Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-12508 | |
Entity Registrant Name | S&T BANCORP INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1434426 | |
Entity Address, Address Line One | 800 Philadelphia Street | |
Entity Address, City or Town | Indiana | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15701 | |
City Area Code | 800 | |
Local Phone Number | 325-2265 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | STBA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,311,317 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $751,378 and $857,192 at March 31, 2022 and December 31, 2021 | $ 823,757 | $ 922,215 |
Securities, at fair value | 1,028,218 | 910,793 |
Loans held for sale | 1,346 | 1,522 |
Portfolio loans, net of unearned income | 6,963,911 | 6,999,990 |
Allowance for credit losses | (99,915) | (98,576) |
Portfolio loans, net | 6,863,996 | 6,901,414 |
Bank owned life insurance | 84,093 | 83,685 |
Premises and equipment, net | 51,671 | 52,632 |
Federal Home Loan Bank and other restricted stock, at cost | 9,349 | 9,519 |
Goodwill | 373,424 | 373,424 |
Other intangible assets, net | 6,497 | 6,895 |
Other assets | 189,930 | 226,430 |
Total Assets | 9,432,281 | 9,488,529 |
Deposits: | ||
Noninterest-bearing demand | 2,740,315 | 2,748,586 |
Interest-bearing demand | 1,070,656 | 979,133 |
Money market | 1,992,916 | 2,070,579 |
Savings | 1,117,985 | 1,110,155 |
Certificates of deposit | 1,038,586 | 1,088,071 |
Total Deposits | 7,960,458 | 7,996,524 |
Securities sold under repurchase agreements | 70,112 | 84,491 |
Long-term borrowings | 22,171 | 22,430 |
Junior subordinated debt securities | 54,408 | 54,393 |
Other liabilities | 140,182 | 124,237 |
Total Liabilities | 8,247,331 | 8,282,075 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at March 31, 2022 and December 31, 2021 Outstanding—39,351,688 shares at March 31, 2022 and 39,351,194 shares at December 31, 2021 | 103,623 | 103,623 |
Additional paid-in capital | 403,841 | 403,095 |
Retained earnings | 791,345 | 773,659 |
Accumulated other comprehensive loss | (47,043) | (7,090) |
Treasury stock — 2,097,756 shares at March 31, 2022 and 2,098,250 shares at December 31, 2021, at cost | (66,816) | (66,833) |
Total Shareholders’ Equity | 1,184,950 | 1,206,454 |
Total Liabilities and Shareholders’ Equity | $ 9,432,281 | $ 9,488,529 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 751,378 | $ 857,192 |
SHAREHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 41,449,444 | 41,449,444 |
Common stock, outstanding (in shares) | 39,351,688 | 39,351,194 |
Treasury stock (in shares) | 2,097,756 | 2,098,250 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 64,593 | $ 70,232 |
Investment Securities: | ||
Taxable | 4,936 | 3,563 |
Tax-exempt | 482 | 813 |
Dividends | 98 | 173 |
Total Interest and Dividend Income | 70,109 | 74,781 |
INTEREST EXPENSE | ||
Deposits | 1,853 | 3,481 |
Borrowings and junior subordinated debt securities | 523 | 641 |
Total Interest Expense | 2,376 | 4,122 |
NET INTEREST INCOME | 67,733 | 70,659 |
Provision for credit losses | (512) | 3,137 |
Net Interest Income After Provision for Credit Losses | 68,245 | 67,522 |
NONINTEREST INCOME | ||
Mortgage banking | 1,015 | 4,310 |
Other | 1,932 | 2,346 |
Total Noninterest Income | 15,226 | 17,236 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 23,712 | 23,327 |
Data processing and information technology | 4,435 | 4,225 |
Occupancy | 3,882 | 3,827 |
Furniture, equipment and software | 2,777 | 2,640 |
Other taxes | 1,537 | 1,436 |
Professional services and legal | 1,949 | 1,531 |
Marketing | 1,361 | 1,322 |
FDIC insurance | 937 | 1,046 |
Other | 6,824 | 6,226 |
Total Noninterest Expense | 47,414 | 45,580 |
Income Before Taxes | 36,057 | 39,178 |
Income tax expense | 6,914 | 7,276 |
Net Income | $ 29,143 | $ 31,902 |
Earnings per share—basic (in dollars per share) | $ 0.74 | $ 0.81 |
Earnings per share—diluted (in dollars per share) | 0.74 | 0.81 |
Dividends declared per share (in dollars per share) | $ 0.29 | $ 0.28 |
Comprehensive Income (Loss) | $ (10,810) | $ 23,992 |
Debit and credit card | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 5,063 | 4,162 |
Service charges on deposit accounts | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 3,974 | 3,474 |
Wealth management | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | $ 3,242 | $ 2,944 |
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 | Treasury Stock |
Beginning Balance at Dec. 31, 2020 | $ 1,154,711 | $ 103,623 | $ 400,668 | $ 710,061 | $ 8,971 | $ (68,612) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 31,902 | 31,902 | ||||
Other comprehensive income (loss), net of tax | (7,910) | (7,910) | ||||
Cash dividends declared | (10,975) | (10,975) | ||||
Forfeitures of restricted stock, net of issuances | (135) | 730 | (865) | |||
Recognition of restricted stock compensation expense | 685 | 685 | ||||
Ending Balance at Mar. 31, 2021 | 1,168,278 | 103,623 | 401,353 | 731,718 | 1,061 | (69,477) |
Beginning Balance at Dec. 31, 2021 | 1,206,454 | 103,623 | 403,095 | 773,659 | (7,090) | (66,833) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 29,143 | 29,143 | ||||
Other comprehensive income (loss), net of tax | (39,953) | (39,953) | ||||
Cash dividends declared | (11,384) | (11,384) | ||||
Treasury stock issued for restricted stock awards, net of forfeitures | (56) | (73) | 17 | |||
Recognition of restricted stock compensation expense | 746 | 746 | ||||
Ending Balance at Mar. 31, 2022 | $ 1,184,950 | $ 103,623 | $ 403,841 | $ 791,345 | $ (47,043) | $ (66,816) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in dollars per share) | $ 0.29 | $ 0.28 |
Restricted stock awards, net of forfeitures (in shares) | 4,250 | 30,840 |
Forfeitures of restricted stock (in shares) | 3,756 | 1,192 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net Cash Provided by Operating Activities | $ 86,596 | $ 90,000 |
INVESTING ACTIVITIES | ||
Purchases of securities | (211,265) | (89,038) |
Proceeds from maturities, prepayments and calls of securities | 44,025 | 34,715 |
Proceeds from redemption of FHLB stock | 5,818 | 3,988 |
Purchases of FHLB stock | (5,648) | (3,157) |
Net decrease in loans | 38,449 | 33,937 |
Proceeds from sale of portfolio loans | 0 | 640 |
Proceeds from sale of other real estate owned | 6,285 | 145 |
Purchases of premises and equipment | (660) | (811) |
Proceeds from the sale of premises and equipment | 56 | 74 |
Net Cash Used in Investing Activities | (122,940) | (19,507) |
FINANCING ACTIVITIES | ||
Net increase in core deposits | 13,419 | 522,528 |
Net decrease in certificates of deposit | (49,465) | (67,003) |
Net (decrease) increase in securities sold under repurchase agreements | (14,379) | 2,254 |
Net decrease in short-term borrowings | 0 | (75,000) |
Repayments on long-term borrowings | (259) | (399) |
Treasury shares issued-net | (56) | (135) |
Cash dividends paid to common shareholders | (11,374) | (10,975) |
Net Cash (Used in) Provided by Financing Activities | (62,114) | 371,270 |
Net (decrease) increase in cash and cash equivalents | (98,458) | 441,763 |
Cash and cash equivalents at beginning of period | 922,215 | 229,666 |
Cash and Cash Equivalents at End of Period | 823,757 | 671,429 |
Supplemental Disclosures | ||
Loans transferred to held for sale | 0 | 2,798 |
Cash paid for interest | 2,507 | 5,368 |
Cash paid for income taxes, net of refunds | 75 | 197 |
Transfers of loans to other real estate owned | $ 0 | $ 77 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission, or SEC, on February 28, 2022. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. Reclassification A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Accounting Policy for Derivative Instruments and Hedging Activities During the three months ended March 31, 2022, we entered into four interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing variable rate assets. We have updated our accounting policy for derivative instruments and hedging activities to include hedge accounting. All derivatives are evaluated at inception to determine whether it is a hedging or non-hedging activity. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in Accumulated Other Comprehensive Income (Loss), or AOCI, and recognized in earnings as the hedged transaction affects earnings. Refer to our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 28, 2022, for our complete Accounting Policy for Derivative Instruments and Hedging Activities. Recently Adopted Accounting Standards Updates, or ASU or Updated Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Addendum (Topic 848) which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022. We are utilizing the LIBOR transition relief as contract modifications are made during the course of the reference rate reform transition period. ASU 2020-04 and ASU 2021-01 did not have a material impact on our consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Accounting Policy for Troubled Debt Restructurings and Vintage Disclosure In March 2022, the FASB issued ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification. The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. Once applying ASC 326, the required accounting and disclosures for a loan modified in a TDR no longer provide decision-useful information. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses. ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-205 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. We are evaluating the impact of this ASU, but do not expect it to have a material impact on our consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine earnings per share. The two-class method was used to determine earnings per share for the three months ended March 31, 2022 and 2021. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented: Three Months Ended March 31, (in thousands, except share and per share data) 2022 2021 Numerator for Earnings per Share—Basic and Diluted: Net income $ 29,143 $ 31,902 Less: Income allocated to participating shares 109 141 Net Income Allocated to Shareholders $ 29,034 $ 31,761 Denominator for Earnings per Share - Basic and Diluted: Weighted Average Shares Outstanding—Basic 39,073,754 39,021,208 Add: Average participating shares outstanding 16,179 — Denominator for Two-Class Method—Diluted 39,089,933 39,021,208 Earnings per share—basic $ 0.74 $ 0.81 Earnings per share—diluted $ 0.74 $ 0.81 Restricted stock considered anti-dilutive excluded from potentially dilutive shares — 165 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. There have been no changes in our valuation methodologies during the three months ended March 31, 2022. Refer to Note 1 of our Annual Report on Form 10-K for the year ended December 31, 2021 for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented: March 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 129,994 $ — $ — $ 129,994 Obligations of U.S. government corporations and agencies — 58,493 — 58,493 Collateralized mortgage obligations of U.S. government corporations and agencies — 385,602 — 385,602 Residential mortgage-backed securities of U.S. government corporations and agencies — 50,446 — 50,446 Commercial mortgage-backed securities of U.S. government corporations and agencies — 330,811 — 330,811 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 71,234 — 71,234 Total Available-for-sale Debt Securities 129,994 897,086 — 1,027,080 Marketable equity securities 1,060 78 — 1,138 Total Securities 131,054 897,164 — 1,028,218 Securities held in a deferred compensation plan 8,888 — — 8,888 Derivative financial assets: Interest rate swaps - commercial loans — 29,056 — 29,056 Interest rate lock commitments — — 185 185 Forward sale contracts - mortgage loans — — 192 192 Interest rate swaps - cash flow hedge — 135 — 135 Total Assets $ 139,942 $ 926,355 $ 377 $ 1,066,674 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 29,092 $ — $ 29,092 Interest rate swaps - cash flow hedge — 2,600 — 2,600 Total Liabilities $ — $ 31,692 $ — $ 31,692 December 31, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 95,327 $ — $ — $ 95,327 Obligations of U.S. government corporations and agencies — 70,348 — 70,348 Collateralized mortgage obligations of U.S. government corporations and agencies — 270,294 — 270,294 Residential mortgage-backed securities of U.S. government corporations and agencies — 56,793 — 56,793 Commercial mortgage-backed securities of U.S. government corporations and agencies — 341,300 — 341,300 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 75,089 — 75,089 Total Available-for-sale Debt Securities 95,327 814,324 — 909,651 Marketable equity securities 1,061 81 — 1,142 Total Securities 96,388 814,405 — 910,793 Securities held in a deferred compensation plan 10,230 — — 10,230 Derivative financial assets: Interest rate swaps - commercial loans — 33,528 — 33,528 Interest rate lock commitments — — 401 401 Forward sale contracts - mortgage loans — — 4 4 Interest rate swaps - cash flow hedge — — — — Total Assets $ 106,618 $ 847,933 $ 405 $ 954,956 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 33,631 $ — $ 33,631 Total Liabilities $ — $ 33,631 $ — $ 33,631 Assets Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either March 31, 2022 or December 31, 2021. For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2022 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (dollars in thousands) Loans individually evaluated $ 5,919 Collateral method Appraisal adjustment 0% - 10.00% 0.96% Total Assets $ 5,919 (1) Weighted averages for loans individually evaluated were weighted by loan amounts. December 31, 2021 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (dollars in thousands) Loans individually evaluated $ 7,268 Collateral method Appraisal adjustment 0% - 20% 4.48% Other real estate owned 1,011 Collateral method Appraisal adjustment 2.53% 2.53% Total Assets $ 8,279 (1) Weighted averages for loans individually evaluated were weighted by loan amounts. (2 ) Weighted averages for other real estate owned were weighted by OREO balances. The following tables present the carrying values and fair values of our financial instruments at the dates presented: Carrying Value (1) Fair Value Measurements at March 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 823,757 $ 823,757 $ 823,757 $ — $ — Securities 1,028,218 1,028,218 131,054 897,164 — Loans held for sale 1,346 1,346 — — 1,346 Portfolio loans, net 6,863,996 6,671,212 — — 6,671,212 Collateral receivable — — — — — Securities held in a deferred compensation plan 8,888 8,888 8,888 — — Mortgage servicing rights 7,789 9,791 — — 9,791 Interest rate swaps - commercial loans 29,056 29,056 — 29,056 — Interest rate swaps - cash flow hedge 135 135 — 135 — Interest rate lock commitments 185 185 — — 185 Forward sale contracts 192 192 — — 192 LIABILITIES Deposits $ 7,960,458 $ 7,947,434 $ 6,921,872 $ 1,025,562 $ — Collateral payable 23,501 23,501 23,501 — — Securities sold under repurchase agreements 70,112 70,112 70,112 — — Long-term borrowings 22,172 21,954 4,249 17,705 — Junior subordinated debt securities 54,408 54,408 54,408 — — Interest rate swaps - commercial loans 29,092 29,092 — 29,092 — Interest rate swaps - cash flow hedge 2,600 2,600 — 2,600 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 922,215 $ 922,215 $ 922,215 $ — $ — Securities 910,793 910,793 96,388 814,405 — Loans held for sale 1,522 1,522 — — 1,522 Portfolio loans, net 6,901,414 6,815,468 — — 6,815,468 Collateral receivable 37,363 37,363 37,363 — — Securities held in a deferred compensation plan 10,230 10,230 10,230 — — Mortgage servicing rights 7,677 7,677 — — 7,677 Interest rate swaps 33,528 33,528 — 33,528 — Interest rate lock commitments 401 401 — — 401 Forward sale contracts 4 4 — — 4 LIABILITIES Deposits $ 7,996,524 $ 7,992,942 $ 6,908,453 $ 1,084,489 $ — Securities sold under repurchase agreements 84,491 84,491 84,491 — — Short-term borrowings — — — — — Long-term borrowings 22,430 22,678 4,300 18,378 — Junior subordinated debt securities 54,393 54,393 54,393 — — Interest rate swaps - commercial loans 33,631 33,631 — 33,631 — (1) As reported in the Consolidated Balance Sheets |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2022 December 31, 2021 Available-for-sale debt securities $ 1,027,080 $ 909,651 Marketable equity securities 1,138 1,142 Total Securities $ 1,028,218 $ 910,793 Available-for-Sale Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: March 31, 2022 December 31, 2021 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 136,695 $ 41 $ (6,742) $ 129,994 $ 95,954 $ 115 $ (742) $ 95,327 Obligations of U.S. government corporations and agencies 58,570 179 (256) 58,493 68,599 1,749 — 70,348 Collateralized mortgage obligations of U.S. government corporations and agencies 404,626 179 (19,203) 385,602 270,696 2,408 (2,810) 270,294 Residential mortgage-backed securities of U.S. government corporations and agencies 54,444 52 (4,050) 50,446 57,029 392 (628) 56,793 Commercial mortgage-backed securities of U.S. government corporations and agencies 340,886 169 (10,244) 330,811 336,918 5,969 (1,587) 341,300 Corporate obligations 500 — — 500 500 — — 500 Obligations of states and political subdivisions 70,206 1,028 — 71,234 70,539 4,550 — 75,089 Total Available-for-Sale Debt Securities (1) $ 1,065,927 $ 1,648 $ (40,495) $ 1,027,080 $ 900,235 $ 15,183 $ (5,767) $ 909,651 (1) Excludes interest receivable of $3.5 million at March 31, 2022 and $3.3 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets. The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: March 31, 2022 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 12 $ 119,959 $ (6,742) — $ — $ — 12 $ 119,959 $ (6,742) Obligations of U.S. government corporations and agencies 2 15,296 (256) — — — 2 15,296 (256) Collateralized mortgage obligations of U.S. government corporations and agencies 39 309,426 (15,367) 4 36,986 (3,836) 43 346,412 (19,203) Residential mortgage-backed securities of U.S. government corporations and agencies 9 8,171 (269) 2 39,357 (3,781) 11 47,528 (4,050) Commercial mortgage-backed securities of U.S. government corporations and agencies 29 274,993 (10,244) — — — 29 274,993 (10,244) Corporate bonds — — — — — — — — — Obligations of states and political subdivisions — — — — — — — — — Total 91 $ 727,845 $ (32,878) 6 $ 76,343 $ (7,617) 97 $ 804,188 $ (40,495) December 31, 2021 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 8 $ 85,221 $ (742) — $ — $ — 8 $ 85,221 $ (742) Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies 12 141,204 (2,436) 1 8,933 (374) 13 150,137 (2,810) Residential mortgage-backed securities of U.S. government corporations and agencies 3 46,042 (628) — — — 3 46,042 (628) Commercial mortgage-backed securities of U.S. government corporations and agencies 7 100,032 (1,587) — — — 7 100,032 (1,587) Corporate bonds — — — — — — — — — Obligations of states and political subdivisions — — — — — — — — — Total 30 $ 372,499 $ (5,393) 1 $ 8,933 $ (374) 31 $ 381,432 $ (5,767) We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit losses or other factors. There were 97 debt securities in an unrealized loss position at March 31, 2022 and 31 at December 31, 2021. We do not intend to sell and it is more likely than not that we will not be required to sell the securities in an unrealized loss position before recovery of their amortized cost. The unrealized losses on the debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive (loss)/income, for the periods presented: March 31, 2022 December 31, 2021 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains Total unrealized gains (losses) on available-for-sale debt securities $ 1,648 $ (40,495) $ (38,847) $ 15,183 $ (5,767) $ 9,416 Income tax (expense) benefit (354) 8,698 8,344 (3,215) 1,221 (1,994) Net Unrealized (Losses) Gains, Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 1,294 $ (31,797) $ (30,503) $ 11,968 $ (4,546) $ 7,422 The amortized cost and fair value of available-for-sale debt securities at March 31, 2022 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2022 (dollars in thousands) Amortized Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 35,616 $ 35,824 Due after one year through five years 102,542 101,364 Due after five years through ten years 106,550 101,506 Due after ten years 20,763 21,027 Available-for-Sale Debt Securities With Fixed Maturities 265,471 259,721 Debt Securities without a single maturity date Collateralized mortgage obligations of U.S. government corporations and agencies 404,626 385,602 Residential mortgage-backed securities of U.S. government corporations and agencies 54,444 50,446 Commercial mortgage-backed securities of U.S. government corporations and agencies 340,886 330,811 Corporate Securities 500 500 Total Available-for-Sale Debt Securities $ 1,065,927 $ 1,027,080 Debt securities with carrying values of $441.8 million at March 31, 2022 and $466.9 million at December 31, 2021 were pledged for various regulatory and legal requirements. Marketable Equity Securities The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended March 31, (dollars in thousands) 2022 2021 Marketable Equity Securities Net market (losses) gains recognized $ (5) $ 116 Less: Net gains recognized for equity securities sold — — Unrealized (Losses) Gains on Equity Securities Still Held $ (5) $ 116 Total unrealized gains and losses on marketable equity securities recognized during the current period are included in other noninterest income on the Condensed Consolidated Statements of Comprehensive Income (Loss). |
Loans and Loans Held for Sale
Loans and Loans Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
LOANS AND LOANS HELD FOR SALE | LOANS AND LOANS HELD FOR SALE Loans are presented net of unearned income of $10.1 million at March 31, 2022 and $14.1 million at December 31, 2021 and net of a discount related to purchase accounting fair value adjustments of $5.7 million at March 31, 2022 and $6.7 million at December 31, 2021. The following table presents loans as of the dates presented: (dollars in thousands) March 31, 2022 December 31, 2021 Commercial Commercial real estate $ 3,257,955 $ 3,236,653 Commercial and industrial 1,675,316 1,728,969 Commercial construction 398,592 440,962 Total Commercial Loans 5,331,863 5,406,584 Consumer Consumer real estate 1,519,751 1,485,478 Other consumer 112,297 107,928 Total Consumer Loans 1,632,048 1,593,406 Total Portfolio Loans 6,963,911 6,999,990 Loans held for sale 1,346 1,522 Total Loans (1) $ 6,965,257 $ 7,001,512 (1) Excludes interest receivable of $18.7 million at both March 31, 2022 and December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets. Commercial and industrial loans, or C&I, included $41.9 million of loans originated under the Paycheck Protection Program, or PPP, at March 31, 2022 compared to $88.3 million at December 31, 2021. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security, or CARES Act was signed into law. The CARES Act included the PPP, a program designed to aid small and medium sized businesses through federally guaranteed loans distributed through banks. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted expenses in accordance with the requirements of the PPP. The loans are 100 percent guaranteed by the Small Business Administration, or SBA. Our business banking segment was $1.1 billion at March 31, 2022 and December 31, 2021. Business banking consists of commercial loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. Business banking consisted of $552.2 million of commercial real estate loans, $216.7 million of C&I loans of which $20.6 million are PPP loans, $15.4 million of commercial construction loans and $357.0 million of consumer real estate loans at March 31, 2022. At December 31, 2021 business banking consisted of $546.1 million of commercial real estate loans, $215.4 million of C&I loans of which $39.7 million are PPP loans, $16.2 million of commercial construction loans and $357.9 million of consumer real estate loans. We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we mitigate this risk by reviewing the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments to determine if additional ACL is needed. Total commercial loans represented 76.6 percent of total portfolio loans at March 31, 2022 compared to 77.2 percent at December 31, 2021. Within our commercial portfolio, the CRE and commercial construction portfolios combined comprised $3.7 billion, or 68.6 percent, of total commercial loans and 52.5 percent of total portfolio loans at March 31, 2022 and $3.7 billion, or 68.0 percent, of total commercial loans and 52.5 percent of total portfolio loans at December 31, 2021. We lend primarily in Pennsylvania and the contiguous states of Ohio, New York, West Virginia and Maryland. The majority of our commercial and consumer loans are made to businesses and individuals in this geography, resulting in a concentration. We believe our knowledge and familiarity with customers and conditions locally outweighs this geographic concentration risk. The conditions of the local and regional economies are monitored closely through publicly available data and information supplied by our customers. We also use subscription services for additional geographic and industry specific information. Our CRE and commercial construction portfolios have exposure outside of this geography of 6.1 percent of the combined portfolios and 3.2 percent of total portfolio loans at March 31, 2022. This compares to 5.7 percent of the combined portfolios and 3.0 percent of total portfolio loans at December 31, 2021. We individually evaluate all substandard and nonaccrual commercial loans that have experienced a forbearance or change in terms agreement, and all substandard consumer and residential mortgage loans that entered into an agreement to modify their existing loan, to determine if they should be designated as troubled debt restructurings, or TDRs. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. The following tables summarize TDRs as of the dates presented: March 31, 2022 December 31, 2021 (dollars in thousands) Performing Nonperforming Total Performing Nonperforming Total Commercial real estate $ — $ 969 $ 969 $ — $ 1,697 $ 1,697 Commercial and industrial 721 10,225 10,946 748 14,889 15,637 Commercial construction 2,167 480 2,647 2,190 2,087 4,277 Business banking 987 1,586 2,573 858 1,696 2,554 Consumer real estate 6,861 2,129 8,990 6,122 1,405 7,527 Other consumer 3 — 3 3 — 3 Total $ 10,739 $ 15,389 $ 26,128 $ 9,921 $ 21,774 $ 31,695 There were no TDR's that returned to accruing status during the three months ended March 31, 2022 and March 31, 2021. The following tables present the TDRs by portfolio segment and by type of concession for the periods presented: Three Months Ended March 31, 2022 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 7 766 — 1,112 — — 1,878 1,928 Other consumer — — — — — — — — Total 7 $ 766 $ — $ 1,112 $ — $ — $ 1,878 $ 1,928 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. Three Months Ended March 31, 2021 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial 2 — — 821 — 5,475 6,296 6,304 Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 11 340 80 — — 148 568 609 Other consumer 1 1 — — — — 1 1 Total 14 $ 341 $ 80 $ 821 $ — $ 5,623 $ 6,865 $ 6,914 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. As of March 31, 2022, we had 12 commitments to lend an additional $0.8 million on TDRs compared to 20 commitments to lend an additional $0.8 million as of March 31, 2021. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place. There were no TDRs that defaulted during the three months ended March 31, 2022 and March 31, 2021. The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2022 December 31, 2021 Nonperforming Assets Nonaccrual loans $ 37,135 $ 44,517 Nonaccrual TDRs 15,389 21,774 Total Nonaccrual Loans 52,524 66,291 OREO 7,028 13,313 Total Nonperforming Assets $ 59,552 $ 79,604 |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE —Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I —Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction —Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking —Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate —Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credits cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass —The loan is currently performing and is of high quality. Special Mention —A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard —A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful —Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: March 31, 2022 Risk Rating (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 92,158 $ 367,329 $ 333,477 $ 423,653 $ 308,371 $ 878,459 $ 34,981 $ — $ 2,438,428 Special mention — — 304 25,293 2,634 100,061 — — 128,292 Substandard — — 1,343 13,865 17,707 104,659 1,500 — 139,074 Doubtful — — — — — 5 — — 5 Total commercial real estate 92,158 367,329 335,124 462,811 328,712 1,083,184 36,481 — 2,705,799 Commercial and industrial Pass 42,350 369,064 106,684 94,211 75,757 157,096 569,064 — 1,414,226 Special mention — 44 816 4,012 2,366 1,137 9,862 — 18,237 Substandard — — — 10,654 1,288 4,072 5,523 — 21,537 Doubtful — — — 4,506 — — — — 4,506 Total commercial and industrial 42,350 369,108 107,500 113,383 79,411 162,305 584,449 — 1,458,506 Commercial construction Pass 24,551 161,638 70,185 73,539 4,984 4,281 31,026 — 370,204 Special mention — — — 3,578 — 4,423 — — 8,001 Substandard — — 2,157 480 4 2,391 — — 5,032 Doubtful — — — — — — — — — Total commercial construction 24,551 161,638 72,342 77,597 4,988 11,095 31,026 — 383,237 Business banking Pass 66,205 255,051 104,999 129,574 100,316 336,209 109,505 505 1,102,364 Special mention — 98 193 2,926 2,853 5,959 161 110 12,300 Substandard — 2 103 2,648 3,150 19,129 927 613 26,572 Doubtful — — — — — — — — — Total business banking 66,205 255,151 105,295 135,148 106,319 361,297 110,593 1,228 1,141,236 Consumer real estate Pass 56,244 141,404 96,932 84,920 35,181 223,298 482,845 23,510 1,144,334 Special mention — — — — — 923 — — 923 Substandard 40 82 139 286 1,735 11,402 1,004 2,912 17,600 Doubtful — — — — — — — — — Total consumer real estate 56,284 141,486 97,071 85,206 36,916 235,623 483,849 26,422 1,162,857 Other consumer Pass 6,035 15,522 8,176 5,931 2,448 1,349 71,494 1,273 112,228 Special mention — — — — — — — — — Substandard — — — 17 4 2 — 25 48 Doubtful — — — — — — — — — Total other consumer 6,035 15,522 8,176 5,948 2,452 1,351 71,494 1,298 112,276 Pass 287,543 1,310,008 720,453 811,828 527,057 1,600,692 1,298,915 25,288 6,581,784 Special mention — 142 1,313 35,809 7,853 112,503 10,023 110 167,753 Substandard 40 84 3,742 27,950 23,888 141,655 8,954 3,550 209,863 Doubtful — — — 4,506 — 5 — — 4,511 Total $ 287,583 $ 1,310,234 $ 725,508 $ 880,093 $ 558,798 $ 1,854,855 $ 1,317,892 $ 28,948 $ 6,963,911 December 31, 2021 Risk Rating (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 385,347 $ 316,003 $ 412,191 $ 314,303 $ 213,019 $ 698,992 $ 35,448 $ — $ 2,375,303 Special mention — — 37,786 6,401 40,445 75,938 — — 160,570 Substandard — 1,356 18,743 14,039 12,555 106,461 1,500 — 154,654 Doubtful — — — — — — — — — Total commercial real estate 385,347 317,359 468,720 334,743 266,019 881,391 36,948 — 2,690,528 Commercial and industrial Pass 437,483 126,371 115,359 83,030 37,176 132,182 536,554 — 1,468,155 Special mention 46 — 3,060 2,546 72 832 8,887 — 15,443 Substandard — — 14,221 1,336 4,174 3,456 4,961 — 28,148 Doubtful — — 1,777 — — — — — 1,777 Total commercial and industrial 437,529 126,371 134,417 86,912 41,422 136,470 550,402 — 1,513,523 Commercial construction Pass 142,321 108,405 111,512 16,838 989 3,539 30,036 — 413,640 Special mention — — — — — 4,458 — — 4,458 Substandard — 2,157 2,020 — — 2,480 — — 6,657 Doubtful — — — — — — — — — Total commercial construction 142,321 110,562 113,532 16,838 989 10,477 30,036 — 424,755 Business banking Pass 257,264 107,791 141,411 110,586 79,187 293,215 107,093 443 1,096,990 Special mention 104 151 1,986 1,365 1,057 5,929 160 111 10,863 Substandard 41 106 1,579 3,277 1,645 19,591 977 625 27,841 Doubtful — — — — — — — — — Total business banking 257,409 108,048 144,976 115,228 81,889 318,735 108,230 1,179 1,135,693 Consumer real estate Pass 137,465 100,995 91,981 48,531 39,029 231,861 442,530 23,391 1,115,783 Special mention — — — — — 937 — — 937 Substandard — — 184 1,625 1,355 5,664 876 1,161 10,865 Doubtful — — — — — — — — — Total consumer real estate 137,465 100,995 92,165 50,156 40,384 238,462 443,406 24,552 1,127,585 Other consumer Pass 19,976 9,396 7,120 2,878 613 2,037 57,702 1,130 100,852 Special mention — — — — — — — — — Substandard 83 52 141 215 408 4,407 201 1,547 7,054 Doubtful — — — — — — — — — Total other consumer 20,059 9,448 7,261 3,093 1,021 6,444 57,903 2,677 107,906 Pass 1,379,856 768,961 879,574 576,166 370,013 1,361,826 1,209,363 24,964 6,570,723 Special Mention 150 151 42,832 10,312 41,574 88,094 9,047 111 192,271 Substandard 124 3,671 36,888 20,492 20,137 142,059 8,515 3,333 235,219 Doubtful — — 1,777 — — — — — 1,777 Total $ 1,380,130 $ 772,783 $ 961,071 $ 606,970 $ 431,724 $ 1,591,979 $ 1,226,925 $ 28,408 $ 6,999,990 We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonperforming when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonperforming loans. The following tables present loan balances by year of origination and performing and nonperforming status for our portfolio segments as of the dates presented: March 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 92,158 $ 367,329 $ 335,124 $ 460,353 $ 326,451 $ 1,062,113 $ 36,481 $ — $ 2,680,009 Nonperforming — — — 2,458 2,261 21,071 — — 25,790 Total commercial real estate 92,158 367,329 335,124 462,811 328,712 1,083,184 36,481 — 2,705,799 Commercial and industrial Performing 42,350 369,108 107,500 104,858 79,353 162,248 582,519 — 1,447,936 Nonperforming — — — 8,525 58 57 1,930 — 10,570 Total commercial and industrial 42,350 369,108 107,500 113,383 79,411 162,305 584,449 — 1,458,506 Commercial construction Performing 24,551 161,638 72,342 77,117 4,988 10,711 31,026 — 382,373 Nonperforming — — — 480 — 384 — — 864 Total commercial construction 24,551 161,638 72,342 77,597 4,988 11,095 31,026 — 383,237 Business banking Performing 66,205 255,149 105,295 134,873 104,917 355,063 110,565 1,172 1,133,239 Nonperforming — 2 — 275 1,402 6,234 28 56 7,997 Total business banking 66,205 255,151 105,295 135,148 106,319 361,297 110,593 1,228 1,141,236 Consumer real estate Performing 56,284 141,486 96,167 84,952 36,674 230,971 483,658 25,487 1,155,679 Nonperforming — — 904 254 242 4,652 191 935 7,178 Total consumer real estate 56,284 141,486 97,071 85,206 36,916 235,623 483,849 26,422 1,162,857 Other consumer Performing 6,035 15,522 8,051 5,948 2,452 1,351 71,494 1,298 112,151 Nonperforming — — 125 — — — — — 125 Total other consumer 6,035 15,522 8,176 5,948 2,452 1,351 71,494 1,298 112,276 Performing 287,583 1,310,232 724,479 868,101 554,835 1,822,457 1,315,743 27,957 6,911,387 Nonperforming — 2 1,029 11,992 3,963 32,398 2,149 991 52,524 Total $ 287,583 $ 1,310,234 $ 725,508 $ 880,093 $ 558,798 $ 1,854,855 $ 1,317,892 $ 28,948 $ 6,963,911 December 31, 2021 (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 385,347 $ 317,359 $ 461,613 $ 332,482 $ 259,723 $ 865,567 $ 36,948 $ — $ 2,659,039 Nonperforming — 7,107 2,261 6,296 15,824 — — 31,488 Total commercial real estate 385,347 317,359 468,720 334,743 266,019 881,391 36,948 — 2,690,528 Commercial and industrial Performing 437,529 126,371 123,944 86,852 38,540 136,427 548,622 — 1,498,285 Nonperforming — — 10,473 60 2,882 43 1,780 — 15,239 Total commercial and industrial 437,529 126,371 134,417 86,912 41,422 136,470 550,402 — 1,513,523 Commercial construction Performing 142,321 110,562 111,445 16,838 989 10,093 30,036 — 422,284 Nonperforming — — 2,087 — — 384 — — 2,471 Total commercial construction 142,321 110,562 113,532 16,838 989 10,477 30,036 — 424,755 Business banking Performing 257,368 107,984 144,689 113,820 81,195 311,673 108,202 1,122 1,126,052 Nonperforming 41 64 287 1,408 694 7,062 28 57 9,641 Total business banking 257,409 108,048 144,976 115,228 81,889 318,735 108,230 1,179 1,135,693 Consumer real estate Performing 137,465 100,253 91,689 49,853 39,657 234,297 443,238 23,839 1,120,291 Nonperforming — 742 476 303 727 4,165 168 713 7,294 Total consumer real estate 137,465 100,995 92,165 50,156 40,384 238,462 443,406 24,552 1,127,585 Other consumer Performing 20,059 9,290 7,261 3,093 1,021 6,444 57,903 2,677 107,748 Nonperforming — 158 — — — — — — 158 Total other consumer 20,059 9,448 7,261 3,093 1,021 6,444 57,903 2,677 107,906 Performing 1,380,089 771,819 940,641 602,938 421,125 1,564,501 1,224,949 27,638 6,933,699 Nonperforming 41 964 20,430 4,032 10,599 27,478 1,976 770 66,291 Total $ 1,380,130 $ 772,783 $ 961,071 $ 606,970 $ 431,724 $ 1,591,979 $ 1,226,925 $ 28,408 $ 6,999,990 The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: March 31, 2022 (dollars in thousands) Current 30-59 Days 60-89 Days Past Due 90+ Days Still Accruing (2) Non - performing Total Past Total Loans Commercial real estate $ 2,680,009 $ — $ — $ — $ 25,790 $ 25,790 $ 2,705,799 Commercial and industrial 1,447,404 3 — 529 10,570 11,102 1,458,506 Commercial construction 382,373 — — — 864 864 383,237 Business banking 1,130,830 1,409 413 587 7,997 10,406 1,141,236 Consumer real estate 1,152,858 2,693 128 — 7,178 9,999 1,162,857 Other consumer 111,765 176 210 — 125 511 112,276 Total (1) $ 6,905,239 $ 4,281 $ 751 $ 1,116 $ 52,524 $ 58,672 $ 6,963,911 (1) We had three loans that were modified totaling $12.5 million under the CARES Act at March 31, 2022. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modifications, this delinquency table may not accurately reflect the credit risk associated with these loans. (2) We had five loans that were originated under the PPP program totaling $1.1 million at March 31, 2022 that were 90 days or greater past due. These loans were in process of forgiveness and were not considered as nonperforming loans due to the terms of the SBA guarantee. December 31, 2021 (dollars in thousands) Current 30-59 Days 60-89 Days Past Due 90+ Days Still Accruing Non - performing Total Past Total Loans Commercial real estate $ 2,659,040 $ — $ — $ — $ 31,488 $ 31,488 $ 2,690,528 Commercial and industrial 1,497,755 529 — — 15,239 15,768 1,513,523 Commercial construction 421,834 450 — — 2,471 2,921 424,755 Business banking 1,124,748 813 491 — 9,641 10,945 1,135,693 Consumer real estate 1,117,074 1,087 2,130 — 7,294 10,511 1,127,585 Other consumer 107,492 206 50 — 158 414 107,906 Total (1) $ 6,927,943 $ 3,085 $ 2,671 $ — $ 66,291 $ 72,047 $ 6,999,990 (1) We had eight loans that were modified totaling $28.8 million under the CARES Act at December 31, 2021. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. The following tables present loans on nonaccrual status by class of loan for the periods presented: For the Three Months Ended March 31, 2022 March 31, 2022 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing (2) Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 31,488 $ 25,790 $ 21,058 $ — $ 32 Commercial and industrial 15,239 10,570 1,700 529 32 Commercial construction 2,471 864 480 — — Business banking 9,641 7,997 1,586 587 48 Consumer real estate 7,294 7,178 — — 61 Other consumer 158 125 — — — Total $ 66,291 $ 52,524 $ 24,824 $ 1,116 $ 173 (1) Represents only cash payments received and applied to interest on nonaccrual loans. (2) We had five loans that were originated under the PPP program totaling $1.1 million at March 31, 2022 that were 90 days or greater past due. These loans were in process of forgiveness and were not considered as nonperforming loans due to the terms of the SBA guarantee. For the Twelve Months Ended December 31, 2021 December 31, 2021 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 101,070 $ 31,488 $ 28,046 $ — $ 158 Commercial and industrial 16,985 15,239 5,707 — 74 Commercial construction 384 2,471 2,020 — (28) Business banking 17,122 9,641 1,696 — 427 Consumer real estate 11,117 7,294 — — 496 Other consumer 96 158 — — 1 Total $ 146,774 $ 66,291 $ 37,469 $ — $ 1,128 (1) Represents only cash payments received and applied to interest on nonaccrual loans. The following tables present collateral-dependent loans by class of loan as of the dates presented: March 31, 2022 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 21,058 $ — $ — $ 571 Commercial and industrial 259 721 — 9,859 Commercial construction 2,167 — — 480 Business banking 1,028 1,537 — — Consumer real estate 965 — — — Total $ 25,477 $ 2,258 $ — $ 10,910 December 31, 2021 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 28,046 $ — $ — $ — Commercial and industrial 259 4,905 — 10,473 Commercial construction 4,210 — — — Business banking 910 1,636 — — Consumer real estate 1,031 — — — Total $ 34,456 $ 6,541 $ — $ 10,473 The following tables present activity in the ACL for the periods presented: Three Months Ended March 31, 2022 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 50,700 $ 19,727 $ 5,355 $ 11,338 $ 8,733 $ 2,723 $ 98,576 Provision for credit losses on loans (1) (1,996) (206) (27) 765 426 340 (698) Charge-offs — — — (606) (78) (298) (982) Recoveries 199 2,716 1 — 37 66 3,019 Net Recoveries/(Charge-offs) 199 2,716 1 (606) (41) (232) 2,037 Balance at End of Period $ 48,903 $ 22,237 $ 5,329 $ 11,497 $ 9,118 $ 2,831 $ 99,915 (1) Excludes the provision for credits losses for unfunded commitments Three Months Ended March 31, 2021 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 65,656 $ 16,100 $ 7,239 $ 15,917 $ 10,014 $ 2,686 $ 117,612 Provision for credit losses on loans (1) 1,996 2,728 (911) 514 (844) (182) 3,301 Charge-offs (810) (4,302) — (917) (271) (232) (6,532) Recoveries — 137 1 166 82 334 720 Net (Charge-offs)/Recoveries (810) (4,165) 1 (751) (189) 102 (5,812) Balance at End of Period $ 66,842 $ 14,663 $ 6,329 $ 15,680 $ 8,981 $ 2,606 $ 115,101 (1) Excludes the provision for credit losses for unfunded commitments |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivatives Not Designated as Hedging Instruments Interest Rate Contracts with Customers Interest rate swaps with customers are contracts in which a series of cash flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Interest rate swaps with customers are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Condensed Consolidated Statements of Comprehensive Income (Loss). Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives but are not accounted for using hedge accounting. As such, changes in estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Condensed Consolidated Statements of Comprehensive Income (Loss). Derivatives Designated as Hedging Instruments Cash Flow Hedges of Interest Rate Risk As part of our interest rate risk management strategy, we use interest rate swaps to add stability to interest income and to manage exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for making variable rate payments over the life of the agreements without exchange of the underlying notional amount. During the three months ended March 31, 2022, we entered into four interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing variable-rate assets. These contacts each have a notional value of $50.0 million and extend out over the next five years. For designated derivatives that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $0.6 million will be reclassified as an increase to interest income. The following table indicates the amounts representing the value of derivative assets and derivative liabilities for the dates presented: Derivative Assets Derivative Liabilities March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (dollars in thousands) Notional Fair Notional Amount Fair Notional Fair Notional Fair Derivatives Designated as Hedging Instruments Interest rate swap contracts - cash flow hedge $ 50,000 $ 135 $ — $ 150,000 $ 2,600 $ — Total Derivatives Designated as Hedging Instruments $ 135 $ — $ 2,600 $ — Derivatives Not Designated as Hedging Instruments Interest rate swap contracts - commercial customers $ 1,034,249 $ 29,056 $ 1,017,178 $ 33,528 $ 1,034,249 $ 29,092 $ 1,017,178 $ 33,361 Interest rate lock commitments - mortgage loans 13,901 185 12,148 401 — — — Forward sales contracts - mortgage loans 13,503 192 8,436 4 — — — Total Derivatives Not Designated as Hedging Instruments $ 29,433 $ 33,933 $ 29,092 $ 33,361 Total Derivatives $ 29,568 $ 33,933 $ 31,692 $ 33,631 The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at March 31, 2022: Derivatives (included Derivatives (included (dollars in thousands) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Gross amounts recognized $ 34,957 $ 37,289 $ 37,402 $ 37,392 Gross amounts offset (5,766) (3,761) (5,710) (3,761) Net amounts presented in the Consolidated Balance Sheets 29,191 33,528 31,692 33,631 Cash collateral received/pledged (1) (23,501) — — (33,631) Net Amount $ 5,690 $ 33,528 $ 31,692 $ — (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021. Amount of Gain or (Loss) Recognized in Other Comprehensive Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income (dollars in thousands) March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Derivatives in Cash Flow Hedging Relationships: Interest rate swap contracts - cash flow hedge $ (2,601) $ — $ 137 $ — Total $ (2,601) $ — $ 137 $ — The following table indicates the gain or loss recognized in income on derivatives for the periods presented: Three Months Ended March 31, (dollars in thousands) 2022 2021 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial customers $ 68 $ 310 Interest rate lock commitments—mortgage loans (217) (1,759) Forward sale contracts—mortgage loans 188 979 Total Derivatives Gain/(Loss) $ 39 $ (470) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2022 December 31, 2021 Commitments to extend credit $ 2,481,275 $ 2,583,957 Standby letters of credit 79,550 87,335 Total $ 2,560,825 $ 2,671,292 Allowance for Credit Losses on Unfunded Loan Commitments We maintain an allowance for credit losses on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income (Loss). The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The following table presents activity in the allowance for credit losses on unfunded loan commitments as of the dates presented: Three Months Ended March 31, (dollars in thousands) 2022 2021 Balance at beginning of period $ 5,189 $ 4,467 Provision for credit losses 186 (164) Total $ 5,375 $ 4,303 Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (dollars in thousands) Pre-Tax Tax Benefit (Expense) Net of Tax Pre-Tax Tax Benefit (Expense) Net of Tax Change in net unrealized (losses) gains on debt securities available-for-sale $ (48,261) $ 10,332 $ (37,929) $ (9,712) $ 2,072 $ (7,640) Change in interest rate swap (2,601) 557 (2,044) — — — Adjustment to funded status of employee benefit plans (12) 32 20 (343) 73 (270) Other Comprehensive Loss $ (50,874) $ 10,921 $ (39,953) $ (10,055) $ 2,145 $ (7,910) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission, or SEC, on February 28, 2022. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. |
Reclassification | Reclassification A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Accounting Policy for Derivative Instruments and Hedging Activities | Accounting Policy for Derivative Instruments and Hedging Activities During the three months ended March 31, 2022, we entered into four interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing variable rate assets. We have updated our accounting policy for derivative instruments and hedging activities to include hedge accounting. All derivatives are evaluated at inception to determine whether it is a hedging or non-hedging activity. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in Accumulated Other Comprehensive Income (Loss), or AOCI, and recognized in earnings as the hedged transaction affects earnings. Refer to our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 28, 2022, for our complete Accounting Policy for Derivative Instruments and Hedging Activities. Interest Rate Contracts with Customers Interest rate swaps with customers are contracts in which a series of cash flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Interest rate swaps with customers are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Condensed Consolidated Statements of Comprehensive Income (Loss). Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives but are not accounted for using hedge accounting. As such, changes in estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Condensed Consolidated Statements of Comprehensive Income (Loss). Derivatives Designated as Hedging Instruments Cash Flow Hedges of Interest Rate Risk As part of our interest rate risk management strategy, we use interest rate swaps to add stability to interest income and to manage exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for making variable rate payments over the life of the agreements without exchange of the underlying notional amount. During the three months ended March 31, 2022, we entered into four interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing variable-rate assets. These contacts each have a notional value of $50.0 million and extend out over the next five years. For designated derivatives that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $0.6 million will be reclassified as an increase to interest income. |
Recently Adopted Accounting Standards Updates, or ASU or Update and Accounting Standards Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU or Updated Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Addendum (Topic 848) which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022. We are utilizing the LIBOR transition relief as contract modifications are made during the course of the reference rate reform transition period. ASU 2020-04 and ASU 2021-01 did not have a material impact on our consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Accounting Policy for Troubled Debt Restructurings and Vintage Disclosure In March 2022, the FASB issued ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification. The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. Once applying ASC 326, the required accounting and disclosures for a loan modified in a TDR no longer provide decision-useful information. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses. ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-205 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. We are evaluating the impact of this ASU, but do not expect it to have a material impact on our consolidated financial statements. |
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. |
Allowance for Credit Losses | We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE —Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I —Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction —Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking —Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate —Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credits cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass —The loan is currently performing and is of high quality. Special Mention —A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard —A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful —Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerators and Denominators of Basic Earnings (Loss) Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented: Three Months Ended March 31, (in thousands, except share and per share data) 2022 2021 Numerator for Earnings per Share—Basic and Diluted: Net income $ 29,143 $ 31,902 Less: Income allocated to participating shares 109 141 Net Income Allocated to Shareholders $ 29,034 $ 31,761 Denominator for Earnings per Share - Basic and Diluted: Weighted Average Shares Outstanding—Basic 39,073,754 39,021,208 Add: Average participating shares outstanding 16,179 — Denominator for Two-Class Method—Diluted 39,089,933 39,021,208 Earnings per share—basic $ 0.74 $ 0.81 Earnings per share—diluted $ 0.74 $ 0.81 Restricted stock considered anti-dilutive excluded from potentially dilutive shares — 165 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented: March 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 129,994 $ — $ — $ 129,994 Obligations of U.S. government corporations and agencies — 58,493 — 58,493 Collateralized mortgage obligations of U.S. government corporations and agencies — 385,602 — 385,602 Residential mortgage-backed securities of U.S. government corporations and agencies — 50,446 — 50,446 Commercial mortgage-backed securities of U.S. government corporations and agencies — 330,811 — 330,811 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 71,234 — 71,234 Total Available-for-sale Debt Securities 129,994 897,086 — 1,027,080 Marketable equity securities 1,060 78 — 1,138 Total Securities 131,054 897,164 — 1,028,218 Securities held in a deferred compensation plan 8,888 — — 8,888 Derivative financial assets: Interest rate swaps - commercial loans — 29,056 — 29,056 Interest rate lock commitments — — 185 185 Forward sale contracts - mortgage loans — — 192 192 Interest rate swaps - cash flow hedge — 135 — 135 Total Assets $ 139,942 $ 926,355 $ 377 $ 1,066,674 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 29,092 $ — $ 29,092 Interest rate swaps - cash flow hedge — 2,600 — 2,600 Total Liabilities $ — $ 31,692 $ — $ 31,692 December 31, 2021 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 95,327 $ — $ — $ 95,327 Obligations of U.S. government corporations and agencies — 70,348 — 70,348 Collateralized mortgage obligations of U.S. government corporations and agencies — 270,294 — 270,294 Residential mortgage-backed securities of U.S. government corporations and agencies — 56,793 — 56,793 Commercial mortgage-backed securities of U.S. government corporations and agencies — 341,300 — 341,300 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 75,089 — 75,089 Total Available-for-sale Debt Securities 95,327 814,324 — 909,651 Marketable equity securities 1,061 81 — 1,142 Total Securities 96,388 814,405 — 910,793 Securities held in a deferred compensation plan 10,230 — — 10,230 Derivative financial assets: Interest rate swaps - commercial loans — 33,528 — 33,528 Interest rate lock commitments — — 401 401 Forward sale contracts - mortgage loans — — 4 4 Interest rate swaps - cash flow hedge — — — — Total Assets $ 106,618 $ 847,933 $ 405 $ 954,956 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 33,631 $ — $ 33,631 Total Liabilities $ — $ 33,631 $ — $ 33,631 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2022 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (dollars in thousands) Loans individually evaluated $ 5,919 Collateral method Appraisal adjustment 0% - 10.00% 0.96% Total Assets $ 5,919 (1) Weighted averages for loans individually evaluated were weighted by loan amounts. December 31, 2021 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (dollars in thousands) Loans individually evaluated $ 7,268 Collateral method Appraisal adjustment 0% - 20% 4.48% Other real estate owned 1,011 Collateral method Appraisal adjustment 2.53% 2.53% Total Assets $ 8,279 (1) Weighted averages for loans individually evaluated were weighted by loan amounts. (2 ) Weighted averages for other real estate owned were weighted by OREO balances. |
