Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended | ||||||||
September 30, | or |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. |
05-0404671 | ||||||||
(State or other jurisdiction of incorporation or organization) | ( |
23 | |||||||||||
Rhode Island | 02891 | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Trading Symbol(s) | Name of each exchange on which registered | |||||||
COMMON STOCK, $.0625 PAR VALUE PER SHARE | WASH | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||
Emerging growth company | ☐ |
FORM 10-Q | |||||
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES | |||||
For the Quarter Ended September 30, | |||||
TABLE OF CONTENTS | |||||
Page Number | |||||
2013 Plan | Washington Trust Bancorp, Inc.'s 2013 Stock Option and Incentive Plan | |||||||||||||
2021 Repurchase Program | Washington Trust Bancorp, Inc.'s Stock Repurchase Program adopted on November 10, 2021 | |||||||||||||
2022 Long Term Incentive Plan | Washington Trust Bancorp, Inc. 2022 Long Term Incentive Plan | |||||||||||||
ACL | Allowance for credit losses | |||||||||||||
ALCO | Asset/Liability Committee | |||||||||||||
AOCL | Accumulated other comprehensive loss | |||||||||||||
ASC | Accounting Standards Codification | |||||||||||||
ASU | Accounting Standards Update | |||||||||||||
ATM | Automated teller machine | |||||||||||||
AUA | Assets under administration | |||||||||||||
Bancorp | Washington Trust Bancorp, Inc. | |||||||||||||
Bank | The Washington Trust Company, of Westerly | |||||||||||||
BOLI | Bank-owned life insurance | |||||||||||||
C&I | Commercial and industrial | |||||||||||||
CARES Act | Coronavirus Aid, Relief and Economic Security Act | |||||||||||||
CDARS | Certificate of Deposit Account Registry Service | |||||||||||||
Corporation | The Bancorp and its subsidiaries | |||||||||||||
CRE | Commercial real estate | |||||||||||||
CRRSA Act | Coronavirus Response and Relief Supplemental Appropriations Act | |||||||||||||
DCF | Discounted cash flow | |||||||||||||
DDM | Demand Deposit Marketplace | |||||||||||||
EPS | Earnings per common share | |||||||||||||
ERM | Enterprise risk management | |||||||||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||||||||
FDIC | Federal Deposit Insurance Corporation | |||||||||||||
FHLB | Federal Home Loan Bank of Boston | |||||||||||||
FICO | Fair Isaac Corporation | |||||||||||||
FRBB | Federal Reserve Bank of Boston | |||||||||||||
FTE | Fully taxable equivalent | |||||||||||||
GAAP | Accounting principles generally accepted in the United States of America | |||||||||||||
GDP | Gross domestic product | |||||||||||||
HPI | National home price index | |||||||||||||
ICS | Insured Cash Sweep | |||||||||||||
LTV | Loan to value | |||||||||||||
NIM | Net interest margin | |||||||||||||
NUR | National unemployment rate | |||||||||||||
OREO | Property acquired through foreclosure or repossession | |||||||||||||
PPP | Paycheck Protection Program | |||||||||||||
ROU | Right-of-use | |||||||||||||
S&P | Standard and Poors, Inc. | |||||||||||||
SBA | Small Business Administration | |||||||||||||
SEC | U.S. Securities and Exchange Commission | |||||||||||||
TDR | Troubled debt restructuring | |||||||||||||
Washington Trust | The Bancorp and its subsidiaries | |||||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Balance Sheets (unaudited) | |||||
(Dollars in thousands, except par value) |
September 30, 2022 | December 31, 2021 | |||||||
Assets: | ||||||||
Cash and due from banks | $130,066 | $175,259 | ||||||
Short-term investments | 2,773 | 3,234 | ||||||
Mortgage loans held for sale, at fair value | 24,054 | 40,196 | ||||||
Available for sale debt securities, at fair value (amortized cost of $1,165,816, net of allowance for credit losses on securities of $0 at September 30, 2022; and amortized cost of $1,051,800; net of allowance for credit losses on securities of $0 at December 31, 2021) | 982,573 | 1,042,859 | ||||||
Federal Home Loan Bank stock, at cost | 32,940 | 13,031 | ||||||
Loans: | ||||||||
Total loans | 4,848,873 | 4,272,925 | ||||||
Less: allowance for credit losses on loans | 36,863 | 39,088 | ||||||
Net loans | 4,812,010 | 4,233,837 | ||||||
Premises and equipment, net | 30,152 | 28,908 | ||||||
Operating lease right-of-use assets | 27,788 | 26,692 | ||||||
Investment in bank-owned life insurance | 101,491 | 92,592 | ||||||
Goodwill | 63,909 | 63,909 | ||||||
Identifiable intangible assets, net | 4,766 | 5,414 | ||||||
Other assets | 195,529 | 125,196 | ||||||
Total assets | $6,408,051 | $5,851,127 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing deposits | $938,572 | $945,229 | ||||||
Interest-bearing deposits | 4,131,285 | 4,034,822 | ||||||
Total deposits | 5,069,857 | 4,980,051 | ||||||
Federal Home Loan Bank advances | 700,000 | 145,000 | ||||||
Junior subordinated debentures | 22,681 | 22,681 | ||||||
Operating lease liabilities | 30,189 | 29,010 | ||||||
Other liabilities | 153,050 | 109,577 | ||||||
Total liabilities | 5,975,777 | 5,286,319 | ||||||
Commitments and contingencies (Note 17) | ||||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 60,000,000 shares; 17,363,457 shares issued and 17,171,147 shares outstanding at September 30, 2022 and 17,363,457 shares issued and 17,330,818 shares outstanding at December 31, 2021 | 1,085 | 1,085 | ||||||
Paid-in capital | 127,055 | 126,511 | ||||||
Retained earnings | 485,163 | 458,310 | ||||||
Accumulated other comprehensive loss | (171,755) | (19,981) | ||||||
Treasury stock, at cost; 192,310 shares at September 30, 2022 and 32,639 shares at December 31, 2021 | (9,274) | (1,117) | ||||||
Total shareholders’ equity | 432,274 | 564,808 | ||||||
Total liabilities and shareholders’ equity | $6,408,051 | $5,851,127 |
September 30, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Cash and due from banks | $128,580 | $106,185 | |||||
Short-term investments | 2,600 | 1,612 | |||||
Mortgage loans held for sale, at fair value | 28,484 | 29,434 | |||||
Securities: | |||||||
Available for sale, at fair value | 714,355 | 739,912 | |||||
Held to maturity, at amortized cost (fair value $13,537 at September 30, 2017 and $15,920 at December 31, 2016) | 13,241 | 15,633 | |||||
Total securities | 727,596 | 755,545 | |||||
Federal Home Loan Bank stock, at cost | 42,173 | 43,129 | |||||
Loans: | |||||||
Commercial | 1,800,116 | 1,771,666 | |||||
Residential real estate | 1,195,537 | 1,122,748 | |||||
Consumer | 327,425 | 339,957 | |||||
Total loans | 3,323,078 | 3,234,371 | |||||
Less allowance for loan losses | 27,308 | 26,004 | |||||
Net loans | 3,295,770 | 3,208,367 | |||||
Premises and equipment, net | 28,591 | 29,020 | |||||
Investment in bank-owned life insurance | 72,729 | 71,105 | |||||
Goodwill | 63,909 | 64,059 | |||||
Identifiable intangible assets, net | 9,388 | 10,175 | |||||
Other assets | 69,410 | 62,484 | |||||
Total assets | $4,469,230 | $4,381,115 | |||||
Liabilities: | |||||||
Deposits: | |||||||
Demand deposits | $621,273 | $585,960 | |||||
NOW accounts | 448,128 | 427,707 | |||||
Money market accounts | 716,827 | 730,075 | |||||
Savings accounts | 367,912 | 358,397 | |||||
Time deposits | 1,002,941 | 961,613 | |||||
Total deposits | 3,157,081 | 3,063,752 | |||||
Federal Home Loan Bank advances | 814,045 | 848,930 | |||||
Junior subordinated debentures | 22,681 | 22,681 | |||||
Other liabilities | 61,195 | 54,948 | |||||
Total liabilities | 4,055,002 | 3,990,311 | |||||
Commitments and contingencies | |||||||
Shareholders’ Equity: | |||||||
Common stock of $.0625 par value; authorized 60,000,000 shares; issued and outstanding 17,214,160 shares at September 30, 2017 and 17,170,820 shares at December 31, 2016 | 1,076 | 1,073 | |||||
Paid-in capital | 117,189 | 115,123 | |||||
Retained earnings | 312,334 | 294,365 | |||||
Accumulated other comprehensive loss | (16,371 | ) | (19,757 | ) | |||
Total shareholders’ equity | 414,228 | 390,804 | |||||
Total liabilities and shareholders’ equity | $4,469,230 | $4,381,115 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Income (unaudited) | |||||
(Dollars and shares in thousands, except per share amounts) |
Three Months | Nine Months | |||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $45,125 | $35,691 | $115,657 | $104,670 | ||||||||||||||||||||||
Interest on mortgage loans held for sale | 361 | 298 | 851 | 1,144 | ||||||||||||||||||||||
Taxable interest on debt securities | 6,061 | 3,683 | 15,209 | 10,366 | ||||||||||||||||||||||
Dividends on Federal Home Loan Bank stock | 88 | 95 | 218 | 338 | ||||||||||||||||||||||
Other interest income | 503 | 56 | 769 | 121 | ||||||||||||||||||||||
Total interest and dividend income | 52,138 | 39,823 | 132,704 | 116,639 | ||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 6,656 | 2,789 | 13,722 | 9,413 | ||||||||||||||||||||||
Federal Home Loan Bank advances | 3,234 | 872 | 3,891 | 3,253 | ||||||||||||||||||||||
Junior subordinated debentures | 206 | 92 | 443 | 278 | ||||||||||||||||||||||
Total interest expense | 10,096 | 3,753 | 18,056 | 12,944 | ||||||||||||||||||||||
Net interest income | 42,042 | 36,070 | 114,648 | 103,695 | ||||||||||||||||||||||
Provision for credit losses | 800 | — | (2,100) | (2,000) | ||||||||||||||||||||||
Net interest income after provision for credit losses | 41,242 | 36,070 | 116,748 | 105,695 | ||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues | 9,525 | 10,455 | 30,122 | 30,778 | ||||||||||||||||||||||
Mortgage banking revenues | 2,047 | 6,373 | 7,630 | 24,294 | ||||||||||||||||||||||
Card interchange fees | 1,287 | 1,265 | 3,754 | 3,714 | ||||||||||||||||||||||
Service charges on deposit accounts | 819 | 673 | 2,250 | 1,917 | ||||||||||||||||||||||
Loan related derivative income | 1,041 | 728 | 2,011 | 2,370 | ||||||||||||||||||||||
Income from bank-owned life insurance | 684 | 618 | 1,900 | 1,781 | ||||||||||||||||||||||
Other income | 400 | 408 | 1,147 | 2,233 | ||||||||||||||||||||||
Total noninterest income | 15,803 | 20,520 | 48,814 | 67,087 | ||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 21,609 | 22,162 | 62,992 | 65,771 | ||||||||||||||||||||||
Outsourced services | 3,552 | 3,294 | 10,169 | 9,711 | ||||||||||||||||||||||
Net occupancy | 2,234 | 2,134 | 6,708 | 6,304 | ||||||||||||||||||||||
Equipment | 939 | 977 | 2,795 | 2,946 | ||||||||||||||||||||||
Legal, audit and professional fees | 693 | 767 | 2,140 | 2,042 | ||||||||||||||||||||||
FDIC deposit insurance costs | 430 | 482 | 1,198 | 1,201 | ||||||||||||||||||||||
Advertising and promotion | 799 | 559 | 1,874 | 1,341 | ||||||||||||||||||||||
Amortization of intangibles | 215 | 223 | 648 | 674 | ||||||||||||||||||||||
Debt prepayment penalties | — | — | — | 4,230 | ||||||||||||||||||||||
Other expenses | 2,596 | 1,922 | 6,839 | 6,025 | ||||||||||||||||||||||
Total noninterest expense | 33,067 | 32,520 | 95,363 | 100,245 | ||||||||||||||||||||||
Income before income taxes | 23,978 | 24,070 | 70,199 | 72,537 | ||||||||||||||||||||||
Income tax expense | 5,310 | 5,319 | 15,091 | 15,855 | ||||||||||||||||||||||
Net income | $18,668 | $18,751 | $55,108 | $56,682 | ||||||||||||||||||||||
Net income available to common shareholders | $18,615 | $18,697 | $54,944 | $56,520 | ||||||||||||||||||||||
Weighted average common shares outstanding - basic | 17,174 | 17,320 | 17,269 | 17,303 | ||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 17,298 | 17,444 | 17,389 | 17,451 | ||||||||||||||||||||||
Per share information: | Basic earnings per common share | $1.08 | $1.08 | $3.18 | $3.27 | |||||||||||||||||||||
Diluted earnings per common share | $1.08 | $1.07 | $3.16 | $3.24 |
Three months | Nine months | |||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $32,509 | $29,633 | $94,503 | $88,753 | ||||||||||||
Interest on securities: | Taxable | 4,655 | 3,024 | 14,208 | 7,881 | |||||||||||
Nontaxable | 41 | 218 | 225 | 825 | ||||||||||||
Dividends on Federal Home Loan Bank stock | 467 | 288 | 1,293 | 729 | ||||||||||||
Other interest income | 197 | 93 | 457 | 227 | ||||||||||||
Total interest and dividend income | 37,869 | 33,256 | 110,686 | 98,415 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,835 | 3,110 | 10,928 | 9,059 | ||||||||||||
Federal Home Loan Bank advances | 3,816 | 2,641 | 10,669 | 7,106 | ||||||||||||
Junior subordinated debentures | 159 | 125 | 446 | 356 | ||||||||||||
Other interest expense | — | 1 | 1 | 4 | ||||||||||||
Total interest expense | 7,810 | 5,877 | 22,044 | 16,525 | ||||||||||||
Net interest income | 30,059 | 27,379 | 88,642 | 81,890 | ||||||||||||
Provision for loan losses | 1,300 | 1,800 | 2,400 | 2,750 | ||||||||||||
Net interest income after provision for loan losses | 28,759 | 25,579 | 86,242 | 79,140 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management revenues | 10,013 | 9,623 | 29,432 | 28,278 | ||||||||||||
Mortgage banking revenues | 3,036 | 3,734 | 8,295 | 8,642 | ||||||||||||
Service charges on deposit accounts | 942 | 915 | 2,726 | 2,757 | ||||||||||||
Card interchange fees | 894 | 870 | 2,598 | 2,527 | ||||||||||||
Income from bank-owned life insurance | 546 | 521 | 1,624 | 2,110 | ||||||||||||
Loan related derivative income | 1,452 | 1,178 | 2,744 | 2,331 | ||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (89 | ) | (88 | ) | (266 | ) | (265 | ) | ||||||||
Other income | 489 | 508 | 1,446 | 1,429 | ||||||||||||
Total noninterest income | 17,283 | 17,261 | 48,599 | 47,809 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 17,251 | 16,908 | 51,404 | 50,693 | ||||||||||||
Net occupancy | 1,928 | 1,766 | 5,662 | 5,376 | ||||||||||||
Equipment | 1,380 | 1,648 | 4,160 | 4,652 | ||||||||||||
Outsourced services | 1,793 | 1,254 | 4,960 | 3,911 | ||||||||||||
Legal, audit and professional fees | 534 | 691 | 1,732 | 1,982 | ||||||||||||
FDIC deposit insurance costs | 308 | 504 | 1,258 | 1,488 | ||||||||||||
Advertising and promotion | 416 | 370 | 1,015 | 1,055 | ||||||||||||
Amortization of intangibles | 253 | 321 | 787 | 966 | ||||||||||||
Debt prepayment penalties | — | — | — | 431 | ||||||||||||
Change in fair value of contingent consideration | — | (939 | ) | (310 | ) | (898 | ) | |||||||||
Other expenses | 2,891 | 2,127 | 7,678 | 6,474 | ||||||||||||
Total noninterest expense | 26,754 | 24,650 | 78,346 | 76,130 | ||||||||||||
Income before income taxes | 19,288 | 18,190 | 56,495 | 50,819 | ||||||||||||
Income tax expense | 6,326 | 5,863 | 18,552 | 16,500 | ||||||||||||
Net income | $12,962 | $12,327 | $37,943 | $34,319 | ||||||||||||
Weighted average common shares outstanding - basic | 17,212 | 17,090 | 17,201 | 17,060 | ||||||||||||
Weighted average common shares outstanding - diluted | 17,318 | 17,203 | 17,320 | 17,198 | ||||||||||||
Per share information: | Basic earnings per common share | $0.75 | $0.72 | $2.20 | $2.01 | |||||||||||
Diluted earnings per common share | $0.75 | $0.72 | $2.19 | $1.99 | ||||||||||||
Cash dividends declared per share | $0.39 | $0.37 | $1.15 | $1.09 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Comprehensive Income (Loss) (unaudited) | |||||
(Dollars in thousands) |
Three Months | Nine Months | ||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $18,668 | $18,751 | $55,108 | $56,682 | |||||||||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Net change in fair value of available for sale debt securities | (47,067) | (3,137) | (132,469) | (12,322) | |||||||||||||||||||
Net change in fair value of cash flow hedges | (6,973) | (403) | (20,281) | (36) | |||||||||||||||||||
Net change in defined benefit plan obligations | 326 | 540 | 976 | 1,621 | |||||||||||||||||||
Total other comprehensive loss, net of tax | (53,714) | (3,000) | (151,774) | (10,737) | |||||||||||||||||||
Total comprehensive (loss) income | ($35,046) | $15,751 | ($96,666) | $45,945 |
Three Months | Nine Months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income | $12,962 | $12,327 | $37,943 | $34,319 | |||||||||||
Other comprehensive income, net of tax: | |||||||||||||||
Net change in fair value of securities available for sale | 1,094 | (91 | ) | 3,323 | 1,651 | ||||||||||
Net change in fair value of cash flow hedges | (13 | ) | (4 | ) | (364 | ) | (94 | ) | |||||||
Net change in defined benefit plan obligations | 217 | 166 | 427 | 497 | |||||||||||
Total other comprehensive income, net of tax | 1,298 | 71 | 3,386 | 2,054 | |||||||||||
Total comprehensive income | $14,260 | $12,398 | $41,329 | $36,373 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Changes in Shareholders' Equity (unaudited) | |||||
(Dollars and shares in |
For the three months ended September 30, 2022 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||
Balance at June 30, 2022 | 17,190 | $1,085 | $126,079 | $475,889 | ($118,041) | ($8,378) | $476,634 | ||||||||||||||||
Net income | — | — | — | 18,668 | — | — | 18,668 | ||||||||||||||||
Total other comprehensive loss, net of tax | — | — | — | — | (53,714) | — | (53,714) | ||||||||||||||||
Cash dividends declared ($0.54 per share) | — | — | — | (9,394) | — | — | (9,394) | ||||||||||||||||
Share-based compensation | — | — | 976 | — | — | — | 976 | ||||||||||||||||
Treasury stock purchased under 2021 Repurchase Program | (19) | — | — | — | — | (896) | (896) | ||||||||||||||||
Balance at September 30, 2022 | 17,171 | $1,085 | $127,055 | $485,163 | ($171,755) | ($9,274) | $432,274 |
For the nine months ended September 30, 2022 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||
Balance at December 31, 2021 | 17,331 | $1,085 | $126,511 | $458,310 | ($19,981) | ($1,117) | $564,808 | ||||||||||||||||
Net income | — | — | — | 55,108 | — | — | 55,108 | ||||||||||||||||
Total other comprehensive loss, net of tax | — | — | — | — | (151,774) | — | (151,774) | ||||||||||||||||
Cash dividends declared ($1.62 per share) | — | — | — | (28,255) | — | — | (28,255) | ||||||||||||||||
Share-based compensation | — | — | 2,589 | — | — | — | 2,589 | ||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered | 34 | — | (2,045) | — | — | 1,322 | (723) | ||||||||||||||||
Treasury stock purchased under 2021 Repurchase Program | (194) | — | — | — | — | (9,479) | (9,479) | ||||||||||||||||
Balance at September 30, 2022 | 17,171 | $1,085 | $127,055 | $485,163 | ($171,755) | ($9,274) | $432,274 |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | |||||||||||||||||
Balance at January 1, 2017 | 17,171 | $1,073 | $115,123 | $294,365 | ($19,757 | ) | $390,804 | |||||||||||||||
Net income | — | — | — | 37,943 | — | 37,943 | ||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | 3,386 | 3,386 | |||||||||||||||||
Cash dividends declared | — | — | — | (19,974 | ) | — | (19,974 | ) | ||||||||||||||
Share-based compensation | — | — | 1,872 | — | — | 1,872 | ||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards | 43 | 3 | 194 | — | — | 197 | ||||||||||||||||
Balance at September 30, 2017 | 17,214 | $1,076 | $117,189 | $312,334 | ($16,371 | ) | $414,228 |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | |||||||||||||||||
Balance at January 1, 2016 | 17,020 | $1,064 | $110,949 | $273,074 | ($9,699 | ) | $375,388 | |||||||||||||||
Net income | — | — | — | 34,319 | — | 34,319 | ||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | 2,054 | 2,054 | ||||||||||||||||
Cash dividends declared | — | — | — | (18,780 | ) | — | (18,780 | ) | ||||||||||||||
Share-based compensation | — | — | 1,634 | — | — | 1,634 | ||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards and related tax benefit | 87 | 5 | 707 | — | — | 712 | ||||||||||||||||
Balance at September 30, 2016 | 17,107 | $1,069 | $113,290 | $288,613 | ($7,645 | ) | $395,327 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Changes in Shareholders' Equity (unaudited) | |||||
(Dollars and shares in thousands, except per share amounts) |
For the three months ended September 30, 2021 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||
Balance at June 30, 2021 | 17,320 | $1,085 | $125,442 | $437,927 | ($15,128) | ($1,470) | $547,856 | ||||||||||||||||
Net income | — | — | — | 18,751 | — | — | 18,751 | ||||||||||||||||
Total other comprehensive loss, net of tax | — | — | — | — | (3,000) | — | (3,000) | ||||||||||||||||
Cash dividends declared ($0.52 per share) | — | — | — | (9,112) | — | — | (9,112) | ||||||||||||||||
Share-based compensation | — | — | 823 | — | — | — | 823 | ||||||||||||||||
Balance at September 30, 2021 | 17,320 | $1,085 | $126,265 | $447,566 | ($18,128) | ($1,470) | $555,318 |
For the nine months ended September 30, 2021 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||
Balance at December 31, 2020 | 17,265 | $1,085 | $125,610 | $418,246 | ($7,391) | ($3,355) | $534,195 | ||||||||||||||||
Net income | — | — | — | 56,682 | — | — | 56,682 | ||||||||||||||||
Total other comprehensive loss, net of tax | — | — | — | — | (10,737) | — | (10,737) | ||||||||||||||||
Cash dividends declared ($1.56 per share) | — | — | — | (27,362) | — | — | (27,362) | ||||||||||||||||
Share-based compensation | — | — | 2,705 | — | — | — | 2,705 | ||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered | 55 | — | (2,050) | — | — | 1,885 | (165) | ||||||||||||||||
Balance at September 30, 2021 | 17,320 | $1,085 | $126,265 | $447,566 | ($18,128) | ($1,470) | $555,318 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statement of Cash Flows (unaudited) | |||||
(Dollars in thousands) |
Nine months ended September 30, | 2022 | 2021 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $55,108 | $56,682 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Provision for credit losses | (2,100) | (2,000) | ||||||||||||
Depreciation of premises and equipment | 2,554 | 2,549 | ||||||||||||
Net amortization of premiums and discounts on debt securities and loans | 2,485 | 2,742 | ||||||||||||
Amortization of intangibles | 648 | 674 | ||||||||||||
Share-based compensation | 2,589 | 2,705 | ||||||||||||
Tax benefit from stock option exercises and other equity awards | 71 | 135 | ||||||||||||
Income from bank-owned life insurance | (1,900) | (1,781) | ||||||||||||
Net gains on loan sales, including changes in fair value | (6,164) | (24,093) | ||||||||||||
Proceeds from sales of loans, net | 262,907 | 706,253 | ||||||||||||
Loans originated for sale | (242,153) | (634,451) | ||||||||||||
(Increase) decrease in operating lease right-of-use assets | (1,096) | 2,003 | ||||||||||||
Increase (decrease) in operating lease liabilities | 1,179 | (1,907) | ||||||||||||
(Increase) decrease in other assets | (27,734) | 34,107 | ||||||||||||
Increase (decrease) in other liabilities | 25,451 | (36,698) | ||||||||||||
Net cash provided by operating activities | 71,845 | 106,920 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of: | Available for sale debt securities: Mortgage-backed | (203,826) | (297,810) | |||||||||||
Available for sale debt securities: Other | (10,747) | (221,166) | ||||||||||||
Maturities, calls and principal payments of: | Available for sale debt securities: Mortgage-backed | 97,495 | 274,169 | |||||||||||
Available for sale debt securities: Other | — | 70,500 | ||||||||||||
