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Glacier Bancorp (GBCI)

Cover

Cover - shares3 Months Ended
Mar. 31, 2022Apr. 21, 2022
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2022
Document Transition Reportfalse
Entity File Number000-18911
Entity Registrant NameGLACIER BANCORP, INC.
Entity Incorporation, State or Country CodeMT
Entity Tax Identification Number81-0519541
Entity Address, Address Line One49 Commons Loop
Entity Address, City or TownKalispell,
Entity Address, State or ProvinceMT
Entity Address, Postal Zip Code59901
City Area Code(406)
Local Phone Number756-4200
Title of 12(b) SecurityCommon Stock, $0.01 par value
Trading SymbolGBCI
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding110,763,316
Entity Central Index Key0000868671
Amendment Flagfalse
Document Fiscal Year Focus2022
Document Fiscal Period FocusQ1
Current Fiscal Year End Date--12-31

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Financial Condition - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Assets
Cash on hand and in banks $ 282,335 $ 198,087
Interest bearing cash deposits154,470 239,599
Cash and cash equivalents436,805 437,686
Debt securities, available-for-sale6,535,763 9,170,849
Debt securities, held-to-maturity3,576,941 1,199,164
Total debt securities10,112,704 10,370,013
Loans held for sale, at fair value51,284 60,797
Loans receivable13,731,019 13,432,031
Allowance for credit losses(176,159)(172,665)
Loans receivable, net13,554,860 13,259,366
Premises and equipment, net373,123 372,597
Other real estate owned43 18
Accrued interest receivable81,467 76,673
Deferred tax asset120,025 27,693
Core deposit intangible, net49,594 52,259
Goodwill985,393 985,393
Non-marketable equity securities13,217 10,020
Bank-owned life insurance167,298 167,671
Other assets154,511 120,459
Total assets26,100,324 25,940,645
Liabilities
Non-interest bearing deposits7,990,003 7,779,288
Interest bearing deposits13,707,892 13,557,961
Securities sold under agreements to repurchase958,479 1,020,794
Federal Home Loan Bank advances80,000 0
Other borrowed funds57,258 44,094
Subordinated debentures132,661 132,620
Accrued interest payable2,284 2,409
Other liabilities237,554 225,857
Total liabilities23,166,131 22,763,023
Commitments and Contingent Liabilities0 0
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding0 0
Common stock, $0.01 par value per share, 117,187,500 shares authorized1,108 1,107
Paid-in capital2,339,405 2,338,814
Retained earnings - substantially restricted841,489 810,342
Accumulated other comprehensive (loss) income(247,809)27,359
Total stockholders’ equity2,934,193 3,177,622
Total liabilities and stockholders’ equity $ 26,100,324 $ 25,940,645
Number of common stock shares issued and outstanding (in shares)110,763,316 110,687,533

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / sharesMar. 31, 2022Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share) $ 0.01 $ 0.01
Preferred shares, authorized (in shares)1,000,000 1,000,000
Preferred shares, issued (in shares)0 0
Preferred shares, outstanding (in shares)0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares)117,187,500 117,187,500

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Interest Income
Investment securities $ 38,654 $ 27,306
Residential real estate loans15,515 10,146
Commercial loans124,556 113,541
Consumer and other loans11,791 10,559
Total interest income190,516 161,552
Interest Expense
Deposits3,464 3,014
Securities sold under agreements to repurchase393 689
Federal Home Loan Bank advances12 0
Other borrowed funds220 174
Subordinated debentures872 863
Total interest expense4,961 4,740
Net Interest Income185,555 156,812
Provision for credit losses7,031 48
Net interest income after provision for credit losses178,524 156,764
Non-Interest Income
Service charges and other fees17,111 12,792
Miscellaneous loan fees and charges3,555 2,778
Gain on sale of loans9,015 21,624
Gain on sale of debt securities446 284
Other income3,436 2,643
Total non-interest income33,563 40,121
Non-Interest Expense
Compensation and employee benefits79,074 62,468
Occupancy and equipment10,964 9,515
Advertising and promotions3,232 2,371
Data processing7,475 5,206
Other real estate owned0 12
Regulatory assessments and insurance3,055 1,879
Core deposit intangibles amortization2,664 2,488
Other expenses23,844 12,646
Total non-interest expense130,308 96,585
Income Before Income Taxes81,779 100,300
Federal and state income tax expense13,984 19,498
Net Income $ 67,795 $ 80,802
Basic earnings per share (in dollars per share) $ 0.61 $ 0.85
Diluted earnings per share (in dollars per share)0.610.85
Dividends declared per share (in dollars per share) $ 0.33 $ 0.31
Average outstanding shares - basic (in shares)110,724,655 95,465,801
Average outstanding shares - diluted (in shares)110,800,001 95,546,922

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income $ 67,795 $ 80,802
Available-For-Sale and Transferred Securities:
Unrealized losses on available-for-sale securities(369,724)(84,798)
Reclassification adjustment for gains included in net income(678)(326)
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity(782)0
Tax effect93,798 21,511
Net of tax amount(277,386)(63,613)
Cash Flow Hedge:
Unrealized gains on derivatives used for cash flow hedges2,967 593
Tax effect(749)(150)
Net of tax amount2,218 443
Total other comprehensive loss, net of tax(275,168)(63,170)
Total Comprehensive (Loss) Income $ (207,373) $ 17,632

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in ThousandsTotalCommon StockPaid-in CapitalRetained Earnings Substantially RestrictedAccumulated Other Compre- hensive Income (loss)
Balance, beginning (in shares) at Dec. 31, 202095,426,364
Balance, beginning at Dec. 31, 2020 $ 2,307,041 $ 954 $ 1,495,053 $ 667,944 $ 143,090
Increase (Decrease) in Stockholders' Equity
Net income80,802 80,802
Other comprehensive loss(63,170)(63,170)
Cash dividends declared(29,674)(29,674)
Stock issuances under stock incentive plans (in shares)75,455
Stock issuances under stock incentive plans0 $ 1 (1)
Stock-based compensation and related taxes386 386
Balance, ending (in shares) at Mar. 31, 202195,501,819
Balance, ending at Mar. 31, 2021 $ 2,295,385 $ 955 1,495,438 719,072 79,920
Balance, beginning (in shares) at Dec. 31, 2021110,687,533 110,687,533
Balance, beginning at Dec. 31, 2021 $ 3,177,622 $ 1,107 2,338,814 810,342 27,359
Increase (Decrease) in Stockholders' Equity
Net income67,795 67,795
Other comprehensive loss(275,168)(275,168)
Cash dividends declared(36,648)(36,648)
Stock issuances under stock incentive plans (in shares)75,783
Stock issuances under stock incentive plans0 $ 1 (1)
Stock-based compensation and related taxes $ 592 592
Balance, ending (in shares) at Mar. 31, 2022110,763,316 110,763,316
Balance, ending at Mar. 31, 2022 $ 2,934,193 $ 1,108 $ 2,339,405 $ 841,489 $ (247,809)

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share) $ 0.33 $ 0.31

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Operating Activities
Net income $ 67,795 $ 80,802
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses7,031 48
Net amortization of debt securities10,573 8,562
Net amortization of purchase accounting adjustments and deferred loan fees and costs7,937 12,892
Origination of loans held for sale(305,269)(439,887)
Proceeds from loans held for sale326,767 509,668
Gain on sale of loans(9,015)(21,624)
Gain on sale of debt securities(446)(284)
Bank-owned life insurance income, net(893)(641)
Stock-based compensation, net of tax benefits1,774 1,491
Depreciation and amortization of premises and equipment5,940 5,251
Amortization of core deposit intangibles2,664 2,488
Amortization of investments in variable interest entities4,689 3,158
Net increase in accrued interest receivable(4,794)(3,834)
Net (increase) decrease in other assets(23,707)14,036
Net decrease in accrued interest payable(125)(715)
Net decrease in other liabilities(12,563)(23,666)
Net cash provided by operating activities78,358 147,745
Investing Activities
Maturities, prepayments and calls of available-for-sale debt securities394,802 290,743
Purchases of available-for-sale debt securities(348,330)(1,302,635)
Maturities, prepayments and calls of held-to-maturity debt securities32,048 4,130
Purchases of held-to-maturity debt securities(201,742)0
Principal collected on loans1,557,786 1,519,493
Loan originations(1,868,784)(1,683,608)
Net additions to premises and equipment(3,864)(1,573)
Proceeds from sale of other real estate owned20 176
Proceeds from redemption of non-marketable equity securities16,036 0
Purchases of non-marketable equity securities(19,200)0
Proceeds from bank-owned life insurance1,303 1,575
Investments in variable interest entities(16,358)(7,021)
Net cash used in investing activities(456,283)(1,178,720)
Financing Activities
Net increase in deposits360,893 1,306,824
Net decrease in securities sold under agreements to repurchase(62,315)(7,705)
Net increase in short-term Federal Home Loan Bank advances80,000 0
Net increase in other borrowed funds11,132 (7,116)
Cash dividends paid(11,295)(14,530)
Tax withholding payments for stock-based compensation(1,371)(1,351)
Proceeds from stock option exercises0 161
Net cash provided by financing activities377,044 1,276,283
Net (decrease) increase in cash, cash equivalents and restricted cash(881)245,308
Cash, cash equivalents and restricted cash at beginning of period437,686 633,142
Cash, cash equivalents and restricted cash at end of period436,805 878,450
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest5,087 5,455
Cash paid during the period for income taxes1,229 2
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Transfer of debt securities from available-for-sale to held-to-maturity2,154,475 403,767
Transfer of loans to other real estate owned45 1,397
Right-of-use assets obtained in exchange for operating lease liabilities2,291 345
Dividends declared during the period but not paid $ 36,643 $ 29,674

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Summary of Significant Accounting PoliciesNature of Operations and Summary of Significant Accounting Policies General Glacier Bancorp, Inc. (“Company”) is a Montana corporation headquartered in Kalispell, Montana. The Company provides a full range of banking services to individuals and businesses in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada through its wholly-owned bank subsidiary, Glacier Bank (“Bank”). The Company offers a wide range of banking products and services, including: 1) retail banking; 2) business banking; 3) real estate, commercial, agriculture and consumer loans; and 4) mortgage origination and loan servicing. The Company serves individuals, small to medium-sized businesses, community organizations and public entities. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. These interim financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and they should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results anticipated for the year ending December 31, 2022. The condensed consolidated statement of financial condition of the Company as of December 31, 2021 has been derived from the audited consolidated statements of the Company as of that date. The Company is a defendant in legal proceedings arising in the normal course of business. In the opinion of management, the disposition of pending litigation will not have a material affect on the Company’s consolidated financial position, results of operations or liquidity. Material estimates that are particularly susceptible to significant change include: 1) the determination of the allowance for credit losses (“ACL” or “allowance”) on loans; 2) the valuation of debt securities; 3) the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans; and 4) the evaluation of goodwill impairment. For the determination of the ACL on loans and real estate valuation estimates, management obtains independent appraisals (new or updated) for significant items. Estimates relating to the investment valuations are obtained from independent third parties. Estimates relating to the evaluation of goodwill for impairment are determined based on internal calculations using independent party inputs. Principles of Consolidation The consolidated financial statements of the Company include the parent holding company and the Bank, which consists of seventeen bank divisions and a corporate division. The corporate division includes the Bank’s investment portfolio, wholesale borrowings and other centralized functions. The Bank divisions operate under separate names, management teams and advisory directors. The Company considers the Bank to be its sole operating segment as the Bank 1) engages in similar bank business activity from which it earns revenues and incurs expenses; 2) the operating results of the Bank are regularly reviewed by the Chief Executive Officer (“CEO”) (i.e., the chief operating decision maker) who makes decisions about resources to be allocated to the Bank; and 3) financial information is available for the Bank. All significant inter-company transactions have been eliminated in consolidation. The Bank has subsidiary interests in variable interest entities (“VIE”) for which the Bank has both the power to direct the VIE’s significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. These subsidiary interests are included in the Company’s consolidated financial statements. The Bank also has subsidiary interests in VIEs for which the Bank does not have a controlling financial interest and is not the primary beneficiary. These subsidiary interests are not included in the Company’s consolidated financial statements. The parent holding company owns non-bank subsidiaries that have issued trust preferred securities. The trust subsidiaries are not included in the Company’s consolidated financial statements. The Company's investments in the trust subsidiaries are included in other assets on the Company's statements of financial condition. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”), interest bearing deposits, federal funds sold, and liquid investments with original maturities of three months or less. The Bank is required to maintain an average reserve balance with either the FRB or in the form of cash on hand. During 2020, the Fed temporarily reduced the reserve requirement due to the coronavirus disease of 2019 (“COVID-19.”) The required reserve balance at March 31, 2022 was $0. De bt Securities Debt securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Debt securities held primarily for the purpose of selling in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in income. Debt securities not classified as held-to-maturity or trading are classified as available-for-sale and are reported at fair value with unrealized gains and losses, net of income taxes, as a separate component of other comprehensive income (“OCI”). Premiums and discounts on debt securities are amortized or accreted into income using a method that approximates the interest method. The objective of the interest method is to calculate periodic interest income at a constant effective yield. The Company does not have any debt securities classified as trading securities. When the Company acquires another entity, it records the debt securities at fair value. The Company reviews and analyzes the various risks that may be present within the investment portfolio on an ongoing basis, including market risk, credit risk and liquidity risk. Market risk is the risk to an entity’s financial condition resulting from adverse changes in the value of its holdings arising from movements in interest rates, foreign exchange rates, equity prices or commodity prices. The Company assesses the market risk of individual debt securities as well as the investment portfolio as a whole. Credit risk, broadly defined, is the risk that an issuer or counterparty will fail to perform on an obligation. The credit rating of a security is considered the primary credit quality indicator for debt securities. Liquidity risk refers to the risk that a security will not have an active and efficient market in which the security can be sold. A debt security is investment grade if the issuer has adequate capacity to meet its commitment over the expected life of the investment, i.e., the risk of default is low and full and timely repayment of interest and principal is expected. To determine investment grade status for debt securities, the Company conducts due diligence of the creditworthiness of the issuer or counterparty prior to acquisition and ongoing thereafter consistent with the risk characteristics of the security and the overall risk of the investment portfolio. Credit quality due diligence takes into account the extent to which a security is guaranteed by the U.S. government and other agencies of the U.S. government. The depth of the due diligence is based on the complexity of the structure, the size of the security, and takes into account material positions and specific groups of securities or stratifications for analysis and review of similar risk positions. The due diligence includes consideration of payment performance, collateral adequacy, internal analyses, third party research and analytics, external credit ratings and default statistics. The Company has acquired debt securities through acquisitions and if the securities have more than insignificant credit deterioration since origination, they are designated as purchased credit-deteriorated (“PCD”) securities. An ACL is determined using the same methodology as with other debt securities. The sum of a PCD security’s fair value and associated ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the debt security is a noncredit discount or premium, which is amortized into interest income over the life of the security. Subsequent changes to the ACL are recorded through provision for credit losses. For additional information relating to debt securities, see Note 2. Allowance for Credit Losses - Available-for-Sale Debt Securities For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through other expense. For the available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from cred it losses or other factors. In such assessment, the Company considers the extent to which fair value is less than amortized cost, if there are any changes to the investment grade of the security by a rating agency, and if there are any adverse conditions that impact the security. If this assessment indicates a credit loss exists, the present value of the cash flows expected to be collected from the security is compared to the amortized cost basis of the s ecurity. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a potential credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any estimated credit losses that have not been recorded through an ACL are recognized in OCI. The Company has elected to exclude accrued interest from the estimate of credit losses for available-for-sale debt securities. As part of its non-accrual policy, the Company charges-off uncollectable interest at the time it is determined to be uncollectable. Allowance for Credit Losses - Held-to-Maturity Debt Securities For estimating the allowance for held-to-maturity (“HTM”) debt securities that share similar risk characteristics with other securities, such securities are pooled based on major security type. For pools of such securities with similar risk characteristics, the historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lives of the securities on those historical credit losses. Expected credit losses on securities in the held-to-maturity portfolio that do not share similar risk characteristics with any of the pools of debt securities are individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the securities. The Company has elected to exclude accrued interest from the estimate of credit losses for held-to-maturity debt securities. As part of its non-accrual policy, the Company charges off uncollectable interest at the time it is determined to be uncollectable. Loans Held for Sale Loans held for sale generally consist of long-term, fixed rate, conforming, single-family residential real estate loans intended to be sold on the secondary market. Loans held for sale are recorded at fair value and may or may not be sold with servicing rights released. Changes in fair value are recognized in non-interest income. Fair value elections are made at the time of origination based on the Company’s fair value election policy. Loans Receivable The Company’s loan segments or classes are based on the purpose of the loan and consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. Loans that are intended at origination to be held-to-maturity are reported at the unpaid principal balance less net c harge-offs and adjusted for deferred fees and costs on originated loans and unamortized premiums or discounts on acquired loans. Interest income is accrued on the unpaid principal balance. Fees and costs on originated loans and premiums or discounts on acquired loans are deferred and subsequently amortized or accreted as a yield adjustment over the expected life of the loan utilizing the interest or straight-line methods. The interest method is utilized for loans with scheduled payment terms and the objective is to calculate periodic interest income at a constant effective yield. The straight-line method is utilized for revolving lines of credit or loans with no scheduled payment terms. When a loan is paid off prior to maturity, the remaining unamortized fees and costs on originated loans and unamortized premiums or discounts on acquired loans are immediately recognized as interest income. Loans that are thirty days or more past due based on payments received and applied to the loan are considered delinquent. Loans are designated non-accrual and the accrual of interest is discontinued when the collection of the contractual principal or interest is unlikely. A loan is typically placed on non-accrual when principal or interest is due and has remained unpaid for ninety days or more. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current period interest income. Subsequent payments on non-accrual loans are applied to the outstanding principal balance if doubt remains as to the ultimate collectability of the loan. Interest accruals are not resumed on partially charged-off impaired loans. For other loans on non-accrual, interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest. The Company has acquired loans through acquisitions, some of which have experienced more than insignificant credit deterioration since origination. The Company considers all acquired non-accrual loans to be PCD loans. In addition, the Company considers loans accruing ninety days or more past due or substandard loans to be PCD loans. An ACL is determined using the same methodology as other loans held for investment. The ACL determined on a collective basis is allocated to individual loans. The sum of a loan’s fair value and ACL becomes the initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit losses. For additional information relating to loans, see Note 3. Allowance for Credit Losses - Loans Receivable The ACL for loans receivable represents management’s estimate of credit losses over the expected contractual life of the loan portfolio. The estimate is determined based on the amortized cost of the loan portfolio including the loan balance adjusted for charge-offs, recoveries, deferred fees and costs, and loan discount and premiums. Recoveries are included only to the extent that such amounts were previously charged-off. The Company has elected to exclude accrued interest from the estimate of credit losses for loans. Determining the adequacy of the allowance is complex and requires a high degree of judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance in those future periods. The allowance is increased for estimated credit losses which are recorded as expense. The portion of loans and overdraft balances determined by management to be uncollectable are charged-off as a reduction to the allowance and recoveries of amounts previously charged-off increase the allowance. The Company’s charge-off policy is consistent with bank regulatory standards. Consumer loans generally are charged-off when the loan becomes over 120 days delinquent. Real estate acquired as a result of foreclosure or by deed-in-lieu of foreclosure is classified as other real estate owned (“OREO”) until such time as it is sold. The expected credit loss estimate process involves procedures to consider the unique characteristics of each of the Company’s loan portfolio segments, which consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. When computing the allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, credit and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The Company has determined a four consecutive quarter forecasting period is a reasonable and supportable period. Expected credit loss for periods beyond reasonable and supportable forecast periods are determined based on a reversion method which reverts back to historical loss estimate over a four consecutive quarter period on a straight-line basis. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and the process for estimating the expected credit losses. The following paragraphs describe the risk characteristics relevant to each portfolio segment. Residential Real Estate. Residential real estate loans are secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment include a large number of borrowers, geographic dispersion of market areas and the loans are originated for relatively smaller amounts. Commercial Real Estate . Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operation of the property securing the loan and/or the business conducted on the property securing the loan. Credit risk in these loans is impacted by the creditworthiness of a borrower, valuation of the property securing the loan and conditions within the local economies in the Company’s diverse, geographic market areas. Commercial . Commercial loans consist of loans to commercial customers for use in financing working capital needs, equipment purchases and business expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations across the Company’s diverse, geographic market areas. Home Equity . Home equity loans consist of junior lien mortgages and first and junior lien lines of credit (revolving open-end and amortizing closed-end) secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment are a large number of borrowers, geographic dispersion of market areas and the loans are originated for terms that range from 10 to 15 years. Other Consumer . The other consumer loan portfolio consists of various short-term loans such as automobile loans and loans for other personal purposes. Repayment of these loans is primarily dependent on the personal income of the borrowers. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s diverse, geographic market area) and the creditworthiness of a borrower. The allowance is impacted by loan volumes, delinquency status, credit ratings, historical loss experiences, estimated prepayment speeds, weighted average lives and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance has two basic components: 1) individual loans that do not share similar risk characteristics with other loans and the measurement of expected credit losses for such individual loans; and 2) the expected credit losses for pools of loans that share similar risk characteristics. Loans that do not Share Similar Risk Characteristics with Other Loans. For a loan that does not share similar risk characteristics with other loans, expected credit loss is measured based on the net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the expected credit loss is equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral-dependent, that is, when foreclosure is probable or the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The Company has determined that non-accrual loans do not share similar risk characteristics with other loans and these loans are individually evaluated for estimated allowance for credit losses. The Company, through its credit monitoring process, may also identify other loans that do not share similar risk characteristics and individually evaluate such loans. The starting point for determining the fair value of collateral is to obtain external appraisals or evaluations (new or updated). The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The Company’s credit department reviews appraisals, giving consideration to the highest and best use of the collateral. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. Adjustments may be made to the fair value of the collateral after review and acceptance of the collateral appraisal or evaluation (new or updated). Loans that Share Similar Risk Characteristics with other Loans. For estimating the allowance for loans that share similar risk characteristics with other loans, such loans are segregated into loan segments. Loans are designated into loan segments based on loans pooled by product types and similar risk characteristics or areas of risk concentration. In determining the ACL, the Company derives an estimated credit loss assumption from a model that categorizes loan pools based on loan type which is further segregated by the credit quality indicators. This model calculates an expected loss percentage for each loan segment by considering the non-discounted simple annual average historical loss rate of each loan segment (calculated through an “open pool” method), multiplying the loss rate by the amortized loan balance and incorporating that segment’s internally generated prepayment speed assumption and contractually scheduled remaining principal pay downs on a loan level basis. The annual historical loss rates are adjusted over a reasonable economic forecast period by a multiplier that is calculated based upon current national economic forecasts as a proportion of each segment’s historical average loss levels. The Company will then revert from the economic forecast period back to the historical average loss rate in a straight-line basis. After the reversion period, the loans will be assumed to experience their historical loss rate for the remainder of their contractual lives. The model applies the expected loss rate over the projected cash flows at the individual loan level and then aggregates the losses by loan segment in determining their quantitative allowance. The Company will also include qualitative adjustments to adjust the ACL on loan segments to the extent the current or future market conditions are believed to vary substantially from historical conditions in regards to: • lending policies and procedures; • i nternational, national, regional and local economic business conditions, developments, or environmental conditions that affect the collectability of the portfolio, including the condition of various markets; • the nature and volume of the loan portfolio including the terms of the loans; • the experience, ability, and depth of the lending management and other relevant staff; • the volume and severity of past due and adversely classified or graded loans and the volume of non-accrual loans; • the quality of our loan review system; • the value of underlying collateral for collateralized loans; • the existence and effect of any concentrations of credit, and changes in the level of concentrations; and • the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. The Company regularly reviews loans in the portfolio to assess credit quality indicators and to determine the appropriate loan classification and grading in accordance with applicable bank regulations. The primary credit quality indicator for residential, home equity and other consumer loans is the days past due status, which consists of the following categories: 1) performing loans; 2) 30 to 89 days past due loans; and 3) non-accrual and ninety days or more past due loans. The primary credit quality indicator for commercial real estate and commercial loans is the Company’s internal risk rating system, which includes the following categories: 1) pass loans; 2) special mention loans; 3) substandard loans; and 4) doubtful or loss loans. Such credit quality indicators are regularly monitored and incorporated into the Company’s allowance estimate. The following paragraphs further define the internal risk ratings for commercial real estate and commercial loans. Pass Loans. These ratings represent loans that are of acceptable, good or excellent quality with very limited to no risk. Loans that do not have one of the following ratings are considered pass loans. Special Mention Loans. These ratings represent loans that are designated as special mention per the regulatory definition. Special mention loans are currently protected but are potentially weak. The credit risk may be relatively minor yet constitute an undue and unwarranted risk in light of the circumstances surrounding a specific loan. The rating may be used to identify credit with potential weaknesses that if not corrected may weaken the loan to the point of inadequately protecting the Bank’s credit position. Examples include a lack of supervision, inadequate loan agreement, condition, or control of collateral, incomplete, or improper documentation, deviations from lending policy, and adverse trends in operations or economic conditions. Substandard Loans. This rating represents loans that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. A loan so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregated amount of substandard loans, does not have to exist in an individual loan classified substandard. Doubtful/Loss Loans. A loan classified as doubtful has the characteristics that make collection in full, on the basis of currently existing facts, conditions, and values, highly improbable. The possibility of loss is extremely high, but because of pending factors, which may work to the advantage and strengthening of the loan, its classification as loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. Loans are classified as loss when they are deemed to be not collectible and of such little value that continuance as an active asset of the Bank is not warranted. Loans classified as loss must be charged-off. Assignment of this classification does not mean that an asset has absolutely no recovery or salvage value, but that it is not practical or desirable to defer writing off a basically worthless asset, even though partial recovery may be attained in the future. Restructured Loans A restructured loan is considered a troubled debt restructuring (“TDR”) if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The Company periodically enters into restructure agreements with borrowers whereby the loans were previously identified as TDRs. When such circumstances occur, the Company carefully evaluates the facts of the subsequent restructure to determine the appropriate accounting and under certain circumstances it may be acceptable not to account for the subsequently restructured loan as a TDR. When assessing whether a concession has been granted by the Company, any prior forgiveness on a cumulative basis is considered a continuing concession. The Company has made the following types of loan modifications, some of which were considered a TDR: • reduction of the stated interest rate for the remaining term of the debt; • extension of the maturity date(s) at a stated rate of interest lower than the current market rate for newly originated debt having similar risk characteristics; and • reduction of the face amount of the debt as stated in the debt agreements. The Company recognizes that while borrowers may experience deterioration in their financial condition, many continue to be creditworthy borrowers who have the willingness and capacity for debt repayment. In determining whether non-restructured or performing loans issued to a single or related party group of borrowers should continue to accrue interest when the borrower has other loans that are non-performing or are TDRs, the Company on a quarterly or more frequent basis performs an updated and comprehensive assessment of the willingness and capacity of the borrowers to timely and ultimately repay their total debt obligations, including contingent obligations. Such analysis takes into account current financial information about the borrowers and financially responsible guarantors, if any, including for example: • analysis of global, i.e., aggregate debt service for total debt obligations; • assessment of the value and security protection of collateral pledged using current market conditions and alternative market assumptions acro

