Loans Receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | $ 158,471 | $ 102,832 | |
Nonaccrual loans | $ 28,279 | 28,279 | 90,581 |
Nonaccrual loans with no allowance | 70,106 | 70,106 | 67,890 |
Nonaccrual loans at ending balance | 98,385 | 98,385 | 158,471 |
Loans 90 days past due and accruing | 379 | 379 | 331 |
Interest income on nonaccrual and troubled debt restructuring loans | 137,000 | 290,000 | 803,000 |
Amortized cost basis of collateral-dependent loans | 80,014 | 80,014 | 128,108 |
Real estate | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 78,752 | 78,752 | 124,477 |
Equipment | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 1,262 | 1,262 | 3,631 |
Personal banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 20,098 | 31,611 | |
Nonaccrual loans | 13,649 | 13,649 | 19,878 |
Nonaccrual loans with no allowance | 1,425 | 1,425 | 220 |
Nonaccrual loans at ending balance | 15,074 | 15,074 | 20,098 |
Loans 90 days past due and accruing | 379 | 379 | 331 |
Amortized cost basis of collateral-dependent loans | 675 | 675 | 679 |
Personal banking | Real estate | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 675 | 675 | 679 |
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 | Residential mortgage loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 10,402 | 15,924 | |
Nonaccrual loans | 7,616 | 7,616 | 10,402 |
Nonaccrual loans with no allowance | 0 | 0 | 0 |
Nonaccrual loans at ending balance | 7,616 | 7,616 | 10,402 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 575 | 575 | 580 |
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 | 575 | 575 | 580 |
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 | Home equity loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 5,758 | 9,123 | |
Nonaccrual loans | 3,956 | 3,956 | 5,551 |
Nonaccrual loans with no allowance | 200 | 200 | 207 |
Nonaccrual loans at ending balance | 4,156 | 4,156 | 5,758 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 100 | 100 | 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 | 100 | 100 | 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 | Vehicle loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 3,263 | 5,533 | |
Nonaccrual loans | 1,941 | 1,941 | 3,251 |
Nonaccrual loans with no allowance | 1,225 | 1,225 | 12 |
Nonaccrual loans at ending balance | 3,166 | 3,166 | 3,263 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Personal banking | Consumer loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 675 | 1,031 | |
Nonaccrual loans | 136 | 136 | 674 |
Nonaccrual loans with no allowance | 0 | 0 | 1 |
Nonaccrual loans at ending balance | 136 | 136 | 675 |
Loans 90 days past due and accruing | 379 | 379 | 331 |
Commercial banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 138,373 | 71,221 | |
Nonaccrual loans | 14,630 | 14,630 | 70,703 |
Nonaccrual loans with no allowance | 68,681 | 68,681 | 67,670 |
Nonaccrual loans at ending balance | 83,311 | 83,311 | 138,373 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 79,339 | 79,339 | 127,429 |
Commercial banking | Real estate | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 78,077 | 78,077 | 123,798 |
Commercial banking | Equipment | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 1,262 | 1,262 | 3,631 |
Commercial banking | Commercial real estate loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 129,666 | 44,092 | |
Nonaccrual loans | 10,534 | 10,534 | 65,529 |
Nonaccrual loans with no allowance | 65,903 | 65,903 | 64,137 |
Nonaccrual loans at ending balance | 76,437 | 76,437 | 129,666 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 74,267 | 74,267 | 121,530 |
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 | 74,267 | 74,267 | 119,825 |
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 | 0 | 0 | 1,705 |
Commercial banking | Commercial real estate loans - owner occupied | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 1,233 | 3,642 | |
Nonaccrual loans | 590 | 590 | 1,233 |
Nonaccrual loans with no allowance | 0 | 0 | 0 |
Nonaccrual loans at ending balance | 590 | 590 | 1,233 |
Loans 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 at beginning balance | 7,474 | 23,487 | |
Nonaccrual loans | 3,506 | 3,506 | 3,941 |
Nonaccrual loans with no allowance | 2,778 | 2,778 | 3,533 |
Nonaccrual loans at ending balance | 6,284 | 6,284 | 7,474 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 5,072 | 5,072 | 5,899 |
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 | 3,810 | 3,810 | 3,973 |
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 | $ 1,262 | $ 1,262 | $ 1,926 |
Loans Receivable - Roll Forward
Loans Receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Dec. 31, 2021 USD ($) | |
Number of contracts | |||||
Beginning balance | contract | 130 | 164 | 134 | 170 | |
New TDRs | contract | 2 | 2 | 2 | 2 | |
Re-modified TDRs | contract | 5 | 1 | 6 | 5 | |
Net paydowns | contract | 0 | 0 | 0 | 0 | |
Ending balance | contract | 128 | 158 | 128 | 158 | |
Amount | |||||
Beginning TDR balance | $ 28,701 | $ 27,510 | $ 30,288 | $ 32,135 | |
New TDRs | 26,115 | 2,295 | 26,115 | 2,295 | |
Re-modified TDRs | 6,403 | 344 | 6,603 | 1,241 | |
Net paydowns | (479) | (1,610) | (1,509) | (4,073) | |
Ending TDR balance | 54,237 | 27,431 | 54,237 | 27,431 | |
Accruing TDRs | 16,590 | 18,480 | 16,590 | 18,480 | |
Non-accrual TDRs | $ 37,647 | $ 8,951 | $ 37,647 | $ 8,951 | $ 17,200 |
Residential mortgage loans | |||||
Number of contracts | |||||
Charge-offs: | contract | 1 | 0 | |||
Paid-off loans: | contract | 0 | 4 | 1 | 4 | |
Amount | |||||
Charge-offs: | $ (3) | $ 0 | |||
Paid-off loans: | $ 0 | $ (726) | $ (201) | $ (726) | |
Home equity loans | |||||
Number of contracts | |||||
Paid-off loans: | contract | 1 | 1 | 2 | 1 | |
Amount | |||||
Paid-off loans: | $ (13) | $ (11) | $ (77) | $ (11) | |
Commercial real estate loans | |||||
Number of contracts | |||||
Paid-off loans: | contract | 2 | 2 | 3 | 5 | |
Amount | |||||
Paid-off loans: | $ (80) | $ (302) | $ (369) | $ (2,686) | |
Commercial real estate loans - owner occupied | |||||
Number of contracts | |||||
Paid-off loans: | contract | 0 | 1 | |||
Amount | |||||
Paid-off loans: | $ 0 | $ (47) | |||
Commercial loans | |||||
Number of contracts | |||||
Paid-off loans: | contract | 1 | 1 | 1 | 3 | |
Amount | |||||
Paid-off loans: | $ (7) | $ (69) | $ (7) | $ (697) |
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 | 6 Months Ended | ||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 7 | 3 | 8 | 7 |