Net (purchases) redemption of Federal Home Loan Bank stock | (19,909) | 15,191 | ||||||||||||
Purchases of other equity investments | (375) | — | ||||||||||||
Net increase in loans | (571,950) | (80,021) | ||||||||||||
Purchases of loans | (1,764) | (41,546) | ||||||||||||
Purchases of premises and equipment | (3,824) | (2,166) | ||||||||||||
Purchases of bank-owned life insurance | (7,000) | (7,000) | ||||||||||||
Equity investment in real estate limited partnership | (1,861) | — | ||||||||||||
Net cash used in investing activities | (723,761) | (289,849) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase in deposits | 89,806 | 679,789 | ||||||||||||
Proceeds from Federal Home Loan Bank advances | 1,946,112 | 1,173,000 | ||||||||||||
Repayment of Federal Home Loan Bank advances | (1,391,112) | (1,544,267) | ||||||||||||
Treasury stock purchased | (9,479) | — | ||||||||||||
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered | (723) | (165) | ||||||||||||
Cash dividends paid | (28,342) | (27,308) | ||||||||||||
Net cash provided by financing activities | 606,262 | 281,049 | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (45,654) | 98,120 | ||||||||||||
Cash and cash equivalents at beginning of period | 178,493 | 202,268 | ||||||||||||
Cash and cash equivalents at end of period | $132,839 | $300,388 | ||||||||||||
Noncash Activities: | ||||||||||||||
Loans charged off | $122 | $630 | ||||||||||||
Commitment for equity investment in real estate limited partnership | 8,360 | — | ||||||||||||
Supplemental Disclosures: | ||||||||||||||
Interest payments | $15,677 | $14,675 | ||||||||||||
Income tax payments | 13,021 | 15,551 |
Nine months ended September 30, | 2017 | 2016 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $37,943 | $34,319 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for loan losses | 2,400 | 2,750 | ||||||
Depreciation of premises and equipment | 2,613 | 2,737 | ||||||
Net amortization of premium and discount | 2,560 | 1,802 | ||||||
Amortization of intangibles | 787 | 966 | ||||||
Goodwill impairment | 150 | — | ||||||
Share-based compensation | 1,872 | 1,634 | ||||||
Tax benefit from stock option exercises and other equity awards | 414 | 430 | ||||||
Income from bank-owned life insurance | (1,624 | ) | (2,110 | ) | ||||
Net gains on loan sales and commissions on loans originated for others, including fair value adjustments | (8,004 | ) | (8,682 | ) | ||||
Net gain on sale of portfolio loans | — | (135 | ) | |||||
Equity in (earnings) losses of unconsolidated subsidiaries | 266 | 265 | ||||||
Proceeds from sales of loans | 345,539 | 370,526 | ||||||
Loans originated for sale | (337,772 | ) | (369,746 | ) | ||||
Change in fair value of contingent consideration liability | (310 | ) | (898 | ) | ||||
Increase in other assets | (9,814 | ) | (22,719 | ) | ||||
Increase in other liabilities | 6,537 | 17,635 | ||||||
Net cash provided by operating activities | 43,557 | 28,774 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of: | Mortgage-backed securities available for sale | (35,213 | ) | (248,221 | ) | |||
Other investment securities available for sale | (19,963 | ) | (70,495 | ) | ||||
Maturities and principal payments of: | Mortgage-backed securities available for sale | 62,745 | 41,446 | |||||
Other investment securities available for sale | 21,269 | 89,441 | ||||||
Mortgage-backed securities held to maturity | 2,283 | 3,029 | ||||||
Remittance (purchases) of Federal Home Loan Bank stock | 956 | (12,933 | ) | |||||
Net increase in loans | (88,914 | ) | (95,759 | ) | ||||
Net proceeds from sale of portfolio loans | — | 510 | ||||||
Purchases of loans | (737 | ) | (77,180 | ) | ||||
Proceeds from the sale of property acquired through foreclosure or repossession | 513 | 731 | ||||||
Purchases of premises and equipment | (2,184 | ) | (2,608 | ) | ||||
Purchases of bank-owned life insurance | — | (5,000 | ) | |||||
Proceeds from bank-owned life insurance | — | 2,054 | ||||||
Net cash used in investing activities | (59,245 | ) | (374,985 | ) | ||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 93,329 | 103,119 | ||||||
Proceeds from Federal Home Loan Bank advances | 1,000,000 | 981,250 | ||||||
Repayment of Federal Home Loan Bank advances | (1,034,885 | ) | (688,608 | ) | ||||
Net proceeds from stock option exercises and issuance of other equity awards | 194 | 282 | ||||||
Cash dividends paid | (19,567 | ) | (18,291 | ) | ||||
Net cash provided by financing activities | 39,071 | 377,752 | ||||||
Net increase in cash and cash equivalents | 23,383 | 31,541 | ||||||
Cash and cash equivalents at beginning of period | 107,797 | 97,631 | ||||||
Cash and cash equivalents at end of period | $131,180 | $129,172 |
Noncash Investing and Financing Activities: | |||||||
Loans charged off | $1,415 | $4,390 | |||||
Loans transferred to property acquired through foreclosure or repossession | 576 | 1,045 | |||||
Supplemental Disclosures: | |||||||
Interest payments | $21,512 | $16,093 | |||||
Income tax payments | 19,272 | 14,860 |
(Dollars in thousands) | |||||||||||||||||||||||||||||
September 30, 2022 | Amortized Cost | Unrealized Gains | Unrealized Losses | ACL | Fair Value | ||||||||||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $231,204 | $5 | ($33,354) | $— | $197,855 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 912,063 | 120 | (147,919) | — | 764,264 | ||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | 9,384 | — | (584) | — | 8,800 | ||||||||||||||||||||||||
Corporate bonds | 13,165 | — | (1,511) | — | 11,654 | ||||||||||||||||||||||||
Total available for sale debt securities | $1,165,816 | $125 | ($183,368) | $— | $982,573 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||
September 30, 2017 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
Securities Available for Sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $121,499 | $— | ($2,374 | ) | $119,125 | ||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 563,240 | 4,915 | (6,485 | ) | 561,670 | ||||||||||
Obligations of states and political subdivisions | 3,156 | 7 | — | 3,163 | |||||||||||
Individual name issuer trust preferred debt securities | 27,897 | — | (1,509 | ) | 26,388 | ||||||||||
Corporate bonds | 4,122 | 24 | (137 | ) | 4,009 | ||||||||||
Total securities available for sale | $719,914 | $4,946 | ($10,505 | ) | $714,355 | ||||||||||
Held to Maturity: | |||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | $13,241 | $296 | $— | $13,537 | |||||||||||
Total securities held to maturity | $13,241 | $296 | $— | $13,537 | |||||||||||
Total securities | $733,155 | $5,242 | ($10,505 | ) | $727,892 |
(Dollars in thousands) | |||||||||||||||||||||||||||||
December 31, 2021 | Amortized Cost | Unrealized Gains | Unrealized Losses | ACL | Fair Value | ||||||||||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $200,953 | $12 | ($4,511) | $— | $196,454 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 828,319 | 6,850 | (10,207) | — | 824,962 | ||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | 9,373 | — | (235) | — | 9,138 | ||||||||||||||||||||||||
Corporate bonds | 13,155 | — | (850) | — | 12,305 | ||||||||||||||||||||||||
Total available for sale debt securities | $1,051,800 | $6,862 | ($15,803) | $— | $1,042,859 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||
December 31, 2016 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||
Securities Available for Sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $111,483 | $7 | ($3,050 | ) | $108,440 | ||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 592,833 | 4,923 | (9,671 | ) | 588,085 | ||||||||||
Obligations of states and political subdivisions | 14,423 | 62 | — | 14,485 | |||||||||||
Individual name issuer trust preferred debt securities | 29,851 | — | (3,115 | ) | 26,736 | ||||||||||
Corporate bonds | 2,155 | 16 | (5 | ) | 2,166 | ||||||||||
Total securities available for sale | $750,745 | $5,008 | ($15,841 | ) | $739,912 | ||||||||||
Held to Maturity: | |||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | $15,633 | $287 | $— | $15,920 | |||||||||||
Total securities held to maturity | $15,633 | $287 | $— | $15,920 | |||||||||||
Total securities | $766,378 | $5,295 | ($15,841 | ) | $755,832 |
(Dollars in thousands) | ||||||||||||||||||||
September 30, 2022 | Amortized Cost | Fair Value | ||||||||||||||||||
Due in one year or less | $122,305 | $102,490 | ||||||||||||||||||
Due after one year to five years | 407,912 | 343,570 | ||||||||||||||||||
Due after five years to ten years | 418,836 | 354,503 | ||||||||||||||||||
Due after ten years | 216,763 | 182,010 | ||||||||||||||||||
Total debt securities | $1,165,816 | $982,573 |
(Dollars in thousands) | Available for Sale | Held to Maturity | |||||||||||||
September 30, 2017 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Due in one year or less | $59,796 | $59,636 | $1,792 | $1,832 | |||||||||||
Due after one year to five years | 226,076 | 224,715 | 5,603 | 5,728 | |||||||||||
Due after five years to ten years | 246,549 | 243,740 | 4,239 | 4,334 | |||||||||||
Due after ten years | 187,493 | 186,264 | 1,607 | 1,643 | |||||||||||
Total securities | $719,914 | $714,355 | $13,241 | $13,537 |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | 7 | $45,972 | ($4,983) | 15 | $141,878 | ($28,371) | 22 | $187,850 | ($33,354) | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 122 | 395,493 | (52,363) | 47 | 363,645 | (95,556) | 169 | 759,138 | (147,919) | |||||||||||||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | — | — | — | 3 | 8,800 | (584) | 3 | 8,800 | (584) | |||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | — | 4 | 11,654 | (1,511) | 4 | 11,654 | (1,511) | |||||||||||||||||||||||||||||||||||
Total | 129 | $441,465 | ($57,346) | 69 | $525,977 | ($126,022) | 198 | $967,442 | ($183,368) |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||
September 30, 2017 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | 9 | $79,988 | ($1,511 | ) | 2 | $29,137 | ($863 | ) | 11 | $109,125 | ($2,374 | ) | |||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 20 | 153,078 | (2,200 | ) | 14 | 179,166 | (4,285 | ) | 34 | 332,244 | (6,485 | ) | |||||||||||||||||
Individual name issuer trust preferred debt securities | — | — | — | 9 | 26,388 | (1,509 | ) | 9 | 26,388 | (1,509 | ) | ||||||||||||||||||
Corporate bonds | 2 | 402 | (1 | ) | 1 | 1,845 | (136 | ) | 3 | 2,247 | (137 | ) | |||||||||||||||||
Total temporarily impaired securities | 31 | $233,468 | ($3,712 | ) | 26 | $236,536 | ($6,793 | ) | 57 | $470,004 | ($10,505 | ) |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | 12 | $152,733 | ($3,313) | 6 | $43,202 | ($1,198) | 18 | $195,935 | ($4,511) | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 41 | 514,419 | (7,270) | 21 | 108,983 | (2,937) | 62 | 623,402 | (10,207) | |||||||||||||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | — | — | — | 3 | 9,138 | (235) | 3 | 9,138 | (235) | |||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | — | 4 | 12,305 | (850) | 4 | 12,305 | (850) | |||||||||||||||||||||||||||||||||||
Total | 53 | $667,152 | ($10,583) | 34 | $173,628 | ($5,220) | 87 | $840,780 | ($15,803) |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||
December 31, 2016 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | 10 | $98,433 | ($3,050 | ) | — | $— | $— | 10 | $98,433 | ($3,050 | ) | ||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 35 | 407,073 | (9,671 | ) | — | — | — | 35 | 407,073 | (9,671 | ) | ||||||||||||||||||
Individual name issuer trust preferred debt securities | — | — | — | 10 | 26,736 | (3,115 | ) | 10 | 26,736 | (3,115 | ) | ||||||||||||||||||
Corporate bonds | 2 | 400 | (5 | ) | — | — | — | 2 | 400 | (5 | ) | ||||||||||||||||||
Total temporarily impaired securities | 47 | $505,906 | ($12,726 | ) | 10 | $26,736 | ($3,115 | ) | 57 | $532,642 | ($15,841 | ) |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||
Commercial: | ||||||||
Commercial real estate (1) | $1,762,687 | $1,639,062 | ||||||
Commercial & industrial (2) | 652,758 | 641,555 | ||||||
Total commercial | 2,415,445 | 2,280,617 | ||||||
Residential Real Estate: | ||||||||
Residential real estate (3) | 2,144,098 | 1,726,975 | ||||||
Consumer: | ||||||||
Home equity | 273,742 | 247,697 | ||||||
Other (4) | 15,588 | 17,636 | ||||||
Total consumer | 289,330 | 265,333 | ||||||
Total loans (5) | $4,848,873 | $4,272,925 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||
Amount | % | Amount | % | ||||||||||
Commercial: | |||||||||||||
Mortgages (1) | $1,085,535 | 33 | % | $1,074,186 | 33 | % | |||||||
Construction & development (2) | 126,257 | 4 | 121,371 | 4 | |||||||||
Commercial & industrial (3) | 588,324 | 17 | 576,109 | 18 | |||||||||
Total commercial | 1,800,116 | 54 | 1,771,666 | 55 | |||||||||
Residential Real Estate: | |||||||||||||
Mortgages | 1,171,161 | 35 | 1,094,824 | 34 | |||||||||
Homeowner construction | 24,376 | 1 | 27,924 | 1 | |||||||||
Total residential real estate | 1,195,537 | 36 | 1,122,748 | 35 | |||||||||
Consumer: | |||||||||||||
Home equity lines | 259,880 | 8 | 264,200 | 8 | |||||||||
Home equity loans | 34,777 | 1 | 37,272 | 1 | |||||||||
Other (4) | 32,768 | 1 | 38,485 | 1 | |||||||||
Total consumer | 327,425 | 10 | 339,957 | 10 | |||||||||
Total loans (5) | $3,323,078 | 100 | % | $3,234,371 | 100 | % |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||||||||||||||
September 30, 2022 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $1,762,687 | $1,762,687 | |||||||||||||||||||||||||||||
Commercial & industrial | 4 | — | — | 4 | 652,754 | 652,758 | |||||||||||||||||||||||||||||
Total commercial | 4 | — | — | 4 | 2,415,441 | 2,415,445 | |||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||
Residential real estate | 1,607 | 219 | 5,430 | 7,256 | 2,136,842 | 2,144,098 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Home equity | 202 | — | 50 | 252 | 273,490 | 273,742 | |||||||||||||||||||||||||||||
Other | 17 | — | — | 17 | 15,571 | 15,588 | |||||||||||||||||||||||||||||
Total consumer | 219 | — | 50 | 269 | 289,061 | 289,330 | |||||||||||||||||||||||||||||
Total loans | $1,830 | $219 | $5,480 | $7,529 | $4,841,344 | $4,848,873 |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||||||||||||||
December 31, 2021 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $1,639,062 | $1,639,062 | |||||||||||||||||||||||||||||
Commercial & industrial | 3 | — | — | 3 | 641,552 | 641,555 | |||||||||||||||||||||||||||||
Total commercial | 3 | — | — | 3 | 2,280,614 | 2,280,617 | |||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||
Residential real estate | 1,784 | 3,176 | 4,662 | 9,622 | 1,717,353 | 1,726,975 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Home equity | 580 | 77 | 108 | 765 | 246,932 | 247,697 | |||||||||||||||||||||||||||||
Other | 21 | — | — | 21 | 17,615 | 17,636 | |||||||||||||||||||||||||||||
Total consumer | 601 | 77 | 108 | 786 | 264,547 | 265,333 | |||||||||||||||||||||||||||||
Total loans | $2,388 | $3,253 | $4,770 | $10,411 | $4,262,514 | $4,272,925 |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | ||||||
Commercial: | ||||||||
Commercial real estate | $— | $— | ||||||
Commercial & industrial | — | — | ||||||
Total commercial | — | — | ||||||
Residential Real Estate: | ||||||||
Residential real estate | 11,700 | 13,576 | ||||||
Consumer: | ||||||||
Home equity | 422 | 627 | ||||||
Other | — | — | ||||||
Total consumer | 422 | 627 | ||||||
Total nonaccrual loans | $12,122 | $14,203 | ||||||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | Sep 30, 2017 | Dec 31, 2016 | |||||
Commercial: | |||||||
Mortgages | $5,887 | $7,811 | |||||
Construction & development | — | — | |||||
Commercial & industrial | 429 | 1,337 | |||||
Residential Real Estate: | |||||||
Mortgages | 11,699 | 11,736 | |||||
Homeowner construction | — | — | |||||
Consumer: | |||||||
Home equity lines | 27 | — | |||||
Home equity loans | 453 | 1,058 | |||||
Other | 16 | 116 | |||||
Total nonaccrual loans | $18,511 | $22,058 | |||||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||
September 30, 2017 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $— | $— | $5,887 | $5,887 | $1,079,648 | $1,085,535 | |||||||||||||||||
Construction & development | — | — | — | — | 126,257 | 126,257 | |||||||||||||||||
Commercial & industrial | 8 | 21 | 426 | 455 | 587,869 | 588,324 | |||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Mortgages | 1,530 | 1,748 | 4,524 | 7,802 | 1,163,359 | 1,171,161 | |||||||||||||||||
Homeowner construction | — | — | — | — | 24,376 | 24,376 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | 761 | 54 | — | 815 | 259,065 | 259,880 | |||||||||||||||||
Home equity loans | 847 | 549 | 57 | 1,453 | 33,324 | 34,777 | |||||||||||||||||
Other | 19 | 1 | 15 | 35 | 32,733 | 32,768 | |||||||||||||||||
Total loans | $3,165 | $2,373 | $10,909 | $16,447 | $3,306,631 | $3,323,078 |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||
December 31, 2016 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $901 | $— | $7,807 | $8,708 | $1,065,478 | $1,074,186 | |||||||||||||||||
Construction & development | — | — | — | — | 121,371 | 121,371 | |||||||||||||||||
Commercial & industrial | 409 | — | 745 | 1,154 | 574,955 | 576,109 | |||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Mortgages | 5,381 | 652 | 6,193 | 12,226 | 1,082,598 | 1,094,824 | |||||||||||||||||
Homeowner construction | — | — | — | — | 27,924 | 27,924 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | 655 | 26 | — | 681 | 263,519 | 264,200 | |||||||||||||||||
Home equity loans | 776 | 76 | 658 | 1,510 | 35,762 | 37,272 | |||||||||||||||||
Other | 32 | 1 | 110 | 143 | 38,342 | 38,485 | |||||||||||||||||
Total loans | $8,154 | $755 | $15,513 | $24,422 | $3,209,949 | $3,234,371 |
(Dollars in thousands) | Recorded Investment (1) | Unpaid Principal | Related Allowance | ||||||||||||||||||||
Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||||||||
No Related Allowance Recorded: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $776 | $4,676 | $773 | $9,019 | $— | $— | |||||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||||
Commercial & industrial | 5,077 | 6,458 | 5,183 | 6,550 | — | — | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||
Mortgages | 9,430 | 14,385 | 9,574 | 14,569 | — | — | |||||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | 27 | — | 27 | — | — | — | |||||||||||||||||
Home equity loans | 453 | 1,137 | 453 | 1,177 | — | — | |||||||||||||||||
Other | 14 | 116 | 14 | 116 | — | — | |||||||||||||||||
Subtotal | 15,777 | 26,772 | 16,024 | 31,431 | — | — | |||||||||||||||||
With Related Allowance Recorded: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $5,886 | $5,104 | $9,909 | $6,087 | $933 | $448 | |||||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||||
Commercial & industrial | 734 | 662 | 775 | 699 | 48 | 3 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||
Mortgages | 2,640 | 1,285 | 2,667 | 1,310 | 157 | 151 | |||||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity lines | — | — | — | — | — | — | |||||||||||||||||
Home equity loans | — | — | — | — | — | — | |||||||||||||||||
Other | 134 | 28 | 135 | 29 | 7 | 4 | |||||||||||||||||
Subtotal | 9,394 | 7,079 | 13,486 | 8,125 | 1,145 | 606 | |||||||||||||||||
Total impaired loans | $25,171 | $33,851 | $29,510 | $39,556 | $1,145 | $606 | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $12,473 | $16,900 | $16,640 | $22,355 | $981 | $451 | |||||||||||||||||
Residential real estate | 12,070 | 15,670 | 12,241 | 15,879 | 157 | 151 | |||||||||||||||||
Consumer | 628 | 1,281 | 629 | 1,322 | 7 | 4 | |||||||||||||||||
Total impaired loans | $25,171 | $33,851 | $29,510 | $39,556 | $1,145 | $606 |
(Dollars in thousands) | Average Recorded Investment | Interest Income Recognized | |||||||||||||
Three months ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Commercial: | |||||||||||||||
Mortgages | $8,041 | $13,159 | $21 | $40 | |||||||||||
Construction & development | — | — | — | — | |||||||||||
Commercial & industrial | 6,427 | 2,342 | 67 | 21 | |||||||||||
Residential Real Estate: | |||||||||||||||
Mortgages | 15,107 | 13,962 | 102 | 86 | |||||||||||
Homeowner construction | — | — | — | — | |||||||||||
Consumer: | |||||||||||||||
Home equity lines | 73 | 297 | 1 | 2 | |||||||||||
Home equity loans | 470 | 1,328 | 4 | 9 | |||||||||||
Other | 142 | 145 | 2 | 3 | |||||||||||
Totals | $30,260 | $31,233 | $197 | $161 |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate | $— | $— | $— | $— | |||||||||||||
Commercial & industrial | — | — | — | — | |||||||||||||
Total commercial | — | — | — | — | |||||||||||||
Residential Real Estate: | |||||||||||||||||
Residential real estate | 77 | 131 | 242 | 288 | |||||||||||||
Consumer: | |||||||||||||||||
Home equity | 9 | 9 | 21 | 44 | |||||||||||||
Other | — | — | 3 | — | |||||||||||||
Total consumer | 9 | 9 | 24 | 44 | |||||||||||||
Total | $86 | $140 | $266 | $332 |
(Dollars in thousands) | Average Recorded Investment | Interest Income Recognized | |||||||||||||
Nine months ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Commercial: | |||||||||||||||
Mortgages | $9,117 | $13,856 | $73 | $220 | |||||||||||
Construction & development | — | — | — | — | |||||||||||
Commercial & industrial | 6,750 | 3,141 | 219 | 42 | |||||||||||
Residential Real Estate: | |||||||||||||||
Mortgages | 15,750 | 11,985 | 374 | 253 | |||||||||||
Homeowner construction | — | — | — | — | |||||||||||
Consumer: | |||||||||||||||
Home equity lines | 81 | 427 | 5 | 10 | |||||||||||
Home equity loans | 653 | 1,240 | 20 | 33 | |||||||||||
Other | 142 | 147 | 8 | 7 | |||||||||||
Totals | $32,493 | $30,796 | $699 | $565 |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | ||||||
Accruing TDRs | $7,275 | $16,564 | ||||||
Nonaccrual TDRs | 2,890 | 2,819 | ||||||
Total TDRs | $10,165 | $19,383 | ||||||
Specific reserves on TDRs included in the ACL on loans | $132 | $148 | ||||||
Additional commitments to lend to borrowers with TDRs | $— | $— |
(Dollars in thousands) | Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||
# of Loans | Pre-Modifications | Post-Modifications | |||||||||||||||||||||||||||||||||
Three months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | $— | $— | $— | $— | |||||||||||||||||||||||||||||
Commercial & industrial | 2 | — | 844 | — | 844 | — | |||||||||||||||||||||||||||||
Total commercial | 2 | — | 844 | — | 844 | — | |||||||||||||||||||||||||||||
Total | 2 | — | $844 | $— | $844 | $— |
(Dollars in thousands) | Outstanding Recorded Investment (1) | ||||||||||||||||||||
# of Loans | Pre-Modifications | Post-Modifications | |||||||||||||||||||
Three months ended September 30, | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Mortgages | — | — | $— | $— | $— | $— | |||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||
Commercial & industrial | — | 5 | — | 914 | — | 914 | |||||||||||||||
Residential Real Estate: | |||||||||||||||||||||