Debt Securities

Debt Securities3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt SecuritiesDebt Securities The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities: March 31, 2022 (Dollars in thousands) Amortized Gross Gross Fair Available-for-sale U.S. government and federal agency $ 491,616 138 (25,994) 465,760 U.S. government sponsored enterprises 319,057 — (16,707) 302,350 State and local governments 456,386 8,845 (2,190) 463,041 Corporate bonds 111,452 1,816 (83) 113,185 Residential mortgage-backed securities 4,223,157 986 (249,488) 3,974,655 Commercial mortgage-backed securities 1,253,389 5,151 (41,768) 1,216,772 Total available-for-sale $ 6,855,057 16,936 (336,230) 6,535,763 Held-to-maturity U.S. government and federal agency 843,264 — (36,820) 806,444 State and local governments 1,385,516 2,978 (92,975) 1,295,519 Residential mortgage-backed securities 1,348,161 — (55,292) 1,292,869 Total held-to-maturity 3,576,941 2,978 (185,087) 3,394,832 Total debt securities 10,431,998 19,914 (521,317) 9,930,595 December 31, 2021 (Dollars in thousands) Amortized Gross Gross Fair Available-for-sale U.S. government and federal agency $ 1,356,171 174 (9,596) 1,346,749 U.S. government sponsored enterprises 241,687 2 (996) 240,693 State and local governments 461,414 27,567 (123) 488,858 Corporate bonds 175,697 5,072 (17) 180,752 Residential mortgage-backed securities 5,744,505 9,420 (54,266) 5,699,659 Commercial mortgage-backed securities 1,195,949 25,882 (7,693) 1,214,138 Total available-for-sale $ 9,175,423 68,117 (72,691) 9,170,849 Held-to-maturity State and local governments 1,199,164 22,878 (1,159) 1,220,883 Total held-to-maturity 1,199,164 22,878 (1,159) 1,220,883 Total debt securities $ 10,374,587 90,995 (73,850) 10,391,732 Maturity Analysis The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at March 31, 2022. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties. March 31, 2022 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 55,445 56,042 1,426 1,429 Due after one year through five years 907,525 867,786 399,508 384,761 Due after five years through ten years 187,949 189,242 569,111 546,644 Due after ten years 227,592 231,266 1,258,735 1,169,129 1,378,511 1,344,336 2,228,780 2,101,963 Mortgage-backed securities 1 5,476,546 5,191,427 1,348,161 1,292,869 Total $ 6,855,057 6,535,763 3,576,941 3,394,832 ______________________________ 1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Sales and Calls of Debt Securities Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below: Three Months ended (Dollars in thousands) March 31, March 31, Available-for-sale Proceeds from sales and calls of debt securities $ 53,120 54,336 Gross realized gains 1 693 369 Gross realized losses 1 (15) (43) Held-to-maturity Proceeds from calls of debt securities 12,975 4,130 Gross realized gains 1 15 — Gross realized losses 1 (247) (42) ______________________________ 1 The gain or loss on the sale or call of each debt security is determined by the specific identification method. Allowance for Credit Losses - Available-For-Sale Debt Securities In assessing whether a credit loss existed on available-for-sale debt securities with unrealized losses, the Company compared the present value of cash flows expected to be collected from the debt securities with the amortized cost basis of the debt securities. In addition, the following factors were evaluated individually and collectively in determining the existence of expected credit losses: • credit ratings from Nationally Recognized Statistical Rating Organizations (“NRSRO” entities such as Standard and Poor’s [“S&P”] and Moody’s); • extent to which the fair value is less than cost; • adverse conditions, if any, specifically related to the impaired securities, including the industry and geographic area; • the overall deal and payment structure of the debt securities, including the investor entity’s position within the structure, underlying obligors, financial condition and near-term prospects of the issuer, including specific events which may affect the issuer’s operations or future earnings, and credit support or enhancements; and • failure of the issuer and underlying obligors, if any, to make scheduled payments of interest and principal. The following table summarizes available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized position is also disclosed. March 31, 2022 Number Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. government and federal agency 44 $ 453,390 (25,657) 4,248 (337) 457,638 (25,994) U.S. government sponsored enterprises 15 302,350 (16,707) — — 302,350 (16,707) State and local governments 93 49,442 (2,040) 1,646 (150) 51,088 (2,190) Corporate bonds 3 5,421 (83) — — 5,421 (83) Residential mortgage-backed securities 354 3,164,385 (195,824) 738,114 (53,664) 3,902,499 (249,488) Commercial mortgage-backed securities 105 757,925 (30,284) 128,637 (11,484) 886,562 (41,768) Total available-for-sale 614 $ 4,732,913 (270,595) 872,645 (65,635) 5,605,558 (336,230) December 31, 2021 Number Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. government and federal agency 50 $ 1,329,399 (9,344) 5,457 (252) 1,334,856 (9,596) U.S. government sponsored enterprises 11 239,928 (996) — — 239,928 (996) State and local governments 10 11,080 (83) 1,760 (40) 12,840 (123) Corporate bonds 3 12,483 (17) — — 12,483 (17) Residential mortgage-backed securities 151 5,335,632 (53,434) 53,045 (832) 5,388,677 (54,266) Commercial mortgage-backed securities 38 302,784 (3,316) 126,798 (4,377) 429,582 (7,693) Total available-for-sale 263 $ 7,231,306 (67,190) 187,060 (5,501) 7,418,366 (72,691) With respect to severity, the majority of available-for-sale debt securities with unrealized loss positions at March 31, 2022 have unrealized losses as a percentage of book value of less than five percent. A substantial portion of such securities were issued by Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), Government National Mortgage Association (“Ginnie Mae”) and other agencies of the U.S. government or have credit ratings issued by one or more of the NRSRO entities in the four highest credit rating categories. All of the Company’s available-for-sale debt securities with unrealized loss positions at March 31, 2022 have been determined to be investment grade. The Company did not have any past due available-for-sale debt securities as of March 31, 2022 and December 31, 2021, respectively. Accrued interest receivable on available-for-sale debt securities totaled $16,758,000 and $18,788,000 at March 31, 2022, and December 31, 2021, respectively, and was excluded from the estimate of credit losses. Based on an analysis of its available-for-sale debt securities with unrealized losses as of March 31, 2022, the Company determined the decline in value was unrelated to credit losses and was primarily the result of changes in interest rates and market spreads subsequent to acquisition. The fair value of the debt securities is expected to recover as payments are received and the debt securities approach maturity. In addition, as of March 31, 2022, management determined it did not intend to sell available-for-sale debt securities with unrealized losses, and there was no expected requirement to sell such securities before recovery of their amortized cost. As a result, no ACL was recorded on available-for-sale debt securities at March 31, 2022. As part of this determination, the Company considered contractual obligations, regulatory constraints, liquidity, capital, asset/liability management and securities portfolio objectives and whether or not any of the Company’s investment securities were managed by third-party investment funds. Allowance for Credit Losses - Held-To-Maturity Debt Securities The Company measured expected credit losses on held-to-maturity debt securities on a collective basis by major security type and NRSRO credit ratings, which is the Company’s primary credit quality indicator for state and local government securities. The estimate of expected credit losses considered historical credit loss information that was adjusted for current conditions as well as reasonable and supportable forecasts. The following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating: (Dollars in thousands) March 31, December 31, Municipal bonds held-to-maturity S&P: AAA / Moody’s: Aaa $ 329,796 316,899 S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3 1,015,536 841,616 S&P: A+, A, A- / Moody’s: A1, A2, A3 38,617 39,078 Not rated by either entity 1,567 1,571 Total municipal bonds held-to-maturity $ 1,385,516 1,199,164 The Company’s municipal bonds in the held-to-maturity debt securities portfolio is primarily comprised of general obligation and revenue bonds with NRSRO ratings in the four highest credit rating categories. All of the Company’s municipal bonds that are classified as held-to-maturity debt securities at March 31, 2022 have been determined to be investment grade. Held-to-maturity debt securities issued and guaranteed by the U.S. Treasury, Fannie Mae, Freddie Mac, Government National Mortgage Association (“Ginnie Mae”) and other agencies of the U.S. government are considered to be zero-loss securities. This determination is in consideration of the explicit and implicit guarantees by the US Government, the US Government’s ability to print its own currency, a history of no credit losses by the US Government and noted agencies and the current economic and financial condition of the United States and US Government providing no indication the zero-loss determination is unjustified . As of March 31, 2022 and December 31, 2021, the Company did not have any held-to-maturity debt securities past due. Accrued interest receivable on held-to-maturity debt securities totaled $16,150,000 and $8,737,000 at March 31, 2022 and December 31, 2021, respectively, and were excluded from the estimate of credit losses. Based on the Company’s evaluation, an insignificant amount of credit losses is expected on the held-to-maturity debt securities portfolio; therefore, no ACL was recorded at March 31, 2022 or December 31, 2021.

Loans Receivable, Net

Loans Receivable, Net3 Months Ended
Mar. 31, 2022
Receivables [Abstract]
Loans Receivable, NetLoans Receivable, Net The following table presents loans receivable for each portfolio segment of loans: (Dollars in thousands) March 31, December 31, Residential real estate $ 1,125,648 1,051,883 Commercial real estate 8,865,585 8,630,831 Other commercial 2,661,048 2,664,190 Home equity 715,963 736,288 Other consumer 362,775 348,839 Loans receivable 13,731,019 13,432,031 Allowance for credit losses (176,159) (172,665) Loans receivable, net $ 13,554,860 13,259,366 Net deferred origination (fees) costs included in loans receivable $ (20,509) (21,667) Net purchase accounting (discounts) premiums included in loans receivable $ (23,012) (25,166) Accrued interest receivable on loans $ 48,544 49,133 Substantially all of the Company’s loans receivable are with borrowers in the Company’s geographic market areas. Although the Company has a diversified loan portfolio, a substantial portion of borrowers’ ability to service their obligations is dependent upon the economic performance in the Company’s market areas. The Company had no significant purchases or sales of portfolio loans or reclassification of loans held for investment to loans held for sale during the three months ended March 31, 2022. Allowance for Credit Losses - Loans Receivable The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on loans. The following tables summarize the activity in the ACL: Three Months ended March 31, 2022 (Dollars in thousands) Total Residential Real Estate Commercial Real Estate Other Commercial Home Equity Other Consumer Balance at beginning of period $ 172,665 16,458 117,901 24,703 8,566 5,037 Provision for credit losses 4,344 (249) 3,927 (1,003) 559 1,110 Charge-offs (2,694) — — (799) — (1,895) Recoveries 1,844 18 344 981 48 453 Balance at end of period $ 176,159 16,227 122,172 23,882 9,173 4,705 Three Months ended March 31, 2021 (Dollars in thousands) Total Residential Real Estate Commercial Real Estate Other Commercial Home Equity Other Consumer Balance at beginning of period $ 158,243 9,604 86,999 49,133 8,182 4,325 Provision for credit losses 489 (582) 7,463 (7,265) (89) 962 Charge-offs (4,246) (38) — (2,762) (45) (1,401) Recoveries 1,960 34 789 279 20 838 Balance at end of period $ 156,446 9,018 95,251 39,385 8,068 4,724 During the three months ended March 31, 2022, the ACL increased primarily as a result of loan portfolio growth. The sizeable charge-offs in the other consumer loan segment is driven by deposit overdraft charge-offs which typically experience high charge-off rates and the amounts were comparable to historical trends. The other segments experience routine charge-offs and recoveries, with occasional large credit relationships charge-offs and recoveries that cause fluctuations from prior periods. During the three months ended March 31, 2022, there have been no significant changes to the types of collateral securing collateral-dependent loans. Aging Analysis The following tables present an aging analysis of the recorded investment in loans: March 31, 2022 (Dollars in thousands) Total Residential Commercial Other Home Other Accruing loans 30-59 days past due $ 11,885 3,358 2,088 3,604 1,060 1,775 Accruing loans 60-89 days past due 4,195 — 2,649 763 434 349 Accruing loans 90 days or more past due 4,510 — 2,343 1,927 95 145 Non-accrual loans with no ACL 37,012 1,891 28,379 4,759 1,514 469 Non-accrual loans with ACL 20,911 — — 20,865 — 46 Total past due and non-accrual loans 78,513 5,249 35,459 31,918 3,103 2,784 Current loans receivable 13,652,506 1,120,399 8,830,126 2,629,130 712,860 359,991 Total loans receivable $ 13,731,019 1,125,648 8,865,585 2,661,048 715,963 362,775 December 31, 2021 (Dollars in thousands) Total Residential Commercial Other Home Other Accruing loans 30-59 days past due $ 38,081 2,132 26,063 5,464 1,582 2,840 Accruing loans 60-89 days past due 12,485 457 9,537 1,652 512 327 Accruing loans 90 days or more past due 17,141 223 15,345 1,383 57 133 Non-accrual loans with no ACL 28,961 2,162 20,040 4,563 1,712 484 Non-accrual loans with ACL 21,571 255 448 20,765 99 4 Total past due and non-accrual loans 118,239 5,229 71,433 33,827 3,962 3,788 Current loans receivable 13,313,792 1,046,654 8,559,398 2,630,363 732,326 345,051 Total loans receivable $ 13,432,031 1,051,883 8,630,831 2,664,190 736,288 348,839 The Company had $720,000 and $73,000 of interest reversed on non-accrual loans during the three months ended March 31, 2022 and March 31, 2021, respectively. The prior year modifications that were made under the CARES Act, along with related regulatory guidance, are included in current loan receivables. Collateral-Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The collateral on the loans is a significant portion of what secures the collateral-dependent loans and significant changes to the fair value of the collateral can impact the ACL. During 2022, there were no significant change to collateral which secures the collateral-dependent loans, whether due to general deterioration or other reasons. The following table presents the amortized cost basis of collateral-dependent loans by collateral type: March 31, 2022 (Dollars in thousands) Total Residential Commercial Other Home Other Business assets $ 25,704 — 49 25,655 — — Residential real estate 3,764 1,848 244 111 1,401 160 Other real estate 39,875 43 38,641 431 406 354 Other 529 — — 230 — 299 Total $ 69,872 1,891 38,934 26,427 1,807 813 December 31, 2021 (Dollars in thousands) Total Residential Commercial Other Home Other Business assets $ 25,182 — 57 25,125 — — Residential real estate 4,625 2,369 280 115 1,694 167 Other real estate 32,093 48 30,996 597 116 336 Other 1,525 — — 1,241 — 284 Total $ 63,425 2,417 31,333 27,078 1,810 787 Restructured Loans A restructured loan is considered a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The following tables present TDRs that occurred during the periods presented and the TDRs that occurred within the previous twelve months that subsequently defaulted during the periods presented: Three Months ended March 31, 2022 (Dollars in thousands) Total Residential Commercial Other Home Other TDRs that occurred during the period Number of loans 3 1 — 2 — — Pre-modification recorded balance $ 87 31 — 56 — — Post-modification recorded balance $ 87 31 — 56 — — TDRs that subsequently defaulted Number of loans — — — — — — Recorded balance $ — — — — — — Three Months ended March 31, 2021 (Dollars in thousands) Total Residential Commercial Other Home Other TDRs that occurred during the period Number of loans 7 1 4 1 — 1 Pre-modification recorded balance $ 1,753 210 1,374 38 — 131 Post-modification recorded balance $ 1,753 210 1,374 38 — 131 TDRs that subsequently defaulted Number of loans — — — — — — Recorded balance $ — — — — — — The modifications for the loans designated as TDRs during the three months ended March 31, 2022 and 2021 included one or a combination of the following: an extension of the maturity date, a reduction of the interest rate or a reduction in the principal amount. In addition to the loans designated as TDRs during the period provided in the preceding tables, the Company had TDRs with pre-modification loan balances of $77,000 and $1,474,000 for the three months ended March 31, 2022 and 2021, respectively, for which OREO was received in full or partial satisfaction of the loans. The majority of such TDRs were in consumer for the three months ended March 31, 2022 and other commercial for the three months ended March 31, 2021. At March 31, 2022 and December 31, 2021, the Company had $335,000 and $102,000, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process. At March 31, 2022 and December 31, 2021, the Company did not have any OREO secured by residential real estate properties. Credit Quality Indicators The Company categorizes commercial real estate and other commercial loans into risk categories based on relevant information about the ability of borrowers to service their obligations. The following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk. March 31, 2022 (Dollars in thousands) Total Pass Special Mention Substandard Doubtful/ Commercial real estate loans Term loans by origination year 2022 (year-to-date) $ 724,549 722,024 — 2,525 — 2021 2,611,827 2,610,130 — 1,697 — 2020 1,481,501 1,467,853 — 13,648 — 2019 863,746 825,419 — 38,327 — 2018 778,708 760,413 — 18,295 — Prior 2,207,850 2,113,551 — 94,275 24 Revolving loans 197,404 196,410 — 993 1 Total $ 8,865,585 8,695,800 — 169,760 25 Other commercial loans 1 Term loans by origination year 2022 (year-to-date) $ 148,882 148,562 — 320 — 2021 697,130 692,374 — 4,756 — 2020 372,931 367,657 — 5,272 2 2019 220,962 209,206 — 11,743 13 2018 172,157 165,572 — 6,583 2 Prior 496,187 485,791 — 9,890 506 Revolving loans 552,799 526,330 — 26,449 20 Total $ 2,661,048 2,595,492 — 65,013 543 ___________________________ 1 Includes PPP loans. December 31, 2021 (Dollars in thousands) Total Pass Special Mention Substandard Doubtful/ Commercial real estate loans Term loans by origination year 2021 $ 2,679,564 2,677,540 — 2,024 — 2020 1,512,845 1,499,895 — 12,950 — 2019 952,039 919,091 — 32,948 — 2018 808,275 788,292 — 19,983 — 2017 665,733 624,018 — 41,715 — Prior 1,677,875 1,621,819 — 56,030 26 Revolving loans 334,500 332,696 — 1,803 1 Total $ 8,630,831 8,463,351 — 167,453 27 Other commercial loans 1 Term loans by origination year 2021 $ 751,151 746,709 — 4,442 — 2020 429,500 420,547 — 8,952 1 2019 235,591 226,614 — 8,974 3 2018 188,009 179,679 — 8,329 1 2017 209,287 207,509 — 1,775 3 Prior 312,852 297,926 — 14,275 651 Revolving loans 537,800 507,258 — 30,526 16 Total $ 2,664,190 2,586,242 — 77,273 675 ______________________________ 1 Includes PPP loans. For residential real estate, home equity and other consumer loan segments, the Company evaluates credit quality primarily on the aging status of the loan. The following tables present the amortized cost in residential real estate, home equity and other consumer loans based on payment performance: March 31, 2022 (Dollars in thousands) Total Performing 30-89 Days Past Due Non-Accrual and 90 Days or More Past Due Residential real estate loans Term loans by origination year 2022 (year-to-date) $ 111,162 110,259 903 — 2021 587,540 586,901 639 — 2020 148,965 148,770 59 136 2019 57,198 57,198 — — 2018 44,023 43,752 — 271 Prior 174,344 171,103 1,757 1,484 Revolving loans 2,416 2,416 — — Total $ 1,125,648 1,120,399 3,358 1,891 Home equity loans Term loans by origination year 2022 (year-to-date) $ — — — — 2021 44 44 — — 2020 63 63 — — 2019 430 398 — 32 2018 682 681 — 1 Prior 9,739 9,315 180 244 Revolving loans 705,005 702,359 1,314 1,332 Total $ 715,963 712,860 1,494 1,609 Other consumer loans Term loans by origination year 2022 (year-to-date) $ 49,134 49,110 24 — 2021 136,845 136,325 405 115 2020 71,871 71,567 279 25 2019 31,608 31,213 211 184 2018 16,789 16,554 72 163 Prior 22,554 21,289 1,098 167 Revolving loans 33,974 33,933 35 6 Total $ 362,775 359,991 2,124 660 December 31, 2021 (Dollars in thousands) Total Performing 30-89 Days Past Due Non-Accrual and 90 Days or More Past Due Residential real estate loans Term loans by origination year 2021 $ 427,814 427,318 496 — 2020 179,395 178,016 1,232 147 2019 66,543 66,470 — 73 2018 51,095 50,816 — 279 2017 42,181 42,005 — 176 Prior 146,299 143,473 861 1,965 Revolving loans 138,556 138,556 — — Total $ 1,051,883 1,046,654 2,589 2,640 Home equity loans Term loans by origination year 2021 $ 871 871 — — 2020 303 303 — — 2019 1,293 1,260 — 33 2018 1,329 1,328 — 1 2017 886 886 — — Prior 11,494 10,589 576 329 Revolving loans 720,112 717,089 1,518 1,505 Total $ 736,288 732,326 2,094 1,868 Other consumer loans Term loans by origination year 2021 $ 151,407 150,910 469 28 2020 80,531 80,072 443 16 2019 37,036 36,647 187 202 2018 19,563 19,268 144 151 2017 8,591 8,506 78 7 Prior 17,763 15,968 1,589 206 Revolving loans 33,948 33,680 257 11 Total $ 348,839 345,051 3,167 621