Recorded investment at the time of modification | $ 61,566 | $ 3,121 | $ 61,896 | $ 4,057 |
Current recorded investment | 32,518 | 2,638 | 32,718 | 3,536 |
Current allowance | $ 1,532 | $ 34 | $ 1,544 | $ 158 |
Personal banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 0 | 2 | ||
Recorded investment at the time of modification | $ 0 | $ 124 | ||
Current recorded investment | 0 | 116 | ||
Current allowance | $ 0 | $ 10 | ||
Personal banking | Residential mortgage loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 0 | 1 | ||
Recorded investment at the time of modification | $ 0 | $ 121 | ||
Current recorded investment | 0 | 116 | ||
Current allowance | $ 0 | $ 10 | ||
Personal banking | Home equity loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 0 | 1 | ||
Recorded investment at the time of modification | $ 0 | $ 3 | ||
Current recorded investment | 0 | 0 | ||
Current allowance | $ 0 | $ 0 | ||
Commercial banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 7 | 3 | 8 | 5 |
Recorded investment at the time of modification | $ 61,566 | $ 3,121 | $ 61,896 | $ 3,933 |
Current recorded investment | 32,518 | 2,638 | 32,718 | 3,420 |
Current allowance | $ 1,532 | $ 34 | $ 1,544 | $ 148 |
Commercial banking | Commercial real estate loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 3 | 1 | 4 | 3 |
Recorded investment at the time of modification | $ 58,042 | $ 725 | $ 58,372 | $ 1,537 |
Current recorded investment | 29,292 | 343 | 29,492 | 1,125 |
Current allowance | $ 1,122 | $ 34 | $ 1,133 | $ 148 |
Commercial banking | Commercial loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 4 | 2 | 4 | 2 |
Recorded investment at the time of modification | $ 3,524 | $ 2,396 | $ 3,524 | $ 2,396 |
Current recorded investment | 3,226 | 2,295 | 3,226 | 2,295 |
Current allowance | $ 410 | $ 0 | $ 411 | $ 0 |
Loans Receivable - Troubled D_2
Loans Receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | |
Troubled debt restructurings | ||||
Number of contracts | contract | 7 | 3 | 8 | 7 |
Type of modification | $ 32,518 | $ 2,638 | $ 32,718 | $ 3,536 |
Number of contracts | contract | 1 | 1 | ||
Recorded investment at the time of modification | $ 4,167 | $ 454 | ||
Current recorded investment | 3,823 | 454 | ||
Current allowance | 0 | 50 | ||
Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 4,179 | 0 | 4,179 | 116 |
Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | $ 28,339 | $ 2,638 | $ 28,539 | 3,347 |
Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 73 | |||
Personal banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 2 | ||
Type of modification | $ 0 | $ 116 | ||
Personal banking | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 116 | |||
Personal banking | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | |||
Personal banking | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | |||
Personal banking | Residential mortgage loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 1 | ||
Type of modification | $ 0 | $ 116 | ||
Personal banking | Residential mortgage loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 116 | |||
Personal banking | Residential mortgage loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | |||
Personal banking | Residential mortgage loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | |||
Personal banking | Home equity loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 1 | ||
Type of modification | $ 0 | $ 0 | ||
Personal banking | Home equity loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | |||
Personal banking | Home equity loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | |||
Personal banking | Home equity loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 | |||
Commercial banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 7 | 3 | 8 | 5 |
Type of modification | $ 32,518 | $ 2,638 | $ 32,718 | $ 3,420 |
Number of contracts | contract | 1 | 1 | 1 | |
Recorded investment at the time of modification | $ 4,167 | $ 454 | $ 4,167 | |
Current recorded investment | 3,823 | 454 | 3,823 | |
Current allowance | 0 | 50 | ||
Commercial banking | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 4,179 | 0 | 4,179 | 0 |
Commercial banking | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | $ 28,339 | $ 2,638 | $ 28,539 | 3,347 |
Commercial banking | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 73 | |||
Commercial banking | Commercial real estate loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 3 | 1 | 4 | 3 |
Type of modification | $ 29,292 | $ 343 | $ 29,492 | $ 1,125 |
Number of contracts | contract | 1 | 1 | ||
Recorded investment at the time of modification | $ 4,167 | $ 454 | ||
Current recorded investment | 3,823 | 454 | ||
Current allowance | 0 | 50 | ||
Commercial banking | Commercial real estate loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 4,179 | 0 | 4,179 | 0 |
Commercial banking | Commercial real estate loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | $ 25,113 | $ 343 | $ 25,313 | 1,052 |
Commercial banking | Commercial real estate loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 73 | |||
Commercial banking | Commercial loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 4 | 2 | 4 | 2 |
Type of modification | $ 3,226 | $ 2,295 | $ 3,226 | $ 2,295 |
Commercial banking | Commercial loans | Rate | ||||
Troubled debt restructurings | ||||
Type of modification | 0 | 0 | 0 | 0 |
Commercial banking | Commercial loans | Maturity date | ||||
Troubled debt restructurings | ||||
Type of modification | $ 3,226 | $ 2,295 | $ 3,226 | 2,295 |
Commercial banking | Commercial loans | Other | ||||
Troubled debt restructurings | ||||
Type of modification | $ 0 |
Loans Receivable - Loan Delinqu
Loans Receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loan payment delinquencies | ||
Total loans receivable | $ 10,432,824 | $ 10,016,392 |
90 days or greater delinquent and accruing | 379 | 331 |
Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 51,079 | 96,869 |
30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 15,534 | 47,514 |
60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 10,166 | 9,884 |
90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 25,379 | 39,471 |
Current | ||
Loan payment delinquencies | ||
Total loans receivable | 10,381,745 | 9,919,523 |
Personal banking | ||
Loan payment delinquencies | ||
Total loans receivable | 6,569,812 | 6,153,299 |