Mortgages | — | — | — | — | — | — | |||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity lines | — | — | — | — | — | — | |||||||||||||||
Home equity loans | — | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||
Totals | — | 5 | $— | $914 | $— | $914 |
(Dollars in thousands) | Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||
# of Loans | Pre-Modifications | Post-Modifications | |||||||||||||||||||||||||||||||||
Nine months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | $— | $— | $— | $— | |||||||||||||||||||||||||||||
Commercial & industrial | 2 | — | 844 | — | 844 | — | |||||||||||||||||||||||||||||
Total commercial | 2 | — | 844 | — | 844 | — | |||||||||||||||||||||||||||||
Total | 2 | — | $844 | $— | $844 | $— |
(Dollars in thousands) | Outstanding Recorded Investment (1) | ||||||||||||||||||||
# of Loans | Pre-Modifications | Post-Modifications | |||||||||||||||||||
Nine months ended September 30, | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Mortgages | — | — | $— | $— | $— | $— | |||||||||||||||
Construction & development | — | — | — | — | — | — | |||||||||||||||
Commercial & industrial | — | 6 | — | 1,047 | — | 1,047 | |||||||||||||||
Residential Real Estate: | |||||||||||||||||||||
Mortgages | — | 1 | — | 3,550 | — | 3,550 | |||||||||||||||
Homeowner construction | — | — | — | — | — | — | |||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity lines | — | — | — | — | — | — | |||||||||||||||
Home equity loans | — | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||
Totals | — | 7 | $— | $4,597 | $— | $4,597 |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Below-market interest rate concession | $— | $— | $— | $— | |||||||||||||||||||
Payment deferral | — | — | — | — | |||||||||||||||||||
Maturity / amortization concession | — | — | — | — | |||||||||||||||||||
Interest only payments | — | — | — | — | |||||||||||||||||||
Combination (1) | 844 | — | 844 | — | |||||||||||||||||||
Total | $844 | $— | $844 | $— |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||
# of Loans | Recorded Investment | # of Loans | Recorded Investment | ||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
TDRs with a Payment Default: | |||||||||||||||||||||||||||||||||||
Residential real estate | — | 1 | $— | $330 | — | 1 | $— | $330 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||
Three months | Nine months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Below-market interest rate concession | $— | $— | $— | $— | |||||||||||
Payment deferral | — | — | — | — | |||||||||||
Maturity / amortization concession | — | 324 | — | 457 | |||||||||||
Interest only payments | — | — | — | 3,550 | |||||||||||
Combination (1) | — | 590 | — | 590 | |||||||||||
Total | $— | $914 | $— | $4,597 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Carrying Value | Related Allowance | Carrying Value | Related Allowance | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate (1) | $3,609 | $— | $10,603 | $— | |||||||||||||
Commercial & industrial | — | — | — | — | |||||||||||||
Total commercial | 3,609 | — | 10,603 | — | |||||||||||||
Residential Real Estate: | |||||||||||||||||
Residential real estate (2) | 4,612 | 520 | 3,803 | 534 | |||||||||||||
Consumer: | |||||||||||||||||
Home equity (2) | 71 | — | — | — | |||||||||||||
Other | — | — | — | — | |||||||||||||
Total consumer | 71 | — | — | — | |||||||||||||
Total | $8,292 | $520 | $14,406 | $534 |
(Dollars in thousands) | Pass | Special Mention | Classified | ||||||||||||||||||||
Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Mortgages | $1,079,485 | $1,065,358 | $— | $776 | $6,050 | $8,052 | |||||||||||||||||
Construction & development | 126,257 | 121,371 | — | — | — | — | |||||||||||||||||
Commercial & industrial | 567,113 | 559,416 | 10,885 | 8,938 | 10,326 | 7,755 | |||||||||||||||||
Total commercial loans | $1,772,855 | $1,746,145 | $10,885 | $9,714 | $16,376 | $15,807 |
(Dollars in thousands) | Current and Under 90 Days Past Due | Over 90 Days Past Due | |||||||||||||
Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||
Residential Real Estate: | |||||||||||||||
Accruing mortgages | $1,159,462 | $1,083,088 | $— | $— | |||||||||||
Nonaccrual mortgages | 7,175 | 5,543 | 4,524 | 6,193 | |||||||||||
Homeowner construction | 24,376 | 27,924 | — | — | |||||||||||
Total residential loans | $1,191,013 | $1,116,555 | $4,524 | $6,193 | |||||||||||
Consumer: | |||||||||||||||
Home equity lines | $259,880 | $264,200 | $— | $— | |||||||||||
Home equity loans | 34,720 | 36,614 | 57 | 658 | |||||||||||
Other | 32,753 | 38,375 | 15 | 110 | |||||||||||
Total consumer loans | $327,353 | $339,189 | $72 | $768 |
(Dollars in thousands) | Term Loans Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
CRE: | |||||||||||||||||||||||||||||
Pass | $461,435 | $354,011 | $175,390 | $193,425 | $175,084 | $316,290 | $3,579 | $1,466 | $1,680,680 | ||||||||||||||||||||
Special Mention | 14,142 | 22,345 | 406 | 13,115 | 17,567 | 10,633 | 190 | — | 78,398 | ||||||||||||||||||||
Classified | — | — | 510 | — | 2,685 | 414 | — | — | 3,609 | ||||||||||||||||||||
Total CRE | 475,577 | 376,356 | 176,306 | 206,540 | 195,336 | 327,337 | 3,769 | 1,466 | 1,762,687 | ||||||||||||||||||||
C&I: | |||||||||||||||||||||||||||||
Pass | 86,981 | 63,805 | 76,341 | 88,235 | 94,240 | 121,837 | 103,130 | 798 | 635,367 | ||||||||||||||||||||
Special Mention | 1,605 | — | — | — | 1,444 | 12,123 | 1,497 | — | 16,669 | ||||||||||||||||||||
Classified | — | — | — | 26 | — | — | 696 | — | 722 | ||||||||||||||||||||
Total C&I | 88,586 | 63,805 | 76,341 | 88,261 | 95,684 | 133,960 | 105,323 | 798 | 652,758 | ||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||
Current | 622,899 | 718,371 | 283,621 | 127,157 | 74,789 | 310,005 | — | — | 2,136,842 | ||||||||||||||||||||
Past Due | — | — | 1,397 | 1,156 | 2,107 | 2,596 | — | — | 7,256 | ||||||||||||||||||||
Total residential real estate | 622,899 | 718,371 | 285,018 | 128,313 | 76,896 | 312,601 | — | — | 2,144,098 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Current | 15,354 | 8,709 | 3,842 | 2,643 | 2,106 | 3,428 | 229,083 | 8,326 | 273,491 | ||||||||||||||||||||
Past Due | — | — | — | — | — | 81 | 95 | 75 | 251 | ||||||||||||||||||||
Total home equity | 15,354 | 8,709 | 3,842 | 2,643 | 2,106 | 3,509 | 229,178 | 8,401 | 273,742 | ||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
Current | 3,182 | 4,400 | 1,742 | 736 | 258 | 4,987 | 266 | — | 15,571 | ||||||||||||||||||||
Past Due | 17 | — | — | — | — | — | — | — | 17 | ||||||||||||||||||||
Total other | 3,199 | 4,400 | 1,742 | 736 | 258 | 4,987 | 266 | — | 15,588 | ||||||||||||||||||||
Total Loans | $1,205,615 | $1,171,641 | $543,249 | $426,493 | $370,280 | $782,394 | $338,536 | $10,665 | $4,848,873 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Total | |||||||||||||||||||||
Beginning Balance | $10,735 | $1,200 | $7,067 | $19,002 | $5,369 | $2,291 | $26,662 | ||||||||||||||||||||
Charge-offs | (535 | ) | — | (122 | ) | (657 | ) | — | (37 | ) | (694 | ) | |||||||||||||||
Recoveries | — | — | 8 | 8 | 1 | 31 | 40 | ||||||||||||||||||||
Provision | 1,482 | (95 | ) | (301 | ) | 1,086 | 70 | 144 | 1,300 | ||||||||||||||||||
Ending Balance | $11,682 | $1,105 | $6,652 | $19,439 | $5,440 | $2,429 | $27,308 |
(Dollars in thousands) | Term Loans Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
CRE: | |||||||||||||||||||||||||||||
Pass | $417,705 | $212,649 | $260,940 | $206,164 | $163,132 | $266,067 | $7,015 | $2,202 | $1,535,874 | ||||||||||||||||||||
Special Mention | 9,089 | 489 | 33,982 | 28,432 | — | 20,273 | 320 | — | 92,585 | ||||||||||||||||||||
Classified | — | 958 | — | 2,685 | 6,959 | 1 | — | — | 10,603 | ||||||||||||||||||||
Total CRE | 426,794 | 214,096 | 294,922 | 237,281 | 170,091 | 286,341 | 7,335 | 2,202 | 1,639,062 | ||||||||||||||||||||
C&I: | |||||||||||||||||||||||||||||
Pass | 116,959 | 78,601 | 104,827 | 87,619 | 51,579 | 83,182 | 89,686 | 911 | 613,364 | ||||||||||||||||||||
Special Mention | — | — | 606 | 4,599 | 6,195 | 15,605 | 1,186 | — | 28,191 | ||||||||||||||||||||
Classified | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total C&I | 116,959 | 78,601 | 105,433 | 92,218 | 57,774 | 98,787 | 90,872 | 911 | 641,555 | ||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||
Current | 733,658 | 353,742 | 158,140 | 85,656 | 88,365 | 297,792 | — | — | 1,717,353 | ||||||||||||||||||||
Past Due | — | 1,402 | 1,167 | 2,379 | 763 | 3,911 | — | — | 9,622 | ||||||||||||||||||||
Total residential real estate | 733,658 | 355,144 | 159,307 | 88,035 | 89,128 | 301,703 | — | — | 1,726,975 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Current | 10,434 | 5,850 | 3,703 | 2,380 | 1,064 | 3,592 | 211,488 | 8,421 | 246,932 | ||||||||||||||||||||
Past Due | — | — | 185 | — | — | 245 | 115 | 220 | 765 | ||||||||||||||||||||
Total home equity | 10,434 | 5,850 | 3,888 | 2,380 | 1,064 | 3,837 | 211,603 | 8,641 | 247,697 | ||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
Current | 5,536 | 3,264 | 1,313 | 407 | 747 | 6,090 | 258 | — | 17,615 | ||||||||||||||||||||
Past Due | 21 | — | — | — | — | — | — | — | 21 | ||||||||||||||||||||
Total other | 5,557 | 3,264 | 1,313 | 407 | 747 | 6,090 | 258 | — | 17,636 | ||||||||||||||||||||
Total Loans | $1,293,402 | $656,955 | $564,863 | $420,321 | $318,804 | $696,758 | $310,068 | $11,754 | $4,272,925 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Total | |||||||||||||||||||||
Beginning Balance | $9,971 | $1,195 | $6,992 | $18,158 | $5,252 | $2,594 | $26,004 | ||||||||||||||||||||
Charge-offs | (935 | ) | — | (286 | ) | (1,221 | ) | (32 | ) | (162 | ) | (1,415 | ) | ||||||||||||||
Recoveries | 82 | — | 162 | 244 | 29 | 46 | 319 | ||||||||||||||||||||
Provision | 2,564 | (90 | ) | (216 | ) | 2,258 | 191 | (49 | ) | 2,400 | |||||||||||||||||
Ending Balance | $11,682 | $1,105 | $6,652 | $19,439 | $5,440 | $2,429 | $27,308 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Total | |||||||||||||||||||||
Beginning Balance | $10,413 | $904 | $6,520 | $17,837 | $5,469 | $2,520 | $25,826 | ||||||||||||||||||||
Charge-offs | (1,940 | ) | — | (3 | ) | (1,943 | ) | (52 | ) | (60 | ) | (2,055 | ) | ||||||||||||||
Recoveries | 4 | — | 46 | 50 | 5 | 23 | 78 | ||||||||||||||||||||
Provision | 1,981 | 78 | (59 | ) | 2,000 | (21 | ) | (179 | ) | 1,800 | |||||||||||||||||
Ending Balance | $10,458 | $982 | $6,504 | $17,944 | $5,401 | $2,304 | $25,649 |
(Dollars in thousands) | Commercial | ||||||||||||||||||||||||||
Mortgages | Construction | C&I (1) | Total Commercial | Residential | Consumer | Total | |||||||||||||||||||||
Beginning Balance | $9,140 | $1,758 | $8,202 | $19,100 | $5,460 | $2,509 | $27,069 | ||||||||||||||||||||
Charge-offs | (3,271 | ) | — | (757 | ) | (4,028 | ) | (192 | ) | (170 | ) | (4,390 | ) | ||||||||||||||
Recoveries | 21 | — | 134 | 155 | 9 | 56 | 220 | ||||||||||||||||||||
Provision | 4,568 | (776 | ) | (1,075 | ) | 2,717 | 124 | (91 | ) | 2,750 | |||||||||||||||||
Ending Balance | $10,458 | $982 | $6,504 | $17,944 | $5,401 | $2,304 | $25,649 |
Econometric Factors | ||||||||
Loan portfolio segment | At September 30, 2022 | At December 31, 2021 | ||||||
CRE | NUR & GDP | NUR & GDP | ||||||
C&I | NUR & GDP | NUR | ||||||
Residential real estate | NUR & HPI | NUR & HPI | ||||||
Home equity | NUR & HPI | NUR & HPI | ||||||
Other consumer | GDP | NUR & GDP |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $17,197 | $10,332 | $27,529 | $7,308 | $1,040 | $440 | $1,480 | $36,317 | ||||||||||||||||||
Charge-offs | — | (10) | (10) | — | — | (53) | (53) | (63) | ||||||||||||||||||
Recoveries | — | 1 | 1 | — | — | 8 | 8 | 9 | ||||||||||||||||||
Provision | 414 | 24 | 438 | 139 | 31 | (8) | 23 | 600 | ||||||||||||||||||
Ending Balance | $17,611 | $10,347 | $27,958 | $7,447 | $1,071 | $387 | $1,458 | $36,863 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $18,933 | $10,832 | $29,765 | $7,860 | $1,069 | $394 | $1,463 | $39,088 | ||||||||||||||||||
Charge-offs | — | (19) | (19) | — | — | (103) | (103) | (122) | ||||||||||||||||||
Recoveries | 145 | 22 | 167 | 21 | 4 | 34 | 38 | 226 | ||||||||||||||||||
Provision | (1,467) | (488) | (1,955) | (434) | (2) | 62 | 60 | (2,329) | ||||||||||||||||||
Ending Balance | $17,611 | $10,347 | $27,958 | $7,447 | $1,071 | $387 | $1,458 | $36,863 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||||
Loans | Related Allowance | Loans | Related Allowance | ||||||||||||
Loans Individually Evaluated for Impairment: | |||||||||||||||
Commercial: | |||||||||||||||
Mortgages | $6,659 | $933 | $9,776 | $448 | |||||||||||
Construction & development | — | — | — | — | |||||||||||
Commercial & industrial | 5,791 | 48 | 7,098 | 3 | |||||||||||
Residential real estate | 12,069 | 157 | 15,661 | 151 | |||||||||||
Consumer | 628 | 7 | 1,280 | 4 | |||||||||||
Subtotal | 25,147 | 1,145 | 33,815 | 606 | |||||||||||
Loans Collectively Evaluated for Impairment: | |||||||||||||||
Commercial: | |||||||||||||||
Mortgages | $1,078,876 | $10,749 | $1,064,410 | $9,523 | |||||||||||
Construction & development | 126,257 | 1,105 | 121,371 | 1,195 | |||||||||||
Commercial & industrial | 582,533 | 6,604 | 569,011 | 6,989 | |||||||||||
Residential real estate | 1,183,468 | 5,283 | 1,107,087 | 5,101 | |||||||||||
Consumer | 326,797 | 2,422 | 338,677 | 2,590 | |||||||||||
Subtotal | 3,297,931 | 26,163 | 3,200,556 | 25,398 | |||||||||||
Total | $3,323,078 | $27,308 | $3,234,371 | $26,004 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $21,450 | $11,717 | $33,167 | $6,877 | $1,340 | $495 | $1,835 | $41,879 | ||||||||||||||||||
Charge-offs | — | 2 | 2 | (57) | (183) | (11) | (194) | (249) | ||||||||||||||||||
Recoveries | — | — | — | 5 | 73 | 3 | 76 | 81 | ||||||||||||||||||
Provision | (613) | (392) | (1,005) | 1,131 | (112) | (14) | (126) | — | ||||||||||||||||||
Ending Balance | $20,837 | $11,327 | $32,164 | $7,956 | $1,118 | $473 | $1,591 | $41,711 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Total | ||||||||
Balance at December 31, 2016 | $22,591 | $41,468 | $64,059 | ||||||||
Impairment | — | (150 | ) | (150 | ) | ||||||
Balance at September 30, 2017 | $22,591 | $41,318 | $63,909 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $22,065 | $12,228 | $34,293 | $8,042 | $1,300 | $471 | $1,771 | $44,106 | ||||||||||||||||||
Charge-offs | — | (304) | (304) | (107) | (183) | (36) | (219) | (630) | ||||||||||||||||||
Recoveries | — | 3 | 3 | 85 | 79 | 19 | 98 | 186 | ||||||||||||||||||
Provision | (1,228) | (600) | (1,828) | (64) | (78) | 19 | (59) | (1,951) | ||||||||||||||||||
Ending Balance | $20,837 | $11,327 | $32,164 | $7,956 | $1,118 | $473 | $1,591 | $41,711 |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | |||||||||
Noninterest-bearing demand deposits | $938,572 | $945,229 | |||||||||
Interest-bearing demand deposits (1) | 304,275 | 251,032 | |||||||||
NOW accounts | 869,984 | 867,138 | |||||||||
Money market accounts | 1,146,826 | 1,072,864 | |||||||||
Savings accounts | 600,568 | 555,177 | |||||||||
Time deposits (2) | 1,209,632 | 1,288,611 | |||||||||
Total deposits | $5,069,857 | $4,980,051 |
(Dollars in thousands) | Total Outstanding | Weighted Average Rate | ||||
October 1, 2017 to December 31, 2017 | $315,189 | 1.37 | % | |||
2018 | 168,134 | 1.32 | ||||
2019 | 137,258 | 1.62 | ||||
2020 | 72,033 | 1.90 | ||||
2021 | 51,222 | 2.43 | ||||
2022 and thereafter | 70,209 | 3.34 | ||||
Balance at September 30, 2017 | $814,045 | 1.75 | % |
(Dollars in thousands) | Scheduled Maturity | Weighted Average Rate | |||||||||
October 1, 2022 to December 31, 2022 | $625,000 | 2.96 | % | ||||||||
2023 | 55,000 | 1.92 | |||||||||
2024 | 20,000 | 4.48 | |||||||||
2025 | — | — | |||||||||
2026 | — | — | |||||||||
2027 and thereafter | — | — | |||||||||
Balance at September 30, 2022 | $700,000 | 2.92 | % |
(Dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be “Well Capitalized” Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $596,341 | 12.65 | % | $377,111 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank | 579,854 | 12.30 | 376,991 | 8.00 | $471,238 | 10.00 | % | ||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 564,194 | 11.97 | 282,833 | 6.00 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 547,707 | 11.62 | 282,743 | 6.00 | 376,991 | 8.00 | |||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 542,197 | 11.50 | 212,125 | 4.50 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 547,707 | 11.62 | 212,057 | 4.50 | 306,305 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): (1) | |||||||||||||||||||||||||||||||||||
Corporation | 564,194 | 8.99 | 251,121 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 547,707 | 8.73 | 250,995 | 4.00 | 313,743 | 5.00 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 578,137 | 14.01 | 330,105 | 8.00 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 565,087 | 13.70 | 330,025 | 8.00 | 412,532 | 10.00 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 546,362 | 13.24 | 247,578 | 6.00 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 533,312 | 12.93 | 247,519 | 6.00 | 330,025 | 8.00 | |||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | 524,363 | 12.71 | 185,684 | 4.50 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 533,312 | 12.93 | 185,639 | 4.50 | 268,146 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): (1) | |||||||||||||||||||||||||||||||||||
Corporation | 546,362 | 9.36 | 233,534 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 533,312 | 9.14 | 233,434 | 4.00 | 291,793 | 5.00 |
(Dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be “Well Capitalized” Under Prompt Corrective Action Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | $411,531 | 12.53 | % | $262,717 | 8.00 | % | N/A | N/A | ||||||||||||
Bank | 410,366 | 12.50 | 262,680 | 8.00 | $328,350 | 10.00 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 383,956 | 11.69 | 197,038 | 6.00 | N/A | N/A | ||||||||||||||
Bank | 382,791 | 11.66 | 197,010 | 6.00 | 262,680 | 8.00 | ||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 361,958 | 11.02 | 147,778 | 4.50 | N/A | N/A | ||||||||||||||
Bank | 382,791 | 11.66 | 147,758 | 4.50 | 213,428 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): (1) | ||||||||||||||||||||
Corporation | 383,956 | 8.83 | 173,991 | 4.00 | N/A | N/A | ||||||||||||||
Bank | 382,791 | 8.80 | 173,948 | 4.00 | 217,434 | 5.00 | ||||||||||||||
December 31, 2016 | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 390,867 | 12.26 | 255,093 | 8.00 | N/A | N/A | ||||||||||||||
Bank | 389,840 | 12.23 | 255,050 | 8.00 | 318,813 | 10.00 | ||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 364,655 | 11.44 | 191,320 | 6.00 | N/A | N/A | ||||||||||||||
Bank | 363,628 | 11.41 | 191,288 | 6.00 | 255,050 | 8.00 | ||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | ||||||||||||||||||||
Corporation | 342,656 | 10.75 | 143,490 | 4.50 | N/A | N/A | ||||||||||||||
Bank | 363,628 | 11.41 | 143,466 | 4.50 | 207,228 | 6.50 | ||||||||||||||
Tier 1 Capital (to Average Assets): (1) | ||||||||||||||||||||
Corporation | 364,655 | 8.67 | 168,271 | 4.00 | N/A | N/A | ||||||||||||||
Bank | 363,628 | 8.65 | 168,207 | 4.00 | 210,259 | 5.00 |
(Dollars in thousands) | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||
Balance Sheet Location | Sep 30, 2022 | Dec 31, 2021 | Balance Sheet Location | Sep 30, 2022 | Dec 31, 2021 | ||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $540 | $182 | Other liabilities | $32,936 | $5,301 | |||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||||||||||||||
Loan related derivative contracts: | |||||||||||||||||||||||||||||
Interest rate contracts with customers | Other assets | 122 | 32,361 | Other liabilities | 71,028 | 2,015 | |||||||||||||||||||||||
Mirror contracts with counterparties | Other assets | 70,679 | 2,001 | Other liabilities | 122 | 32,480 | |||||||||||||||||||||||
Risk participation agreements | Other assets | — | 1 | Other liabilities | — | 2 | |||||||||||||||||||||||
Mortgage loan commitments: | |||||||||||||||||||||||||||||
Interest rate lock commitments | Other assets | 204 | 1,256 | Other liabilities | 186 | — | |||||||||||||||||||||||
Forward sale commitments | Other assets | 1,069 | 54 | Other liabilities | 211 | 905 | |||||||||||||||||||||||
Gross amounts | 72,614 | 35,855 | 104,483 | 40,703 | |||||||||||||||||||||||||
Less: amounts offset (1) | 24,516 | 2,167 | 24,516 | 2,167 | |||||||||||||||||||||||||
Derivative balances, net of offset | 48,098 | 33,688 | 79,967 | 38,536 | |||||||||||||||||||||||||
Less: collateral pledged (2) | — | — | 8,542 | 34,539 | |||||||||||||||||||||||||
Net amounts | $48,098 | $33,688 | $71,425 | $3,997 |
(Dollars in thousands) | Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance Sheet Location | Sep 30, 2017 | Dec 31, 2016 | Balance Sheet Location | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||
Interest rate swaps | Other assets | $— | $— | Other liabilities | $418 | $378 | |||||||||||
Interest rate caps | Other assets | 31 | 134 | Other liabilities | — | — | |||||||||||
Interest rate floors | Other assets | 252 | — | Other liabilities | — | — | |||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||
Forward loan commitments: | |||||||||||||||||
Interest rate lock commitments | Other assets | 1,712 | 1,133 | Other liabilities | 28 | 88 | |||||||||||
Commitments to sell mortgage loans | Other assets | 28 | 279 | Other liabilities | 2,419 | 1,349 | |||||||||||
Loan related derivative contracts: | |||||||||||||||||
Interest rate swaps with customers | Other assets | 3,269 | 2,036 | Other liabilities | — | — | |||||||||||
Mirror swaps with counterparties | Other assets | — | — | Other liabilities | 3,456 | 2,228 | |||||||||||
Risk participation agreements | Other assets | — | — | Other liabilities | — | — | |||||||||||
Total | $5,292 | $3,582 | $6,321 | $4,043 |
(Dollars in thousands) | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | ||||||||||||||
Three months | Nine months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||
Interest rate risk management contracts: | |||||||||||||||
Interest rate swaps | $74 | $— | ($26 | ) | $— | ||||||||||
Interest rate caps | (7 | ) | (4 | ) | (64 | ) | (94 | ) | |||||||
Interest rate floors | (80 | ) | — | (274 | ) | — | |||||||||
Total | ($13 | ) | ($4 | ) | ($364 | ) | ($94 | ) |
(Dollars in thousands) | Amount of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||
Three months | Nine months | |||||||||||||||
Periods ended September 30, | Statement of Income Location | 2017 | 2016 | 2017 | 2016 | |||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||||
Forward loan commitments: | ||||||||||||||||
Interest rate lock commitments | Mortgage banking revenues | $32 | $641 | $639 | $2,387 | |||||||||||
Commitments to sell mortgage loans | Mortgage banking revenues | 59 | (665 | ) | (1,321 | ) | (2,845 | ) | ||||||||
Customer related derivative contracts: | ||||||||||||||||
Interest rate swaps with customers | Loan related derivative income | 1,917 | 32 | 5,583 | 17,064 | |||||||||||
