☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Washington | 91-1422237 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Securities Registered Pursuant to Section 12(b) of the Act: | ||||||||||||||
Common Stock, No Par Value | COLB | The Nasdaq Stock Market LLC | ||||||||||||
(Title of each class) | (Trading symbol) | (Name of each exchange on which registered) |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I — FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II — OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ACL | Allowance for Credit Losses | |||||||||||||
Financial Accounting Standards Board | ||||||||||||||
ASC | Accounting Standards Codification | FDIC | Federal Deposit Insurance Corporation | |||||||||||
ASC 326 | Codification related to measurement of credit losses on financial instruments | |||||||||||||
Federal Home Loan Bank of Des Moines | ||||||||||||||
Accounting Standards Update | FRB | Federal Reserve Bank | ||||||||||||
ATM | Automated Teller Machine | |||||||||||||
Generally Accepted Accounting Principles | ||||||||||||||
B&O | Business and Occupation | GDP | Gross Domestic Product | |||||||||||
Basel III | A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 | |||||||||||||
BOLI | Bank Owned Life Insurance | LIBOR | London Interbank Offering Rate | |||||||||||
Capital Rules | Risk-based capital standards currently applicable to the Company and the Bank. | N/M | Not meaningful | |||||||||||
CARES Act | Coronavirus Aid Relief and Economic Security Act | OPPO | Other Personal Property Owned | |||||||||||
OREO | Other Real Estate Owned | |||||||||||||
Current Expected Credit Losses | ||||||||||||||
CEO | Chief Executive Officer | PPP | Paycheck Protection Program | |||||||||||
CET1 | Common Equity Tier 1 | Restricted Stock Awards | ||||||||||||
CFO | Chief Financial Officer | RSU | Restricted Stock Units | |||||||||||
COVID-19 | Novel Coronavirus | SBA | Small Business Administration | |||||||||||
SEC | Securities and Exchange Commission | |||||||||||||
TDRs | Troubled Debt Restructurings | |||||||||||||
West Coast | West Coast Bancorp |
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||
Columbia Banking System, Inc. | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
ASSETS | (in thousands) | ||||||||||||||||||||||
Cash and due from banks | $ | 178,096 | $ | 218,899 | |||||||||||||||||||
Interest-earning deposits with banks | 706,389 | 434,867 | |||||||||||||||||||||
Total cash and cash equivalents | 884,485 | 653,766 | |||||||||||||||||||||
Debt securities available for sale at fair value (amortized cost of $5,417,373 and $4,997,529, respectively) | 5,496,290 | 5,210,134 | |||||||||||||||||||||
Equity securities | 13,425 | 13,425 | |||||||||||||||||||||
FHLB stock at cost | 10,280 | 10,280 | |||||||||||||||||||||
Loans held for sale | 26,176 | 26,481 | |||||||||||||||||||||
Loans, net of unearned income | 9,676,318 | 9,427,660 | |||||||||||||||||||||
Less: ACL | 148,294 | 149,140 | |||||||||||||||||||||
Loans, net | 9,528,024 | 9,278,520 | |||||||||||||||||||||
Interest receivable | 52,667 | 54,831 | |||||||||||||||||||||
Premises and equipment, net | 160,179 | 162,059 | |||||||||||||||||||||
OREO | 521 | 553 | |||||||||||||||||||||
Goodwill | 765,842 | 765,842 | |||||||||||||||||||||
Other intangible assets, net | 24,810 | 26,734 | |||||||||||||||||||||
Other assets | 372,417 | 382,154 | |||||||||||||||||||||
Total assets | $ | 17,335,116 | $ | 16,584,779 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing | $ | 7,424,472 | $ | 6,913,214 | |||||||||||||||||||
Interest-bearing | 7,342,994 | 6,956,648 | |||||||||||||||||||||
Total deposits | 14,767,466 | 13,869,862 | |||||||||||||||||||||
FHLB advances | 7,400 | 7,414 | |||||||||||||||||||||
Securities sold under agreements to repurchase | 38,624 | 73,859 | |||||||||||||||||||||
Subordinated debentures | 35,046 | 35,092 | |||||||||||||||||||||
Other liabilities | 211,517 | 250,945 | |||||||||||||||||||||
Total liabilities | 15,060,053 | 14,237,172 | |||||||||||||||||||||
Commitments and contingent liabilities (Note 10) | |||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Preferred stock (0 par value) | |||||||||||||||||||||||
Authorized shares | 2,000 | 2,000 | |||||||||||||||||||||
Common stock (0 par value) | |||||||||||||||||||||||
Authorized shares | 115,000 | 115,000 | |||||||||||||||||||||
Issued | 73,923 | 73,782 | 1,661,129 | 1,660,998 | |||||||||||||||||||
Outstanding | 71,739 | 71,598 | |||||||||||||||||||||
Retained earnings | 607,040 | 575,248 | |||||||||||||||||||||
Accumulated other comprehensive income | 77,728 | 182,195 | |||||||||||||||||||||
Treasury stock at cost | 2,184 | 2,184 | (70,834) | (70,834) | |||||||||||||||||||
Total shareholders’ equity | 2,275,063 | 2,347,607 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,335,116 | $ | 16,584,779 |
June 30, 2020 | December 31, 2019 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 217,461 | $ | 223,541 | |||||||||
Interest-earning deposits with banks | 880,232 | 24,132 | |||||||||||
Total cash and cash equivalents | 1,097,693 | 247,673 | |||||||||||
Debt securities available for sale at fair value (amortized cost of $3,491,307 and $3,703,096, respectively) | 3,693,787 | 3,746,142 | |||||||||||
Equity securities | 13,425 | — | |||||||||||
FHLB stock at cost | 16,280 | 48,120 | |||||||||||
Loans held for sale | 28,803 | 17,718 | |||||||||||
Loans, net of unearned income | 9,771,898 | 8,743,465 | |||||||||||
Less: ACL | 151,546 | 83,968 | |||||||||||