90 days or greater delinquent and accruing | 379 | 331 |
Personal banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 29,547 | 52,947 |
Personal banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 11,347 | 30,256 |
Personal banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 8,353 | 8,388 |
Personal banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 9,847 | 14,303 |
Personal banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 6,540,265 | 6,100,352 |
Personal banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans receivable | 3,286,775 | 2,994,620 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Residential mortgage loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 12,171 | 33,641 |
Personal banking | Residential mortgage loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 785 | 20,567 |
Personal banking | Residential mortgage loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 5,941 | 5,433 |
Personal banking | Residential mortgage loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 5,445 | 7,641 |
Personal banking | Residential mortgage loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 3,274,604 | 2,960,979 |
Personal banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,280,492 | 1,319,931 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Home equity loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 6,697 | 8,364 |
Personal banking | Home equity loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 3,664 | 3,153 |
Personal banking | Home equity loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 952 | 949 |
Personal banking | Home equity loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,081 | 4,262 |
Personal banking | Home equity loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 1,273,795 | 1,311,567 |
Personal banking | Vehicle loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,895,735 | 1,484,231 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Vehicle loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 9,480 | 8,453 |
Personal banking | Vehicle loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 6,449 | 5,331 |
Personal banking | Vehicle loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,170 | 1,487 |
Personal banking | Vehicle loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,861 | 1,635 |
Personal banking | Vehicle loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 1,886,255 | 1,475,778 |
Personal banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans receivable | 106,810 | 354,517 |
90 days or greater delinquent and accruing | 379 | 331 |
Personal banking | Consumer loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 1,199 | 2,489 |
Personal banking | Consumer loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 449 | 1,205 |
Personal banking | Consumer loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 290 | 519 |
Personal banking | Consumer loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 460 | 765 |
Personal banking | Consumer loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 105,611 | 352,028 |
Commercial banking | ||
Loan payment delinquencies | ||
Total loans receivable | 3,863,012 | 3,863,093 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 21,532 | 43,922 |
Commercial banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,187 | 17,258 |
Commercial banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,813 | 1,496 |
Commercial banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 15,532 | 25,168 |
Commercial banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 3,841,480 | 3,819,171 |
Commercial banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans receivable | 2,485,974 | 2,625,481 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial real estate loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 18,754 | 41,126 |
Commercial banking | Commercial real estate loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,581 | 16,938 |
Commercial banking | Commercial real estate loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,350 | 699 |
Commercial banking | Commercial real estate loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 14,823 | 23,489 |
Commercial banking | Commercial real estate loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 2,467,220 | 2,584,355 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Loan payment delinquencies | ||
Total loans receivable | 390,202 | 390,003 |
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 | 368 | 771 |
Commercial banking | Commercial real estate loans - owner occupied | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 120 | 127 |
Commercial banking | Commercial real estate loans - owner occupied | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 122 | 70 |
Commercial banking | Commercial real estate loans - owner occupied | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 126 | 574 |
Commercial banking | Commercial real estate loans - owner occupied | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 389,834 | 389,232 |
Commercial banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans receivable | 986,836 | 847,609 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 2,410 | 2,025 |
Commercial banking | Commercial loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,486 | 193 |
Commercial banking | Commercial loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 341 | 727 |
Commercial banking | Commercial loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 583 | 1,105 |
Commercial banking | Commercial loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | $ 984,426 | $ 845,584 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Credit quality indicators | ||
Year one | $ 1,392,376 | $ 2,316,856 |
Year two | 2,275,171 | 1,791,969 |
Year three | 1,563,589 | 1,265,376 |
Year four | 1,053,084 | 773,601 |
Year five | 656,063 | 647,737 |
Prior | 2,584,732 | 2,334,399 |
Revolving loans | 833,015 | 803,210 |
Revolving loans converted to term loans | 74,794 | 83,244 |
Total loans receivable, gross | 10,432,824 | 10,016,392 |
Revolving loans converted to term loans during the period | 9,200 | 27,300 |
Personal banking | ||
Credit quality indicators | ||
Year one | 889,595 | 1,715,387 |
Year two | 1,738,583 | 1,187,738 |
Year three | 1,056,163 | 697,848 |
Year four | 588,592 | 362,956 |
Year five | 299,286 | 279,014 |
Prior | 1,456,150 | 1,366,605 |