Mirror swaps with counterparties | Loan related derivative income | (505 | ) | 1,250 | (2,578 | ) | (14,527 | ) | ||||||||
Risk participation agreements | Loan related derivative income | 40 | (104 | ) | (261 | ) | (206 | ) | ||||||||
Total | $1,543 | $1,154 | $2,062 | $1,873 |
(Dollars in thousands) | Gross Derivative Positions | Offsetting Derivative Positions | Net Amounts Presented in Balance Sheet | Cash Collateral Pledged | Net Amount | ||||||||||||||
September 30, 2017 | |||||||||||||||||||
Derivative Assets: | |||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||
Interest rate caps | $31 | $— | $31 | $— | $31 | ||||||||||||||
Interest rate floors | 252 | — | 252 | — | 252 | ||||||||||||||
Loan-related derivative contracts: | |||||||||||||||||||
Interest rate swaps with customers | 5,425 | 2,156 | 3,269 | — | 3,269 | ||||||||||||||
Mirror swaps with counterparties | 2,061 | 2,061 | — | — | — | ||||||||||||||
Total | $7,769 | $4,217 | $3,552 | $— | $3,552 | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||
Interest rate swaps | $418 | $— | $418 | $418 | $— | ||||||||||||||
Loan-related derivative contracts: | |||||||||||||||||||
Interest rate swaps with customers | 2,156 | 2,156 | — | — | — | ||||||||||||||
Mirror swaps with counterparties | 5,517 | 2,061 | 3,456 | 3,456 | — | ||||||||||||||
Total | $8,091 | $4,217 | $3,874 | $3,874 | $— |
(Dollars in thousands) | Gross Derivative Positions | Offsetting Derivative Positions | Net Amounts Presented in Balance Sheet | Cash Collateral Pledged | Net Amount | ||||||||||||||
December 31, 2016 | |||||||||||||||||||
Derivative Assets: | |||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||
Interest rate caps | $134 | $— | $134 | $— | $134 | ||||||||||||||
Loan-related derivative contracts: | |||||||||||||||||||
Interest rate swaps with customers | 4,920 | 2,884 | 2,036 | — | 2,036 | ||||||||||||||
Mirror swaps with counterparties | 2,758 | 2,758 | — | — | — | ||||||||||||||
Total | $7,812 | $5,642 | $2,170 | $— | $2,170 | ||||||||||||||
Derivative Liabilities: | |||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||
Interest rate swaps | $378 | $— | $378 | $133 | $245 | ||||||||||||||
Loan-related derivative contracts: | |||||||||||||||||||
Interest rate swaps with customers | 2,884 | 2,884 | — | — | — | ||||||||||||||
Mirror swaps with counterparties | 4,986 | 2,758 | 2,228 | 1,295 | 933 | ||||||||||||||
Total | $8,248 | $5,642 | $2,606 | $1,428 | $1,178 |
(Dollars in thousands) | Gain (Loss) Recognized in Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||||||||
Three Months | Nine Months | ||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||||||
Interest rate swaps | ($6,973) | ($403) | ($20,281) | ($36) | |||||||||||||||||||
Total | ($6,973) | ($403) | ($20,281) | ($36) |
(Dollars in thousands) | Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||
Three Months | Nine Months | |||||||||||||||||||||||||
Periods ended September 30, | Statement of Income Location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||||||||||||||
Loan related derivative contracts: | ||||||||||||||||||||||||||
Interest rate contracts with customers | Loan related derivative income | ($33,605) | ($2,715) | ($93,227) | ($21,281) | |||||||||||||||||||||
Mirror contracts with counterparties | Loan related derivative income | 34,646 | 3,558 | 95,189 | 23,173 | |||||||||||||||||||||
Risk participation agreements | Loan related derivative income | — | (115) | 49 | 478 | |||||||||||||||||||||
Mortgage loan commitments: | ||||||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking revenues | (516) | (17) | (1,238) | (4,859) | |||||||||||||||||||||
Forward sale commitments | Mortgage banking revenues | 998 | (361) | 4,729 | 4,994 | |||||||||||||||||||||
Total | $1,523 | $350 | $5,502 | $2,505 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||
Aggregate fair value | $24,054 | $40,196 | ||||||
Aggregate principal balance | 24,328 | 39,201 | ||||||
Difference between fair value and principal balance | ($274) | $995 |
(Dollars in thousands) | |||||||||||||||
Three months | Nine months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Mortgage loans held for sale | ($81 | ) | $117 | $693 | $612 | ||||||||||
Interest rate lock commitments | 32 | 641 | 639 | 2,387 | |||||||||||
Commitments to sell mortgage loans | 59 | (665 | ) | (1,321 | ) | (2,845 | ) | ||||||||
Total changes in fair value | $10 | $93 | $11 | $154 |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
September 30, 2022 | ||||||||||||||
Assets: | ||||||||||||||
Available for sale debt securities: | ||||||||||||||
Obligations of U.S. government-sponsored enterprises | $197,855 | $— | $197,855 | $— | ||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 764,264 | — | 764,264 | — | ||||||||||
Individual name issuer trust preferred debt securities | 8,800 | — | 8,800 | — | ||||||||||
Corporate bonds | 11,654 | — | 11,654 | — | ||||||||||
Mortgage loans held for sale | 24,054 | — | 24,054 | — | ||||||||||
Derivative assets | 48,098 | — | 48,098 | — | ||||||||||
Total assets at fair value on a recurring basis | $1,054,725 | $— | $1,054,725 | $— | ||||||||||
Liabilities: | ||||||||||||||
Derivative liabilities | $79,967 | $— | $79,967 | $— | ||||||||||
Total liabilities at fair value on a recurring basis | $79,967 | $— | $79,967 | $— |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
September 30, 2017 | |||||||||||||||
Assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $119,125 | $— | $119,125 | $— | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 561,670 | — | 561,670 | — | |||||||||||
Obligations of states and political subdivisions | 3,163 | — | 3,163 | — | |||||||||||
Individual name issuer trust preferred debt securities | 26,388 | — | 26,388 | — | |||||||||||
Corporate bonds | 4,009 | — | 4,009 | — | |||||||||||
Mortgage loans held for sale | 28,484 | — | 28,484 | — | |||||||||||
Derivative assets | 5,292 | — | 5,292 | — | |||||||||||
Total assets at fair value on a recurring basis | $748,131 | $— | $748,131 | $— | |||||||||||
Liabilities: | |||||||||||||||
Derivative liabilities | $6,321 | $— | $6,321 | $— | |||||||||||
Contingent consideration liability (1) | 1,737 | — | — | 1,737 | |||||||||||
Total liabilities at fair value on a recurring basis | $8,058 | $— | $6,321 | $1,737 |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
December 31, 2021 | ||||||||||||||
Assets: | ||||||||||||||
Available for sale debt securities: | ||||||||||||||
Obligations of U.S. government-sponsored enterprises | $196,454 | $— | $196,454 | $— | ||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 824,962 | — | 824,962 | — | ||||||||||
Individual name issuer trust preferred debt securities | 9,138 | — | 9,138 | — | ||||||||||
Corporate bonds | 12,305 | — | 12,305 | — | ||||||||||
Mortgage loans held for sale | 40,196 | — | 40,196 | — | ||||||||||
Derivative assets | 33,688 | — | 33,688 | — | ||||||||||
Total assets at fair value on a recurring basis | $1,116,743 | $— | $1,116,743 | $— | ||||||||||
Liabilities: | ||||||||||||||
Derivative liabilities | $38,536 | $— | $38,536 | $— | ||||||||||
Total liabilities at fair value on a recurring basis | $38,536 | $— | $38,536 | $— |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
December 31, 2016 | |||||||||||||||
Assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of U.S. government-sponsored enterprises | $108,440 | $— | $108,440 | $— | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 588,085 | — | 588,085 | — | |||||||||||
Obligations of states and political subdivisions | 14,485 | — | 14,485 | — | |||||||||||
Individual name issuer trust preferred debt securities | 26,736 | — | 26,736 | — | |||||||||||
Corporate bonds | 2,166 | — | 2,166 | — | |||||||||||
Mortgage loans held for sale | 29,434 | — | 29,434 | — | |||||||||||
Derivative assets | 3,582 | — | 3,582 | — | |||||||||||
Total assets at fair value on a recurring basis | $772,928 | $— | $772,928 | $— | |||||||||||
Liabilities: | |||||||||||||||
Derivative liabilities | $4,043 | $— | $4,043 | $— | |||||||||||
Contingent consideration liability (1) | 2,047 | — | — | 2,047 | |||||||||||
Total liabilities at fair value on a recurring basis | $6,090 | $— | $4,043 | $2,047 |
(Dollars in thousands) | |||||||||||||||
Three months | Nine months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Balance at beginning of period | $1,737 | $2,986 | $2,047 | $2,945 | |||||||||||
Change in fair value | — | (939 | ) | (310 | ) | (898 | ) | ||||||||
Payments | — | — | — | — | |||||||||||
Balance at end of period | $1,737 | $2,047 | $1,737 | $2,047 |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets: | |||||||||||||||
Collateral dependent impaired loans | $3,406 | $— | $— | $3,406 | |||||||||||
Property acquired through foreclosure or repossession | 1,038 | — | — | 1,038 | |||||||||||
Total assets at fair value on a nonrecurring basis | $4,444 | $— | $— | $4,444 |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets: | |||||||||||||||
Collateral dependent impaired loans | $3,828 | $— | $— | $3,828 | |||||||||||
Property acquired through foreclosure or repossession | 605 | — | — | 605 | |||||||||||
Total assets at fair value on a nonrecurring basis | $4,433 | $— | $— | $4,433 |
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | (Weighted Average) | |||||||||||
Collateral dependent | $— | Appraisals of collateral | Discount for costs to sell | ||||||||||||
Appraisal adjustments | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
September 30, 2022 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial Assets: | |||||||||||||||||
Loans, net of allowance for credit losses on loans | $4,812,010 | $4,778,506 | $— | $— | $4,778,506 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Time deposits | $1,209,632 | $1,212,810 | $— | $1,212,810 | $— | ||||||||||||
FHLB advances | 700,000 | 699,221 | — | 699,221 | — | ||||||||||||
Junior subordinated debentures | 22,681 | 18,763 | — | 18,763 | — |
(Dollars in thousands) | |||||||||||||||||
December 31, 2021 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial Assets: | |||||||||||||||||
Loans, net of allowance for credit losses on loans | $4,233,837 | $4,145,516 | $— | $— | $4,145,516 | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Time deposits | $1,288,611 | $1,294,053 | $— | $1,294,053 | $— | ||||||||||||
FHLB advances | 145,000 | 144,862 | — | 144,862 | — | ||||||||||||
Junior subordinated debentures | 22,681 | 20,181 | — | 20,181 | — |
(Dollars in thousands) | |||||||||||||||||||
September 30, 2017 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Financial Assets: | |||||||||||||||||||
Securities held to maturity | $13,241 | $13,537 | $— | $13,537 | $— | ||||||||||||||
Loans, net of allowance for loan losses | 3,295,770 | 3,328,953 | — | — | 3,328,953 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Time deposits | $1,002,941 | $1,006,263 | $— | $1,006,263 | $— | ||||||||||||||
FHLBB advances | 814,045 | 819,827 | — | 819,827 | — | ||||||||||||||
Junior subordinated debentures | 22,681 | 17,952 | — | 17,952 | — |
For the three months ended September 30, | 2022 | 2021 | |||||||||||||||
(Dollars in thousands) | Revenue (1) | ASC 606 Revenue (2) | Revenue (1) | ASC 606 Revenue (2) | |||||||||||||
Net interest income | $42,042 | $— | $36,070 | $— | |||||||||||||
Noninterest income: | |||||||||||||||||
Asset-based wealth management revenues | 9,302 | 9,302 | 10,224 | 10,224 | |||||||||||||
Transaction-based wealth management revenues | 223 | 223 | 231 | 231 | |||||||||||||
Total wealth management revenues | 9,525 | 9,525 | 10,455 | 10,455 | |||||||||||||
Mortgage banking revenues | 2,047 | — | 6,373 | — | |||||||||||||
Card interchange fees | 1,287 | 1,287 | 1,265 | 1,265 | |||||||||||||
Service charges on deposit accounts | 819 | 819 | 673 | 673 | |||||||||||||
Loan related derivative income | 1,041 | — | 728 | — | |||||||||||||
Income from bank-owned life insurance | 684 | — | 618 | — | |||||||||||||
Other income | 400 | 316 | 408 | 310 | |||||||||||||
Total noninterest income | 15,803 | 11,947 | 20,520 | 12,703 | |||||||||||||
Total revenues | $57,845 | $11,947 | $56,590 | $12,703 |
For the nine months ended September 30, | 2022 | 2021 | |||||||||||||||
(Dollars in thousands) | Revenue (1) | ASC 606 Revenue (2) | Revenue (1) | ASC 606 Revenue (2) | |||||||||||||
Net interest income | $114,648 | $— | $103,695 | $— | |||||||||||||
Noninterest income: | |||||||||||||||||
Asset-based wealth management revenues | 29,154 | 29,154 | 29,798 | 29,798 | |||||||||||||
Transaction-based wealth management revenues | 968 | 968 | 980 | 980 | |||||||||||||
Total wealth management revenues | 30,122 | 30,122 | 30,778 | 30,778 | |||||||||||||
Mortgage banking revenues | 7,630 | — | 24,294 | — | |||||||||||||
Card interchange fees | 3,754 | 3,754 | 3,714 | 3,714 | |||||||||||||
Service charges on deposit accounts | 2,250 | 2,250 | 1,917 | 1,917 | |||||||||||||
Loan related derivative income | 2,011 | — | 2,370 | — | |||||||||||||
Income from bank-owned life insurance | 1,900 | — | 1,781 | — | |||||||||||||
Other income | 1,147 | 880 | 2,233 | 1,834 | |||||||||||||
Total noninterest income | 48,814 | 37,006 | 67,087 | 38,243 | |||||||||||||
Total revenues | $163,462 | $37,006 | $170,782 | $38,243 |
(Dollars in thousands) | |||||||||||||||||||
December 31, 2016 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Financial Assets: | |||||||||||||||||||
Securities held to maturity | $15,633 | $15,920 | $— | $15,920 | $— | ||||||||||||||
Loans, net of allowance for loan losses | 3,208,367 | 3,218,651 | — | — | 3,218,651 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Time deposits | $961,613 | $962,374 | $— | $962,374 | $— | ||||||||||||||
FHLBB advances | 848,930 | 852,888 | — | 852,888 | — | ||||||||||||||
Junior subordinated debentures | 22,681 | 16,970 | — | 16,970 | — |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue recognized at a point in time: | |||||||||||||||||
Card interchange fees | $1,287 | $1,265 | $3,754 | $3,714 | |||||||||||||
Service charges on deposit accounts | 628 | 531 | 1,782 | 1,516 | |||||||||||||
Other income | 249 | 247 | 692 | 1,678 | |||||||||||||
Revenue recognized over time: | |||||||||||||||||
Wealth management revenues | 9,525 | 10,455 | 30,122 | 30,778 | |||||||||||||
Service charges on deposit accounts | 191 | 142 | 468 | 401 | |||||||||||||
Other income | 67 | 63 | 188 | 156 | |||||||||||||
Total revenues from contracts in scope of Topic 606 | $11,947 | $12,703 | $37,006 | $38,243 |
(Dollars in thousands) | Qualified Pension Plan | Non-Qualified Retirement Plans | |||||||||||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | ||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||||||||||||||||||||
Service cost (1) | $516 | $592 | $1,547 | $1,777 | $54 | $52 | $163 | $156 | |||||||||||||||||||||||||||
Interest cost (2) | 592 | 500 | 1,776 | 1,502 | 105 | 84 | 317 | 253 | |||||||||||||||||||||||||||
Expected return on plan assets (2) | (1,159) | (1,203) | (3,476) | (3,611) | — | — | — | — | |||||||||||||||||||||||||||
Recognized net actuarial loss (2) | 255 | 531 | 765 | 1,591 | 173 | 180 | 519 | 542 | |||||||||||||||||||||||||||
Net periodic benefit cost | $204 | $420 | $612 | $1,259 | $332 | $316 | $999 | $951 |
(Dollars in thousands) | Qualified Pension Plan | Non-Qualified Retirement Plans | |||||||||||||||||||||||||
Three months | Nine months | Three months | Nine months | ||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||||||||||||
Service cost | $537 | $537 | $1,611 | $1,611 | $32 | $30 | $97 | $91 | |||||||||||||||||||
Interest cost | 669 | 644 | 2,005 | 1,932 | 107 | 108 | 321 | 324 | |||||||||||||||||||
Expected return on plan assets | (1,236 | ) | (1,158 | ) | (3,707 | ) | (3,475 | ) | — | — | — | — | |||||||||||||||
Amortization of prior service (credit) cost | (6 | ) | (6 | ) | (17 | ) | (17 | ) | — | — | — | — | |||||||||||||||
Recognized net actuarial loss | 279 | 207 | 836 | 621 | 76 | 62 | 269 | 185 | |||||||||||||||||||
Net periodic benefit cost | $243 | $224 | $728 | $672 | $215 | $200 | $687 | $600 |
Qualified Pension Plan | Non-Qualified Retirement Plans | ||||||||||||||||||||||
For the nine months ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Measurement date | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||||||||
Equivalent single discount rate for benefit obligations | 3.00% | 2.71% | 2.89% | 2.51% | |||||||||||||||||||
Equivalent single discount rate for service cost | 3.11 | 2.86 | 3.16 | 2.94 | |||||||||||||||||||
Equivalent single discount rate for interest cost | 2.67 | 2.16 | 2.48 | 1.97 | |||||||||||||||||||
Expected long-term return on plan assets | 5.25 | 5.75 | N/A | N/A | |||||||||||||||||||
Rate of compensation increase | 3.75 | 3.75 | 3.75 | 3.75 |
Qualified Pension Plan | Non-Qualified Retirement Plans | ||||||
For the nine months ended September 30, | 2017 | 2016 | 2017 | 2016 | |||
Measurement date | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2015 | |||
Equivalent single discount rate for benefit obligations | 4.18% | 4.48% | 3.96% | 4.19% | |||
Equivalent single discount rate for service cost | 4.29 | 4.63 | 4.25 | 4.59 | |||
Equivalent single discount rate for interest cost | 3.73 | 3.88 | 3.36 | 3.44 | |||
Expected long-term return on plan assets | 6.75 | 6.75 | N/A | N/A | |||
Rate of compensation increase | 3.75 | 3.75 | 3.75 | 3.75 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Corporate | Consolidated Total | |||||||||||||||||||||||
Three months ended September 30, | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net interest income (expense) | $24,795 | $22,860 | ($48 | ) | ($11 | ) | $5,312 | $4,530 | $30,059 | $27,379 | |||||||||||||||||
Provision for loan losses | 1,300 | 1,800 | — | — | — | — | 1,300 | 1,800 | |||||||||||||||||||
Net interest income (expense) after provision for loan losses | 23,495 | 21,060 | (48 | ) | (11 | ) | 5,312 | 4,530 | 28,759 | 25,579 | |||||||||||||||||
Noninterest income | 6,711 | 7,101 | 10,013 | 9,623 | 559 | 537 | 17,283 | 17,261 | |||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||
Depreciation and amortization expense | 646 | 709 | 411 | 501 | 50 | 58 | 1,107 | 1,268 | |||||||||||||||||||
Other noninterest expenses (1) | 15,834 | 14,759 | 6,810 | 5,584 | 3,003 | 3,039 | 25,647 | 23,382 | |||||||||||||||||||
Total noninterest expenses | 16,480 | 15,468 | 7,221 | 6,085 | 3,053 | 3,097 | 26,754 | 24,650 | |||||||||||||||||||
Income before income taxes | 13,726 | 12,693 | 2,744 | 3,527 | 2,818 | 1,970 | 19,288 | 18,190 | |||||||||||||||||||
Income tax expense | 4,463 | 4,392 | 1,092 | 1,261 | 771 | 210 | 6,326 | 5,863 | |||||||||||||||||||
Net income | $9,263 | $8,301 | $1,652 | $2,266 | $2,047 | $1,760 | $12,962 | $12,327 | |||||||||||||||||||
Total assets at period end | $3,486,783 | $3,617,967 | $63,600 | $53,236 | $918,847 | $532,831 | $4,469,230 | $4,204,034 | |||||||||||||||||||
Expenditures for long-lived assets | 890 | 424 | 25 | 280 | 22 | 58 | 937 | 762 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | |||||||||||||||||||||||
Three months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net interest income (expense) | $42,038 | $36,085 | $4 | ($15) | $42,042 | $36,070 | ||||||||||||||||||||
Provision for credit losses | 800 | — | — | — | 800 | — | ||||||||||||||||||||
Net interest income (expense) after provision for credit losses | 41,238 | 36,085 | 4 | (15) | 41,242 | 36,070 | ||||||||||||||||||||
Noninterest income | 6,043 | 9,962 | 9,760 | 10,558 | 15,803 | 20,520 | ||||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 751 | 740 | 348 | 365 | 1,099 | 1,105 | ||||||||||||||||||||
Other noninterest expenses | 23,995 | 23,538 | 7,973 | 7,877 | 31,968 | 31,415 | ||||||||||||||||||||
Total noninterest expenses | 24,746 | 24,278 | 8,321 | 8,242 | 33,067 | 32,520 | ||||||||||||||||||||
Income before income taxes | 22,535 | 21,769 | 1,443 | 2,301 | 23,978 | 24,070 | ||||||||||||||||||||
Income tax expense | 4,878 | 4,725 | 432 | 594 | 5,310 | 5,319 | ||||||||||||||||||||
Net income | $17,657 | $17,044 | $1,011 | $1,707 | $18,668 | $18,751 | ||||||||||||||||||||
Total assets at period end | $6,332,986 | $5,929,230 | $75,065 | $73,413 | $6,408,051 | $6,002,643 | ||||||||||||||||||||
Expenditures for long-lived assets | 1,206 | 310 | 137 | 28 | 1,343 | 338 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Corporate | Consolidated Total | |||||||||||||||||||||||
Nine months ended September 30, | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net interest income (expense) | $72,985 | $67,414 | ($120 | ) | ($46 | ) | $15,777 | $14,522 | $88,642 | $81,890 | |||||||||||||||||
Provision for loan losses | 2,400 | 2,750 | — | — | — | — | 2,400 | 2,750 | |||||||||||||||||||
Net interest income (expense) after provision for loan losses | 70,585 | 64,664 | (120 | ) | (46 | ) | 15,777 | 14,522 | 86,242 | 79,140 | |||||||||||||||||
Noninterest income | 17,500 | 17,331 | 29,432 | 28,278 | 1,667 | 2,200 | 48,599 | 47,809 | |||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||
Depreciation and amortization expense | 1,960 | 2,093 | 1,288 | 1,440 | 152 | 170 | 3,400 | 3,703 | |||||||||||||||||||
Other noninterest expenses (1) | 45,764 | 43,788 | 20,106 | 19,084 | 9,076 | 9,555 | 74,946 | 72,427 | |||||||||||||||||||
Total noninterest expenses | 47,724 | 45,881 | 21,394 | 20,524 | 9,228 | 9,725 | 78,346 | 76,130 | |||||||||||||||||||
Income before income taxes | 40,361 | 36,114 | 7,918 | 7,708 | 8,216 | 6,997 | 56,495 | 50,819 | |||||||||||||||||||
Income tax expense | 13,142 | 12,336 | 3,172 | 2,788 | 2,238 | 1,376 | 18,552 | 16,500 | |||||||||||||||||||
Net income | $27,219 | $23,778 | $4,746 | $4,920 | $5,978 | $5,621 | $37,943 | $34,319 | |||||||||||||||||||
Total assets at period end | $3,486,783 | $3,617,967 | $63,600 | $53,236 | $918,847 | $532,831 | $4,469,230 | $4,204,034 | |||||||||||||||||||
Expenditures for long-lived assets | 1,640 | 1,779 | 368 | 468 | 176 | 361 | 2,184 | 2,608 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | ||||||||||||||||||||||||||||||||
Nine months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net interest income (expense) | $114,709 | $103,737 | ($61) | ($42) | $114,648 | $103,695 | |||||||||||||||||||||||||||||
Provision for credit losses | (2,100) | (2,000) | — | — | (2,100) | (2,000) | |||||||||||||||||||||||||||||
Net interest income (expense) after provision for credit losses | 116,809 | 105,737 | (61) | (42) | 116,748 | 105,695 | |||||||||||||||||||||||||||||
Noninterest income | 18,174 | 35,032 | 30,640 | 32,055 | 48,814 | 67,087 | |||||||||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 2,168 | 2,105 | 1,034 | 1,118 | 3,202 | 3,223 | |||||||||||||||||||||||||||||
Other noninterest expenses | 69,110 | 74,425 | 23,051 | 22,597 | 92,161 | 97,022 | |||||||||||||||||||||||||||||
Total noninterest expenses | 71,278 | 76,530 | 24,085 | 23,715 | 95,363 | 100,245 | |||||||||||||||||||||||||||||
Income before income taxes | 63,705 | 64,239 | 6,494 | 8,298 | 70,199 | 72,537 | |||||||||||||||||||||||||||||