Leases

Leases3 Months Ended
Mar. 31, 2022
Leases [Abstract]
LeasesLeases The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases: March 31, 2022 December 31, 2021 (Dollars in thousands) Finance Operating Finance Operating ROU assets $ 8,028 5,995 Accumulated depreciation (594) (516) Net ROU assets $ 7,434 44,414 5,479 44,699 Lease liabilities $ 7,774 47,695 5,781 47,901 Weighted-average remaining lease term 22 years 16 years 23 years 16 years Weighted-average discount rate 2.7 % 3.4 % 2.6 % 3.4 % Maturities of lease liabilities consist of the following: March 31, 2022 (Dollars in thousands) Finance Operating Maturing within one year $ 381 5,200 Maturing one year through two years 389 4,359 Maturing two years through three years 399 4,091 Maturing three years through four years 407 3,987 Maturing four years through five years 417 3,905 Thereafter 8,504 42,900 Total lease payments 10,497 64,442 Present value of lease payments Short-term 174 1,455 Long-term 7,600 46,240 Total present value of lease payments 7,774 47,695 Difference between lease payments and present value of lease payments $ 2,723 16,747 The components of lease expense consist of the following: Three Months ended (Dollars in thousands) March 31, March 31, Finance lease cost Amortization of ROU assets $ 78 61 Interest on lease liabilities 46 37 Operating lease cost 1,496 1,279 Short-term lease cost 105 86 Variable lease cost 307 261 Sublease income (12) (11) Total lease expense $ 2,020 1,713 Supplemental cash flow information related to leases is as follows: Three Months ended March 31, 2022 March 31, 2021 (Dollars in thousands) Finance Operating Finance Operating Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 46 1,025 37 780 Financing cash flows 39 N/A 27 N/A
LeasesLeases The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases: March 31, 2022 December 31, 2021 (Dollars in thousands) Finance Operating Finance Operating ROU assets $ 8,028 5,995 Accumulated depreciation (594) (516) Net ROU assets $ 7,434 44,414 5,479 44,699 Lease liabilities $ 7,774 47,695 5,781 47,901 Weighted-average remaining lease term 22 years 16 years 23 years 16 years Weighted-average discount rate 2.7 % 3.4 % 2.6 % 3.4 % Maturities of lease liabilities consist of the following: March 31, 2022 (Dollars in thousands) Finance Operating Maturing within one year $ 381 5,200 Maturing one year through two years 389 4,359 Maturing two years through three years 399 4,091 Maturing three years through four years 407 3,987 Maturing four years through five years 417 3,905 Thereafter 8,504 42,900 Total lease payments 10,497 64,442 Present value of lease payments Short-term 174 1,455 Long-term 7,600 46,240 Total present value of lease payments 7,774 47,695 Difference between lease payments and present value of lease payments $ 2,723 16,747 The components of lease expense consist of the following: Three Months ended (Dollars in thousands) March 31, March 31, Finance lease cost Amortization of ROU assets $ 78 61 Interest on lease liabilities 46 37 Operating lease cost 1,496 1,279 Short-term lease cost 105 86 Variable lease cost 307 261 Sublease income (12) (11) Total lease expense $ 2,020 1,713 Supplemental cash flow information related to leases is as follows: Three Months ended March 31, 2022 March 31, 2021 (Dollars in thousands) Finance Operating Finance Operating Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 46 1,025 37 780 Financing cash flows 39 N/A 27 N/A

Goodwill

Goodwill3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GoodwillGoodwill The following schedule discloses the changes in the carrying value of goodwill: Three Months ended (Dollars in thousands) March 31, March 31, Net carrying value at beginning of period $ 985,393 514,013 Acquisitions and adjustments — — Net carrying value at end of period $ 985,393 514,013

Loan Servicing

Loan Servicing3 Months Ended
Mar. 31, 2022
Mortgage Banking [Abstract]
Loan ServicingLoan Servicing Mortgage loans that are serviced for others are not reported as assets, only the servicing rights are recorded and included in other assets. The following schedules disclose the change in the carrying value of mortgage servicing rights that is included in other assets, principal balances of loans serviced and the fair value of mortgage servicing rights: (Dollars in thousands) March 31, December 31, Carrying value at beginning of period $ 12,839 8,976 Acquisitions — 1,354 Additions 756 4,435 Amortization (528) (1,926) Carrying value at end of period $ 13,067 12,839 Principal balances of loans serviced for others $ 1,644,158 1,639,058 Fair value of servicing rights $ 18,946 16,938 The following table summarizes the carrying value of the Company’s securities sold under agreements to repurchase (“repurchase agreements”) by remaining contractual maturity of the agreements and category of collateral: Overnight and Continuous (Dollars in thousands) March 31, December 31, Residential mortgage-backed securities $958,479 1,020,794

Variable Interest Entities

Variable Interest Entities3 Months Ended
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest EntitiesVariable Interest Entities A VIE is a partnership, limited liability company, trust or other legal entity that meets one of the following criteria: 1) the entity’s equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties; 2) the holders of the equity investment at risk, as a group, lack the characteristics of a controlling financial interest; and 3) the voting rights of some holders of the equity investment at risk are disproportionate to their obligation to absorb losses or receive returns, and substantially all of the activities are conducted on behalf of the holder of equity investment at risk with disproportionately few voting rights. A VIE must be consolidated by the Company if it is deemed to be the primary beneficiary, which is the party involved with the VIE that has both: 1) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance; and 2) the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s VIEs are regularly monitored to determine if any reconsideration events have occurred that could cause the primary beneficiary status to change. A previously unconsolidated VIE is consolidated when the Company becomes the primary beneficiary. A previously consolidated VIE is deconsolidated when the Company ceases to be the primary beneficiary or the entity is no longer a VIE. Consolidated Variable Interest Entities The Company has equity investments in Certified Development Entities (“CDE”) which have received allocations of New Markets Tax Credits (“NMTC”). The NMTC program provides federal tax incentives to investors to make investments in distressed communities and promotes economic improvements through the development of successful businesses in these communities. The NMTC is available to investors over seven years and is subject to recapture if certain events occur during such period. The maximum exposure to loss in the CDEs is the amount of equity invested and credit extended by the Company. However, the Company has credit protection in the form of indemnification agreements, guarantees, and collateral arrangements. The Company has evaluated the variable interests held by the Company in each CDE (NMTC) investment and determined the Company does not individually meet the characteristics of a primary beneficiary; however, the related-party group does meet the criteria as a group and substantially all of the activities of the CDEs either involve or are conducted on behalf of the Company. As a result, the Company is the primary beneficiary of the CDEs and their assets, liabilities, and results of operations are included in the Company’s consolidated financial statements. The primary activities of the CDEs are recognized in commercial loans interest income and other borrowed funds interest expense on the Company’s statements of operations and the federal income tax credit allocations from the investments are recognized in the Company’s statements of operations as a component of income tax expense. Such related cash flows are recognized in loans originated, principal collected on loans and change in other borrowed funds. The Bank is also the sole member of certain tax credit funds that make direct investments in qualified affordable housing projects (e.g., Low-Income Housing Tax Credit [“LIHTC”] partnerships). As such, the Company is the primary beneficiary of these tax credit funds and their assets, liabilities, and results of operations are included in the Company’s consolidated financial statements. The following table summarizes the carrying amounts of the consolidated VIEs’ assets and liabilities included in the Company’s statements of financial condition and are adjusted for intercompany eliminations. All assets presented can be used only to settle obligations of the consolidated VIEs and all liabilities presented consist of liabilities for which creditors and other beneficial interest holders therein have no recourse to the general credit of the Company. (Dollars in thousands) March 31, December 31, Assets Loans receivable $ 146,763 121,625 Accrued interest receivable 579 519 Other assets 47,302 41,363 Total assets $ 194,644 163,507 Liabilities Other borrowed funds $ 49,484 38,313 Accrued interest payable 209 117 Other liabilities 55 164 Total liabilities $ 49,748 38,594 Unconsolidated Variable Interest Entities The Company has equity investments in LIHTC partnerships, both directly and through tax credit funds, with carrying values of $56,675,000 and $50,725,000 as of March 31, 2022 and December 31, 2021, respectively. The LIHTCs are indirect federal subsidies to finance low-income housing and are used in connection with both newly constructed and renovated residential rental buildings. Once a project is placed in service, it is generally eligible for the tax credit for ten years. To continue generating the tax credit and to avoid tax credit recapture, a LIHTC building must satisfy specific low-income housing compliance rules for a full fifteen years. The maximum exposure to loss in the VIEs is the amount of equity invested and credit extended by the Company. However, the Company has credit protection in the form of indemnification agreements, guarantees, and collateral arrangements. The Company has evaluated the variable interests held by the Company in each LIHTC investment and determined that the Company does not have controlling financial interests in such investments, and is not the primary beneficiary. The Company reports the investments in the unconsolidated LIHTCs as other assets on the Company’s statements of financial condition. There were no impairment losses on the Company’s LIHTC investments during the three months ended March 31, 2022 and 2021. Future unfunded contingent equity commitments related to the Company’s LIHTC investments at March 31, 2022 are as follows: (Dollars in thousands) Amount Years ending December 31, 2022 $ 24,105 2023 28,395 2024 11,659 2025 299 2026 333 Thereafter 854 Total $ 65,645 The Company has elected to use the proportional amortization method, and more specifically the practical expedient method, for the amortization of all eligible LIHTC investments and amortization expense is recognized as a component of income tax expense. The following table summarizes the amortization expense and the amount of tax credits and other tax benefits recognized for qualified affordable housing project investments during the periods presented. Three Months ended (Dollars in thousands) March 31, March 31, Amortization expense $ 2,995 2,326 Tax credits and other tax benefits recognized 3,996 3,095 The Company also owns the following trust subsidiaries, each of which issued trust preferred securities as capital instruments: Glacier Capital Trust II, Glacier Capital Trust III, Glacier Capital Trust IV, Citizens (ID) Statutory Trust I, Bank of the San Juans Bancorporation Trust I, First Company Statutory Trust 2001, First Company Statutory Trust 2003, FNB (UT) Statutory Trust I and FNB (UT) Statutory Trust II. The trust subsidiaries have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the securities held by third parties. The trust subsidiaries are not included in the Company’s consolidated financial statements because the sole asset of each trust subsidiary is a receivable from the Company, even though the Company owns all of the voting equity shares of the trust subsidiaries, has fully guaranteed the obligations of the trust subsidiaries and may have the right to redeem the third party securities under certain circumstances. The Company reports the trust preferred securities issued to the trust subsidiaries as subordinated debentures on the Company’s statements of financial condition.

Securities Sold Under Agreement

Securities Sold Under Agreements to Repurchase3 Months Ended
Mar. 31, 2022
Transfers and Servicing [Abstract]
Securities Sold Under Agreements to RepurchaseLoan Servicing Mortgage loans that are serviced for others are not reported as assets, only the servicing rights are recorded and included in other assets. The following schedules disclose the change in the carrying value of mortgage servicing rights that is included in other assets, principal balances of loans serviced and the fair value of mortgage servicing rights: (Dollars in thousands) March 31, December 31, Carrying value at beginning of period $ 12,839 8,976 Acquisitions — 1,354 Additions 756 4,435 Amortization (528) (1,926) Carrying value at end of period $ 13,067 12,839 Principal balances of loans serviced for others $ 1,644,158 1,639,058 Fair value of servicing rights $ 18,946 16,938 The following table summarizes the carrying value of the Company’s securities sold under agreements to repurchase (“repurchase agreements”) by remaining contractual maturity of the agreements and category of collateral: Overnight and Continuous (Dollars in thousands) March 31, December 31, Residential mortgage-backed securities $958,479 1,020,794

Derivatives and Hedging Activit

Derivatives and Hedging Activities3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging ActivitiesDerivatives and Hedging Activities Cash Flow Hedges The Company is exposed to certain risk relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest ra te risk. Interest rate caps have been entered into to manage interest rate risk associated with forecasted variable rate borrowings. Interest Rate Cap Deriv atives. In March 2020, the Company purchased interest rate caps designated as cash flow hedges with notional amounts totaling $130,500,000 on its variable rate subordinated debentures and were determined to be fully effective during the three months ended March 31, 2022. The interest rate caps require receipt of variable amounts from the counterparty when interest rates rise above the strike price in the contracts. The strike prices in the five year term contracts range from 1.5 percent to 2 percent 3 month London Interbank Offered Rate (“LIBOR.”) At March 31, 2022 and December 31, 2021, the interest rate caps had a fair value of $3,859,000 and $934,000, respectively, and were reported as other assets on the Company’s statements of financial condition. Changes in fair value were recorded in OCI. Amortization recorded on the interest rate caps totaled $42,000 for the three months ended March 31, 2022 and 2021, respectively, and was reported as a component of interest expense on subordinated debentures. The effect of cash flow hedge accounting on OCI for the periods ending March 31, 2022 and 2021 was as follows: Three Months ended (Dollars in thousands) March 31, March 31, Amount of gain recognized in OCI $ 2,967 593

Other Expenses

Other Expenses3 Months Ended
Mar. 31, 2022
Other Expenses [Abstract]
Other ExpensesOther Expenses Other expenses consists of the following: Three Months ended (Dollars in thousands) March 31, March 31, Mergers and acquisition expenses $ 6,207 104 Consulting and outside services 3,143 2,171 VIE amortization and other expenses 2,544 1,531 Loan expenses 1,823 1,624 Debit card expenses 1,804 1,322 Telephone 1,594 1,375 Employee expenses 1,088 431 Business development 1,081 822 Printing and supplies 1,050 790 Postage 995 961 Accounting and audit fees 671 455 Legal fees 448 156 Checking and operating expenses 352 156 Loss on dispositions of fixed assets (310) (353) Other 1,354 1,101 Total other expenses $ 23,844 12,646

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)3 Months Ended
Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) The following table illustrates the activity within accumulated other comprehensive income (loss) by component, net of tax: (Dollars in thousands) Gains (Losses) on Available-For-Sale and Transferred Debt Securities (Losses) Gains on Derivatives Used for Cash Flow Hedges Total Balance at January 1, 2021 $ 143,443 (353) 143,090 Other comprehensive (loss) income before reclassifications (63,370) 443 (62,927) Reclassification adjustments for gains included in net loss (243) — (243) Net current period other comprehensive income (loss) (63,613) 443 (63,170) Balance at March 31, 2021 $ 79,830 90 79,920 Balance at January 1, 2022 $ 27,038 321 27,359 Other comprehensive (loss) income before reclassifications (276,295) 2,218 (274,077) Reclassification adjustments for gains and transfers included in net income (507) — (507) Reclassification adjustments for amortization included in net income for transferred securities (584) — (584) Net current period other comprehensive (loss) income (277,386) 2,218 (275,168) Balance at March 31, 2022 $ (250,348) 2,539 (247,809)