Revolving loans | 498,223 | 500,317 |
Revolving loans converted to term loans | 43,220 | 43,434 |
Total loans receivable, gross | 6,569,812 | 6,153,299 |
Personal banking | Residential mortgage loans | ||
Credit quality indicators | ||
Year one | 290,471 | 645,000 |
Year two | 843,908 | 602,918 |
Year three | 573,358 | 304,652 |
Year four | 278,344 | 157,177 |
Year five | 141,424 | 172,122 |
Prior | 1,159,270 | 1,112,751 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,286,775 | 2,994,620 |
Personal banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Year one | 290,471 | 644,862 |
Year two | 843,802 | 602,429 |
Year three | 572,648 | 304,275 |
Year four | 278,086 | 156,639 |
Year five | 141,007 | 171,240 |
Prior | 1,147,103 | 1,098,635 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,273,117 | 2,978,080 |
Personal banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 138 |
Year two | 106 | 489 |
Year three | 710 | 377 |
Year four | 258 | 538 |
Year five | 417 | 882 |
Prior | 12,167 | 14,116 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 13,658 | 16,540 |
Personal banking | Home equity loans | ||
Credit quality indicators | ||
Year one | 62,500 | 150,847 |
Year two | 138,803 | 210,224 |
Year three | 187,786 | 139,102 |
Year four | 122,310 | 65,071 |
Year five | 56,506 | 62,147 |
Prior | 234,580 | 213,779 |
Revolving loans | 436,149 | 436,935 |
Revolving loans converted to term loans | 41,858 | 41,826 |
Total loans receivable, gross | 1,280,492 | 1,319,931 |
Personal banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Year one | 62,500 | 150,847 |
Year two | 138,755 | 210,224 |
Year three | 187,786 | 138,661 |
Year four | 121,932 | 65,011 |
Year five | 56,161 | 61,692 |
Prior | 231,691 | 209,959 |
Revolving loans | 435,304 | 435,660 |
Revolving loans converted to term loans | 40,995 | 40,766 |
Total loans receivable, gross | 1,275,124 | 1,312,820 |
Personal banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 48 | 0 |
Year three | 0 | 441 |
Year four | 378 | 60 |
Year five | 345 | 455 |
Prior | 2,889 | 3,820 |
Revolving loans | 845 | 1,275 |
Revolving loans converted to term loans | 863 | 1,060 |
Total loans receivable, gross | 5,368 | 7,111 |
Personal banking | Vehicle loans | ||
Credit quality indicators | ||
Year one | 527,233 | 801,471 |
Year two | 743,023 | 293,169 |
Year three | 289,053 | 206,794 |
Year four | 182,693 | 120,049 |
Year five | 97,738 | 34,925 |
Prior | 55,995 | 27,823 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 1,895,735 | 1,484,231 |
Personal banking | Vehicle loans | Pass | ||
Credit quality indicators | ||
Year one | 527,150 | 801,084 |
Year two | 742,059 | 292,804 |
Year three | 288,651 | 205,653 |
Year four | 181,929 | 119,304 |
Year five | 97,160 | 34,546 |
Prior | 55,620 | 27,576 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 1,892,569 | 1,480,967 |
Personal banking | Vehicle loans | Substandard | ||
Credit quality indicators | ||
Year one | 83 | 387 |
Year two | 964 | 365 |
Year three | 402 | 1,141 |
Year four | 764 | 745 |
Year five | 578 | 379 |
Prior | 375 | 247 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,166 | 3,264 |
Personal banking | Consumer loans | ||
Credit quality indicators | ||
Year one | 9,391 | 118,069 |
Year two | 12,849 | 81,427 |
Year three | 5,966 | 47,300 |
Year four | 5,245 | 20,659 |
Year five | 3,618 | 9,820 |
Prior | 6,305 | 12,252 |
Revolving loans | 62,074 | 63,382 |
Revolving loans converted to term loans | 1,362 | 1,608 |
Total loans receivable, gross | 106,810 | 354,517 |
Personal banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Year one | 9,391 | 117,856 |
Year two | 12,822 | 81,266 |
Year three | 5,966 | 47,195 |
Year four | 5,235 | 20,595 |
Year five | 3,613 | 9,794 |
Prior | 6,244 | 12,202 |
Revolving loans | 61,662 | 63,025 |
Revolving loans converted to term loans | 1,361 | 1,578 |
Total loans receivable, gross | 106,294 | 353,511 |
Personal banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 213 |
Year two | 27 | 161 |
Year three | 0 | 105 |
Year four | 10 | 64 |
Year five | 5 | 26 |
Prior | 61 | 50 |
Revolving loans | 412 | 357 |
Revolving loans converted to term loans | 1 | 30 |
Total loans receivable, gross | 516 | 1,006 |
Commercial banking | ||
Credit quality indicators | ||
Year one | 502,781 | 601,469 |
Year two | 536,588 | 604,231 |
Year three | 507,426 | 567,528 |
Year four | 464,492 | 410,645 |
Year five | 356,777 | 368,723 |
Prior | 1,128,582 | 967,794 |
Revolving loans | 334,792 | 302,893 |
Revolving loans converted to term loans | 31,574 | 39,810 |
Total loans receivable, gross | 3,863,012 | 3,863,093 |
Commercial banking | Commercial real estate loans | ||
Credit quality indicators | ||
Year one | 124,555 | 307,492 |
Year two | 345,719 | 469,180 |
Year three | 424,057 | 432,766 |
Year four | 346,508 | 312,865 |
Year five | 279,832 | 278,921 |
Prior | 921,513 | 781,377 |
Revolving loans | 30,454 | 27,509 |
Revolving loans converted to term loans | 13,336 | 15,371 |
Total loans receivable, gross | 2,485,974 | 2,625,481 |
Commercial banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Year one | 124,555 | 306,689 |
Year two | 344,825 | 433,219 |
Year three | 415,474 | 335,541 |
Year four | 297,289 | 263,524 |
Year five | 235,348 | 221,450 |
Prior | 798,170 | 683,537 |
Revolving loans | 28,902 | 26,288 |
Revolving loans converted to term loans | 9,104 | 10,179 |
Total loans receivable, gross | 2,253,667 | 2,280,427 |
Commercial banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 96 | 34,153 |
Year three | 7,117 | 44,712 |
Year four | 28,401 | 46,045 |
Year five | 43,407 | 56,077 |
Prior | 116,480 | 89,311 |
Revolving loans | 564 | 492 |
Revolving loans converted to term loans | 4,217 | 5,169 |
Total loans receivable, gross | 200,282 | 275,959 |
Commercial banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Year one | 0 | 803 |
Year two | 798 | 1,808 |
Year three | 1,466 | 52,513 |
Year four | 20,818 | 3,296 |
Year five | 1,077 | 1,394 |
Prior | 6,863 | 8,529 |
Revolving loans | 988 | 729 |
Revolving loans converted to term loans | 15 | 23 |
Total loans receivable, gross | 32,025 | 69,095 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Credit quality indicators | ||
Year one | 41,726 | 69,084 |
Year two | 63,126 | 19,452 |
Year three | 18,245 | 55,572 |
Year four | 59,428 | 64,480 |
Year five | 53,009 | 67,475 |
Prior | 147,496 | 106,733 |
Revolving loans | 3,294 | 3,678 |
