☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Pennsylvania | 25-1434426 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||||||||
800 Philadelphia Street | Indiana | PA | 15701 | |||||||||||
(Address of principal executive offices) | (zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $2.50 par value | STBA | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Page No. | ||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||
(in thousands, except share and per share data) | (Unaudited) | (Audited) | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and due from banks, including interest-bearing deposits of $751,378 and $857,192 at March 31, 2022 and December 31, 2021 | $ | 823,757 | $ | 922,215 | |||||||||||||
Securities, at fair value | 1,028,218 | 910,793 | |||||||||||||||
Loans held for sale | 1,346 | 1,522 | |||||||||||||||
Portfolio loans, net of unearned income | 6,963,911 | 6,999,990 | |||||||||||||||
Allowance for credit losses | (99,915) | (98,576) | |||||||||||||||
Portfolio loans, net | 6,863,996 | 6,901,414 | |||||||||||||||
Bank owned life insurance | 84,093 | 83,685 | |||||||||||||||
Premises and equipment, net | 51,671 | 52,632 | |||||||||||||||
Federal Home Loan Bank and other restricted stock, at cost | 9,349 | 9,519 | |||||||||||||||
Goodwill | 373,424 | 373,424 | |||||||||||||||
Other intangible assets, net | 6,497 | 6,895 | |||||||||||||||
Other assets | 189,930 | 226,430 | |||||||||||||||
Total Assets | $ | 9,432,281 | $ | 9,488,529 | |||||||||||||
LIABILITIES | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand | $ | 2,740,315 | $ | 2,748,586 | |||||||||||||
Interest-bearing demand | 1,070,656 | 979,133 | |||||||||||||||
Money market | 1,992,916 | 2,070,579 | |||||||||||||||
Savings | 1,117,985 | 1,110,155 | |||||||||||||||
Certificates of deposit | 1,038,586 | 1,088,071 | |||||||||||||||
Total Deposits | 7,960,458 | 7,996,524 | |||||||||||||||
Securities sold under repurchase agreements | 70,112 | 84,491 | |||||||||||||||
Long-term borrowings | 22,171 | 22,430 | |||||||||||||||
Junior subordinated debt securities | 54,408 | 54,393 | |||||||||||||||
Other liabilities | 140,182 | 124,237 | |||||||||||||||
Total Liabilities | 8,247,331 | 8,282,075 | |||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at March 31, 2022 and December 31, 2021 Outstanding—39,351,688 shares at March 31, 2022 and 39,351,194 shares at December 31, 2021 | 103,623 | 103,623 | |||||||||||||||
Additional paid-in capital | 403,841 | 403,095 | |||||||||||||||
Retained earnings | 791,345 | 773,659 | |||||||||||||||
Accumulated other comprehensive loss | (47,043) | (7,090) | |||||||||||||||
Treasury stock — 2,097,756 shares at March 31, 2022 and 2,098,250 shares at December 31, 2021, at cost | (66,816) | (66,833) | |||||||||||||||
Total Shareholders’ Equity | 1,184,950 | 1,206,454 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 9,432,281 | $ | 9,488,529 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(in thousands, except share and per share data) | (Unaudited) | (Audited) | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and due from banks, including interest-bearing deposits of $263,504 and $857,192 at June 30, 2022 and December 31, 2021 | $ | 344,694 | $ | 922,215 | |||||||||||||
Securities, at fair value | 1,068,576 | 910,793 | |||||||||||||||
Loans held for sale | 1,311 | 1,522 | |||||||||||||||
Portfolio loans, net of unearned income | 7,040,894 | 6,999,990 | |||||||||||||||
Allowance for credit losses | (98,095) | (98,576) | |||||||||||||||
Portfolio loans, net | 6,942,799 | 6,901,414 | |||||||||||||||
Bank owned life insurance | 84,536 | 83,685 | |||||||||||||||
Premises and equipment, net | 50,913 | 52,632 | |||||||||||||||
Federal Home Loan Bank and other restricted stock, at cost | 7,949 | 9,519 | |||||||||||||||
Goodwill | 373,424 | 373,424 | |||||||||||||||
Other intangible assets, net | 6,120 | 6,895 | |||||||||||||||
Other assets | 223,492 | 226,430 | |||||||||||||||
Total Assets | $ | 9,103,814 | $ | 9,488,529 | |||||||||||||
LIABILITIES | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand | $ | 2,736,849 | $ | 2,748,586 | |||||||||||||
Interest-bearing demand | 880,432 | 979,133 | |||||||||||||||
Money market | 1,888,506 | 2,070,579 | |||||||||||||||
Savings | 1,125,344 | 1,110,155 | |||||||||||||||
Certificates of deposit | 981,116 | 1,088,071 | |||||||||||||||
Total Deposits | 7,612,247 | 7,996,524 | |||||||||||||||
Securities sold under repurchase agreements | 39,259 | 84,491 | |||||||||||||||
Long-term borrowings | 21,988 | 22,430 | |||||||||||||||
Junior subordinated debt securities | 54,423 | 54,393 | |||||||||||||||
Other liabilities | 197,539 | 124,237 | |||||||||||||||
Total Liabilities | 7,925,456 | 8,282,075 | |||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at June 30, 2022 and December 31, 2021 Outstanding—39,148,999 shares at June 30, 2022 and 39,351,194 shares at December 31, 2021 | 103,623 | 103,623 | |||||||||||||||
Additional paid-in capital | 404,841 | 403,095 | |||||||||||||||
Retained earnings | 809,644 | 773,659 | |||||||||||||||
Accumulated other comprehensive loss | (67,171) | (7,090) | |||||||||||||||
Treasury stock — 2,300,445 shares at June 30, 2022 and 2,098,250 shares at December 31, 2021, at cost | (72,579) | (66,833) | |||||||||||||||
Total Shareholders’ Equity | 1,178,358 | 1,206,454 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 9,103,814 | $ | 9,488,529 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | 2022 | 2021 | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST AND DIVIDEND INCOME | INTEREST AND DIVIDEND INCOME | INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, including fees | Loans, including fees | $ | 64,593 | $ | 70,232 | Loans, including fees | $ | 71,018 | $ | 66,942 | $ | 135,611 | $ | 137,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities: | Investment Securities: | Investment Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 4,936 | 3,563 | Taxable | 5,995 | 3,793 | 10,931 | 7,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 482 | 813 | Tax-exempt | 484 | 690 | 966 | 1,503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | 98 | 173 | Dividends | 102 | 152 | 200 | 325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest and Dividend Income | Total Interest and Dividend Income | 70,109 | 74,781 | Total Interest and Dividend Income | 77,599 | 71,577 | 147,708 | 146,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE | INTEREST EXPENSE | INTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 1,853 | 3,481 | Deposits | 1,790 | 2,652 | 3,643 | 6,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and junior subordinated debt securities | Borrowings and junior subordinated debt securities | 523 | 641 | Borrowings and junior subordinated debt securities | 615 | 621 | 1,138 | 1,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest Expense | Total Interest Expense | 2,376 | 4,122 | Total Interest Expense | 2,405 | 3,273 | 4,781 | 7,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | NET INTEREST INCOME | 67,733 | 70,659 | NET INTEREST INCOME | 75,194 | 68,304 | 142,927 | 138,962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (512) | 3,137 | Provision for credit losses | 3,204 | 2,561 | 2,692 | 5,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | Net Interest Income After Provision for Credit Losses | 68,245 | 67,522 | Net Interest Income After Provision for Credit Losses | 71,990 | 65,743 | 140,235 | 133,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME | NONINTEREST INCOME | NONINTEREST INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of securities | Net gain on sale of securities | — | 29 | — | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debit and credit card | Debit and credit card | 5,063 | 4,162 | Debit and credit card | 4,756 | 4,744 | 9,819 | 8,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 3,974 | 3,474 | Service charges on deposit accounts | 4,181 | 3,642 | 8,155 | 7,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management | Wealth management | 3,242 | 2,944 | Wealth management | 3,247 | 3,167 | 6,489 | 6,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | Mortgage banking | 1,015 | 4,310 | Mortgage banking | 466 | 1,734 | 1,481 | 6,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,932 | 2,346 | Other | (20) | 2,108 | 1,912 | 4,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | 15,226 | 17,236 | Total Noninterest Income | 12,630 | 15,424 | 27,856 | 32,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSE | NONINTEREST EXPENSE | NONINTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 23,712 | 23,327 | Salaries and employee benefits | 24,811 | 24,515 | 48,523 | 47,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and information technology | Data processing and information technology | 4,435 | 4,225 | Data processing and information technology | 4,104 | 3,787 | 8,539 | 8,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 3,882 | 3,827 | Occupancy | 3,634 | 3,434 | 7,516 | 7,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture, equipment and software | Furniture, equipment and software | 2,777 | 2,640 | Furniture, equipment and software | 2,939 | 2,402 | 5,716 | 5,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other taxes | Other taxes | 1,682 | 1,832 | 3,219 | 3,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional services and legal | Professional services and legal | 1,949 | 1,531 | Professional services and legal | 2,380 | 1,637 | 4,329 | 3,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other taxes | 1,537 | 1,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 1,361 | 1,322 | Marketing | 1,524 | 996 | 2,885 | 2,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | FDIC insurance | 937 | 1,046 | FDIC insurance | 882 | 924 | 1,819 | 1,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 6,824 | 6,226 | Other | 6,468 | 6,302 | 13,292 | 12,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Expense | Total Noninterest Expense | 47,414 | 45,580 | Total Noninterest Expense | 48,424 | 45,829 | 95,838 | 91,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Taxes | Income Before Taxes | 36,057 | 39,178 | Income Before Taxes | 36,196 | 35,338 | 72,253 | 74,515 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 6,914 | 7,276 | Income tax expense | 7,338 | 6,971 | 14,252 | 14,247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 29,143 | $ | 31,902 | Net Income | $ | 28,858 | $ | 28,367 | $ | 58,001 | $ | 60,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share—basic | Earnings per share—basic | $ | 0.74 | $ | 0.81 | Earnings per share—basic | $ | 0.74 | $ | 0.73 | $ | 1.48 | $ | 1.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share—diluted | Earnings per share—diluted | $ | 0.74 | $ | 0.81 | Earnings per share—diluted | $ | 0.74 | $ | 0.72 | $ | 1.48 | $ | 1.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per share | Dividends declared per share | $ | 0.29 | $ | 0.28 | Dividends declared per share | $ | 0.30 | $ | 0.28 | $ | 0.59 | $ | 0.56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | $ | (10,810) | $ | 23,992 | Comprehensive Income (Loss) | $ | 8,730 | $ | 30,911 | $ | (2,080) | $ | 54,902 |
For the Three Months Ended March 31, 2021 | Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | (dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Total | (dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 103,623 | $ | 400,668 | $ | 710,061 | $ | 8,971 | $ | (68,612) | $ | 1,154,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the three months ended March 31, 2021 | — | — | 31,902 | — | — | 31,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | $ | 103,623 | $ | 401,353 | $ | 731,718 | $ | 1,061 | $ | (69,477) | $ | 1,168,278 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the three months ended June 30, 2021 | Net income for the three months ended June 30, 2021 | — | — | 28,367 | — | — | 28,367 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | 2,544 | — | 2,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.28 per share) | Cash dividends declared ($0.28 per share) | — | — | (10,989) | — | — | (10,989) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued for restricted stock awards (98,519 shares) | Treasury stock issued for restricted stock awards (98,519 shares) | — | — | (3,139) | — | 3,139 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards (21,157 shares) | Forfeitures of restricted stock awards (21,157 shares) | — | — | 515 | — | (682) | (167) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | Recognition of restricted stock compensation expense | — | 700 | — | — | — | 700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 103,623 | $ | 402,053 | $ | 746,472 | $ | 3,605 | $ | (67,020) | $ | 1,188,733 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | (dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | $ | 103,623 | $ | 403,841 | $ | 791,345 | $ | (47,043) | $ | (66,816) | $ | 1,184,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the three months ended June 30, 2022 | Net income for the three months ended June 30, 2022 | — | — | 28,858 | — | — | 28,858 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (7,910) | — | (7,910) | Other comprehensive loss, net of tax | — | — | — | (20,128) | — | (20,128) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.28 per share) | — | — | (10,975) | — | — | (10,975) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock, net of issuances (30,840 shares, net of issuance of 1,192) | — | — | 730 | — | (865) | (135) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.30 per share) | Cash dividends declared ($0.30 per share) | — | — | (11,791) | — | — | (11,791) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards (51,469 shares) | Forfeitures of restricted stock awards (51,469 shares) | — | — | 1,232 | — | (1,610) | (378) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of S&T Stock (151,220 shares) | Repurchase of S&T Stock (151,220 shares) | — | — | — | — | (4,153) | (4,153) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | Recognition of restricted stock compensation expense | — | 685 | — | — | — | 685 | Recognition of restricted stock compensation expense | — | 1,000 | — | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 103,623 | $ | 401,353 | $ | 731,718 | $ | 1,061 | $ | (69,477) | $ | 1,168,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 103,623 | $ | 404,841 | $ | 809,644 | $ | (67,171) | $ | (72,579) | $ | 1,178,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | 103,623 | $ | 403,095 | $ | 773,659 | $ | (7,090) | $ | (66,833) | $ | 1,206,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the three months ended March 31, 2022 | — | — | 29,143 | — | — | 29,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (39,953) | — | (39,953) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.29 per share) | — | — | (11,384) | — | — | (11,384) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued for restricted stock awards (4,250 shares, net of forfeitures of 3,756 shares) | — | — | (73) | — | 17 | (56) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 746 | — | — | — | 746 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 103,623 | $ | 403,841 | $ | 791,345 | $ | (47,043) | $ | (66,816) | $ | 1,184,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 103,623 | $ | 400,668 | $ | 710,061 | $ | 8,971 | $ | (68,612) | $ | 1,154,711 | |||||||||||||||||||||||||||||||||||||||||
Net income for the six months ended June 30, 2021 | — | — | 60,268 | — | — | 60,268 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (5,366) | — | (5,366) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.56 per share) | — | — | (21,963) | — | — | (21,963) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued for restricted stock awards (99,711 shares) | — | — | (3,177) | — | 3,177 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards (51,999 shares) | — | — | 1,283 | — | (1,585) | (302) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 1,385 | — | — | — | 1,385 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 103,623 | $ | 402,053 | $ | 746,472 | $ | 3,605 | $ | (67,020) | $ | 1,188,733 | |||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | 103,623 | $ | 403,095 | $ | 773,659 | $ | (7,090) | $ | (66,833) | $ | 1,206,454 | |||||||||||||||||||||||||||||||||||||||||
Net income for the six months ended June 30, 2022 | — | — | 58,001 | — | — | 58,001 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (60,081) | — | (60,081) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.59 per share) | — | — | (23,175) | — | — | (23,175) | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued for restricted stock awards (4,250 shares) | — | — | (135) | — | 135 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards (55,225 shares) | — | — | 1,294 | — | (1,728) | (434) | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of S&T Stock (151,220 shares) | — | — | — | — | (4,153) | (4,153) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 1,746 | — | — | — | 1,746 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 103,623 | $ | 404,841 | $ | 809,644 | $ | (67,171) | $ | (72,579) | $ | 1,178,358 |
Three Months Ended March 31, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | |||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Net Cash Provided by Operating Activities | Net Cash Provided by Operating Activities | $ | 86,596 | $ | 90,000 | Net Cash Provided by Operating Activities | $ | 153,301 | $ | 128,043 | |||||||||||||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Purchases of securities | Purchases of securities | (211,265) | (89,038) | Purchases of securities | (311,969) | (153,587) | |||||||||||||||||||||||||||||||
Proceeds from maturities, prepayments and calls of securities | Proceeds from maturities, prepayments and calls of securities | 44,025 | 34,715 | Proceeds from maturities, prepayments and calls of securities | 79,759 | 72,951 | |||||||||||||||||||||||||||||||
Proceeds from redemption of FHLB stock | 5,818 | 3,988 | |||||||||||||||||||||||||||||||||||