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period presented. Diluted earnings per share is computed by including the net increase in shares as if dilutive outstanding restricted stock units were vested and stock options were exercised, using the treasury stock method. Basic and diluted earnings per share has been computed based on the following: Three Months ended (Dollars in thousands, except per share data) March 31, March 31, Net income available to common stockholders, basic and diluted $ 67,795 80,802 Average outstanding shares - basic 110,724,655 95,465,801 Add: dilutive restricted stock units and stock options 75,346 81,121 Average outstanding shares - diluted 110,800,001 95,546,922 Basic earnings per share $ 0.61 0.85 Diluted earnings per share $ 0.61 0.85 Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1 4,934 — ______________________________ 1 Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit or the exercise price of a stock option exceeds the market price of the Company’s stock.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Assets and LiabilitiesFair Value of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Transfers in and out of Level 1 (quoted prices in active markets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the three month periods ended March 31, 2022 and 2021. Recurring Measurements The following is a description of the inputs and valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended March 31, 2022. Debt securities, available-for-sal e. The fair value for available-for-sale debt securities is estimated by obtaining quoted market prices for identical assets, where available. If such prices are not available, fair value is based on independent asset pricing services and models, the inputs of which are market-based or independently sourced market parameters, including but not limited to, yield curves, interest rates, volatilities, market spreads, prepayments, defaults, recoveries, cumulative loss projections, and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. Where Level 1 or Level 2 inputs are not available, such securities are classified as Level 3 within the hierarchy. Fair value determinations of available-for-sale debt securities are the responsibility of the Company’s corporate accounting and treasury departments. The Company obtains fair value estimates from independent third party vendors on a monthly basis. The vendors’ pricing system methodologies, procedures and system controls are reviewed to ensure they are appropriately designed and operating effectively. The Company reviews the vendors’ inputs for fair value estimates and the recommended assignments of levels within the fair value hierarchy. The review includes the extent to which markets for debt securities are determined to have limited or no activity, or are judged to be active markets. The Company reviews the extent to which observable and unobservable inputs are used as well as the appropriateness of the underlying assumptions about risk that a market participant would use in active markets, with adjustments for limited or inactive markets. In considering the inputs to the fair value estimates, the Company places less reliance on quotes that are judged to not reflect orderly transactions, or are non-binding indications. In assessing credit risk, the Company reviews payment performance, collateral adequacy, third party research and analyses, credit rating histories and issuers’ financial statements. For those markets determined to be inactive or limited, the valuation techniques used are models for which management has verified that discount rates are appropriately adjusted to reflect illiquidity and credit risk. Loans held for sale, at fair value. Loans held for sale measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors. Loans held for sale measured at fair value are classified within Level 2. Included in gain on sale of loans were net losses of $1,583,000 and $4,729,000 for the three month periods ended March 31, 2022 and 2021, respectively, from the changes in fair value of loans held for sale measured at fair value. Electing to measure loans held for sale at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. Loan interest rate lock commitments. F air value estimates for loan interest rate lock commitments were based upon the estimated sales price, origination fees, direct costs, interest rate changes, etc. and were obtained from an independent third party. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. Forward commitments to sell TBA securities. Fo rward commitments to sell TBA securities are used to economically hedge the interest rate risk associated with certain loan commitments. The fair value estimates for the TBA commitments were based upon the estimated sale of the TBA hedge obtained from an independent third party. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. Interest rate cap derivative financial instrum ents. F air value estimates for interest rate cap derivative financial instruments were based upon the discounted cash flows of known payments plus the option value of each caplet which incorporates market rate forecasts and implied market volatilities. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. The Company also obtained and compared the reasonableness of the pricing from independent third party valuations. The following tables disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements (Dollars in thousands) Fair Value March 31, 2022 Quoted Prices Significant Significant Debt securities, available-for-sale U.S. government and federal agency $ 465,760 — 465,760 — U.S. government sponsored enterprises 302,350 — 302,350 — State and local governments 463,041 — 463,041 — Corporate bonds 113,185 — 113,185 — Residential mortgage-backed securities 3,974,655 — 3,974,655 — Commercial mortgage-backed securities 1,216,772 — 1,216,772 — Loans held for sale, at fair value 51,284 — 51,284 — Interest rate caps 3,859 — 3,859 — Interest rate locks 1,046 — 1,046 — TBA hedge 3,175 — 3,175 — Total assets measured at fair value on a recurring basis $ 6,595,127 — 6,595,127 — Fair Value Measurements (Dollars in thousands) Fair Value December 31, 2021 Quoted Prices Significant Significant Debt securities, available-for-sale U.S. government and federal agency $ 1,346,749 — 1,346,749 — U.S. government sponsored enterprises 240,693 — 240,693 — State and local governments 488,858 — 488,858 — Corporate bonds 180,752 — 180,752 — Residential mortgage-backed securities 5,699,659 — 5,699,659 — Commercial mortgage-backed securities 1,214,138 — 1,214,138 — Loans held for sale, at fair value 60,797 — 60,797 — Interest rate caps 934 — 934 — Interest rate locks 3,008 — 3,008 — Total assets measured at fair value on a recurring basis $ 9,235,588 — 9,235,588 — TBA hedge $ 80 — 80 — Total liabilities measured at fair value on a recurring basis $ 80 — 80 — Non-recurring Measurements The following is a description of the inputs and valuation methodologies used for assets recorded at fair value on a non-recurring basis, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended March 31, 2022. Other real estate owned. OREO is initially recorded at fair value less estimated cost to sell, establishing a new cost basis. OREO is subsequently accounted for at lower of cost or fair value less estimated cost to sell. Estimated fair value of OREO is based on appraisals or evaluations (new or updated). OREO is classified within Level 3 of the fair value hierarchy. Collateral-dependent loans, net of ACL. Fair value estimates of collateral-dependent loans that are individually reviewed are based on the fair value of the collateral, less estimated cost to sell. Collateral-dependent individually reviewed loans are classified within Level 3 of the fair value hierarchy. The Company’s credit department reviews appraisals for OREO and collateral-dependent loans, giving consideration to the highest and best use of the collateral. The appraisal or evaluation (new or updated) is considered the starting point for determining fair value. The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The key inputs used to determine the fair value of the collateral-dependent loans and OREO include selling costs, discounted cash flow rate or capitalization rate, and adjustment to comparables. Valuations and significant inputs obtained by independent sources are reviewed by the Company for accuracy and reasonableness. The Company also considers other factors and events in the environment that may affect the fair value. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. After review and acceptance of the collateral appraisal or evaluation (new or updated), adjustments to the impaired loan or OREO may occur. The Company generally obtains appraisals or evaluations (new or updated) annually. The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis: Fair Value Measurements (Dollars in thousands) Fair Value March 31, 2022 Quoted Prices Significant Significant Collateral-dependent impaired loans, net of ACL $ 1,580 — — 1,580 Total assets measured at fair value on a non-recurring basis $ 1,580 — — 1,580 Fair Value Measurements (Dollars in thousands) Fair Value December 31, 2021 Quoted Prices Significant Significant Collateral-dependent impaired loans, net of ACL $ 22,036 — — 22,036 Total assets measured at fair value on a non-recurring basis $ 22,036 — — 22,036 Non-recurring Measurements Using Significant Unobservable Inputs (Level 3) The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Fair Value March 31, 2022 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Valuation Technique Unobservable Input Range (Weighted-Average) 1 Collateral-dependent impaired loans, net of ACL $ 1,542 Cost approach Selling costs 10.0% - 10.0% (10.0%) 38 Sales comparison approach Selling costs 10.0% - 10.0% (10.0%) $ 1,580 Fair Value December 31, 2021 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Valuation Technique Unobservable Input Range (Weighted-Average) 1 Collateral-dependent loans, net of ACL $ 20,934 Cost approach Selling costs 10.0% - 10.0% (10.0%) 1,102 Sales comparison approach Selling Costs 5.0% - 10.0% (6.7%) Adjustment to comparables 0.0% - 10.0% (6.0%) $ 22,036 ______________________________ 1 The range for selling cost inputs represents reductions to the fair value of the assets. Fair Value of Financial Instruments The following tables present the carrying amounts, estimated fair values and the level within the fair value hierarchy of the Company’s financial instruments not carried at fair value. Receivables and payables due in one year or less, equity securities without readily determinable fair values and deposits with no defined or contractual maturities are excluded. There have been no significant changes in the valuation techniques during the period ended March 31, 2022. Cash and cash equivalents : fair value is estimated at book value. Debt securities, held-to-maturity : fair value for held-to-maturity debt securities is estimated in the same manner as available-for sale debt securities, which is described above. Loans receivable, net of ACL : The loans were fair valued on an individual basis, with consideration given to the loans' underlying characteristics, including account types, remaining terms and balance, interest rates, past delinquencies, current market rates, etc. The model utilizes a discounted cash flow approach to estimate the fair value of the loans using various assumptions such as prepayment speeds, projected default probabilities, losses given defaults, etc. The discounted cash flow approach models the credit losses directly in the projected cash flows. The model applies various assumptions regarding credit, interest, and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications. Term Deposits : fair value of term deposits is estimated by discounting the future cash flows using rates of similar deposits with similar maturities. The market rates used were obtained from an independent third party based on current rates offered by the Company’s regional competitors. Repurchase agreements and other borrowed funds : fair value of term repurchase agreements and other term borrowings is estimated based on current repurchase rates and borrowing rates currently available to the Company for repurchases and borrowings with similar terms and maturities. The estimated fair value for overnight repurchase agreements and other borrowings is book value. Subordinated debentures : fair value of the subordinated debt is estimated by discounting the estimated future cash flows using current estimated market rates obtained from an independent third party. Off-balance sheet financial instrument s: unused lines of credit and letters of credit represent the principal categories of off-balance sheet financial instruments. The fair value of commitments is based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of unused lines of credit and letters of credit is not material; therefore, such commitments are not included in the following tables. Fair Value Measurements (Dollars in thousands) Carrying Amount March 31, 2022 Quoted Prices Significant Significant Financial assets Cash and cash equivalents $ 436,805 436,805 — — Debt securities, held-to-maturity 3,576,941 — 3,394,832 — Loans receivable, net of ACL 13,554,860 — — 13,469,234 Total financial assets $ 17,568,606 436,805 3,394,832 13,469,234 Financial liabilities Term deposits $ 995,147 — 998,569 — FHLB advances 80,000 — 80,000 — Repurchase agreements and other borrowed funds 1,015,737 — 1,015,737 — Subordinated debentures 132,661 — 130,492 — Total financial liabilities $ 2,223,545 — 2,224,798 — Fair Value Measurements (Dollars in thousands) Carrying Amount December 31, 2021 Quoted Prices Significant Significant Financial assets Cash and cash equivalents $ 437,686 437,686 — — Debt securities, held-to-maturity 1,199,164 — 1,220,883 — Loans receivable, net of ACL 13,259,366 — — 13,422,898 Total financial assets $ 14,896,216 437,686 1,220,883 13,422,898 Financial liabilities Term deposits $ 1,036,077 — 1,040,100 — Repurchase agreements and other borrowed funds 1,064,888 — 1,064,888 — Subordinated debentures 132,620 — 131,513 — Total financial liabilities $ 2,233,585 — 2,236,501 —

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GeneralGeneral Glacier Bancorp, Inc. (“Company”) is a Montana corporation headquartered in Kalispell, Montana. The Company provides a full range of banking services to individuals and businesses in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada through its wholly-owned bank subsidiary, Glacier Bank (“Bank”). The Company offers a wide range of banking products and services, including: 1) retail banking; 2) business banking; 3) real estate, commercial, agriculture and consumer loans; and 4) mortgage origination and loan servicing. The Company serves individuals, small to medium-sized businesses, community organizations and public entities. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. These interim financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and they should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results anticipated for the year ending December 31, 2022. The condensed consolidated statement of financial condition of the Company as of December 31, 2021 has been derived from the audited consolidated statements of the Company as of that date. The Company is a defendant in legal proceedings arising in the normal course of business. In the opinion of management, the disposition of pending litigation will not have a material affect on the Company’s consolidated financial position, results of operations or liquidity.
Principles of ConsolidationPrinciples of Consolidation The consolidated financial statements of the Company include the parent holding company and the Bank, which consists of seventeen bank divisions and a corporate division. The corporate division includes the Bank’s investment portfolio, wholesale borrowings and other centralized functions. The Bank divisions operate under separate names, management teams and advisory directors. The Company considers the Bank to be its sole operating segment as the Bank 1) engages in similar bank business activity from which it earns revenues and incurs expenses; 2) the operating results of the Bank are regularly reviewed by the Chief Executive Officer (“CEO”) (i.e., the chief operating decision maker) who makes decisions about resources to be allocated to the Bank; and 3) financial information is available for the Bank. All significant inter-company transactions have been eliminated in consolidation. The Bank has subsidiary interests in variable interest entities (“VIE”) for which the Bank has both the power to direct the VIE’s significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. These subsidiary interests are included in the Company’s consolidated financial statements. The Bank also has subsidiary interests in VIEs for which the Bank does not have a controlling financial interest and is not the primary beneficiary. These subsidiary interests are not included in the Company’s consolidated financial statements. The parent holding company owns non-bank subsidiaries that have issued trust preferred securities. The trust subsidiaries are not included in the Company’s consolidated financial statements. The Company's investments in the trust subsidiaries are included in other assets on the Company's statements of financial condition.
Cash and Cash EquivalentsCash and Cash EquivalentsCash and cash equivalents include cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”), interest bearing deposits, federal funds sold, and liquid investments with original maturities of three months or less. The Bank is required to maintain an average reserve balance with either the FRB or in the form of cash on hand.
Debt Securities and Allowance for Credit Losses - Available-for-Sale Debt SecuritiesDe bt Securities Debt securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Debt securities held primarily for the purpose of selling in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in income. Debt securities not classified as held-to-maturity or trading are classified as available-for-sale and are reported at fair value with unrealized gains and losses, net of income taxes, as a separate component of other comprehensive income (“OCI”). Premiums and discounts on debt securities are amortized or accreted into income using a method that approximates the interest method. The objective of the interest method is to calculate periodic interest income at a constant effective yield. The Company does not have any debt securities classified as trading securities. When the Company acquires another entity, it records the debt securities at fair value. The Company reviews and analyzes the various risks that may be present within the investment portfolio on an ongoing basis, including market risk, credit risk and liquidity risk. Market risk is the risk to an entity’s financial condition resulting from adverse changes in the value of its holdings arising from movements in interest rates, foreign exchange rates, equity prices or commodity prices. The Company assesses the market risk of individual debt securities as well as the investment portfolio as a whole. Credit risk, broadly defined, is the risk that an issuer or counterparty will fail to perform on an obligation. The credit rating of a security is considered the primary credit quality indicator for debt securities. Liquidity risk refers to the risk that a security will not have an active and efficient market in which the security can be sold. A debt security is investment grade if the issuer has adequate capacity to meet its commitment over the expected life of the investment, i.e., the risk of default is low and full and timely repayment of interest and principal is expected. To determine investment grade status for debt securities, the Company conducts due diligence of the creditworthiness of the issuer or counterparty prior to acquisition and ongoing thereafter consistent with the risk characteristics of the security and the overall risk of the investment portfolio. Credit quality due diligence takes into account the extent to which a security is guaranteed by the U.S. government and other agencies of the U.S. government. The depth of the due diligence is based on the complexity of the structure, the size of the security, and takes into account material positions and specific groups of securities or stratifications for analysis and review of similar risk positions. The due diligence includes consideration of payment performance, collateral adequacy, internal analyses, third party research and analytics, external credit ratings and default statistics. The Company has acquired debt securities through acquisitions and if the securities have more than insignificant credit deterioration since origination, they are designated as purchased credit-deteriorated (“PCD”) securities. An ACL is determined using the same methodology as with other debt securities. The sum of a PCD security’s fair value and associated ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the debt security is a noncredit discount or premium, which is amortized into interest income over the life of the security. Subsequent changes to the ACL are recorded through provision for credit losses. For additional information relating to debt securities, see Note 2. Allowance for Credit Losses - Available-for-Sale Debt Securities For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through other expense. For the available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from cred it losses or other factors. In such assessment, the Company considers the extent to which fair value is less than amortized cost, if there are any changes to the investment grade of the security by a rating agency, and if there are any adverse conditions that impact the security. If this assessment indicates a credit loss exists, the present value of the cash flows expected to be collected from the security is compared to the amortized cost basis of the s ecurity. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a potential credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any estimated credit losses that have not been recorded through an ACL are recognized in OCI. The Company has elected to exclude accrued interest from the estimate of credit losses for available-for-sale debt securities. As part of its non-accrual policy, the Company charges-off uncollectable interest at the time it is determined to be uncollectable. Allowance for Credit Losses - Held-to-Maturity Debt Securities For estimating the allowance for held-to-maturity (“HTM”) debt securities that share similar risk characteristics with other securities, such securities are pooled based on major security type. For pools of such securities with similar risk characteristics, the historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lives of the securities on those historical credit losses. Expected credit losses on securities in the held-to-maturity portfolio that do not share similar risk characteristics with any of the pools of debt securities are individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the securities.
Loans Held for SaleLoans Held for Sale Loans held for sale generally consist of long-term, fixed rate, conforming, single-family residential real estate loans intended to be sold on the secondary market. Loans held for sale are recorded at fair value and may or may not be sold with servicing rights released. Changes in fair value are recognized in non-interest income. Fair value elections are made at the time of origination based on the Company’s fair value election policy.
Loans ReceivableLoans Receivable The Company’s loan segments or classes are based on the purpose of the loan and consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. Loans that are intended at origination to be held-to-maturity are reported at the unpaid principal balance less net c harge-offs and adjusted for deferred fees and costs on originated loans and unamortized premiums or discounts on acquired loans. Interest income is accrued on the unpaid principal balance. Fees and costs on originated loans and premiums or discounts on acquired loans are deferred and subsequently amortized or accreted as a yield adjustment over the expected life of the loan utilizing the interest or straight-line methods. The interest method is utilized for loans with scheduled payment terms and the objective is to calculate periodic interest income at a constant effective yield. The straight-line method is utilized for revolving lines of credit or loans with no scheduled payment terms. When a loan is paid off prior to maturity, the remaining unamortized fees and costs on originated loans and unamortized premiums or discounts on acquired loans are immediately recognized as interest income. Loans that are thirty days or more past due based on payments received and applied to the loan are considered delinquent. Loans are designated non-accrual and the accrual of interest is discontinued when the collection of the contractual principal or interest is unlikely. A loan is typically placed on non-accrual when principal or interest is due and has remained unpaid for ninety days or more. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current period interest income. Subsequent payments on non-accrual loans are applied to the outstanding principal balance if doubt remains as to the ultimate collectability of the loan. Interest accruals are not resumed on partially charged-off impaired loans. For other loans on non-accrual, interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest.
Allowance for Credit Losses - Loans ReceivableAllowance for Credit Losses - Loans Receivable The ACL for loans receivable represents management’s estimate of credit losses over the expected contractual life of the loan portfolio. The estimate is determined based on the amortized cost of the loan portfolio including the loan balance adjusted for charge-offs, recoveries, deferred fees and costs, and loan discount and premiums. Recoveries are included only to the extent that such amounts were previously charged-off. The Company has elected to exclude accrued interest from the estimate of credit losses for loans. Determining the adequacy of the allowance is complex and requires a high degree of judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance in those future periods. The allowance is increased for estimated credit losses which are recorded as expense. The portion of loans and overdraft balances determined by management to be uncollectable are charged-off as a reduction to the allowance and recoveries of amounts previously charged-off increase the allowance. The Company’s charge-off policy is consistent with bank regulatory standards. Consumer loans generally are charged-off when the loan becomes over 120 days delinquent. Real estate acquired as a result of foreclosure or by deed-in-lieu of foreclosure is classified as other real estate owned (“OREO”) until such time as it is sold. The expected credit loss estimate process involves procedures to consider the unique characteristics of each of the Company’s loan portfolio segments, which consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. When computing the allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, credit and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The Company has determined a four consecutive quarter forecasting period is a reasonable and supportable period. Expected credit loss for periods beyond reasonable and supportable forecast periods are determined based on a reversion method which reverts back to historical loss estimate over a four consecutive quarter period on a straight-line basis. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and the process for estimating the expected credit losses. The following paragraphs describe the risk characteristics relevant to each portfolio segment. Residential Real Estate. Residential real estate loans are secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment include a large number of borrowers, geographic dispersion of market areas and the loans are originated for relatively smaller amounts. Commercial Real Estate . Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operation of the property securing the loan and/or the business conducted on the property securing the loan. Credit risk in these loans is impacted by the creditworthiness of a borrower, valuation of the property securing the loan and conditions within the local economies in the Company’s diverse, geographic market areas. Commercial . Commercial loans consist of loans to commercial customers for use in financing working capital needs, equipment purchases and business expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations across the Company’s diverse, geographic market areas. Home Equity . Home equity loans consist of junior lien mortgages and first and junior lien lines of credit (revolving open-end and amortizing closed-end) secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment are a large number of borrowers, geographic dispersion of market areas and the loans are originated for terms that range from 10 to 15 years. Other Consumer . The other consumer loan portfolio consists of various short-term loans such as automobile loans and loans for other personal purposes. Repayment of these loans is primarily dependent on the personal income of the borrowers. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s diverse, geographic market area) and the creditworthiness of a borrower. The allowance is impacted by loan volumes, delinquency status, credit ratings, historical loss experiences, estimated prepayment speeds, weighted average lives and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance has two basic components: 1) individual loans that do not share similar risk characteristics with other loans and the measurement of expected credit losses for such individual loans; and 2) the expected credit losses for pools of loans that share similar risk characteristics. Loans that do not Share Similar Risk Characteristics with Other Loans. For a loan that does not share similar risk characteristics with other loans, expected credit loss is measured based on the net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the expected credit loss is equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral-dependent, that is, when foreclosure is probable or the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The Company has determined that non-accrual loans do not share similar risk characteristics with other loans and these loans are individually evaluated for estimated allowance for credit losses. The Company, through its credit monitoring process, may also identify other loans that do not share similar risk characteristics and individually evaluate such loans. The starting point for determining the fair value of collateral is to obtain external appraisals or evaluations (new or updated). The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The Company’s credit department reviews appraisals, giving consideration to the highest and best use of the collateral. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. Adjustments may be made to the fair value of the collateral after review and acceptance of the collateral appraisal or evaluation (new or updated). Loans that Share Similar Risk Characteristics with other Loans. For estimating the allowance for loans that share similar risk characteristics with other loans, such loans are segregated into loan segments. Loans are designated into loan segments based on loans pooled by product types and similar risk characteristics or areas of risk concentration. In determining the ACL, the Company derives an estimated credit loss assumption from a model that categorizes loan pools based on loan type which is further segregated by the credit quality indicators. This model calculates an expected loss percentage for each loan segment by considering the non-discounted simple annual average historical loss rate of each loan segment (calculated through an “open pool” method), multiplying the loss rate by the amortized loan balance and incorporating that segment’s internally generated prepayment speed assumption and contractually scheduled remaining principal pay downs on a loan level basis. The annual historical loss rates are adjusted over a reasonable economic forecast period by a multiplier that is calculated based upon current national economic forecasts as a proportion of each segment’s historical average loss levels. The Company will then revert from the economic forecast period back to the historical average loss rate in a straight-line basis. After the reversion period, the loans will be assumed to experience their historical loss rate for the remainder of their contractual lives. The model applies the expected loss rate over the projected cash flows at the individual loan level and then aggregates the losses by loan segment in determining their quantitative allowance. The Company will also include qualitative adjustments to adjust the ACL on loan segments to the extent the current or future market conditions are believed to vary substantially from historical conditions in regards to: • lending policies and procedures; • i nternational, national, regional and local economic business conditions, developments, or environmental conditions that affect the collectability of the portfolio, including the condition of various markets; • the nature and volume of the loan portfolio including the terms of the loans; • the experience, ability, and depth of the lending management and other relevant staff; • the volume and severity of past due and adversely classified or graded loans and the volume of non-accrual loans; • the quality of our loan review system; • the value of underlying collateral for collateralized loans; • the existence and effect of any concentrations of credit, and changes in the level of concentrations; and • the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. The Company regularly reviews loans in the portfolio to assess credit quality indicators and to determine the appropriate loan classification and grading in accordance with applicable bank regulations. The primary credit quality indicator for residential, home equity and other consumer loans is the days past due status, which consists of the following categories: 1) performing loans; 2) 30 to 89 days past due loans; and 3) non-accrual and ninety days or more past due loans. The primary credit quality indicator for commercial real estate and commercial loans is the Company’s internal risk rating system, which includes the following categories: 1) pass loans; 2) special mention loans; 3) substandard loans; and 4) doubtful or loss loans. Such credit quality indicators are regularly monitored and incorporated into the Company’s allowance estimate. The following paragraphs further define the internal risk ratings for commercial real estate and commercial loans. Pass Loans. These ratings represent loans that are of acceptable, good or excellent quality with very limited to no risk. Loans that do not have one of the following ratings are considered pass loans. Special Mention Loans. These ratings represent loans that are designated as special mention per the regulatory definition. Special mention loans are currently protected but are potentially weak. The credit risk may be relatively minor yet constitute an undue and unwarranted risk in light of the circumstances surrounding a specific loan. The rating may be used to identify credit with potential weaknesses that if not corrected may weaken the loan to the point of inadequately protecting the Bank’s credit position. Examples include a lack of supervision, inadequate loan agreement, condition, or control of collateral, incomplete, or improper documentation, deviations from lending policy, and adverse trends in operations or economic conditions. Substandard Loans. This rating represents loans that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. A loan so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregated amount of substandard loans, does not have to exist in an individual loan classified substandard. Doubtful/Loss Loans. A loan classified as doubtful has the characteristics that make collection in full, on the basis of currently existing facts, conditions, and values, highly improbable. The possibility of loss is extremely high, but because of pending factors, which may work to the advantage and strengthening of the loan, its classification as loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. Loans are classified as loss when they are deemed to be not collectible and of such little value that continuance as an active asset of the Bank is not warranted. Loans classified as loss must be charged-off. Assignment of this classification does not mean that an asset has absolutely no recovery or salvage value, but that it is not practical or desirable to defer writing off a basically worthless asset, even though partial recovery may be attained in the future. Restructured Loans A restructured loan is considered a troubled debt restructuring (“TDR”) if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. The Company periodically enters into restructure agreements with borrowers whereby the loans were previously identified as TDRs. When such circumstances occur, the Company carefully evaluates the facts of the subsequent restructure to determine the appropriate accounting and under certain circumstances it may be acceptable not to account for the subsequently restructured loan as a TDR. When assessing whether a concession has been granted by the Company, any prior forgiveness on a cumulative basis is considered a continuing concession. The Company has made the following types of loan modifications, some of which were considered a TDR: • reduction of the stated interest rate for the remaining term of the debt; • extension of the maturity date(s) at a stated rate of interest lower than the current market rate for newly originated debt having similar risk characteristics; and • reduction of the face amount of the debt as stated in the debt agreements. The Company recognizes that while borrowers may experience deterioration in their financial condition, many continue to be creditworthy borrowers who have the willingness and capacity for debt repayment. In determining whether non-restructured or performing loans issued to a single or related party group of borrowers should continue to accrue interest when the borrower has other loans that are non-performing or are TDRs, the Company on a quarterly or more frequent basis performs an updated and comprehensive assessment of the willingness and capacity of the borrowers to timely and ultimately repay their total debt obligations, including contingent obligations. Such analysis takes into account current financial information about the borrowers and financially responsible guarantors, if any, including for example: • analysis of global, i.e., aggregate debt service for total debt obligations; • assessment of the value and security protection of collateral pledged using current market conditions and alternative market assumptions across a variety of potential future situations; and • loan structures and related covenants. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which includes many provisions that impact the Company and its customers. The banking regulatory agencies have encouraged banks to work with borrowers who have been impacted by COVID-19 and the CARES Act, along with related regulatory guidance, allows banks to not designate certain modifications as TDRs that otherwise may have been classified as TDRs. In general, in order to qualify for such treatment, the modifications need to be short-term and made on a good faith basis in response to the COVID-19 pandemic to borrowers who were previously deemed current as outlined in the regulatory guidance. The Company has made such modifications to assist borrowers impacted by the COVID-19 pandemic. The allowance for credit losses on a TDR is measured using the same method as all other loans held for investment. For a TDR that is individually reviewed and not collateral-dependent, the value of the concession can only be measured using the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the ACL is determined by discounting the expected future cash flows at the original interest of the loan. Allowance for Credit Losses - Off-Balance Sheet Credit Exposures The Company maintains a separate allowance for credit losses for off-balance sheet credit exposures, including unfunded loan commitments. Such ACL is included in other liabilities on the Company’s statements of financial condition. The Company estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures and applying the loss factors used in the allowance for credit loss methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan segment. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by the Bank or for unfunded amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. Provision for Credit Losses
Premises and EquipmentPremises and EquipmentPremises and equipment are accounted for at cost less depreciation. Depreciation is computed on a straight-line method over the estimated useful lives or the term of the related lease. The estimated useful life for office buildings is 15 to 40 years and the estimated useful life for furniture, fixtures, and equipment is 3 to 10 years. Interest is capitalized for any significant building projects.
Lessee LeasesLeases The Company leases certain land, premises and equipment from third parties. A lessee lease is classified as an operating lease unless it meets certain criteria (e.g., lease contains option to purchase that Company is reasonably certain to exercise), in which case it is classified as a finance lease. Operating leases are included in net premises and equipment and other liabilities on the Company’s statements of financial condition and lease expense for lease payments is recognized on a straight-line basis over the lease term. Finance leases are included in net premises and equipment and other borrowed funds on the Company’s statements of financial condition. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. An ROU asset represents the right to use the underlying asset for the lease term and also includes any direct costs and payments made prior to lease commencement and excludes lease incentives. When an implicit rate is not available, an incremental borrowing rate based on the information available at commencement date is used in determining the present value of the lease payments. A lease term may include an option to extend or terminate the lease when it is reasonably certain the option will be exercised. The Company accounts for lease and nonlease components (e.g., common-area maintenance) together as a single combined lease component for all asset classes. Short-term leases of 12 months or less are excluded from accounting guidance; as a result, the lease payments are recognized on a straight-line basis over the lease term and the leases are not reflected on the Company’s statements of financial condition. Renewal and termination options are considered when determining short-term leases. Leases are accounted for on an individual lease level.
Lessor LeasesThe Company also leases certain premises and equipment to third parties. A lessor lease is classified as an operating lease unless it meets certain criteria that would classify it as either a sales-type lease or a direct financing lease.
Other Real Estate OwnedOther Real Estate Owned Property acquired by foreclosure or deed-in-lieu of foreclosure is initially recorded at fair value, less estimated selling cost, at acquisition date (i.e., cost of the property). The Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon the occurrence of either the Company obtaining legal title to the property or the borrower conveying all interest in the property through a deed-in-lieu or similar agreement. Fair value is determined as the amount that could be reasonably expected in a current sale between a willing buyer and a willing seller in an orderly transaction between market participants at the measurement date. Subsequent to the initial acquisition, if the fair value of the asset, less estimated selling cost, is less than the cost of the property, a loss is recognized in other expense and the asset carrying value is reduced. Gain or loss on disposition of OREO is recorded in non-interest income or non-interest expense, respectively. In determining the fair value of the properties on the date of transfer and any subsequent estimated losses of net realizable value, the fair value of other real estate acquired by foreclosure or deed-in-lieu of foreclosure is determined primarily based upon appraisal or evaluation of the underlying property value.
Business Combination and Intangible AssetsBusiness Combinations and Intangible Assets Acquisition accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets. Goodwill is recorded if the purchase price exceeds the net fair value of assets acquired and a bargain purchase gain is recorded in other income if the net fair value of assets acquired exceeds the purchase price. Adjustment of the allocated purchase price may be related to fair value estimates for which all information has not been obtained of the acquired entity known or discovered during the allocation period, the period of time required to identify and measure the fair values of the assets and liabilities acquired in the business combination. The allocation period is generally limited to one year following consummation of a business combination. Core deposit intangible represents the intangible value of depositor relationships resulting from deposit liabilities assumed in acquisitions and is amortized using an accelerated method based on an estimated runoff of the related deposits. The core deposit intangible is evaluated for impairment and recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. The Company tests goodwill for impairment at the reporting unit level annually during the third quarter. The Company has identified that each of the Bank divisions are reporting units (i.e., components of the Glacier Bank operating segment) given that each division has a separate management team that regularly reviews its respective division financial information; however, the reporting units are aggregated into a single reporting unit due to the reporting units having similar economic characteristics. The goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Examples of events and circumstances that could trigger the need for interim impairment testing include: • a significant change in legal factors or in the business climate; • an adverse action or assessment by a regulator; • unanticipated competition; • a loss of key personnel; • a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of; and • the testing for recoverability of a significant asset group within a reporting unit.
Loan Servicing RightsLoan Servicing Rights For residential real estate loans that are sold with servicing retained, servicing rights are initially recorded at fair value in other assets and gain on sale of loans. Fair value is based on market prices for comparable mortgage servicing contracts. The servicing asset is subsequently measured using the amortization method which requires the servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Loan servicing rights are evaluated for impairment based upon the fair value of the servicing rights compared to the carrying value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the carrying value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction in the valuation allowance may be recorded. Changes in the valuation allowance are recorded in other income. The fair value of the servicing assets are subject to significant fluctuations as a result of changes in estimated actual prepayment speeds and default rates and losses.
Equity SecuritiesEquity Securities Non-marketable equity securities primarily consist of Federal Home Loan Bank (“FHLB”) stock. FHLB stock is restricted because such stock may only be sold to FHLB at its par value. Due to restrictive terms, and the lack of a readily determinable fair value, FHLB stock is carried at cost and evaluated for impairment. The investments in FHLB stock are required investments related to the Company’s borrowings from FHLB. FHLB obtains its funding primarily through issuance of consolidated obligations of the FHLB system. The U.S. government does not guarantee these obligations, and each of the regional FHLBs is jointly and severally liable for repayment of each other’s debt.
Other BorrowingsOther BorrowingsBorrowings of the Company’s consolidated variable interest entities and finance lease arrangements are included in other borrowings.
Bank-Owned Life InsuranceBank-Owned Life InsuranceThe Company maintains bank-owned life insurance policies on certain current and former employees and directors, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of other non-interest income in the Company’s statements of operations.
Derivatives and Hedging ActivitiesDerivatives and Hedging Activities The Company is exposed to certain risks relating to its ongoing operations. The primary risk managed by using derivative instruments is interest risk. Interest rate caps and interest rate swaps have been entered into to manage interest rate risk associated with variable rate borrowings and were designated as cash flow hedges. The Company does not enter into derivative instruments for trading or speculative purposes.
Revenue RecognitionRevenue Recognition The Company recognizes revenue when services or products are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled. The Company’s principal source of revenue is interest income from debt securities and loans. Revenue from contracts with customers within the scope of Accounting Standards Codification TM (“ASC”) Topic 606 was $19,129,000 and $13,695,000 for the three months ended March 31, 2022 and 2021, respectively, and largely consisted of revenue from service charges and other fees from deposits (e.g., overdraft fees, ATM fees, debit card fees). Due to the short-term nature of the Company’s contracts with customers, an insignificant amount of receivables related to such revenue was recorded at March 31, 2022 and December 31, 2021 and there were no impairment losses recognized. Policies specific to revenue from contracts with customers include the following: Service Charges. Revenue from service charges consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds and, when applicable, pay interest on deposits. Service charges on deposit accounts may be transactional or non-transactional in nature. Transactional service charges occur in the form of a service or penalty and are charged upon the occurrence of an event (e.g., overdraft fees, ATM fees, wire transfer fees). Transactional service charges are recognized as services are delivered to and consumed by the customer, or as penalty fees are charged. Non-transactional service charges are charges that are based on a broader service, such as account maintenance fees and dormancy fees, and are recognized on a monthly basis.
Recently Issued Accounting GuidanceRecently Issued Accounting Guidance The ASC is the Financial Accounting Standards Board (“FASB”) officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under the authority of the federal securities laws are also sources of authoritative GAAP for the Company as an SEC registrant. All other accounting literature is non-authoritative. The Company has not adopted any Accounting Standards Updates (“ASU”) in the current year that may have had a material effect on the Company’s financial position or results of operations. The following provides a description of a newly issued but not yet effective ASU that could have a material effect on the Company’s Financial position or results of operations. ASU 2022-02 - Troubled Debt Restructurings and Vintage Disclosures. In March 2022, FASB amended Subtopic ASC 310-40 and Subtopic 326-20 relating to post-current expected credit losses (“CECL”) (ASU 2016-13) implementation areas including TDRs and vintage disclosures. The amendments in this Update eliminate the accounting guidance for TDRs by creditors in Subtopic 326-40, while enhancing disclosure requirements. The amendments to Subtopic 326-20 require an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20. For entities that have adopted CECL, the amendments are effective for public business entities the first interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted if an entity has adopted CECL and the entity may elect to adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is anticipating certain changes in the processes and procedures related to the amendments and does not anticipate the amendments to have a material impact to the Company’s financial position and result of operations. The Company is currently evaluating whether it will early adopt either or both amendments. ASU 2020-04 - Reference Rate Reform. In March 2020, FASB amended topic 848 related to the facilitation of the effects of reference rate reform on financial reporting. The amendment provides 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 contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR.”) These updates are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by this update, but does not expect the adoption of this guidance to have a material impact to the financial statements.