Revolving loans converted to term loans | 3,878 | 3,529 |
Total loans receivable, gross | 390,202 | 390,003 |
Commercial banking | Commercial real estate loans - owner occupied | Pass | ||
Credit quality indicators | ||
Year one | 41,726 | 69,084 |
Year two | 63,126 | 19,452 |
Year three | 18,245 | 51,997 |
Year four | 39,001 | 60,824 |
Year five | 47,377 | 57,676 |
Prior | 132,060 | 94,687 |
Revolving loans | 3,233 | 2,822 |
Revolving loans converted to term loans | 1,772 | 2,707 |
Total loans receivable, gross | 346,540 | 359,249 |
Commercial banking | Commercial real estate loans - owner occupied | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 3,575 |
Year four | 5,360 | 2,887 |
Year five | 1,934 | 7,840 |
Prior | 14,747 | 10,602 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 2,106 | 822 |
Total loans receivable, gross | 24,147 | 25,726 |
Commercial banking | Commercial real estate loans - owner occupied | Special mention | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 15,067 | 769 |
Year five | 3,698 | 1,959 |
Prior | 689 | 1,444 |
Revolving loans | 61 | 856 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 19,515 | 5,028 |
Commercial banking | Commercial loans | ||
Credit quality indicators | ||
Year one | 336,500 | 224,893 |
Year two | 127,743 | 115,599 |
Year three | 65,124 | 79,190 |
Year four | 58,556 | 33,300 |
Year five | 23,936 | 22,327 |
Prior | 59,573 | 79,684 |
Revolving loans | 301,044 | 271,706 |
Revolving loans converted to term loans | 14,360 | 20,910 |
Total loans receivable, gross | 986,836 | 847,609 |
Commercial banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Year one | 335,778 | 224,367 |
Year two | 127,282 | 110,171 |
Year three | 63,945 | 73,276 |
Year four | 54,761 | 27,668 |
Year five | 21,293 | 20,748 |
Prior | 57,692 | 76,987 |
Revolving loans | 288,640 | 262,805 |
Revolving loans converted to term loans | 4,738 | 12,301 |
Total loans receivable, gross | 954,129 | 808,323 |
Commercial banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Year one | 569 | 329 |
Year two | 306 | 4,767 |
Year three | 896 | 5,102 |
Year four | 3,309 | 4,437 |
Year five | 2,596 | 1,529 |
Prior | 1,881 | 2,116 |
Revolving loans | 11,060 | 6,667 |
Revolving loans converted to term loans | 9,622 | 8,609 |
Total loans receivable, gross | 30,239 | 33,556 |
Commercial banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Year one | 153 | 197 |
Year two | 155 | 661 |
Year three | 283 | 812 |
Year four | 486 | 1,195 |
Year five | 47 | 50 |
Prior | 0 | 581 |
Revolving loans | 1,344 | 2,234 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 2,468 | $ 5,730 |
Minimum | Special mention and substandard | ||
Credit quality indicators | ||
Total loans receivable, gross | $ 1,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Amortizable intangible assets: | |||||
Intangible asset - net | $ 10,538 | $ 10,538 | $ 12,836 | ||
Estimated amortization expense | |||||
Amortization expense | 1,115 | $ 1,433 | 2,298 | $ 3,027 | |
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 | |||
For the year ending December 31, 2027 | 304 | 304 | |||
Core deposits | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 74,899 | 74,899 | 74,899 | ||
Less: accumulated amortization | (64,416) | (64,416) | (62,158) | ||
Intangible asset - net | 10,483 | 10,483 | 12,741 | ||
Customer and contract | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 12,775 | 12,775 | 12,775 | ||
Acquisitions (disposals) | 0 | 0 | (1,547) | ||
Less: accumulated amortization | (12,720) | (12,720) | (11,133) | ||
Intangible asset - net | $ 55 | $ 55 | $ 95 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Changes in the carrying amount of goodwill | |
Balance at the beginning of the period | $ 382,279 |
Purchase accounting adjustment | 77 |
Goodwill disposed of due to sale of insurance business | (1,359) |
Balance at the end of the period | $ 380,997 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Amount | $ 130,490 | $ 139,093 |
Collateralized borrowings, due within one year | ||
Debt Instrument [Line Items] | ||
Amount | $ 117,440 | $ 139,093 |
Average rate | 0.19% | 0.19% |
Collateral received, due within one year | ||
Debt Instrument [Line Items] | ||
Amount | $ 13,050 | $ 0 |
Average rate | 1.58% | 0% |
Borrowed Funds - Narrative (Det
Borrowed Funds - Narrative (Details) | 6 Months Ended | |||
Sep. 09, 2020 USD ($) | Jun. 30, 2022 USD ($) business_trust | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Borrowed funds | $ 130,490,000 | $ 139,093,000 | ||
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 | |||
Revolving line of credit, FHLB of Pittsburgh | Federal Home Loan Bank of Pittsburgh | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 250,000,000 | |||
Revolving line of credit | 0 | 0 | ||
Collateralized borrowings, due within one year | ||||
Debt Instrument [Line Items] | ||||
Borrowed funds | 117,440,000 | $ 139,093,000 | ||
Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Borrowed funds | $ 113,700,000 | $ 123,600,000 | ||
Debt issued | $ 125,000,000 | |||
Stated rate | 4% | |||
Debt issuance costs | $ 1,800,000 | |||
Debt issuance amortization period | 5 years | |||
Subordinated Debt | 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 | 6 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Junior subordinated debentures | $ 129,184 | $ 129,054 | |
Trust Preferred Investments | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures | $ 129,184 | $ 129,054 | |
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 | 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 | 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 | 8,119 | |
Trust Preferred Investments | UNCT I | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.85% | ||
Capital debt securities | $ 8,000 | ||
Junior subordinated debentures | $ 7,962 | 7,950 | |
Trust Preferred Investments | UNCT II | |||
Debt Instrument [Line Items] | |||
Interest rate | 2% | ||
Capital debt securities | $ 3,000 | ||
Junior subordinated debentures | $ 2,755 | 2,741 | |
Trust Preferred Investments | MFBC Statutory Trust I | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.70% | ||
Capital debt securities | $ 5,000 | ||
Junior subordinated debentures | $ 3,632 | 3,580 | |
Trust Preferred Investments | Universal Preferred Trust | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.69% | ||
Capital debt securities | $ 5,000 | ||
Junior subordinated debentures | $ 3,622 | $ 3,570 |