Loans, net | 9,620,352 | 8,659,497 | |||||||||||
Interest receivable | 59,149 | 46,839 | |||||||||||
Premises and equipment, net | 164,362 | 165,408 | |||||||||||
OREO | 747 | 552 | |||||||||||
Goodwill | 765,842 | 765,842 | |||||||||||
Other intangible assets, net | 30,938 | 35,458 | |||||||||||
Other assets | 429,566 | 346,275 | |||||||||||
Total assets | $ | 15,920,944 | $ | 14,079,524 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 6,719,437 | $ | 5,328,146 | |||||||||
Interest-bearing | 6,412,040 | 5,356,562 | |||||||||||
Total deposits | 13,131,477 | 10,684,708 | |||||||||||
FHLB advances and FRB borrowings | 157,441 | 953,469 | |||||||||||
Securities sold under agreements to repurchase | 51,479 | 64,437 | |||||||||||
Subordinated debentures | 35,185 | 35,277 | |||||||||||
Other liabilities | 268,607 | 181,671 | |||||||||||
Total liabilities | 13,644,189 | 11,919,562 | |||||||||||
Commitments and contingent liabilities (Note 10) | |||||||||||||
Shareholders’ equity: | |||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||
(in thousands) | |||||||||||||
Preferred stock (no par value) | |||||||||||||
Authorized shares | 2,000 | 2,000 | |||||||||||
Common stock (no par value) | |||||||||||||
Authorized shares | 115,000 | 115,000 | |||||||||||
Issued | 73,770 | 73,577 | 1,654,129 | 1,650,753 | |||||||||
Outstanding | 71,586 | 72,124 | |||||||||||
Retained earnings | 512,383 | 519,676 | |||||||||||
Accumulated other comprehensive income | 181,077 | 40,367 | |||||||||||
Treasury stock at cost | 2,184 | 1,453 | (70,834 | ) | (50,834 | ) | |||||||
Total shareholders’ equity | 2,276,755 | 2,159,962 | |||||||||||
Total liabilities and shareholders’ equity | $ | 15,920,944 | $ | 14,079,524 |
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands except per share amounts) | ||||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Loans | $ | 100,315 | $ | 107,366 | ||||||||||||||||||||||
Taxable securities | 22,816 | 21,088 | ||||||||||||||||||||||||
Tax-exempt securities | 2,759 | 2,302 | ||||||||||||||||||||||||
Deposits in banks | 152 | 141 | ||||||||||||||||||||||||
Total interest income | 126,042 | 130,897 | ||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Deposits | 1,485 | 3,642 | ||||||||||||||||||||||||
FHLB advances and FRB borrowings | 72 | 4,229 | ||||||||||||||||||||||||
Subordinated debentures | 468 | 468 | ||||||||||||||||||||||||
Other borrowings | 23 | 136 | ||||||||||||||||||||||||
Total interest expense | 2,048 | 8,475 | ||||||||||||||||||||||||
Net Interest Income | 123,994 | 122,422 | ||||||||||||||||||||||||
Provision (recapture) for credit losses | (800) | 41,500 | ||||||||||||||||||||||||
Net interest income after provision (recapture) for credit losses | 124,794 | 80,922 | ||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Deposit account and treasury management fees | 6,358 | 7,788 | ||||||||||||||||||||||||
Card revenue | 3,733 | 3,518 | ||||||||||||||||||||||||
Financial services and trust revenue | 3,381 | 3,065 | ||||||||||||||||||||||||
Loan revenue | 7,369 | 4,590 | ||||||||||||||||||||||||
Bank owned life insurance | 1,560 | 1,596 | ||||||||||||||||||||||||
Investment securities gains, net | 0 | 249 | ||||||||||||||||||||||||
Other | 765 | 401 | ||||||||||||||||||||||||
Total noninterest income | 23,166 | 21,207 | ||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||
Compensation and employee benefits | 51,736 | 54,842 | ||||||||||||||||||||||||
Occupancy | 9,006 | 9,197 | ||||||||||||||||||||||||
Data processing and software | 8,451 | 7,099 | ||||||||||||||||||||||||
Legal and professional fees | 2,815 | 2,102 | ||||||||||||||||||||||||
Amortization of intangibles | 1,924 | 2,310 | ||||||||||||||||||||||||
B&O taxes | 1,259 | 624 | ||||||||||||||||||||||||
Advertising and promotion | 760 | 1,305 | ||||||||||||||||||||||||
Regulatory premiums | 1,105 | 34 | ||||||||||||||||||||||||
Net cost (benefit) of operation of OREO | (63) | 12 | ||||||||||||||||||||||||
Other | 6,566 | 6,746 | ||||||||||||||||||||||||
Total noninterest expense | 83,559 | 84,271 | ||||||||||||||||||||||||
Income before income taxes | 64,401 | 17,858 | ||||||||||||||||||||||||
Income tax provision | 12,548 | 3,230 | ||||||||||||||||||||||||
Net Income | $ | 51,853 | $ | 14,628 | ||||||||||||||||||||||
Earnings per common share | ||||||||||||||||||||||||||
Basic | $ | 0.73 | $ | 0.20 | ||||||||||||||||||||||
Diluted | $ | 0.73 | $ | 0.20 | ||||||||||||||||||||||
Weighted average number of common shares outstanding | 70,869 | 71,206 | ||||||||||||||||||||||||
Weighted average number of diluted common shares outstanding | 71,109 | 71,264 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 105,496 | $ | 116,585 | $ | 212,862 | $ | 225,001 | ||||||||
Taxable securities | 18,343 | 15,918 | 39,431 | 33,333 | ||||||||||||
Tax-exempt securities | 2,257 | 2,712 | 4,559 | 5,681 | ||||||||||||
Deposits in banks | 136 | 207 | 277 | 295 | ||||||||||||
Total interest income | 126,232 | 135,422 | 257,129 | 264,310 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 2,094 | 4,976 | 5,736 | 9,474 | ||||||||||||
FHLB advances and FRB borrowings | 1,796 | 4,708 | 6,025 | 7,393 | ||||||||||||
Subordinated debentures | 468 | 468 | 936 | 936 | ||||||||||||
Other borrowings | 23 | 154 | 159 | 369 | ||||||||||||
Total interest expense | 4,381 | 10,306 | 12,856 | 18,172 | ||||||||||||
Net Interest Income | 121,851 | 125,116 | 244,273 | 246,138 | ||||||||||||
Provision for credit losses | 33,500 | 218 | 75,000 | 1,580 | ||||||||||||