Purchases of FHLB stock | (5,648) | (3,157) | |||||||||||||||||||||||||||||||||||
Net decrease in loans | 38,449 | 33,937 | |||||||||||||||||||||||||||||||||||
Proceeds from sales of securities | Proceeds from sales of securities | — | 1,917 | ||||||||||||||||||||||||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | Proceeds from redemption of Federal Home Loan Bank stock | 11,465 | 13,137 | ||||||||||||||||||||||||||||||||||
Purchases of Federal Home Loan Bank stock | Purchases of Federal Home Loan Bank stock | (9,895) | (10,213) | ||||||||||||||||||||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (45,440) | 201,545 | ||||||||||||||||||||||||||||||||||
Proceeds from sale of portfolio loans | Proceeds from sale of portfolio loans | — | 640 | Proceeds from sale of portfolio loans | 4,326 | 3,438 | |||||||||||||||||||||||||||||||
Proceeds from sale of other real estate owned | 6,285 | 145 | |||||||||||||||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (660) | (811) | Purchases of premises and equipment | (1,556) | (1,926) | |||||||||||||||||||||||||||||||
Proceeds from the sale of premises and equipment | Proceeds from the sale of premises and equipment | 56 | 74 | Proceeds from the sale of premises and equipment | 131 | 74 | |||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (122,940) | (19,507) | |||||||||||||||||||||||||||||||||||
Net Cash (Used in) Provided by Investing Activities | Net Cash (Used in) Provided by Investing Activities | (273,179) | 127,336 | ||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Net increase in core deposits | 13,419 | 522,528 | |||||||||||||||||||||||||||||||||||
Net (decrease) increase in core deposits | Net (decrease) increase in core deposits | (277,322) | 712,568 | ||||||||||||||||||||||||||||||||||
Net decrease in certificates of deposit | Net decrease in certificates of deposit | (49,465) | (67,003) | Net decrease in certificates of deposit | (106,915) | (117,782) | |||||||||||||||||||||||||||||||
Net (decrease) increase in securities sold under repurchase agreements | Net (decrease) increase in securities sold under repurchase agreements | (14,379) | 2,254 | Net (decrease) increase in securities sold under repurchase agreements | (45,232) | 3,424 | |||||||||||||||||||||||||||||||
Net decrease in short-term borrowings | Net decrease in short-term borrowings | — | (75,000) | Net decrease in short-term borrowings | — | (75,000) | |||||||||||||||||||||||||||||||
Repayments on long-term borrowings | Repayments on long-term borrowings | (259) | (399) | Repayments on long-term borrowings | (442) | (712) | |||||||||||||||||||||||||||||||
Treasury shares issued-net | (56) | (135) | |||||||||||||||||||||||||||||||||||
Repurchase of shares for taxes on restricted stock | Repurchase of shares for taxes on restricted stock | (434) | (302) | ||||||||||||||||||||||||||||||||||
Cash dividends paid to common shareholders | Cash dividends paid to common shareholders | (11,374) | (10,975) | Cash dividends paid to common shareholders | (23,145) | (21,963) | |||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (4,153) | — | ||||||||||||||||||||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | Net Cash (Used in) Provided by Financing Activities | (62,114) | 371,270 | Net Cash (Used in) Provided by Financing Activities | (457,643) | 500,233 | |||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | Net (decrease) increase in cash and cash equivalents | (98,458) | 441,763 | Net (decrease) increase in cash and cash equivalents | (577,521) | 755,612 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 922,215 | 229,666 | Cash and cash equivalents at beginning of period | 922,215 | 229,666 | |||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | Cash and Cash Equivalents at End of Period | $ | 823,757 | $ | 671,429 | Cash and Cash Equivalents at End of Period | $ | 344,694 | $ | 985,278 | |||||||||||||||||||||||||||
Supplemental Disclosures | Supplemental Disclosures | Supplemental Disclosures | |||||||||||||||||||||||||||||||||||
Loans transferred to held for sale | Loans transferred to held for sale | $ | — | $ | 2,798 | Loans transferred to held for sale | $ | — | $ | 2,798 | |||||||||||||||||||||||||||
Cash paid for interest | Cash paid for interest | $ | 2,507 | $ | 5,368 | Cash paid for interest | $ | 5,028 | $ | 9,114 | |||||||||||||||||||||||||||
Cash paid for income taxes, net of refunds | Cash paid for income taxes, net of refunds | $ | 75 | $ | 197 | Cash paid for income taxes, net of refunds | $ | 12,225 | $ | 12,097 | |||||||||||||||||||||||||||
Transfers of loans to other real estate owned | Transfers of loans to other real estate owned | $ | — | $ | 77 | Transfers of loans to other real estate owned | $ | 18 | $ | 90 |
Three Months Ended March 31, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | 2022 | 2021 | (in thousands, except share and per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Numerator for Earnings per Share—Basic and Diluted: | Numerator for Earnings per Share—Basic and Diluted: | Numerator for Earnings per Share—Basic and Diluted: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 29,143 | $ | 31,902 | Net income | $ | 28,858 | $ | 28,367 | $ | 58,001 | $ | 60,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income allocated to participating shares | Less: Income allocated to participating shares | 109 | 141 | Less: Income allocated to participating shares | 74 | 141 | 185 | 283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Allocated to Shareholders | Net Income Allocated to Shareholders | $ | 29,034 | $ | 31,761 | Net Income Allocated to Shareholders | $ | 28,784 | $ | 28,226 | $ | 57,816 | $ | 59,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denominator for Earnings per Share - Basic and Diluted: | Denominator for Earnings per Share - Basic and Diluted: | Denominator for Earnings per Share - Basic and Diluted: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding—Basic | Weighted Average Shares Outstanding—Basic | 39,073,754 | 39,021,208 | Weighted Average Shares Outstanding—Basic | 39,083,429 | 39,048,971 | 39,077,305 | 39,039,007 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: Average participating shares outstanding | Add: Average participating shares outstanding | 16,179 | — | Add: Average participating shares outstanding | 16,202 | — | 18,411 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denominator for Two-Class Method—Diluted | Denominator for Two-Class Method—Diluted | 39,089,933 | 39,021,208 | Denominator for Two-Class Method—Diluted | 39,099,631 | 39,048,971 | 39,095,716 | 39,039,007 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share—basic | Earnings per share—basic | $ | 0.74 | $ | 0.81 | Earnings per share—basic | $ | 0.74 | $ | 0.73 | $ | 1.48 | $ | 1.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share—diluted | Earnings per share—diluted | $ | 0.74 | $ | 0.81 | Earnings per share—diluted | $ | 0.74 | $ | 0.72 | $ | 1.48 | $ | 1.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares | Restricted stock considered anti-dilutive excluded from potentially dilutive shares | — | 165 | Restricted stock considered anti-dilutive excluded from potentially dilutive shares | 1,500 | 25 | 94 | 424 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | (dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 129,994 | $ | — | $ | — | $ | 129,994 | U.S. Treasury securities | $ | 136,282 | $ | — | $ | — | $ | 136,282 | ||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | — | 58,493 | — | 58,493 | Obligations of U.S. government corporations and agencies | — | 52,815 | — | 52,815 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | Collateralized mortgage obligations of U.S. government corporations and agencies | — | 385,602 | — | 385,602 | Collateralized mortgage obligations of U.S. government corporations and agencies | — | 427,635 | — | 427,635 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | Residential mortgage-backed securities of U.S. government corporations and agencies | — | 50,446 | — | 50,446 | Residential mortgage-backed securities of U.S. government corporations and agencies | — | 46,416 | — | 46,416 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 330,811 | — | 330,811 | Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 333,994 | — | 333,994 | ||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | — | 500 | — | 500 | Corporate obligations | — | 500 | — | 500 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | 71,234 | — | 71,234 | Obligations of states and political subdivisions | — | 69,850 | — | 69,850 | ||||||||||||||||||||||||||||||||||||
Total Available-for-sale Debt Securities | Total Available-for-sale Debt Securities | 129,994 | 897,086 | — | 1,027,080 | Total Available-for-sale Debt Securities | 136,282 | 931,210 | — | 1,067,492 | ||||||||||||||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | 1,060 | 78 | — | 1,138 | Marketable equity securities | 1,015 | 69 | — | 1,084 | ||||||||||||||||||||||||||||||||||||
Total Securities | Total Securities | 131,054 | 897,164 | — | 1,028,218 | Total Securities | 137,297 | 931,279 | — | 1,068,576 | ||||||||||||||||||||||||||||||||||||
Securities held in a deferred compensation plan | Securities held in a deferred compensation plan | 8,888 | — | — | 8,888 | Securities held in a deferred compensation plan | 7,678 | — | — | 7,678 | ||||||||||||||||||||||||||||||||||||
Derivative financial assets: | Derivative financial assets: | Derivative financial assets: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - commercial loans | Interest rate swaps - commercial loans | — | 29,056 | — | 29,056 | Interest rate swaps - commercial loans | — | 51,097 | — | 51,097 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | — | — | 185 | 185 | Interest rate lock commitments | — | — | 56 | 56 | ||||||||||||||||||||||||||||||||||||
Forward sale contracts - mortgage loans | — | — | 192 | 192 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - cash flow hedge | Interest rate swaps - cash flow hedge | — | 135 | — | 135 | Interest rate swaps - cash flow hedge | — | 368 | — | 368 | ||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 139,942 | $ | 926,355 | $ | 377 | $ | 1,066,674 | Total Assets | $ | 144,975 | $ | 982,744 | $ | 56 | $ | 1,127,775 | ||||||||||||||||||||||||||||
LIABILITIES | LIABILITIES | LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial liabilities: | Derivative financial liabilities: | Derivative financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - commercial loans | Interest rate swaps - commercial loans | $ | — | $ | 29,092 | $ | — | $ | 29,092 | Interest rate swaps - commercial loans | $ | — | $ | 51,193 | $ | — | $ | 51,193 | ||||||||||||||||||||||||||||
Forward sale contracts - mortgage loans | Forward sale contracts - mortgage loans | — | — | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - cash flow hedge | Interest rate swaps - cash flow hedge | — | 2,600 | — | 2,600 | Interest rate swaps - cash flow hedge | — | 5,946 | — | 5,946 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | Total Liabilities | $ | — | $ | 31,692 | $ | — | $ | 31,692 | Total Liabilities | $ | — | $ | 57,139 | $ | 2 | $ | 57,141 |
December 31, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 95,327 | $ | — | $ | — | $ | 95,327 | |||||||||||||||
Obligations of U.S. government corporations and agencies | — | 70,348 | — | 70,348 | |||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 270,294 | — | 270,294 | |||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 56,793 | — | 56,793 | |||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 341,300 | — | 341,300 | |||||||||||||||||||
Corporate obligations | — | 500 | — | 500 | |||||||||||||||||||
Obligations of states and political subdivisions | — | 75,089 | — | 75,089 | |||||||||||||||||||
Total Available-for-sale Debt Securities | 95,327 | 814,324 | — | 909,651 | |||||||||||||||||||
Marketable equity securities | 1,061 | 81 | — | 1,142 | |||||||||||||||||||
Total Securities | 96,388 | 814,405 | — | 910,793 | |||||||||||||||||||
Securities held in a deferred compensation plan | 10,230 | — | — | 10,230 | |||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | — | 33,528 | — | 33,528 | |||||||||||||||||||
Interest rate lock commitments | — | — | 401 | 401 | |||||||||||||||||||
Forward sale contracts - mortgage loans | — | — | 4 | 4 | |||||||||||||||||||
Interest rate swaps - cash flow hedge | — | — | — | — | |||||||||||||||||||
Total Assets | $ | 106,618 | $ | 847,933 | $ | 405 | $ | 954,956 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | $ | — | $ | 33,631 | $ | — | $ | 33,631 | |||||||||||||||
Total Liabilities | $ | — | $ | 33,631 | $ | — | $ | 33,631 |
March 31, 2022 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) | June 30, 2022 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated | Loans individually evaluated | $ | 5,919 | Collateral method | Appraisal adjustment | 0% | - | 10.00% | 0.96% | Loans individually evaluated | $ | 6 | Collateral method | Appraisal adjustment | 10% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 5,919 | Total Assets | $ | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Weighted averages for loans individually evaluated were weighted by loan amounts. | (1) Weighted averages for loans individually evaluated were weighted by loan amounts. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Weighted averages for loans individually evaluated were weighted by loan amounts. |
December 31, 2021 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) (2) | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Loans individually evaluated | $ | 7,268 | Collateral method | Appraisal adjustment | 0% | - | 20% | 4.48% | ||||||||||||||||||||||||||||||
Other real estate owned | 1,011 | Collateral method | Appraisal adjustment | 2.53% | 2.53% | |||||||||||||||||||||||||||||||||
Total Assets | $ | 8,279 | ||||||||||||||||||||||||||||||||||||
(1) Weighted averages for loans individually evaluated were weighted by loan amounts. (2) Weighted averages for other real estate owned were weighted by OREO balances. |
Carrying Value(1) | Fair Value Measurements at March 31, 2022 | Carrying Value(1) | Fair Value Measurements at June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | (dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | Cash and due from banks, including interest-bearing deposits | $ | 823,757 | $ | 823,757 | $ | 823,757 | $ | — | $ | — | Cash and due from banks, including interest-bearing deposits | $ | 344,694 | $ | 344,694 | $ | 344,694 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Securities | Securities | 1,028,218 | 1,028,218 | 131,054 | 897,164 | — | Securities | 1,068,576 | 1,068,576 | 137,297 | 931,279 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,346 | 1,346 | — | — | 1,346 | Loans held for sale | 1,311 | 1,326 | — | — | 1,326 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans, net | Portfolio loans, net | 6,863,996 | 6,671,212 | — | — | 6,671,212 | Portfolio loans, net | 6,942,799 | 6,784,189 | — | — | 6,784,189 | ||||||||||||||||||||||||||||||||||||||||||||||
Collateral receivable | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held in a deferred compensation plan | Securities held in a deferred compensation plan | 8,888 | 8,888 | 8,888 | — | — | Securities held in a deferred compensation plan | 7,678 | 7,678 | 7,678 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 7,789 | 9,791 | — | — | 9,791 | Mortgage servicing rights | 7,575 | 9,996 | — | — | 9,996 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - commercial loans | Interest rate swaps - commercial loans | 29,056 | 29,056 | — | 29,056 | — | Interest rate swaps - commercial loans | 51,097 | 51,097 | — | 51,097 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - cash flow hedge | Interest rate swaps - cash flow hedge | 135 | 135 | — | 135 | — | Interest rate swaps - cash flow hedge | 368 | 368 | — | 368 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 185 | 185 | — | — | 185 | Interest rate lock commitments | 56 | 56 | — | — | 56 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward sale contracts | 192 | 192 | — | — | 192 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES | LIABILITIES | LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 7,960,458 | $ | 7,947,434 | $ | 6,921,872 | $ | 1,025,562 | $ | — | Deposits | $ | 7,612,247 | $ | 7,591,465 | $ | 6,631,131 | $ | 960,334 | $ | — | ||||||||||||||||||||||||||||||||||||
Collateral payable | Collateral payable | 23,501 | 23,501 | 23,501 | — | — | Collateral payable | 52,709 | 52,709 | 52,709 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | Securities sold under repurchase agreements | 70,112 | 70,112 | 70,112 | — | — | Securities sold under repurchase agreements | 39,259 | 39,259 | 39,259 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 22,172 | 21,954 | 4,249 | 17,705 | — | Long-term borrowings | 21,988 | 21,634 | 4,196 | 17,438 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | Junior subordinated debt securities | 54,408 | 54,408 | 54,408 | — | — | Junior subordinated debt securities | 54,423 | 54,423 | 54,423 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - commercial loans | Interest rate swaps - commercial loans | 29,092 | 29,092 | — | 29,092 | — | Interest rate swaps - commercial loans | 51,193 | 51,193 | — | 51,193 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - cash flow hedge | Interest rate swaps - cash flow hedge | 2,600 | 2,600 | — | 2,600 | — | Interest rate swaps - cash flow hedge | 5,946 | 5,946 | — | 5,946 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Forward sale contracts - mortgage loans | Forward sale contracts - mortgage loans | 2 | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets | (1) As reported in the Consolidated Balance Sheets | (1) As reported in the Consolidated Balance Sheets |
Carrying Value(1) | Fair Value Measurements at December 31, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 922,215 | $ | 922,215 | $ | 922,215 | $ | — | $ | — | |||||||||||||||||||
Securities | 910,793 | 910,793 | 96,388 | 814,405 | — | ||||||||||||||||||||||||