Guarantees (Details)
Guarantees (Details) - Letter of credit $ in Thousands | Jun. 30, 2022 USD ($) |
Guarantor Obligations [Line Items] | |
Maximum exposure collateralized | $ 46,500 |
Maximum potential amount of future payments | 36,800 |
Liability recognized for the obligations | $ 685,000 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 33,426 | $ 48,967 | $ 61,713 | $ 89,204 |
Less: Dividends and undistributed earnings allocated to participating securities | 159 | 340 | 294 | 619 |
Net income available to common shareholders | 33,267 | 48,627 | 61,419 | 88,585 |
Net income available to common shareholders | $ 33,267 | $ 48,627 | $ 61,419 | $ 88,585 |
Weighted average common shares outstanding (in shares) | 126,059,165 | 126,749,707 | 125,960,997 | 126,456,814 |
Add: Participating shares outstanding (in shares) | 604,613 | 887,958 | 604,613 | 887,958 |
Total weighted average common shares and dilutive potential shares (in shares) | 126,663,778 | 127,637,665 | 126,565,610 | 127,344,772 |
Basic earnings per share (in dollars per share) | $ 0.26 | $ 0.38 | $ 0.49 | $ 0.70 |
Diluted earnings per share (in dollars per share) | $ 0.26 | $ 0.38 | $ 0.49 | $ 0.70 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 2,599 | $ 2,860 | $ 5,198 | $ 5,720 |
Interest cost | 1,671 | 1,518 | 3,342 | 3,035 |
Expected return on plan assets | (3,864) | (3,465) | (7,728) | (6,930) |
Amortization of prior service cost | (564) | (581) | (1,128) | (1,161) |
Amortization of the net loss | 381 | 1,040 | 762 | 2,079 |
Net periodic cost | 223 | 1,372 | 446 | 2,743 |
Pension benefits | Minimum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 0 | 0 | ||
Pension benefits | Maximum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 2,000 | 2,000 | ||
Other post-retirement benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 10 | 5 | 20 | 9 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss | 2 | 3 | 4 | 7 |
Net periodic cost | $ 12 | $ 8 | $ 24 | $ 16 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Securities held-to-maturity | $ 835,565 | $ 751,513 |
Accrued interest receivable | 27,708 | 25,599 |
Financial liabilities: | ||
Subordinated debt | 113,666 | 123,575 |
Junior subordinated debentures | 129,184 | 129,054 |
Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 32,753 | 33,309 |
Financial liabilities: | ||
Derivative liabilities | 31,046 | 31,758 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 504,532 | 1,279,259 |
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 | 27,708 | 25,599 |
FHLB stock | 0 | 0 |
Total financial assets | 532,240 | 1,304,858 |
Financial liabilities: | ||
Savings and checking deposits | 10,911,377 | 10,973,610 |
Time deposits | 0 | 0 |
Borrowed funds | 130,418 | 139,093 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 1,725 | 1,804 |
Total financial liabilities | 11,043,520 | 11,114,507 |
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 | Derivatives 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 | 1,364,743 | 1,548,592 |
Securities held-to-maturity | 835,565 | 751,513 |
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 | 2,231,541 | 2,331,730 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Subordinated debt | 107,485 | 129,138 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 138,531 | 160,896 |
Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 213 | 371 |
Level 2 | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 2 | |
Financial liabilities: | ||
Derivative liabilities | 341 | |
Level 2 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 31,018 | 31,254 |
Level 2 | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 31,028 | 31,357 |
Level 2 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 18 | 60 |
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 | 9,619,661 | 9,648,825 |
Residential mortgage loans held-for-sale | 31,153 | 25,056 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Total financial assets | 9,652,334 | 9,675,565 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 1,163,015 | 1,339,308 |
Borrowed funds | 0 | 0 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 114,729 | 120,083 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 1,277,744 | 1,459,391 |
Level 3 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 1,520 | 1,684 |
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 | Derivatives 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 | 504,532 | 1,279,259 |
Securities available-for-sale | 1,364,743 | 1,548,592 |
Securities held-to-maturity | 923,180 | 768,154 |
Loans receivable, net | 10,303,316 | 9,889,095 |
Residential mortgage loans held-for-sale | 31,153 | 25,056 |
Accrued interest receivable | 27,708 | 25,599 |
FHLB stock | 13,362 | 14,184 |
Total financial assets | 13,200,747 | 13,583,248 |
Financial liabilities: | ||
Savings and checking deposits | 10,911,377 | 10,973,610 |
Time deposits | 1,155,878 | 1,327,555 |
Borrowed funds | 130,490 | 139,093 |
Subordinated debt | 113,666 | 123,575 |
Junior subordinated debentures | 129,184 | 129,054 |
Accrued interest payable | 1,725 | 1,804 |
Total financial liabilities | 12,473,366 | 12,726,449 |
Carrying amount | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 1,520 | 1,684 |
Carrying amount | Forward commitments | ||
Financial assets: | ||
Derivative assets | 213 | 371 |
Carrying amount | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 2 | |
Financial liabilities: | ||
Derivative liabilities | 341 | |
Carrying amount | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 31,018 | 31,254 |
Carrying amount | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 31,028 | 31,357 |
Carrying amount | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 18 | 60 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 504,532 | 1,279,259 |
Securities available-for-sale | 1,364,743 | 1,548,592 |
Securities held-to-maturity | 835,565 | 751,513 |
Loans receivable, net | 9,619,661 | 9,648,825 |
Residential mortgage loans held-for-sale | 31,153 | 25,056 |
Accrued interest receivable | 27,708 | 25,599 |
FHLB stock | 13,362 | 14,184 |
Total financial assets | 12,429,477 | 13,326,337 |
Financial liabilities: | ||
Savings and checking deposits | 10,911,377 | 10,973,610 |
Time deposits | 1,163,015 | 1,339,308 |
Borrowed funds | 130,418 | 139,093 |
Subordinated debt | 107,485 | 129,138 |
Junior subordinated debentures | 114,729 | 120,083 |
Accrued interest payable | 1,725 | 1,804 |