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provision for Credit LossesThe following table presents the provision for credit losses on the loan portfolio and off-balance sheet exposures: Three Months ended (Dollars in thousands) March 31, March 31, Provision for credit loss loans $ 4,344 489 Provision for credit losses unfunded 2,687 (441) Total provision for credit losses $ 7,031 48 Three Months ended March 31, 2022 (Dollars in thousands) Total Residential Real Estate Commercial Real Estate Other Commercial Home Equity Other Consumer Balance at beginning of period $ 172,665 16,458 117,901 24,703 8,566 5,037 Provision for credit losses 4,344 (249) 3,927 (1,003) 559 1,110 Charge-offs (2,694) — — (799) — (1,895) Recoveries 1,844 18 344 981 48 453 Balance at end of period $ 176,159 16,227 122,172 23,882 9,173 4,705 Three Months ended March 31, 2021 (Dollars in thousands) Total Residential Real Estate Commercial Real Estate Other Commercial Home Equity Other Consumer Balance at beginning of period $ 158,243 9,604 86,999 49,133 8,182 4,325 Provision for credit losses 489 (582) 7,463 (7,265) (89) 962 Charge-offs (4,246) (38) — (2,762) (45) (1,401) Recoveries 1,960 34 789 279 20 838 Balance at end of period $ 156,446 9,018 95,251 39,385 8,068 4,724

Debt Securities (Tables)

Debt Securities (Tables)3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized cost, gross unrealized gains and losses and fair value of debt securitiesThe following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities: March 31, 2022 (Dollars in thousands) Amortized Gross Gross Fair Available-for-sale U.S. government and federal agency $ 491,616 138 (25,994) 465,760 U.S. government sponsored enterprises 319,057 — (16,707) 302,350 State and local governments 456,386 8,845 (2,190) 463,041 Corporate bonds 111,452 1,816 (83) 113,185 Residential mortgage-backed securities 4,223,157 986 (249,488) 3,974,655 Commercial mortgage-backed securities 1,253,389 5,151 (41,768) 1,216,772 Total available-for-sale $ 6,855,057 16,936 (336,230) 6,535,763 Held-to-maturity U.S. government and federal agency 843,264 — (36,820) 806,444 State and local governments 1,385,516 2,978 (92,975) 1,295,519 Residential mortgage-backed securities 1,348,161 — (55,292) 1,292,869 Total held-to-maturity 3,576,941 2,978 (185,087) 3,394,832 Total debt securities 10,431,998 19,914 (521,317) 9,930,595 December 31, 2021 (Dollars in thousands) Amortized Gross Gross Fair Available-for-sale U.S. government and federal agency $ 1,356,171 174 (9,596) 1,346,749 U.S. government sponsored enterprises 241,687 2 (996) 240,693 State and local governments 461,414 27,567 (123) 488,858 Corporate bonds 175,697 5,072 (17) 180,752 Residential mortgage-backed securities 5,744,505 9,420 (54,266) 5,699,659 Commercial mortgage-backed securities 1,195,949 25,882 (7,693) 1,214,138 Total available-for-sale $ 9,175,423 68,117 (72,691) 9,170,849 Held-to-maturity State and local governments 1,199,164 22,878 (1,159) 1,220,883 Total held-to-maturity 1,199,164 22,878 (1,159) 1,220,883 Total debt securities $ 10,374,587 90,995 (73,850) 10,391,732
Amortized cost and fair value of securities by contractual maturityThe following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at March 31, 2022. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties. March 31, 2022 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 55,445 56,042 1,426 1,429 Due after one year through five years 907,525 867,786 399,508 384,761 Due after five years through ten years 187,949 189,242 569,111 546,644 Due after ten years 227,592 231,266 1,258,735 1,169,129 1,378,511 1,344,336 2,228,780 2,101,963 Mortgage-backed securities 1 5,476,546 5,191,427 1,348,161 1,292,869 Total $ 6,855,057 6,535,763 3,576,941 3,394,832 ______________________________ 1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
Proceeds from sales and calls of debt securities and the associated gains and lossesProceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below: Three Months ended (Dollars in thousands) March 31, March 31, Available-for-sale Proceeds from sales and calls of debt securities $ 53,120 54,336 Gross realized gains 1 693 369 Gross realized losses 1 (15) (43) Held-to-maturity Proceeds from calls of debt securities 12,975 4,130 Gross realized gains 1 15 — Gross realized losses 1 (247) (42) ______________________________ 1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.
AFS debt securities in an unrealized loss position with no ACL recordedThe following table summarizes available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized position is also disclosed. March 31, 2022 Number Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. government and federal agency 44 $ 453,390 (25,657) 4,248 (337) 457,638 (25,994) U.S. government sponsored enterprises 15 302,350 (16,707) — — 302,350 (16,707) State and local governments 93 49,442 (2,040) 1,646 (150) 51,088 (2,190) Corporate bonds 3 5,421 (83) — — 5,421 (83) Residential mortgage-backed securities 354 3,164,385 (195,824) 738,114 (53,664) 3,902,499 (249,488) Commercial mortgage-backed securities 105 757,925 (30,284) 128,637 (11,484) 886,562 (41,768) Total available-for-sale 614 $ 4,732,913 (270,595) 872,645 (65,635) 5,605,558 (336,230) December 31, 2021 Number Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. government and federal agency 50 $ 1,329,399 (9,344) 5,457 (252) 1,334,856 (9,596) U.S. government sponsored enterprises 11 239,928 (996) — — 239,928 (996) State and local governments 10 11,080 (83) 1,760 (40) 12,840 (123) Corporate bonds 3 12,483 (17) — — 12,483 (17) Residential mortgage-backed securities 151 5,335,632 (53,434) 53,045 (832) 5,388,677 (54,266) Commercial mortgage-backed securities 38 302,784 (3,316) 126,798 (4,377) 429,582 (7,693) Total available-for-sale 263 $ 7,231,306 (67,190) 187,060 (5,501) 7,418,366 (72,691)
Credit quality indictors for HTM debt securitiesThe following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating: (Dollars in thousands) March 31, December 31, Municipal bonds held-to-maturity S&P: AAA / Moody’s: Aaa $ 329,796 316,899 S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3 1,015,536 841,616 S&P: A+, A, A- / Moody’s: A1, A2, A3 38,617 39,078 Not rated by either entity 1,567 1,571 Total municipal bonds held-to-maturity $ 1,385,516 1,199,164