Schedule of Carrying Values and Fair Values of Financial Instruments | The following tables present the carrying values and fair values of our financial instruments at the dates presented: Carrying Value (1) Fair Value Measurements at March 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 823,757 $ 823,757 $ 823,757 $ — $ — Securities 1,028,218 1,028,218 131,054 897,164 — Loans held for sale 1,346 1,346 — — 1,346 Portfolio loans, net 6,863,996 6,671,212 — — 6,671,212 Collateral receivable — — — — — Securities held in a deferred compensation plan 8,888 8,888 8,888 — — Mortgage servicing rights 7,789 9,791 — — 9,791 Interest rate swaps - commercial loans 29,056 29,056 — 29,056 — Interest rate swaps - cash flow hedge 135 135 — 135 — Interest rate lock commitments 185 185 — — 185 Forward sale contracts 192 192 — — 192 LIABILITIES Deposits $ 7,960,458 $ 7,947,434 $ 6,921,872 $ 1,025,562 $ — Collateral payable 23,501 23,501 23,501 — — Securities sold under repurchase agreements 70,112 70,112 70,112 — — Long-term borrowings 22,172 21,954 4,249 17,705 — Junior subordinated debt securities 54,408 54,408 54,408 — — Interest rate swaps - commercial loans 29,092 29,092 — 29,092 — Interest rate swaps - cash flow hedge 2,600 2,600 — 2,600 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 922,215 $ 922,215 $ 922,215 $ — $ — Securities 910,793 910,793 96,388 814,405 — Loans held for sale 1,522 1,522 — — 1,522 Portfolio loans, net 6,901,414 6,815,468 — — 6,815,468 Collateral receivable 37,363 37,363 37,363 — — Securities held in a deferred compensation plan 10,230 10,230 10,230 — — Mortgage servicing rights 7,677 7,677 — — 7,677 Interest rate swaps 33,528 33,528 — 33,528 — Interest rate lock commitments 401 401 — — 401 Forward sale contracts 4 4 — — 4 LIABILITIES Deposits $ 7,996,524 $ 7,992,942 $ 6,908,453 $ 1,084,489 $ — Securities sold under repurchase agreements 84,491 84,491 84,491 — — Short-term borrowings — — — — — Long-term borrowings 22,430 22,678 4,300 18,378 — Junior subordinated debt securities 54,393 54,393 54,393 — — Interest rate swaps - commercial loans 33,631 33,631 — 33,631 — (1) As reported in the Consolidated Balance Sheets |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2022 December 31, 2021 Available-for-sale debt securities $ 1,027,080 $ 909,651 Marketable equity securities 1,138 1,142 Total Securities $ 1,028,218 $ 910,793 |
Schedule of Amortized Cost and Fair Value of Debt Securities | The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: March 31, 2022 December 31, 2021 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 136,695 $ 41 $ (6,742) $ 129,994 $ 95,954 $ 115 $ (742) $ 95,327 Obligations of U.S. government corporations and agencies 58,570 179 (256) 58,493 68,599 1,749 — 70,348 Collateralized mortgage obligations of U.S. government corporations and agencies 404,626 179 (19,203) 385,602 270,696 2,408 (2,810) 270,294 Residential mortgage-backed securities of U.S. government corporations and agencies 54,444 52 (4,050) 50,446 57,029 392 (628) 56,793 Commercial mortgage-backed securities of U.S. government corporations and agencies 340,886 169 (10,244) 330,811 336,918 5,969 (1,587) 341,300 Corporate obligations 500 — — 500 500 — — 500 Obligations of states and political subdivisions 70,206 1,028 — 71,234 70,539 4,550 — 75,089 Total Available-for-Sale Debt Securities (1) $ 1,065,927 $ 1,648 $ (40,495) $ 1,027,080 $ 900,235 $ 15,183 $ (5,767) $ 909,651 (1) Excludes interest receivable of $3.5 million at March 31, 2022 and $3.3 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets. |
Schedule of Fair Value and Age of Gross Unrealized Losses of Debt Securities | The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: March 31, 2022 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 12 $ 119,959 $ (6,742) — $ — $ — 12 $ 119,959 $ (6,742) Obligations of U.S. government corporations and agencies 2 15,296 (256) — — — 2 15,296 (256) Collateralized mortgage obligations of U.S. government corporations and agencies 39 309,426 (15,367) 4 36,986 (3,836) 43 346,412 (19,203) Residential mortgage-backed securities of U.S. government corporations and agencies 9 8,171 (269) 2 39,357 (3,781) 11 47,528 (4,050) Commercial mortgage-backed securities of U.S. government corporations and agencies 29 274,993 (10,244) — — — 29 274,993 (10,244) Corporate bonds — — — — — — — — — Obligations of states and political subdivisions — — — — — — — — — Total 91 $ 727,845 $ (32,878) 6 $ 76,343 $ (7,617) 97 $ 804,188 $ (40,495) December 31, 2021 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 8 $ 85,221 $ (742) — $ — $ — 8 $ 85,221 $ (742) Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies 12 141,204 (2,436) 1 8,933 (374) 13 150,137 (2,810) Residential mortgage-backed securities of U.S. government corporations and agencies 3 46,042 (628) — — — 3 46,042 (628) Commercial mortgage-backed securities of U.S. government corporations and agencies 7 100,032 (1,587) — — — 7 100,032 (1,587) Corporate bonds — — — — — — — — — Obligations of states and political subdivisions — — — — — — — — — Total 30 $ 372,499 $ (5,393) 1 $ 8,933 $ (374) 31 $ 381,432 $ (5,767) |
Schedule of Unrealized Gains (Losses) of Debt Securities | The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive (loss)/income, for the periods presented: March 31, 2022 December 31, 2021 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains Total unrealized gains (losses) on available-for-sale debt securities $ 1,648 $ (40,495) $ (38,847) $ 15,183 $ (5,767) $ 9,416 Income tax (expense) benefit (354) 8,698 8,344 (3,215) 1,221 (1,994) Net Unrealized (Losses) Gains, Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 1,294 $ (31,797) $ (30,503) $ 11,968 $ (4,546) $ 7,422 |
Schedule of Contractual Maturities of Debt Securities | The amortized cost and fair value of available-for-sale debt securities at March 31, 2022 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2022 (dollars in thousands) Amortized Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 35,616 $ 35,824 Due after one year through five years 102,542 101,364 Due after five years through ten years 106,550 101,506 Due after ten years 20,763 21,027 Available-for-Sale Debt Securities With Fixed Maturities 265,471 259,721 Debt Securities without a single maturity date Collateralized mortgage obligations of U.S. government corporations and agencies 404,626 385,602 Residential mortgage-backed securities of U.S. government corporations and agencies 54,444 50,446 Commercial mortgage-backed securities of U.S. government corporations and agencies 340,886 330,811 Corporate Securities 500 500 Total Available-for-Sale Debt Securities $ 1,065,927 $ 1,027,080 |
Schedule of Unrealized Gains (Losses) on Marketable Securities | The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended March 31, (dollars in thousands) 2022 2021 Marketable Equity Securities Net market (losses) gains recognized $ (5) $ 116 Less: Net gains recognized for equity securities sold — — Unrealized (Losses) Gains on Equity Securities Still Held $ (5) $ 116 |
Loans and Loans Held for Sale (
Loans and Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Composition of Loans | The following table presents loans as of the dates presented: (dollars in thousands) March 31, 2022 December 31, 2021 Commercial Commercial real estate $ 3,257,955 $ 3,236,653 Commercial and industrial 1,675,316 1,728,969 Commercial construction 398,592 440,962 Total Commercial Loans 5,331,863 5,406,584 Consumer Consumer real estate 1,519,751 1,485,478 Other consumer 112,297 107,928 Total Consumer Loans 1,632,048 1,593,406 Total Portfolio Loans 6,963,911 6,999,990 Loans held for sale 1,346 1,522 Total Loans (1) $ 6,965,257 $ 7,001,512 |
Summary of Restructured Loans for Periods Presented | The following tables summarize TDRs as of the dates presented: March 31, 2022 December 31, 2021 (dollars in thousands) Performing Nonperforming Total Performing Nonperforming Total Commercial real estate $ — $ 969 $ 969 $ — $ 1,697 $ 1,697 Commercial and industrial 721 10,225 10,946 748 14,889 15,637 Commercial construction 2,167 480 2,647 2,190 2,087 4,277 Business banking 987 1,586 2,573 858 1,696 2,554 Consumer real estate 6,861 2,129 8,990 6,122 1,405 7,527 Other consumer 3 — 3 3 — 3 Total $ 10,739 $ 15,389 $ 26,128 $ 9,921 $ 21,774 $ 31,695 The following tables present the TDRs by portfolio segment and by type of concession for the periods presented: Three Months Ended March 31, 2022 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 7 766 — 1,112 — — 1,878 1,928 Other consumer — — — — — — — — Total 7 $ 766 $ — $ 1,112 $ — $ — $ 1,878 $ 1,928 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. Three Months Ended March 31, 2021 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial 2 — — 821 — 5,475 6,296 6,304 Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 11 340 80 — — 148 568 609 Other consumer 1 1 — — — — 1 1 Total 14 $ 341 $ 80 $ 821 $ — $ 5,623 $ 6,865 $ 6,914 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2022 December 31, 2021 Nonperforming Assets Nonaccrual loans $ 37,135 $ 44,517 Nonaccrual TDRs 15,389 21,774 Total Nonaccrual Loans 52,524 66,291 OREO 7,028 13,313 Total Nonperforming Assets $ 59,552 $ 79,604 The following tables present loans on nonaccrual status by class of loan for the periods presented: For the Three Months Ended March 31, 2022 March 31, 2022 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing (2) Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 31,488 $ 25,790 $ 21,058 $ — $ 32 Commercial and industrial 15,239 10,570 1,700 529 32 Commercial construction 2,471 864 480 — — Business banking 9,641 7,997 1,586 587 48 Consumer real estate 7,294 7,178 — — 61 Other consumer 158 125 — — — Total $ 66,291 $ 52,524 $ 24,824 $ 1,116 $ 173 (1) Represents only cash payments received and applied to interest on nonaccrual loans. (2) We had five loans that were originated under the PPP program totaling $1.1 million at March 31, 2022 that were 90 days or greater past due. These loans were in process of forgiveness and were not considered as nonperforming loans due to the terms of the SBA guarantee. For the Twelve Months Ended December 31, 2021 December 31, 2021 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 101,070 $ 31,488 $ 28,046 $ — $ 158 Commercial and industrial 16,985 15,239 5,707 — 74 Commercial construction 384 2,471 2,020 — (28) Business banking 17,122 9,641 1,696 — 427 Consumer real estate 11,117 7,294 — — 496 Other consumer 96 158 — — 1 Total $ 146,774 $ 66,291 $ 37,469 $ — $ 1,128 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Credit Quality Indicators | The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: March 31, 2022 Risk Rating (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 92,158 $ 367,329 $ 333,477 $ 423,653 $ 308,371 $ 878,459 $ 34,981 $ — $ 2,438,428 Special mention — — 304 25,293 2,634 100,061 — — 128,292 Substandard — — 1,343 13,865 17,707 104,659 1,500 — 139,074 Doubtful — — — — — 5 — — 5 Total commercial real estate 92,158 367,329 335,124 462,811 328,712 1,083,184 36,481 — 2,705,799 Commercial and industrial Pass 42,350 369,064 106,684 94,211 75,757 157,096 569,064 — 1,414,226 Special mention — 44 816 4,012 2,366 1,137 9,862 — 18,237 Substandard — — — 10,654 1,288 4,072 5,523 — 21,537 Doubtful — — — 4,506 — — — — 4,506 Total commercial and industrial 42,350 369,108 107,500 113,383 79,411 162,305 584,449 — 1,458,506 Commercial construction Pass 24,551 161,638 70,185 73,539 4,984 4,281 31,026 — 370,204 Special mention — — — 3,578 — 4,423 — — 8,001 Substandard — — 2,157 480 4 2,391 — — 5,032 Doubtful — — — — — — — — — Total commercial construction 24,551 161,638 72,342 77,597 4,988 11,095 31,026 — 383,237 Business banking Pass 66,205 255,051 104,999 129,574 100,316 336,209 109,505 505 1,102,364 Special mention — 98 193 2,926 2,853 5,959 161 110 12,300 Substandard — 2 103 2,648 3,150 19,129 927 613 26,572 Doubtful — — — — — — — — — Total business banking 66,205 255,151 105,295 135,148 106,319 361,297 110,593 1,228 1,141,236 Consumer real estate Pass 56,244 141,404 96,932 84,920 35,181 223,298 482,845 23,510 1,144,334 Special mention — — — — — 923 — — 923 Substandard 40 82 139 286 1,735 11,402 1,004 2,912 17,600 Doubtful — — — — — — — — — Total consumer real estate 56,284 141,486 97,071 85,206 36,916 235,623 483,849 26,422 1,162,857 Other consumer Pass 6,035 15,522 8,176 5,931 2,448 1,349 71,494 1,273 112,228 Special mention — — — — — — — — — Substandard — — — 17 4 2 — 25 48 Doubtful — — — — — — — — — Total other consumer 6,035 15,522 8,176 5,948 2,452 1,351 71,494 1,298 112,276 Pass 287,543 1,310,008 720,453 811,828 527,057 1,600,692 1,298,915 25,288 6,581,784 Special mention — 142 1,313 35,809 7,853 112,503 10,023 110 167,753 Substandard 40 84 3,742 27,950 23,888 141,655 8,954 3,550 209,863 Doubtful — — — 4,506 — 5 — — 4,511 Total $ 287,583 $ 1,310,234 $ 725,508 $ 880,093 $ 558,798 $ 1,854,855 $ 1,317,892 $ 28,948 $ 6,963,911 December 31, 2021 Risk Rating (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Pass $ 385,347 $ 316,003 $ 412,191 $ 314,303 $ 213,019 $ 698,992 $ 35,448 $ — $ 2,375,303 Special mention — — 37,786 6,401 40,445 75,938 — — 160,570 Substandard — 1,356 18,743 14,039 12,555 106,461 1,500 — 154,654 Doubtful — — — — — — — — — Total commercial real estate 385,347 317,359 468,720 334,743 266,019 881,391 36,948 — 2,690,528 Commercial and industrial Pass 437,483 126,371 115,359 83,030 37,176 132,182 536,554 — 1,468,155 Special mention 46 — 3,060 2,546 72 832 8,887 — 15,443 Substandard — — 14,221 1,336 4,174 3,456 4,961 — 28,148 Doubtful — — 1,777 — — — — — 1,777 Total commercial and industrial 437,529 126,371 134,417 86,912 41,422 136,470 550,402 — 1,513,523 Commercial construction Pass 142,321 108,405 111,512 16,838 989 3,539 30,036 — 413,640 Special mention — — — — — 4,458 — — 4,458 Substandard — 2,157 2,020 — — 2,480 — — 6,657 Doubtful — — — — — — — — — Total commercial construction 142,321 110,562 113,532 16,838 989 10,477 30,036 — 424,755 Business banking Pass 257,264 107,791 141,411 110,586 79,187 293,215 107,093 443 1,096,990 Special mention 104 151 1,986 1,365 1,057 5,929 160 111 10,863 Substandard 41 106 1,579 3,277 1,645 19,591 977 625 27,841 Doubtful — — — — — — — — — Total business banking 257,409 108,048 144,976 115,228 81,889 318,735 108,230 1,179 1,135,693 Consumer real estate Pass 137,465 100,995 91,981 48,531 39,029 231,861 442,530 23,391 1,115,783 Special mention — — — — — 937 — — 937 Substandard — — 184 1,625 1,355 5,664 876 1,161 10,865 Doubtful — — — — — — — — — Total consumer real estate 137,465 100,995 92,165 50,156 40,384 238,462 443,406 24,552 1,127,585 Other consumer Pass 19,976 9,396 7,120 2,878 613 2,037 57,702 1,130 100,852 Special mention — — — — — — — — — Substandard 83 52 141 215 408 4,407 201 1,547 7,054 Doubtful — — — — — — — — — Total other consumer 20,059 9,448 7,261 3,093 1,021 6,444 57,903 2,677 107,906 Pass 1,379,856 768,961 879,574 576,166 370,013 1,361,826 1,209,363 24,964 6,570,723 Special Mention 150 151 42,832 10,312 41,574 88,094 9,047 111 192,271 Substandard 124 3,671 36,888 20,492 20,137 142,059 8,515 3,333 235,219 Doubtful — — 1,777 — — — — — 1,777 Total $ 1,380,130 $ 772,783 $ 961,071 $ 606,970 $ 431,724 $ 1,591,979 $ 1,226,925 $ 28,408 $ 6,999,990 The following tables present loan balances by year of origination and performing and nonperforming status for our portfolio segments as of the dates presented: March 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 92,158 $ 367,329 $ 335,124 $ 460,353 $ 326,451 $ 1,062,113 $ 36,481 $ — $ 2,680,009 Nonperforming — — — 2,458 2,261 21,071 — — 25,790 Total commercial real estate 92,158 367,329 335,124 462,811 328,712 1,083,184 36,481 — 2,705,799 Commercial and industrial Performing 42,350 369,108 107,500 104,858 79,353 162,248 582,519 — 1,447,936 Nonperforming — — — 8,525 58 57 1,930 — 10,570 Total commercial and industrial 42,350 369,108 107,500 113,383 79,411 162,305 584,449 — 1,458,506 Commercial construction Performing 24,551 161,638 72,342 77,117 4,988 10,711 31,026 — 382,373 Nonperforming — — — 480 — 384 — — 864 Total commercial construction 24,551 161,638 72,342 77,597 4,988 11,095 31,026 — 383,237 Business banking Performing 66,205 255,149 105,295 134,873 104,917 355,063 110,565 1,172 1,133,239 Nonperforming — 2 — 275 1,402 6,234 28 56 7,997 Total business banking 66,205 255,151 105,295 135,148 106,319 361,297 110,593 1,228 1,141,236 Consumer real estate Performing 56,284 141,486 96,167 84,952 36,674 230,971 483,658 25,487 1,155,679 Nonperforming — — 904 254 242 4,652 191 935 7,178 Total consumer real estate 56,284 141,486 97,071 85,206 36,916 235,623 483,849 26,422 1,162,857 Other consumer Performing 6,035 15,522 8,051 5,948 2,452 1,351 71,494 1,298 112,151 Nonperforming — — 125 — — — — — 125 Total other consumer 6,035 15,522 8,176 5,948 2,452 1,351 71,494 1,298 112,276 Performing 287,583 1,310,232 724,479 868,101 554,835 1,822,457 1,315,743 27,957 6,911,387 Nonperforming — 2 1,029 11,992 3,963 32,398 2,149 991 52,524 Total $ 287,583 $ 1,310,234 $ 725,508 $ 880,093 $ 558,798 $ 1,854,855 $ 1,317,892 $ 28,948 $ 6,963,911 December 31, 2021 (dollars in thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total Commercial real estate Performing $ 385,347 $ 317,359 $ 461,613 $ 332,482 $ 259,723 $ 865,567 $ 36,948 $ — $ 2,659,039 Nonperforming — 7,107 2,261 6,296 15,824 — — 31,488 Total commercial real estate 385,347 317,359 468,720 334,743 266,019 881,391 36,948 — 2,690,528 Commercial and industrial Performing 437,529 126,371 123,944 86,852 38,540 136,427 548,622 — 1,498,285 Nonperforming — — 10,473 60 2,882 43 1,780 — 15,239 Total commercial and industrial 437,529 126,371 134,417 86,912 41,422 136,470 550,402 — 1,513,523 Commercial construction Performing 142,321 110,562 111,445 16,838 989 10,093 30,036 — 422,284 Nonperforming — — 2,087 — — 384 — — 2,471 Total commercial construction 142,321 110,562 113,532 16,838 989 10,477 30,036 — 424,755 Business banking Performing 257,368 107,984 144,689 113,820 81,195 311,673 108,202 1,122 1,126,052 Nonperforming 41 64 287 1,408 694 7,062 28 57 9,641 Total business banking 257,409 108,048 144,976 115,228 81,889 318,735 108,230 1,179 1,135,693 Consumer real estate Performing 137,465 100,253 91,689 49,853 39,657 234,297 443,238 23,839 1,120,291 Nonperforming — 742 476 303 727 4,165 168 713 7,294 Total consumer real estate 137,465 100,995 92,165 50,156 40,384 238,462 443,406 24,552 1,127,585 Other consumer Performing 20,059 9,290 7,261 3,093 1,021 6,444 57,903 2,677 107,748 Nonperforming — 158 — — — — — — 158 Total other consumer 20,059 9,448 7,261 3,093 1,021 6,444 57,903 2,677 107,906 Performing 1,380,089 771,819 940,641 602,938 421,125 1,564,501 1,224,949 27,638 6,933,699 Nonperforming 41 964 20,430 4,032 10,599 27,478 1,976 770 66,291 Total $ 1,380,130 $ 772,783 $ 961,071 $ 606,970 $ 431,724 $ 1,591,979 $ 1,226,925 $ 28,408 $ 6,999,990 The following tables present collateral-dependent loans by class of loan as of the dates presented: March 31, 2022 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 21,058 $ — $ — $ 571 Commercial and industrial 259 721 — 9,859 Commercial construction 2,167 — — 480 Business banking 1,028 1,537 — — Consumer real estate 965 — — — Total $ 25,477 $ 2,258 $ — $ 10,910 December 31, 2021 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 28,046 $ — $ — $ — Commercial and industrial 259 4,905 — 10,473 Commercial construction 4,210 — — — Business banking 910 1,636 — — Consumer real estate 1,031 — — — Total $ 34,456 $ 6,541 $ — $ 10,473 |
Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: March 31, 2022 (dollars in thousands) Current 30-59 Days 60-89 Days Past Due 90+ Days Still Accruing (2) Non - performing Total Past Total Loans Commercial real estate $ 2,680,009 $ — $ — $ — $ 25,790 $ 25,790 $ 2,705,799 Commercial and industrial 1,447,404 3 — 529 10,570 11,102 1,458,506 Commercial construction 382,373 — — — 864 864 383,237 Business banking 1,130,830 1,409 413 587 7,997 10,406 1,141,236 Consumer real estate 1,152,858 2,693 128 — 7,178 9,999 1,162,857 Other consumer 111,765 176 210 — 125 511 112,276 Total (1) $ 6,905,239 $ 4,281 $ 751 $ 1,116 $ 52,524 $ 58,672 $ 6,963,911 (1) We had three loans that were modified totaling $12.5 million under the CARES Act at March 31, 2022. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modifications, this delinquency table may not accurately reflect the credit risk associated with these loans. (2) We had five loans that were originated under the PPP program totaling $1.1 million at March 31, 2022 that were 90 days or greater past due. These loans were in process of forgiveness and were not considered as nonperforming loans due to the terms of the SBA guarantee. December 31, 2021 (dollars in thousands) Current 30-59 Days 60-89 Days Past Due 90+ Days Still Accruing Non - performing Total Past Total Loans Commercial real estate $ 2,659,040 $ — $ — $ — $ 31,488 $ 31,488 $ 2,690,528 Commercial and industrial 1,497,755 529 — — 15,239 15,768 1,513,523 Commercial construction 421,834 450 — — 2,471 2,921 424,755 Business banking 1,124,748 813 491 — 9,641 10,945 1,135,693 Consumer real estate 1,117,074 1,087 2,130 — 7,294 10,511 1,127,585 Other consumer 107,492 206 50 — 158 414 107,906 Total (1) $ 6,927,943 $ 3,085 $ 2,671 $ — $ 66,291 $ 72,047 $ 6,999,990 (1) We had eight loans that were modified totaling $28.8 million under the CARES Act at December 31, 2021. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. |
Schedule of Loans on Nonaccrual Status and Loans Past Due 90 days Or More | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2022 December 31, 2021 Nonperforming Assets Nonaccrual loans $ 37,135 $ 44,517 Nonaccrual TDRs 15,389 21,774 Total Nonaccrual Loans 52,524 66,291 OREO 7,028 13,313 Total Nonperforming Assets $ 59,552 $ 79,604 The following tables present loans on nonaccrual status by class of loan for the periods presented: For the Three Months Ended March 31, 2022 March 31, 2022 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing (2) Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 31,488 $ 25,790 $ 21,058 $ — $ 32 Commercial and industrial 15,239 10,570 1,700 529 32 Commercial construction 2,471 864 480 — — Business banking 9,641 7,997 1,586 587 48 Consumer real estate 7,294 7,178 — — 61 Other consumer 158 125 — — — Total $ 66,291 $ 52,524 $ 24,824 $ 1,116 $ 173 (1) Represents only cash payments received and applied to interest on nonaccrual loans. (2) We had five loans that were originated under the PPP program totaling $1.1 million at March 31, 2022 that were 90 days or greater past due. These loans were in process of forgiveness and were not considered as nonperforming loans due to the terms of the SBA guarantee. For the Twelve Months Ended December 31, 2021 December 31, 2021 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 101,070 $ 31,488 $ 28,046 $ — $ 158 Commercial and industrial 16,985 15,239 5,707 — 74 Commercial construction 384 2,471 2,020 — (28) Business banking 17,122 9,641 1,696 — 427 Consumer real estate 11,117 7,294 — — 496 Other consumer 96 158 — — 1 Total $ 146,774 $ 66,291 $ 37,469 $ — $ 1,128 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Schedule of Allowance for Credit Loss | The following tables present activity in the ACL for the periods presented: Three Months Ended March 31, 2022 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 50,700 $ 19,727 $ 5,355 $ 11,338 $ 8,733 $ 2,723 $ 98,576 Provision for credit losses on loans (1) (1,996) (206) (27) 765 426 340 (698) Charge-offs — — — (606) (78) (298) (982) Recoveries 199 2,716 1 — 37 66 3,019 Net Recoveries/(Charge-offs) 199 2,716 1 (606) (41) (232) 2,037 Balance at End of Period $ 48,903 $ 22,237 $ 5,329 $ 11,497 $ 9,118 $ 2,831 $ 99,915 (1) Excludes the provision for credits losses for unfunded commitments Three Months Ended March 31, 2021 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 65,656 $ 16,100 $ 7,239 $ 15,917 $ 10,014 $ 2,686 $ 117,612 Provision for credit losses on loans (1) 1,996 2,728 (911) 514 (844) (182) 3,301 Charge-offs (810) (4,302) — (917) (271) (232) (6,532) Recoveries — 137 1 166 82 334 720 Net (Charge-offs)/Recoveries (810) (4,165) 1 (751) (189) 102 (5,812) Balance at End of Period $ 66,842 $ 14,663 $ 6,329 $ 15,680 $ 8,981 $ 2,606 $ 115,101 (1) Excludes the provision for credit losses for unfunded commitments |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities for the dates presented: Derivative Assets Derivative Liabilities March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (dollars in thousands) Notional Fair Notional Amount Fair Notional Fair Notional Fair Derivatives Designated as Hedging Instruments Interest rate swap contracts - cash flow hedge $ 50,000 $ 135 $ — $ 150,000 $ 2,600 $ — Total Derivatives Designated as Hedging Instruments $ 135 $ — $ 2,600 $ — Derivatives Not Designated as Hedging Instruments Interest rate swap contracts - commercial customers $ 1,034,249 $ 29,056 $ 1,017,178 $ 33,528 $ 1,034,249 $ 29,092 $ 1,017,178 $ 33,361 Interest rate lock commitments - mortgage loans 13,901 185 12,148 401 — — — Forward sales contracts - mortgage loans 13,503 192 8,436 4 — — — Total Derivatives Not Designated as Hedging Instruments $ 29,433 $ 33,933 $ 29,092 $ 33,361 Total Derivatives $ 29,568 $ 33,933 $ 31,692 $ 33,631 |
Schedule of Interest Rate Derivatives | The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at March 31, 2022: Derivatives (included Derivatives (included (dollars in thousands) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Gross amounts recognized $ 34,957 $ 37,289 $ 37,402 $ 37,392 Gross amounts offset (5,766) (3,761) (5,710) (3,761) Net amounts presented in the Consolidated Balance Sheets 29,191 33,528 31,692 33,631 Cash collateral received/pledged (1) (23,501) — — (33,631) Net Amount $ 5,690 $ 33,528 $ 31,692 $ — (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. |
Schedule of Effect of Cash Flow Hedges | The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021. Amount of Gain or (Loss) Recognized in Other Comprehensive Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income (dollars in thousands) March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Derivatives in Cash Flow Hedging Relationships: Interest rate swap contracts - cash flow hedge $ (2,601) $ — $ 137 $ — Total $ (2,601) $ — $ 137 $ — |
Schedule of Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives for the periods presented: Three Months Ended March 31, (dollars in thousands) 2022 2021 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial customers $ 68 $ 310 Interest rate lock commitments—mortgage loans (217) (1,759) Forward sale contracts—mortgage loans 188 979 Total Derivatives Gain/(Loss) $ 39 $ (470) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2022 December 31, 2021 Commitments to extend credit $ 2,481,275 $ 2,583,957 Standby letters of credit 79,550 87,335 Total $ 2,560,825 $ 2,671,292 |
Allowance for Credit Loss for Unfunded Loan Commitments | The following table presents activity in the allowance for credit losses on unfunded loan commitments as of the dates presented: Three Months Ended March 31, (dollars in thousands) 2022 2021 Balance at beginning of period $ 5,189 $ 4,467 Provision for credit losses 186 (164) Total $ 5,375 $ 4,303 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Tax Effects of Components of Other Comprehensive Loss | The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (dollars in thousands) Pre-Tax Tax Benefit (Expense) Net of Tax Pre-Tax Tax Benefit (Expense) Net of Tax Change in net unrealized (losses) gains on debt securities available-for-sale $ (48,261) $ 10,332 $ (37,929) $ (9,712) $ 2,072 $ (7,640) Change in interest rate swap (2,601) 557 (2,044) — — — Adjustment to funded status of employee benefit plans (12) 32 20 (343) 73 (270) Other Comprehensive Loss $ (50,874) $ 10,921 $ (39,953) $ (10,055) $ 2,145 $ (7,910) |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2022contract |
Designated as Hedging Instruments | Interest rate swaps - commercial loans | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Derivative, number of instruments held | 4 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator for Earnings per Share—Basic and Diluted: | ||
Net income | $ 29,143 | $ 31,902 |
Less: Income allocated to participating shares, basic | 109 | 141 |
Less: Income allocated to participating shares, diluted | 109 | 141 |
Net Income Allocated to Shareholders, basic | 29,034 | 31,761 |
Net Income Allocated to Shareholders, diluted | $ 29,034 | $ 31,761 |
Weighted average shares outstanding—basic (in shares) | 39,073,754 | 39,021,208 |
Add: Average participating shares outstanding (in shares) | 16,179 | 0 |
Denominator for Two-Class Method—Diluted (in shares) | 39,089,933 | 39,021,208 |
Earnings per share—basic (in dollars per share) | $ 0.74 | $ 0.81 |
Earnings per share—diluted (in dollars per share) | $ 0.74 | $ 0.81 |
Restricted Stock | ||
Numerator for Earnings per Share—Basic and Diluted: | ||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares (in shares) | 0 | 165 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | $ 1,027,080 | $ 909,651 |
Marketable equity securities | 1,138 | 1,142 |
U.S. Treasury securities | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 129,994 | 95,327 |
Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 58,493 | 70,348 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 385,602 | 270,294 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 50,446 | 56,793 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 330,811 | 341,300 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 71,234 | 75,089 |
Fair Value Measurements, Recurring | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 1,027,080 | 909,651 |
Marketable equity securities | 1,138 | 1,142 |
Total Securities | 1,028,218 | 910,793 |
Securities held in a deferred compensation plan | 8,888 | 10,230 |
Total Assets | 1,066,674 | 954,956 |
LIABILITIES | ||
Total Liabilities | 31,692 | 33,631 |
Fair Value Measurements, Recurring | U.S. Treasury securities | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 129,994 | 95,327 |
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 58,493 | 70,348 |
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 385,602 | 270,294 |
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 50,446 | 56,793 |
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 330,811 | 341,300 |
Fair Value Measurements, Recurring | Corporate obligations | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 500 | 500 |
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 71,234 | 75,089 |
Fair Value Measurements, Recurring | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 29,056 | 33,528 |
LIABILITIES | ||
Derivative financial liabilities | 29,092 | 33,631 |
Fair Value Measurements, Recurring | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 185 | 401 |
Fair Value Measurements, Recurring | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 192 | 4 |
Fair Value Measurements, Recurring | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 135 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 2,600 | |
Fair Value Measurements, Recurring | Level 1 | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 129,994 | 95,327 |
Marketable equity securities | 1,060 | 1,061 |
Total Securities | 131,054 | 96,388 |
Securities held in a deferred compensation plan | 8,888 | 10,230 |
Total Assets | 139,942 | 106,618 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 129,994 | 95,327 |
Fair Value Measurements, Recurring | Level 1 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Corporate obligations | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements, Recurring | Level 2 | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 897,086 | 814,324 |
Marketable equity securities | 78 | 81 |
Total Securities | 897,164 | 814,405 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 926,355 | 847,933 |
LIABILITIES | ||
Total Liabilities | 31,692 | 33,631 |
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 58,493 | 70,348 |
Fair Value Measurements, Recurring | Level 2 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 385,602 | 270,294 |
Fair Value Measurements, Recurring | Level 2 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 50,446 | 56,793 |
Fair Value Measurements, Recurring | Level 2 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 330,811 | 341,300 |
Fair Value Measurements, Recurring | Level 2 | Corporate obligations | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 500 | 500 |
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 71,234 | 75,089 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 29,056 | 33,528 |
LIABILITIES | ||
Derivative financial liabilities | 29,092 | 33,631 |
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 135 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 2,600 | |
Fair Value Measurements, Recurring | Level 3 | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Marketable equity securities | 0 | 0 |
Total Securities | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 377 | 405 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Corporate obligations | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities, available-for-sale, excluding accrued interest | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 185 | 401 |
Fair Value Measurements, Recurring | Level 3 | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 192 | 4 |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 0 | $ 0 |
LIABILITIES | ||
Derivative financial liabilities | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Level 3 | ||
ASSETS | ||
Total Assets | 5,919,000 | 8,279,000 |
Collateral method | Level 3 | ||
ASSETS | ||
Loans individually evaluated | $ 5,919,000 | 7,268,000 |
Other real estate owned | $ 1,011,000 | |
Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.0253 | |
Minimum | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0 | 0 |
Maximum | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.1000 | 0.20 |
Weighted Average | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.0096 | 0.0448 |
Other real estate owned, measurement input | 0.0253 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Securities | $ 1,028,218 | $ 910,793 |
Portfolio loans, net | 6,863,996 | 6,901,414 |
LIABILITIES | ||
Junior subordinated debt securities | 54,408 | 54,393 |
Carrying Value | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 823,757 | 922,215 |
Securities | 1,028,218 | 910,793 |
Loans held for sale | 1,346 | 1,522 |
Portfolio loans, net | 6,863,996 | 6,901,414 |
Collateral receivable | 0 | 37,363 |
Securities held in a deferred compensation plan | 8,888 | 10,230 |
Mortgage servicing rights | 7,789 | 7,677 |
LIABILITIES | ||
Deposits | 7,960,458 | 7,996,524 |
Collateral payable | 23,501 | |
Securities sold under repurchase agreements | 70,112 | 84,491 |
Short-term borrowings | 0 | |
Long-term borrowings | 22,172 | 22,430 |
Junior subordinated debt securities | 54,408 | 54,393 |
Carrying Value | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 29,056 | |
LIABILITIES | ||
Derivative financial liabilities | 29,092 | |
Carrying Value | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 135 | |
LIABILITIES | ||
Derivative financial liabilities | 2,600 | |
Carrying Value | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 33,528 | |
LIABILITIES | ||
Derivative financial liabilities | 33,631 | |
Carrying Value | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 185 | 401 |
Carrying Value | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 192 | 4 |
Fair Value Measurements | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 823,757 | 922,215 |
Securities | 1,028,218 | 910,793 |
Loans held for sale | 1,346 | 1,522 |
Portfolio loans, net | 6,671,212 | 6,815,468 |
Collateral receivable | 0 | 37,363 |
Securities held in a deferred compensation plan | 8,888 | 10,230 |
Mortgage servicing rights | 9,791 | 7,677 |
LIABILITIES | ||
Deposits | 7,947,434 | 7,992,942 |
Collateral payable | 23,501 | |
Securities sold under repurchase agreements | 70,112 | 84,491 |
Short-term borrowings | 0 | |
Long-term borrowings | 21,954 | 22,678 |
Junior subordinated debt securities | 54,408 | 54,393 |
Fair Value Measurements | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 29,056 | |
LIABILITIES | ||
Derivative financial liabilities | 29,092 | |
Fair Value Measurements | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 135 | |
LIABILITIES | ||
Derivative financial liabilities | 2,600 | |
Fair Value Measurements | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 33,528 | |
LIABILITIES | ||
Derivative financial liabilities | 33,631 | |
Fair Value Measurements | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 185 | 401 |