Total financial liabilities | 12,459,795 | 12,734,794 |
Estimated fair value | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 1,520 | 1,684 |
Estimated fair value | Forward commitments | ||
Financial assets: | ||
Derivative assets | 213 | 371 |
Estimated fair value | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 2 | |
Financial liabilities: | ||
Derivative liabilities | 341 | |
Estimated fair value | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 31,018 | 31,254 |
Estimated fair value | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 31,028 | 31,357 |
Estimated fair value | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | $ 18 | $ 60 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | $ 32,753 | $ 33,309 |
Derivative liabilities | 31,046 | 31,758 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total financial assets | 532,240 | 1,304,858 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 1,364,743 | 1,548,592 |
Total financial assets | 2,231,541 | 2,331,730 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total financial assets | 9,652,334 | 9,675,565 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 236,903 | 250,677 |
Total mortgage-backed securities | 1,127,840 | 1,297,915 |
Total financial assets | 1,397,496 | 1,581,901 |
Total liabilities | 31,046 | 31,758 |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 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 | ||
Securities available-for-sale | 236,903 | 250,677 |
Total mortgage-backed securities | 1,127,840 | 1,297,915 |
Total financial assets | 1,395,976 | 1,580,217 |
Total liabilities | 31,046 | 31,758 |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total mortgage-backed securities | 0 | 0 |
Total financial assets | 1,520 | 1,684 |
Total liabilities | 0 | 0 |
U.S. government and agencies | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 66,732 | 75,891 |
U.S. government and agencies | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
U.S. government and agencies | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 66,732 | 75,891 |
U.S. government and agencies | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Government-sponsored enterprises | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 41,264 | 46,085 |
Government-sponsored enterprises | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Government-sponsored enterprises | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 41,264 | 46,085 |
Government-sponsored enterprises | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
States and political subdivisions | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 115,397 | 128,701 |
States and political subdivisions | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
States and political subdivisions | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 115,397 | 128,701 |
States and political subdivisions | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Corporate | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 13,510 | |
Corporate | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | |
Corporate | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 13,510 | |
Corporate | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | |
GNMA | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 14,100 | 16,510 |
Collateralized mortgage obligations: | 404,716 | 492,328 |
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: | 14,100 | 16,510 |
Collateralized mortgage obligations: | 404,716 | 492,328 |
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: | 132,487 | 160,063 |
Collateralized mortgage obligations: | 217,403 | 269,060 |
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: | 132,487 | 160,063 |
Collateralized mortgage obligations: | 217,403 | 269,060 |
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: | 83,164 | 100,055 |
Collateralized mortgage obligations: | 275,560 | 259,468 |
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: | 83,164 | 100,055 |
Collateralized mortgage obligations: | 275,560 | 259,468 |
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: | 410 | 431 |
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: | 410 | 431 |
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 | 1,520 | 1,684 |
Interest rate lock commitments | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 1,520 | 1,684 |
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 | 1,520 | 1,684 |
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 | 213 | 371 |
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 | 213 | 371 |
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 | 213 | 371 |
Forward commitments | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 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 | 2 | |
Derivative liabilities | 341 | |
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 | 2 | |
Derivative liabilities | 341 | |
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 | 2 | |
Derivative liabilities | 341 | |
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 | Derivatives 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 | 31,018 | 31,254 |
Interest rate swaps not designated as hedging instruments | Level 2 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 31,028 | 31,357 |
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 | Derivatives 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 | 31,254 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 31,018 | |
Derivative liabilities | 31,028 | 31,357 |
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 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 1 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 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 | 31,254 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 2 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 31,018 | |
Derivative liabilities | 31,028 | 31,357 |
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 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 3 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 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 | 18 | 60 |
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 | 18 | 60 |
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 | 18 | 60 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||
Beginning balance, | $ 1,680 | $ 5,060 | $ 1,684 | $ 6,465 |
Interest rate lock commitments: | ||||
Net activity | (160) | (1,452) | (164) | (2,857) |