Net interest income after provision for credit losses | 88,351 | 124,898 | 169,273 | 244,558 | ||||||||||||
Noninterest Income | ||||||||||||||||
Deposit account and treasury management fees | 6,092 | 9,035 | 13,880 | 18,015 | ||||||||||||
Card revenue | 3,079 | 3,763 | 6,597 | 7,425 | ||||||||||||
Financial services and trust revenue | 3,163 | 3,425 | 6,228 | 6,382 | ||||||||||||
Loan revenue | 5,607 | 3,596 | 10,197 | 5,985 | ||||||||||||
Bank owned life insurance | 1,618 | 1,597 | 3,214 | 3,116 | ||||||||||||
Investment securities gains, net | 16,425 | 285 | 16,674 | 2,132 | ||||||||||||
Other | 1,275 | 3,947 | 1,676 | 4,289 | ||||||||||||
Total noninterest income | 37,259 | 25,648 | 58,466 | 47,344 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 46,043 | 52,015 | 100,885 | 104,100 | ||||||||||||
Occupancy | 8,812 | 8,712 | 18,009 | 17,521 | ||||||||||||
Data processing | 5,454 | 4,601 | 10,294 | 9,270 | ||||||||||||
Legal and professional fees | 3,483 | 6,554 | 5,585 | 11,127 | ||||||||||||
Amortization of intangibles | 2,210 | 2,649 | 4,520 | 5,397 | ||||||||||||
B&O taxes | 1,244 | 1,411 | 1,868 | 3,287 | ||||||||||||
Advertising and promotion | 837 | 870 | 2,142 | 1,844 | ||||||||||||
Regulatory premiums | 1,034 | 956 | 1,068 | 1,940 | ||||||||||||
Net benefit of operation of OREO | (200 | ) | (705 | ) | (188 | ) | (592 | ) | ||||||||
Other | 11,916 | 9,665 | 20,921 | 17,534 | ||||||||||||
Total noninterest expense | 80,833 | 86,728 | 165,104 | 171,428 | ||||||||||||
Income before income taxes | 44,777 | 63,818 | 62,635 | 120,474 | ||||||||||||
Income tax provision | 8,195 | 12,094 | 11,425 | 22,879 | ||||||||||||
Net Income | $ | 36,582 | $ | 51,724 | $ | 51,210 | $ | 97,595 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.52 | $ | 0.71 | $ | 0.72 | $ | 1.33 | ||||||||
Diluted | $ | 0.52 | $ | 0.71 | $ | 0.72 | $ | 1.33 | ||||||||
Weighted average number of common shares outstanding | 70,679 | 72,451 | 70,942 | 72,486 | ||||||||||||
Weighted average number of diluted common shares outstanding | 70,711 | 72,451 | 70,981 | 72,487 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Net income | $ | 51,853 | $ | 14,628 | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Unrealized gain (loss) from securities: | ||||||||||||||
Net unrealized holding gain (loss) from available for sale debt securities arising during the period, net of tax of $31,082 and $(24,143) | (102,605) | 79,696 | ||||||||||||
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $0 and $58 | 0 | (191) | ||||||||||||
Net unrealized gain (loss) from securities, net of reclassification adjustment | (102,605) | 79,505 | ||||||||||||
Pension plan liability adjustment: | ||||||||||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of $(35) and $(24) | 115 | 80 | ||||||||||||
Pension plan liability adjustment, net | 115 | 80 | ||||||||||||
Unrealized gain from cash flow hedging instruments: | ||||||||||||||
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of $0 and $(5,446) | 0 | 17,977 | ||||||||||||
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $599 and $218 | (1,977) | (722) | ||||||||||||
Net unrealized gain (loss) from cash flow hedging instruments, net of reclassification adjustment | (1,977) | 17,255 | ||||||||||||
Other comprehensive income (loss) | (104,467) | 96,840 | ||||||||||||
Total comprehensive income (loss) | $ | (52,614) | $ | 111,468 |
Three Months Ended | ||||||||
June 30, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Net income | $ | 36,582 | $ | 51,724 | ||||
Other comprehensive income, net of tax: | ||||||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale debt securities arising during the period, net of tax of ($12,984) and ($11,217) | 42,860 | 37,029 | ||||||
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $0 and $66 | — | (219 | ) | |||||
Net unrealized gain from securities, net of reclassification adjustment | 42,860 | 36,810 | ||||||
Pension plan liability adjustment: | ||||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($24) and ($19) | 79 | 61 | ||||||
Pension plan liability adjustment, net | 79 | 61 | ||||||
Unrealized gain from cash flow hedging instruments: | ||||||||
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of ($791) and ($2,191) | 2,611 | 7,233 | ||||||
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $510 and $0 | (1,680 | ) | — | |||||
Net unrealized gain from cash flow hedging instruments, net of reclassification adjustment | 931 | 7,233 | ||||||
Other comprehensive income | 43,870 | 44,104 | ||||||
Total comprehensive income | $ | 80,452 | $ | 95,828 |
Six Months Ended | ||||||||
June 30, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Net income | $ | 51,210 | $ | 97,595 | ||||
Other comprehensive income, net of tax: | ||||||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale debt securities arising during the period, net of tax of ($37,126) and ($21,788) | 122,556 | 71,926 | ||||||
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax of $58 and $496 | (191 | ) | (1,636 | ) | ||||
Net unrealized gain from securities, net of reclassification adjustment | 122,365 | 70,290 | ||||||
Pension plan liability adjustment: | ||||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($48) and ($37) | 159 | 122 | ||||||
Pension plan liability adjustment, net | 159 | 122 | ||||||
Unrealized gain from cash flow hedging instruments: | ||||||||
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of ($6,237) and ($3,648) | 20,588 | 12,043 | ||||||
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $728 and $0 | (2,402 | ) | — | |||||