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)3 Months Ended
Mar. 31, 2022
Receivables [Abstract]
Summary of loans receivableThe following table presents loans receivable for each portfolio segment of loans: (Dollars in thousands) March 31, December 31, Residential real estate $ 1,125,648 1,051,883 Commercial real estate 8,865,585 8,630,831 Other commercial 2,661,048 2,664,190 Home equity 715,963 736,288 Other consumer 362,775 348,839 Loans receivable 13,731,019 13,432,031 Allowance for credit losses (176,159) (172,665) Loans receivable, net $ 13,554,860 13,259,366 Net deferred origination (fees) costs included in loans receivable $ (20,509) (21,667) Net purchase accounting (discounts) premiums included in loans receivable $ (23,012) (25,166) Accrued interest receivable on loans $ 48,544 49,133
Summary of the activity in the ACLThe following table presents the provision for credit losses on the loan portfolio and off-balance sheet exposures: Three Months ended (Dollars in thousands) March 31, March 31, Provision for credit loss loans $ 4,344 489 Provision for credit losses unfunded 2,687 (441) Total provision for credit losses $ 7,031 48 Three Months ended March 31, 2022 (Dollars in thousands) Total Residential Real Estate Commercial Real Estate Other Commercial Home Equity Other Consumer Balance at beginning of period $ 172,665 16,458 117,901 24,703 8,566 5,037 Provision for credit losses 4,344 (249) 3,927 (1,003) 559 1,110 Charge-offs (2,694) — — (799) — (1,895) Recoveries 1,844 18 344 981 48 453 Balance at end of period $ 176,159 16,227 122,172 23,882 9,173 4,705 Three Months ended March 31, 2021 (Dollars in thousands) Total Residential Real Estate Commercial Real Estate Other Commercial Home Equity Other Consumer Balance at beginning of period $ 158,243 9,604 86,999 49,133 8,182 4,325 Provision for credit losses 489 (582) 7,463 (7,265) (89) 962 Charge-offs (4,246) (38) — (2,762) (45) (1,401) Recoveries 1,960 34 789 279 20 838 Balance at end of period $ 156,446 9,018 95,251 39,385 8,068 4,724
Loan portfolio aging analysisThe following tables present an aging analysis of the recorded investment in loans: March 31, 2022 (Dollars in thousands) Total Residential Commercial Other Home Other Accruing loans 30-59 days past due $ 11,885 3,358 2,088 3,604 1,060 1,775 Accruing loans 60-89 days past due 4,195 — 2,649 763 434 349 Accruing loans 90 days or more past due 4,510 — 2,343 1,927 95 145 Non-accrual loans with no ACL 37,012 1,891 28,379 4,759 1,514 469 Non-accrual loans with ACL 20,911 — — 20,865 — 46 Total past due and non-accrual loans 78,513 5,249 35,459 31,918 3,103 2,784 Current loans receivable 13,652,506 1,120,399 8,830,126 2,629,130 712,860 359,991 Total loans receivable $ 13,731,019 1,125,648 8,865,585 2,661,048 715,963 362,775 December 31, 2021 (Dollars in thousands) Total Residential Commercial Other Home Other Accruing loans 30-59 days past due $ 38,081 2,132 26,063 5,464 1,582 2,840 Accruing loans 60-89 days past due 12,485 457 9,537 1,652 512 327 Accruing loans 90 days or more past due 17,141 223 15,345 1,383 57 133 Non-accrual loans with no ACL 28,961 2,162 20,040 4,563 1,712 484 Non-accrual loans with ACL 21,571 255 448 20,765 99 4 Total past due and non-accrual loans 118,239 5,229 71,433 33,827 3,962 3,788 Current loans receivable 13,313,792 1,046,654 8,559,398 2,630,363 732,326 345,051 Total loans receivable $ 13,432,031 1,051,883 8,630,831 2,664,190 736,288 348,839
Collateral dependent loansThe following table presents the amortized cost basis of collateral-dependent loans by collateral type: March 31, 2022 (Dollars in thousands) Total Residential Commercial Other Home Other Business assets $ 25,704 — 49 25,655 — — Residential real estate 3,764 1,848 244 111 1,401 160 Other real estate 39,875 43 38,641 431 406 354 Other 529 — — 230 — 299 Total $ 69,872 1,891 38,934 26,427 1,807 813 December 31, 2021 (Dollars in thousands) Total Residential Commercial Other Home Other Business assets $ 25,182 — 57 25,125 — — Residential real estate 4,625 2,369 280 115 1,694 167 Other real estate 32,093 48 30,996 597 116 336 Other 1,525 — — 1,241 — 284 Total $ 63,425 2,417 31,333 27,078 1,810 787
Summary of TDRsThe following tables present TDRs that occurred during the periods presented and the TDRs that occurred within the previous twelve months that subsequently defaulted during the periods presented: Three Months ended March 31, 2022 (Dollars in thousands) Total Residential Commercial Other Home Other TDRs that occurred during the period Number of loans 3 1 — 2 — — Pre-modification recorded balance $ 87 31 — 56 — — Post-modification recorded balance $ 87 31 — 56 — — TDRs that subsequently defaulted Number of loans — — — — — — Recorded balance $ — — — — — — Three Months ended March 31, 2021 (Dollars in thousands) Total Residential Commercial Other Home Other TDRs that occurred during the period Number of loans 7 1 4 1 — 1 Pre-modification recorded balance $ 1,753 210 1,374 38 — 131 Post-modification recorded balance $ 1,753 210 1,374 38 — 131 TDRs that subsequently defaulted Number of loans — — — — — — Recorded balance $ — — — — — —
Credit quality indicators for commercial loansThe following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk. March 31, 2022 (Dollars in thousands) Total Pass Special Mention Substandard Doubtful/ Commercial real estate loans Term loans by origination year 2022 (year-to-date) $ 724,549 722,024 — 2,525 — 2021 2,611,827 2,610,130 — 1,697 — 2020 1,481,501 1,467,853 — 13,648 — 2019 863,746 825,419 — 38,327 — 2018 778,708 760,413 — 18,295 — Prior 2,207,850 2,113,551 — 94,275 24 Revolving loans 197,404 196,410 — 993 1 Total $ 8,865,585 8,695,800 — 169,760 25 Other commercial loans 1 Term loans by origination year 2022 (year-to-date) $ 148,882 148,562 — 320 — 2021 697,130 692,374 — 4,756 — 2020 372,931 367,657 — 5,272 2 2019 220,962 209,206 — 11,743 13 2018 172,157 165,572 — 6,583 2 Prior 496,187 485,791 — 9,890 506 Revolving loans 552,799 526,330 — 26,449 20 Total $ 2,661,048 2,595,492 — 65,013 543 ___________________________ 1 Includes PPP loans. December 31, 2021 (Dollars in thousands) Total Pass Special Mention Substandard Doubtful/ Commercial real estate loans Term loans by origination year 2021 $ 2,679,564 2,677,540 — 2,024 — 2020 1,512,845 1,499,895 — 12,950 — 2019 952,039 919,091 — 32,948 — 2018 808,275 788,292 — 19,983 — 2017 665,733 624,018 — 41,715 — Prior 1,677,875 1,621,819 — 56,030 26 Revolving loans 334,500 332,696 — 1,803 1 Total $ 8,630,831 8,463,351 — 167,453 27 Other commercial loans 1 Term loans by origination year 2021 $ 751,151 746,709 — 4,442 — 2020 429,500 420,547 — 8,952 1 2019 235,591 226,614 — 8,974 3 2018 188,009 179,679 — 8,329 1 2017 209,287 207,509 — 1,775 3 Prior 312,852 297,926 — 14,275 651 Revolving loans 537,800 507,258 — 30,526 16 Total $ 2,664,190 2,586,242 — 77,273 675 ______________________________ 1 Includes PPP loans.
Credit quality indicators for RRE and consumer loansThe following tables present the amortized cost in residential real estate, home equity and other consumer loans based on payment performance: March 31, 2022 (Dollars in thousands) Total Performing 30-89 Days Past Due Non-Accrual and 90 Days or More Past Due Residential real estate loans Term loans by origination year 2022 (year-to-date) $ 111,162 110,259 903 — 2021 587,540 586,901 639 — 2020 148,965 148,770 59 136 2019 57,198 57,198 — — 2018 44,023 43,752 — 271 Prior 174,344 171,103 1,757 1,484 Revolving loans 2,416 2,416 — — Total $ 1,125,648 1,120,399 3,358 1,891 Home equity loans Term loans by origination year 2022 (year-to-date) $ — — — — 2021 44 44 — — 2020 63 63 — — 2019 430 398 — 32 2018 682 681 — 1 Prior 9,739 9,315 180 244 Revolving loans 705,005 702,359 1,314 1,332 Total $ 715,963 712,860 1,494 1,609 Other consumer loans Term loans by origination year 2022 (year-to-date) $ 49,134 49,110 24 — 2021 136,845 136,325 405 115 2020 71,871 71,567 279 25 2019 31,608 31,213 211 184 2018 16,789 16,554 72 163 Prior 22,554 21,289 1,098 167 Revolving loans 33,974 33,933 35 6 Total $ 362,775 359,991 2,124 660 December 31, 2021 (Dollars in thousands) Total Performing 30-89 Days Past Due Non-Accrual and 90 Days or More Past Due Residential real estate loans Term loans by origination year 2021 $ 427,814 427,318 496 — 2020 179,395 178,016 1,232 147 2019 66,543 66,470 — 73 2018 51,095 50,816 — 279 2017 42,181 42,005 — 176 Prior 146,299 143,473 861 1,965 Revolving loans 138,556 138,556 — — Total $ 1,051,883 1,046,654 2,589 2,640 Home equity loans Term loans by origination year 2021 $ 871 871 — — 2020 303 303 — — 2019 1,293 1,260 — 33 2018 1,329 1,328 — 1 2017 886 886 — — Prior 11,494 10,589 576 329 Revolving loans 720,112 717,089 1,518 1,505 Total $ 736,288 732,326 2,094 1,868 Other consumer loans Term loans by origination year 2021 $ 151,407 150,910 469 28 2020 80,531 80,072 443 16 2019 37,036 36,647 187 202 2018 19,563 19,268 144 151 2017 8,591 8,506 78 7 Prior 17,763 15,968 1,589 206 Revolving loans 33,948 33,680 257 11 Total $ 348,839 345,051 3,167 621

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2022
Leases [Abstract]
Assets and liabilities, lesseeThe following table summarizes the Company’s leases: March 31, 2022 December 31, 2021 (Dollars in thousands) Finance Operating Finance Operating ROU assets $ 8,028 5,995 Accumulated depreciation (594) (516) Net ROU assets $ 7,434 44,414 5,479 44,699 Lease liabilities $ 7,774 47,695 5,781 47,901 Weighted-average remaining lease term 22 years 16 years 23 years 16 years Weighted-average discount rate 2.7 % 3.4 % 2.6 % 3.4 %
Operating lease liability maturityMaturities of lease liabilities consist of the following: March 31, 2022 (Dollars in thousands) Finance Operating Maturing within one year $ 381 5,200 Maturing one year through two years 389 4,359 Maturing two years through three years 399 4,091 Maturing three years through four years 407 3,987 Maturing four years through five years 417 3,905 Thereafter 8,504 42,900 Total lease payments 10,497 64,442 Present value of lease payments Short-term 174 1,455 Long-term 7,600 46,240 Total present value of lease payments 7,774 47,695 Difference between lease payments and present value of lease payments $ 2,723 16,747
Finance lease liability maturityMaturities of lease liabilities consist of the following: March 31, 2022 (Dollars in thousands) Finance Operating Maturing within one year $ 381 5,200 Maturing one year through two years 389 4,359 Maturing two years through three years 399 4,091 Maturing three years through four years 407 3,987 Maturing four years through five years 417 3,905 Thereafter 8,504 42,900 Total lease payments 10,497 64,442 Present value of lease payments Short-term 174 1,455 Long-term 7,600 46,240 Total present value of lease payments 7,774 47,695 Difference between lease payments and present value of lease payments $ 2,723 16,747
Components of lease expenseThe components of lease expense consist of the following: Three Months ended (Dollars in thousands) March 31, March 31, Finance lease cost Amortization of ROU assets $ 78 61 Interest on lease liabilities 46 37 Operating lease cost 1,496 1,279 Short-term lease cost 105 86 Variable lease cost 307 261 Sublease income (12) (11) Total lease expense $ 2,020 1,713 Supplemental cash flow information related to leases is as follows: Three Months ended March 31, 2022 March 31, 2021 (Dollars in thousands) Finance Operating Finance Operating Cash paid for amounts included in the measurement of lease liabilities Operating cash flows $ 46 1,025 37 780 Financing cash flows 39 N/A 27 N/A

Goodwill (Tables)

Goodwill (Tables)3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwillThe following schedule discloses the changes in the carrying value of goodwill: Three Months ended (Dollars in thousands) March 31, March 31, Net carrying value at beginning of period $ 985,393 514,013 Acquisitions and adjustments — — Net carrying value at end of period $ 985,393 514,013

Loan Servicing (Tables)

Loan Servicing (Tables)3 Months Ended
Mar. 31, 2022
Mortgage Banking [Abstract]
Servicing asset at amortized costThe following schedules disclose the change in the carrying value of mortgage servicing rights that is included in other assets, principal balances of loans serviced and the fair value of mortgage servicing rights: (Dollars in thousands) March 31, December 31, Carrying value at beginning of period $ 12,839 8,976 Acquisitions — 1,354 Additions 756 4,435 Amortization (528) (1,926) Carrying value at end of period $ 13,067 12,839 Principal balances of loans serviced for others $ 1,644,158 1,639,058 Fair value of servicing rights $ 18,946 16,938

Variable Interest Entities (Tab

Variable Interest Entities (Tables)3 Months Ended
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Carrying amounts of consolidated VIEs' assets and liabilitiesThe following table summarizes the carrying amounts of the consolidated VIEs’ assets and liabilities included in the Company’s statements of financial condition and are adjusted for intercompany eliminations. All assets presented can be used only to settle obligations of the consolidated VIEs and all liabilities presented consist of liabilities for which creditors and other beneficial interest holders therein have no recourse to the general credit of the Company. (Dollars in thousands) March 31, December 31, Assets Loans receivable $ 146,763 121,625 Accrued interest receivable 579 519 Other assets 47,302 41,363 Total assets $ 194,644 163,507 Liabilities Other borrowed funds $ 49,484 38,313 Accrued interest payable 209 117 Other liabilities 55 164 Total liabilities $ 49,748 38,594
Future unfunded contingent commitmentsFuture unfunded contingent equity commitments related to the Company’s LIHTC investments at March 31, 2022 are as follows: (Dollars in thousands) Amount Years ending December 31, 2022 $ 24,105 2023 28,395 2024 11,659 2025 299 2026 333 Thereafter 854 Total $ 65,645
Amortization expense and tax credits and other tax benefits recognized for qualified affordable housing project investmentsThe following table summarizes the amortization expense and the amount of tax credits and other tax benefits recognized for qualified affordable housing project investments during the periods presented. Three Months ended (Dollars in thousands) March 31, March 31, Amortization expense $ 2,995 2,326 Tax credits and other tax benefits recognized 3,996 3,095

Securities Sold Under Agreeme_2

Securities Sold Under Agreements to Repurchase (Tables)3 Months Ended
Mar. 31, 2022
Transfers and Servicing [Abstract]
Carrying value of repurchase agreementsThe following table summarizes the carrying value of the Company’s securities sold under agreements to repurchase (“repurchase agreements”) by remaining contractual maturity of the agreements and category of collateral: Overnight and Continuous (Dollars in thousands) March 31, December 31, Residential mortgage-backed securities $958,479 1,020,794

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of pre-tax gains or lossesThe effect of cash flow hedge accounting on OCI for the periods ending March 31, 2022 and 2021 was as follows: Three Months ended (Dollars in thousands) March 31, March 31, Amount of gain recognized in OCI $ 2,967 593

Other Expenses (Tables)

Other Expenses (Tables)3 Months Ended
Mar. 31, 2022
Other Expenses [Abstract]
Schedule of other expensesOther expenses consists of the following: Three Months ended (Dollars in thousands) March 31, March 31, Mergers and acquisition expenses $ 6,207 104 Consulting and outside services 3,143 2,171 VIE amortization and other expenses 2,544 1,531 Loan expenses 1,823 1,624 Debit card expenses 1,804 1,322 Telephone 1,594 1,375 Employee expenses 1,088 431 Business development 1,081 822 Printing and supplies 1,050 790 Postage 995 961 Accounting and audit fees 671 455 Legal fees 448 156 Checking and operating expenses 352 156 Loss on dispositions of fixed assets (310) (353) Other 1,354 1,101 Total other expenses $ 23,844 12,646

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)3 Months Ended
Mar. 31, 2022
Equity [Abstract]
Activity within accumulated other comprehensive income, net of taxThe following table illustrates the activity within accumulated other comprehensive income (loss) by component, net of tax: (Dollars in thousands) Gains (Losses) on Available-For-Sale and Transferred Debt Securities (Losses) Gains on Derivatives Used for Cash Flow Hedges Total Balance at January 1, 2021 $ 143,443 (353) 143,090 Other comprehensive (loss) income before reclassifications (63,370) 443 (62,927) Reclassification adjustments for gains included in net loss (243) — (243) Net current period other comprehensive income (loss) (63,613) 443 (63,170) Balance at March 31, 2021 $ 79,830 90 79,920 Balance at January 1, 2022 $ 27,038 321 27,359 Other comprehensive (loss) income before reclassifications (276,295) 2,218 (274,077) Reclassification adjustments for gains and transfers included in net income (507) — (507) Reclassification adjustments for amortization included in net income for transferred securities (584) — (584) Net current period other comprehensive (loss) income (277,386) 2,218 (275,168) Balance at March 31, 2022 $ (250,348) 2,539 (247,809)

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and diluted earnings per shareBasic and diluted earnings per share has been computed based on the following: Three Months ended (Dollars in thousands, except per share data) March 31, March 31, Net income available to common stockholders, basic and diluted $ 67,795 80,802 Average outstanding shares - basic 110,724,655 95,465,801 Add: dilutive restricted stock units and stock options 75,346 81,121 Average outstanding shares - diluted 110,800,001 95,546,922 Basic earnings per share $ 0.61 0.85 Diluted earnings per share $ 0.61 0.85 Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1 4,934 — ______________________________ 1 Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit or the exercise price of a stock option exceeds the market price of the Company’s stock.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair value measurement of assets measured at fair value on a recurring basisThe following tables disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements (Dollars in thousands) Fair Value March 31, 2022 Quoted Prices Significant Significant Debt securities, available-for-sale U.S. government and federal agency $ 465,760 — 465,760 — U.S. government sponsored enterprises 302,350 — 302,350 — State and local governments 463,041 — 463,041 — Corporate bonds 113,185 — 113,185 — Residential mortgage-backed securities 3,974,655 — 3,974,655 — Commercial mortgage-backed securities 1,216,772 — 1,216,772 — Loans held for sale, at fair value 51,284 — 51,284 — Interest rate caps 3,859 — 3,859 — Interest rate locks 1,046 — 1,046 — TBA hedge 3,175 — 3,175 — Total assets measured at fair value on a recurring basis $ 6,595,127 — 6,595,127 — Fair Value Measurements (Dollars in thousands) Fair Value December 31, 2021 Quoted Prices Significant Significant Debt securities, available-for-sale U.S. government and federal agency $ 1,346,749 — 1,346,749 — U.S. government sponsored enterprises 240,693 — 240,693 — State and local governments 488,858 — 488,858 — Corporate bonds 180,752 — 180,752 — Residential mortgage-backed securities 5,699,659 — 5,699,659 — Commercial mortgage-backed securities 1,214,138 — 1,214,138 — Loans held for sale, at fair value 60,797 — 60,797 — Interest rate caps 934 — 934 — Interest rate locks 3,008 — 3,008 — Total assets measured at fair value on a recurring basis $ 9,235,588 — 9,235,588 — TBA hedge $ 80 — 80 — Total liabilities measured at fair value on a recurring basis $ 80 — 80 —
Fair value measurement of assets measured at fair value on a non-recurring basisThe following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis: Fair Value Measurements (Dollars in thousands) Fair Value March 31, 2022 Quoted Prices Significant Significant Collateral-dependent impaired loans, net of ACL $ 1,580 — — 1,580 Total assets measured at fair value on a non-recurring basis $ 1,580 — — 1,580 Fair Value Measurements (Dollars in thousands) Fair Value December 31, 2021 Quoted Prices Significant Significant Collateral-dependent impaired loans, net of ACL $ 22,036 — — 22,036 Total assets measured at fair value on a non-recurring basis $ 22,036 — — 22,036
Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were usedThe following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Fair Value March 31, 2022 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Valuation Technique Unobservable Input Range (Weighted-Average) 1 Collateral-dependent impaired loans, net of ACL $ 1,542 Cost approach Selling costs 10.0% - 10.0% (10.0%) 38 Sales comparison approach Selling costs 10.0% - 10.0% (10.0%) $ 1,580 Fair Value December 31, 2021 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Valuation Technique Unobservable Input Range (Weighted-Average) 1 Collateral-dependent loans, net of ACL $ 20,934 Cost approach Selling costs 10.0% - 10.0% (10.0%) 1,102 Sales comparison approach Selling Costs 5.0% - 10.0% (6.7%) Adjustment to comparables 0.0% - 10.0% (6.0%) $ 22,036 ______________________________ 1 The range for selling cost inputs represents reductions to the fair value of the assets.
Carrying amounts and estimated fair values of financial instruments not carried at fair value Fair Value Measurements (Dollars in thousands) Carrying Amount March 31, 2022 Quoted Prices Significant Significant Financial assets Cash and cash equivalents $ 436,805 436,805 — — Debt securities, held-to-maturity 3,576,941 — 3,394,832 — Loans receivable, net of ACL 13,554,860 — — 13,469,234 Total financial assets $ 17,568,606 436,805 3,394,832 13,469,234 Financial liabilities Term deposits $ 995,147 — 998,569 — FHLB advances 80,000 — 80,000 — Repurchase agreements and other borrowed funds 1,015,737 — 1,015,737 — Subordinated debentures 132,661 — 130,492 — Total financial liabilities $ 2,223,545 — 2,224,798 — Fair Value Measurements (Dollars in thousands) Carrying Amount December 31, 2021 Quoted Prices Significant Significant Financial assets Cash and cash equivalents $ 437,686 437,686 — — Debt securities, held-to-maturity 1,199,164 — 1,220,883 — Loans receivable, net of ACL 13,259,366 — — 13,422,898 Total financial assets $ 14,896,216 437,686 1,220,883 13,422,898 Financial liabilities Term deposits $ 1,036,077 — 1,040,100 — Repurchase agreements and other borrowed funds 1,064,888 — 1,064,888 — Subordinated debentures 132,620 — 131,513 — Total financial liabilities $ 2,233,585 — 2,236,501 —

Nature of Operations and Summ_4

Nature of Operations and Summary of Significant Accounting Policies (Details)3 Months Ended
Mar. 31, 2022USD ($)quarteroperatingSegmentcomponentbankDivisionMar. 31, 2021USD ($)Dec. 31, 2021USD ($)
Property, Plant and Equipment
Number of bank divisions | bankDivision17
Number of operating segments | operatingSegment1
Federal reserve balance or cash on hand required $ 0
Forecasting period used to determine ACL | quarter4
Number of components used in methodology in determining ACL | component2
Provision for credit loss loans $ 4,344,000 $ 489,000
Provision for credit losses unfunded2,687,000 (441,000)
Provision for credit losses7,031,000 48,000
Provision for credit losses on debt securities $ 0 0
Maximum term leases will be considered short-term12 months
Maximum period up to which purchase price of business is allocated to assets acquired and liabilities assumed1 year
Revenue from contracts with customers $ 19,129,000 $ 13,695,000
Impairment losses on receivables related to contracts with customers $ 0 $ 0
Minimum
Property, Plant and Equipment
Period past due to consider loan as delinquent30 days
Period past due to consider loan as non accrual90 days
Period past due to consider loan as purchased credit-deteriorated loan90 days
Number of days delinquent to charge off loans120 days
Number of years for home equity loan origination term10 years
Minimum | Building
Property, Plant and Equipment
Useful life of premises and equipment15 years
Minimum | Furniture and Fixtures
Property, Plant and Equipment
Useful life of premises and equipment3 years
Maximum
Property, Plant and Equipment
Period past due to consider loan as delinquent89 days
Number of years for home equity loan origination term15 years
Maximum | Building
Property, Plant and Equipment
Useful life of premises and equipment40 years
Maximum | Furniture and Fixtures
Property, Plant and Equipment
Useful life of premises and equipment10 years