Loans held for sale | 1,522 | 1,522 | — | — | 1,522 | ||||||||||||||||||||||||
Portfolio loans, net | 6,901,414 | 6,815,468 | — | — | 6,815,468 | ||||||||||||||||||||||||
Collateral receivable | 37,363 | 37,363 | 37,363 | — | — | ||||||||||||||||||||||||
Securities held in a deferred compensation plan | 10,230 | 10,230 | 10,230 | — | — | ||||||||||||||||||||||||
Mortgage servicing rights | 7,677 | 7,677 | — | — | 7,677 | ||||||||||||||||||||||||
Interest rate swaps | 33,528 | 33,528 | — | 33,528 | — | ||||||||||||||||||||||||
Interest rate lock commitments | 401 | 401 | — | — | 401 | ||||||||||||||||||||||||
Forward sale contracts | 4 | 4 | — | — | 4 | ||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits | $ | 7,996,524 | $ | 7,992,942 | $ | 6,908,453 | $ | 1,084,489 | $ | — | |||||||||||||||||||
Securities sold under repurchase agreements | 84,491 | 84,491 | 84,491 | — | — | ||||||||||||||||||||||||
Short-term borrowings | — | — | — | — | — | ||||||||||||||||||||||||
Long-term borrowings | 22,430 | 22,678 | 4,300 | 18,378 | — | ||||||||||||||||||||||||
Junior subordinated debt securities | 54,393 | 54,393 | 54,393 | — | — | ||||||||||||||||||||||||
Interest rate swaps - commercial loans | 33,631 | 33,631 | — | 33,631 | — | ||||||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | $ | 1,027,080 | $ | 909,651 | Available-for-sale debt securities | $ | 1,067,492 | $ | 909,651 | ||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | 1,138 | 1,142 | Marketable equity securities | 1,084 | 1,142 | ||||||||||||||||||||||||||||
Total Securities | Total Securities | $ | 1,028,218 | $ | 910,793 | Total Securities | $ | 1,068,576 | $ | 910,793 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 136,695 | $ | 41 | $ | (6,742) | $ | 129,994 | $ | 95,954 | $ | 115 | $ | (742) | $ | 95,327 | U.S. Treasury securities | $ | 145,820 | $ | 155 | $ | (9,693) | $ | 136,282 | $ | 95,954 | $ | 115 | $ | (742) | $ | 95,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | 58,570 | 179 | (256) | 58,493 | 68,599 | 1,749 | — | 70,348 | Obligations of U.S. government corporations and agencies | 53,542 | 7 | (734) | 52,815 | 68,599 | 1,749 | — | 70,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | Collateralized mortgage obligations of U.S. government corporations and agencies | 404,626 | 179 | (19,203) | 385,602 | 270,696 | 2,408 | (2,810) | 270,294 | Collateralized mortgage obligations of U.S. government corporations and agencies | 456,889 | 312 | (29,566) | 427,635 | 270,696 | 2,408 | (2,810) | 270,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | Residential mortgage-backed securities of U.S. government corporations and agencies | 54,444 | 52 | (4,050) | 50,446 | 57,029 | 392 | (628) | 56,793 | Residential mortgage-backed securities of U.S. government corporations and agencies | 52,289 | 19 | (5,892) | 46,416 | 57,029 | 392 | (628) | 56,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | Commercial mortgage-backed securities of U.S. government corporations and agencies | 340,886 | 169 | (10,244) | 330,811 | 336,918 | 5,969 | (1,587) | 341,300 | Commercial mortgage-backed securities of U.S. government corporations and agencies | 350,432 | 263 | (16,701) | 333,994 | 336,918 | 5,969 | (1,587) | 341,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 500 | — | — | 500 | 500 | — | — | 500 | Corporate obligations | 500 | — | — | 500 | 500 | — | — | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 70,206 | 1,028 | — | 71,234 | 70,539 | 4,550 | — | 75,089 | Obligations of states and political subdivisions | 69,874 | 455 | (479) | 69,850 | 70,539 | 4,550 | — | 75,089 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Available-for-Sale Debt Securities (1) | Total Available-for-Sale Debt Securities (1) | $ | 1,065,927 | $ | 1,648 | $ | (40,495) | $ | 1,027,080 | $ | 900,235 | $ | 15,183 | $ | (5,767) | $ | 909,651 | Total Available-for-Sale Debt Securities (1) | $ | 1,129,346 | $ | 1,211 | $ | (63,065) | $ | 1,067,492 | $ | 900,235 | $ | 15,183 | $ | (5,767) | $ | 909,651 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | (dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 12 | $ | 119,959 | $ | (6,742) | — | $ | — | $ | — | 12 | $ | 119,959 | $ | (6,742) | U.S. Treasury securities | 12 | $ | 116,707 | $ | (9,693) | — | $ | — | $ | — | 12 | $ | 116,707 | $ | (9,693) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | 2 | 15,296 | (256) | — | — | — | 2 | 15,296 | (256) | Obligations of U.S. government corporations and agencies | 7 | 47,817 | (734) | — | — | — | 7 | 47,817 | (734) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | Collateralized mortgage obligations of U.S. government corporations and agencies | 39 | 309,426 | (15,367) | 4 | 36,986 | (3,836) | 43 | 346,412 | (19,203) | Collateralized mortgage obligations of U.S. government corporations and agencies | 48 | 352,393 | (24,035) | 4 | 34,282 | (5,531) | 52 | 386,675 | (29,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | Residential mortgage-backed securities of U.S. government corporations and agencies | 9 | 8,171 | (269) | 2 | 39,357 | (3,781) | 11 | 47,528 | (4,050) | Residential mortgage-backed securities of U.S. government corporations and agencies | 12 | 9,479 | (527) | 2 | 36,366 | (5,365) | 14 | 45,845 | (5,892) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | Commercial mortgage-backed securities of U.S. government corporations and agencies | 29 | 274,993 | (10,244) | — | — | — | 29 | 274,993 | (10,244) | Commercial mortgage-backed securities of U.S. government corporations and agencies | 36 | 323,896 | (16,701) | — | — | — | 36 | 323,896 | (16,701) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 1 | 500 | — | — | — | — | 1 | 500 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | — | — | — | — | — | — | — | — | Obligations of states and political subdivisions | 2 | 20,198 | (479) | — | — | — | 2 | 20,198 | (479) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 91 | $ | 727,845 | $ | (32,878) | 6 | $ | 76,343 | $ | (7,617) | 97 | $ | 804,188 | $ | (40,495) | Total | 118 | $ | 870,990 | $ | (52,169) | 6 | $ | 70,648 | $ | (10,896) | 124 | $ | 941,638 | $ | (63,065) |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | (dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 8 | $ | 85,221 | $ | (742) | — | $ | — | $ | — | 8 | $ | 85,221 | $ | (742) | U.S. Treasury securities | 8 | $ | 85,221 | $ | (742) | — | $ | — | $ | — | 8 | $ | 85,221 | $ | (742) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | — | — | — | — | — | — | — | — | — | Obligations of U.S. government corporations and agencies | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | Collateralized mortgage obligations of U.S. government corporations and agencies | 12 | 141,204 | (2,436) | 1 | 8,933 | (374) | 13 | 150,137 | (2,810) | Collateralized mortgage obligations of U.S. government corporations and agencies | 12 | 141,204 | (2,436) | 1 | 8,933 | (374) | 13 | 150,137 | (2,810) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | Residential mortgage-backed securities of U.S. government corporations and agencies | 3 | 46,042 | (628) | — | — | — | 3 | 46,042 | (628) | Residential mortgage-backed securities of U.S. government corporations and agencies | 3 | 46,042 | (628) | — | — | — | 3 | 46,042 | (628) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | Commercial mortgage-backed securities of U.S. government corporations and agencies | 7 | 100,032 | (1,587) | — | — | — | 7 | 100,032 | (1,587) | Commercial mortgage-backed securities of U.S. government corporations and agencies | 7 | 100,032 | (1,587) | — | — | — | 7 | 100,032 | (1,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | — | — | — | — | — | — | — | — | Obligations of states and political subdivisions | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 30 | $ | 372,499 | $ | (5,393) | 1 | $ | 8,933 | $ | (374) | 31 | $ | 381,432 | $ | (5,767) | Total | 30 | $ | 372,499 | $ | (5,393) | 1 | $ | 8,933 | $ | (374) | 31 | $ | 381,432 | $ | (5,767) |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Losses | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains | (dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Losses | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unrealized gains (losses) on available-for-sale debt securities | Total unrealized gains (losses) on available-for-sale debt securities | $ | 1,648 | $ | (40,495) | $ | (38,847) | $ | 15,183 | $ | (5,767) | $ | 9,416 | Total unrealized gains (losses) on available-for-sale debt securities | $ | 1,211 | $ | (63,065) | $ | (61,854) | $ | 15,183 | $ | (5,767) | $ | 9,416 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (354) | 8,698 | 8,344 | (3,215) | 1,221 | (1,994) | Income tax (expense) benefit | (259) | 13,474 | 13,215 | (3,215) | 1,221 | (1,994) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Unrealized (Losses) Gains, Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | $ | 1,294 | $ | (31,797) | $ | (30,503) | $ | 11,968 | $ | (4,546) | $ | 7,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | $ | 952 | $ | (49,591) | $ | (48,639) | $ | 11,968 | $ | (4,546) | $ | 7,422 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized Cost | Fair Value | (dollars in thousands) | Amortized Cost | Fair Value | ||||||||||||||||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | ||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 35,616 | $ | 35,824 | Due in one year or less | $ | 35,648 | $ | 35,760 | ||||||||||||
Due after one year through five years | Due after one year through five years | 102,542 | 101,364 | Due after one year through five years | 117,273 | 113,923 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 106,550 | 101,506 | Due after five years through ten years | 104,696 | 97,991 | ||||||||||||||||
Due after ten years | Due after ten years | 20,763 | 21,027 | Due after ten years | 11,619 | 11,273 | ||||||||||||||||
Available-for-Sale Debt Securities With Fixed Maturities | Available-for-Sale Debt Securities With Fixed Maturities | 265,471 | 259,721 | Available-for-Sale Debt Securities With Fixed Maturities | 269,236 | 258,947 | ||||||||||||||||
Debt Securities without a single maturity date | Debt Securities without a single maturity date | Debt Securities without a single maturity date | ||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | Collateralized mortgage obligations of U.S. government corporations and agencies | 404,626 | 385,602 | Collateralized mortgage obligations of U.S. government corporations and agencies | 456,889 | 427,635 | ||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | Residential mortgage-backed securities of U.S. government corporations and agencies | 54,444 | 50,446 | Residential mortgage-backed securities of U.S. government corporations and agencies | 52,289 | 46,416 | ||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | Commercial mortgage-backed securities of U.S. government corporations and agencies | 340,886 | 330,811 | Commercial mortgage-backed securities of U.S. government corporations and agencies | 350,432 | 333,994 | ||||||||||||||||
Corporate Securities | 500 | 500 | ||||||||||||||||||||
Corporate obligations | Corporate obligations | 500 | 500 | |||||||||||||||||||
Total Available-for-Sale Debt Securities | Total Available-for-Sale Debt Securities | $ | 1,065,927 | $ | 1,027,080 | Total Available-for-Sale Debt Securities | $ | 1,129,346 | $ | 1,067,492 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Marketable Equity Securities | Marketable Equity Securities | Marketable Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Net market (losses) gains recognized | $ | (5) | $ | 116 | |||||||||||||||||||||||||||||||||||||||||||||
Net market gains (losses) recognized | Net market gains (losses) recognized | $ | (53) | $ | 28 | $ | (58) | $ | 143 | ||||||||||||||||||||||||||||||||||||||||
Less: Net gains recognized for equity securities sold | Less: Net gains recognized for equity securities sold | — | — | Less: Net gains recognized for equity securities sold | — | 3 | — | 29 | |||||||||||||||||||||||||||||||||||||||||
Unrealized (Losses) Gains on Equity Securities Still Held | $ | (5) | $ | 116 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on Equity Securities Still Held | Unrealized Gains (Losses) on Equity Securities Still Held | $ | (53) | $ | 25 | $ | (58) | $ | 114 |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Commercial | Commercial | Commercial | ||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 3,257,955 | $ | 3,236,653 | Commercial real estate | $ | 3,191,670 | $ | 3,236,653 | ||||||||||||
Commercial and industrial | Commercial and industrial | 1,675,316 | 1,728,969 | Commercial and industrial | 1,695,031 | 1,728,969 | ||||||||||||||||
Commercial construction | Commercial construction | 398,592 | 440,962 | Commercial construction | 410,425 | 440,962 | ||||||||||||||||
Total Commercial Loans | Total Commercial Loans | 5,331,863 | 5,406,584 | Total Commercial Loans | 5,297,126 | 5,406,584 | ||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||
Consumer real estate | Consumer real estate | 1,519,751 | 1,485,478 | Consumer real estate | 1,623,830 | 1,485,478 | ||||||||||||||||
Other consumer | Other consumer | 112,297 | 107,928 | Other consumer | 119,938 | 107,928 | ||||||||||||||||
Total Consumer Loans | Total Consumer Loans | 1,632,048 | 1,593,406 | Total Consumer Loans | 1,743,768 | 1,593,406 | ||||||||||||||||
Total Portfolio Loans | Total Portfolio Loans | 6,963,911 | 6,999,990 | Total Portfolio Loans | 7,040,894 | 6,999,990 | ||||||||||||||||
Loans held for sale | Loans held for sale | 1,346 | 1,522 | Loans held for sale | 1,311 | 1,522 | ||||||||||||||||
Total Loans (1) | Total Loans (1) | $ | 6,965,257 | $ | 7,001,512 | Total Loans (1) | $ | 7,042,205 | $ | 7,001,512 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | Performing TDRs | Nonperforming TDRs | Total TDRs | (dollars in thousands) | Accruing TDRs | Nonaccruing TDRs | Total TDRs | Accruing TDRs | Nonaccruing TDRs | Total TDRs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | — | $ | 969 | $ | 969 | $ | — | $ | 1,697 | $ | 1,697 | Commercial real estate | $ | — | $ | 16 | $ | 16 | $ | — | $ | 1,697 | $ | 1,697 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 721 | 10,225 | 10,946 | 748 | 14,889 | 15,637 | Commercial and industrial | 690 | — | 690 | 748 | 14,889 | 15,637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 2,167 | 480 | 2,647 | 2,190 | 2,087 | 4,277 | Commercial construction | 1,694 | 480 | 2,174 | 2,190 | 2,087 | 4,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business banking | Business banking | 987 | 1,586 | 2,573 | 858 | 1,696 | 2,554 | Business banking | 680 | 1,325 | 2,005 | 858 | 1,696 | 2,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 6,861 | 2,129 | 8,990 | 6,122 | 1,405 | 7,527 | Consumer real estate | 6,269 | 2,189 | 8,458 | 6,122 | 1,405 | 7,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 3 | — | 3 | 3 | — | 3 | Other consumer | 5 | — | 5 | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 10,739 | $ | 15,389 | $ | 26,128 | $ | 9,921 | $ | 21,774 | $ | 31,695 | Total | $ | 9,338 | $ | 4,010 | $ | 13,348 | $ | 9,921 | $ | 21,774 | $ | 31,695 |
Three Months Ended March 31, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | (dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Commercial real estate | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Commercial industrial | Commercial industrial | — | — | — | — | — | — | — | — | Commercial industrial | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | — | — | — | — | — | — | — | — | Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Business banking | Business banking | — | — | — | — | — | — | — | — | Business banking | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 7 | 766 | — | 1,112 | — | — | 1,878 | 1,928 | Consumer real estate | 8 | 286 | — | 139 | — | — | 425 | 429 | ||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | — | — | — | — | — | Other consumer | 1 | 2 | — | — | — | — | 2 | 3 | ||||||||||||||||||||||||||||||||||
Total | Total | 7 | $ | 766 | $ | — | $ | 1,112 | $ | — | $ | — | $ | 1,878 | $ | 1,928 | Total | 9 | $ | 288 | $ | — | $ | 139 | $ | — | $ | — | $ | 427 | $ | 432 | ||||||||||||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Three Months Ended March 31, 2021 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | (dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Commercial real estate | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Commercial industrial | Commercial industrial | 2 | — | — | 821 | — | 5,475 | 6,296 | 6,304 | Commercial industrial | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | — | — | — | — | — | — | — | — | Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Business banking | Business banking | — | — | — | — | — | — | — | — | Business banking | 4 | — | — | 1,130 | — | — | 1,130 | 1,130 | ||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 11 | 340 | 80 | — | — | 148 | 568 | 609 | Consumer real estate | 4 | 247 | — | — | — | — | 247 | 254 | ||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 1 | 1 | — | — | — | — | 1 | 1 | Other consumer | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | Total | 14 | $ | 341 | $ | 80 | $ | 821 | $ | — | $ | 5,623 | $ | 6,865 | $ | 6,914 | Total | 8 | $ | 247 | $ | — | $ | 1,130 | $ | — | $ | — | $ | 1,377 | $ | 1,384 | ||||||||||||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. | (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | |||||||||||||||||||||||
(dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | |||||||||||||||||||||
Commercial real estate | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Commercial industrial | — | — | — | — | — | — | — | — | ||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||
Business banking | — | — | — | — | — | — | — | — | ||||||||||||||||||
Consumer real estate | 15 | 1,043 | — | 884 | — | — | 1,927 | 2,357 | ||||||||||||||||||
Other consumer | 1 | 3 | — | — | — | — | 3 | 3 | ||||||||||||||||||
Total | 16 | $ | 1,046 | $ | — | $ | 884 | $ | — | $ | — | $ | 1,930 | $ | 2,360 | |||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | |||||||||||||||||||||||
(dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | |||||||||||||||||||||
Commercial real estate | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Commercial industrial | 2 | — | — | 796 | 5,433 | — | 6,229 | 6,304 | ||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||
Business banking | 5 | — | 80 | 1,130 | — | — | 1,210 | 1,210 | ||||||||||||||||||
Consumer real estate | 13 | 573 | — | — | — | 147 | 720 | 739 | ||||||||||||||||||
Other consumer | 1 | — | — | — | — | — | — | 1 | ||||||||||||||||||
Total | 21 | $ | 573 | $ | 80 | $ | 1,926 | $ | 5,433 | $ | 147 | $ | 8,159 | $ | 8,254 | |||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Nonperforming Assets | |||||||||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||||||||
Nonperforming Assets | |||||||||||||||||
Nonaccrual loans | $ | 37,135 | $ | 44,517 | |||||||||||||
Nonaccrual TDRs | 15,389 | 21,774 | |||||||||||||||
Total Nonaccrual Loans | 52,524 | 66,291 | |||||||||||||||
OREO | 7,028 | 13,313 | |||||||||||||||
Total Nonperforming Assets | $ | 59,552 | $ | 79,604 | |||||||||||||
Nonperforming Assets | |||||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||
Nonperforming Assets | |||||||||||||||||
Nonaccrual loans | $ | 27,765 | $ | 44,517 | |||||||||||||
Nonaccrual TDRs | 4,010 | 21,774 | |||||||||||||||
Total Nonaccrual Loans | 31,775 | 66,291 | |||||||||||||||
OREO | 7,046 | 13,313 | |||||||||||||||
Total Nonperforming Assets | $ | 38,821 | $ | 79,604 | |||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Pass | $ | 92,158 | $ | 367,329 | $ | 333,477 | $ | 423,653 | $ | 308,371 | $ | 878,459 | $ | 34,981 | $ | — | $ | 2,438,428 | |||||||||||
Special mention | — | — | 304 | 25,293 | 2,634 | 100,061 | — | — | 128,292 | ||||||||||||||||||||
Substandard | — | — | 1,343 | 13,865 | 17,707 | 104,659 | 1,500 | — | 139,074 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||
Total commercial real estate | 92,158 | 367,329 | 335,124 | 462,811 | 328,712 | 1,083,184 | 36,481 | — | 2,705,799 | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Pass | 42,350 | 369,064 | 106,684 | 94,211 | 75,757 | 157,096 | 569,064 | — | 1,414,226 | ||||||||||||||||||||
Special mention | — | 44 | 816 | 4,012 | 2,366 | 1,137 | 9,862 | — | 18,237 | ||||||||||||||||||||
Substandard | — | — | — | 10,654 | 1,288 | 4,072 | 5,523 | — | 21,537 | ||||||||||||||||||||
Doubtful | — | — | — | 4,506 | — | — | — | — | 4,506 | ||||||||||||||||||||
Total commercial and industrial | 42,350 | 369,108 | 107,500 | 113,383 | 79,411 | 162,305 | 584,449 | — | 1,458,506 | ||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||
Pass | 24,551 | 161,638 | 70,185 | 73,539 | 4,984 | 4,281 | 31,026 | — | 370,204 | ||||||||||||||||||||
Special mention | — | — | — | 3,578 | — | 4,423 | — | — | 8,001 | ||||||||||||||||||||
Substandard | — | — | 2,157 | 480 | 4 | 2,391 | — | — | 5,032 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total commercial construction | 24,551 | 161,638 | 72,342 | 77,597 | 4,988 | 11,095 | 31,026 | — | 383,237 | ||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||
Pass | 66,205 | 255,051 | 104,999 | 129,574 | 100,316 | 336,209 | 109,505 | 505 | 1,102,364 | ||||||||||||||||||||
Special mention | — | 98 | 193 | 2,926 | 2,853 | 5,959 | 161 | 110 | 12,300 | ||||||||||||||||||||
Substandard | — | 2 | 103 | 2,648 | 3,150 | 19,129 | 927 | 613 | 26,572 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total business banking | 66,205 | 255,151 | 105,295 | 135,148 | 106,319 | 361,297 | 110,593 | 1,228 | 1,141,236 | ||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Pass | 56,244 | 141,404 | 96,932 | 84,920 | 35,181 | 223,298 | 482,845 | 23,510 | 1,144,334 | ||||||||||||||||||||
Special mention | — | — | — | — | — | 923 | — | — | 923 | ||||||||||||||||||||
Substandard | 40 | 82 | 139 | 286 | 1,735 | 11,402 | 1,004 | 2,912 | 17,600 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total consumer real estate | 56,284 | 141,486 | 97,071 | 85,206 | 36,916 | 235,623 | 483,849 | 26,422 | 1,162,857 | ||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Pass | 6,035 | 15,522 | 8,176 | 5,931 | 2,448 | 1,349 | 71,494 | 1,273 | 112,228 | ||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | 17 | 4 | 2 | — | 25 | 48 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total other consumer | 6,035 | 15,522 | 8,176 | 5,948 | 2,452 | 1,351 | 71,494 | 1,298 | 112,276 | ||||||||||||||||||||
Pass | 287,543 | 1,310,008 | 720,453 | 811,828 | 527,057 | 1,600,692 | 1,298,915 | 25,288 | 6,581,784 | ||||||||||||||||||||
Special mention | — | 142 | 1,313 | 35,809 | 7,853 | 112,503 | 10,023 | 110 | 167,753 | ||||||||||||||||||||
Substandard | 40 | 84 | 3,742 | 27,950 | 23,888 | 141,655 | 8,954 | 3,550 | 209,863 | ||||||||||||||||||||
Doubtful | — | — | — | 4,506 | — | 5 | — | — | 4,511 | ||||||||||||||||||||
Total | $ | 287,583 | $ | 1,310,234 | $ | 725,508 | $ | 880,093 | $ | 558,798 | $ | 1,854,855 | $ | 1,317,892 | $ | 28,948 | $ | 6,963,911 |
December 31, 2021 | |||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Pass | $ | 385,347 | $ | 316,003 | $ | 412,191 | $ | 314,303 | $ | 213,019 | $ | 698,992 | $ | 35,448 | $ | — | $ | 2,375,303 | |||||||||||
Special mention | — | — | 37,786 | 6,401 | 40,445 | 75,938 | — | — | 160,570 | ||||||||||||||||||||
Substandard | — | 1,356 | 18,743 | 14,039 | 12,555 | 106,461 | 1,500 | — | 154,654 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total commercial real estate | 385,347 | 317,359 | 468,720 | 334,743 | 266,019 | 881,391 | 36,948 | — | 2,690,528 | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Pass | 437,483 | 126,371 | 115,359 | 83,030 | 37,176 | 132,182 | 536,554 | — | 1,468,155 | ||||||||||||||||||||
Special mention | 46 | — | 3,060 | 2,546 | 72 | 832 | 8,887 | — | 15,443 | ||||||||||||||||||||
Substandard | — | — | 14,221 | 1,336 | 4,174 | 3,456 | 4,961 | — | 28,148 | ||||||||||||||||||||
Doubtful | — | — | 1,777 | — | — | — | — | — | 1,777 | ||||||||||||||||||||
Total commercial and industrial | 437,529 | 126,371 | 134,417 | 86,912 | 41,422 | 136,470 | 550,402 | — | 1,513,523 | ||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||
Pass | 142,321 | 108,405 | 111,512 | 16,838 | 989 | 3,539 | 30,036 | — | 413,640 | ||||||||||||||||||||
Special mention | — | — | — | — | — | 4,458 | — | — | 4,458 | ||||||||||||||||||||
Substandard | — | 2,157 | 2,020 | — | — | 2,480 | — | — | 6,657 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total commercial construction | 142,321 | 110,562 | 113,532 | 16,838 | 989 | 10,477 | 30,036 | — | 424,755 | ||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||
Pass | 257,264 | 107,791 | 141,411 | 110,586 | 79,187 | 293,215 | 107,093 | 443 | 1,096,990 | ||||||||||||||||||||
Special mention | 104 | 151 | 1,986 | 1,365 | 1,057 | 5,929 | 160 | 111 | 10,863 | ||||||||||||||||||||
Substandard | 41 | 106 | 1,579 | 3,277 | 1,645 | 19,591 | 977 | 625 | 27,841 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total business banking | 257,409 | 108,048 | 144,976 | 115,228 | 81,889 | 318,735 | 108,230 | 1,179 | 1,135,693 | ||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Pass | 137,465 | 100,995 | 91,981 | 48,531 | 39,029 | 231,861 | 442,530 | 23,391 | 1,115,783 | ||||||||||||||||||||
Special mention | — | — | — | — | — | 937 | — | — | 937 | ||||||||||||||||||||
Substandard | — | — | 184 | 1,625 | 1,355 | 5,664 | 876 | 1,161 | 10,865 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total consumer real estate | 137,465 | 100,995 | 92,165 | 50,156 | 40,384 | 238,462 | 443,406 | 24,552 | 1,127,585 | ||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Pass | 19,976 | 9,396 | 7,120 | 2,878 | 613 | 2,037 | 57,702 | 1,130 | 100,852 | ||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | 83 | 52 | 141 | 215 | 408 | 4,407 | 201 | 1,547 | 7,054 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total other consumer | 20,059 | 9,448 | 7,261 | 3,093 | 1,021 | 6,444 | 57,903 | 2,677 | 107,906 | ||||||||||||||||||||
Pass | 1,379,856 | 768,961 | 879,574 | 576,166 | 370,013 | 1,361,826 | 1,209,363 | 24,964 | 6,570,723 | ||||||||||||||||||||
Special Mention | 150 | 151 | 42,832 | 10,312 | 41,574 | 88,094 | 9,047 | 111 | 192,271 | ||||||||||||||||||||
Substandard | 124 | 3,671 | 36,888 | 20,492 | 20,137 | 142,059 | 8,515 | 3,333 | 235,219 | ||||||||||||||||||||
Doubtful | — | — | 1,777 | — | — | — | — | — | 1,777 | ||||||||||||||||||||
Total | $ | 1,380,130 | $ | 772,783 | $ | 961,071 | $ | 606,970 | $ | 431,724 | $ | 1,591,979 | $ | 1,226,925 | $ | 28,408 | $ | 6,999,990 |
June 30, 2022 | |||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Pass | $ | 179,496 | $ | 359,214 | $ | 296,299 | $ | 432,058 | $ | 284,614 | $ | 804,236 | $ | 22,509 | $ | — | $ | 2,378,426 | |||||||||||
Special mention | — | — | — | 8,569 | 7,391 | 116,973 | — | — | 132,933 | ||||||||||||||||||||
Substandard | — | 3,240 | 1,331 | 13,771 | 15,984 | 80,309 | — | — | 114,635 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | 10 | — | — | 10 | ||||||||||||||||||||
Total Commercial Real Estate | 179,496 | 362,454 | 297,630 | 454,398 | 307,989 | 1,001,528 | 22,509 | — | 2,626,004 | ||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | 100,561 | 340,453 | 101,459 | 81,813 | 70,673 | 145,354 | 589,993 | — | 1,430,306 | ||||||||||||||||||||
Special mention | — | 42 | — | 3,898 | 2,185 | 215 | 7,721 | — | 14,061 | ||||||||||||||||||||
Substandard | — | — | — | 14,057 | 1,286 | 2,120 | 17,756 | — | 35,219 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Commercial and Industrial | 100,561 | 340,495 | 101,459 | 99,768 | 74,144 | 147,689 | 615,470 | — | 1,479,586 | ||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Pass | 56,592 | 153,742 | 63,832 | 58,690 | 4,656 | 3,222 | 26,591 | — | 367,325 | ||||||||||||||||||||
Special mention | — | — | — | 19,077 | — | 4,389 | — | — | 23,466 | ||||||||||||||||||||
Substandard | — | — | 2,142 | 480 | 4 | 1,918 | — | — | 4,544 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Commercial Construction | 56,592 | 153,742 | 65,974 | 78,247 | 4,660 | 9,529 | 26,591 | — | 395,335 | ||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Pass | 142,538 | 248,994 | 96,053 | 121,959 | 91,817 | 311,935 | 108,301 | 538 | 1,122,135 | ||||||||||||||||||||
Special mention | — | 92 | 250 | 2,904 | 2,972 | 5,144 | 179 | 110 | 11,651 | ||||||||||||||||||||
Substandard | — | — | 2,836 | 2,194 | 3,097 | 18,131 | 152 | 594 | 27,004 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Business Banking | 142,538 | 249,086 | 99,139 | 127,057 | 97,886 | 335,210 | 108,632 | 1,242 | 1,160,790 | ||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Pass | 146,031 | 148,128 | 96,856 | 78,335 | 32,192 | 207,827 | 510,231 | 21,874 | 1,241,474 | ||||||||||||||||||||
Special mention | — | — | — | — | — | 910 | — | — | 910 | ||||||||||||||||||||
Substandard | 39 | 80 | 138 | 285 | 1,364 | 11,077 | 942 | 2,943 | 16,868 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Consumer Real Estate | 146,070 | 148,208 | 96,994 | 78,620 | 33,556 | 219,814 | 511,173 | 24,817 | 1,259,252 | ||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Pass | 12,242 | 13,787 | 7,201 | 4,948 | 1,898 | 1,051 | 77,282 | 1,489 | 119,898 | ||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | 12 | 4 | — | 2 | 1 | — | 10 | 29 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Other Consumer | 12,242 | 13,799 | 7,205 | 4,948 | 1,900 | 1,052 | 77,282 | 1,499 | 119,927 | ||||||||||||||||||||
Pass | 637,460 | 1,264,318 | 661,700 | 777,803 | 485,850 | 1,473,625 | 1,334,907 | 23,901 | 6,659,564 | ||||||||||||||||||||
Special mention | — | 134 | 250 | 34,448 | 12,548 | 127,631 | 7,900 | 110 | 183,021 | ||||||||||||||||||||
Substandard | 39 | 3,332 | 6,451 | 30,787 | 21,737 | 113,556 | 18,850 | 3,547 | 198,299 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | 10 | — | — | 10 | ||||||||||||||||||||
Total Loan Balance | $ | 637,499 | $ | 1,267,784 | $ | 668,401 | $ | 843,038 | $ | 520,135 | $ | 1,714,822 | $ | 1,361,657 | $ | 27,558 | $ | 7,040,894 |
December 31, 2021 | |||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Pass | $ | 385,347 | $ | 316,003 | $ | 412,191 | $ | 314,303 | $ | 213,019 | $ | 698,992 | $ | 35,448 | $ | — | $ | 2,375,303 | |||||||||||
Special mention | — | — | 37,786 | 6,401 | 40,445 | 75,938 | — | — | 160,570 | ||||||||||||||||||||
Substandard | — | 1,356 | 18,743 | 14,039 | 12,555 | 106,461 | 1,500 | — | 154,654 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Commercial Real Estate | 385,347 | 317,359 | 468,720 | 334,743 | 266,019 | 881,391 | 36,948 | — | 2,690,528 | ||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | 437,483 | 126,371 | 115,359 | 83,030 | 37,176 | 132,182 | 536,554 | — | 1,468,155 | ||||||||||||||||||||
Special mention | 46 | — | 3,060 | 2,546 | 72 | 832 | 8,887 | — | 15,443 | ||||||||||||||||||||
Substandard | — | — | 14,221 | 1,336 | 4,174 | 3,456 | 4,961 | — | 28,148 | ||||||||||||||||||||
Doubtful | — | — | 1,777 | — | — | — | — | — | 1,777 | ||||||||||||||||||||
Total Commercial and Industrial | 437,529 | 126,371 | 134,417 | 86,912 | 41,422 | 136,470 | 550,402 | — | 1,513,523 | ||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Pass | 142,321 | 108,405 | 111,512 | 16,838 | 989 | 3,539 | 30,036 | — | 413,640 | ||||||||||||||||||||
Special mention | — | — | — | — | — | 4,458 | — | — | 4,458 | ||||||||||||||||||||
Substandard | — | 2,157 | 2,020 | — | — | 2,480 | — | — | 6,657 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Commercial Construction | 142,321 | 110,562 | 113,532 | 16,838 | 989 | 10,477 | 30,036 | — | 424,755 | ||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Pass | 257,264 | 107,791 | 141,411 | 110,586 | 79,187 | 293,215 | 107,093 | 443 | 1,096,990 | ||||||||||||||||||||
Special mention | 104 | 151 | 1,986 | 1,365 | 1,057 | 5,929 | 160 | 111 | 10,863 | ||||||||||||||||||||
Substandard | 41 | 106 | 1,579 | 3,277 | 1,645 | 19,591 | 977 | 625 | 27,841 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Business Banking | 257,409 | 108,048 | 144,976 | 115,228 | 81,889 | 318,735 | 108,230 | 1,179 | 1,135,693 | ||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Pass | 137,465 | 100,995 | 91,981 | 48,531 | 39,029 | 231,861 | 442,530 | 23,391 | 1,115,783 | ||||||||||||||||||||
Special mention | — | — | — | — | — | 937 | — | — | 937 | ||||||||||||||||||||
Substandard | — | — | 184 | 1,625 | 1,355 | 5,664 | 876 | 1,161 | 10,865 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Consumer Real Estate | 137,465 | 100,995 | 92,165 | 50,156 | 40,384 | 238,462 | 443,406 | 24,552 | 1,127,585 | ||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Pass | 19,976 | 9,396 | 7,120 | 2,878 | 613 | 2,037 | 57,702 | 1,130 | 100,852 | ||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | 83 | 52 | 141 | 215 | 408 | 4,407 | 201 | 1,547 | 7,054 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Other Consumer | 20,059 | 9,448 | 7,261 | 3,093 | 1,021 | 6,444 | 57,903 | 2,677 | 107,906 | ||||||||||||||||||||
Pass | 1,379,856 | 768,961 | 879,574 | 576,166 | 370,013 | 1,361,826 | 1,209,363 | 24,964 | 6,570,723 | ||||||||||||||||||||
Special Mention | 150 | 151 | 42,832 | 10,312 | 41,574 | 88,094 | 9,047 | 111 | 192,271 | ||||||||||||||||||||
Substandard | 124 | 3,671 | 36,888 | 20,492 | 20,137 | 142,059 | 8,515 | 3,333 | 235,219 | ||||||||||||||||||||
Doubtful | — | — | 1,777 | — | — | — | — | — | 1,777 | ||||||||||||||||||||
Total Loan Balance | $ | 1,380,130 | $ | 772,783 | $ | 961,071 | $ | 606,970 | $ | 431,724 | $ | 1,591,979 | $ | 1,226,925 | $ | 28,408 | $ | 6,999,990 |
March 31, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Performing | $ | 92,158 | $ | 367,329 | $ | 335,124 | $ | 460,353 | $ | 326,451 | $ | 1,062,113 | $ | 36,481 | $ | — | $ | 2,680,009 | |||||||||||
Nonperforming | — | — | — | 2,458 | 2,261 | 21,071 | — | — | 25,790 | ||||||||||||||||||||
Total commercial real estate | 92,158 | 367,329 | 335,124 | 462,811 | 328,712 | 1,083,184 | 36,481 | — | 2,705,799 | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Performing | 42,350 | 369,108 | 107,500 | 104,858 | 79,353 | 162,248 | 582,519 | — | 1,447,936 | ||||||||||||||||||||
Nonperforming | — | — | — | 8,525 | 58 | 57 | 1,930 | — | 10,570 | ||||||||||||||||||||
Total commercial and industrial | 42,350 | 369,108 | 107,500 | 113,383 | 79,411 | 162,305 | 584,449 | — | 1,458,506 | ||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||
Performing | 24,551 | 161,638 | 72,342 | 77,117 | 4,988 | 10,711 | 31,026 | — | 382,373 | ||||||||||||||||||||
Nonperforming | — | — | — | 480 | — | 384 | — | — | 864 | ||||||||||||||||||||
Total commercial construction | 24,551 | 161,638 | 72,342 | 77,597 | 4,988 | 11,095 | 31,026 | — | 383,237 | ||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||
Performing | 66,205 | 255,149 | 105,295 | 134,873 | 104,917 | 355,063 | 110,565 | 1,172 | 1,133,239 | ||||||||||||||||||||
Nonperforming | — | 2 | — | 275 | 1,402 | 6,234 | 28 | 56 | 7,997 | ||||||||||||||||||||
Total business banking | 66,205 | 255,151 | 105,295 | 135,148 | 106,319 | 361,297 | 110,593 | 1,228 | 1,141,236 | ||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Performing | 56,284 | 141,486 | 96,167 | 84,952 | 36,674 | 230,971 | 483,658 | 25,487 | 1,155,679 | ||||||||||||||||||||
Nonperforming | — | — | 904 | 254 | 242 | 4,652 | 191 | 935 | 7,178 | ||||||||||||||||||||
Total consumer real estate | 56,284 | 141,486 | 97,071 | 85,206 | 36,916 | 235,623 | 483,849 | 26,422 | 1,162,857 | ||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Performing | 6,035 | 15,522 | 8,051 | 5,948 | 2,452 | 1,351 | 71,494 | 1,298 | 112,151 | ||||||||||||||||||||
Nonperforming | — | — | 125 | — | — | — | — | — | 125 | ||||||||||||||||||||
Total other consumer | 6,035 | 15,522 | 8,176 | 5,948 | 2,452 | 1,351 | 71,494 | 1,298 | 112,276 | ||||||||||||||||||||
Performing | 287,583 | 1,310,232 | 724,479 | 868,101 | 554,835 | 1,822,457 | 1,315,743 | 27,957 | 6,911,387 | ||||||||||||||||||||
Nonperforming | — | 2 | 1,029 | 11,992 | 3,963 | 32,398 | 2,149 | 991 | 52,524 | ||||||||||||||||||||