Net unrealized gain from cash flow hedging instruments, net of reclassification adjustment | 18,186 | 12,043 | ||||||
Other comprehensive income | 140,710 | 82,455 | ||||||
Total comprehensive income | $ | 191,920 | $ | 180,050 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2021 | (in thousands except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 71,598 | $ | 1,660,998 | $ | 575,248 | $ | 182,195 | $ | (70,834) | $ | 2,347,607 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | 51,853 | — | — | 51,853 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (104,467) | — | (104,467) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - employee stock purchase plan | 41 | 1,098 | — | — | — | 1,098 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - RSAs and RSUs, net of canceled awards | 188 | 3,028 | — | — | — | 3,028 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | (88) | (3,995) | — | — | — | (3,995) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.28 per share) | — | — | (20,061) | — | — | (20,061) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 71,739 | $ | 1,661,129 | $ | 607,040 | $ | 77,728 | $ | (70,834) | $ | 2,275,063 | |||||||||||||||||||||||||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2020 | (in thousands except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 72,124 | $ | 1,650,753 | $ | 519,676 | $ | 40,367 | $ | (50,834) | $ | 2,159,962 | |||||||||||||||||||||||||||||||||||||||
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-13 | — | — | (2,457) | — | — | (2,457) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 14,628 | — | — | 14,628 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 96,840 | — | 96,840 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - employee stock purchase plan | 26 | 945 | — | — | — | 945 | ||||||||||||||||||||||||||||||||||||||||||||
Activity in deferred compensation plan | 0 | 3 | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - RSAs and RSUs, net of canceled awards | 222 | 2,172 | — | — | — | 2,172 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | (66) | (2,474) | — | — | — | (2,474) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.50 per share) | — | — | (36,017) | — | — | (36,017) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (731) | — | — | — | (20,000) | (20,000) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 71,575 | $ | 1,651,399 | $ | 495,830 | $ | 137,207 | $ | (70,834) | $ | 2,213,602 | |||||||||||||||||||||||||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||
Shares Outstanding | Amount | ||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | (in thousands except per share amounts) | ||||||||||||||||||||||
Balance at April 1, 2020 | 71,575 | $ | 1,651,399 | $ | 495,830 | $ | 137,207 | $ | (70,834 | ) | $ | 2,213,602 | |||||||||||
Net income | — | — | 36,582 | — | — | 36,582 | |||||||||||||||||
Other comprehensive income | — | — | — | 43,870 | — | 43,870 | |||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | — | — | — | — | |||||||||||||||||
Activity in deferred compensation plan | — | 1 | — | — | — | 1 | |||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 12 | 2,737 | — | — | — | 2,737 | |||||||||||||||||
Purchase and retirement of common stock | (1 | ) | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Cash dividends declared on common stock ($0.28 per share) | — | — | (20,029 | ) | — | — | (20,029 | ) | |||||||||||||||
Balance at June 30, 2020 | 71,586 | $ | 1,654,129 | $ | 512,383 | $ | 181,077 | $ | (70,834 | ) | $ | 2,276,755 | |||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Balance at January 1, 2020 | 72,124 | $ | 1,650,753 | $ | 519,676 | $ | 40,367 | $ | (50,834 | ) | $ | 2,159,962 | |||||||||||
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-13 | — | — | (2,457 | ) | — | — | (2,457 | ) | |||||||||||||||
Net income | — | — | 51,210 | — | — | 51,210 | |||||||||||||||||
Other comprehensive income | — | — | — | 140,710 | — | 140,710 | |||||||||||||||||
Issuance of common stock - stock option and other plans | 26 | 945 | — | — | — | 945 | |||||||||||||||||
Activity in deferred compensation plan | — | 4 | — | — | — | 4 | |||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 234 | 4,909 | — | — | — | 4,909 | |||||||||||||||||
Purchase and retirement of common stock | (67 | ) | (2,482 | ) | — | — | — | (2,482 | ) | ||||||||||||||
Cash dividends declared on common stock ($0.78 per share) | — | — | (56,046 | ) | — | — | (56,046 | ) | |||||||||||||||
Purchase of treasury stock | (731 | ) | — | — | — | (20,000 | ) | (20,000 | ) | ||||||||||||||
Balance at June 30, 2020 | 71,586 | $ | 1,654,129 | $ | 512,383 | $ | 181,077 | $ | (70,834 | ) | $ | 2,276,755 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||
Shares Outstanding | Amount | ||||||||||||||||||||||
For the Three Months Ended June 30, 2019 | (in thousands except per share amounts) | ||||||||||||||||||||||
Balance at April 1, 2019 | 73,565 | $ | 1,642,977 | $ | 442,597 | $ | 3,046 | $ | — | $ | 2,088,620 | ||||||||||||
Net income | — | — | 51,724 | — | — | 51,724 | |||||||||||||||||
Other comprehensive income | — | — | — | 44,104 | — | 44,104 | |||||||||||||||||
Issuance of common stock - stock option and other plans | 2 | 15 | — | — | — | 15 | |||||||||||||||||
Activity in deferred compensation plan | — | 1 | — | — | — | 1 | |||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | (10 | ) | 2,243 | — | — | — | 2,243 | ||||||||||||||||