Income tax expense | 13,423 | 13,810 | 1,668 | 2,045 | 15,091 | 15,855 | |||||||||||||||||||||||||||||
Net income | $50,282 | $50,429 | $4,826 | $6,253 | $55,108 | $56,682 | |||||||||||||||||||||||||||||
Total assets at period end | $6,332,986 | $5,929,230 | $75,065 | $73,413 | $6,408,051 | $6,002,643 | |||||||||||||||||||||||||||||
Expenditures for long-lived assets | 3,494 | 2,027 | 330 | 139 | 3,824 | 2,166 |
Three months ended September 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Change in fair value of available for sale debt securities | ($61,931) | ($14,864) | ($47,067) | ($4,127) | ($990) | ($3,137) | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Change in fair value of cash flow hedges | (10,250) | (2,460) | (7,790) | (288) | (69) | (219) | |||||||||||||||||
Net cash flow hedge losses (gains) reclassified into earnings (1) | 1,075 | 258 | 817 | (243) | (59) | (184) | |||||||||||||||||
Net change in fair value of cash flow hedges | (9,175) | (2,202) | (6,973) | (531) | (128) | (403) | |||||||||||||||||
Defined benefit plan obligations: | |||||||||||||||||||||||
Amortization of net actuarial losses (2) | 428 | 102 | 326 | 711 | 171 | 540 | |||||||||||||||||
Total other comprehensive loss | ($70,678) | ($16,964) | ($53,714) | ($3,947) | ($947) | ($3,000) |
Three months ended September 30, | 2017 | 2016 | |||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||
Securities available for sale: | |||||||||||||||||||
Changes in fair value of securities available for sale | $1,736 | $642 | $1,094 | ($144 | ) | ($53 | ) | ($91 | ) | ||||||||||
Net gains on securities reclassified into earnings | — | — | — | — | — | — | |||||||||||||
Net change in fair value of securities available for sale | $1,736 | $642 | $1,094 | ($144 | ) | ($53 | ) | ($91 | ) | ||||||||||
Cash flow hedges: | |||||||||||||||||||
Change in fair value of cash flow hedges | (237 | ) | (83 | ) | (154 | ) | (15 | ) | (11 | ) | (4 | ) | |||||||
Net cash flow hedge losses reclassified into earnings (1) | 224 | 83 | 141 | — | — | — | |||||||||||||
Net change in fair value of cash flow hedges | (13 | ) | — | (13 | ) | (15 | ) | (11 | ) | (4 | ) | ||||||||
Defined benefit plan obligations: | |||||||||||||||||||
Defined benefit plan obligation adjustment | — | — | — | 263 | 97 | 166 | |||||||||||||
Amortization of net actuarial losses (2) | 355 | 134 | 221 | — | — | — | |||||||||||||
Amortization of net prior service credits (2) | (6 | ) | (2 | ) | (4 | ) | — | — | — | ||||||||||
Net change in defined benefit plan obligations | 349 | 132 | 217 | 263 | 97 | 166 | |||||||||||||
Total other comprehensive income | $2,072 | $774 | $1,298 | $104 | $33 | $71 |
Nine months ended September 30, | 2017 | 2016 | |||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||
Securities available for sale: | |||||||||||||||||||
Changes in fair value of securities available for sale | $5,274 | $1,951 | $3,323 | $2,621 | $970 | $1,651 | |||||||||||||
Net gains on securities reclassified into earnings | — | — | — | — | — | — | |||||||||||||
Net change in fair value of securities available for sale | $5,274 | $1,951 | $3,323 | $2,621 | $970 | $1,651 | |||||||||||||
Cash flow hedges: | |||||||||||||||||||
Change in fair value of cash flow hedges | (1,064 | ) | (361 | ) | (703 | ) | (129 | ) | (35 | ) | (94 | ) | |||||||
Net cash flow hedge losses reclassified into earnings (1) | 539 | 200 | 339 | — | — | — | |||||||||||||
Net change in fair value of cash flow hedges | (525 | ) | (161 | ) | (364 | ) | (129 | ) | (35 | ) | (94 | ) | |||||||
Defined benefit plan obligations: | |||||||||||||||||||
Defined benefit plan obligation adjustment | (407 | ) | (150 | ) | (257 | ) | 789 | 292 | 497 | ||||||||||
Amortization of net actuarial losses (2) | 1,105 | 411 | 694 | — | — | — | |||||||||||||
Amortization of net prior service credits (2) | (17 | ) | (7 | ) | (10 | ) | — | — | — | ||||||||||
Net change in defined benefit plan obligations | 681 | 254 | 427 | 789 | 292 | 497 | |||||||||||||
Total other comprehensive income (loss) | $5,430 | $2,044 | $3,386 | $3,281 | $1,227 | $2,054 |
Nine months ended September 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Change in fair value of available for sale debt securities | ($174,302) | ($41,833) | ($132,469) | ($16,212) | ($3,890) | ($12,322) | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Change in fair value of cash flow hedges | (27,394) | (6,574) | (20,820) | (21) | (5) | (16) | |||||||||||||||||
Net cash flow hedge losses (gains) reclassified into earnings (1) | 709 | 170 | 539 | (27) | (7) | (20) | |||||||||||||||||
Net change in fair value of cash flow hedges | (26,685) | (6,404) | (20,281) | (48) | (12) | (36) | |||||||||||||||||
Defined benefit plan obligations: | |||||||||||||||||||||||
Amortization of net actuarial losses (2) | 1,284 | 308 | 976 | 2,133 | 512 | 1,621 | |||||||||||||||||
Total other comprehensive loss | ($199,703) | ($47,929) | ($151,774) | ($14,127) | ($3,390) | ($10,737) |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the three months ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | ($92,197) | ($17,321) | ($8,523) | ($118,041) | |||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (47,067) | (7,790) | — | (54,857) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 817 | 326 | 1,143 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (47,067) | (6,973) | 326 | (53,714) | |||||||||||||||||||||||||
Balance at September 30, 2022 | ($139,264) | ($24,294) | ($8,197) | ($171,755) |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Securities | Net Unrealized Losses on Cash Flow Hedges | Pension Benefit Adjustment | Total | |||||||||||
Balance at December 31, 2016 | ($6,825 | ) | ($300 | ) | ($12,632 | ) | ($19,757 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 3,323 | (703 | ) | — | 2,620 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 339 | 427 | 766 | |||||||||||
Net other comprehensive income (loss) | 3,323 | (364 | ) | 427 | 3,386 | ||||||||||
Balance at September 30, 2017 | ($3,502 | ) | ($664 | ) | ($12,205 | ) | ($16,371 | ) |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | ($6,795) | ($4,013) | ($9,173) | ($19,981) | |||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (132,469) | (20,820) | — | (153,289) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 539 | 976 | 1,515 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (132,469) | (20,281) | 976 | (151,774) | |||||||||||||||||||||||||
Balance at September 30, 2022 | ($139,264) | ($24,294) | ($8,197) | ($171,755) |
(Dollars in thousands) | Net Unrealized Gains on Available For Sale Securities | Net Unrealized Losses on Cash Flow Hedges | Pension Benefit Adjustment | Total | |||||||||||
Balance at December 31, 2015 | $1,051 | ($43 | ) | ($10,707 | ) | ($9,699 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 1,651 | (94 | ) | — | 1,557 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 497 | 497 | |||||||||||
Net other comprehensive income (loss) | 1,651 | (94 | ) | 497 | 2,054 | ||||||||||
Balance at September 30, 2016 | $2,702 | ($137 | ) | ($10,210 | ) | ($7,645 | ) |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $696 | ($1,080) | ($14,744) | ($15,128) | |||||||||||||||||||||||||
Other comprehensive income before reclassifications | (3,137) | (219) | — | (3,356) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (184) | 540 | 356 | |||||||||||||||||||||||||
Net other comprehensive income | (3,137) | (403) | 540 | (3,000) | |||||||||||||||||||||||||
Balance at September 30, 2021 | ($2,441) | ($1,483) | ($14,204) | ($18,128) |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $9,881 | ($1,447) | ($15,825) | ($7,391) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (12,322) | (16) | — | (12,338) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (20) | 1,621 | 1,601 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (12,322) | (36) | 1,621 | (10,737) | |||||||||||||||||||||||||
Balance at September 30, 2021 | ($2,441) | ($1,483) | ($14,204) | ($18,128) |
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Three Months | Nine Months | ||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Earnings for basic and diluted earnings per common share: | |||||||||||||||||||||||
Net income | $18,668 | $18,751 | $55,108 | $56,682 | |||||||||||||||||||
Less: dividends and undistributed earnings allocated to participating securities | (53) | (55) | (164) | (163) | |||||||||||||||||||
Net income available to common shareholders | $18,615 | $18,696 | $54,944 | $56,519 | |||||||||||||||||||
Shares: | |||||||||||||||||||||||
Weighted average common shares | 17,174 | 17,320 | 17,269 | 17,303 | |||||||||||||||||||
Dilutive effect of common stock equivalents | 124 | 124 | 120 | 148 | |||||||||||||||||||
Weighted average diluted common shares | 17,298 | 17,444 | 17,389 | 17,451 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $1.08 | $1.08 | $3.18 | $3.27 | |||||||||||||||||||
Diluted earnings per common share | $1.08 | $1.07 | $3.16 | $3.24 |
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||
Three Months | Nine months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Earnings per common share - basic: | |||||||||||||||
Net income | $12,962 | $12,327 | $37,943 | $34,319 | |||||||||||
Less dividends and undistributed earnings allocated to participating securities | (28 | ) | (25 | ) | (84 | ) | (72 | ) | |||||||
Net income applicable to common shareholders | $12,934 | $12,302 | $37,859 | $34,247 | |||||||||||
Weighted average common shares | 17,212 | 17,090 | 17,201 | 17,060 | |||||||||||
Earnings per common share - basic | $0.75 | $0.72 | $2.20 | $2.01 | |||||||||||
Earnings per common share - diluted: | |||||||||||||||
Net income | $12,962 | $12,327 | $37,943 | $34,319 | |||||||||||
Less dividends and undistributed earnings allocated to participating securities | (28 | ) | (25 | ) | (84 | ) | (72 | ) | |||||||
Net income applicable to common shareholders | $12,934 | $12,302 | $37,859 | $34,247 | |||||||||||
Weighted average common shares | 17,212 | 17,090 | 17,201 | 17,060 | |||||||||||
Dilutive effect of common stock equivalents | 106 | 113 | 119 | 138 | |||||||||||
Weighted average diluted common shares | 17,318 | 17,203 | 17,320 | 17,198 | |||||||||||
Earnings per common share - diluted | $0.75 | $0.72 | $2.19 | $1.99 |
(Dollars in thousands) | Sep 30, 2017 | Dec 31, 2016 | |||||
Financial instruments whose contract amounts represent credit risk: | |||||||
Commitments to extend credit: | |||||||
Commercial loans | $516,020 | $430,710 | |||||
Home equity lines | 256,519 | 232,375 | |||||
Other loans | 49,857 | 49,708 | |||||
Standby letters of credit | 6,657 | 6,250 | |||||
Financial instruments whose notional amounts exceed the amount of credit risk: | |||||||
Forward loan commitments: | |||||||
Interest rate lock commitments | 65,332 | 49,502 | |||||
Commitments to sell mortgage loans | 93,083 | 78,896 | |||||
Loan related derivative contracts: | |||||||
Interest rate swaps with customers | 539,088 | 428,723 | |||||
Mirror swaps with counterparties | 539,088 | 428,723 | |||||
Risk participation-in agreements | 32,333 | 28,460 | |||||
Interest rate risk management contracts: | |||||||
Interest rate swaps | 60,000 | 60,000 |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | |||||||||
Financial instruments whose contract amounts represent credit risk (unfunded commitments): | |||||||||||
Commitments to extend credit: | |||||||||||
Commercial loans | $678,907 | $516,344 | |||||||||
Home equity lines | 418,413 | 367,784 | |||||||||
Other loans | 144,584 | 122,492 | |||||||||
Standby letters of credit | 9,898 | 11,844 | |||||||||
Financial instruments whose notional amounts exceed the amounts of credit risk: | |||||||||||
Mortgage loan commitments: | |||||||||||
Interest rate lock commitments | 27,370 | 49,800 | |||||||||
Forward sale commitments | 64,148 | 103,626 | |||||||||
Loan related derivative contracts: | |||||||||||
Interest rate contracts with customers | 962,381 | 1,022,388 | |||||||||
Mirror contracts with counterparties | 962,381 | 1,022,388 | |||||||||
Risk participation-in agreements | 176,992 | 163,207 | |||||||||
Interest rate risk management contracts: | |||||||||||
Interest rate swaps | 320,000 | 320,000 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,279 | $834 | $2,113 | $58 | $— | $19 | $19 | $2,190 | ||||||||||||||||||
Provision | 185 | 25 | 210 | (8) | — | (2) | (2) | 200 | ||||||||||||||||||
Ending Balance | $1,464 | $859 | $2,323 | $50 | $— | $17 | $17 | $2,390 |
(Dollars in thousands) | |||
October 1, 2017 to December 31, 2017 | $908 | ||
2018 | 3,372 | ||
2019 | 3,040 | ||
2020 | 2,352 | ||
2021 | 2,011 | ||
2022 and thereafter | 24,958 | ||
Total minimum lease payments | $36,641 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,267 | $816 | $2,083 | $62 | $— | $16 | $16 | $2,161 | ||||||||||||||||||
Provision | 197 | 43 | 240 | (12) | — | 1 | 1 | 229 | ||||||||||||||||||
Ending Balance | $1,464 | $859 | $2,323 | $50 | $— | $17 | $17 | $2,390 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,214 | $1,045 | $2,259 | $56 | $— | $18 | $18 | $2,333 | ||||||||||||||||||
Provision | 4 | (8) | (4) | 4 | — | — | — | — | ||||||||||||||||||
Ending Balance | $1,218 | $1,037 | $2,255 | $60 | $— | $18 | $18 | $2,333 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $907 | $1,402 | $2,309 | $54 | $— | $19 | $19 | $2,382 | ||||||||||||||||||
Provision | 311 | (365) | (54) | 6 | — | (1) | (1) | (49) | ||||||||||||||||||
Ending Balance | $1,218 | $1,037 | $2,255 | $60 | $— | $18 | $18 | $2,333 |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||
Net interest income | $30,059 | $27,379 | $2,680 | 10 | % | $88,642 | $81,890 | $6,752 | 8 | % | |||||||||||||||
Noninterest income | 17,283 | 17,261 | 22 | — | 48,599 | 47,809 | 790 | 2 | |||||||||||||||||
Total revenues | 47,342 | 44,640 | 2,702 | 6 | 137,241 | 129,699 | 7,542 | 6 | |||||||||||||||||
Provision for loan losses | 1,300 | 1,800 | (500 | ) | (28 | ) | 2,400 | 2,750 | (350 | ) | (13 | ) | |||||||||||||
Noninterest expense | 26,754 | 24,650 | 2,104 | 9 | 78,346 | 76,130 | 2,216 | 3 | |||||||||||||||||
Income before income taxes | 19,288 | 18,190 | 1,098 | 6 | 56,495 | 50,819 | 5,676 | 11 | |||||||||||||||||
Income tax expense | 6,326 | 5,863 | 463 | 8 | 18,552 | 16,500 | 2,052 | 12 | |||||||||||||||||
Net income | $12,962 | $12,327 | $635 | 5 | % | $37,943 | $34,319 | $3,624 | 11 | % |
Three Months | Nine Months | ||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||
Diluted earnings per common share | $0.75 | $0.72 | $2.19 | $1.99 | |||||||||
Return on average assets | 1.18 | % | 1.21 | % | 1.16 | % | 1.17 | % | |||||
Return on average equity | 12.56 | % | 12.57 | % | 12.50 | % | 11.86 | % | |||||
Net interest income as a % of total revenues | 63 | % | 61 | % | 65 | % | 63 | % | |||||
Noninterest income as a % of total revenues | 37 | % | 39 | % | 35 | % | 37 | % |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | |||||||||||||||||||||||
Three months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net interest income (expense) | $42,038 | $36,085 | $4 | ($15) | $42,042 | $36,070 | ||||||||||||||||||||
Provision for credit losses | 800 | — | — | — | 800 | — | ||||||||||||||||||||
Net interest income (expense) after provision for credit losses | 41,238 | 36,085 | 4 | (15) | 41,242 | 36,070 | ||||||||||||||||||||
Noninterest income | 6,043 | 9,962 | 9,760 | 10,558 | 15,803 | 20,520 | ||||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 751 | 740 | 348 | 365 | 1,099 | 1,105 | ||||||||||||||||||||
Other noninterest expenses | 23,995 | 23,538 | 7,973 | 7,877 | 31,968 | 31,415 | ||||||||||||||||||||
Total noninterest expenses | 24,746 | 24,278 | 8,321 | 8,242 | 33,067 | 32,520 | ||||||||||||||||||||
Income before income taxes | 22,535 | 21,769 | 1,443 | 2,301 | 23,978 | 24,070 | ||||||||||||||||||||
Income tax expense | 4,878 | 4,725 | 432 | 594 | 5,310 | 5,319 | ||||||||||||||||||||
Net income | $17,657 | $17,044 | $1,011 | $1,707 | $18,668 | $18,751 | ||||||||||||||||||||
Total assets at period end | $6,332,986 | $5,929,230 | $75,065 | $73,413 | $6,408,051 | $6,002,643 | ||||||||||||||||||||
Expenditures for long-lived assets | 1,206 | 310 | 137 | 28 | 1,343 | 338 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | ||||||||||||||||||||||||||||||||
Nine months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net interest income (expense) | $114,709 | $103,737 | ($61) | ($42) | $114,648 | $103,695 | |||||||||||||||||||||||||||||
Provision for credit losses | (2,100) | (2,000) | — | — | (2,100) | (2,000) | |||||||||||||||||||||||||||||
Net interest income (expense) after provision for credit losses | 116,809 | 105,737 | (61) | (42) | 116,748 | 105,695 | |||||||||||||||||||||||||||||
Noninterest income | 18,174 | 35,032 | 30,640 | 32,055 | 48,814 | 67,087 | |||||||||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 2,168 | 2,105 | 1,034 | 1,118 | 3,202 | 3,223 | |||||||||||||||||||||||||||||
Other noninterest expenses | 69,110 | 74,425 | 23,051 | 22,597 | 92,161 | 97,022 | |||||||||||||||||||||||||||||
Total noninterest expenses | 71,278 | 76,530 | 24,085 | 23,715 | 95,363 | 100,245 | |||||||||||||||||||||||||||||
Income before income taxes | 63,705 | 64,239 | 6,494 | 8,298 | 70,199 | 72,537 | |||||||||||||||||||||||||||||
Income tax expense | 13,423 | 13,810 | 1,668 | 2,045 | 15,091 | 15,855 | |||||||||||||||||||||||||||||
Net income | $50,282 | $50,429 | $4,826 | $6,253 | $55,108 | $56,682 | |||||||||||||||||||||||||||||
Total assets at period end | $6,332,986 | $5,929,230 | $75,065 | $73,413 | $6,408,051 | $6,002,643 | |||||||||||||||||||||||||||||
Expenditures for long-lived assets | 3,494 | 2,027 | 330 | 139 | 3,824 | 2,166 |
Three months ended September 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Change in fair value of available for sale debt securities | ($61,931) | ($14,864) | ($47,067) | ($4,127) | ($990) | ($3,137) | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Change in fair value of cash flow hedges | (10,250) | (2,460) | (7,790) | (288) | (69) | (219) | |||||||||||||||||
Net cash flow hedge losses (gains) reclassified into earnings (1) | 1,075 | 258 | 817 | (243) | (59) | (184) | |||||||||||||||||
Net change in fair value of cash flow hedges | (9,175) | (2,202) | (6,973) | (531) | (128) | (403) | |||||||||||||||||
Defined benefit plan obligations: | |||||||||||||||||||||||
Amortization of net actuarial losses (2) | 428 | 102 | 326 | 711 | 171 | 540 | |||||||||||||||||
Total other comprehensive loss | ($70,678) | ($16,964) | ($53,714) | ($3,947) | ($947) | ($3,000) |
Nine months ended September 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Change in fair value of available for sale debt securities | ($174,302) | ($41,833) | ($132,469) | ($16,212) | ($3,890) | ($12,322) | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Change in fair value of cash flow hedges | (27,394) | (6,574) | (20,820) | (21) | (5) | (16) | |||||||||||||||||
Net cash flow hedge losses (gains) reclassified into earnings (1) | 709 | 170 | 539 | (27) | (7) | (20) | |||||||||||||||||
Net change in fair value of cash flow hedges | (26,685) | (6,404) | (20,281) | (48) | (12) | (36) | |||||||||||||||||
Defined benefit plan obligations: | |||||||||||||||||||||||
Amortization of net actuarial losses (2) | 1,284 | 308 | 976 | 2,133 | 512 | 1,621 | |||||||||||||||||
Total other comprehensive loss | ($199,703) | ($47,929) | ($151,774) | ($14,127) | ($3,390) | ($10,737) |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the three months ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | ($92,197) | ($17,321) | ($8,523) | ($118,041) | |||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (47,067) | (7,790) | — | (54,857) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 817 | 326 | 1,143 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (47,067) | (6,973) | 326 | (53,714) | |||||||||||||||||||||||||
Balance at September 30, 2022 | ($139,264) | ($24,294) | ($8,197) | ($171,755) |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | ($6,795) | ($4,013) | ($9,173) | ($19,981) | |||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (132,469) | (20,820) | — | (153,289) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 539 | 976 | 1,515 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (132,469) | (20,281) | 976 | (151,774) | |||||||||||||||||||||||||
Balance at September 30, 2022 | ($139,264) | ($24,294) | ($8,197) | ($171,755) |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $696 | ($1,080) | ($14,744) | ($15,128) | |||||||||||||||||||||||||
Other comprehensive income before reclassifications | (3,137) | (219) | — | (3,356) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (184) | 540 | 356 | |||||||||||||||||||||||||
Net other comprehensive income | (3,137) | (403) | 540 | (3,000) | |||||||||||||||||||||||||
Balance at September 30, 2021 | ($2,441) | ($1,483) | ($14,204) | ($18,128) |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $9,881 | ($1,447) | ($15,825) | ($7,391) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (12,322) | (16) | — | (12,338) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (20) | 1,621 | 1,601 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (12,322) | (36) | 1,621 | (10,737) | |||||||||||||||||||||||||
Balance at September 30, 2021 | ($2,441) | ($1,483) | ($14,204) | ($18,128) |
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Three Months | Nine Months | ||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Earnings for basic and diluted earnings per common share: | |||||||||||||||||||||||
Net income | $18,668 | $18,751 | $55,108 | $56,682 | |||||||||||||||||||
Less: dividends and undistributed earnings allocated to participating securities | (53) | (55) | (164) | (163) | |||||||||||||||||||
Net income available to common shareholders | $18,615 | $18,696 | $54,944 | $56,519 | |||||||||||||||||||
Shares: | |||||||||||||||||||||||
Weighted average common shares | 17,174 | 17,320 | 17,269 | 17,303 | |||||||||||||||||||
Dilutive effect of common stock equivalents | 124 | 124 | 120 | 148 | |||||||||||||||||||
Weighted average diluted common shares | 17,298 | 17,444 | 17,389 | 17,451 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $1.08 | $1.08 | $3.18 | $3.27 | |||||||||||||||||||
Diluted earnings per common share | $1.08 | $1.07 | $3.16 | $3.24 |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||
Net interest income | $24,795 | $22,860 | $1,935 | 8 | % | $72,985 | $67,414 | $5,571 | 8 | % | |||||||||||||||
Provision for loan losses | 1,300 | 1,800 | (500 | ) | (28 | ) | 2,400 | 2,750 | (350 | ) | (13 | ) | |||||||||||||
Net interest income after provision for loan losses | 23,495 | 21,060 | 2,435 | 12 | 70,585 | 64,664 | 5,921 | 9 | |||||||||||||||||
Noninterest income | 6,711 | 7,101 | (390 | ) | (5 | ) | 17,500 | 17,331 | 169 | 1 | |||||||||||||||