Total | $ | 287,583 | $ | 1,310,234 | $ | 725,508 | $ | 880,093 | $ | 558,798 | $ | 1,854,855 | $ | 1,317,892 | $ | 28,948 | $ | 6,963,911 | |||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Performing | $ | 385,347 | $ | 317,359 | $ | 461,613 | $ | 332,482 | $ | 259,723 | $ | 865,567 | $ | 36,948 | $ | — | $ | 2,659,039 | |||||||||||
Nonperforming | — | 0 | 7,107 | 2,261 | 6,296 | 15,824 | — | — | 31,488 | ||||||||||||||||||||
Total commercial real estate | 385,347 | 317,359 | 468,720 | 334,743 | 266,019 | 881,391 | 36,948 | — | 2,690,528 | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Performing | 437,529 | 126,371 | 123,944 | 86,852 | 38,540 | 136,427 | 548,622 | — | 1,498,285 | ||||||||||||||||||||
Nonperforming | — | — | 10,473 | 60 | 2,882 | 43 | 1,780 | — | 15,239 | ||||||||||||||||||||
Total commercial and industrial | 437,529 | 126,371 | 134,417 | 86,912 | 41,422 | 136,470 | 550,402 | — | 1,513,523 | ||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||
Performing | 142,321 | 110,562 | 111,445 | 16,838 | 989 | 10,093 | 30,036 | — | 422,284 | ||||||||||||||||||||
Nonperforming | — | — | 2,087 | — | — | 384 | — | — | 2,471 | ||||||||||||||||||||
Total commercial construction | 142,321 | 110,562 | 113,532 | 16,838 | 989 | 10,477 | 30,036 | — | 424,755 | ||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||
Performing | 257,368 | 107,984 | 144,689 | 113,820 | 81,195 | 311,673 | 108,202 | 1,122 | 1,126,052 | ||||||||||||||||||||
Nonperforming | 41 | 64 | 287 | 1,408 | 694 | 7,062 | 28 | 57 | 9,641 | ||||||||||||||||||||
Total business banking | 257,409 | 108,048 | 144,976 | 115,228 | 81,889 | 318,735 | 108,230 | 1,179 | 1,135,693 | ||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Performing | 137,465 | 100,253 | 91,689 | 49,853 | 39,657 | 234,297 | 443,238 | 23,839 | 1,120,291 | ||||||||||||||||||||
Nonperforming | — | 742 | 476 | 303 | 727 | 4,165 | 168 | 713 | 7,294 | ||||||||||||||||||||
Total consumer real estate | 137,465 | 100,995 | 92,165 | 50,156 | 40,384 | 238,462 | 443,406 | 24,552 | 1,127,585 | ||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Performing | 20,059 | 9,290 | 7,261 | 3,093 | 1,021 | 6,444 | 57,903 | 2,677 | 107,748 | ||||||||||||||||||||
Nonperforming | — | 158 | — | — | — | — | — | — | 158 | ||||||||||||||||||||
Total other consumer | 20,059 | 9,448 | 7,261 | 3,093 | 1,021 | 6,444 | 57,903 | 2,677 | 107,906 | ||||||||||||||||||||
Performing | 1,380,089 | 771,819 | 940,641 | 602,938 | 421,125 | 1,564,501 | 1,224,949 | 27,638 | 6,933,699 | ||||||||||||||||||||
Nonperforming | 41 | 964 | 20,430 | 4,032 | 10,599 | 27,478 | 1,976 | 770 | 66,291 | ||||||||||||||||||||
Total | $ | 1,380,130 | $ | 772,783 | $ | 961,071 | $ | 606,970 | $ | 431,724 | $ | 1,591,979 | $ | 1,226,925 | $ | 28,408 | $ | 6,999,990 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90+ Days Still Accruing(2) | Non - performing | Total Past Due Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,680,009 | $ | — | $ | — | $ | — | $ | 25,790 | $ | 25,790 | $ | 2,705,799 | |||||||||||||||||||||||||||||||||
Commercial and industrial | 1,447,404 | 3 | — | 529 | 10,570 | 11,102 | 1,458,506 | ||||||||||||||||||||||||||||||||||||||||
Commercial construction | 382,373 | — | — | — | 864 | 864 | 383,237 | ||||||||||||||||||||||||||||||||||||||||
Business banking | 1,130,830 | 1,409 | 413 | 587 | 7,997 | 10,406 | 1,141,236 | ||||||||||||||||||||||||||||||||||||||||
Consumer real estate | 1,152,858 | 2,693 | 128 | — | 7,178 | 9,999 | 1,162,857 | ||||||||||||||||||||||||||||||||||||||||
Other consumer | 111,765 | 176 | 210 | — | 125 | 511 | 112,276 | ||||||||||||||||||||||||||||||||||||||||
Total(1) | $ | 6,905,239 | $ | 4,281 | $ | 751 | $ | 1,116 | $ | 52,524 | $ | 58,672 | $ | 6,963,911 |
June 30, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Performing | $ | 179,496 | $ | 362,454 | $ | 297,630 | $ | 451,998 | $ | 307,380 | $ | 989,515 | $ | 22,509 | $ | — | $ | 2,610,982 | |||||||||||
Nonperforming | — | — | — | 2,400 | 609 | 12,013 | — | — | 15,022 | ||||||||||||||||||||
Total Commercial Real Estate | 179,496 | 362,454 | 297,630 | 454,398 | 307,989 | 1,001,528 | 22,509 | — | 2,626,004 | ||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Performing | 100,561 | 340,495 | 101,459 | 99,768 | 74,087 | 147,634 | 615,240 | — | 1,479,244 | ||||||||||||||||||||
Nonperforming | — | — | — | — | 57 | 55 | 230 | — | 342 | ||||||||||||||||||||
Total Commercial and Industrial | 100,561 | 340,495 | 101,459 | 99,768 | 74,144 | 147,689 | 615,470 | — | 1,479,586 | ||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Performing | 56,592 | 153,742 | 65,974 | 77,767 | 4,660 | 9,145 | 26,591 | — | 394,471 | ||||||||||||||||||||
Nonperforming | — | — | — | 480 | — | 384 | — | — | 864 | ||||||||||||||||||||
Total Commercial Construction | 56,592 | 153,742 | 65,974 | 78,247 | 4,660 | 9,529 | 26,591 | — | 395,335 | ||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Performing | 142,538 | 249,086 | 99,139 | 126,702 | 96,028 | 329,746 | 108,530 | 1,114 | 1,152,883 | ||||||||||||||||||||
Nonperforming | — | — | — | 355 | 1,858 | 5,464 | 102 | 128 | 7,907 | ||||||||||||||||||||
Total Business Banking | 142,538 | 249,086 | 99,139 | 127,057 | 97,886 | 335,210 | 108,632 | 1,242 | 1,160,790 | ||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Performing | 146,070 | 148,208 | 96,073 | 78,369 | 33,317 | 214,842 | 511,065 | 23,924 | 1,251,868 | ||||||||||||||||||||
Nonperforming | — | — | 921 | 251 | 239 | 4,972 | 108 | 893 | 7,384 | ||||||||||||||||||||
Total Consumer Real Estate | 146,070 | 148,208 | 96,994 | 78,620 | 33,556 | 219,814 | 511,173 | 24,817 | 1,259,252 | ||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Performing | 12,242 | 13,799 | 7,080 | 4,948 | 1,900 | 921 | 77,282 | 1,499 | 119,671 | ||||||||||||||||||||
Nonperforming | — | — | 125 | — | — | 131 | — | — | 256 | ||||||||||||||||||||
Total Other Consumer | 12,242 | 13,799 | 7,205 | 4,948 | 1,900 | 1,052 | 77,282 | 1,499 | 119,927 | ||||||||||||||||||||
Performing | 637,499 | 1,267,784 | 667,355 | 839,552 | 517,372 | 1,691,803 | 1,361,217 | 26,537 | 7,009,119 | ||||||||||||||||||||
Nonperforming | — | — | 1,046 | 3,486 | 2,763 | 23,019 | 440 | 1,021 | 31,775 | ||||||||||||||||||||
Total Loan Balance | $ | 637,499 | $ | 1,267,784 | $ | 668,401 | $ | 843,038 | $ | 520,135 | $ | 1,714,822 | $ | 1,361,657 | $ | 27,558 | $ | 7,040,894 | |||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90+ Days Still Accruing | Non - performing | Total Past Due Loans | Total Loans | ||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,659,040 | $ | — | $ | — | $ | — | $ | 31,488 | $ | 31,488 | $ | 2,690,528 | |||||||||||||||||||||||||||
Commercial and industrial | 1,497,755 | 529 | — | — | 15,239 | 15,768 | 1,513,523 | ||||||||||||||||||||||||||||||||||
Commercial construction | 421,834 | 450 | — | — | 2,471 | 2,921 | 424,755 | ||||||||||||||||||||||||||||||||||
Business banking | 1,124,748 | 813 | 491 | — | 9,641 | 10,945 | 1,135,693 | ||||||||||||||||||||||||||||||||||
Consumer real estate | 1,117,074 | 1,087 | 2,130 | — | 7,294 | 10,511 | 1,127,585 | ||||||||||||||||||||||||||||||||||
Other consumer | 107,492 | 206 | 50 | — | 158 | 414 | 107,906 | ||||||||||||||||||||||||||||||||||
Total(1) | $ | 6,927,943 | $ | 3,085 | $ | 2,671 | $ | — | $ | 66,291 | $ | 72,047 | $ | 6,999,990 | |||||||||||||||||||||||||||
(1) We had 8 loans that were modified totaling $28.8 million under the CARES Act at December 31, 2021. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. |
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Performing | $ | 385,347 | $ | 317,359 | $ | 461,613 | $ | 332,482 | $ | 259,723 | $ | 865,567 | $ | 36,948 | $ | — | $ | 2,659,039 | |||||||||||
Nonperforming | — | 0 | 7,107 | 2,261 | 6,296 | 15,824 | — | — | 31,488 | ||||||||||||||||||||
Total Commercial Real Estate | 385,347 | 317,359 | 468,720 | 334,743 | 266,019 | 881,391 | 36,948 | — | 2,690,528 | ||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Performing | 437,529 | 126,371 | 123,944 | 86,852 | 38,540 | 136,427 | 548,622 | — | 1,498,285 | ||||||||||||||||||||
Nonperforming | — | — | 10,473 | 60 | 2,882 | 43 | 1,780 | — | 15,239 | ||||||||||||||||||||
Total Commercial and Industrial | 437,529 | 126,371 | 134,417 | 86,912 | 41,422 | 136,470 | 550,402 | — | 1,513,523 | ||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Performing | 142,321 | 110,562 | 111,445 | 16,838 | 989 | 10,093 | 30,036 | — | 422,284 | ||||||||||||||||||||
Nonperforming | — | — | 2,087 | — | — | 384 | — | — | 2,471 | ||||||||||||||||||||
Total Commercial Construction | 142,321 | 110,562 | 113,532 | 16,838 | 989 | 10,477 | 30,036 | — | 424,755 | ||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Performing | 257,368 | 107,984 | 144,689 | 113,820 | 81,195 | 311,673 | 108,202 | 1,122 | 1,126,052 | ||||||||||||||||||||
Nonperforming | 41 | 64 | 287 | 1,408 | 694 | 7,062 | 28 | 57 | 9,641 | ||||||||||||||||||||
Total Business Banking | 257,409 | 108,048 | 144,976 | 115,228 | 81,889 | 318,735 | 108,230 | 1,179 | 1,135,693 | ||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Performing | 137,465 | 100,253 | 91,689 | 49,853 | 39,657 | 234,297 | 443,238 | 23,839 | 1,120,291 | ||||||||||||||||||||
Nonperforming | — | 742 | 476 | 303 | 727 | 4,165 | 168 | 713 | 7,294 | ||||||||||||||||||||
Total Consumer Real Estate | 137,465 | 100,995 | 92,165 | 50,156 | 40,384 | 238,462 | 443,406 | 24,552 | 1,127,585 | ||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Performing | 20,059 | 9,290 | 7,261 | 3,093 | 1,021 | 6,444 | 57,903 | 2,677 | 107,748 | ||||||||||||||||||||
Nonperforming | — | 158 | — | — | — | — | — | — | 158 | ||||||||||||||||||||
Total Other Consumer | 20,059 | 9,448 | 7,261 | 3,093 | 1,021 | 6,444 | 57,903 | 2,677 | 107,906 | ||||||||||||||||||||
Performing | 1,380,089 | 771,819 | 940,641 | 602,938 | 421,125 | 1,564,501 | 1,224,949 | 27,638 | 6,933,699 | ||||||||||||||||||||
Nonperforming | 41 | 964 | 20,430 | 4,032 | 10,599 | 27,478 | 1,976 | 770 | 66,291 | ||||||||||||||||||||
Total Loan Balance | $ | 1,380,130 | $ | 772,783 | $ | 961,071 | $ | 606,970 | $ | 431,724 | $ | 1,591,979 | $ | 1,226,925 | $ | 28,408 | $ | 6,999,990 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non - performing | Total Past Due Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,610,642 | $ | — | $ | 340 | $ | 15,022 | $ | 15,362 | $ | 2,626,004 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,478,546 | 698 | — | 342 | 1,040 | 1,479,586 | |||||||||||||||||||||||||||||||||||||||||
Commercial construction | 394,471 | — | — | 864 | 864 | 395,335 | |||||||||||||||||||||||||||||||||||||||||
Business banking | 1,150,781 | 674 | 1,428 | 7,907 | 10,009 | 1,160,790 | |||||||||||||||||||||||||||||||||||||||||
Consumer real estate | 1,250,221 | 1,050 | 597 | 7,384 | 9,031 | 1,259,252 | |||||||||||||||||||||||||||||||||||||||||
Other consumer | 119,370 | 225 | 76 | 256 | 557 | 119,927 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,004,031 | $ | 2,647 | $ | 2,441 | $ | 31,775 | $ | 36,863 | $ | 7,040,894 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non - performing | Total Past Due Loans | Total Loans | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,659,040 | $ | — | $ | — | $ | 31,488 | $ | 31,488 | $ | 2,690,528 | |||||||||||||||||||||||||||||
Commercial and industrial | 1,497,755 | 529 | — | 15,239 | 15,768 | 1,513,523 | |||||||||||||||||||||||||||||||||||
Commercial construction | 421,834 | 450 | — | 2,471 | 2,921 | 424,755 | |||||||||||||||||||||||||||||||||||
Business banking | 1,124,748 | 813 | 491 | 9,641 | 10,945 | 1,135,693 | |||||||||||||||||||||||||||||||||||
Consumer real estate | 1,117,074 | 1,087 | 2,130 | 7,294 | 10,511 | 1,127,585 | |||||||||||||||||||||||||||||||||||
Other consumer | 107,492 | 206 | 50 | 158 | 414 | 107,906 | |||||||||||||||||||||||||||||||||||
Total(1) | $ | 6,927,943 | $ | 3,085 | $ | 2,671 | $ | 66,291 | $ | 72,047 | $ | 6,999,990 | |||||||||||||||||||||||||||||
(1) We had 8 loans that were modified totaling $28.8 million under the CARES Act at December 31, 2021. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Past Due 90+ Days Still Accruing (2) | Interest Income Recognized on Nonaccrual(1) | (dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Interest Income Recognized on Nonaccrual(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 31,488 | $ | 25,790 | $ | 21,058 | $ | — | $ | 32 | Commercial real estate | $ | 31,488 | $ | 15,022 | $ | 11,974 | $ | 557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 15,239 | 10,570 | 1,700 | 529 | 32 | Commercial and industrial | 15,239 | 342 | — | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 2,471 | 864 | 480 | — | — | Commercial construction | 2,471 | 864 | 480 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business banking | Business banking | 9,641 | 7,997 | 1,586 | 587 | 48 | Business banking | 9,641 | 7,907 | 1,326 | 136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 7,294 | 7,178 | — | — | 61 | Consumer real estate | 7,294 | 7,384 | — | 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 158 | 125 | — | — | — | Other consumer | 158 | 256 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 66,291 | $ | 52,524 | $ | 24,824 | $ | 1,116 | $ | 173 | Total | $ | 66,291 | $ | 31,775 | $ | 13,780 | $ | 909 |
For the Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Past Due 90+ Days Still Accruing | Interest Income Recognized on Nonaccrual(1) | (dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Interest Income Recognized on Nonaccrual(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 101,070 | $ | 31,488 | $ | 28,046 | $ | — | $ | 158 | Commercial real estate | $ | 101,070 | $ | 31,488 | $ | 28,046 | $ | 158 | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 16,985 | 15,239 | 5,707 | — | 74 | Commercial and industrial | 16,985 | 15,239 | 5,707 | 74 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 384 | 2,471 | 2,020 | — | (28) | Commercial construction | 384 | 2,471 | 2,020 | (28) | |||||||||||||||||||||||||||||||||||||||||||||||
Business banking | Business banking | 17,122 | 9,641 | 1,696 | — | 427 | Business banking | 17,122 | 9,641 | 1,696 | 427 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 11,117 | 7,294 | — | — | 496 | Consumer real estate | 11,117 | 7,294 | — | 496 | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 96 | 158 | — | — | 1 | Other consumer | 96 | 158 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 146,774 | $ | 66,291 | $ | 37,469 | $ | — | $ | 1,128 | Total | $ | 146,774 | $ | 66,291 | $ | 37,469 | $ | 1,128 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Type of Collateral | Type of Collateral | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Real Estate | Business Assets | Investment/Cash | Other | (dollars in thousands) | Real Estate | Business Assets | Investment/Cash | Other | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 21,058 | $ | — | $ | — | $ | 571 | Commercial real estate | $ | 11,974 | $ | — | $ | 16 | $ | — | ||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 259 | 721 | — | 9,859 | Commercial and industrial | — | 690 | — | — | ||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 2,167 | — | — | 480 | Commercial construction | 1,695 | — | 480 | — | ||||||||||||||||||||||||||||||||||||
Business banking | Business banking | 1,028 | 1,537 | — | — | Business banking | 795 | 1,210 | — | — | ||||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 965 | — | — | — | Consumer real estate | 598 | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 25,477 | $ | 2,258 | $ | — | $ | 10,910 | Total | $ | 15,062 | $ | 1,900 | $ | 496 | $ | — |
December 31, 2021 | |||||||||||||||||||||||
Type of Collateral | |||||||||||||||||||||||
(dollars in thousands) | Real Estate | Business Assets | Investment/Cash | Other | |||||||||||||||||||
Commercial real estate | $ | 28,046 | $ | — | $ | — | $ | — | |||||||||||||||
Commercial and industrial | 259 | 4,905 | — | 10,473 | |||||||||||||||||||
Commercial construction | 4,210 | — | — | — | |||||||||||||||||||
Business banking | 910 | 1,636 | — | — | |||||||||||||||||||
Consumer real estate | 1,031 | — | — | — | |||||||||||||||||||
Total | $ | 34,456 | $ | 6,541 | $ | — | $ | 10,473 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 50,700 | $ | 19,727 | $ | 5,355 | $ | 11,338 | $ | 8,733 | $ | 2,723 | $ | 98,576 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | (1,996) | (206) | (27) | 765 | 426 | 340 | (698) | ||||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | (606) | (78) | (298) | (982) | ||||||||||||||||||||||||||||||||||
Recoveries | 199 | 2,716 | 1 | — | 37 | 66 | 3,019 | ||||||||||||||||||||||||||||||||||
Net Recoveries/(Charge-offs) | 199 | 2,716 | 1 | (606) | (41) | (232) | 2,037 | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 48,903 | $ | 22,237 | $ | 5,329 | $ | 11,497 | $ | 9,118 | $ | 2,831 | $ | 99,915 | |||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 65,656 | $ | 16,100 | $ | 7,239 | $ | 15,917 | $ | 10,014 | $ | 2,686 | $ | 117,612 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | 1,996 | 2,728 | (911) | 514 | (844) | (182) | 3,301 | ||||||||||||||||||||||||||||||||||
Charge-offs | (810) | (4,302) | — | (917) | (271) | (232) | (6,532) | ||||||||||||||||||||||||||||||||||
Recoveries | — | 137 | 1 | 166 | 82 | 334 | 720 | ||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | (810) | (4,165) | 1 | (751) | (189) | 102 | (5,812) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 66,842 | $ | 14,663 | $ | 6,329 | $ | 15,680 | $ | 8,981 | $ | 2,606 | $ | 115,101 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 48,903 | $ | 22,237 | $ | 5,329 | $ | 11,497 | $ | 9,118 | $ | 2,831 | $ | 99,915 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | (3,678) | 948 | 1,254 | 1,668 | 582 | 418 | 1,192 | ||||||||||||||||||||||||||||||||||
Charge-offs | (199) | (5,797) | — | (1,141) | (60) | (481) | (7,678) | ||||||||||||||||||||||||||||||||||
Recoveries | 288 | 4,138 | — | 133 | 33 | 74 | 4,666 | ||||||||||||||||||||||||||||||||||