Purchase and retirement of common stock | (9 | ) | (314 | ) | — | — | — | (314 | ) | ||||||||||||||
Cash dividends declared on common stock ($0.42 per share) | — | — | (30,892 | ) | — | — | (30,892 | ) | |||||||||||||||
Purchase of treasury stock | (624 | ) | — | — | — | (21,863 | ) | (21,863 | ) | ||||||||||||||
Balance at June 30, 2019 | 72,924 | $ | 1,644,922 | $ | 463,429 | $ | 47,150 | $ | (21,863 | ) | $ | 2,133,638 | |||||||||||
For the Six Months Ended June 30, 2019 | |||||||||||||||||||||||
Balance at January 1, 2019 | 73,249 | $ | 1,642,246 | $ | 426,708 | $ | (35,305 | ) | $ | — | $ | 2,033,649 | |||||||||||
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-02 | — | — | 782 | — | — | 782 | |||||||||||||||||
Net income | — | — | 97,595 | — | — | 97,595 | |||||||||||||||||
Other comprehensive income | — | — | — | 82,455 | — | 82,455 | |||||||||||||||||
Issuance of common stock - stock option and other plans | 27 | 893 | — | — | — | 893 | |||||||||||||||||
Activity in deferred compensation plan | — | 1 | — | — | — | 1 | |||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 345 | 4,528 | — | — | — | 4,528 | |||||||||||||||||
Purchase and retirement of common stock | (73 | ) | (2,746 | ) | — | — | — | (2,746 | ) | ||||||||||||||
Cash dividends declared on common stock ($0.84 per share) | — | — | (61,656 | ) | — | — | (61,656 | ) | |||||||||||||||
Purchase of treasury stock | (624 | ) | — | — | — | (21,863 | ) | (21,863 | ) | ||||||||||||||
Balance at June 30, 2019 | 72,924 | $ | 1,644,922 | $ | 463,429 | $ | 47,150 | $ | (21,863 | ) | $ | 2,133,638 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||
Net income | $ | 51,853 | $ | 14,628 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||
Provision (recapture) for credit losses | (800) | 41,500 | ||||||||||||
Stock-based compensation expense | 3,028 | 2,172 | ||||||||||||
Depreciation, amortization and accretion | 1,433 | 13,151 | ||||||||||||
Investment securities gain, net | 0 | (249) | ||||||||||||
Net realized (gain) loss on sale of premises and equipment, loans held for investment and OPPO | 6 | (25) | ||||||||||||
Net realized gain on sale and valuation adjustments of OREO | (100) | 0 | ||||||||||||
Gain on bank owned life insurance death benefit | (209) | 0 | ||||||||||||
Originations of loans held for sale | (107,104) | (58,199) | ||||||||||||
Proceeds from sales of loans held for sale | 107,320 | 66,216 | ||||||||||||
Change in fair value of loans held for sale | 89 | 0 | ||||||||||||
Net change in: | ||||||||||||||
Interest receivable | 2,164 | 2,262 | ||||||||||||
Interest payable | 494 | 2,325 | ||||||||||||
Other assets | 11,525 | (63,141) | ||||||||||||
Other liabilities | (10,627) | 44,725 | ||||||||||||
Net cash provided by operating activities | 59,072 | 65,365 | ||||||||||||
Cash Flows From Investing Activities | ||||||||||||||
Loans originated, net of principal collected | (164,856) | (197,362) | ||||||||||||
Purchases of: | ||||||||||||||
Debt securities available for sale | (608,854) | (37,472) | ||||||||||||
Loans held for investment | (74,383) | 0 | ||||||||||||
Premises and equipment | (805) | (1,650) | ||||||||||||
FHLB stock | 0 | (51,240) | ||||||||||||
Proceeds from: | ||||||||||||||
Sales of debt securities available for sale | 0 | 194,105 | ||||||||||||
Principal repayments and maturities of debt securities available for sale | 180,380 | 134,641 | ||||||||||||
Sales of premises and equipment | 0 | 31 | ||||||||||||
Redemption of FHLB stock | 0 | 61,080 | ||||||||||||
Sales of OREO and OPPO | 132 | 50 | ||||||||||||
Bank owned life insurance death benefit | 671 | 1,050 | ||||||||||||
Net cash provided by (used in) investing activities | (667,715) | 103,233 | ||||||||||||
Cash Flows From Financing Activities | ||||||||||||||
Net increase in deposits | 897,604 | 128,059 | ||||||||||||
Net decrease in sweep repurchase agreements | (35,235) | (35,185) | ||||||||||||
Proceeds from: | ||||||||||||||
FHLB advances | 0 | 1,281,000 | ||||||||||||
FRB borrowings | 0 | 182,010 | ||||||||||||
Other borrowings | 0 | 5,000 | ||||||||||||
Employee stock purchase plan | 1,098 | 945 | ||||||||||||
Payments for: | ||||||||||||||
Repayment of FHLB advances | 0 | (1,527,000) | ||||||||||||
Repayment of FRB borrowings | 0 | (177,010) | ||||||||||||
Common stock dividends | (20,110) | (35,860) | ||||||||||||
Purchase of treasury stock | 0 | (20,000) | ||||||||||||
Purchase and retirement of common stock | (3,995) | (2,474) | ||||||||||||
Net cash provided by (used in) financing activities | 839,362 | (200,515) |
CONSOLIDATED STATEMENTS OF CASH FLOWS Columbia Banking System, Inc. (Unaudited) | ||||||||
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net income | $ | 51,210 | $ | 97,595 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for credit losses | 75,000 | 1,580 | ||||||
Stock-based compensation expense | 4,909 | 4,528 | ||||||
Depreciation, amortization and accretion | 10,382 | 17,298 | ||||||
Investment securities gain, net | (16,674 | ) | (2,132 | ) | ||||
Net realized gain on sale of premises and equipment and OPPO | (705 | ) | (666 | ) | ||||
Net realized loss (gain) on sale and valuation adjustments of OREO | 18 | (507 | ) | |||||
Gain on bank owned life insurance death benefit | — | (2,975 | ) | |||||
Originations of loans held for sale | (217,017 | ) | (68,722 | ) | ||||
Proceeds from sales of loans held for sale | 205,932 | 60,382 | ||||||
Net change in: | ||||||||
Interest receivable | (12,310 | ) | (1,555 | ) | ||||
Interest payable | (219 | ) | 1,608 | |||||