Balance at the end of the period | $ 1,520 | $ 3,608 | $ 1,520 | $ 3,608 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | $ 0 | $ 0 |
Total assets | 532,240 | 1,304,858 |
Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Total assets | 2,231,541 | 2,331,730 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 9,619,661 | 9,648,825 |
Total assets | 9,652,334 | 9,675,565 |
Fair value measurements nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 380 | |
Real estate owned, net | 1,205 | 873 |
Total assets | 8,373 | 48,221 |
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 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 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 | 380 | |
Real estate owned, net | 1,205 | 873 |
Total assets | 8,373 | 48,221 |
Loans individually assessed | Fair value measurements nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 7,168 | 46,968 |
Loans individually assessed | 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 |
Loans individually assessed | 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 |
Loans individually assessed | 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 | $ 7,168 | $ 46,968 |
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) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 9,619,661 | $ 9,648,825 |
Loans held for sale | $ 31,153 | |
Measurement Input, Pull-Through Rate | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale, measurement input | 1 | |
Fair value measurements nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net | $ 1,205 | 873 |
Fair value measurements nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net | 1,205 | 873 |
Fair value measurements nonrecurring | Real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net | $ 1,205 | |
Fair value measurements nonrecurring | Estimated cost to sell | Loans individually assessed | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.100 | |
Fair value measurements nonrecurring | 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 | |
Fair value measurements nonrecurring | Discount rate | Loans individually assessed | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.0546 | |
Fair value measurements nonrecurring | Discount rate | Loans individually assessed | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.1326 | |
Fair value measurements nonrecurring | Discount rate | Loans individually assessed | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.0686 | |
Loans individually assessed | Fair value measurements nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 7,168 | 46,968 |
Loans individually assessed | Fair value measurements nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 7,168 | $ 46,968 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 784,447 | $ 726,954 |
Asset derivatives, fair value | 32,753 | 33,309 |
Liability derivatives, notional amount | 784,803 | 755,256 |
Liability derivatives, fair value | 31,046 | 31,758 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 691,991 | 644,997 |
Asset derivatives, fair value | 31,018 | 31,254 |
Liability derivatives, notional amount | 691,991 | 644,997 |
Liability derivatives, fair value | 31,028 | 31,357 |
Foreign exchange swaps | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 675 | 0 |
Asset derivatives, fair value | 2 | 0 |
Liability derivatives, notional amount | 0 | 17,124 |
Liability derivatives, fair value | 0 | 341 |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 72,160 | 67,473 |
Asset derivatives, fair value | 1,520 | 1,684 |
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives, fair value | 0 | 0 |
Forward commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 19,621 | 14,484 |
Asset derivatives, fair value | 213 | 371 |
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 | 92,812 | 93,135 |
Liability derivatives, fair value | $ 18 | $ 60 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Increase/(decrease) in other income | ||||
Non-hedging swap derivatives: | ||||
Increase/(decrease) in other income | $ 53 | $ (26) | $ 114 | $ 498 |
(Decrease)/increase in mortgage banking income | ||||
Non-hedging swap derivatives: | ||||
Increase/(decrease) in other income | $ (96) | $ 1,510 | $ 322 | $ 3,570 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | $ 1,523,512,000 | $ 1,540,994,000 | $ 1,583,571,000 | $ 1,538,703,000 |
Other comprehensive loss before reclassification adjustments | (39,954,000) | 4,322,000 | (104,737,000) | (13,099,000) |
Amounts reclassified from accumulated other comprehensive income | (132,000) | 198,000 | (264,000) | 456,000 |
Net other comprehensive (loss) income | (40,086,000) | 4,520,000 | (105,001,000) | (12,643,000) |
Ending balance | 1,494,539,000 | 1,575,361,000 | 1,494,539,000 | 1,575,361,000 |
Unrealized holding losses, tax | 11,973,000 | (1,245,000) | 30,850,000 | 4,736,000 |
Reclassification adjustment for gains included in net income, tax | 0 | (43,000) | 0 | (65,000) |
Reclassification adjustment for prior period service costs included in net income, tax | (51,000) | 128,000 | (101,000) | 258,000 |
Unrealized losses on securities available-for-sale | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (77,101,000) | (653,000) | (12,317,000) | 16,843,000 |
Other comprehensive loss before reclassification adjustments | (39,954,000) | 4,322,000 | (104,737,000) | (13,099,000) |
Amounts reclassified from accumulated other comprehensive income | (1,000) | (136,000) | (2,000) | (211,000) |
Net other comprehensive (loss) income | (39,955,000) | 4,186,000 | (104,739,000) | (13,310,000) |
Ending balance | (117,056,000) | 3,533,000 | (117,056,000) | 3,533,000 |
Change in defined benefit pension plans | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (25,443,000) | (50,059,000) | (25,312,000) | (50,392,000) |
Other comprehensive loss before reclassification adjustments | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | (131,000) | 334,000 | (262,000) | 667,000 |
Net other comprehensive (loss) income | (131,000) | 334,000 | (262,000) | 667,000 |
Ending balance | (25,574,000) | (49,725,000) | (25,574,000) | (49,725,000) |
Total | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (102,544,000) | (50,712,000) | (37,629,000) | (33,549,000) |
Net other comprehensive (loss) income | (40,086,000) | 4,520,000 | (105,001,000) | (12,643,000) |
Ending balance | $ (142,630,000) | $ (46,192,000) | $ (142,630,000) | $ (46,192,000) |