Net Recoveries/(Charge-offs) | 89 | (1,659) | — | (1,008) | (27) | (407) | (3,012) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 45,314 | $ | 21,526 | $ | 6,583 | $ | 12,157 | $ | 9,673 | $ | 2,842 | $ | 98,095 | |||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments. |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 66,842 | $ | 14,663 | $ | 6,329 | $ | 15,680 | $ | 8,981 | $ | 2,606 | $ | 115,101 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | 2,937 | 225 | (426) | (560) | (410) | 243 | 2,008 | ||||||||||||||||||||||||||||||||||
Charge-offs | (7,558) | (473) | — | (410) | (76) | (221) | (8,737) | ||||||||||||||||||||||||||||||||||
Recoveries | 965 | 11 | 2 | 47 | 152 | 88 | 1,264 | ||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | (6,594) | (462) | 2 | (363) | 76 | (132) | (7,473) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 63,186 | $ | 14,426 | $ | 5,905 | $ | 14,756 | $ | 8,647 | $ | 2,717 | $ | 109,636 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 50,700 | $ | 19,727 | $ | 5,355 | $ | 11,338 | $ | 8,733 | $ | 2,723 | $ | 98,576 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | (5,475) | 768 | 1,227 | 2,207 | 1,010 | 758 | 495 | ||||||||||||||||||||||||||||||||||
Charge-offs | (199) | (5,798) | — | (1,746) | (138) | (780) | (8,661) | ||||||||||||||||||||||||||||||||||
Recoveries | 288 | 6,829 | 1 | 358 | 68 | 141 | 7,685 | ||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | 89 | 1,031 | 1 | (1,388) | (70) | (639) | (976) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 45,314 | $ | 21,526 | $ | 6,583 | $ | 12,157 | $ | 9,673 | $ | 2,842 | $ | 98,095 | |||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments. |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking(1) | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 65,656 | $ | 16,100 | $ | 7,239 | $ | 15,917 | $ | 10,014 | $ | 2,686 | $ | 117,612 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | 4,933 | 2,953 | (1,337) | (46) | (1,254) | 61 | 5,308 | ||||||||||||||||||||||||||||||||||
Charge-offs | (8,369) | (4,774) | — | (1,327) | (347) | (453) | (15,270) | ||||||||||||||||||||||||||||||||||
Recoveries | 965 | 148 | 3 | 213 | 234 | 423 | 1,985 | ||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | (7,403) | (4,627) | 3 | (1,115) | (113) | (30) | (13,285) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 63,186 | $ | 14,426 | $ | 5,905 | $ | 14,756 | $ | 8,647 | $ | 2,717 | $ | 109,636 | |||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments. |
Derivative Assets (Included in Other Assets) | Derivative Liabilities (Included in Other Liabilities) | ||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge (1) | $ | 50,000 | $ | 368 | $ | — | $ | 250,000 | $ | 5,946 | $ | — | |||||||||||||||||||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 368 | $ | — | $ | 5,946 | $ | — | |||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts - commercial loans | $ | 1,039,932 | $ | 51,097 | $ | 1,017,178 | $ | 33,528 | $ | 1,039,932 | $ | 51,193 | $ | 1,017,178 | $ | 33,361 | |||||||||||||||||||||||||
Interest rate lock commitments - mortgage loans | 2,062 | 56 | 12,148 | 401 | — | — | — | — | |||||||||||||||||||||||||||||||||
Forward sales contracts - mortgage loans | — | — | 8,436 | 4 | 645 | 2 | — | — | |||||||||||||||||||||||||||||||||
Total Derivatives Not Designated as Hedging Instruments | $ | 51,153 | $ | 33,933 | $ | 51,195 | $ | 33,361 | |||||||||||||||||||||||||||||||||
Total Derivatives | $ | 51,521 | $ | 33,933 | $ | 57,141 | $ | 33,631 | |||||||||||||||||||||||||||||||||
(1) Derivative assets and derivative liabilities include interest receivable of $0.6 million and $0.2 million as of June 30,2022. |
Derivative Assets (Included in Other Assets) | Derivative Liabilities (Included in Other Liabilities) | ||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge | $ | 50,000 | $ | 135 | $ | — | $ | 150,000 | $ | 2,600 | $ | — | |||||||||||||||||||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 135 | $ | — | $ | 2,600 | $ | — | |||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts - commercial customers | $ | 1,034,249 | $ | 29,056 | $ | 1,017,178 | $ | 33,528 | $ | 1,034,249 | $ | 29,092 | $ | 1,017,178 | $ | 33,361 | |||||||||||||||||||||||||
Interest rate lock commitments - mortgage loans | 13,901 | 185 | 12,148 | 401 | — | — | — | ||||||||||||||||||||||||||||||||||
Forward sales contracts - mortgage loans | 13,503 | 192 | 8,436 | 4 | — | — | — | ||||||||||||||||||||||||||||||||||
Total Derivatives Not Designated as Hedging Instruments | $ | 29,433 | $ | 33,933 | $ | 29,092 | $ | 33,361 | |||||||||||||||||||||||||||||||||
Total Derivatives | $ | 29,568 | $ | 33,933 | $ | 31,692 | $ | 33,631 | |||||||||||||||||||||||||||||||||
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Gross amounts recognized | Gross amounts recognized | $ | 34,957 | $ | 37,289 | $ | 37,402 | $ | 37,392 | Gross amounts recognized | $ | 52,493 | $ | 37,289 | $ | 58,192 | $ | 37,392 | ||||||||||||||||||||||||||||
Gross amounts offset | Gross amounts offset | (5,766) | (3,761) | (5,710) | (3,761) | Gross amounts offset | (1,028) | (3,761) | (1,053) | (3,761) | ||||||||||||||||||||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | Net amounts presented in the Consolidated Balance Sheets | 29,191 | 33,528 | 31,692 | 33,631 | Net amounts presented in the Consolidated Balance Sheets | 51,465 | 33,528 | 57,139 | 33,631 | ||||||||||||||||||||||||||||||||||||
Cash collateral received/pledged(1) | Cash collateral received/pledged(1) | (23,501) | — | — | (33,631) | Cash collateral received/pledged(1) | (43,543) | — | — | (33,631) | ||||||||||||||||||||||||||||||||||||
Net Amount | Net Amount | $ | 5,690 | $ | 33,528 | $ | 31,692 | $ | — | Net Amount | $ | 7,922 | $ | 33,528 | $ | 57,139 | $ | — | ||||||||||||||||||||||||||||
(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. | (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. | (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge | $ | (3,271) | $ | — | $ | 786 | $ | — | |||||||||||||||||||||||||||
Total | $ | (3,271) | $ | — | $ | 786 | $ | — |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | Amount of Gain or (Loss) Recognized in Other Comprehensive Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | (dollars in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | Derivatives in Cash Flow Hedging Relationships: | Derivatives in Cash Flow Hedging Relationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge | Interest rate swap contracts - cash flow hedge | $ | (2,601) | $ | — | $ | 137 | $ | — | Interest rate swap contracts - cash flow hedge | $ | (5,872) | $ | — | $ | 922 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (2,601) | $ | — | $ | 137 | $ | — | Total | $ | (5,872) | $ | — | $ | 922 | $ | — |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts—commercial loans | $ | (61) | $ | 5 | $ | 7 | $ | 315 | |||||||||||||||||||||||||||
Interest rate lock commitments—mortgage loans | (129) | (883) | (346) | (2,642) | |||||||||||||||||||||||||||||||
Forward sale contracts—mortgage loans | (194) | 194 | (5) | 1,173 | |||||||||||||||||||||||||||||||
Total Derivatives (Loss) Gain | $ | (384) | $ | (684) | $ | (344) | $ | (1,154) |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts—commercial customers | $ | 68 | $ | 310 | ||||||||||||||||||||||||||||||||||
Interest rate lock commitments—mortgage loans | (217) | (1,759) | ||||||||||||||||||||||||||||||||||||
Forward sale contracts—mortgage loans | 188 | 979 | ||||||||||||||||||||||||||||||||||||
Total Derivatives Gain/(Loss) | $ | 39 | $ | (470) |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 2,481,275 | $ | 2,583,957 | Commitments to extend credit | $ | 2,600,322 | $ | 2,583,957 | ||||||||||||||||||||||||
Standby letters of credit | Standby letters of credit | 79,550 | 87,335 | Standby letters of credit | 80,665 | 87,335 | ||||||||||||||||||||||||||||
Total | Total | $ | 2,560,825 | $ | 2,671,292 | Total | $ | 2,680,987 | $ | 2,671,292 |
Three Months Ended March 31, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 5,189 | $ | 4,467 | Balance at beginning of period | $ | 5,375 | $ | 4,303 | $ | 5,189 | $ | 4,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 186 | (164) | Provision for credit losses | 2,012 | 555 | 2,198 | 391 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,375 | $ | 4,303 | Total | $ | 7,387 | $ | 4,858 | $ | 7,387 | $ | 4,858 |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Pre-Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Pre-Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | (dollars in thousands) | Pre-Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Pre-Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized (losses) gains on debt securities available-for-sale | $ | (48,261) | $ | 10,332 | $ | (37,929) | $ | (9,712) | $ | 2,072 | $ | (7,640) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized gains (losses) on available-for-sale debt securities | Change in net unrealized gains (losses) on available-for-sale debt securities | $ | (23,009) | $ | 4,872 | $ | (18,137) | $ | 324 | $ | (69) | $ | 255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in interest rate swap | Change in interest rate swap | (2,601) | 557 | (2,044) | — | — | — | Change in interest rate swap | (3,271) | 696 | (2,575) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to funded status of employee benefit plans | (12) | 32 | 20 | (343) | 73 | (270) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | $ | (50,874) | $ | 10,921 | $ | (39,953) | $ | (10,055) | $ | 2,145 | $ | (7,910) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to funded status of employee benefit plans (1) | Adjustment to funded status of employee benefit plans (1) | 766 | (182) | 584 | 2,910 | (621) | 2,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) | $ | (25,514) | $ | 5,386 | $ | (20,128) | $ | 3,234 | $ | (690) | $ | 2,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Pension settlement accounting was recognized during the period ended June 30, 2021 resulting in a charge of $0.2 million for the three months ended June 30, 2021 immediately recognizing a portion of unrecognized actuarial loss and a remeasurement of our pension obligation. | (1) Pension settlement accounting was recognized during the period ended June 30, 2021 resulting in a charge of $0.2 million for the three months ended June 30, 2021 immediately recognizing a portion of unrecognized actuarial loss and a remeasurement of our pension obligation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Pre-Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | Pre-Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized losses on available-for-sale debt securities | Change in net unrealized losses on available-for-sale debt securities | $ | (71,270) | $ | 15,204 | $ | (56,066) | $ | (9,388) | $ | 2,003 | $ | (7,385) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in interest rate swap | Change in interest rate swap | (5,872) | 1,253 | (4,619) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to funded status of employee benefit plans (1) | Adjustment to funded status of employee benefit plans (1) | 754 | (150) | 604 | 2,567 | (548) | 2,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | Other Comprehensive Loss | $ | (76,388) | $ | 16,307 | $ | (60,081) | $ | (6,821) | $ | 1,455 | $ | (5,366) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Pension settlement accounting was recognized during the period ended June 30, 2021 resulting in a charge of $0.9 million for the six months ended June 30, 2021 immediately recognizing a portion of unrecognized actuarial loss and a remeasurement of our pension obligation. | (1) Pension settlement accounting was recognized during the period ended June 30, 2021 resulting in a charge of $0.9 million for the six months ended June 30, 2021 immediately recognizing a portion of unrecognized actuarial loss and a remeasurement of our pension obligation. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Net Income | $ | 28,858 | $ | 28,367 | $ | 58,001 | $ | 60,268 | |||||||||||||||||||||||||||
Earnings Per Share - Diluted | $ | 0.74 | $ | 0.72 | $ | 1.48 | $ | 1.54 | |||||||||||||||||||||||||||
Return on average assets | 1.25 | % | 1.21 | % | 1.25 | % | 1.31 | % | |||||||||||||||||||||||||||
Return on average shareholders' equity | 9.83 | % | 9.65 | % | 9.85 | % | 10.39 | % | |||||||||||||||||||||||||||
Return on average tangible shareholders' equity (non-GAAP) | 14.63 | % | 14.41 | % | 14.62 | % | 15.57 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Net income (annualized) | $ | 115,750 | $ | 113,778 | $ | 116,964 | $ | 121,535 | |||||||||||||||||||||||||||
Plus: amortization of intangibles (annualized), net of tax | 1,197 | 1,395 | 1,236 | 1,429 | |||||||||||||||||||||||||||||||
Net income before amortization of intangibles (annualized) | $ | 116,947 | $ | 115,173 | $ | 118,200 | $ | 122,964 | |||||||||||||||||||||||||||
Average shareholders' equity | $ | 1,177,550 | $ | 1,179,002 | $ | 1,187,069 | $ | 1,169,620 | |||||||||||||||||||||||||||
Less: average goodwill and other intangible assets, net of deferred tax liability | (378,453) | (379,784) | (378,606) | (379,963) | |||||||||||||||||||||||||||||||
Average tangible shareholders' equity | $ | 799,097 | $ | 799,218 | $ | 808,463 | $ | 789,657 | |||||||||||||||||||||||||||
Return on average tangible shareholders' equity (non-GAAP) | 14.63 | % | 14.41 | % | 14.62 | % | 15.57 | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | Total interest and dividend income | $ | 70,109 | $ | 74,781 | Total interest and dividend income | $ | 77,599 | $ | 71,577 | $ | 147,708 | $ | 146,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 2,376 | 4,122 | Total interest expense | 2,405 | 3,273 | 4,781 | 7,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income per Condensed Consolidated Statements of Comprehensive Income (Loss) | Net Interest Income per Condensed Consolidated Statements of Comprehensive Income (Loss) | 67,733 | 70,659 | Net Interest Income per Condensed Consolidated Statements of Comprehensive Income (Loss) | 75,194 | 68,304 | 142,927 | 138,962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to FTE basis | Adjustment to FTE basis | 493 | 663 | Adjustment to FTE basis | 506 | 585 | 999 | 1,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income on an FTE Basis (Non-GAAP) | Net Interest Income on an FTE Basis (Non-GAAP) | $ | 68,226 | $ | 71,322 | Net Interest Income on an FTE Basis (Non-GAAP) | $ | 75,700 | $ | 68,889 | $ | 143,926 | $ | 140,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.14 | % | 3.44 | % | Net interest margin | 3.53 | % | 3.13 | % | 3.33 | % | 3.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to FTE basis | Adjustment to FTE basis | 0.02 | % | 0.03 | % | Adjustment to FTE basis | 0.03 | % | 0.03 | % | 0.02 | % | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin on an FTE Basis (Non-GAAP) | Net Interest Margin on an FTE Basis (Non-GAAP) | 3.16 | % | 3.47 | % | Net Interest Margin on an FTE Basis (Non-GAAP) | 3.56 | % | 3.16 | % | 3.35 | % | 3.31 | % |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | (dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | Interest-bearing deposits with banks | $ | 756,141 | $ | 303 | 0.16 | % | $ | 302,219 | $ | 65 | 0.09 | % | Interest-bearing deposits with banks | $ | 528,413 | $ | 1,029 | 0.78 | % | $ | 785,465 | $ | 175 | 0.09 | % | ||||||||||||||||||||||||||||||||
Securities, at fair value(1)(2) | Securities, at fair value(1)(2) | 1,002,212 | 5,265 | 2.10 | % | 782,118 | 4,566 | 2.34 | % | Securities, at fair value(1)(2) | 1,024,106 | 5,601 | 2.19 | % | 826,861 | 4,529 | 2.19 | % | ||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,545 | 14 | 3.51 | % | 6,360 | 45 | 2.83 | % | Loans held for sale | 1,406 | 14 | 3.95 | % | 4,353 | 33 | 3.01 | % | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 3,257,238 | 29,345 | 3.65 | % | 3,253,641 | 30,136 | 3.76 | % | Commercial real estate | 3,197,406 | 32,978 | 4.14 | % | 3,251,894 | 29,930 | 3.69 | % | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,712,865 | 16,827 | 3.98 | % | 1,957,459 | 20,817 | 4.31 | % | Commercial and industrial | 1,685,728 | 18,119 | 4.31 | % | 1,890,538 | 18,363 | 3.90 | % | ||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 409,264 | 3,329 | 3.30 | % | 485,269 | 4,034 | 3.37 | % | Commercial construction | 404,856 | 3,812 | 3.78 | % | 462,928 | 3,854 | 3.34 | % | ||||||||||||||||||||||||||||||||||||||||
Total Commercial Loans | Total Commercial Loans | 5,379,367 | 49,501 | 3.73 | % | 5,696,369 | 54,987 | 3.91 | % | Total Commercial Loans | 5,287,990 | 54,909 | 4.16 | % | 5,605,359 | 52,147 | 3.73 | % | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 896,268 | 8,962 | 4.02 | % | 897,427 | 9,416 | 4.22 | % | Residential mortgage | 939,756 | 9,337 | 3.98 | % | 863,254 | 8,996 | 4.17 | % | ||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 570,781 | 4,823 | 3.43 | % | 532,708 | 4,791 | 3.65 | % | Home equity | 594,529 | 5,282 | 3.56 | % | 535,933 | 4,682 | 3.50 | % | ||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | Installment and other consumer | 109,972 | 1,475 | 5.44 | % | 79,907 | 1,247 | 6.33 | % | Installment and other consumer | 119,041 | 1,590 | 5.36 | % | 84,259 | 1,271 | 6.05 | % | ||||||||||||||||||||||||||||||||||||||||
Consumer construction | Consumer construction | 21,833 | 181 | 3.37 | % | 15,908 | 188 | 4.79 | % | Consumer construction | 31,204 | 261 | 3.36 | % | 13,264 | 211 | 6.39 | % | ||||||||||||||||||||||||||||||||||||||||
Total Consumer Loans | Total Consumer Loans | 1,598,854 | 15,441 | 3.90 | % | 1,525,950 | 15,642 | 4.14 | % | Total Consumer Loans | 1,684,530 | 16,470 | 3.92 | % | 1,496,710 | 15,160 | 4.06 | % | ||||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | Total Portfolio Loans | 6,978,221 | 64,942 | 3.77 | % | 7,222,319 | 70,630 | 3.96 | % | Total Portfolio Loans | 6,972,520 | 71,379 | 4.11 | % | 7,102,069 | 67,307 | 3.80 | % | ||||||||||||||||||||||||||||||||||||||||