Other assets | (93,919 | ) | (16,484 | ) | ||||
Other liabilities | 76,500 | 8,560 | ||||||
Net cash provided by operating activities | 83,107 | 98,510 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated, net of principal collected | (1,026,250 | ) | (207,641 | ) | ||||
Purchases of: | ||||||||
Debt securities available for sale | (259,236 | ) | (54,405 | ) | ||||
Loans held for investment | — | (49,039 | ) | |||||
Premises and equipment | (4,490 | ) | (3,540 | ) | ||||
FHLB stock | (53,240 | ) | (117,240 | ) | ||||
Proceeds from: | ||||||||
Sales of debt securities available for sale | 194,105 | 259,554 | ||||||
Sales of equity securities | 3,000 | — | ||||||
Principal repayments and maturities of debt securities available for sale | 265,072 | 182,125 | ||||||
Sales of premises and equipment | 932 | 24 | ||||||
Redemption of FHLB stock | 85,080 | 113,400 | ||||||
Sales of OREO and OPPO | 353 | 5,823 | ||||||
Bank owned life insurance death benefit | 1,050 | — | ||||||
Net cash provided by (used in) investing activities | (793,624 | ) | 129,061 | |||||
Cash Flows From Financing Activities | ||||||||
Net increase (decrease) in deposits | 2,446,782 | (246,404 | ) | |||||
Net decrease in sweep repurchase agreements | (12,958 | ) | (10,868 | ) | ||||
Proceeds from: | ||||||||
FHLB advances | 1,331,000 | 2,931,000 | ||||||
FRB borrowings | 222,010 | 36,000 | ||||||
Other borrowings | 9,222 | 100 | ||||||
Exercise of stock options and employee stock purchase plan | 945 | 893 | ||||||
Payments for: | ||||||||
Repayment of FHLB advances | (2,127,000 | ) | (2,835,000 | ) | ||||
Repayment of FRB borrowings | (222,010 | ) | (36,000 | ) | ||||
Repayment of other borrowings | (9,222 | ) | (100 | ) | ||||
Common stock dividends | (55,750 | ) | (61,511 | ) | ||||
Purchase of treasury stock | (20,000 | ) | (21,863 | ) | ||||
Purchase and retirement of common stock | (2,482 | ) | (2,746 | ) | ||||
Net cash provided by (used in) financing activities | 1,560,537 | (246,499 | ) | |||||
Increase (decrease) in cash and cash equivalents | 850,020 | (18,928 | ) | |||||
Cash and cash equivalents at beginning of period | 247,673 | 277,587 | ||||||
Cash and cash equivalents at end of period | $ | 1,097,693 | $ | 258,659 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
Columbia Banking System, Inc. | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 230,719 | (31,917) | ||||||||||||
Cash and cash equivalents at beginning of period | 653,766 | 247,673 | ||||||||||||
Cash and cash equivalents at end of period | $ | 884,485 | $ | 215,756 | ||||||||||
Supplemental Information: | ||||||||||||||
Interest paid | $ | 1,553 | $ | 6,150 | ||||||||||
Income taxes paid, net of refunds | $ | (1) | $ | 12 | ||||||||||
Non-cash investing and financing activities | ||||||||||||||
Premises and equipment expenditures incurred but not yet paid | $ | 43 | $ | 238 | ||||||||||
Change in dividends payable on unvested shares included in other liabilities | $ | (49) | $ | 157 | ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued Columbia Banking System, Inc. (Unaudited) | ||||||||
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Supplemental Information: | ||||||||
Interest paid | $ | 13,075 | $ | 16,564 | ||||
Income taxes paid, net of refunds | $ | 21,501 | $ | 20,940 | ||||
Non-cash investing and financing activities | ||||||||
Loans transferred to OREO | $ | 558 | $ | 386 | ||||
Premises and equipment expenditures incurred but not yet paid | $ | 9 | $ | 56 | ||||
Change in dividends payable on unvested shares included in other liabilities | $ | 296 | $ | 145 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||||||
June 30, 2020 | (in thousands) | |||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 2,698,160 | $ | 168,231 | $ | (1,361 | ) | $ | — | $ | 2,865,030 | |||||||||
Other asset-backed securities | 215,620 | 8,729 | (73 | ) | — | 224,276 | ||||||||||||||
State and municipal securities | 448,923 | 19,749 | (57 | ) | — | 468,615 | ||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 128,604 | 7,262 | — | — | 135,866 | |||||||||||||||
Total | $ | 3,491,307 | $ | 203,971 | $ | (1,491 | ) | $ | — | $ | 3,693,787 | |||||||||
December 31, 2019 | ||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 2,864,949 | $ | 47,223 | $ | (19,222 | ) | $ | — | $ | 2,892,950 | |||||||||
Other asset-backed securities | 194,563 | 2,476 | (989 | ) | — | 196,050 | ||||||||||||||
State and municipal securities | 478,366 | 10,660 | (224 | ) | — | 488,802 | ||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 165,218 | 3,127 | (5 | ) | — | 168,340 | ||||||||||||||
Total | $ | 3,703,096 | $ | 63,486 | $ | (20,440 | ) | $ | — | $ | 3,746,142 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||||
March 31, 2021 | (in thousands) | |||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 4,040,359 | $ | 109,063 | $ | (45,203) | $ | 0 | $ | 4,104,219 | ||||||||||||||||||||||
Other asset-backed securities | 359,259 | 5,216 | (5,656) | 0 | 358,819 | |||||||||||||||||||||||||||
State and municipal securities | 739,570 | 18,080 | (6,365) | 0 | 751,285 | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 278,185 | 5,349 | (1,567) | 0 | 281,967 | |||||||||||||||||||||||||||
Total | $ | 5,417,373 | $ | 137,708 | $ | (58,791) | $ | 0 | $ | 5,496,290 | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 3,640,351 | $ | 178,579 | $ | (4,543) | $ | 0 | $ | 3,814,387 | ||||||||||||||||||||||
Other asset-backed securities | 349,904 | 9,651 | (2,076) | 0 | 357,479 | |||||||||||||||||||||||||||