Noninterest expense | 16,480 | 15,468 | 1,012 | 7 | 47,724 | 45,881 | 1,843 | 4 | |||||||||||||||||
Income before income taxes | 13,726 | 12,693 | 1,033 | 8 | 40,361 | 36,114 | 4,247 | 12 | |||||||||||||||||
Income tax expense | 4,463 | 4,392 | 71 | 2 | 13,142 | 12,336 | 806 | 7 | |||||||||||||||||
Net income | $9,263 | $8,301 | $962 | 12 | % | $27,219 | $23,778 | $3,441 | 14 | % |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | |||||||||
Financial instruments whose contract amounts represent credit risk (unfunded commitments): | |||||||||||
Commitments to extend credit: | |||||||||||
Commercial loans | $678,907 | $516,344 | |||||||||
Home equity lines | 418,413 | 367,784 | |||||||||
Other loans | 144,584 | 122,492 | |||||||||
Standby letters of credit | 9,898 | 11,844 | |||||||||
Financial instruments whose notional amounts exceed the amounts of credit risk: | |||||||||||
Mortgage loan commitments: | |||||||||||
Interest rate lock commitments | 27,370 | 49,800 | |||||||||
Forward sale commitments | 64,148 | 103,626 | |||||||||
Loan related derivative contracts: | |||||||||||
Interest rate contracts with customers | 962,381 | 1,022,388 | |||||||||
Mirror contracts with counterparties | 962,381 | 1,022,388 | |||||||||
Risk participation-in agreements | 176,992 | 163,207 | |||||||||
Interest rate risk management contracts: | |||||||||||
Interest rate swaps | 320,000 | 320,000 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,279 | $834 | $2,113 | $58 | $— | $19 | $19 | $2,190 | ||||||||||||||||||
Provision | 185 | 25 | 210 | (8) | — | (2) | (2) | 200 | ||||||||||||||||||
Ending Balance | $1,464 | $859 | $2,323 | $50 | $— | $17 | $17 | $2,390 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,267 | $816 | $2,083 | $62 | $— | $16 | $16 | $2,161 | ||||||||||||||||||
Provision | 197 | 43 | 240 | (12) | — | 1 | 1 | 229 | ||||||||||||||||||
Ending Balance | $1,464 | $859 | $2,323 | $50 | $— | $17 | $17 | $2,390 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,214 | $1,045 | $2,259 | $56 | $— | $18 | $18 | $2,333 | ||||||||||||||||||
Provision | 4 | (8) | (4) | 4 | — | — | — | — | ||||||||||||||||||
Ending Balance | $1,218 | $1,037 | $2,255 | $60 | $— | $18 | $18 | $2,333 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $907 | $1,402 | $2,309 | $54 | $— | $19 | $19 | $2,382 | ||||||||||||||||||
Provision | 311 | (365) | (54) | 6 | — | (1) | (1) | (49) | ||||||||||||||||||
Ending Balance | $1,218 | $1,037 | $2,255 | $60 | $— | $18 | $18 | $2,333 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | |||||||||||||||||||||||
Three months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net interest income (expense) | $42,038 | $36,085 | $4 | ($15) | $42,042 | $36,070 | ||||||||||||||||||||
Provision for credit losses | 800 | — | — | — | 800 | — | ||||||||||||||||||||
Net interest income (expense) after provision for credit losses | 41,238 | 36,085 | 4 | (15) | 41,242 | 36,070 | ||||||||||||||||||||
Noninterest income | 6,043 | 9,962 | 9,760 | 10,558 | 15,803 | 20,520 | ||||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 751 | 740 | 348 | 365 | 1,099 | 1,105 | ||||||||||||||||||||
Other noninterest expenses | 23,995 | 23,538 | 7,973 | 7,877 | 31,968 | 31,415 | ||||||||||||||||||||
Total noninterest expenses | 24,746 | 24,278 | 8,321 | 8,242 | 33,067 | 32,520 | ||||||||||||||||||||
Income before income taxes | 22,535 | 21,769 | 1,443 | 2,301 | 23,978 | 24,070 | ||||||||||||||||||||
Income tax expense | 4,878 | 4,725 | 432 | 594 | 5,310 | 5,319 | ||||||||||||||||||||
Net income | $17,657 | $17,044 | $1,011 | $1,707 | $18,668 | $18,751 | ||||||||||||||||||||
Total assets at period end | $6,332,986 | $5,929,230 | $75,065 | $73,413 | $6,408,051 | $6,002,643 | ||||||||||||||||||||
Expenditures for long-lived assets | 1,206 | 310 | 137 | 28 | 1,343 | 338 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | ||||||||||||||||||||||||||||||||
Nine months ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net interest income (expense) | $114,709 | $103,737 | ($61) | ($42) | $114,648 | $103,695 | |||||||||||||||||||||||||||||
Provision for credit losses | (2,100) | (2,000) | — | — | (2,100) | (2,000) | |||||||||||||||||||||||||||||
Net interest income (expense) after provision for credit losses | 116,809 | 105,737 | (61) | (42) | 116,748 | 105,695 | |||||||||||||||||||||||||||||
Noninterest income | 18,174 | 35,032 | 30,640 | 32,055 | 48,814 | 67,087 | |||||||||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 2,168 | 2,105 | 1,034 | 1,118 | 3,202 | 3,223 | |||||||||||||||||||||||||||||
Other noninterest expenses | 69,110 | 74,425 | 23,051 | 22,597 | 92,161 | 97,022 | |||||||||||||||||||||||||||||
Total noninterest expenses | 71,278 | 76,530 | 24,085 | 23,715 | 95,363 | 100,245 | |||||||||||||||||||||||||||||
Income before income taxes | 63,705 | 64,239 | 6,494 | 8,298 | 70,199 | 72,537 | |||||||||||||||||||||||||||||
Income tax expense | 13,423 | 13,810 | 1,668 | 2,045 | 15,091 | 15,855 | |||||||||||||||||||||||||||||
Net income | $50,282 | $50,429 | $4,826 | $6,253 | $55,108 | $56,682 | |||||||||||||||||||||||||||||
Total assets at period end | $6,332,986 | $5,929,230 | $75,065 | $73,413 | $6,408,051 | $6,002,643 | |||||||||||||||||||||||||||||
Expenditures for long-lived assets | 3,494 | 2,027 | 330 | 139 | 3,824 | 2,166 |
Three months ended September 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Change in fair value of available for sale debt securities | ($61,931) | ($14,864) | ($47,067) | ($4,127) | ($990) | ($3,137) | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Change in fair value of cash flow hedges | (10,250) | (2,460) | (7,790) | (288) | (69) | (219) | |||||||||||||||||
Net cash flow hedge losses (gains) reclassified into earnings (1) | 1,075 | 258 | 817 | (243) | (59) | (184) | |||||||||||||||||
Net change in fair value of cash flow hedges | (9,175) | (2,202) | (6,973) | (531) | (128) | (403) | |||||||||||||||||
Defined benefit plan obligations: | |||||||||||||||||||||||
Amortization of net actuarial losses (2) | 428 | 102 | 326 | 711 | 171 | 540 | |||||||||||||||||
Total other comprehensive loss | ($70,678) | ($16,964) | ($53,714) | ($3,947) | ($947) | ($3,000) |
Nine months ended September 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Change in fair value of available for sale debt securities | ($174,302) | ($41,833) | ($132,469) | ($16,212) | ($3,890) | ($12,322) | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Change in fair value of cash flow hedges | (27,394) | (6,574) | (20,820) | (21) | (5) | (16) | |||||||||||||||||
Net cash flow hedge losses (gains) reclassified into earnings (1) | 709 | 170 | 539 | (27) | (7) | (20) | |||||||||||||||||
Net change in fair value of cash flow hedges | (26,685) | (6,404) | (20,281) | (48) | (12) | (36) | |||||||||||||||||
Defined benefit plan obligations: | |||||||||||||||||||||||
Amortization of net actuarial losses (2) | 1,284 | 308 | 976 | 2,133 | 512 | 1,621 | |||||||||||||||||
Total other comprehensive loss | ($199,703) | ($47,929) | ($151,774) | ($14,127) | ($3,390) | ($10,737) |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the three months ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | ($92,197) | ($17,321) | ($8,523) | ($118,041) | |||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (47,067) | (7,790) | — | (54,857) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 817 | 326 | 1,143 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (47,067) | (6,973) | 326 | (53,714) | |||||||||||||||||||||||||
Balance at September 30, 2022 | ($139,264) | ($24,294) | ($8,197) | ($171,755) |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the nine months ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | ($6,795) | ($4,013) | ($9,173) | ($19,981) | |||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (132,469) | (20,820) | — | (153,289) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 539 | 976 | 1,515 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (132,469) | (20,281) | 976 | (151,774) | |||||||||||||||||||||||||
Balance at September 30, 2022 | ($139,264) | ($24,294) | ($8,197) | ($171,755) |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $696 | ($1,080) | ($14,744) | ($15,128) | |||||||||||||||||||||||||
Other comprehensive income before reclassifications | (3,137) | (219) | — | (3,356) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (184) | 540 | 356 | |||||||||||||||||||||||||
Net other comprehensive income | (3,137) | (403) | 540 | (3,000) | |||||||||||||||||||||||||
Balance at September 30, 2021 | ($2,441) | ($1,483) | ($14,204) | ($18,128) |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||||||||
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $9,881 | ($1,447) | ($15,825) | ($7,391) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (12,322) | (16) | — | (12,338) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (20) | 1,621 | 1,601 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (12,322) | (36) | 1,621 | (10,737) | |||||||||||||||||||||||||
Balance at September 30, 2021 | ($2,441) | ($1,483) | ($14,204) | ($18,128) |
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Three Months | Nine Months | ||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Earnings for basic and diluted earnings per common share: | |||||||||||||||||||||||
Net income | $18,668 | $18,751 | $55,108 | $56,682 | |||||||||||||||||||
Less: dividends and undistributed earnings allocated to participating securities | (53) | (55) | (164) | (163) | |||||||||||||||||||
Net income available to common shareholders | $18,615 | $18,696 | $54,944 | $56,519 | |||||||||||||||||||
Shares: | |||||||||||||||||||||||
Weighted average common shares | 17,174 | 17,320 | 17,269 | 17,303 | |||||||||||||||||||
Dilutive effect of common stock equivalents | 124 | 124 | 120 | 148 | |||||||||||||||||||
Weighted average diluted common shares | 17,298 | 17,444 | 17,389 | 17,451 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $1.08 | $1.08 | $3.18 | $3.27 | |||||||||||||||||||
Diluted earnings per common share | $1.08 | $1.07 | $3.16 | $3.24 |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | |||||||||
Financial instruments whose contract amounts represent credit risk (unfunded commitments): | |||||||||||
Commitments to extend credit: | |||||||||||
Commercial loans | $678,907 | $516,344 | |||||||||
Home equity lines | 418,413 | 367,784 | |||||||||
Other loans | 144,584 | 122,492 | |||||||||
Standby letters of credit | 9,898 | 11,844 | |||||||||
Financial instruments whose notional amounts exceed the amounts of credit risk: | |||||||||||
Mortgage loan commitments: | |||||||||||
Interest rate lock commitments | 27,370 | 49,800 | |||||||||
Forward sale commitments | 64,148 | 103,626 | |||||||||
Loan related derivative contracts: | |||||||||||
Interest rate contracts with customers | 962,381 | 1,022,388 | |||||||||
Mirror contracts with counterparties | 962,381 | 1,022,388 | |||||||||
Risk participation-in agreements | 176,992 | 163,207 | |||||||||
Interest rate risk management contracts: | |||||||||||
Interest rate swaps | 320,000 | 320,000 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,279 | $834 | $2,113 | $58 | $— | $19 | $19 | $2,190 | ||||||||||||||||||
Provision | 185 | 25 | 210 | (8) | — | (2) | (2) | 200 | ||||||||||||||||||
Ending Balance | $1,464 | $859 | $2,323 | $50 | $— | $17 | $17 | $2,390 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,267 | $816 | $2,083 | $62 | $— | $16 | $16 | $2,161 | ||||||||||||||||||
Provision | 197 | 43 | 240 | (12) | — | 1 | 1 | 229 | ||||||||||||||||||
Ending Balance | $1,464 | $859 | $2,323 | $50 | $— | $17 | $17 | $2,390 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $1,214 | $1,045 | $2,259 | $56 | $— | $18 | $18 | $2,333 | ||||||||||||||||||
Provision | 4 | (8) | (4) | 4 | — | — | — | — | ||||||||||||||||||
Ending Balance | $1,218 | $1,037 | $2,255 | $60 | $— | $18 | $18 | $2,333 |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $907 | $1,402 | $2,309 | $54 | $— | $19 | $19 | $2,382 | ||||||||||||||||||
Provision | 311 | (365) | (54) | 6 | — | (1) | (1) | (49) | ||||||||||||||||||
Ending Balance | $1,218 | $1,037 | $2,255 | $60 | $— | $18 | $18 | $2,333 |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Net interest income | $42,042 | $36,070 | $5,972 | 17 | % | $114,648 | $103,695 | $10,953 | 11 | % | |||||||||||||||||||||||||
Noninterest income | 15,803 | 20,520 | (4,717) | (23) | 48,814 | 67,087 | (18,273) | (27) | |||||||||||||||||||||||||||
Total revenues | 57,845 | 56,590 | 1,255 | 2 | 163,462 | 170,782 | (7,320) | (4) | |||||||||||||||||||||||||||
Provision for credit losses | 800 | — | 800 | 100 | (2,100) | (2,000) | (100) | (5) | |||||||||||||||||||||||||||
Noninterest expense | 33,067 | 32,520 | 547 | 2 | 95,363 | 100,245 | (4,882) | (5) | |||||||||||||||||||||||||||
Income before income taxes | 23,978 | 24,070 | (92) | — | 70,199 | 72,537 | (2,338) | (3) | |||||||||||||||||||||||||||
Income tax expense | 5,310 | 5,319 | (9) | — | 15,091 | 15,855 | (764) | (5) | |||||||||||||||||||||||||||
Net income | $18,668 | $18,751 | ($83) | — | % | $55,108 | $56,682 | ($1,574) | (3 | %) |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||
Net interest expense | ($48 | ) | ($11 | ) | ($37 | ) | 336 | % | ($120 | ) | ($46 | ) | ($74 | ) | 161 | % | |||||||||
Noninterest income | 10,013 | 9,623 | 390 | 4 | 29,432 | 28,278 | 1,154 | 4 | |||||||||||||||||
Noninterest expense | 7,221 | 6,085 | 1,136 | 19 | 21,394 | 20,524 | 870 | 4 | |||||||||||||||||
Income before income taxes | 2,744 | 3,527 | (783 | ) | (22 | ) | 7,918 | 7,708 | 210 | 3 | |||||||||||||||
Income tax expense | 1,092 | 1,261 | (169 | ) | (13 | ) | 3,172 | 2,788 | 384 | 14 | |||||||||||||||
Net income | $1,652 | $2,266 | ($614 | ) | (27 | %) | $4,746 | $4,920 | ($174 | ) | (4 | %) |
Three Months | Nine Months | ||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Diluted earnings per common share | $1.08 | $1.07 | $3.16 | $3.24 | |||||||||||||
Return on average assets (net income divided by average assets) | 1.19 | % | 1.26 | % | 1.23 | % | 1.30 | % | |||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 15.16 | % | 13.37 | % | 14.35 | % | 13.93 | % | |||||||||
Net interest income as a percentage of total revenues | 73 | % | 64 | % | 70 | % | 61 | % | |||||||||
Noninterest income as a percentage of total revenues | 27 | % | 36 | % | 30 | % | 39 | % |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||
Net interest income | $5,312 | $4,530 | $782 | 17 | % | $15,777 | $14,522 | $1,255 | 9 | % | |||||||||||||||
Noninterest income | 559 | 537 | 22 | 4 | 1,667 | 2,200 | (533 | ) | (24 | ) | |||||||||||||||
Noninterest expense | 3,053 | 3,097 | (44 | ) | (1 | ) | 9,228 | 9,725 | (497 | ) | (5 | ) | |||||||||||||
Income before income taxes | 2,818 | 1,970 | 848 | 43 | 8,216 | 6,997 | 1,219 | 17 | |||||||||||||||||
Income tax expense | 771 | 210 | 561 | 267 | 2,238 | 1,376 | 862 | 63 | |||||||||||||||||
Net income | $2,047 | $1,760 | $287 | 16 | % | $5,978 | $5,621 | $357 | 6 | % |
Three months ended September 30, | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $92,708 | $503 | 2.15 | $179,574 | $56 | 0.12 | ($86,866) | $447 | 2.03 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 34,503 | 361 | 4.15 | 41,261 | 298 | 2.87 | (6,758) | 63 | 1.28 | ||||||||||||||||||||||||||
Taxable debt securities | 1,150,674 | 6,061 | 2.09 | 1,045,997 | 3,683 | 1.40 | 104,677 | 2,378 | 0.69 | ||||||||||||||||||||||||||
FHLB stock | 25,377 | 88 | 1.38 | 18,909 | 95 | 1.99 | 6,468 | (7) | (0.61) | ||||||||||||||||||||||||||
Commercial real estate | 1,692,374 | 17,974 | 4.21 | 1,648,972 | 12,209 | 2.94 | 43,402 | 5,765 | 1.27 | ||||||||||||||||||||||||||
Commercial & industrial | 630,360 | 7,114 | 4.48 | 736,073 | 7,886 | 4.25 | (105,713) | (772) | 0.23 | ||||||||||||||||||||||||||
Total commercial | 2,322,734 | 25,088 | 4.29 | 2,385,045 | 20,095 | 3.34 | (62,311) | 4,993 | 0.95 | ||||||||||||||||||||||||||
Residential real estate | 2,045,833 | 17,379 | 3.37 | 1,623,913 | 13,511 | 3.30 | 421,920 | 3,868 | 0.07 | ||||||||||||||||||||||||||
Home equity | 269,654 | 2,804 | 4.13 | 252,938 | 2,043 | 3.20 | 16,716 | 761 | 0.93 | ||||||||||||||||||||||||||
Other | 15,299 | 171 | 4.43 | 19,822 | 247 | 4.94 | (4,523) | (76) | (0.51) | ||||||||||||||||||||||||||
Total consumer | 284,953 | 2,975 | 4.14 | 272,760 | 2,290 | 3.33 | 12,193 | 685 | 0.81 | ||||||||||||||||||||||||||
Total loans | 4,653,520 | 45,442 | 3.87 | 4,281,718 | 35,896 | 3.33 | 371,802 | 9,546 | 0.54 | ||||||||||||||||||||||||||
Total interest-earning assets | 5,956,782 | 52,455 | 3.49 | 5,567,459 | 40,028 | 2.85 | 389,323 | 12,427 | 0.64 | ||||||||||||||||||||||||||
Noninterest-earning assets | 259,347 | 351,678 | (92,331) | ||||||||||||||||||||||||||||||||
Total assets | $6,216,129 | $5,919,137 | $296,992 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $267,670 | $822 | 1.22 | $206,237 | $51 | 0.10 | $61,433 | $771 | 1.12 | ||||||||||||||||||||||||||
NOW accounts | 871,038 | 212 | 0.10 | 782,963 | 129 | 0.07 | 88,075 | 83 | 0.03 | ||||||||||||||||||||||||||
Money market accounts | 1,137,875 | 2,231 | 0.78 | 1,014,204 | 586 | 0.23 | 123,671 | 1,645 | 0.55 | ||||||||||||||||||||||||||
Savings accounts | 582,513 | 100 | 0.07 | 530,956 | 70 | 0.05 | 51,557 | 30 | 0.02 | ||||||||||||||||||||||||||
Time deposits (in-market) | 797,199 | 1,983 | 0.99 | 672,012 | 1,695 | 1.00 | 125,187 | 288 | (0.01) | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,656,295 | 5,348 | 0.58 | 3,206,372 | 2,531 | 0.31 | 449,923 | 2,817 | 0.27 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 31,014 | 166 | 2.12 | — | — | — | 31,014 | 166 | 2.12 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 381,984 | 1,142 | 1.19 | 722,233 | 258 | 0.14 | (340,249) | 884 | 1.05 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 412,998 | 1,308 | 1.26 | 722,233 | 258 | 0.14 | (309,235) | 1,050 | 1.12 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,069,293 | 6,656 | 0.65 | 3,928,605 | 2,789 | 0.28 | 140,688 | 3,867 | 0.37 | ||||||||||||||||||||||||||
FHLB advances | 549,729 | 3,234 | 2.33 | 317,766 | 872 | 1.09 | 231,963 | 2,362 | 1.24 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 206 | 3.60 | 22,681 | 92 | 1.61 | — | 114 | 1.99 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,641,703 | 10,096 | 0.86 | 4,269,052 | 3,753 | 0.35 | 372,651 | 6,343 | 0.51 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 944,153 | 952,676 | (8,523) | ||||||||||||||||||||||||||||||||
Other liabilities | 143,043 | 142,562 | 481 | ||||||||||||||||||||||||||||||||
Shareholders’ equity | 487,230 | 554,847 | (67,617) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $6,216,129 | $5,919,137 | $296,992 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $42,359 | $36,275 | $6,084 | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.63 | 2.50 | 0.13 | ||||||||||||||||||||||||||||||||
Net interest margin | 2.82 | 2.58 | 0.24 |
(Dollars in thousands) | |||||||||||
Three months ended September 30, | 2022 | 2021 | Change | ||||||||
Commercial loans | $317 | $205 | $112 | ||||||||
Nine months ended September 30, | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $128,606 | $769 | 0.80 | $160,350 | $121 | 0.10 | ($31,744) | $648 | 0.70 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 29,985 | 851 | 3.79 | 53,307 | 1,144 | 2.87 | (23,322) | (293) | 0.92 | ||||||||||||||||||||||||||
Taxable debt securities | 1,106,632 | 15,209 | 1.84 | 997,741 | 10,366 | 1.39 | 108,891 | 4,843 | 0.45 | ||||||||||||||||||||||||||
FHLB stock | 15,745 | 218 | 1.85 | 24,265 | 338 | 1.86 | (8,520) | (120) | (0.01) | ||||||||||||||||||||||||||
Commercial real estate | 1,648,061 | 43,360 | 3.52 | 1,638,200 | 35,269 | 2.88 | 9,861 | 8,091 | 0.64 | ||||||||||||||||||||||||||
Commercial & industrial | 628,574 | 19,456 | 4.14 | 794,091 | 23,865 | 4.02 | (165,517) | (4,409) | 0.12 | ||||||||||||||||||||||||||
Total commercial | 2,276,635 | 62,816 | 3.69 | 2,432,291 | 59,134 | 3.25 | (155,656) | 3,682 | 0.44 | ||||||||||||||||||||||||||
Residential real estate | 1,875,175 | 46,376 | 3.31 | 1,531,529 | 39,248 | 3.43 | 343,646 | 7,128 | (0.12) | ||||||||||||||||||||||||||
Home equity | 257,814 | 6,753 | 3.50 | 255,959 | 6,220 | 3.25 | 1,855 | 533 | 0.25 | ||||||||||||||||||||||||||
Other | 15,995 | 550 | 4.60 | 20,301 | 742 | 4.89 | (4,306) | (192) | (0.29) | ||||||||||||||||||||||||||
Total consumer | 273,809 | 7,303 | 3.57 | 276,260 | 6,962 | 3.37 | (2,451) | 341 | 0.20 | ||||||||||||||||||||||||||
Total loans | 4,425,619 | 116,495 | 3.52 | 4,240,080 | 105,344 | 3.32 | 185,539 | 11,151 | 0.20 | ||||||||||||||||||||||||||
Total interest-earning assets | 5,706,587 | 133,542 | 3.13 | 5,475,743 | 117,313 | 2.86 | 230,844 | 16,229 | 0.27 | ||||||||||||||||||||||||||
Noninterest-earning assets | 268,744 | 346,514 | (77,770) | ||||||||||||||||||||||||||||||||
Total assets | $5,975,331 | $5,822,257 | $153,074 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $255,014 | $1,114 | 0.58 | $190,979 | $196 | 0.14 | $64,035 | $918 | 0.44 | ||||||||||||||||||||||||||
NOW accounts | 867,464 | 492 | 0.08 | 747,385 | 350 | 0.06 | 120,079 | 142 | 0.02 | ||||||||||||||||||||||||||
Money market accounts | 1,193,599 | 3,984 | 0.45 | 958,812 | 1,852 | 0.26 | 234,787 | 2,132 | 0.19 | ||||||||||||||||||||||||||
Savings accounts | 570,129 | 246 | 0.06 | 513,110 | 211 | 0.05 | 57,019 | 35 | 0.01 | ||||||||||||||||||||||||||
Time deposits (in-market) | 800,037 | 5,997 | 1.00 | 687,278 | 5,822 | 1.13 | 112,759 | 175 | (0.13) | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,686,243 | 11,833 | 0.43 | 3,097,564 | 8,431 | 0.36 | 588,679 | 3,402 | 0.07 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 17,197 | 212 | 1.65 | — | — | — | 17,197 | 212 | 1.65 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 396,465 | 1,677 | 0.57 | 655,165 | 982 | 0.20 | (258,700) | 695 | 0.37 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 413,662 | 1,889 | 0.61 | 655,165 | 982 | 0.20 | (241,503) | 907 | 0.41 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,099,905 | 13,722 | 0.45 | 3,752,729 | 9,413 | 0.34 | 347,176 | 4,309 | 0.11 | ||||||||||||||||||||||||||
FHLB advances | 285,590 | 3,891 | 1.82 | 438,213 | 3,253 | 0.99 | (152,623) | 638 | 0.83 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 443 | 2.61 | 22,681 | 278 | 1.64 | — | 165 | 0.97 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,408,176 | 18,056 | 0.55 | 4,213,623 | 12,944 | 0.41 | 194,553 | 5,112 | 0.14 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 925,433 | 918,760 | 6,673 | ||||||||||||||||||||||||||||||||
Other liabilities | 129,967 | 147,244 | (17,277) | ||||||||||||||||||||||||||||||||
Shareholders’ equity | 511,755 | 542,630 | (30,875) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $5,975,331 | $5,822,257 | $153,074 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $115,486 | $104,369 | $11,117 | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.58 | 2.45 | 0.13 | ||||||||||||||||||||||||||||||||