Total Loans(1)(3) | Total Loans(1)(3) | 6,979,765 | 64,955 | 3.77 | % | 7,228,679 | 70,675 | 3.96 | % | Total Loans(1)(3) | 6,973,926 | 71,393 | 4.11 | % | 7,106,422 | 67,339 | 3.80 | % | ||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | Federal Home Loan Bank and other restricted stock | 9,280 | 79 | 3.40 | % | 11,242 | 139 | 4.94 | % | Federal Home Loan Bank and other restricted stock | 8,939 | 82 | 3.69 | % | 10,529 | 119 | 4.51 | % | ||||||||||||||||||||||||||||||||||||||||
Total Interest-earning Assets | Total Interest-earning Assets | 8,747,398 | 70,602 | 3.27 | % | 8,324,259 | 75,445 | 3.67 | % | Total Interest-earning Assets | 8,535,384 | 78,105 | 3.67 | % | 8,729,277 | 72,162 | 3.31 | % | ||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 709,246 | 756,273 | Noninterest-earning assets | 690,207 | 704,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 9,456,644 | $ | 9,080,532 | Total Assets | $ | 9,225,591 | $ | 9,433,911 | ||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | $ | 986,639 | $ | 185 | 0.08 | % | $ | 895,891 | $ | 222 | 0.10 | % | Interest-bearing demand | $ | 979,514 | $ | 176 | 0.07 | % | $ | 998,134 | $ | 230 | 0.09 | % | ||||||||||||||||||||||||||||||||
Money market | Money market | 2,055,857 | 746 | 0.15 | % | 1,968,779 | 943 | 0.19 | % | Money market | 1,930,852 | 709 | 0.15 | % | 2,037,976 | 894 | 0.18 | % | ||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,109,048 | 78 | 0.03 | % | 995,228 | 152 | 0.06 | % | Savings | 1,118,346 | 128 | 0.05 | % | 1,044,899 | 70 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 1,070,189 | 844 | 0.32 | % | 1,344,604 | 2,165 | 0.65 | % | Certificates of deposit | 1,001,775 | 778 | 0.31 | % | 1,291,194 | 1,458 | 0.45 | % | ||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing Deposits | Total Interest-bearing Deposits | 5,221,733 | 1,853 | 0.14 | % | 5,204,503 | 3,481 | 0.27 | % | Total Interest-bearing Deposits | 5,030,487 | 1,790 | 0.14 | % | 5,372,203 | 2,652 | 0.20 | % | ||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | Securities sold under repurchase agreements | 81,790 | 20 | 0.10 | % | 64,653 | 25 | 0.15 | % | Securities sold under repurchase agreements | 50,037 | 13 | 0.10 | % | 67,838 | 17 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | — | — | — | % | 25,556 | 12 | 0.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 22,310 | 107 | 1.95 | % | 23,471 | 116 | 2.00 | % | Long-term borrowings | 22,072 | 111 | 2.01 | % | 23,113 | 116 | 2.01 | % | ||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | Junior subordinated debt securities | 54,398 | 395 | 2.95 | % | 64,088 | 488 | 3.09 | % | Junior subordinated debt securities | 54,413 | 492 | 3.62 | % | 64,103 | 488 | 3.06 | % | ||||||||||||||||||||||||||||||||||||||||
Total Borrowings | Total Borrowings | 158,498 | 523 | 1.34 | % | 177,768 | 641 | 1.46 | % | Total Borrowings | 126,522 | 615 | 1.95 | % | 155,054 | 621 | 1.61 | % | ||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing Liabilities | Total Interest-bearing Liabilities | 5,380,231 | 2,376 | 0.18 | % | 5,382,271 | 4,123 | 0.31 | % | Total Interest-bearing Liabilities | 5,157,009 | 2,405 | 0.19 | % | 5,527,256 | 3,273 | 0.24 | % | ||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 2,879,718 | 2,538,149 | Noninterest-bearing liabilities | 2,891,032 | 2,727,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 1,196,694 | 1,160,113 | Shareholders' equity | 1,177,550 | 1,179,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | Total Liabilities and Shareholders' Equity | $ | 9,456,644 | $ | 9,080,532 | Total Liabilities and Shareholders' Equity | $ | 9,225,591 | $ | 9,433,911 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (1)(2) | Net Interest Income (1)(2) | $ | 68,226 | $ | 71,322 | Net Interest Income (1)(2) | $ | 75,700 | $ | 68,889 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (1)(2) | Net Interest Margin (1)(2) | 3.16 | % | 3.47 | % | Net Interest Margin (1)(2) | 3.56 | % | 3.16 | % |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 641,648 | $ | 1,332 | 0.42 | % | $ | 545,177 | $ | 240 | 0.09 | % | |||||||||||||||||
Securities, at fair value(1)(2) | 1,013,219 | 10,866 | 2.14 | % | 804,613 | 9,095 | 2.26 | % | |||||||||||||||||||||
Loans held for sale | 1,475 | 27 | 3.72 | % | 5,351 | 78 | 2.90 | % | |||||||||||||||||||||
Commercial real estate | 3,227,156 | 62,323 | 3.89 | % | 3,252,763 | 60,066 | 3.72 | % | |||||||||||||||||||||
Commercial and industrial | 1,699,222 | 34,946 | 4.15 | % | 1,923,813 | 39,180 | 4.10 | % | |||||||||||||||||||||
Commercial construction | 407,048 | 7,141 | 3.54 | % | 474,037 | 7,887 | 3.36 | % | |||||||||||||||||||||
Total Commercial Loans | 5,333,426 | 104,410 | 3.95 | % | 5,650,613 | 107,134 | 3.82 | % | |||||||||||||||||||||
Residential mortgage | 918,132 | 18,299 | 4.00 | % | 880,246 | 18,412 | 4.20 | % | |||||||||||||||||||||
Home equity | 582,721 | 10,105 | 3.50 | % | 534,329 | 9,473 | 3.58 | % | |||||||||||||||||||||
Installment and other consumer | 114,531 | 3,065 | 5.40 | % | 82,095 | 2,518 | 6.19 | % | |||||||||||||||||||||
Consumer construction | 26,544 | 443 | 3.36 | % | 14,578 | 399 | 5.52 | % | |||||||||||||||||||||
Total Consumer Loans | 1,641,928 | 31,911 | 3.91 | % | 1,511,249 | 30,803 | 4.10 | % | |||||||||||||||||||||
Total Portfolio Loans | 6,975,354 | 136,321 | 3.94 | % | 7,161,862 | 137,936 | 3.88 | % | |||||||||||||||||||||
Total Loans(1)(3) | 6,976,829 | 136,348 | 3.94 | % | 7,167,213 | 138,014 | 3.88 | % | |||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | 9,108 | 161 | 3.54 | % | 10,884 | 257 | 4.73 | % | |||||||||||||||||||||
Total Interest-earning Assets | 8,640,804 | 148,708 | 3.47 | % | 8,527,887 | 147,607 | 3.49 | % | |||||||||||||||||||||
Noninterest-earning assets | 699,097 | 730,117 | |||||||||||||||||||||||||||
Total Assets | $ | 9,339,901 | $ | 9,258,003 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Interest-bearing demand | $ | 983,057 | $ | 361 | 0.07 | % | $ | 947,295 | $ | 452 | 0.10 | % | |||||||||||||||||
Money market | 1,993,009 | 1,455 | 0.15 | % | 2,003,569 | 1,837 | 0.18 | % | |||||||||||||||||||||
Savings | 1,113,723 | 206 | 0.04 | % | 1,020,201 | 221 | 0.04 | % | |||||||||||||||||||||
Certificates of deposit | 1,035,793 | 1,621 | 0.32 | % | 1,317,751 | 3,623 | 0.55 | % | |||||||||||||||||||||
Total Interest-bearing Deposits | 5,125,582 | 3,644 | 0.14 | % | 5,288,816 | 6,133 | 0.23 | % | |||||||||||||||||||||
Securities sold under repurchase agreements | 65,826 | 33 | 0.10 | % | 66,254 | 42 | 0.13 | % | |||||||||||||||||||||
Short-term borrowings | — | — | — | % | 12,707 | 12 | 0.19 | % | |||||||||||||||||||||
Long-term borrowings | 22,190 | 218 | 1.98 | % | 23,291 | 232 | 2.01 | % | |||||||||||||||||||||
Junior subordinated debt securities | 54,406 | 887 | 3.29 | % | 64,095 | 977 | 3.07 | % | |||||||||||||||||||||
Total Borrowings | 142,422 | 1,138 | 1.61 | % | 166,348 | 1,262 | 1.53 | % | |||||||||||||||||||||
Total Interest-bearing Liabilities | 5,268,004 | 4,781 | 0.18 | % | 5,455,164 | 7,396 | 0.27 | % | |||||||||||||||||||||
Noninterest-bearing liabilities | 2,884,828 | 2,633,219 | |||||||||||||||||||||||||||
Shareholders' equity | 1,187,069 | 1,169,620 | |||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 9,339,901 | $ | 9,258,003 | |||||||||||||||||||||||||
Net Interest Income (1)(2) | $ | 143,926 | $ | 140,211 | |||||||||||||||||||||||||
Net Interest Margin (1)(2) | 3.35 | % | 3.31 | % |
Three Months Ended March 31, 2022 Compared to March 31, 2021 | Three Months Ended June 31, 2022 Compared to June 31, 2021 | Six Months Ended June 31, 2022 Compared to June 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Volume (4) | Rate (4) | Total | (dollars in thousands) | Volume (4) | Rate (4) | Total | Volume (4) | Rate (4) | Total | |||||||||||||||||||||||||||||||||||
Interest earned on: | Interest earned on: | Interest earned on: | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | Interest-bearing deposits with banks | $ | 98 | $ | 140 | $ | 238 | Interest-bearing deposits with banks | $ | (57) | $ | 912 | $ | 855 | $ | 42 | $ | 1,050 | $ | 1,093 | ||||||||||||||||||||||||||
Securities, at fair value(1)(2) | Securities, at fair value(1)(2) | 1,285 | (586) | 699 | Securities, at fair value(1)(2) | 1,080 | (9) | 1,071 | 2,358 | (588) | 1,770 | |||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (34) | 3 | (31) | Loans held for sale | (22) | 3 | (19) | (56) | 6 | (50) | |||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 33 | (825) | (791) | Commercial real estate | (502) | 3,549 | 3,048 | (473) | 2,729 | 2,256 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | (2,601) | (1,389) | (3,990) | Commercial and industrial | (1,989) | 1,746 | (244) | (4,574) | 340 | (4,234) | |||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | (632) | (73) | (704) | Commercial construction | (483) | 441 | (42) | (1,115) | 368 | (746) | |||||||||||||||||||||||||||||||||||
Total Commercial Loans | Total Commercial Loans | (3,200) | (2,287) | (5,486) | Total Commercial Loans | (2,974) | 5,736 | 2,762 | (6,161) | 3,437 | (2,724) | |||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | (12) | (442) | (454) | Residential mortgage | 797 | (456) | 341 | 792 | (905) | (113) | |||||||||||||||||||||||||||||||||||
Home equity | Home equity | 342 | (311) | 31 | Home equity | 512 | 88 | 600 | 858 | (227) | 631 | |||||||||||||||||||||||||||||||||||
Installment and other consumer | Installment and other consumer | 469 | (242) | 227 | Installment and other consumer | 525 | (205) | 319 | 995 | (448) | 547 | |||||||||||||||||||||||||||||||||||
Consumer construction | Consumer construction | 70 | (77) | (7) | Consumer construction | 286 | (236) | 50 | 328 | (285) | 43 | |||||||||||||||||||||||||||||||||||
Total Consumer Loans | Total Consumer Loans | 870 | (1,071) | (202) | Total Consumer Loans | 2,120 | (810) | 1,310 | 2,973 | (1,865) | 1,108 | |||||||||||||||||||||||||||||||||||
Total Portfolio Loans | Total Portfolio Loans | (2,330) | (3,358) | (5,688) | Total Portfolio Loans | (855) | 4,927 | 4,072 | (3,188) | 1,573 | (1,616) | |||||||||||||||||||||||||||||||||||
Total Loans (1)(3) | Total Loans (1)(3) | (2,364) | (3,355) | (5,719) | Total Loans (1)(3) | (877) | 4,930 | 4,053 | (3,245) | 1,579 | (1,666) | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | Federal Home Loan Bank and other restricted stock | (24) | (36) | (60) | Federal Home Loan Bank and other restricted stock | (18) | (18) | (36) | (42) | (54) | (96) | |||||||||||||||||||||||||||||||||||
Change in Interest Earned on Interest-earning Assets | Change in Interest Earned on Interest-earning Assets | $ | (1,006) | $ | (3,836) | $ | (4,842) | Change in Interest Earned on Interest-earning Assets | $ | 129 | $ | 5,815 | $ | 5,943 | $ | (886) | $ | 1,987 | $ | 1,101 | ||||||||||||||||||||||||||
Interest paid on: | Interest paid on: | Interest paid on: | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | $ | 22 | $ | (59) | $ | (36) | Interest-bearing demand | $ | (4) | $ | (50) | $ | (54) | $ | 17 | $ | (108) | $ | (90) | ||||||||||||||||||||||||||
Money market | Money market | 42 | (239) | (197) | Money market | (47) | (138) | (185) | (10) | (373) | (382) | |||||||||||||||||||||||||||||||||||
Savings | Savings | 17 | (91) | (74) | Savings | 5 | 54 | 58 | 20 | (36) | (15) | |||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | (442) | (879) | (1,321) | Certificates of deposit | (327) | (354) | (680) | (775) | (1,226) | (2,001) | |||||||||||||||||||||||||||||||||||
Total Interest-bearing Deposits | Total Interest-bearing Deposits | (360) | (1,268) | (1,628) | Total Interest-bearing Deposits | (373) | (488) | (861) | (747) | (1,742) | (2,490) | |||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | Securities sold under repurchase agreements | 7 | (11) | (4) | Securities sold under repurchase agreements | (4) | — | (4) | — | (8) | (9) | |||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | (12) | — | (12) | Short-term borrowings | — | — | — | (12) | — | (12) | |||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | (6) | (3) | (9) | Long-term borrowings | (5) | — | (5) | (11) | (3) | (14) | |||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | Junior subordinated debt securities | (74) | (19) | (93) | Junior subordinated debt securities | (74) | 77 | 3 | (148) | 58 | (90) | |||||||||||||||||||||||||||||||||||
Total Borrowings | Total Borrowings | (85) | (33) | (118) | Total Borrowings | (84) | 77 | (6) | (171) | 46 | (125) | |||||||||||||||||||||||||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | Change in Interest Paid on Interest-bearing Liabilities | (445) | (1,301) | (1,746) | Change in Interest Paid on Interest-bearing Liabilities | (457) | (411) | $ | (868) | (918) | (1,696) | (2,614) | ||||||||||||||||||||||||||||||||||
Change in Net Interest Income | Change in Net Interest Income | $ | (561) | $ | (2,536) | $ | (3,096) | Change in Net Interest Income | $ | 585 | $ | 6,226 | $ | 6,811 | $ | 32 | $ | 3,683 | $ | 3,715 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of securities | $ | — | $ | 29 | $ | (29) | NM | $ | — | $ | 29 | $ | (29) | NM | |||||||||||||||||||||||||||||||||||||||
Debit and credit card | 4,756 | 4,744 | 12 | 0.3 | % | 9,819 | 8,906 | 913 | 10.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 4,181 | 3,642 | 539 | 14.8 | % | 8,155 | 7,116 | 1,039 | 14.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Wealth management | 3,247 | 3,167 | 80 | 2.5 | % | 6,489 | 6,111 | 378 | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | 466 | 1,734 | (1,268) | (73.1) | % | 1,481 | 6,044 | (4,563) | (75.5) | % | |||||||||||||||||||||||||||||||||||||||||||
Other | (20) | 2,108 | (2,128) | (100.9) | % | 1,912 | 4,541 | (2,629) | (57.9) | % | |||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | $ | 12,630 | $ | 15,424 | $ | (2,794) | (18.1) | % | $ | 27,856 | $ | 32,747 | $ | (4,891) | (14.9) | % | |||||||||||||||||||||||||||||||||||||
NM - not meaningful |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 24,811 | $ | 24,515 | $ | 296 | 1.2 | % | $ | 48,523 | $ | 47,842 | $ | 681 | 1.4 | % | ||||||||||||||||||||||||||||||||||
Data processing and information technology | 4,104 | 3,787 | 317 | 8.4 | % | 8,539 | 8,012 | 527 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||
Occupancy | 3,634 | 3,434 | 200 | 5.8 | % | 7,516 | 7,261 | 255 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||
Furniture, equipment and software | 2,939 | 2,402 | 537 | 22.3 | % | 5,716 | 5,042 | 674 | 13.4 | % | ||||||||||||||||||||||||||||||||||||||||
Other taxes | 1,682 | 1,832 | (150) | (8.2) | % | 3,219 | 3,268 | (49) | (1.5) | % | ||||||||||||||||||||||||||||||||||||||||
Professional services and legal | 2,380 | 1,637 | 743 | 45.4 | % | 4,329 | 3,168 | 1,161 | 36.6 | % | ||||||||||||||||||||||||||||||||||||||||
Marketing | 1,524 | 996 | 528 | 53.0 | % | 2,885 | 2,318 | 567 | 24.5 | % | ||||||||||||||||||||||||||||||||||||||||
FDIC insurance | 882 | 924 | (42) | (4.5) | % | 1,819 | 1,970 | (151) | (7.7) | % | ||||||||||||||||||||||||||||||||||||||||
Other | 6,468 | 6,302�� | 166 | 2.6 | % | 13,292 | 12,614 | 678 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||
Total Noninterest Expense | $ | 48,424 | $ | 45,829 | $ | 2,595 | 5.7 | % | $ | 95,838 | $ | 91,495 | $ | 4,343 | 4.7 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of securities | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Debit and credit card | 5,063 | 4,162 | 901 | 21.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 3,974 | 3,474 | 500 | 14.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Wealth management | 3,242 | 2,944 | 298 | 10.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | 1,015 | 4,310 | (3,295) | (76.5) | % | |||||||||||||||||||||||||||||||||||||||||||||
Other | 1,932 | 2,346 | (414) | (17.6) | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | $ | 15,226 | $ | 17,236 | $ | (2,010) | (11.7) | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 23,712 | $ | 23,327 | $ | 385 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Data processing and information technology | 4,435 | 4,225 | 210 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | 3,882 | 3,827 | 55 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Furniture, equipment and software | 2,777 | 2,640 | 137 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Professional services and legal | 1,949 | 1,531 | 418 | 27.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other taxes | 1,537 | 1,436 | 101 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | 1,361 | 1,322 | 39 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | 937 | 1,046 | (109) | (10.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest expense | 6,824 | 6,226 | 598 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Expense | $ | 47,414 | $ | 45,580 | $ | 1,834 | 4.0 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | $ Change | (dollars in thousands) | June 30, 2022 | December 31, 2021 | $ Change | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 129,994 | $ | 95,327 | $ | 34,667 | U.S. Treasury securities | $ | 136,282 | $ | 95,327 | $ | 40,955 | ||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | 58,493 | 70,348 | (11,855) | Obligations of U.S. government corporations and agencies | 52,815 | 70,348 | (17,533) | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | Collateralized mortgage obligations of U.S. government corporations and agencies | 385,602 | 270,294 | 115,308 | Collateralized mortgage obligations of U.S. government corporations and agencies | 427,635 | 270,294 | 157,341 | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | Residential mortgage-backed securities of U.S. government corporations and agencies | 50,446 | 56,793 | (6,347) | Residential mortgage-backed securities of U.S. government corporations and agencies | 46,416 | 56,793 | (10,377) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | Commercial mortgage-backed securities of U.S. government corporations and agencies | 330,811 | 341,300 | (10,489) | Commercial mortgage-backed securities of U.S. government corporations and agencies | 333,994 | 341,300 | (7,306) | ||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 500 | 500 | — | Corporate obligations | 500 | 500 | — | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 71,234 | 75,089 | (3,855) | Obligations of states and political subdivisions | 69,850 | 75,089 | (5,239) | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | Available-for-Sale Debt Securities | 1,027,080 | 909,651 | 117,429 | Available-for-Sale Debt Securities | 1,067,492 | 909,651 | 157,841 | ||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | 1,138 | 1,142 | (4) | Marketable equity securities | 1,084 | 1,142 | (58) | ||||||||||||||||||||||||||||||||||||||||||||