Debt Securities - Amortized Cos

Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Available-for-sale
Amortized Cost $ 6,855,057 $ 9,175,423
Gross Unrealized Gains16,936 68,117
Gross Unrealized Losses(336,230)(72,691)
Fair Value6,535,763 9,170,849
Held-to-maturity
Amortized Cost3,576,941 1,199,164
Gross Unrealized Gains2,978 22,878
Gross Unrealized Losses(185,087)(1,159)
Fair Value3,394,832 1,220,883
Total debt securities
Amortized Cost10,431,998 10,374,587
Gross Unrealized Gains19,914 90,995
Gross Unrealized Losses(521,317)(73,850)
Fair Value9,930,595 10,391,732
U.S. government and federal agency
Available-for-sale
Amortized Cost491,616 1,356,171
Gross Unrealized Gains138 174
Gross Unrealized Losses(25,994)(9,596)
Fair Value465,760 1,346,749
Held-to-maturity
Amortized Cost843,264
Gross Unrealized Gains0
Gross Unrealized Losses(36,820)
Fair Value806,444
U.S. government sponsored enterprises
Available-for-sale
Amortized Cost319,057 241,687
Gross Unrealized Gains0 2
Gross Unrealized Losses(16,707)(996)
Fair Value302,350 240,693
State and local governments
Available-for-sale
Amortized Cost456,386 461,414
Gross Unrealized Gains8,845 27,567
Gross Unrealized Losses(2,190)(123)
Fair Value463,041 488,858
Held-to-maturity
Amortized Cost1,385,516 1,199,164
Gross Unrealized Gains2,978 22,878
Gross Unrealized Losses(92,975)(1,159)
Fair Value1,295,519 1,220,883
Corporate bonds
Available-for-sale
Amortized Cost111,452 175,697
Gross Unrealized Gains1,816 5,072
Gross Unrealized Losses(83)(17)
Fair Value113,185 180,752
Residential mortgage-backed securities
Available-for-sale
Amortized Cost4,223,157 5,744,505
Gross Unrealized Gains986 9,420
Gross Unrealized Losses(249,488)(54,266)
Fair Value3,974,655 5,699,659
Held-to-maturity
Amortized Cost1,348,161
Gross Unrealized Gains0
Gross Unrealized Losses(55,292)
Fair Value1,292,869
Commercial mortgage-backed securities
Available-for-sale
Amortized Cost1,253,389 1,195,949
Gross Unrealized Gains5,151 25,882
Gross Unrealized Losses(41,768)(7,693)
Fair Value $ 1,216,772 $ 1,214,138

Debt Securities - Maturity Sche

Debt Securities - Maturity Schedule (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Available-for-Sale, Amortized Cost
Due within one year $ 55,445
Due after one year through five years907,525
Due after five years through ten years187,949
Due after ten years227,592
Total before mortgage-backed securities1,378,511
Mortgage-backed securities5,476,546
Amortized Cost6,855,057 $ 9,175,423
Available-for-Sale, Fair Value
Due within one year56,042
Due after one year through five years867,786
Due after five years through ten years189,242
Due after ten years231,266
Total before mortgage-backed securities1,344,336
Mortgage-backed securities5,191,427
Debt securities, available-for-sale6,535,763 9,170,849
Held-to-Maturity, Amortized Cost
Due within one year1,426
Due after one year through five years399,508
Due after five years through ten years569,111
Due after ten years1,258,735
Total before mortgage-backed securities2,228,780
Mortgage-backed securities1,348,161
Amortized Cost3,576,941 1,199,164
Held-to-Maturity, Fair Value
Due within one year1,429
Due after one year through five years384,761
Due after five years through ten years546,644
Due after ten years1,169,129
Total before mortgage-backed securities2,101,963
Mortgage-backed securities1,292,869
Total $ 3,394,832 $ 1,220,883

Debt Securities - Proceeds From

Debt Securities - Proceeds From Sales and Calls of Debt Securities and Associates Gains or Losses (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Available-for-sale
Proceeds from sales and calls of debt securities $ 53,120 $ 54,336
Gross realized gains693 369
Gross realized losses(15)(43)
Held-to-maturity
Proceeds from calls of debt securities12,975 4,130
Gross realized gains15 0
Gross realized losses $ (247) $ (42)

Debt Securities - Debt Securiti

Debt Securities - Debt Securities in an Unrealized Loss Position (Details) $ in ThousandsMar. 31, 2022USD ($)securityDec. 31, 2021USD ($)security
Available-for-sale
Number of available-for-sale securities | security614 263
Less than 12 months, fair value $ 4,732,913 $ 7,231,306
Less than 12 months, unrealized loss(270,595)(67,190)
12 months or more, fair value872,645 187,060
12 months or more, unrealized loss(65,635)(5,501)
Total, fair value5,605,558 7,418,366
Total, unrealized loss $ (336,230) $ (72,691)
U.S. government and federal agency
Available-for-sale
Number of available-for-sale securities | security44 50
Less than 12 months, fair value $ 453,390 $ 1,329,399
Less than 12 months, unrealized loss(25,657)(9,344)
12 months or more, fair value4,248 5,457
12 months or more, unrealized loss(337)(252)
Total, fair value457,638 1,334,856
Total, unrealized loss $ (25,994) $ (9,596)
U.S. government sponsored enterprises
Available-for-sale
Number of available-for-sale securities | security15 11
Less than 12 months, fair value $ 302,350 $ 239,928
Less than 12 months, unrealized loss(16,707)(996)
12 months or more, fair value0 0
12 months or more, unrealized loss0 0
Total, fair value302,350 239,928
Total, unrealized loss $ (16,707) $ (996)
State and local governments
Available-for-sale
Number of available-for-sale securities | security93 10
Less than 12 months, fair value $ 49,442 $ 11,080
Less than 12 months, unrealized loss(2,040)(83)
12 months or more, fair value1,646 1,760
12 months or more, unrealized loss(150)(40)
Total, fair value51,088 12,840
Total, unrealized loss $ (2,190) $ (123)
Corporate bonds
Available-for-sale
Number of available-for-sale securities | security3 3
Less than 12 months, fair value $ 5,421 $ 12,483
Less than 12 months, unrealized loss(83)(17)
12 months or more, fair value0 0
12 months or more, unrealized loss0 0
Total, fair value5,421 12,483
Total, unrealized loss $ (83) $ (17)
Residential mortgage-backed securities
Available-for-sale
Number of available-for-sale securities | security354 151
Less than 12 months, fair value $ 3,164,385 $ 5,335,632
Less than 12 months, unrealized loss(195,824)(53,434)
12 months or more, fair value738,114 53,045
12 months or more, unrealized loss(53,664)(832)
Total, fair value3,902,499 5,388,677
Total, unrealized loss $ (249,488) $ (54,266)
Commercial mortgage-backed securities
Available-for-sale
Number of available-for-sale securities | security105 38
Less than 12 months, fair value $ 757,925 $ 302,784
Less than 12 months, unrealized loss(30,284)(3,316)
12 months or more, fair value128,637 126,798
12 months or more, unrealized loss(11,484)(4,377)
Total, fair value886,562 429,582
Total, unrealized loss $ (41,768) $ (7,693)

Debt Securities - Narrative (De

Debt Securities - Narrative (Details)3 Months Ended
Mar. 31, 2022USD ($)securityDec. 31, 2021USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Severity rate on available-for-sale debt securities in an unrealized loss position5.00%
Number of credit rating categories, highest | security4
Debt securities, available-for-sale $ 6,535,763,000 $ 9,170,849,000
Interest receivable, available-for-sale debt securities16,758,000 18,788,000
ACL on available-for-sale debt securities0
Debt securities, held-to-maturity3,576,941,000 1,199,164,000
Interest receivable, held-to-maturity debt securities16,150,000 8,737,000
ACL on held-to-maturity debt securities0 0
Past due
Schedule of Held-to-maturity Securities [Line Items]
Debt securities, available-for-sale0 0
Debt securities, held-to-maturity $ 0 $ 0

Debt Securities - Credit Qualit

Debt Securities - Credit Quality Indictors for HTM Debt Securities (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt securities, held-to-maturity $ 3,576,941 $ 1,199,164
State and local governments
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt securities, held-to-maturity1,385,516 1,199,164
Investment Grade | Moody's: Aaa | S&P: AAA | State and local governments
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt securities, held-to-maturity329,796 316,899
Investment Grade | Moody's: Aa1, Aa2, Aa3 | S&P: AA+, AA, AA- | State and local governments
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt securities, held-to-maturity1,015,536 841,616
Investment Grade | Moody's: A1, A2, A3 | S&P: A+, A, A- | State and local governments
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt securities, held-to-maturity38,617 39,078
Investment Grade | Moody's: Not Rated | S&P: Not Rated | State and local governments
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt securities, held-to-maturity $ 1,567 $ 1,571

Loans Receivable, Net - Summary

Loans Receivable, Net - Summary of Loans Receivable (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021Mar. 31, 2021Dec. 31, 2020
Summary of Loans Receivable
Loans receivable $ 13,731,019 $ 13,432,031
Allowance for credit losses(176,159)(172,665) $ (156,446) $ (158,243)
Loans receivable, net13,554,860 13,259,366
Net deferred origination (fees) costs included in loans receivable(20,509)(21,667)
Net purchase accounting (discounts) premiums included in loans receivable(23,012)(25,166)
Accrued interest receivable on loans48,544 49,133
Residential real estate
Summary of Loans Receivable
Loans receivable1,125,648 1,051,883
Allowance for credit losses(16,227)(16,458)(9,018)(9,604)
Commercial real estate
Summary of Loans Receivable
Loans receivable8,865,585 8,630,831
Allowance for credit losses(122,172)(117,901)(95,251)(86,999)
Other commercial
Summary of Loans Receivable
Loans receivable2,661,048 2,664,190
Allowance for credit losses(23,882)(24,703)(39,385)(49,133)
Home equity
Summary of Loans Receivable
Loans receivable715,963 736,288
Allowance for credit losses(9,173)(8,566)(8,068)(8,182)
Other consumer
Summary of Loans Receivable
Loans receivable362,775 348,839
Allowance for credit losses $ (4,705) $ (5,037) $ (4,724) $ (4,325)

Loans Receivable, Net - ACL Act

Loans Receivable, Net - ACL Activity (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Allowance for credit losses
Balance at beginning of period $ 172,665 $ 158,243
Provision for credit losses4,344 489
Charge-offs(2,694)(4,246)
Recoveries1,844 1,960
Balance at end of period176,159 156,446
Residential real estate
Allowance for credit losses
Balance at beginning of period16,458 9,604
Provision for credit losses(249)(582)
Charge-offs0 (38)
Recoveries18 34
Balance at end of period16,227 9,018
Commercial real estate
Allowance for credit losses
Balance at beginning of period117,901 86,999
Provision for credit losses3,927 7,463
Charge-offs0 0
Recoveries344 789
Balance at end of period122,172 95,251
Other commercial
Allowance for credit losses
Balance at beginning of period24,703 49,133
Provision for credit losses(1,003)(7,265)
Charge-offs(799)(2,762)
Recoveries981 279
Balance at end of period23,882 39,385
Home equity
Allowance for credit losses
Balance at beginning of period8,566 8,182
Provision for credit losses559 (89)
Charge-offs0 (45)
Recoveries48 20
Balance at end of period9,173 8,068
Other consumer
Allowance for credit losses
Balance at beginning of period5,037 4,325
Provision for credit losses1,110 962
Charge-offs(1,895)(1,401)
Recoveries453 838
Balance at end of period $ 4,705 $ 4,724

Loans Receivable, Net - Aging A

Loans Receivable, Net - Aging Analysis (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable $ 13,731,019 $ 13,432,031
Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable11,885 38,081
Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable4,195 12,485
Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable4,510 17,141
Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable78,513 118,239
Non-accrual loans with no ACL37,012 28,961
Non-accrual loans with ACL20,911 21,571
Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable13,652,506 13,313,792
Residential real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable1,125,648 1,051,883
Residential real estate | Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable3,358 2,132
Residential real estate | Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable0 457
Residential real estate | Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable0 223
Residential real estate | Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable5,249 5,229
Non-accrual loans with no ACL1,891 2,162
Non-accrual loans with ACL0 255
Residential real estate | Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable1,120,399 1,046,654
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable8,865,585 8,630,831
Commercial real estate | Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable2,088 26,063
Commercial real estate | Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable2,649 9,537
Commercial real estate | Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable2,343 15,345
Commercial real estate | Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable35,459 71,433
Non-accrual loans with no ACL28,379 20,040
Non-accrual loans with ACL0 448
Commercial real estate | Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable8,830,126 8,559,398
Other commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable2,661,048 2,664,190
Other commercial | Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable3,604 5,464
Other commercial | Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable763 1,652
Other commercial | Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable1,927 1,383
Other commercial | Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable31,918 33,827
Non-accrual loans with no ACL4,759 4,563
Non-accrual loans with ACL20,865 20,765
Other commercial | Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable2,629,130 2,630,363
Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable715,963 736,288
Home equity | Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable1,060 1,582
Home equity | Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable434 512
Home equity | Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable95 57
Home equity | Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable3,103 3,962
Non-accrual loans with no ACL1,514 1,712
Non-accrual loans with ACL0 99
Home equity | Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable712,860 732,326
Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable362,775 348,839
Other consumer | Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable1,775 2,840
Other consumer | Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable349 327
Other consumer | Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable145 133
Other consumer | Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable2,784 3,788
Non-accrual loans with no ACL469 484
Non-accrual loans with ACL46 4
Other consumer | Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable $ 359,991 $ 345,051

Loans Receivable, Net - Narrati

Loans Receivable, Net - Narrative (Details) $ in Thousands3 Months Ended
Mar. 31, 2022USD ($)LoanMar. 31, 2021USD ($)LoanDec. 31, 2021USD ($)
Loans and Leases Receivable Disclosure
Interest reversed on non-accrual loans $ 720 $ 73
Number of loans | Loan3 7
TDR with pre modification loan balance for which OREO was received $ 77 $ 1,474
Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process335 $ 102
OREO secured by residential real estate $ 0 $ 0

Loans Receivable, Net - Collate

Loans Receivable, Net - Collateral-Dependent Loans (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Collateral Dependent Loans
Collateral dependent loans $ 69,872 $ 63,425
Business assets
Collateral Dependent Loans
Collateral dependent loans25,704 25,182
Residential real estate
Collateral Dependent Loans
Collateral dependent loans3,764 4,625
Other real estate
Collateral Dependent Loans
Collateral dependent loans39,875 32,093
Other
Collateral Dependent Loans
Collateral dependent loans529 1,525
Residential real estate
Collateral Dependent Loans
Collateral dependent loans1,891 2,417
Residential real estate | Business assets
Collateral Dependent Loans
Collateral dependent loans0 0
Residential real estate | Residential real estate
Collateral Dependent Loans
Collateral dependent loans1,848 2,369
Residential real estate | Other real estate
Collateral Dependent Loans
Collateral dependent loans43 48
Residential real estate | Other
Collateral Dependent Loans
Collateral dependent loans0 0
Commercial real estate
Collateral Dependent Loans
Collateral dependent loans38,934 31,333
Commercial real estate | Business assets
Collateral Dependent Loans
Collateral dependent loans49 57
Commercial real estate | Residential real estate
Collateral Dependent Loans
Collateral dependent loans244 280
Commercial real estate | Other real estate
Collateral Dependent Loans
Collateral dependent loans38,641 30,996
Commercial real estate | Other
Collateral Dependent Loans
Collateral dependent loans0 0
Other commercial
Collateral Dependent Loans
Collateral dependent loans26,427 27,078
Other commercial | Business assets
Collateral Dependent Loans
Collateral dependent loans25,655 25,125
Other commercial | Residential real estate
Collateral Dependent Loans
Collateral dependent loans111 115
Other commercial | Other real estate
Collateral Dependent Loans
Collateral dependent loans431 597
Other commercial | Other
Collateral Dependent Loans
Collateral dependent loans230 1,241
Home equity
Collateral Dependent Loans
Collateral dependent loans1,807 1,810
Home equity | Business assets
Collateral Dependent Loans
Collateral dependent loans0 0
Home equity | Residential real estate
Collateral Dependent Loans
Collateral dependent loans1,401 1,694
Home equity | Other real estate
Collateral Dependent Loans
Collateral dependent loans406 116
Home equity | Other
Collateral Dependent Loans
Collateral dependent loans0 0
Other consumer
Collateral Dependent Loans
Collateral dependent loans813 787
Other consumer | Business assets
Collateral Dependent Loans
Collateral dependent loans0 0
Other consumer | Residential real estate
Collateral Dependent Loans
Collateral dependent loans160 167
Other consumer | Other real estate
Collateral Dependent Loans
Collateral dependent loans354 336
Other consumer | Other
Collateral Dependent Loans
Collateral dependent loans $ 299 $ 284

Loans Receivable, Net - Trouble

Loans Receivable, Net - Troubled Debt Restructurings (Details) $ in Thousands3 Months Ended
Mar. 31, 2022USD ($)LoanMar. 31, 2021USD ($)Loan
TDRs that occurred during the period
Number of loans | Loan3 7
Pre-modification recorded balance $ 87 $ 1,753
Post-modification recorded balance $ 87 $ 1,753
TDRs that subsequently defaulted
Number of loans | Loan0 0
Recorded balance $ 0 $ 0
Residential real estate
TDRs that occurred during the period
Number of loans | Loan1 1
Pre-modification recorded balance $ 31 $ 210
Post-modification recorded balance $ 31 $ 210
TDRs that subsequently defaulted
Number of loans | Loan0 0
Recorded balance $ 0 $ 0
Commercial real estate
TDRs that occurred during the period
Number of loans | Loan0 4
Pre-modification recorded balance $ 0 $ 1,374
Post-modification recorded balance $ 0 $ 1,374
TDRs that subsequently defaulted
Number of loans | Loan0 0
Recorded balance $ 0 $ 0
Other commercial
TDRs that occurred during the period
Number of loans | Loan2 1
Pre-modification recorded balance $ 56 $ 38
Post-modification recorded balance $ 56 $ 38
TDRs that subsequently defaulted
Number of loans | Loan0 0
Recorded balance $ 0 $ 0
Home equity
TDRs that occurred during the period
Number of loans | Loan0 0
Pre-modification recorded balance $ 0 $ 0
Post-modification recorded balance $ 0 $ 0
TDRs that subsequently defaulted
Number of loans | Loan0 0
Recorded balance $ 0 $ 0
Other consumer
TDRs that occurred during the period
Number of loans | Loan0 1
Pre-modification recorded balance $ 0 $ 131
Post-modification recorded balance $ 0 $ 131
TDRs that subsequently defaulted
Number of loans | Loan0 0
Recorded balance $ 0 $ 0

Loans Receivable, Net - Credit

Loans Receivable, Net - Credit Quality Indicators for Commercial Loans (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Credit Quality Indicators By Origination
Total $ 13,731,019 $ 13,432,031
Commercial real estate
Credit Quality Indicators By Origination
Term loans originated current fiscal year724,549 2,679,564
Term loans originated fiscal year before current fiscal year2,611,827 1,512,845
Term loans originated two years before current fiscal year1,481,501 952,039
Term loans originated three years before current fiscal year863,746 808,275
Term loans originated four years before current fiscal year778,708 665,733
Term loans originated five years before current fiscal year2,207,850 1,677,875
Revolving loans197,404 334,500
Total8,865,585 8,630,831
Commercial real estate | Pass
Credit Quality Indicators By Origination
Term loans originated current fiscal year722,024 2,677,540
Term loans originated fiscal year before current fiscal year2,610,130 1,499,895
Term loans originated two years before current fiscal year1,467,853 919,091
Term loans originated three years before current fiscal year825,419 788,292
Term loans originated four years before current fiscal year760,413 624,018
Term loans originated five years before current fiscal year2,113,551 1,621,819
Revolving loans196,410 332,696
Total8,695,800 8,463,351
Commercial real estate | Special Mention
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 0
Term loans originated fiscal year before current fiscal year0 0
Term loans originated two years before current fiscal year0 0
Term loans originated three years before current fiscal year0 0
Term loans originated four years before current fiscal year0 0
Term loans originated five years before current fiscal year0 0
Revolving loans0 0
Total0 0
Commercial real estate | Substandard
Credit Quality Indicators By Origination
Term loans originated current fiscal year2,525 2,024
Term loans originated fiscal year before current fiscal year1,697 12,950
Term loans originated two years before current fiscal year13,648 32,948
Term loans originated three years before current fiscal year38,327 19,983
Term loans originated four years before current fiscal year18,295 41,715
Term loans originated five years before current fiscal year94,275 56,030
Revolving loans993 1,803
Total169,760 167,453
Commercial real estate | Doubtful/ Loss
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 0
Term loans originated fiscal year before current fiscal year0 0
Term loans originated two years before current fiscal year0 0
Term loans originated three years before current fiscal year0 0
Term loans originated four years before current fiscal year0 0
Term loans originated five years before current fiscal year24 26
Revolving loans1 1
Total25 27
Other commercial
Credit Quality Indicators By Origination
Term loans originated current fiscal year148,882 751,151
Term loans originated fiscal year before current fiscal year697,130 429,500
Term loans originated two years before current fiscal year372,931 235,591
Term loans originated three years before current fiscal year220,962 188,009
Term loans originated four years before current fiscal year172,157 209,287
Term loans originated five years before current fiscal year496,187 312,852
Revolving loans552,799 537,800
Total2,661,048 2,664,190
Other commercial | Pass
Credit Quality Indicators By Origination
Term loans originated current fiscal year148,562 746,709
Term loans originated fiscal year before current fiscal year692,374 420,547
Term loans originated two years before current fiscal year367,657 226,614
Term loans originated three years before current fiscal year209,206 179,679
Term loans originated four years before current fiscal year165,572 207,509
Term loans originated five years before current fiscal year485,791 297,926
Revolving loans526,330 507,258
Total2,595,492 2,586,242
Other commercial | Special Mention
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 0
Term loans originated fiscal year before current fiscal year0 0
Term loans originated two years before current fiscal year0 0
Term loans originated three years before current fiscal year0 0
Term loans originated four years before current fiscal year0 0
Term loans originated five years before current fiscal year0 0
Revolving loans0 0
Total0 0
Other commercial | Substandard
Credit Quality Indicators By Origination
Term loans originated current fiscal year320 4,442
Term loans originated fiscal year before current fiscal year4,756 8,952
Term loans originated two years before current fiscal year5,272 8,974
Term loans originated three years before current fiscal year11,743 8,329
Term loans originated four years before current fiscal year6,583 1,775
Term loans originated five years before current fiscal year9,890 14,275
Revolving loans26,449 30,526
Total65,013 77,273
Other commercial | Doubtful/ Loss
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 0
Term loans originated fiscal year before current fiscal year0 1
Term loans originated two years before current fiscal year2 3
Term loans originated three years before current fiscal year13 1
Term loans originated four years before current fiscal year2 3
Term loans originated five years before current fiscal year506 651
Revolving loans20 16
Total $ 543 $ 675