Net interest margin | 2.71 | 2.55 | 0.16 |
(Dollars in thousands) | |||||||||||
Nine months ended September 30, | 2022 | 2021 | Change | ||||||||
Commercial loans | $838 | $674 | $164 | ||||||||
Three months ended September 30, | 2017 | 2016 | |||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||
Assets: | |||||||||||||||
Commercial mortgages | $1,027,517 | $9,909 | 3.83 | $1,079,917 | $9,362 | 3.45 | |||||||||
Construction & development | 133,190 | 1,326 | 3.95 | 86,623 | 712 | 3.27 | |||||||||
Commercial & industrial | 590,915 | 6,684 | 4.49 | 565,170 | 6,382 | 4.49 | |||||||||
Total commercial loans | 1,751,622 | 17,919 | 4.06 | 1,731,710 | 16,456 | 3.78 | |||||||||
Residential real estate loans, including mortgage loans held for sale | 1,210,686 | 11,541 | 3.78 | 1,080,302 | 10,386 | 3.82 | |||||||||
Consumer loans | 329,689 | 3,604 | 4.34 | 341,829 | 3,340 | 3.89 | |||||||||
Total loans | 3,291,997 | 33,064 | 3.98 | 3,153,841 | 30,182 | 3.81 | |||||||||
Cash, federal funds sold and short-term investments | 61,390 | 197 | 1.27 | 88,414 | 93 | 0.42 | |||||||||
FHLBB stock | 44,057 | 467 | 4.21 | 37,933 | 288 | 3.02 | |||||||||
Taxable debt securities | 751,735 | 4,655 | 2.46 | 497,738 | 3,024 | 2.42 | |||||||||
Nontaxable debt securities | 4,287 | 65 | 6.02 | 22,038 | 336 | 6.07 | |||||||||
Total debt securities | 756,022 | 4,720 | 2.48 | 519,776 | 3,360 | 2.57 | |||||||||
Total interest-earning assets | 4,153,466 | 38,448 | 3.67 | 3,799,964 | 33,923 | 3.55 | |||||||||
Noninterest-earning assets | 248,070 | 262,724 | |||||||||||||
Total assets | $4,401,536 | $4,062,688 | |||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||
Interest-bearing demand deposits | $46,352 | $30 | 0.26 | $39,865 | $13 | 0.13 | |||||||||
NOW accounts | 442,166 | 68 | 0.06 | 402,307 | 51 | 0.05 | |||||||||
Money market accounts | 680,755 | 642 | 0.37 | 709,549 | 487 | 0.27 | |||||||||
Savings accounts | 366,177 | 56 | 0.06 | 352,032 | 52 | 0.06 | |||||||||
Time deposits (in-market) | 565,402 | 1,566 | 1.10 | 552,576 | 1,408 | 1.01 | |||||||||
Wholesale brokered time deposits | 404,953 | 1,473 | 1.44 | 310,740 | 1,099 | 1.41 | |||||||||
FHLBB advances | 837,300 | 3,816 | 1.81 | 690,843 | 2,641 | 1.52 | |||||||||
Junior subordinated debentures | 22,681 | 159 | 2.78 | 22,681 | 125 | 2.19 | |||||||||
Other | 1 | — | — | 53 | 1 | 7.51 | |||||||||
Total interest-bearing liabilities | 3,365,787 | 7,810 | 0.92 | 3,080,646 | 5,877 | 0.76 | |||||||||
Non-interest bearing demand deposits | 567,737 | 520,439 | |||||||||||||
Other liabilities | 55,150 | 69,370 | |||||||||||||
Shareholders’ equity | 412,862 | 392,233 | |||||||||||||
Total liabilities and shareholders’ equity | $4,401,536 | $4,062,688 | |||||||||||||
Net interest income | $30,638 | $28,046 | |||||||||||||
Interest rate spread | 2.75 | 2.79 | |||||||||||||
Net interest margin | 2.93 | 2.94 |
(Dollars in thousands) | ||||||
Three months ended September 30, | 2017 | 2016 | ||||
Commercial loans | $555 | $549 | ||||
Nontaxable debt securities | 24 | 118 | ||||
Total | $579 | $667 |
Nine months ended September 30, | 2017 | 2016 | |||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||
Assets: | |||||||||||||||
Commercial mortgages | $1,047,831 | $29,174 | 3.72 | $1,011,327 | $26,569 | 3.51 | |||||||||
Construction & development | 129,104 | 3,650 | 3.78 | 110,914 | 2,806 | 3.38 | |||||||||
Commercial & industrial | 579,881 | 19,448 | 4.48 | 587,098 | 20,470 | 4.66 | |||||||||
Commercial loans | 1,756,816 | 52,272 | 3.98 | 1,709,339 | 49,845 | 3.90 | |||||||||
Residential real estate loans, including mortgage loans held for sale | 1,175,563 | 33,497 | 3.81 | 1,045,532 | 30,521 | 3.90 | |||||||||
Consumer loans | 332,245 | 10,391 | 4.18 | 342,735 | 10,044 | 3.91 | |||||||||
Total loans | 3,264,624 | 96,160 | 3.94 | 3,097,606 | 90,410 | 3.90 | |||||||||
Cash, federal funds sold and short-term investments | 59,357 | 457 | 1.03 | 75,627 | 227 | 0.40 | |||||||||
FHLBB stock | 44,015 | 1,293 | 3.93 | 31,774 | 729 | 3.06 | |||||||||
Taxable debt securities | 760,308 | 14,208 | 2.50 | 418,034 | 7,881 | 2.52 | |||||||||
Nontaxable debt securities | 7,602 | 347 | 6.10 | 27,939 | 1,276 | 6.10 | |||||||||
Total debt securities | 767,910 | 14,555 | 2.53 | 445,973 | 9,157 | 2.74 | |||||||||
Total interest-earning assets | 4,135,906 | 112,465 | 3.64 | 3,650,980 | 100,523 | 3.68 | |||||||||
Noninterest-earning assets | 238,050 | 250,019 | |||||||||||||
Total assets | $4,373,956 | $3,900,999 | |||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||
Interest-bearing demand deposits | $52,564 | $37 | 0.09 | $44,490 | $34 | 0.10 | |||||||||
NOW accounts | 433,435 | 176 | 0.05 | 397,329 | 161 | 0.05 | |||||||||
Money market accounts | 715,386 | 1,881 | 0.35 | 735,324 | 1,461 | 0.27 | |||||||||
Savings accounts | 361,904 | 158 | 0.06 | 339,616 | 148 | 0.06 | |||||||||
Time deposits (in-market) | 559,938 | 4,443 | 1.06 | 544,441 | 4,067 | 1.00 | |||||||||
Wholesale brokered time deposits | 398,349 | 4,233 | 1.42 | 303,442 | 3,188 | 1.40 | |||||||||
FHLBB advances | 828,775 | 10,669 | 1.72 | 577,501 | 7,106 | 1.64 | |||||||||
Junior subordinated debentures | 22,681 | 446 | 2.63 | 22,681 | 356 | 2.10 | |||||||||
Other | 13 | 1 | 10.28 | 66 | 4 | 8.10 | |||||||||
Total interest-bearing liabilities | 3,373,045 | 22,044 | 0.87 | 2,964,890 | 16,525 | 0.74 | |||||||||
Demand deposits | 546,393 | 488,767 | |||||||||||||
Other liabilities | 49,721 | 61,555 | |||||||||||||
Shareholders’ equity | 404,797 | 385,787 | |||||||||||||
Total liabilities and shareholders’ equity | $4,373,956 | $3,900,999 | |||||||||||||
Net interest income | $90,421 | $83,998 | |||||||||||||
Interest rate spread | 2.77 | 2.94 | |||||||||||||
Net interest margin | 2.92 | 3.07 |
(Dollars in thousands) | ||||||
Nine months ended September 30, | 2017 | 2016 | ||||
Commercial loans | $1,657 | $1,657 | ||||
Nontaxable debt securities | 122 | 451 | ||||
Total | $1,779 | $2,108 |
(Dollars in thousands) | Three Months Ended September 30, 2022 vs. 2021 | Nine Months Ended September 30, 2022 vs. 2021 | |||||||||||||||||||||
Change Due to | Change Due to | ||||||||||||||||||||||
Volume | Rate | Net Change | Volume | Rate | Net Change | ||||||||||||||||||
Interest on Interest-Earning Assets: | |||||||||||||||||||||||
Cash, federal funds sold and other short-term investments | ($39) | $486 | $447 | ($28) | $676 | $648 | |||||||||||||||||
Mortgage loans held for sale | (55) | 118 | 63 | (592) | 299 | (293) | |||||||||||||||||
Taxable debt securities | 401 | 1,977 | 2,378 | 1,221 | 3,622 | 4,843 | |||||||||||||||||
FHLB stock | 27 | (34) | (7) | (118) | (2) | (120) | |||||||||||||||||
Commercial real estate | 331 | 5,434 | 5,765 | 213 | 7,878 | 8,091 | |||||||||||||||||
Commercial & industrial | (1,181) | 409 | (772) | (5,104) | 695 | (4,409) | |||||||||||||||||
Total commercial | (850) | 5,843 | 4,993 | (4,891) | 8,573 | 3,682 | |||||||||||||||||
Residential real estate | 3,576 | 292 | 3,868 | 8,545 | (1,417) | 7,128 | |||||||||||||||||
Home equity | 141 | 620 | 761 | 46 | 487 | 533 | |||||||||||||||||
Other | (52) | (24) | (76) | (150) | (42) | (192) | |||||||||||||||||
Total consumer | 89 | 596 | 685 | (104) | 445 | 341 | |||||||||||||||||
Total loans | 2,815 | 6,731 | 9,546 | 3,550 | 7,601 | 11,151 | |||||||||||||||||
Total interest income | 3,149 | 9,278 | 12,427 | 4,033 | 12,196 | 16,229 | |||||||||||||||||
Interest on Interest-Bearing Liabilities: | |||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | 23 | 748 | 771 | 88 | 830 | 918 | |||||||||||||||||
NOW accounts | 17 | 66 | 83 | 46 | 96 | 142 | |||||||||||||||||
Money market accounts | 80 | 1,565 | 1,645 | 535 | 1,597 | 2,132 | |||||||||||||||||
Savings accounts | 6 | 24 | 30 | 13 | 22 | 35 | |||||||||||||||||
Time deposits (in-market) | 305 | (17) | 288 | 888 | (713) | 175 | |||||||||||||||||
Interest-bearing in-market deposits | 431 | 2,386 | 2,817 | 1,570 | 1,832 | 3,402 | |||||||||||||||||
Wholesale brokered demand deposits | 166 | — | 166 | 212 | — | 212 | |||||||||||||||||
Wholesale brokered time deposits | (174) | 1,058 | 884 | (516) | 1,211 | 695 | |||||||||||||||||
Wholesale brokered deposits | (8) | 1,058 | 1,050 | (304) | 1,211 | 907 | |||||||||||||||||
Total interest-bearing deposits | 423 | 3,444 | 3,867 | 1,266 | 3,043 | 4,309 | |||||||||||||||||
FHLB advances | 923 | 1,439 | 2,362 | (1,410) | 2,048 | 638 | |||||||||||||||||
Junior subordinated debentures | — | 114 | 114 | — | 165 | 165 | |||||||||||||||||
Total interest expense | 1,346 | 4,997 | 6,343 | (144) | 5,256 | 5,112 | |||||||||||||||||
Net interest income (FTE) | $1,803 | $4,281 | $6,084 | $4,177 | $6,940 | $11,117 |
(Dollars in thousands) | Three months ended | Nine months | |||||||||||||||||
September 30, 2017 vs. 2016 | September 30, 2017 vs. 2016 | ||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | ||||||||||||||||||
Volume | Rate | Net Change | Volume | Rate | Net Change | ||||||||||||||
Interest on Interest-Earning Assets: | |||||||||||||||||||
Commercial mortgages | ($472 | ) | $1,019 | $547 | $990 | $1,615 | $2,605 | ||||||||||||
Construction & development | 441 | 173 | 614 | 492 | 352 | 844 | |||||||||||||
Commercial & industrial | 285 | 17 | 302 | (243 | ) | (779 | ) | (1,022 | ) | ||||||||||
Total commercial loans | 254 | 1,209 | 1,463 | 1,239 | 1,188 | 2,427 | |||||||||||||
Residential real estate loans, including mortgage loans held for sale | 1,236 | (81 | ) | 1,155 | 3,722 | (746 | ) | 2,976 | |||||||||||
Consumer loans | (122 | ) | 386 | 264 | (316 | ) | 663 | 347 | |||||||||||
Cash, federal funds sold and other short-term investments | (36 | ) | 140 | 104 | (58 | ) | 288 | 230 | |||||||||||
FHLBB stock | 52 | 127 | 179 | 325 | 239 | 564 | |||||||||||||
Taxable debt securities | 1,572 | 59 | 1,631 | 6,397 | (70 | ) | 6,327 | ||||||||||||
Nontaxable debt securities | (269 | ) | (2 | ) | (271 | ) | (928 | ) | (1 | ) | (929 | ) | |||||||
Total interest income | 2,687 | 1,838 | 4,525 | 10,381 | 1,561 | 11,942 | |||||||||||||
Interest on Interest-Bearing Liabilities: | |||||||||||||||||||
Interest-bearing demand deposits | 2 | 15 | 17 | 6 | (3 | ) | 3 | ||||||||||||
NOW accounts | 6 | 11 | 17 | 15 | — | 15 | |||||||||||||
Money market accounts | (20 | ) | 175 | 155 | (38 | ) | 458 | 420 | |||||||||||
Savings accounts | 4 | — | 4 | 10 | — | 10 | |||||||||||||
Time deposits (in-market) | 32 | 126 | 158 | 122 | 254 | 376 | |||||||||||||
Wholesale brokered time deposits | 346 | 28 | 374 | 1,002 | 43 | 1,045 | |||||||||||||
FHLBB advances | 613 | 562 | 1,175 | 3,210 | 353 | 3,563 | |||||||||||||
Junior subordinated debentures | — | 34 | 34 | — | 90 | 90 | |||||||||||||
Other | — | (1 | ) | (1 | ) | (4 | ) | 1 | (3 | ) | |||||||||
Total interest expense | 983 | 950 | 1,933 | 4,323 | 1,196 | 5,519 | |||||||||||||
Net interest income | $1,704 | $888 | $2,592 | $6,058 | $365 | $6,423 |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenues | $9,525 | $10,455 | ($930) | (9 | %) | $30,122 | $30,778 | ($656) | (2 | %) | |||||||||||||||||||||||||||||||||||||
Mortgage banking revenues | 2,047 | 6,373 | (4,326) | (68) | 7,630 | 24,294 | (16,664) | (69) | |||||||||||||||||||||||||||||||||||||||
Card interchange fees | 1,287 | 1,265 | 22 | 2 | 3,754 | 3,714 | 40 | 1 | |||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 819 | 673 | 146 | 22 | 2,250 | 1,917 | 333 | 17 | |||||||||||||||||||||||||||||||||||||||
Loan related derivative income | 1,041 | 728 | 313 | 43 | 2,011 | 2,370 | (359) | (15) | |||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | 684 | 618 | 66 | 11 | 1,900 | 1,781 | 119 | 7 | |||||||||||||||||||||||||||||||||||||||
Other income | 400 | 408 | (8) | (2) | 1,147 | 2,233 | (1,086) | (49) | |||||||||||||||||||||||||||||||||||||||
Total noninterest income | $15,803 | $20,520 | ($4,717) | (23 | %) | $48,814 | $67,087 | ($18,273) | (27 | %) |
(Dollars in thousands) | Three months | Nine months | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Wealth management revenues | $10,013 | $9,623 | $390 | 4 | % | $29,432 | $28,278 | $1,154 | 4 | % | |||||||||||||||||||
Mortgage banking revenues | 3,036 | 3,734 | (698 | ) | (19 | ) | 8,295 | 8,642 | (347 | ) | (4 | ) | |||||||||||||||||
Service charges on deposit accounts | 942 | 915 | 27 | 3 | 2,726 | 2,757 | (31 | ) | (1 | ) | |||||||||||||||||||
Card interchange fees | 894 | 870 | 24 | 3 | 2,598 | 2,527 | 71 | 3 | |||||||||||||||||||||
Income from bank-owned life insurance | 546 | 521 | 25 | 5 | 1,624 | 2,110 | (486 | ) | (23 | ) | |||||||||||||||||||
Loan related derivative income | 1,452 | 1,178 | 274 | 23 | 2,744 | 2,331 | 413 | 18 | |||||||||||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (89 | ) | (88 | ) | (1 | ) | (1 | ) | (266 | ) | (265 | ) | (1 | ) | — | ||||||||||||||
Other income | 489 | 508 | (19 | ) | (4 | ) | 1,446 | 1,429 | 17 | 1 | |||||||||||||||||||
Total noninterest income | $17,283 | $17,261 | $22 | — | % | $48,599 | $47,809 | $790 | 2 | % |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||
Wealth management revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Asset-based revenues | $9,302 | $10,224 | ($922) | (9 | %) | $29,154 | $29,798 | ($644) | (2 | %) | |||||||||||||||||||||||||||||||||||||
Transaction-based revenues | 223 | 231 | (8) | (3) | 968 | 980 | (12) | (1) | |||||||||||||||||||||||||||||||||||||||
Total wealth management revenues | $9,525 | $10,455 | ($930) | (9 | %) | $30,122 | $30,778 | ($656) | (2 | %) |
(Dollars in thousands) | Three months | Nine months | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||||||
Wealth management revenues: | |||||||||||||||||||||||||||||
Trust and investment management fees | $9,101 | $8,358 | $743 | 9 | % | $26,400 | $24,618 | $1,782 | 7 | % | |||||||||||||||||||
Mutual fund fees | 690 | 812 | (122 | ) | (15 | ) | 2,039 | 2,467 | (428 | ) | (17 | ) | |||||||||||||||||
Asset-based revenues | 9,791 | 9,170 | 621 | 7 | 28,439 | 27,085 | 1,354 | 5 | |||||||||||||||||||||
Transaction-based revenues | 222 | 453 | (231 | ) | (51 | ) | 993 | 1,193 | (200 | ) | (17 | ) | |||||||||||||||||
Total wealth management revenues | $10,013 | $9,623 | $390 | 4 | % | $29,432 | $28,278 | $1,154 | 4 | % |
(Dollars in thousands) | |||||||||||||||||||||||
Three Months | Nine Months | ||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Wealth management assets under administration: | |||||||||||||||||||||||
Balance at the beginning of period | $6,650,097 | $7,441,519 | $7,784,211 | $6,866,737 | |||||||||||||||||||
Net investment (depreciation) appreciation & income | (239,762) | (4,830) | (1,444,785) | 572,506 | |||||||||||||||||||
Net client asset (outflows) inflows | (87,578) | 6,707 | (16,669) | 4,153 | |||||||||||||||||||
Balance at the end of period | $6,322,757 | $7,443,396 | $6,322,757 | $7,443,396 |
(Dollars in thousands) | |||||||||||||||
Three months | Nine months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Wealth management assets under administration: | |||||||||||||||
Balance at the beginning of period | $6,403,501 | $5,905,019 | $6,063,293 | $5,844,636 | |||||||||||
Net investment appreciation & income | 270,549 | 192,518 | 653,896 | 286,354 | |||||||||||
Net client asset flows | (86,151 | ) | (40,678 | ) | (129,290 | ) | (74,131 | ) | |||||||
Balance at the end of period | $6,587,899 | $6,056,859 | $6,587,899 | $6,056,859 |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Mortgage banking revenues: | |||||||||||||||||||||||||||||||||||
Realized gains on loan sales, net (1) | $1,718 | $5,750 | ($4,032) | (70 | %) | $6,962 | $28,057 | ($21,095) | (75 | %) | |||||||||||||||||||||||||
Changes in fair value, net (2) | (226) | 467 | (693) | (148) | (798) | (3,964) | 3,166 | 80 | |||||||||||||||||||||||||||
Loan servicing fee income, net (3) | 555 | 156 | 399 | 256 | 1,466 | 201 | 1,265 | 629 | |||||||||||||||||||||||||||
Total mortgage banking revenues | $2,047 | $6,373 | ($4,326) | (68 | %) | $7,630 | $24,294 | ($16,664) | (69 | %) | |||||||||||||||||||||||||
Loans sold to the secondary market (4) | $75,324 | $173,861 | ($98,537) | (57 | %) | $285,193 | $756,438 | ($471,245) | (62 | %) |
(Dollars in thousands) | Three months | Nine months | |||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||
Mortgage banking revenues: | |||||||||||||||||||||||||
Gains and commissions on loan sales (1) | $2,952 | $3,744 | ($792 | ) | (21 | )% | $8,004 | $8,682 | ($678 | ) | (8 | )% | |||||||||||||
Loan servicing fee income, net (2) | 84 | (10 | ) | 94 | 940 | 291 | (40 | ) | 331 | 828 | |||||||||||||||
Total mortgage banking revenues | $3,036 | $3,734 | ($698 | ) | (19 | )% | $8,295 | $8,642 | ($347 | ) | (4 | )% | |||||||||||||
Loans sold to the secondary market | $147,331 | $164,183 | ($16,852 | ) | (10 | )% | $391,687 | $409,187 | ($17,500 | ) | (4 | )% |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $21,609 | $22,162 | ($553) | (2 | %) | $62,992 | $65,771 | ($2,779) | (4 | %) | |||||||||||||||||||||||||||||||||||||
Outsourced services | 3,552 | 3,294 | 258 | 8 | 10,169 | 9,711 | 458 | 5 | |||||||||||||||||||||||||||||||||||||||
Net occupancy | 2,234 | 2,134 | 100 | 5 | 6,708 | 6,304 | 404 | 6 | |||||||||||||||||||||||||||||||||||||||
Equipment | 939 | 977 | (38) | (4) | 2,795 | 2,946 | (151) | (5) | |||||||||||||||||||||||||||||||||||||||
Legal, audit and professional fees | 693 | 767 | (74) | (10) | 2,140 | 2,042 | 98 | 5 | |||||||||||||||||||||||||||||||||||||||
FDIC deposit insurance costs | 430 | 482 | (52) | (11) | 1,198 | 1,201 | (3) | — | |||||||||||||||||||||||||||||||||||||||
Advertising and promotion | 799 | 559 | 240 | 43 | 1,874 | 1,341 | 533 | 40 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 215 | 223 | (8) | (4) | 648 | 674 | (26) | (4) | |||||||||||||||||||||||||||||||||||||||
Debt prepayment penalties | — | — | — | — | — | 4,230 | (4,230) | (100) | |||||||||||||||||||||||||||||||||||||||
Other | 2,596 | 1,922 | 674 | 35 | 6,839 | 6,025 | 814 | 14 | |||||||||||||||||||||||||||||||||||||||
Total noninterest expense | $33,067 | $32,520 | $547 | 2 | % | $95,363 | $100,245 | ($4,882) | (5 | %) |
(Dollars in thousands) | Three months | Nine months | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||
Periods ended September 30, | 2017 | 2016 | $ | % | 2017 | 2016 | $ | % | |||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||
Salaries and employee benefits | $17,251 | $16,908 | $343 | 2 | % | $51,404 | $50,693 | $711 | 1 | % | |||||||||||||||||||
Net occupancy | 1,928 | 1,766 | 162 | 9 | 5,662 | 5,376 | 286 | 5 | |||||||||||||||||||||
Equipment | 1,380 | 1,648 | (268 | ) | (16 | ) | 4,160 | 4,652 | (492 | ) | (11 | ) | |||||||||||||||||
Outsourced services | 1,793 | 1,254 | 539 | 43 | 4,960 | 3,911 | 1,049 | 27 | |||||||||||||||||||||
Legal, audit and professional fees | 534 | 691 | (157 | ) | (23 | ) | 1,732 | 1,982 | (250 | ) | (13 | ) | |||||||||||||||||
FDIC deposit insurance costs | 308 | 504 | (196 | ) | (39 | ) | 1,258 | 1,488 | (230 | ) | (15 | ) | |||||||||||||||||
Advertising and promotion | 416 | 370 | 46 | 12 | 1,015 | 1,055 | (40 | ) | (4 | ) | |||||||||||||||||||
Amortization of intangibles | 253 | 321 | (68 | ) | (21 | ) | 787 | 966 | (179 | ) | (19 | ) | |||||||||||||||||
Debt prepayment penalties | — | — | — | — | — | 431 | (431 | ) | (100 | ) | |||||||||||||||||||
Change in fair value of contingent consideration | — | (939 | ) | 939 | 100 | (310 | ) | (898 | ) | 588 | 65 | ||||||||||||||||||
Other | 2,891 | 2,127 | 764 | 36 | 7,678 | 6,474 | 1,204 | 19 | |||||||||||||||||||||
Total noninterest expense | $26,754 | $24,650 | $2,104 | 9 | % | $78,346 | $76,130 | $2,216 | 3 | % |
(Dollars in thousands) | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Income tax expense | $5,310 | $5,319 | $15,091 | $15,855 | |||||||||||||
Effective income tax rate | 22.1 | % | 22.1 | % | 21.5 | % | 21.9 | % |
(Dollars in thousands) | |||||||||||||
Three Months | Nine Months | ||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||
Income tax expense | $6,326 | $5,863 | $18,552 | $16,500 | |||||||||
Effective income tax rate | 32.8 | % | 32.2 | % | 32.8 | % | 32.5 | % |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Net interest income | $42,038 | $36,085 | $5,953 | 16 | % | $114,709 | $103,737 | $10,972 | 11 | % | |||||||||||||||||||||||||
Provision for credit losses | 800 | — | 800 | 100 | (2,100) | (2,000) | (100) | 5 | |||||||||||||||||||||||||||
Net interest income after provision for credit losses | 41,238 | 36,085 | 5,153 | 14 | 116,809 | 105,737 | 11,072 | 10 | |||||||||||||||||||||||||||
Noninterest income | 6,043 | 9,962 | (3,919) | (39) | 18,174 | 35,032 | (16,858) | (48) | |||||||||||||||||||||||||||
Noninterest expense | 24,746 | 24,278 | 468 | 2 | 71,278 | 76,530 | (5,252) | (7) | |||||||||||||||||||||||||||
Income before income taxes | 22,535 | 21,769 | 766 | 4 | 63,705 | 64,239 | (534) | (1) | |||||||||||||||||||||||||||
Income tax expense | 4,878 | 4,725 | 153 | 3 | 13,423 | 13,810 | (387) | (3) | |||||||||||||||||||||||||||
Net income | $17,657 | $17,044 | $613 | 4 | % | $50,282 | $50,429 | ($147) | — | % |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Net interest expense | $4 | ($15) | $19 | 127 | % | ($61) | ($42) | ($19) | 45 | % | |||||||||||||||||||||||||
Noninterest income | 9,760 | 10,558 | (798) | (8) | 30,640 | 32,055 | (1,415) | (4) | |||||||||||||||||||||||||||
Noninterest expense | 8,321 | 8,242 | 79 | 1 | 24,085 | 23,715 | 370 | 2 | |||||||||||||||||||||||||||
Income before income taxes | 1,443 | 2,301 | (858) | (37) | 6,494 | 8,298 | (1,804) | (22) | |||||||||||||||||||||||||||
Income tax expense | 432 | 594 | (162) | (27) | 1,668 | 2,045 | (377) | (18) | |||||||||||||||||||||||||||
Net income | $1,011 | $1,707 | ($696) | (41 | %) | $4,826 | $6,253 | ($1,427) | (23 | %) |
(Dollars in thousands) | Change | |||||||||||||||||||
September 30, 2022 | December 31, 2021 | $ | % | |||||||||||||||||
Cash and due from banks | $130,066 | $175,259 | ($45,193) | (26 | %) | |||||||||||||||
Total securities | 982,573 | 1,042,859 | (60,286) | (6) | ||||||||||||||||
Total loans | 4,848,873 | 4,272,925 | 575,948 | 13 | ||||||||||||||||
Allowance for credit losses on loans | 36,863 | 39,088 | (2,225) | (6) | ||||||||||||||||
Total assets | 6,408,051 | 5,851,127 | 556,924 | 10 | ||||||||||||||||
Total deposits | 5,069,857 | 4,980,051 | 89,806 | 2 | ||||||||||||||||
FHLB advances | 700,000 | 145,000 | 555,000 | 383 | ||||||||||||||||
Total shareholders’ equity | 432,274 | 564,808 | (132,534) | (23) |
(Dollars in thousands) | Change | ||||||||||||
September 30, 2017 | December 31, 2016 | $ | % | ||||||||||
Total securities | $727,596 | $755,545 | ($27,949 | ) | (4 | %) | |||||||
Total loans | 3,323,078 | 3,234,371 | 88,707 | 3 | |||||||||
Allowance for loan losses | 27,308 | 26,004 | 1,304 | 5 | |||||||||
Total assets | 4,469,230 | 4,381,115 | 88,115 | 2 | |||||||||
Total deposits | 3,157,081 | 3,063,752 | 93,329 | 3 | |||||||||
FHLBB advances | 814,045 | 848,930 | (34,885 | ) | (4 | ) | |||||||