Fair Value Measurements | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 192 | 4 |
Fair Value Measurements | Level 1 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 823,757 | 922,215 |
Securities | 131,054 | 96,388 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Collateral receivable | 0 | 37,363 |
Securities held in a deferred compensation plan | 8,888 | 10,230 |
Mortgage servicing rights | 0 | 0 |
LIABILITIES | ||
Deposits | 6,921,872 | 6,908,453 |
Collateral payable | 23,501 | |
Securities sold under repurchase agreements | 70,112 | 84,491 |
Short-term borrowings | 0 | |
Long-term borrowings | 4,249 | 4,300 |
Junior subordinated debt securities | 54,408 | 54,393 |
Fair Value Measurements | Level 1 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements | Level 1 | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements | Level 1 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements | Level 1 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements | Level 1 | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements | Level 2 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 0 | 0 |
Securities | 897,164 | 814,405 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Collateral receivable | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
LIABILITIES | ||
Deposits | 1,025,562 | 1,084,489 |
Collateral payable | 0 | |
Securities sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | |
Long-term borrowings | 17,705 | 18,378 |
Junior subordinated debt securities | 0 | 0 |
Fair Value Measurements | Level 2 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 29,056 | |
LIABILITIES | ||
Derivative financial liabilities | 29,092 | |
Fair Value Measurements | Level 2 | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 135 | |
LIABILITIES | ||
Derivative financial liabilities | 2,600 | |
Fair Value Measurements | Level 2 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 33,528 | |
LIABILITIES | ||
Derivative financial liabilities | 33,631 | |
Fair Value Measurements | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements | Level 2 | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements | Level 3 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 0 | 0 |
Securities | 0 | 0 |
Loans held for sale | 1,346 | 1,522 |
Portfolio loans, net | 6,671,212 | 6,815,468 |
Collateral receivable | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Mortgage servicing rights | 9,791 | 7,677 |
LIABILITIES | ||
Deposits | 0 | 0 |
Collateral payable | 0 | |
Securities sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | |
Long-term borrowings | 0 | 0 |
Junior subordinated debt securities | 0 | 0 |
Fair Value Measurements | Level 3 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements | Level 3 | Interest rate swaps - cash flow hedge | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements | Level 3 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements | Level 3 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 185 | 401 |
Fair Value Measurements | Level 3 | Forward sale contracts - mortgage loans | ||
ASSETS | ||
Derivative financial assets | $ 192 | $ 4 |
Securities - Fair Values of Mar
Securities - Fair Values of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt securities, available-for-sale, excluding accrued interest | $ 1,027,080 | $ 909,651 |
Marketable equity securities | 1,138 | 1,142 |
Total Securities | $ 1,028,218 | $ 910,793 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,065,927 | $ 900,235 |
Gross Unrealized Gains | 1,648 | 15,183 |
Gross Unrealized Losses | (40,495) | (5,767) |
Fair Value | 1,027,080 | 909,651 |
Interest receivable | 3,500 | 3,300 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 136,695 | 95,954 |
Gross Unrealized Gains | 41 | 115 |
Gross Unrealized Losses | (6,742) | (742) |
Fair Value | 129,994 | 95,327 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 58,570 | 68,599 |
Gross Unrealized Gains | 179 | 1,749 |
Gross Unrealized Losses | (256) | 0 |
Fair Value | 58,493 | 70,348 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 404,626 | 270,696 |
Gross Unrealized Gains | 179 | 2,408 |
Gross Unrealized Losses | (19,203) | (2,810) |
Fair Value | 385,602 | 270,294 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 54,444 | 57,029 |
Gross Unrealized Gains | 52 | 392 |
Gross Unrealized Losses | (4,050) | (628) |
Fair Value | 50,446 | 56,793 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 340,886 | 336,918 |
Gross Unrealized Gains | 169 | 5,969 |
Gross Unrealized Losses | (10,244) | (1,587) |
Fair Value | 330,811 | 341,300 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 500 | 500 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 70,206 | 70,539 |
Gross Unrealized Gains | 1,028 | 4,550 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 71,234 | $ 75,089 |
Securities - Fair Value and Age
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 91 | 30 |
Fair Value, Less Than 12 Months | $ 727,845 | $ 372,499 |
Unrealized Losses, Less Than 12 Months | $ (32,878) | $ (5,393) |
Number of Securities, 12 Months or More | security | 6 | 1 |
Fair Value, 12 Months or More | $ 76,343 | $ 8,933 |
Unrealized Losses, 12 Months or More | $ (7,617) | $ (374) |
Number of Securities, Total | security | 97 | 31 |
Fair Value, Total | $ 804,188 | $ 381,432 |
Unrealized Losses, Total | $ (40,495) | $ (5,767) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 12 | 8 |
Fair Value, Less Than 12 Months | $ 119,959 | $ 85,221 |
Unrealized Losses, Less Than 12 Months | $ (6,742) | $ (742) |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 12 | 8 |
Fair Value, Total | $ 119,959 | $ 85,221 |
Unrealized Losses, Total | $ (6,742) | $ (742) |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 2 | 0 |
Fair Value, Less Than 12 Months | $ 15,296 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ (256) | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 2 | 0 |
Fair Value, Total | $ 15,296 | $ 0 |
Unrealized Losses, Total | $ (256) | $ 0 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 39 | 12 |
Fair Value, Less Than 12 Months | $ 309,426 | $ 141,204 |
Unrealized Losses, Less Than 12 Months | $ (15,367) | $ (2,436) |
Number of Securities, 12 Months or More | security | 4 | 1 |
Fair Value, 12 Months or More | $ 36,986 | $ 8,933 |
Unrealized Losses, 12 Months or More | $ (3,836) | $ (374) |
Number of Securities, Total | security | 43 | 13 |
Fair Value, Total | $ 346,412 | $ 150,137 |
Unrealized Losses, Total | $ (19,203) | $ (2,810) |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 9 | 3 |
Fair Value, Less Than 12 Months | $ 8,171 | $ 46,042 |
Unrealized Losses, Less Than 12 Months | $ (269) | $ (628) |
Number of Securities, 12 Months or More | security | 2 | 0 |
Fair Value, 12 Months or More | $ 39,357 | $ 0 |
Unrealized Losses, 12 Months or More | $ (3,781) | $ 0 |
Number of Securities, Total | security | 11 | 3 |
Fair Value, Total | $ 47,528 | $ 46,042 |
Unrealized Losses, Total | $ (4,050) | $ (628) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 29 | 7 |
Fair Value, Less Than 12 Months | $ 274,993 | $ 100,032 |
Unrealized Losses, Less Than 12 Months | $ (10,244) | $ (1,587) |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 29 | 7 |
Fair Value, Total | $ 274,993 | $ 100,032 |
Unrealized Losses, Total | $ (10,244) | $ (1,587) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 0 | 0 |
Fair Value, Less Than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ 0 | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 0 | 0 |
Fair Value, Total | $ 0 | $ 0 |
Unrealized Losses, Total | $ 0 | $ 0 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 0 | 0 |
Fair Value, Less Than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less Than 12 Months | $ 0 | $ 0 |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 0 | 0 |
Fair Value, Total | $ 0 | $ 0 |
Unrealized Losses, Total | $ 0 | $ 0 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Millions | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities in unrealized loss position | security | 97 | 31 |
Securities pledged for regulatory and legal requirements | $ | $ 441.8 | $ 466.9 |
Securities - Unrealized Gains (
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Gains | $ 1,648 | $ 15,183 |
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Losses | (40,495) | (5,767) |
Total unrealized gains/(losses) on debt securities available-for-sale, Net Unrealized Gains/(Losses) | (38,847) | 9,416 |
Income tax (expense) benefit, Gross Unrealized Gains | (354) | (3,215) |
Income tax (expense) benefit, Gross Unrealized Losses | 8,698 | 1,221 |
Income tax (expense) benefit, Net Unrealized Gains/(Losses) | 8,344 | (1,994) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Gross Unrealized Gains | 1,294 | 11,968 |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Gross Unrealized Losses | (31,797) | (4,546) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Net Unrealized Gains/(Losses) | $ (30,503) | $ 7,422 |
Securities - Contractual Maturi
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 35,616 | |
Due after one year through five years | 102,542 | |
Due after five years through ten years | 106,550 | |
Due after ten years | 20,763 | |
Available-for-Sale Debt Securities With Maturities, Amortized Cost | 265,471 | |
Amortized Cost | 1,065,927 | $ 900,235 |
Fair Value | ||
Due in one year or less | 35,824 | |
Due after one year through five years | 101,364 | |
Due after five years through ten years | 101,506 | |
Due after ten years | 21,027 | |
Available-for-Sale Debt Securities With Maturities, Fair Value | 259,721 | |
Total Available-for-Sale Debt Securities, Fair Value | 1,027,080 | 909,651 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 404,626 | |
Amortized Cost | 404,626 | 270,696 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 385,602 | |
Total Available-for-Sale Debt Securities, Fair Value | 385,602 | 270,294 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 54,444 | |
Amortized Cost | 54,444 | 57,029 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 50,446 | |
Total Available-for-Sale Debt Securities, Fair Value | 50,446 | 56,793 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 340,886 | |
Amortized Cost | 340,886 | 336,918 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 330,811 | |
Total Available-for-Sale Debt Securities, Fair Value | 330,811 | $ 341,300 |
Corporate bonds | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 500 | |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | $ 500 |
Securities - Unrealized Gains_2
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net market (losses) gains recognized | $ (5) | $ 116 |
Less: Net gains recognized for equity securities sold | 0 | 0 |
Unrealized (Losses) Gains on Equity Securities Still Held | $ (5) | $ 116 |
Loans and Loans Held for Sale -
Loans and Loans Held for Sale - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)SecurityLoan | Mar. 31, 2021SecurityLoan | Dec. 31, 2021USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | $ 10,100 | $ 14,100 | |
Purchase accounting fair value adjustments | 5,700 | 6,700 | |
Total loans | 6,863,996 | 6,901,414 | |
Loans held for investment, outstanding balance | $ 6,963,911 | 6,999,990 | |
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | ||
Number of troubled debt restructuring loans returned to accruing status | SecurityLoan | 0 | 0 | |
Number of commitments to lend additional funds on TDRs | SecurityLoan | 12 | ||
Commitments to lend additional funds on TDRs | $ 800 | ||
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | $ 5,331,863 | $ 5,406,584 | |
Percentage of commercial loans in total portfolio loans | 76.60% | 77.20% | |
Commercial | CARES Act, Paycheck Protection Program Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 41,900 | $ 88,300 | |
Business banking portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 1,100,000 | 1,100,000 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 1,632,048 | 1,593,406 | |
Commercial real estate | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 2,705,799 | 2,690,528 | |
Commercial real estate | Business banking portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 552,200 | 546,100 | |
Commercial and industrial | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 1,458,506 | 1,513,523 | |
Commercial and industrial | Business banking portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 216,700 | 215,400 | |
Commercial and industrial | Business banking portfolio | CARES Act, Paycheck Protection Program Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 20,600 | 39,700 | |
Commercial construction | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 383,237 | 424,755 | |
Commercial construction | Business banking portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 15,400 | 16,200 | |
Consumer real estate | Business banking portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 357,000 | ||
Consumer real estate | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 1,162,857 | 1,127,585 | |
Business banking | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 1,141,236 | 1,135,693 | |
Business banking | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | 357,900 | ||
CRE and commercial construction | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, outstanding balance | $ 3,700,000 | $ 3,700,000 | |
Combined percentage of commercial real estate and commercial construction in total commercial loans | 68.60% | 68.00% | |
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 52.50% | 52.50% | |
Out of market exposure of combined portfolio | 6.10% | 5.70% | |
Percentage of total loans out-of-state excluding contiguous states | 3.20% | 3.00% |
Loans and Loans Held for Sale_2
Loans and Loans Held for Sale - Composition of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 6,963,911 | $ 6,999,990 |
Loans held for sale | 1,346 | 1,522 |
Total Loans | 6,965,257 | 7,001,512 |
Interest receivable | 18,700 | 18,700 |
Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 5,331,863 | 5,406,584 |
Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,632,048 | 1,593,406 |
Commercial real estate | Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 3,257,955 | 3,236,653 |
Commercial and industrial | Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,675,316 | 1,728,969 |
Commercial construction | Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 398,592 | 440,962 |
Consumer real estate | Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,519,751 | 1,485,478 |
Other consumer | Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 112,297 | $ 107,928 |
Loans and Loans Held for Sale_3
Loans and Loans Held for Sale - Summary of Restructured Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | $ 1,878 | $ 6,865 | |
Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 0 | |
Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 6,296 | |
Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 0 | |
Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 0 | |
Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 1,878 | 568 | |
Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | $ 1 | |
Total TDRs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 26,128 | $ 31,695 | |
Total TDRs | Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 969 | 1,697 | |
Total TDRs | Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 10,946 | 15,637 | |
Total TDRs | Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 2,647 | 4,277 | |
Total TDRs | Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 2,573 | 2,554 | |
Total TDRs | Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 8,990 | 7,527 | |
Total TDRs | Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 3 | 3 | |
Performing TDRs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 10,739 | 9,921 | |
Performing TDRs | Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 0 | 0 | |
Performing TDRs | Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 721 | 748 | |
Performing TDRs | Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 2,167 | 2,190 | |
Performing TDRs | Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 987 | 858 | |
Performing TDRs | Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 6,861 | 6,122 | |
Performing TDRs | Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 3 | 3 | |
Nonperforming TDRs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 15,389 | 21,774 | |
Nonperforming TDRs | Commercial real estate | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 969 | 1,697 | |
Nonperforming TDRs | Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 10,225 | 14,889 | |
Nonperforming TDRs | Commercial construction | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 480 | 2,087 | |
Nonperforming TDRs | Business banking | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 1,586 | 1,696 | |
Nonperforming TDRs | Consumer real estate | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | 2,129 | 1,405 | |
Nonperforming TDRs | Other consumer | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Restructured loans | $ 0 | $ 0 |
Loans and Loans Held for Sale_4
Loans and Loans Held for Sale - Restructured Loans By Segment and Type of Concession (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 7 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 1,928 | $ 6,914 |
Post-Modification Outstanding Recorded Investment | 1,878 | 6,865 |
Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 766 | 341 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 80 |
Extend Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 1,112 | 821 |
Modify Rate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Modify Payments | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 5,623 |
Commercial real estate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Other | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial real estate | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial and industrial | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 6,304 |
Post-Modification Outstanding Recorded Investment | 0 | 6,296 |
Commercial and industrial | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial and industrial | Other | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial and industrial | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 821 |