Loans Receivable, Net - Credi_2

Loans Receivable, Net - Credit Quality Indicators for RRE and Consumer Loans (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Credit Quality Indicators By Origination
Total $ 13,731,019 $ 13,432,031
Residential real estate
Credit Quality Indicators By Origination
Term loans originated current fiscal year111,162 427,814
Term loans originated fiscal year before current fiscal year587,540 179,395
Term loans originated two years before current fiscal year148,965 66,543
Term loans originated three years before current fiscal year57,198 51,095
Term loans originated four years before current fiscal year44,023 42,181
Term loans originated five years before current fiscal year174,344 146,299
Revolving loans2,416 138,556
Total1,125,648 1,051,883
Residential real estate | Performing
Credit Quality Indicators By Origination
Term loans originated current fiscal year110,259 427,318
Term loans originated fiscal year before current fiscal year586,901 178,016
Term loans originated two years before current fiscal year148,770 66,470
Term loans originated three years before current fiscal year57,198 50,816
Term loans originated four years before current fiscal year43,752 42,005
Term loans originated five years before current fiscal year171,103 143,473
Revolving loans2,416 138,556
Total1,120,399 1,046,654
Residential real estate | 30-89 Days Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year903 496
Term loans originated fiscal year before current fiscal year639 1,232
Term loans originated two years before current fiscal year59 0
Term loans originated three years before current fiscal year0 0
Term loans originated four years before current fiscal year0 0
Term loans originated five years before current fiscal year1,757 861
Revolving loans0 0
Total3,358 2,589
Residential real estate | Non-Accrual and 90 Days or More Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 0
Term loans originated fiscal year before current fiscal year0 147
Term loans originated two years before current fiscal year136 73
Term loans originated three years before current fiscal year0 279
Term loans originated four years before current fiscal year271 176
Term loans originated five years before current fiscal year1,484 1,965
Revolving loans0 0
Total1,891 2,640
Home equity
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 871
Term loans originated fiscal year before current fiscal year44 303
Term loans originated two years before current fiscal year63 1,293
Term loans originated three years before current fiscal year430 1,329
Term loans originated four years before current fiscal year682 886
Term loans originated five years before current fiscal year9,739 11,494
Revolving loans705,005 720,112
Total715,963 736,288
Home equity | Performing
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 871
Term loans originated fiscal year before current fiscal year44 303
Term loans originated two years before current fiscal year63 1,260
Term loans originated three years before current fiscal year398 1,328
Term loans originated four years before current fiscal year681 886
Term loans originated five years before current fiscal year9,315 10,589
Revolving loans702,359 717,089
Total712,860 732,326
Home equity | 30-89 Days Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 0
Term loans originated fiscal year before current fiscal year0 0
Term loans originated two years before current fiscal year0 0
Term loans originated three years before current fiscal year0 0
Term loans originated four years before current fiscal year0 0
Term loans originated five years before current fiscal year180 576
Revolving loans1,314 1,518
Total1,494 2,094
Home equity | Non-Accrual and 90 Days or More Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 0
Term loans originated fiscal year before current fiscal year0 0
Term loans originated two years before current fiscal year0 33
Term loans originated three years before current fiscal year32 1
Term loans originated four years before current fiscal year1 0
Term loans originated five years before current fiscal year244 329
Revolving loans1,332 1,505
Total1,609 1,868
Other consumer
Credit Quality Indicators By Origination
Term loans originated current fiscal year49,134 151,407
Term loans originated fiscal year before current fiscal year136,845 80,531
Term loans originated two years before current fiscal year71,871 37,036
Term loans originated three years before current fiscal year31,608 19,563
Term loans originated four years before current fiscal year16,789 8,591
Term loans originated five years before current fiscal year22,554 17,763
Revolving loans33,974 33,948
Total362,775 348,839
Other consumer | Performing
Credit Quality Indicators By Origination
Term loans originated current fiscal year49,110 150,910
Term loans originated fiscal year before current fiscal year136,325 80,072
Term loans originated two years before current fiscal year71,567 36,647
Term loans originated three years before current fiscal year31,213 19,268
Term loans originated four years before current fiscal year16,554 8,506
Term loans originated five years before current fiscal year21,289 15,968
Revolving loans33,933 33,680
Total359,991 345,051
Other consumer | 30-89 Days Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year24 469
Term loans originated fiscal year before current fiscal year405 443
Term loans originated two years before current fiscal year279 187
Term loans originated three years before current fiscal year211 144
Term loans originated four years before current fiscal year72 78
Term loans originated five years before current fiscal year1,098 1,589
Revolving loans35 257
Total2,124 3,167
Other consumer | Non-Accrual and 90 Days or More Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year0 28
Term loans originated fiscal year before current fiscal year115 16
Term loans originated two years before current fiscal year25 202
Term loans originated three years before current fiscal year184 151
Term loans originated four years before current fiscal year163 7
Term loans originated five years before current fiscal year167 206
Revolving loans6 11
Total $ 660 $ 621

Leases - Summary (Details)

Leases - Summary (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Finance Leases
ROU assets $ 8,028 $ 5,995
Accumulated depreciation $ (594) $ (516)
Net ROU assets locationProperty, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And AmortizationProperty, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And Amortization
Net ROU assets $ 7,434 $ 5,479
Lease liabilities locationOther BorrowingsOther Borrowings
Lease liabilities $ 7,774 $ 5,781
Operating Leases
Net ROU assets locationProperty, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And AmortizationProperty, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And Amortization
Net ROU assets $ 44,414 $ 44,699
Lease liabilities locationOther LiabilitiesOther Liabilities
Lease liabilities $ 47,695 $ 47,901
Finance lease, weighted average remaining lease term22 years23 years
Finance lease, weighted average discount rate2.70%2.60%
Operating lease, weighted average remaining lease term16 years16 years
Operating lease, weighted average discount rate3.40%3.40%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Finance Leases
Maturing within one year $ 381
Maturing one year through two years389
Maturing two years through three years399
Maturing three years through four years407
Maturing four years through five years417
Thereafter8,504
Total lease payments10,497
Present value of lease payments
Short-term174
Long-term7,600
Total present value of lease payments7,774 $ 5,781
Finance lease, difference between lease payments and present value of lease payments2,723
Operating Leases
Maturing within one year5,200
Maturing one year through two years4,359
Maturing two years through three years4,091
Maturing three years through four years3,987
Maturing four years through five years3,905
Thereafter42,900
Total lease payments64,442
Present value of lease payments
Short-term1,455
Long-term46,240
Total present value of lease payments47,695 $ 47,901
Operating lease, difference between lease payments and present value of lease payments $ 16,747

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Finance lease cost
Amortization of ROU assets $ 78 $ 61
Interest on lease liabilities46 37
Operating lease cost1,496 1,279
Short-term lease cost105 86
Variable lease cost307 261
Sublease income(12)(11)
Total lease expense $ 2,020 $ 1,713

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Leases [Abstract]
Finance lease, operating cash flows $ 46 $ 37
Finance lease, financing cash flows39 27
Operating lease, operating cash flows $ 1,025 $ 780

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021Dec. 31, 2021
Goodwill Roll Forward
Net carrying value at beginning of period $ 985,393 $ 514,013
Acquisitions and adjustments0 0
Net carrying value at end of period985,393 $ 514,013
Accumulated impairment charge $ 40,159 $ 40,159

Loan Servicing (Details)

Loan Servicing (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021Dec. 31, 2021
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Carrying value at beginning of period $ 12,839 $ 8,976
Acquisitions0 1,354
Additions756 4,435
Amortization(528) $ (1,926)
Carrying value at end of period13,067
Principal balances of loans serviced for others1,644,158 $ 1,639,058
Fair value of servicing rights $ 18,946 $ 16,938

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($)3 Months Ended
Mar. 31, 2022Mar. 31, 2021Dec. 31, 2021
Variable Interest Entities
Impairment losses $ 0 $ 0
Other assets
Variable Interest Entities
Carrying value of equity investments in LIHTCs $ 56,675,000 $ 50,725,000
CDE
Variable Interest Entities
Tax credit period7 years
LIHTC
Variable Interest Entities
Tax credit period10 years
Tax credit compliance period15 years

Variable Interest Entities - VI

Variable Interest Entities - VIE Carrying Amounts Included in Financial Statements (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Assets
Loans receivable, net $ 13,554,860 $ 13,259,366
Accrued interest receivable81,467 76,673
Other assets154,511 120,459
Total assets26,100,324 25,940,645
Liabilities
Other borrowed funds57,258 44,094
Accrued interest payable2,284 2,409
Other liabilities237,554 225,857
Total liabilities23,166,131 22,763,023
Consolidated VIEs
Assets
Loans receivable, net146,763 121,625
Accrued interest receivable579 519
Other assets47,302 41,363
Total assets194,644 163,507
Liabilities
Other borrowed funds49,484 38,313
Accrued interest payable209 117
Other liabilities55 164
Total liabilities $ 49,748 $ 38,594

Variable Interest Entities - Fu

Variable Interest Entities - Future Unfunded Contingent Commitments (Details) - Qualified Affordable Housing Project Investments $ in ThousandsMar. 31, 2022USD ($)
Other Commitments
2022 $ 24,105
202328,395
202411,659
2025299
2026333
Thereafter854
Unfunded contingent commitments $ 65,645

Variable Interest Entities - Am

Variable Interest Entities - Amortization Expense and Tax Credits and Other Tax Benefits (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Investments in Qualified Affordable Housing Projects
Amortization expense $ 2,995 $ 2,326
Tax credits and other tax benefits recognized $ 3,996 $ 3,095

Securities Sold Under Agreeme_3

Securities Sold Under Agreements to Repurchase - Carrying Value of Repurchase Agreements (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Residential mortgage-backed securities | Overnight and Continuous
Securities Sold Under Agreements to Repurchase
Repurchase agreements $ 958,479 $ 1,020,794

Securities Sold Under Agreeme_4

Securities Sold Under Agreements to Repurchase - Narrative (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Securities Sold Under Agreements to Repurchase
Securities pledged for repurchase agreements $ 1,185,702 $ 1,233,885

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands1 Months Ended3 Months Ended
Mar. 31, 2020Mar. 31, 2022Mar. 31, 2021Dec. 31, 2021
Derivative financial instruments
Amount of gain recognized in OCI $ 2,967 $ 593
Interest rate locks
Derivative financial instruments
Off-balance sheet commitments106,202 $ 151,038
Interest rate locks | Other Assets
Derivative financial instruments
Fair value of derivative1,046 3,008
Interest rate caps
Derivative financial instruments
Forecasted notional amount $ 130,500
Derivative, term of contracts5 years
Interest expense recorded42 42
Amount of gain recognized in OCI2,967 $ 593
Interest rate caps | Other Assets
Derivative financial instruments
Fair value of derivative3,859 934
Interest rate caps | Minimum
Derivative financial instruments
Derivative, cap interest rate1.50%
Interest rate caps | Maximum
Derivative financial instruments
Derivative, cap interest rate2.00%
Forward commitments to sell TBA securities
Derivative financial instruments
Forecasted notional amount93,000 116,500
Forward commitments to sell TBA securities | Other Liabilities
Derivative financial instruments
Fair value of derivative asset, gross liability $ 3,175 $ 80

Other Expenses (Details)

Other Expenses (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Other Expenses
Mergers and acquisition expenses $ 6,207 $ 104
Consulting and outside services3,143 2,171
VIE amortization and other expenses2,544 1,531
Loan expenses1,823 1,624
Debit card expenses1,804 1,322
Telephone1,594 1,375
Employee expenses1,088 431
Business development1,081 822
Printing and supplies1,050 790
Postage995 961
Accounting and audit fees671 455
Legal fees448 156
Checking and operating expenses352 156
Loss on dispositions of fixed assets(310)(353)
Other1,354 1,101
Total other expenses $ 23,844 $ 12,646

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax
Balance, beginning $ 3,177,622 $ 2,307,041
Other comprehensive (loss) income before reclassifications(274,077)(62,927)
Reclassification adjustments for gains included in net loss(243)
Total other comprehensive loss, net of tax(275,168)(63,170)
Balance, ending2,934,193 2,295,385
Gains (Losses) on Available-For-Sale and Transferred Debt Securities
AOCI Attributable to Parent, Net of Tax
Balance, beginning27,038 143,443
Other comprehensive (loss) income before reclassifications(276,295)(63,370)
Reclassification adjustments for gains included in net loss(243)
Total other comprehensive loss, net of tax(277,386)(63,613)
Balance, ending(250,348)79,830
(Losses) Gains on Derivatives Used for Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax
Balance, beginning321 (353)
Other comprehensive (loss) income before reclassifications2,218 443
Reclassification adjustments for gains included in net loss0
Total other comprehensive loss, net of tax2,218 443
Balance, ending2,539 90
Reclassification adjustments for gains and transfers included in net income
AOCI Attributable to Parent, Net of Tax
Reclassification adjustments for gains included in net loss(507)
Reclassification adjustments for amortization included in net income for transferred securities
AOCI Attributable to Parent, Net of Tax
Reclassification adjustments for gains included in net loss(584)
Accumulated Other Compre- hensive Income (loss)
AOCI Attributable to Parent, Net of Tax
Balance, beginning27,359 143,090
Total other comprehensive loss, net of tax(275,168)(63,170)
Balance, ending $ (247,809) $ 79,920

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Basic and Diluted Earnings Per Share
Net income available to common stockholders, basic $ 67,795 $ 80,802
Net income available to common stockholders, diluted $ 67,795 $ 80,802
Average outstanding shares - basic (in shares)110,724,655 95,465,801
Add: dilutive restricted stock units and stock options (in shares)75,346 81,121
Average outstanding shares - diluted (in shares)110,800,001 95,546,922
Basic earnings per share (in dollars per share) $ 0.61 $ 0.85
Diluted earnings per share (in dollars per share) $ 0.61 $ 0.85
Restricted stock units and stock options excluded from the diluted average outstanding share calculation (in shares)4,934 0

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2022Mar. 31, 2021
Loans Held For Sale | Gain on sale of loans
Fair Value, Option, Quantitative Disclosures
Changes in fair value, gains (losses) $ (1,583) $ (4,729)

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Financial Assets
Debt securities, available-for-sale $ 6,535,763 $ 9,170,849
Recurring Measurements
Financial Assets
Loans held for sale, at fair value51,284 60,797
Total assets measured at fair value on a recurring basis6,595,127 9,235,588
Total financial liabilities80
Interest rate caps | Recurring Measurements
Financial Assets
Interest rate caps3,859 934
Interest rate locks | Recurring Measurements
Financial Assets
Interest rate caps1,046 3,008
TBA hedge | Recurring Measurements
Financial Assets
Interest rate caps3,175
TBA hedge80
U.S. government and federal agency | Recurring Measurements
Financial Assets
Debt securities, available-for-sale465,760 1,346,749
U.S. government sponsored enterprises | Recurring Measurements
Financial Assets
Debt securities, available-for-sale302,350 240,693
State and local governments | Recurring Measurements
Financial Assets
Debt securities, available-for-sale463,041 488,858
Corporate bonds | Recurring Measurements
Financial Assets
Debt securities, available-for-sale113,185 180,752
Residential mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale3,974,655 5,699,659
Commercial mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale1,216,772 1,214,138
Level 1 | Recurring Measurements
Financial Assets
Loans held for sale, at fair value0 0
Total assets measured at fair value on a recurring basis0 0
Total financial liabilities0
Level 1 | Interest rate caps | Recurring Measurements
Financial Assets
Interest rate caps0 0
Level 1 | Interest rate locks | Recurring Measurements
Financial Assets
Interest rate caps0 0
Level 1 | TBA hedge | Recurring Measurements
Financial Assets
Interest rate caps0
TBA hedge0
Level 1 | U.S. government and federal agency | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 1 | U.S. government sponsored enterprises | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 1 | State and local governments | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 1 | Corporate bonds | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 1 | Residential mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 1 | Commercial mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 2 | Recurring Measurements
Financial Assets
Loans held for sale, at fair value51,284 60,797
Total assets measured at fair value on a recurring basis6,595,127 9,235,588
Total financial liabilities80
Level 2 | Interest rate caps | Recurring Measurements
Financial Assets
Interest rate caps3,859 934
Level 2 | Interest rate locks | Recurring Measurements
Financial Assets
Interest rate caps1,046 3,008
Level 2 | TBA hedge | Recurring Measurements
Financial Assets
Interest rate caps3,175
TBA hedge80
Level 2 | U.S. government and federal agency | Recurring Measurements
Financial Assets
Debt securities, available-for-sale465,760 1,346,749
Level 2 | U.S. government sponsored enterprises | Recurring Measurements
Financial Assets
Debt securities, available-for-sale302,350 240,693
Level 2 | State and local governments | Recurring Measurements
Financial Assets
Debt securities, available-for-sale463,041 488,858
Level 2 | Corporate bonds | Recurring Measurements
Financial Assets
Debt securities, available-for-sale113,185 180,752
Level 2 | Residential mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale3,974,655 5,699,659
Level 2 | Commercial mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale1,216,772 1,214,138
Level 3 | Recurring Measurements
Financial Assets
Loans held for sale, at fair value0 0
Total assets measured at fair value on a recurring basis0 0
Total financial liabilities0
Level 3 | Interest rate caps | Recurring Measurements
Financial Assets
Interest rate caps0 0
Level 3 | Interest rate locks | Recurring Measurements
Financial Assets
Interest rate caps0 0
Level 3 | TBA hedge | Recurring Measurements
Financial Assets
Interest rate caps0
TBA hedge0
Level 3 | U.S. government and federal agency | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 3 | U.S. government sponsored enterprises | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 3 | State and local governments | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 3 | Corporate bonds | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 3 | Residential mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale0 0
Level 3 | Commercial mortgage-backed securities | Recurring Measurements
Financial Assets
Debt securities, available-for-sale $ 0 $ 0

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Fair Value Measurements on a Non-Recurring Basis (Details) - Non-Recurring Measurements - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Collateral-dependent impaired loans, net of ACL $ 1,580 $ 22,036
Total assets measured at fair value on a recurring basis1,580 22,036
Level 1
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Collateral-dependent impaired loans, net of ACL0 0
Total assets measured at fair value on a recurring basis0 0
Level 2
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Collateral-dependent impaired loans, net of ACL0 0
Total assets measured at fair value on a recurring basis0 0
Level 3
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Collateral-dependent impaired loans, net of ACL1,580 22,036
Total assets measured at fair value on a recurring basis $ 1,580 $ 22,036

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Quantitative Information about Level 3 Fair Value Measurements (Details) - Non-Recurring Measurements $ in ThousandsMar. 31, 2022USD ($)Dec. 31, 2021USD ($)
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL $ 1,580 $ 22,036
Level 3
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL1,580 22,036
Level 3 | Cost Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL1,542 20,934
Level 3 | Sales Comparison Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL $ 38 $ 1,102
Level 3 | Minimum | Cost Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.100 0.100
Level 3 | Minimum | Sales Comparison Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.100 0.050
Level 3 | Minimum | Sales Comparison Approach | Adjustments to comparables
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0
Level 3 | Maximum | Cost Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.100 0.100
Level 3 | Maximum | Sales Comparison Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.100 0.100
Level 3 | Maximum | Sales Comparison Approach | Adjustments to comparables
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.100
Level 3 | Weighted Average Range | Cost Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.100 0.100
Level 3 | Weighted Average Range | Sales Comparison Approach | Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.100 0.067
Level 3 | Weighted Average Range | Sales Comparison Approach | Adjustments to comparables
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input0.060

Fair Value of Assets and Liab_7

Fair Value of Assets and Liabilities - Carrying Amount and Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in ThousandsMar. 31, 2022Dec. 31, 2021
Carrying Amount
Financial assets
Cash and cash equivalents $ 436,805 $ 437,686
Debt securities, held-to-maturity3,576,941 1,199,164
Loans receivable, net of ACL13,554,860 13,259,366
Total financial assets17,568,606 14,896,216
Financial liabilities
Term deposits995,147 1,036,077
FHLB advances80,000
Repurchase agreements and other borrowed funds1,015,737 1,064,888
Subordinated debentures132,661 132,620
Total financial liabilities2,223,545 2,233,585
Estimated Fair Value | Level 1
Financial assets
Cash and cash equivalents436,805 437,686
Debt securities, held-to-maturity0 0
Loans receivable, net of ACL0 0
Total financial assets436,805 437,686
Financial liabilities
Term deposits0 0
FHLB advances0
Repurchase agreements and other borrowed funds0 0
Subordinated debentures0 0
Total financial liabilities0 0
Estimated Fair Value | Level 2
Financial assets
Cash and cash equivalents0 0
Debt securities, held-to-maturity3,394,832 1,220,883
Loans receivable, net of ACL0 0
Total financial assets3,394,832 1,220,883
Financial liabilities
Term deposits998,569 1,040,100
FHLB advances80,000
Repurchase agreements and other borrowed funds1,015,737 1,064,888
Subordinated debentures130,492 131,513
Total financial liabilities2,224,798 2,236,501
Estimated Fair Value | Level 3
Financial assets
Cash and cash equivalents0 0
Debt securities, held-to-maturity0 0
Loans receivable, net of ACL13,469,234 13,422,898
Total financial assets13,469,234 13,422,898
Financial liabilities
Term deposits0 0
FHLB advances0
Repurchase agreements and other borrowed funds0 0
Subordinated debentures0 0
Total financial liabilities $ 0 $ 0