State and municipal securities | 729,066 | 25,098 | (592) | 0 | 753,572 | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 278,208 | 6,545 | (57) | 0 | 284,696 | |||||||||||||||||||||||||||
Total | $ | 4,997,529 | $ | 219,873 | $ | (7,268) | $ | 0 | $ | 5,210,134 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Proceeds from sales of debt securities available for sale | $ | — | $ | 175,586 | $ | 194,105 | $ | 259,554 | ||||||||
Gross realized gains from sales of debt securities available for sale | $ | — | $ | 1,510 | $ | 435 | $ | 3,357 | ||||||||
Gross realized losses from sales of debt securities available for sale | — | (1,225 | ) | (186 | ) | (1,225 | ) | |||||||||
Other securities gains (1) | 16,425 | — | 16,425 | — | ||||||||||||
Investment securities gains, net | $ | 16,425 | $ | 285 | $ | 16,674 | $ | 2,132 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Proceeds from sales of debt securities available for sale | $ | 0 | $ | 194,105 | ||||||||||||||||||||||
Gross realized gains from sales of debt securities available for sale | $ | 0 | $ | 435 | ||||||||||||||||||||||
Gross realized losses from sales of debt securities available for sale | 0 | (186) | ||||||||||||||||||||||||
Other securities gains | 0 | 0 | ||||||||||||||||||||||||
Investment securities gains, net | $ | 0 | $ | 249 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Gains recognized during the period on equity securities (1) | $ | 16,425 | $ | — | $ | 16,425 | $ | — | ||||||||
Less: Gains recognized during the period on equity securities sold during the period (1) | (3,000 | ) | — | (3,000 | ) | — | ||||||||||
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date (1) | $ | 13,425 | $ | — | $ | 13,425 | $ | — |
June 30, 2020 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 53,099 | $ | 53,800 | ||||
Due after one year through five years | 389,269 | 409,099 | ||||||
Due after five years through ten years | 1,894,385 | 2,038,033 | ||||||
Due after ten years | 1,154,554 | 1,192,855 | ||||||
Total debt securities available for sale | $ | 3,491,307 | $ | 3,693,787 |
March 31, 2021 | ||||||||||||||
Amortized Cost | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||
Due within one year | $ | 81,385 | $ | 81,986 | ||||||||||
Due after one year through five years | 737,066 | 765,090 | ||||||||||||
Due after five years through ten years | 2,457,820 | 2,507,546 | ||||||||||||
Due after ten years | 2,141,102 | 2,141,668 | ||||||||||||
Total debt securities available for sale | $ | 5,417,373 | $ | 5,496,290 |
June 30, 2020 | ||||
(in thousands) | ||||
To secure public funds | $ | 449,497 | ||
To secure borrowings | 111,873 | |||
Other securities pledged | 150,587 | |||
Total securities pledged as collateral | $ | 711,957 |
March 31, 2021 | ||||||||
(in thousands) | ||||||||
To secure public funds | $ | 477,970 | ||||||
To secure borrowings | 109,650 | |||||||
Other securities pledged | 217,055 | |||||||
Total securities pledged as collateral | $ | 804,675 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
June 30, 2020 | (in thousands) | |||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 49,116 | $ | (317 | ) | $ | 47,175 | $ | (1,044 | ) | $ | 96,291 | $ | (1,361 | ) | |||||||||
Other asset-backed securities | 20,703 | (73 | ) | 95 | — | 20,798 | (73 | ) | ||||||||||||||||
State and municipal securities | 6,937 | (57 | ) | — | — | 6,937 | (57 | ) | ||||||||||||||||
Total | $ | 76,756 | $ | (447 | ) | $ | 47,270 | $ | (1,044 | ) | $ | 124,026 | $ | (1,491 | ) | |||||||||
December 31, 2019 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 1,055,903 | $ | (12,424 | ) | $ | 491,539 | $ | (6,798 | ) | $ | 1,547,442 | $ | (19,222 | ) | |||||||||
Other asset-backed securities | 89,508 | (880 | ) | 6,799 | (109 | ) | 96,307 | (989 | ) | |||||||||||||||
State and municipal securities | 12,363 | (142 | ) | 12,587 | (82 | ) | 24,950 | (224 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | — | — | 10,495 | (5 | ) | 10,495 | (5 | ) | ||||||||||||||||
Total | $ | 1,157,774 | $ | (13,446 | ) | $ | 521,420 | $ | (6,994 | ) | $ | 1,679,194 | $ | (20,440 | ) |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||
March 31, 2021 | (in thousands) | |||||||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 1,661,107 | $ | (44,484) | $ | 16,463 | $ | (719) | $ | 1,677,570 | $ | (45,203) | ||||||||||||||||||||||||||
Other asset-backed securities | 183,636 | (5,656) | 69 | 0 | 183,705 | (5,656) | ||||||||||||||||||||||||||||||||
State and municipal securities | 311,953 | (6,365) | 0 | 0 | 311,953 | (6,365) | ||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 149,483 | (1,567) | 0 | 0 | 149,483 | (1,567) | ||||||||||||||||||||||||||||||||
Total | $ | 2,306,179 | $ | (58,072) | $ | 16,532 | $ | (719) | $ | 2,322,711 | $ | (58,791) | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 575,329 | $ | (3,728) | $ | 18,527 | $ | (815) | $ | 593,856 | $ | (4,543) | ||||||||||||||||||||||||||
Other asset-backed securities | 143,764 | (2,076) | 70 | 0 | 143,834 | (2,076) | ||||||||||||||||||||||||||||||||
State and municipal securities | 86,471 | (592) | 0 | 0 | 86,471 | (592) | ||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 74,943 | (57) | 0 | 0 | 74,943 | (57) | ||||||||||||||||||||||||||||||||
Total | $ | 880,507 | $ | (6,453) | $ | 18,597 | $ | (815) | $ | 899,104 | $ | (7,268) |
June 30, 2020 | December 31, 2019 | |||||||
(dollars in thousands) | ||||||||
Commercial loans: | ||||||||
Commercial real estate | $ | 4,032,643 | $ | 3,945,853 | ||||