Commercial and industrial | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial and industrial | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 5,475 |
Commercial construction | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Other | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial construction | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Business banking | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Bankruptcy | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Other | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Extend Maturity | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Modify Rate | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Business banking | Modify Payments | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer real estate | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 7 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 1,928 | $ 609 |
Post-Modification Outstanding Recorded Investment | 1,878 | 568 |
Consumer real estate | Bankruptcy | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 766 | 340 |
Consumer real estate | Other | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 80 |
Consumer real estate | Extend Maturity | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 1,112 | 0 |
Consumer real estate | Modify Rate | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Consumer real estate | Modify Payments | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 148 |
Other consumer | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1 |
Post-Modification Outstanding Recorded Investment | 0 | 1 |
Other consumer | Bankruptcy | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 1 |
Other consumer | Other | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Other consumer | Extend Maturity | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Other consumer | Modify Rate | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Other consumer | Modify Payments | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Loans and Loans Held for Sale_5
Loans and Loans Held for Sale - Nonperforming Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Nonperforming Assets | |||
Nonaccrual loans | $ 37,135 | $ 44,517 | |
Nonaccrual TDRs | 15,389 | 21,774 | |
Total Nonaccrual Loans | 52,524 | 66,291 | $ 146,774 |
OREO | 7,028 | 13,313 | |
Total Nonperforming Assets | $ 59,552 | $ 79,604 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loan Balances by Year of Origination and Internally Assigned Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 287,583 | $ 1,380,130 |
Year two | 1,310,234 | 772,783 |
Year three | 725,508 | 961,071 |
Year four | 880,093 | 606,970 |
Year five | 558,798 | 431,724 |
More than five years | 1,854,855 | 1,591,979 |
Revolving | 1,317,892 | 1,226,925 |
Revolving-Term | 28,948 | 28,408 |
Total | 6,963,911 | 6,999,990 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 287,543 | 1,379,856 |
Year two | 1,310,008 | 768,961 |
Year three | 720,453 | 879,574 |
Year four | 811,828 | 576,166 |
Year five | 527,057 | 370,013 |
More than five years | 1,600,692 | 1,361,826 |
Revolving | 1,298,915 | 1,209,363 |
Revolving-Term | 25,288 | 24,964 |
Total | 6,581,784 | 6,570,723 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 150 |
Year two | 142 | 151 |
Year three | 1,313 | 42,832 |
Year four | 35,809 | 10,312 |
Year five | 7,853 | 41,574 |
More than five years | 112,503 | 88,094 |
Revolving | 10,023 | 9,047 |
Revolving-Term | 110 | 111 |
Total | 167,753 | 192,271 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 40 | 124 |
Year two | 84 | 3,671 |
Year three | 3,742 | 36,888 |
Year four | 27,950 | 20,492 |
Year five | 23,888 | 20,137 |
More than five years | 141,655 | 142,059 |
Revolving | 8,954 | 8,515 |
Revolving-Term | 3,550 | 3,333 |
Total | 209,863 | 235,219 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 1,777 |
Year four | 4,506 | 0 |
Year five | 0 | 0 |
More than five years | 5 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 4,511 | 1,777 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,331,863 | 5,406,584 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 92,158 | 385,347 |
Year two | 367,329 | 317,359 |
Year three | 335,124 | 468,720 |
Year four | 462,811 | 334,743 |
Year five | 328,712 | 266,019 |
More than five years | 1,083,184 | 881,391 |
Revolving | 36,481 | 36,948 |
Revolving-Term | 0 | 0 |
Total | 2,705,799 | 2,690,528 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 42,350 | 437,529 |
Year two | 369,108 | 126,371 |
Year three | 107,500 | 134,417 |
Year four | 113,383 | 86,912 |
Year five | 79,411 | 41,422 |
More than five years | 162,305 | 136,470 |
Revolving | 584,449 | 550,402 |
Revolving-Term | 0 | 0 |
Total | 1,458,506 | 1,513,523 |
Commercial | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 24,551 | 142,321 |
Year two | 161,638 | 110,562 |
Year three | 72,342 | 113,532 |
Year four | 77,597 | 16,838 |
Year five | 4,988 | 989 |
More than five years | 11,095 | 10,477 |
Revolving | 31,026 | 30,036 |
Revolving-Term | 0 | 0 |
Total | 383,237 | 424,755 |
Commercial | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 66,205 | 257,409 |
Year two | 255,151 | 108,048 |
Year three | 105,295 | 144,976 |
Year four | 135,148 | 115,228 |
Year five | 106,319 | 81,889 |
More than five years | 361,297 | 318,735 |
Revolving | 110,593 | 108,230 |
Revolving-Term | 1,228 | 1,179 |
Total | 1,141,236 | 1,135,693 |
Commercial | Pass | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 92,158 | 385,347 |
Year two | 367,329 | 316,003 |
Year three | 333,477 | 412,191 |
Year four | 423,653 | 314,303 |
Year five | 308,371 | 213,019 |
More than five years | 878,459 | 698,992 |
Revolving | 34,981 | 35,448 |
Revolving-Term | 0 | 0 |
Total | 2,438,428 | 2,375,303 |
Commercial | Pass | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 42,350 | 437,483 |
Year two | 369,064 | 126,371 |
Year three | 106,684 | 115,359 |
Year four | 94,211 | 83,030 |
Year five | 75,757 | 37,176 |
More than five years | 157,096 | 132,182 |
Revolving | 569,064 | 536,554 |
Revolving-Term | 0 | 0 |
Total | 1,414,226 | 1,468,155 |
Commercial | Pass | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 24,551 | 142,321 |
Year two | 161,638 | 108,405 |
Year three | 70,185 | 111,512 |
Year four | 73,539 | 16,838 |
Year five | 4,984 | 989 |
More than five years | 4,281 | 3,539 |
Revolving | 31,026 | 30,036 |
Revolving-Term | 0 | 0 |
Total | 370,204 | 413,640 |
Commercial | Pass | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 66,205 | 257,264 |
Year two | 255,051 | 107,791 |
Year three | 104,999 | 141,411 |
Year four | 129,574 | 110,586 |
Year five | 100,316 | 79,187 |
More than five years | 336,209 | 293,215 |
Revolving | 109,505 | 107,093 |
Revolving-Term | 505 | 443 |
Total | 1,102,364 | 1,096,990 |
Commercial | Special mention | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 304 | 37,786 |
Year four | 25,293 | 6,401 |
Year five | 2,634 | 40,445 |
More than five years | 100,061 | 75,938 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 128,292 | 160,570 |
Commercial | Special mention | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 46 |
Year two | 44 | 0 |
Year three | 816 | 3,060 |
Year four | 4,012 | 2,546 |
Year five | 2,366 | 72 |
More than five years | 1,137 | 832 |
Revolving | 9,862 | 8,887 |
Revolving-Term | 0 | 0 |
Total | 18,237 | 15,443 |
Commercial | Special mention | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 3,578 | 0 |
Year five | 0 | 0 |
More than five years | 4,423 | 4,458 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 8,001 | 4,458 |
Commercial | Special mention | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 104 |
Year two | 98 | 151 |
Year three | 193 | 1,986 |
Year four | 2,926 | 1,365 |
Year five | 2,853 | 1,057 |
More than five years | 5,959 | 5,929 |
Revolving | 161 | 160 |
Revolving-Term | 110 | 111 |
Total | 12,300 | 10,863 |
Commercial | Substandard | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 1,356 |
Year three | 1,343 | 18,743 |
Year four | 13,865 | 14,039 |
Year five | 17,707 | 12,555 |
More than five years | 104,659 | 106,461 |
Revolving | 1,500 | 1,500 |
Revolving-Term | 0 | 0 |
Total | 139,074 | 154,654 |
Commercial | Substandard | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 14,221 |
Year four | 10,654 | 1,336 |
Year five | 1,288 | 4,174 |
More than five years | 4,072 | 3,456 |
Revolving | 5,523 | 4,961 |
Revolving-Term | 0 | 0 |
Total | 21,537 | 28,148 |
Commercial | Substandard | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 2,157 |
Year three | 2,157 | 2,020 |
Year four | 480 | 0 |
Year five | 4 | 0 |
More than five years | 2,391 | 2,480 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 5,032 | 6,657 |
Commercial | Substandard | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 41 |
Year two | 2 | 106 |
Year three | 103 | 1,579 |
Year four | 2,648 | 3,277 |
Year five | 3,150 | 1,645 |
More than five years | 19,129 | 19,591 |
Revolving | 927 | 977 |
Revolving-Term | 613 | 625 |
Total | 26,572 | 27,841 |
Commercial | Doubtful | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 5 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 5 | 0 |
Commercial | Doubtful | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 1,777 |
Year four | 4,506 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 4,506 | 1,777 |
Commercial | Doubtful | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Commercial | Doubtful | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,632,048 | 1,593,406 |
Consumer | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 357,900 | |
Consumer | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 56,284 | 137,465 |
Year two | 141,486 | 100,995 |
Year three | 97,071 | 92,165 |
Year four | 85,206 | 50,156 |
Year five | 36,916 | 40,384 |
More than five years | 235,623 | 238,462 |
Revolving | 483,849 | 443,406 |
Revolving-Term | 26,422 | 24,552 |
Total | 1,162,857 | 1,127,585 |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,035 | 20,059 |
Year two | 15,522 | 9,448 |
Year three | 8,176 | 7,261 |
Year four | 5,948 | 3,093 |
Year five | 2,452 | 1,021 |
More than five years | 1,351 | 6,444 |
Revolving | 71,494 | 57,903 |
Revolving-Term | 1,298 | 2,677 |
Total | 112,276 | 107,906 |
Consumer | Pass | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 56,244 | 137,465 |
Year two | 141,404 | 100,995 |
Year three | 96,932 | 91,981 |
Year four | 84,920 | 48,531 |
Year five | 35,181 | 39,029 |
More than five years | 223,298 | 231,861 |
Revolving | 482,845 | 442,530 |
Revolving-Term | 23,510 | 23,391 |
Total | 1,144,334 | 1,115,783 |
Consumer | Pass | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,035 | 19,976 |
Year two | 15,522 | 9,396 |
Year three | 8,176 | 7,120 |
Year four | 5,931 | 2,878 |
Year five | 2,448 | 613 |
More than five years | 1,349 | 2,037 |
Revolving | 71,494 | 57,702 |
Revolving-Term | 1,273 | 1,130 |
Total | 112,228 | 100,852 |
Consumer | Special mention | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 923 | 937 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 923 | 937 |
Consumer | Special mention | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Substandard | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 40 | 0 |
Year two | 82 | 0 |
Year three | 139 | 184 |
Year four | 286 | 1,625 |
Year five | 1,735 | 1,355 |
More than five years | 11,402 | 5,664 |
Revolving | 1,004 | 876 |
Revolving-Term | 2,912 | 1,161 |
Total | 17,600 | 10,865 |
Consumer | Substandard | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 83 |
Year two | 0 | 52 |
Year three | 0 | 141 |
Year four | 17 | 215 |
Year five | 4 | 408 |
More than five years | 2 | 4,407 |
Revolving | 0 | 201 |
Revolving-Term | 25 | 1,547 |
Total | 48 | 7,054 |
Consumer | Doubtful | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Doubtful | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | $ 0 | $ 0 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Loan Balances by Year of Origination and Performing and Nonperforming Status (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 287,583 | $ 1,380,130 |
Year two | 1,310,234 | 772,783 |
Year three | 725,508 | 961,071 |
Year four | 880,093 | 606,970 |
Year five | 558,798 | 431,724 |
More than five years | 1,854,855 | 1,591,979 |
Revolving | 1,317,892 | 1,226,925 |
Revolving-Term | 28,948 | 28,408 |
Total | 6,963,911 | 6,999,990 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 287,583 | 1,380,089 |
Year two | 1,310,232 | 771,819 |
Year three | 724,479 | 940,641 |
Year four | 868,101 | 602,938 |
Year five | 554,835 | 421,125 |
More than five years | 1,822,457 | 1,564,501 |
Revolving | 1,315,743 | 1,224,949 |
Revolving-Term | 27,957 | 27,638 |
Total | 6,911,387 | 6,933,699 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 41 |
Year two | 2 | 964 |
Year three | 1,029 | 20,430 |
Year four | 11,992 | 4,032 |
Year five | 3,963 | 10,599 |
More than five years | 32,398 | 27,478 |
Revolving | 2,149 | 1,976 |
Revolving-Term | 991 | 770 |
Total | 52,524 | 66,291 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,331,863 | 5,406,584 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 92,158 | 385,347 |
Year two | 367,329 | 317,359 |
Year three | 335,124 | 468,720 |
Year four | 462,811 | 334,743 |
Year five | 328,712 | 266,019 |
More than five years | 1,083,184 | 881,391 |
Revolving | 36,481 | 36,948 |
Revolving-Term | 0 | 0 |
Total | 2,705,799 | 2,690,528 |
Commercial | Commercial real estate | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 92,158 | 385,347 |
Year two | 367,329 | 317,359 |
Year three | 335,124 | 461,613 |
Year four | 460,353 | 332,482 |
Year five | 326,451 | 259,723 |
More than five years | 1,062,113 | 865,567 |
Revolving | 36,481 | 36,948 |
Revolving-Term | 0 | 0 |
Total | 2,680,009 | 2,659,039 |
Commercial | Commercial real estate | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | |
Year three | 0 | 7,107 |
Year four | 2,458 | 2,261 |
Year five | 2,261 | 6,296 |
More than five years | 21,071 | 15,824 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 25,790 | 31,488 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 42,350 | 437,529 |
Year two | 369,108 | 126,371 |
Year three | 107,500 | 134,417 |
Year four | 113,383 | 86,912 |
Year five | 79,411 | 41,422 |
More than five years | 162,305 | 136,470 |
Revolving | 584,449 | 550,402 |
Revolving-Term | 0 | 0 |
Total | 1,458,506 | 1,513,523 |
Commercial | Commercial and industrial | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 42,350 | 437,529 |
Year two | 369,108 | 126,371 |
Year three | 107,500 | 123,944 |
Year four | 104,858 | 86,852 |
Year five | 79,353 | 38,540 |
More than five years | 162,248 | 136,427 |
Revolving | 582,519 | 548,622 |
Revolving-Term | 0 | 0 |
Total | 1,447,936 | 1,498,285 |
Commercial | Commercial and industrial | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 10,473 |
Year four | 8,525 | 60 |
Year five | 58 | 2,882 |
More than five years | 57 | 43 |
Revolving | 1,930 | 1,780 |
Revolving-Term | 0 | 0 |
Total | 10,570 | 15,239 |
Commercial | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 24,551 | 142,321 |
Year two | 161,638 | 110,562 |
Year three | 72,342 | 113,532 |
Year four | 77,597 | 16,838 |
Year five | 4,988 | 989 |
More than five years | 11,095 | 10,477 |
Revolving | 31,026 | 30,036 |
Revolving-Term | 0 | 0 |
Total | 383,237 | 424,755 |
Commercial | Commercial construction | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 24,551 | 142,321 |
Year two | 161,638 | 110,562 |
Year three | 72,342 | 111,445 |
Year four | 77,117 | 16,838 |
Year five | 4,988 | 989 |
More than five years | 10,711 | 10,093 |
Revolving | 31,026 | 30,036 |
Revolving-Term | 0 | 0 |
Total | 382,373 | 422,284 |
Commercial | Commercial construction | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 2,087 |
Year four | 480 | 0 |
Year five | 0 | 0 |
More than five years | 384 | 384 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 864 | 2,471 |
Commercial | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 66,205 | 257,409 |
Year two | 255,151 | 108,048 |
Year three | 105,295 | 144,976 |
Year four | 135,148 | 115,228 |
Year five | 106,319 | 81,889 |
More than five years | 361,297 | 318,735 |
Revolving | 110,593 | 108,230 |
Revolving-Term | 1,228 | 1,179 |
Total | 1,141,236 | 1,135,693 |
Commercial | Business banking | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 66,205 | 257,368 |
Year two | 255,149 | 107,984 |
Year three | 105,295 | 144,689 |
Year four | 134,873 | 113,820 |
Year five | 104,917 | 81,195 |
More than five years | 355,063 | 311,673 |
Revolving | 110,565 | 108,202 |
Revolving-Term | 1,172 | 1,122 |
Total | 1,133,239 | 1,126,052 |
Commercial | Business banking | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 41 |
Year two | 2 | 64 |
Year three | 0 | 287 |
Year four | 275 | 1,408 |
Year five | 1,402 | 694 |
More than five years | 6,234 | 7,062 |
Revolving | 28 | 28 |
Revolving-Term | 56 | 57 |
Total | 7,997 | 9,641 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,632,048 | 1,593,406 |
Consumer | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 357,900 | |
Consumer | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 56,284 | 137,465 |
Year two | 141,486 | 100,995 |
Year three | 97,071 | 92,165 |
Year four | 85,206 | 50,156 |
Year five | 36,916 | 40,384 |
More than five years | 235,623 | 238,462 |
Revolving | 483,849 | 443,406 |
Revolving-Term | 26,422 | 24,552 |
Total | 1,162,857 | 1,127,585 |
Consumer | Consumer real estate | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 56,284 | 137,465 |
Year two | 141,486 | 100,253 |
Year three | 96,167 | 91,689 |
Year four | 84,952 | 49,853 |
Year five | 36,674 | 39,657 |
More than five years | 230,971 | 234,297 |
Revolving | 483,658 | 443,238 |
Revolving-Term | 25,487 | 23,839 |
Total | 1,155,679 | 1,120,291 |
Consumer | Consumer real estate | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 742 |
Year three | 904 | 476 |
Year four | 254 | 303 |
Year five | 242 | 727 |
More than five years | 4,652 | 4,165 |
Revolving | 191 | 168 |
Revolving-Term | 935 | 713 |
Total | 7,178 | 7,294 |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,035 | 20,059 |
Year two | 15,522 | 9,448 |
Year three | 8,176 | 7,261 |
Year four | 5,948 | 3,093 |
Year five | 2,452 | 1,021 |
More than five years | 1,351 | 6,444 |
Revolving | 71,494 | 57,903 |
Revolving-Term | 1,298 | 2,677 |
Total | 112,276 | 107,906 |