Total Securities | Total Securities | $ | 1,028,218 | $ | 910,793 | $ | 117,425 | Total Securities | $ | 1,068,576 | $ | 910,793 | $ | 157,783 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amount | % of Loans | Amount | % of Loans | $ Change | % Change | (dollars in thousands) | Amount | % of Loans | Amount | % of Loans | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 3,257,955 | 46.8 | % | $ | 3,236,653 | 46.2 | % | $ | 21,302 | 0.7 | % | Commercial real estate | $ | 3,191,670 | 45.3 | % | $ | 3,236,653 | 46.2 | % | $ | (44,983) | (1.4) | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,675,316 | 24.1 | % | 1,728,969 | 24.7 | % | (53,653) | (3.1) | % | Commercial and industrial | 1,695,031 | 24.1 | % | 1,728,969 | 24.7 | % | (33,938) | (2.0) | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 398,592 | 5.7 | % | 440,962 | 6.3 | % | (42,370) | (9.6) | % | Commercial construction | 410,425 | 5.8 | % | 440,962 | 6.3 | % | (30,537) | (6.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Loans | Total Commercial Loans | 5,331,863 | 76.6 | % | 5,406,584 | 77.2 | % | (74,721) | (1.4) | % | Total Commercial Loans | 5,297,126 | 75.2 | % | 5,406,584 | 77.2 | % | (109,458) | (2.0) | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 1,519,751 | 21.8 | % | 1,485,478 | 21.2 | % | 34,273 | 2.3 | % | Consumer real estate | 1,623,830 | 23.1 | % | 1,485,478 | 21.2 | % | 138,352 | 9.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 112,297 | 1.6 | % | 107,928 | 1.5 | % | 4,369 | 4.0 | % | Other consumer | 119,938 | 1.7 | % | 107,928 | 1.5 | % | 12,010 | 11.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Loans | Total Consumer Loans | 1,632,048 | 23.4 | % | 1,593,406 | 22.8 | % | 38,642 | 2.4 | % | Total Consumer Loans | 1,743,768 | 24.8 | % | 1,593,406 | 22.8 | % | 150,362 | 9.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | Total Portfolio Loans | 6,963,911 | 100.0 | % | 6,999,990 | 100.0 | % | (36,079) | (0.5) | % | Total Portfolio Loans | 7,040,894 | 100.0 | % | 6,999,990 | 100.0 | % | 40,904 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,346 | 1,522 | (176) | (11.6) | % | Loans held for sale | 1,311 | 1,522 | (211) | (13.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 6,965,257 | $ | 7,001,512 | $ | (36,255) | (0.5) | % | Total Loans | $ | 7,042,205 | $ | 7,001,512 | $ | 40,693 | 0.6 | % |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 50,700 | $ | 19,727 | $ | 5,355 | $ | 11,338 | $ | 8,733 | $ | 2,723 | $ | 98,576 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | (5,475) | 768 | 1,227 | 2,207 | 1,010 | 758 | 495 | ||||||||||||||||||||||||||||||||||
Charge-offs | (199) | (5,798) | — | (1,746) | (138) | (780) | (8,661) | ||||||||||||||||||||||||||||||||||
Recoveries | 288 | 6,829 | 1 | 358 | 68 | 141 | 7,685 | ||||||||||||||||||||||||||||||||||
Net Recoveries/(Charge-offs) | 89 | 1,031 | 1 | (1,388) | (70) | (639) | (976) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 45,314 | $ | 21,526 | $ | 6,583 | $ | 12,157 | $ | 9,673 | $ | 2,842 | $ | 98,095 | |||||||||||||||||||||||||||
(1) Excludes the provision for credit losses for unfunded commitments. |
June 30, 2022 | December 31, 2021 | ||||||||||
Ratio of net charge-offs to average loans outstanding(1) | 0.01 | % | 0.49 | % | |||||||
Allowance for credit losses as a percentage of total portfolio loans | 1.39 | % | 1.41 | % | |||||||
Allowance for credit losses as a percentage of total portfolio loans - excluding PPP loans | 1.40 | % | 1.43 | % | |||||||
Allowance for credit losses to nonperforming loans | 309 | % | 149 | % |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 50,700 | $ | 19,727 | $ | 5,355 | $ | 11,338 | $ | 8,733 | $ | 2,723 | $ | 98,576 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | (1,996) | (206) | (27) | 765 | 426 | 340 | (698) | ||||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | (606) | (78) | (298) | (982) | ||||||||||||||||||||||||||||||||||
Recoveries | 199 | 2,716 | 1 | — | 37 | 66 | 3,019 | ||||||||||||||||||||||||||||||||||
Net Recoveries/(Charge-offs) | 199 | 2,716 | 1 | (606) | (41) | (232) | 2,037 | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 48,903 | $ | 22,237 | $ | 5,329 | $ | 11,497 | $ | 9,118 | $ | 2,831 | $ | 99,915 | |||||||||||||||||||||||||||
(1) Excludes the provision for credit losses for unfunded commitments. |
March 31, 2022 | December 31, 2021 | ||||||||||
Ratio of net charge-offs to average loans outstanding(1) | (0.12) | % | 0.49 | % | |||||||
Allowance for credit losses as a percentage of total portfolio loans | 1.43 | % | 1.41 | % | |||||||
Allowance for loan losses as a percentage of total portfolio loans - excluding PPP loans | 1.44 | % | 1.43 | % | |||||||
Allowance for credit losses to nonperforming loans | 190 | % | 149 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | $ Change | (dollars in thousands) | June 30, 2022 | December 31, 2021 | $ Change | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming Loans (Excluding TDRs) | Nonperforming Loans (Excluding TDRs) | Nonperforming Loans (Excluding TDRs) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 24,821 | $ | 29,791 | $ | (4,970) | Commercial real estate | $ | 15,006 | $ | 29,791 | $ | (14,785) | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 345 | 350 | (5) | Commercial and industrial | 342 | 350 | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 384 | 384 | — | Commercial construction | 384 | 384 | — | ||||||||||||||||||||||||||||||||||||||||||||
Business banking | Business banking | 6,411 | 7,945 | (1,534) | Business banking | 6,582 | 7,945 | (1,363) | ||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 5,049 | 5,889 | (840) | Consumer real estate | 5,195 | 5,889 | (694) | ||||||||||||||||||||||||||||||||||||||||||||
Other Consumer | Other Consumer | 125 | 158 | (33) | Other Consumer | 256 | 158 | 98 | ||||||||||||||||||||||||||||||||||||||||||||
Total Nonperforming Loans (Excluding TDRs) | Total Nonperforming Loans (Excluding TDRs) | 37,135 | 44,517 | (7,382) | Total Nonperforming Loans (Excluding TDRs) | 27,765 | 44,517 | (16,752) | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings | Nonperforming Troubled Debt Restructurings | Nonperforming Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 969 | 1,697 | (728) | Commercial real estate | 16 | 1,697 | (1,681) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 10,225 | 14,889 | (4,664) | Commercial and industrial | — | 14,889 | (14,889) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | 480 | 2,087 | (1,607) | Commercial construction | 480 | 2,087 | (1,607) | ||||||||||||||||||||||||||||||||||||||||||||
Business banking | Business banking | 1,586 | 1,696 | (110) | Business banking | 1,325 | 1,696 | (371) | ||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 2,129 | 1,405 | 724 | Consumer real estate | 2,189 | 1,405 | 784 | ||||||||||||||||||||||||||||||||||||||||||||
Other Consumer | Other Consumer | — | — | — | Other Consumer | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Nonperforming Troubled Debt Restructurings | Total Nonperforming Troubled Debt Restructurings | 15,389 | 21,774 | (6,385) | Total Nonperforming Troubled Debt Restructurings | 4,010 | 21,774 | (17,764) | ||||||||||||||||||||||||||||||||||||||||||||
Total Nonperforming Loans | Total Nonperforming Loans | 52,524 | 66,291 | (13,767) | Total Nonperforming Loans | 31,775 | 66,291 | (34,516) | ||||||||||||||||||||||||||||||||||||||||||||
OREO | OREO | 7,028 | 13,313 | (6,285) | OREO | 7,046 | 13,313 | (6,267) | ||||||||||||||||||||||||||||||||||||||||||||
Total Nonperforming Assets | Total Nonperforming Assets | $ | 59,552 | $ | 79,604 | $ | (20,052) | Total Nonperforming Assets | $ | 38,821 | $ | 79,604 | $ | (40,783) | ||||||||||||||||||||||||||||||||||||||
Asset Quality Ratios: | Asset Quality Ratios: | Asset Quality Ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans as a percent of total portfolio loans | Nonperforming loans as a percent of total portfolio loans | 0.75 | % | 0.95 | % | Nonperforming loans as a percent of total portfolio loans | 0.45 | % | 0.95 | % | ||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets as a percent of total portfolio loans plus OREO | Nonperforming assets as a percent of total portfolio loans plus OREO | 0.85 | % | 1.13 | % | Nonperforming assets as a percent of total portfolio loans plus OREO | 0.55 | % | 1.13 | % |
(dollars in thousands) | March 31, 2022 | December 31, 2021 | $ Change | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,740,315 | $ | 2,748,586 | $ | (8,271) | ||||||||||||||||||||
Interest-bearing demand | 1,070,656 | 979,133 | 91,523 | |||||||||||||||||||||||
Money market | 1,992,916 | 2,070,579 | (77,663) | |||||||||||||||||||||||
Savings | 1,117,985 | 1,110,155 | 7,830 | |||||||||||||||||||||||
Certificates of deposit | 1,038,586 | 1,088,071 | (49,485) | |||||||||||||||||||||||
Total Deposits | $ | 7,960,458 | $ | 7,996,524 | $ | (36,066) |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | $ Change | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,736,849 | $ | 2,748,586 | $ | (11,737) | ||||||||||||||||||||
Interest-bearing demand | 880,432 | 979,133 | (98,701) | |||||||||||||||||||||||
Money market | 1,888,506 | 2,070,579 | (182,073) | |||||||||||||||||||||||
Savings | 1,125,344 | 1,110,155 | 15,189 | |||||||||||||||||||||||
Certificates of deposit | 981,116 | 1,088,071 | (106,955) | |||||||||||||||||||||||
Total Deposits | $ | 7,612,247 | $ | 7,996,524 | $ | (384,277) |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | $ Change | (dollars in thousands) | June 30, 2022 | December 31, 2021 | $ Change | |||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | Securities sold under repurchase agreements | $ | 70,112 | $ | 84,491 | $ | (14,379) | Securities sold under repurchase agreements | $ | 39,259 | $ | 84,491 | $ | (45,232) | |||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 22,171 | 22,430 | (259) | Long-term borrowings | 21,988 | 22,430 | (442) | |||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | Junior subordinated debt securities | 54,408 | 54,393 | 15 | Junior subordinated debt securities | 54,423 | 54,393 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Borrowings | Total Borrowings | $ | 146,691 | $ | 161,314 | $ | (14,623) | Total Borrowings | $ | 115,670 | $ | 161,314 | $ | (45,644) |
Securities Sold Under Repurchase Agreements | |||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 70,112 | $ | 84,491 | |||||||
Average balance during the period | $ | 81,790 | $ | 69,964 | |||||||
Average interest rate during the period | 0.10 | % | 0.11 | % | |||||||
Maximum month-end balance during the period | $ | 89,366 | $ | 84,491 | |||||||
Average interest rate at the period end | 0.10 | % | 0.10 | % | |||||||
Long-Term Borrowings | |||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 22,171 | $ | 22,430 | |||||||
Average balance during the period | $ | 22,310 | $ | 22,995 | |||||||
Average interest rate during the period | 1.95 | % | 1.99 | % | |||||||
Maximum month-end balance during the period | $ | 22,344 | $ | 23,549 | |||||||
Average interest rate at the period end | 1.94 | % | 1.94 | % | |||||||
Junior Subordinated Debt Securities | |||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 54,408 | $ | 54,393 | |||||||
Average balance during the period | $ | 54,398 | $ | 61,653 | |||||||
Average interest rate during the period | 2.95 | % | 2.99 | % | |||||||
Maximum month-end balance during the period | $ | 54,408 | $ | 64,128 | |||||||
Average interest rate at the period end | 3.26 | % | 2.69 | % |
Securities Sold Under Repurchase Agreements | |||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 39,259 | $ | 84,491 | |||||||
Average balance during the period | $ | 65,826 | $ | 69,964 | |||||||
Average interest rate during the period | 0.10 | % | 0.11 | % | |||||||
Maximum month-end balance during the period | $ | 89,366 | $ | 84,491 | |||||||
Average interest rate at the period end | 0.10 | % | 0.10 | % | |||||||
Long-Term Borrowings | |||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 21,988 | $ | 22,430 | |||||||
Average balance during the period | $ | 22,190 | $ | 22,995 | |||||||
Average interest rate during the period | 1.98 | % | 1.99 | % | |||||||
Maximum month-end balance during the period | $ | 22,344 | $ | 23,549 | |||||||
Average interest rate at the period end | 2.03 | % | 1.94 | % | |||||||
Junior Subordinated Debt Securities | |||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 54,423 | $ | 54,393 | |||||||
Average balance during the period | $ | 54,406 | $ | 61,653 | |||||||
Average interest rate during the period | 3.29 | % | 2.99 | % | |||||||
Maximum month-end balance during the period | $ | 54,423 | $ | 64,128 | |||||||
Average interest rate at the period end | 4.17 | % | 2.69 | % |
(dollars in thousands) | (dollars in thousands) | Adequately Capitalized | Well- Capitalized | March 31, 2022 | December 31, 2021 | (dollars in thousands) | Adequately Capitalized | Well- Capitalized | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||
S&T Bancorp, Inc. | S&T Bancorp, Inc. | S&T Bancorp, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 897,995 | 9.85 | % | $ | 889,785 | 9.74 | % | Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 915,985 | 10.25 | % | $ | 889,785 | 9.74 | % | ||||||||||||||||||||||||||
Common equity tier 1 to risk-weighted assets | Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 868,995 | 12.26 | % | 860,785 | 12.03 | % | Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 886,985 | 12.34 | % | 860,785 | 12.03 | % | ||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 897,995 | 12.67 | % | 889,785 | 12.43 | % | Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 915,985 | 12.74 | % | 889,785 | 12.43 | % | ||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 1,004,902 | 14.18 | % | 987,420 | 13.79 | % | Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 1,023,119 | 14.23 | % | 987,420 | 13.79 | % | ||||||||||||||||||||||||||||||
S&T Bank | S&T Bank | S&T Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 870,269 | 9.55 | % | $ | 864,127 | 9.46 | % | Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 890,488 | 9.97 | % | $ | 864,127 | 9.46 | % | ||||||||||||||||||||||||||
Common equity tier 1 to risk-weighted assets | Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 870,269 | 12.29 | % | 864,127 | 12.09 | % | Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 890,488 | 12.39 | % | 864,127 | 12.09 | % | ||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 870,269 | 12.29 | % | 864,127 | 12.09 | % | Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 890,488 | 12.39 | % | 864,127 | 12.09 | % | ||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 977,177 | 13.79 | % | 961,762 | 13.45 | % | Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 997,622 | 13.89 | % | 961,762 | 13.45 | % |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 - 12 Months | 13 - 24 Months | % Change in EVE | 1 - 12 Months | 13 - 24 Months | % Change in EVE | 1 - 12 Months | 13 - 24 Months | % Change in EVE | 1 - 12 Months | 13 - 24 Months | % Change in EVE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Interest Rate (basis points) | Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
400 | 400 | 37.7 | 44.2 | 6.4 | 30.4 | 40.3 | 18.4 | 400 | 30.1 | 36.4 | (4.0) | 30.4 | 40.3 | 18.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
300 | 300 | 28.2 | 33.2 | 10.4 | 22.5 | 30.0 | 19.9 | 300 | 22.6 | 27.5 | 1.1 | 22.5 | 30.0 | 19.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 | 200 | 18.7 | 22.2 | 11.1 | 14.9 | 20.2 | 18.4 | 200 | 15.2 | 18.5 | 4.0 | 14.9 | 20.2 | 18.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | 100 | 9.1 | 10.9 | 7.7 | 7.0 | 9.9 | 11.9 | 100 | 7.6 | 9.4 | 3.9 | 7.0 | 9.9 | 11.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-100 | -100 | (6.5) | (9.1) | (18.9) | (4.6) | (8.4) | (26.3) | -100 | (9.2) | (11.8) | (10.5) | (4.6) | (8.4) | (26.3) |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plan(1) | Approximate dollar value of shares that may yet be purchased under the plan | |||||||||||||||||||||||||
$37,441,683 | |||||||||||||||||||||||||||||
04/01/2022 - 04/30/2022 | — | $— | — | 37,441,683 | |||||||||||||||||||||||||
05/01/2022 - 05/31/2022 | — | — | — | 37,441,683 | |||||||||||||||||||||||||
06/01/2022 - 06/30/2022 | 151,220 | 27.4611 | 151,220 | 33,289,015 | |||||||||||||||||||||||||
Total | 151,220 | $27.4611 | 151,220 | $33,289,015 |
Agreement and Plan of Merger, dated June 5, 2019, by and between DNB Financial Corporation and S&T Bancorp, Inc. Filed as Exhibit 2.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on June 5, 2019, and incorporated herein by reference. | ||||||||
Severance Agreement dated June 7, 2022 by and between George Basara and S&T Bancorp, Inc. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on June 10, 2022, and incorporated herein by reference.* | ||||||||
Form of Restricted Stock Unit Award Agreement - LTIP.* | Filed herewith. | |||||||
Form of Restricted Stock Unit Award Agreement - Non-LTIP.* | Filed herewith. | |||||||
Form of Restricted Stock Unit Award Agreement - Directors.* | Filed herewith. | |||||||
Rule 13a-14(a) Certification of the Chief Executive Officer. | ||||||||
Rule 13a-14(a) Certification of the Chief Financial Officer. | ||||||||
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer. | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101) | |||||||
* Management Contract or Compensatory Plan or Arrangement |
S&T Bancorp, Inc. (Registrant) | |||||
/ | |||||
Mark Kochvar Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Signatory) |