Total shareholders’ equity | 414,228 | 390,804 | 23,424 | 6 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $197,855 | 20 | % | $196,454 | 19 | % | |||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 764,264 | 78 | 824,962 | 79 | |||||||||||||||||||
Individual name issuer trust preferred debt securities | 8,800 | 1 | 9,138 | 1 | |||||||||||||||||||
Corporate bonds | 11,654 | 1 | 12,305 | 1 | |||||||||||||||||||
Total available for sale debt securities | $982,573 | 100 | % | $1,042,859 | 100 | % |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||
Amount | % | Amount | % | ||||||||||
Securities Available for Sale: | |||||||||||||
Obligations of U.S. government-sponsored enterprises | $119,125 | 17 | % | $108,440 | 15 | % | |||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 561,670 | 78 | 588,085 | 79 | |||||||||
Obligations of states and political subdivisions | 3,163 | — | 14,485 | 2 | |||||||||
Individual name issuer trust preferred debt securities | 26,388 | 4 | 26,736 | 4 | |||||||||
Corporate bonds | 4,009 | 1 | 2,166 | — | |||||||||
Total securities available for sale | $714,355 | 100 | % | $739,912 | 100 | % |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||
Amount | % | Amount | % | ||||||||||
Securities Held to Maturity: | |||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | $13,241 | 100 | % | $15,633 | 100 | % | |||||||
Total securities held to maturity | $13,241 | 100 | % | $15,633 | 100 | % |
(Dollars in thousands) | September 30, 2017 | Credit Ratings | |||||||||||||||||||
September 30, 2017 | Form 10-Q Filing Date | ||||||||||||||||||||
Named Issuer (parent holding company) | (i) | Amortized Cost | Fair Value | Unrealized Losses | Moody’s | S&P | Moody’s | S&P | |||||||||||||
JPMorgan Chase & Co. | 2 | $9,796 | $9,236 | ($560 | ) | Baa2 | BBB- | Baa2 | BBB- | ||||||||||||
Bank of America Corporation | 2 | 4,814 | 4,609 | (205 | ) | Ba1 (ii) | BB+ (ii) | Ba1 (ii) | BB+ (ii) | ||||||||||||
Wells Fargo & Company | 2 | 5,168 | 4,959 | (209 | ) | A1/Baa1 | BBB+/BBB | A1/Baa1 | BBB+/BBB | ||||||||||||
SunTrust Banks, Inc. | 1 | 4,180 | 3,929 | (251 | ) | Baa2 | BB+ (ii) | Baa2 | BB+ (ii) | ||||||||||||
Northern Trust Corporation | 1 | 1,989 | 1,870 | (119 | ) | A3 | BBB+ | A3 | BBB+ | ||||||||||||
Huntington Bancshares Incorporated | 1 | 1,950 | 1,785 | (165 | ) | Baa2 | BB (ii) | Baa2 | BB (ii) | ||||||||||||
Totals | 9 | $27,897 | $26,388 | ($1,509 | ) |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate (1) | $1,762,687 | 36 | % | $1,639,062 | 38 | % | |||||||||||||||||
Commercial & industrial (2) | 652,758 | 14 | 641,555 | 15 | |||||||||||||||||||
Total commercial | 2,415,445 | 50 | 2,280,617 | 53 | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Residential real estate (3) | 2,144,098 | 44 | 1,726,975 | 40 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity | 273,742 | 6 | 247,697 | 6 | |||||||||||||||||||
Other (4) | 15,588 | — | 17,636 | 1 | |||||||||||||||||||
Total consumer | 289,330 | 6 | 265,333 | 7 | |||||||||||||||||||
Total loans | $4,848,873 | 100 | % | $4,272,925 | 100 | % |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Outstanding Balance | % of Total | Outstanding Balance | % of Total | ||||||||||||||
Connecticut | $674,816 | 38 | % | $643,182 | 39 | % | |||||||||||
Massachusetts | 529,364 | 30 | 464,018 | 28 | |||||||||||||
Rhode Island | 396,869 | 23 | 408,496 | 25 | |||||||||||||
Subtotal | 1,601,049 | 91 | 1,515,696 | 92 | |||||||||||||
All other states | 161,638 | 9 | 123,366 | 8 | |||||||||||||
Total | $1,762,687 | 100 | % | $1,639,062 | 100 | % |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Count | Outstanding Balance | % of Total | Count | Outstanding Balance | % of Total | ||||||||||||||||||
CRE Portfolio Segmentation: | |||||||||||||||||||||||
Retail | 109 | $441,631 | 25 | % | 121 | $389,487 | 24 | % | |||||||||||||||
Multi-family dwelling | 123 | 429,796 | 24 | 127 | 474,229 | 29 | |||||||||||||||||
Office | 55 | 253,816 | 14 | 57 | 216,602 | 13 | |||||||||||||||||
Hospitality | 32 | 196,503 | 11 | 31 | 184,990 | 11 | |||||||||||||||||
Industrial and warehouse | 39 | 176,081 | 10 | 35 | 137,254 | 8 | |||||||||||||||||
Healthcare | 15 | 138,475 | 8 | 13 | 128,189 | 8 | |||||||||||||||||
Commercial mixed use | 20 | 43,235 | 2 | 20 | 38,978 | 2 | |||||||||||||||||
Other | 36 | 83,150 | 6 | 36 | 69,333 | 5 | |||||||||||||||||
Total CRE loans | 429 | $1,762,687 | 100 | % | 440 | $1,639,062 | 100 | % | |||||||||||||||
Average CRE loan size | $4,109 | $3,725 | |||||||||||||||||||||
Largest individual CRE loan outstanding | $65,424 | $39,945 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Count | Outstanding Balance | % of Total | Count | Outstanding Balance | % of Total | ||||||||||||||||||
C&I Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 70 | $194,128 | 30 | % | 101 | $174,376 | 27 | % | |||||||||||||||
Owner occupied and other real estate | 162 | 71,431 | 11 | 185 | 72,957 | 11 | |||||||||||||||||
Manufacturing | 54 | 55,489 | 9 | 65 | 55,341 | 9 | |||||||||||||||||
Transportation and warehousing | 20 | 50,597 | 8 | 31 | 35,064 | 5 | |||||||||||||||||
Retail | 55 | 49,365 | 8 | 79 | 47,290 | 7 | |||||||||||||||||
Educational services | 20 | 48,208 | 7 | 28 | 52,211 | 8 | |||||||||||||||||
Finance and insurance | 58 | 31,579 | 5 | 59 | 31,279 | 5 | |||||||||||||||||
Entertainment and recreation | 24 | 26,050 | 4 | 37 | 32,087 | 5 | |||||||||||||||||
Information | 8 | 22,258 | 3 | 14 | 25,045 | 4 | |||||||||||||||||
Accommodation and food services | 49 | 17,499 | 3 | 114 | 28,320 | 4 | |||||||||||||||||
Professional, scientific and technical | 37 | 6,357 | 1 | 69 | 8,912 | 1 | |||||||||||||||||
Public administration | 12 | 4,223 | 1 | 16 | 5,441 | 1 | |||||||||||||||||
Other | 164 | 75,574 | 10 | 281 | 73,232 | 13 | |||||||||||||||||
Total C&I loans | 733 | $652,758 | 100 | % | 1,079 | $641,555 | 100 | % | |||||||||||||||
Average C&I loan size | $891 | $595 | |||||||||||||||||||||
Largest individual C&I loan outstanding | $27,671 | $18,721 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
Rhode Island, Connecticut, Massachusetts | $1,136,168 | 94 | % | $1,105,539 | 93 | % | |||||||
New York, New Jersey, Pennsylvania | 62,956 | 5 | 77,038 | 6 | |||||||||
New Hampshire | 12,668 | 1 | 12,980 | 1 | |||||||||
Total | $1,211,792 | 100 | % | $1,195,557 | 100 | % |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||
Massachusetts | $1,552,728 | 72 | % | $1,207,789 | 70 | % | |||||||||||
Rhode Island | 423,070 | 20 | 365,831 | 21 | |||||||||||||
Connecticut | 143,701 | 7 | 132,430 | 8 | |||||||||||||
Subtotal | 2,119,499 | 99 | 1,706,050 | 99 | |||||||||||||
All other states | 24,599 | 1 | 20,925 | 1 | |||||||||||||
Total (1) | $2,144,098 | 100 | % | $1,726,975 | 100 | % |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||
Originations for retention in portfolio (1) | $225,132 | 74 | % | $205,293 | 52 | % | $653,295 | 71 | % | $581,905 | 44 | % | |||||||||||||||||||||||
Originations for sale to the secondary market (2) | 77,242 | 26 | 190,702 | 48 | 270,320 | 29 | 744,589 | 56 | |||||||||||||||||||||||||||
Total | $302,374 | 100 | % | $395,995 | 100 | % | $923,615 | 100 | % | $1,326,494 | 100 | % |
(Dollars in thousands) | |||||||||||||||
Three Months | Nine Months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Originations for retention in portfolio | $90,378 | $90,308 | $243,079 | $191,934 | |||||||||||
Originations for sale to the secondary market (1) | 143,112 | 170,673 | 390,044 | 415,174 | |||||||||||
Total | $233,490 | $260,981 | $633,123 | $607,108 |
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Three Months | Nine Months | ||||||||||||||||||||||||||||||||||
Periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||
Loans sold with servicing rights retained | $34,659 | 46 | % | $108,445 | 62 | % | $72,764 | 26 | % | $570,370 | 75 | % | |||||||||||||||||||||||
Loans sold with servicing rights released (1) | 40,665 | 54 | 65,416 | 38 | 212,429 | 74 | 186,068 | 25 | |||||||||||||||||||||||||||
Total | $75,324 | 100 | % | $173,861 | 100 | % | $285,193 | 100 | % | $756,438 | 100 | % |
(Dollars in thousands) | |||||||||||||||
Three Months | Nine Months | ||||||||||||||
Periods ended September 30, | 2017 | 2016 | 2017 | 2016 | |||||||||||
Loans sold with servicing rights retained | $37,823 | $44,611 | $89,589 | $116,869 | |||||||||||
Loans sold with servicing rights released (1) | 109,508 | 119,572 | 302,098 | 292,318 | |||||||||||
Total | $147,331 | $164,183 | $391,687 | $409,187 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
Rhode Island, Connecticut, Massachusetts | $1,179,112 | 98.6 | % | $1,106,366 | 98.6 | % | |||||||
New Hampshire, Vermont, Maine | 12,085 | 1.0 | 11,445 | 1.0 | |||||||||
New York, Virginia, New Jersey, Maryland, Pennsylvania | 2,187 | 0.2 | 2,648 | 0.2 | |||||||||
Ohio | 884 | 0.1 | 997 | 0.1 | |||||||||
Other | 1,269 | 0.1 | 1,292 | 0.1 | |||||||||
Total | $1,195,537 | 100.0 | % | $1,122,748 | 100.0 | % |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | |||||||||
Commercial: | |||||||||||
Commercial real estate | $— | $— | |||||||||
Commercial & industrial | — | — | |||||||||
Total commercial | — | — | |||||||||
Residential Real Estate: | |||||||||||
Residential real estate | 11,700 | 13,576 | |||||||||
Consumer: | |||||||||||
Home equity | 422 | 627 | |||||||||
Other | — | — | |||||||||
Total consumer | 422 | 627 | |||||||||
Total nonaccrual loans | 12,122 | 14,203 | |||||||||
OREO, net | — | — | |||||||||
Total nonperforming assets | $12,122 | $14,203 | |||||||||
Nonperforming assets to total assets | 0.19 | % | 0.24 | % | |||||||
Nonperforming loans to total loans | 0.25 | % | 0.33 | % | |||||||
Total past due loans to total loans | 0.16 | % | 0.24 | % | |||||||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | Sep 30, 2017 | Dec 31, 2016 | |||||
Nonaccrual loans: | |||||||
Commercial mortgages | $5,887 | $7,811 | |||||
Commercial construction & development | — | — | |||||
Commercial & industrial | 429 | 1,337 | |||||
Residential real estate mortgages | 11,699 | 11,736 | |||||
Consumer | 496 | 1,174 | |||||
Total nonaccrual loans | 18,511 | 22,058 | |||||
Property acquired through foreclosure or repossession, net | 1,038 | 1,075 | |||||
Total nonperforming assets | $19,549 | $23,133 | |||||
Nonperforming assets to total assets | 0.44 | % | 0.53 | % | |||
Nonperforming loans to total loans | 0.56 | % | 0.68 | % | |||
Total past due loans to total loans | 0.49 | % | 0.76 | % | |||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | Three Months | Nine Months | |||||||||||||||||||||
For the periods ended September 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | $12,414 | $10,481 | $14,203 | $13,197 | |||||||||||||||||||
Additions to nonaccrual status | 521 | 2,583 | 1,106 | 3,854 | |||||||||||||||||||
Loans returned to accruing status | (400) | — | (699) | (877) | |||||||||||||||||||
Loans charged-off | (63) | (249) | (122) | (630) | |||||||||||||||||||
Payments, payoffs and other changes | (350) | (1,839) | (2,366) | (4,568) | |||||||||||||||||||
Balance at end of period | $12,122 | $10,976 | $12,122 | $10,976 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Days Past Due | Days Past Due | ||||||||||||||||||||||||||||||||||||||||
Over 90 | Under 90 | Total | % (1) | Over 90 | Under 90 | Total | % (1) | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $— | $— | $— | — | % | $— | $— | $— | — | % | |||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total commercial | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||||||||
Residential real estate | 5,430 | 6,270 | 11,700 | 0.55 | 4,662 | 8,914 | 13,576 | 0.79 | |||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity | 50 | 372 | 422 | 0.15 | 108 | 519 | 627 | 0.25 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total consumer | 50 | 372 | 422 | 0.15 | 108 | 519 | 627 | 0.24 | |||||||||||||||||||||||||||||||||
Total nonaccrual loans | $5,480 | $6,642 | $12,122 | 0.25 | % | $4,770 | $9,433 | $14,203 | 0.33 | % |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||
Days Past Due | Days Past Due | ||||||||||||||||||||||||||
Over 90 | Under 90 | Total | % (1) | Over 90 | Under 90 | Total | % (1) | ||||||||||||||||||||
Commercial mortgages | $5,887 | $— | $5,887 | 0.54 | % | $7,807 | $4 | $7,811 | 0.73 | % | |||||||||||||||||
Commercial construction & development | — | — | — | — | — | — | — | — | |||||||||||||||||||
Commercial & industrial | 426 | 3 | 429 | 0.07 | 745 | 592 | 1,337 | 0.23 | |||||||||||||||||||
Residential real estate mortgages | 4,524 | 7,175 | 11,699 | 0.98 | 6,193 | 5,543 | 11,736 | 1.05 | |||||||||||||||||||
Consumer | 72 | 424 | 496 | 0.15 | 768 | 406 | 1,174 | 0.35 | |||||||||||||||||||
Total nonaccrual loans | $10,909 | $7,602 | $18,511 | 0.56 | % | $15,513 | $6,545 | $22,058 | 0.68 | % |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||
Amount | % (1) | Amount | % (1) | ||||||||||
Commercial mortgages | $5,887 | 0.54 | % | $8,708 | 0.81 | % | |||||||
Commercial construction & development | — | — | — | — | |||||||||
Commercial & industrial | 455 | 0.08 | 1,154 | 0.20 | |||||||||
Residential real estate mortgages | 7,802 | 0.65 | 12,226 | 1.09 | |||||||||
Consumer loans | 2,303 | 0.70 | 2,334 | 0.69 | |||||||||
Total past due loans | $16,447 | 0.49 | % | $24,422 | 0.76 | % |
(Dollars in thousands) | Sep 30, 2022 | Dec 31, 2021 | |||||||||
Accruing TDRs | |||||||||||
Commercial: | |||||||||||
Commercial real estate | $3,609 | $10,603 | |||||||||
Commercial & industrial | 844 | 2,792 | |||||||||
Total commercial | 4,453 | 13,395 | |||||||||
Residential Real Estate: | |||||||||||
Residential real estate | 2,204 | 2,372 | |||||||||
Consumer: | |||||||||||
Home equity | 557 | 561 | |||||||||
Other | — | — | |||||||||
Total consumer | 557 | 561 | |||||||||
Accruing TDRs | 7,214 | 16,328 | |||||||||
Nonaccrual TDRs | |||||||||||
Commercial: | |||||||||||
Commercial real estate | — | — | |||||||||
Commercial & industrial | — | — | |||||||||
Total commercial | — | — | |||||||||
Residential Real Estate: | |||||||||||
Residential real estate | 2,819 | 2,748 | |||||||||
Consumer: | |||||||||||
Home equity | 71 | 71 | |||||||||
Other | — | — | |||||||||
Total consumer | 71 | 71 | |||||||||
Nonaccrual TDRs | 2,890 | 2,819 | |||||||||
Total TDRs | $10,104 | $19,147 |
(Dollars in thousands) | Sep 30, 2017 | Dec 31, 2016 | |||||
Accruing troubled debt restructured loans: | |||||||
Commercial mortgages | $772 | $1,965 | |||||
Commercial & industrial | 5,362 | 5,761 | |||||
Residential real estate mortgages | 371 | 3,925 | |||||
Consumer | 131 | 106 | |||||
Accruing troubled debt restructured loans | 6,636 | 11,757 | |||||
Nonaccrual troubled debt restructured loans: | |||||||
Commercial mortgages | 5,886 | 7,807 | |||||
Commercial & industrial | 427 | 1,177 | |||||
Residential real estate mortgages | 533 | 1,384 | |||||
Consumer | 14 | 110 | |||||
Nonaccrual troubled debt restructured loans | 6,860 | 10,478 | |||||
Total troubled debt restructured loans | $13,496 | $22,235 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Amount | % (1) | Amount | % (1) | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | $— | — | % | $— | — | % | |||||||||||||||||
Commercial & industrial | 4 | — | 3 | — | |||||||||||||||||||
Total commercial | 4 | — | 3 | — | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Residential real estate | 7,256 | 0.34 | 9,622 | 0.56 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity | 252 | 0.09 | 765 | 0.31 | |||||||||||||||||||
Other | 17 | 0.11 | 21 | 0.12 | |||||||||||||||||||
Total consumer | 269 | 0.09 | 786 | 0.30 | |||||||||||||||||||
Total past due loans | $7,529 | 0.16 | % | $10,411 | 0.24 | % |
(Dollars in thousands) | Sep 30, 2017 | Dec 31, 2016 | |||||
Collateral dependent impaired loans (1) | $16,077 | $24,238 | |||||
Impaired loans measured on discounted cash flow method (2) | 9,070 | 9,577 | |||||
Total impaired loans | $25,147 | $33,815 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Loans | Related Allowance | Allowance / Loans | Loans | Related Allowance | Allowance / Loans | ||||||||||||||||||
Individually analyzed loans | $12,024 | $652 | 5.42 | % | $21,080 | $682 | 3.24 | % | |||||||||||||||
Pooled (collectively evaluated) loans | 4,836,849 | 36,211 | 0.75 | 4,251,845 | 38,406 | 0.90 | |||||||||||||||||
Total | $4,848,873 | $36,863 | 0.76 | % | $4,272,925 | $39,088 | 0.91 | % |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||||||
Loans | Related Allowance | Allowance / Loans | Loans | Related Allowance | Allowance / Loans | ||||||||||||
Impaired loans individually evaluated for impairment | $25,147 | $1,145 | 4.55 | % | $33,815 | $606 | 1.79 | % | |||||||||
Loans collectively evaluated for impairment | 3,297,931 | 26,163 | 0.79 | 3,200,556 | 25,398 | 0.79 | |||||||||||
Total | $3,323,078 | $27,308 | 0.82 | % | $3,234,371 | $26,004 | 0.80 | % |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||
Allocated ACL | ACL to Loans | Loans to Total Portfolio (1) | Allocated ACL | ACL to Loans | Loans to Total Portfolio (1) | ||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $17,611 | 1.00 | % | 36 | % | $18,933 | 1.16 | % | 38 | % | |||||||||||||||||||||||||
Commercial & industrial | 10,347 | 1.59 | 14 | 10,832 | 1.69 | 15 | |||||||||||||||||||||||||||||
Total commercial | 27,958 | 1.16 | 50 | 29,765 | 1.31 | 53 | |||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||
Residential real estate | 7,447 | 0.35 | 44 | 7,860 | 0.46 | 40 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Home equity | 1,071 | 0.39 | 6 | 1,069 | 0.43 | 6 | |||||||||||||||||||||||||||||
Other | 387 | 2.48 | — | 394 | 2.23 | 1 | |||||||||||||||||||||||||||||
Total consumer | 1,458 | 0.50 | 6 | 1,463 | 0.55 | 7 | |||||||||||||||||||||||||||||
Total allowance for credit losses on loans at end of period | $36,863 | 0.76 | % | 100 | % | $39,088 | 0.91 | % | 100 | % |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | |||||||||||
Amount | % (1) | Amount | % (1) | ||||||||||
Commercial: | |||||||||||||
Mortgages | $11,682 | 33 | % | $9,971 | 33 | % | |||||||
Construction & development | 1,105 | 4 | 1,195 | 4 | |||||||||
Commercial & industrial | 6,652 | 17 | 6,992 | 18 | |||||||||
Residential real estate: | |||||||||||||
Mortgage | 5,360 | 35 | 5,077 | 34 | |||||||||
Homeowner construction | 80 | 1 | 175 | 1 | |||||||||
Consumer | 2,429 | 10 | 2,594 | 10 | |||||||||
Balance at end of period | $27,308 | 100 | % | $26,004 | 100 | % |
(Dollars in thousands) | Change | |||||||||||||||||||
September 30, 2022 | December 31, 2021 | $ | % | |||||||||||||||||
Noninterest-bearing demand deposits | $938,572 | $945,229 | ($6,657) | (1 | %) | |||||||||||||||
Interest-bearing demand deposits (in market) | 273,231 | 251,032 | 22,199 | 9 | ||||||||||||||||
NOW accounts | 869,984 | 867,138 | 2,846 | — | ||||||||||||||||
Money market accounts | 1,146,826 | 1,072,864 | 73,962 | 7 | ||||||||||||||||
Savings accounts | 600,568 | 555,177 | 45,391 | 8 | ||||||||||||||||
Time deposits (in-market) | 797,505 | 773,383 | 24,122 | 3 | ||||||||||||||||
In-market deposits | 4,626,686 | 4,464,823 | 161,863 | 4 | ||||||||||||||||
Wholesale brokered demand deposits | 31,044 | — | 31,044 | 100 | ||||||||||||||||
Wholesale brokered time deposits | 412,127 | 515,228 | (103,101) | (20) | ||||||||||||||||
Wholesale brokered deposits | 443,171 | 515,228 | (72,057) | (14) | ||||||||||||||||
Total deposits | $5,069,857 | $4,980,051 | $89,806 | 2 | % |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Additional Funding Capacity: | |||||||||||
Federal Home Loan Bank of Boston (1) | $967,133 | $1,642,377 | |||||||||
Federal Reserve Bank of Boston (2) | 24,392 | 16,919 | |||||||||
Unencumbered investment securities | 672,024 | 702,963 | |||||||||
Total | $1,663,549 | $2,362,259 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Months 1 - 12 | Months 13 - 24 | Months 1 - 12 | Months 13 - 24 | ||||||||||||||
100 basis point rate decrease | (1.68) | % | (0.01) | % | (1.32) | % | (5.42) | % | |||||||||
100 basis point rate increase | 0.58 | (2.66) | 3.34 | 3.91 | |||||||||||||
200 basis point rate increase | 2.23 | (3.69) | 6.87 | 8.18 | |||||||||||||
300 basis point rate increase | 3.77 | (5.42) | 10.32 | 11.72 |
September 30, 2017 | December 31, 2016 | ||||||
Months 1 - 12 | Months 13 - 24 | Months 1 - 12 | Months 13 - 24 | ||||
100 basis point rate decrease | (3.42)% | (7.61)% | (2.93)% | (6.54)% | |||
100 basis point rate increase | 3.04 | 2.76 | 2.21 | 1.74 | |||
200 basis point rate increase | 7.38 | 8.07 | 5.13 | 4.99 | |||
300 basis point rate increase | 11.76 | 13.52 | 8.08 | 8.35 |
(Dollars in thousands) | |||||||||||
Security Type | Down 100 Basis Points | Up 200 Basis Points | |||||||||
U.S. government-sponsored enterprise securities (callable) | $28,038 | ($3,760) | |||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 55,880 | (104,798) | |||||||||
Trust preferred debt and other corporate debt securities | (18) | 7 | |||||||||
Total change in market value as of September 30, 2022 | $83,900 | ($108,551) | |||||||||
Total change in market value as of December 31, 2021 | $10,166 | ($119,505) |
(Dollars in thousands) | |||||||
Security Type | Down 100 Basis Points | Up 200 Basis Points | |||||
U.S. government-sponsored enterprise securities (callable) | $2,152 | ($9,771 | ) | ||||
Obligations of states and political subdivisions | 2 | (3 | ) | ||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 15,302 | (54,823 | ) | ||||
Trust preferred debt and other corporate debt securities | (55 | ) | 83 | ||||
Total change in market value as of September 30, 2017 | $17,401 | ($64,514 | ) | ||||
Total change in market value as of December 31, 2016 | $14,906 | ($79,508 | ) |
Issuer Purchases of Equity Securities | ||||||||||||||
Period | (a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares purchased as part of publicly announced plans | (d) Maximum number of shares that may yet be purchased under plans | ||||||||||
July 1 - 31, 2022 | 18,754 | $47.79 | 18,754 | 655,838 | ||||||||||
August 1 - 31, 2022 | — | — | — | 655,838 | ||||||||||
September 1 - 30, 2022 | — | — | — | 655,838 | ||||||||||
Total | 18,754 | $47.79 | 18,754 | 655,838 |
Exhibit Number | |||||
101 | The following materials from Washington Trust Bancorp, Inc.’s Quarterly Report on Form 10-Q for the | ||||
104 | The cover page from the Corporation’s Quarterly Report on Form 10-Q for the period ended September 30, 2022 has been formatted in Inline XBRL and contained in Exhibit 101. |
WASHINGTON TRUST BANCORP, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | November 7, 2022 | By: | ||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) | ||||||||||||||
Date: | November | By: | /s/ | |||||||||||
Senior Executive Vice | ||||||||||||||
(principal financial officer) | ||||||||||||||
Date: | November | By: | /s/ Maria N. Janes | |||||||||||
Maria N. Janes | ||||||||||||||
Executive Vice President, Chief Accounting Officer and | ||||||||||||||