Consumer | Other consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,035 | 20,059 |
Year two | 15,522 | 9,290 |
Year three | 8,051 | 7,261 |
Year four | 5,948 | 3,093 |
Year five | 2,452 | 1,021 |
More than five years | 1,351 | 6,444 |
Revolving | 71,494 | 57,903 |
Revolving-Term | 1,298 | 2,677 |
Total | 112,151 | 107,748 |
Consumer | Other consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 158 |
Year three | 125 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 0 | 0 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | $ 125 | $ 158 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)loan | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 6,963,911 | $ 6,999,990 | |
Non - performing | $ 52,524 | $ 66,291 | $ 146,774 |
Number of modified loans | loan | 3 | 8 | |
Modified loans | $ 12,500 | $ 28,800 | |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 6,905,239 | 6,927,943 | |
Total Past Due Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 58,672 | 72,047 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4,281 | 3,085 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 751 | 2,671 | |
Past Due 90+ Days Still Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 1,116 | 0 | |
Number of modified loans | loan | 5 | ||
Modified loans | $ 1,100 | ||
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 5,331,863 | 5,406,584 | |
Commercial | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,705,799 | 2,690,528 | |
Non - performing | 25,790 | 31,488 | 101,070 |
Commercial | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,458,506 | 1,513,523 | |
Non - performing | 10,570 | 15,239 | 16,985 |
Commercial | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 383,237 | 424,755 | |
Non - performing | 864 | 2,471 | 384 |
Commercial | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,141,236 | 1,135,693 | |
Non - performing | 7,997 | 9,641 | 17,122 |
Commercial | Current | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,680,009 | 2,659,040 | |
Commercial | Current | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,447,404 | 1,497,755 | |
Commercial | Current | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 382,373 | 421,834 | |
Commercial | Current | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,130,830 | 1,124,748 | |
Commercial | Total Past Due Loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 25,790 | 31,488 | |
Commercial | Total Past Due Loans | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 11,102 | 15,768 | |
Commercial | Total Past Due Loans | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 864 | 2,921 | |
Commercial | Total Past Due Loans | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 10,406 | 10,945 | |
Commercial | 30-59 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial | 30-59 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3 | 529 | |
Commercial | 30-59 Days Past Due | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 450 | |
Commercial | 30-59 Days Past Due | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,409 | 813 | |
Commercial | 60-89 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial | 60-89 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial | 60-89 Days Past Due | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial | 60-89 Days Past Due | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 413 | 491 | |
Commercial | Past Due 90+ Days Still Accruing | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial | Past Due 90+ Days Still Accruing | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 529 | 0 | |
Commercial | Past Due 90+ Days Still Accruing | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial | Past Due 90+ Days Still Accruing | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 587 | 0 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,632,048 | 1,593,406 | |
Consumer | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 357,900 | ||
Consumer | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,162,857 | 1,127,585 | |
Non - performing | 7,178 | 7,294 | 11,117 |
Consumer | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 112,276 | 107,906 | |
Non - performing | 125 | 158 | $ 96 |
Consumer | Current | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,152,858 | 1,117,074 | |
Consumer | Current | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 111,765 | 107,492 | |
Consumer | Total Past Due Loans | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 9,999 | 10,511 | |
Consumer | Total Past Due Loans | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 511 | 414 | |
Consumer | 30-59 Days Past Due | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,693 | 1,087 | |
Consumer | 30-59 Days Past Due | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 176 | 206 | |
Consumer | 60-89 Days Past Due | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 128 | 2,130 | |
Consumer | 60-89 Days Past Due | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 210 | 50 | |
Consumer | Past Due 90+ Days Still Accruing | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Consumer | Past Due 90+ Days Still Accruing | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 0 | $ 0 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Loans on Nonaccrual Status and Loans Past Due 90 Days or More and Still Accruing (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)loan | Dec. 31, 2021USD ($)loan | |
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | $ 66,291 | $ 146,774 |
End of Period Nonaccrual | 52,524 | 66,291 |
Nonaccrual With No Related Allowance | 24,824 | 37,469 |
Past Due 90+ Days Still Accruing | 1,116 | 0 |
Interest income recognized on nonaccrual | $ 173 | $ 1,128 |
Number of modified loans | loan | 3 | 8 |
Modified loans | $ 12,500 | $ 28,800 |
Past Due 90+ Days Still Accruing | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Number of modified loans | loan | 5 | |
Modified loans | $ 1,100 | |
Commercial | Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 31,488 | 101,070 |
End of Period Nonaccrual | 25,790 | 31,488 |
Nonaccrual With No Related Allowance | 21,058 | 28,046 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | 32 | 158 |
Commercial | Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 15,239 | 16,985 |
End of Period Nonaccrual | 10,570 | 15,239 |
Nonaccrual With No Related Allowance | 1,700 | 5,707 |
Past Due 90+ Days Still Accruing | 529 | 0 |
Interest income recognized on nonaccrual | 32 | 74 |
Commercial | Commercial construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 2,471 | 384 |
End of Period Nonaccrual | 864 | 2,471 |
Nonaccrual With No Related Allowance | 480 | 2,020 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | 0 | (28) |
Commercial | Business banking | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 9,641 | 17,122 |
End of Period Nonaccrual | 7,997 | 9,641 |
Nonaccrual With No Related Allowance | 1,586 | 1,696 |
Past Due 90+ Days Still Accruing | 587 | 0 |
Interest income recognized on nonaccrual | 48 | 427 |
Consumer | Consumer real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 7,294 | 11,117 |
End of Period Nonaccrual | 7,178 | 7,294 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | 61 | 496 |
Consumer | Other consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 158 | 96 |
End of Period Nonaccrual | 125 | 158 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | $ 0 | $ 1 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Collateral Dependent Loans by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 6,963,911 | $ 6,999,990 |
Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 25,477 | 34,456 |
Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 2,258 | 6,541 |
Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 10,910 | 10,473 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,331,863 | 5,406,584 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 2,705,799 | 2,690,528 |
Commercial | Commercial real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 21,058 | 28,046 |
Commercial | Commercial real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial real estate | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 571 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,458,506 | 1,513,523 |
Commercial | Commercial and industrial | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 259 | 259 |
Commercial | Commercial and industrial | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 721 | 4,905 |
Commercial | Commercial and industrial | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial and industrial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 9,859 | 10,473 |
Commercial | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 383,237 | 424,755 |
Commercial | Commercial construction | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 2,167 | 4,210 |
Commercial | Commercial construction | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial construction | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Commercial construction | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 480 | 0 |
Commercial | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,141,236 | 1,135,693 |
Commercial | Business banking | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,028 | 910 |
Commercial | Business banking | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,537 | 1,636 |
Commercial | Business banking | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial | Business banking | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,632,048 | 1,593,406 |
Consumer | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 357,900 | |
Consumer | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,162,857 | 1,127,585 |
Consumer | Consumer real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 965 | 1,031 |
Consumer | Consumer real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer | Consumer real estate | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer | Consumer real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 0 | $ 0 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 98,576 | $ 117,612 |
Provision for credit losses on loans | (698) | 3,301 |
Charge-offs | (982) | (6,532) |
Recoveries | 3,019 | 720 |
Net Recoveries/(Charge-offs) | 2,037 | (5,812) |
Balance at End of Period | 99,915 | 115,101 |
Commercial | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 50,700 | 65,656 |
Provision for credit losses on loans | (1,996) | 1,996 |
Charge-offs | 0 | (810) |
Recoveries | 199 | 0 |
Net Recoveries/(Charge-offs) | 199 | (810) |
Balance at End of Period | 48,903 | 66,842 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 19,727 | 16,100 |
Provision for credit losses on loans | (206) | 2,728 |
Charge-offs | 0 | (4,302) |
Recoveries | 2,716 | 137 |
Net Recoveries/(Charge-offs) | 2,716 | (4,165) |
Balance at End of Period | 22,237 | 14,663 |
Commercial | Commercial construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 5,355 | 7,239 |
Provision for credit losses on loans | (27) | (911) |
Charge-offs | 0 | 0 |
Recoveries | 1 | 1 |
Net Recoveries/(Charge-offs) | 1 | 1 |
Balance at End of Period | 5,329 | 6,329 |
Commercial | Business banking | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 11,338 | 15,917 |
Provision for credit losses on loans | 765 | 514 |
Charge-offs | (606) | (917) |
Recoveries | 0 | 166 |
Net Recoveries/(Charge-offs) | (606) | (751) |
Balance at End of Period | 11,497 | 15,680 |
Consumer | Consumer real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 8,733 | 10,014 |
Provision for credit losses on loans | 426 | (844) |
Charge-offs | (78) | (271) |
Recoveries | 37 | 82 |
Net Recoveries/(Charge-offs) | (41) | (189) |
Balance at End of Period | 9,118 | 8,981 |
Consumer | Other consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 2,723 | 2,686 |
Provision for credit losses on loans | 340 | (182) |
Charge-offs | (298) | (232) |
Recoveries | 66 | 334 |
Net Recoveries/(Charge-offs) | (232) | 102 |
Balance at End of Period | $ 2,831 | $ 2,606 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Commercial | CARES Act, Paycheck Protection Program Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | $ 41.9 | $ 499.1 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Period for commitments | 60 days |
Designated as Hedging Instruments | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, notional amount | $ 50 |
Derivative, term of contract | 5 years |
Designated as Hedging Instruments | Interest rate swaps - commercial loans | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, number of instruments held | contract | 4 |
Reclassified as an increase to interest income, next 12 months | $ 0.6 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets | ||
Derivative Assets (Included in Other Assets) | ||
Derivative financial assets | $ 29,568 | $ 33,933 |
Other Assets | Interest rate swaps - commercial loans | ||
Derivative Assets (Included in Other Assets) | ||
Derivative financial assets | 29,191 | 33,528 |
Other Liabilities | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative financial liabilities | 31,692 | 33,631 |
Other Liabilities | Interest rate swaps - commercial loans | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative financial liabilities | 31,692 | 33,631 |
Designated as Hedging Instruments | Other Assets | ||
Derivative Assets (Included in Other Assets) | ||
Derivative financial assets | 135 | 0 |
Designated as Hedging Instruments | Other Assets | Cash Flow Hedge | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 50,000 | |
Derivative financial assets | 135 | 0 |
Designated as Hedging Instruments | Other Liabilities | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative financial liabilities | 2,600 | 0 |
Designated as Hedging Instruments | Other Liabilities | Cash Flow Hedge | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 150,000 | |
Derivative financial liabilities | 2,600 | 0 |
Not Designated as Hedging Instruments | Other Assets | ||
Derivative Assets (Included in Other Assets) | ||
Derivative financial assets | 29,433 | 33,933 |
Not Designated as Hedging Instruments | Other Assets | Interest rate swaps - commercial loans | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 1,034,249 | 1,017,178 |
Derivative financial assets | 29,056 | 33,528 |
Not Designated as Hedging Instruments | Other Assets | Interest rate lock commitments | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 13,901 | 12,148 |
Derivative financial assets | 185 | 401 |
Not Designated as Hedging Instruments | Other Assets | Forward sale contracts—mortgage loans | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 13,503 | 8,436 |
Derivative financial assets | 192 | 4 |
Not Designated as Hedging Instruments | Other Liabilities | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative financial liabilities | 29,092 | 33,361 |
Not Designated as Hedging Instruments | Other Liabilities | Interest rate swaps - commercial loans | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 1,034,249 | 1,017,178 |
Derivative financial liabilities | 29,092 | 33,361 |
Not Designated as Hedging Instruments | Other Liabilities | Interest rate lock commitments | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 0 | |
Derivative financial liabilities | 0 | 0 |
Not Designated as Hedging Instruments | Other Liabilities | Forward sale contracts—mortgage loans | ||
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 0 | |
Derivative financial liabilities | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative financial assets | $ 29,568 | $ 33,933 |
Other Assets | Interest rate swaps - commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts recognized | 34,957 | 37,289 |
Gross amounts offset | (5,766) | (3,761) |
Derivative financial assets | 29,191 | 33,528 |
Cash collateral received/pledged | (23,501) | 0 |
Net Amount | 5,690 | 33,528 |
Other Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative financial liabilities | 31,692 | 33,631 |
Other Liabilities | Interest rate swaps - commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts recognized | 37,402 | 37,392 |
Gross amounts offset | (5,710) | (3,761) |
Derivative financial liabilities | 31,692 | 33,631 |
Cash collateral received/pledged | 0 | (33,631) |
Net Amount | $ 31,692 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effect of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | $ (2,601) | $ 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | 137 | 0 |
Interest rate swap contracts - cash flow hedge | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | (2,601) | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | $ 137 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain/(Loss) | $ 39 | $ (470) |
Interest rate swap contracts—commercial customers | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain/(Loss) | 68 | 310 |
Interest rate lock commitments—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain/(Loss) | (217) | (1,759) |
Forward sale contracts—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives Gain/(Loss) | $ 188 | $ 979 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 2,560,825 | $ 2,671,292 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 2,481,275 | 2,583,957 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 79,550 | $ 87,335 |
Commitments and Contingencies_2
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Balance at beginning of period | $ 5,189 | $ 4,467 |
Provision for credit losses | 186 | (164) |
Balance at end of period | $ 5,375 | $ 4,303 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pre-Tax Amount | ||
Change in net unrealized (losses) gains on debt securities available-for-sale | $ (48,261) | $ (9,712) |
Change in interest rate swap | (2,601) | 0 |
Adjustment to funded status of employee benefit plans | (12) | (343) |
Other Comprehensive Loss | (50,874) | (10,055) |
Tax Benefit (Expense) | ||
Change in net unrealized (losses) gains on debt securities available-for-sale | 10,332 | 2,072 |
Change in interest rate swap | 557 | 0 |
Adjustment to funded status of employee benefit plans | 32 | 73 |
Other Comprehensive Loss | 10,921 | 2,145 |
Net of Tax Amount | ||
Change in net unrealized (losses) gains on debt securities available-for-sale | (37,929) | (7,640) |
Change in interest rate swap | (2,044) | 0 |
Adjustment to funded status of employee benefit plans | 20 | (270) |
Other Comprehensive Loss | $ (39,953) | $ (7,910) |