Commercial business | 3,859,513 | 2,989,613 | ||||||
Agriculture | 845,950 | 765,371 | ||||||
Construction | 304,015 | 361,533 | ||||||
Consumer loans: | ||||||||
One-to-four family residential real estate | 692,837 | 637,325 | ||||||
Other consumer | 36,940 | 43,770 | ||||||
Total loans | 9,771,898 | 8,743,465 | ||||||
Less: Allowance for credit losses | (151,546 | ) | (83,968 | ) | ||||
Total loans, net | $ | 9,620,352 | $ | 8,659,497 | ||||
Loans held for sale | $ | 28,803 | $ | 17,718 |
March 31, 2021 | December 31, 2020 | |||||||||||||
(dollars in thousands) | ||||||||||||||
Commercial loans: | ||||||||||||||
Commercial real estate | $ | 4,081,915 | $ | 4,062,313 | ||||||||||
Commercial business | 3,792,813 | 3,597,968 | ||||||||||||
Agriculture | 751,800 | 779,627 | ||||||||||||
Construction | 282,534 | 268,663 | ||||||||||||
Consumer loans: | ||||||||||||||
One-to-four family residential real estate | 735,314 | 683,570 | ||||||||||||
Other consumer | 31,942 | 35,519 | ||||||||||||
Total loans | 9,676,318 | 9,427,660 | ||||||||||||
Less: Allowance for credit losses | (148,294) | (149,140) | ||||||||||||
Total loans, net | $ | 9,528,024 | $ | 9,278,520 |
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||
June 30, 2020 | (in thousands) | |||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial real estate | $ | 4,011,604 | $ | 7,402 | $ | 2,482 | $ | — | $ | 9,884 | $ | 11,155 | $ | 4,032,643 | ||||||||||||||
Commercial business | 3,833,606 | 4,756 | 626 | — | 5,382 | 20,525 | 3,859,513 | |||||||||||||||||||||
Agriculture | 823,226 | 1,197 | 2,365 | — | 3,562 | 19,162 | 845,950 | |||||||||||||||||||||
Construction | 303,798 | — | — | — | — | 217 | 304,015 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
One-to-four family residential real estate | 684,729 | 5,015 | 431 | — | 5,446 | 2,662 | 692,837 | |||||||||||||||||||||
Other consumer | 36,844 | 63 | 22 | — | 85 | 11 | 36,940 | |||||||||||||||||||||
Total | $ | 9,693,807 | $ | 18,433 | $ | 5,926 | $ | — | $ | 24,359 | $ | 53,732 | $ | 9,771,898 | ||||||||||||||
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial real estate | $ | 3,935,633 | $ | 6,421 | $ | — | — | $ | 6,421 | $ | 3,799 | $ | 3,945,853 | |||||||||||||||
Commercial business | 2,959,826 | 6,081 | 2,769 | — | 8,850 | 20,937 | 2,989,613 | |||||||||||||||||||||
Agriculture | 755,719 | 2,283 | 2,346 | — | 4,629 | 5,023 | 765,371 | |||||||||||||||||||||
Construction | 360,582 | 951 | — | — | 951 | — | 361,533 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
One-to-four family residential real estate | 631,109 | 2,516 | 408 | — | 2,924 | 3,292 | 637,325 | |||||||||||||||||||||
Other consumer | 43,654 | 80 | 27 | — | 107 | 9 | 43,770 | |||||||||||||||||||||
Total | $ | 8,686,523 | $ | 18,332 | $ | 5,550 | $ | — | $ | 23,882 | $ | 33,060 | $ | 8,743,465 |
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 4,067,718 | $ | 880 | $ | 6,000 | $ | 0 | $ | 6,880 | $ | 7,317 | $ | 4,081,915 | ||||||||||||||||||||||||||||||
Commercial business | 3,778,955 | 109 | 198 | 0 | 307 | 13,551 | 3,792,813 | |||||||||||||||||||||||||||||||||||||
Agriculture | 739,599 | 1,060 | 512 | 0 | 1,572 | 10,629 | 751,800 | |||||||||||||||||||||||||||||||||||||
Construction | 282,343 | 0 | 0 | 0 | 0 | 191 | 282,534 | |||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 728,053 | 5,462 | 48 | 0 | 5,510 | 1,751 | 735,314 | |||||||||||||||||||||||||||||||||||||
Other consumer | 31,758 | 27 | 15 | 0 | 42 | 142 | 31,942 | |||||||||||||||||||||||||||||||||||||
Total | $ | 9,628,426 | $ | 7,538 | $ | 6,773 | $ | 0 | $ | 14,311 | $ | 33,581 | $ | 9,676,318 | ||||||||||||||||||||||||||||||
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 4,037,309 | $ | 17,292 | $ | 0 | 0 | $ | 17,292 | $ | 7,712 | $ | 4,062,313 | |||||||||||||||||||||||||||||||
Commercial business | 3,578,905 | 1,282 | 4,559 | 0 | 5,841 | 13,222 | 3,597,968 | |||||||||||||||||||||||||||||||||||||
Agriculture | 767,102 | 911 | 0 | 0 | 911 | 11,614 | 779,627 | |||||||||||||||||||||||||||||||||||||
Construction | 268,304 | 0 | 142 | 0 | 142 | 217 | 268,663 | |||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 677,627 | 2,283 | 1,659 | 0 | 3,942 | 2,001 | 683,570 | |||||||||||||||||||||||||||||||||||||
Other consumer | 35,450 | 24 | 5 | 0 | 29 | 40 | 35,519 | |||||||||||||||||||||||||||||||||||||
Total | $ | 9,364,697 | $ | 21,792 | $ | 6,365 | $ | 0 | $ | 28,157 | $ | 34,806 | $ | 9,427,660 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Commercial loans | $ | 665 | $ | 623 | $ | 1,448 | $ | 1,168 | ||||||||
Consumer loans | 8 | 39 | 13 | 120 | ||||||||||||
Total | $ | 673 | $ | 662 | $ | 1,461 | $ | 1,288 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commercial loans | $ | 211 | $ | 783 | ||||||||||||||||||||||
Consumer loans | 7 | 5 | ||||||||||||||||||||||||
Total | $ | 218 | $ | 788 |
June 30, 2020 | December 31, 2019 | |||||||
(in thousands) | ||||||||
Commercial loans: | ||||||||
Commercial real estate | $ | 9,609 | $ | 1,715 | ||||
Commercial business | 5,932 | 15,762 | ||||||
Agriculture | 14,387 | 1,798 | ||||||
Total | $ | 29,928 | $ | 19,275 |
March 31, 2021 | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Commercial loans: | ||||||||||||||
Commercial real estate | $ | 6,336 | $ | 6,393 | ||||||||||
Commercial business | 8,682 | 6,382 | ||||||||||||
Agriculture | 8,379 | 8,136 | ||||||||||||
Total | $ | 23,397 | $ | 20,911 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 628 | $ | 628 | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||
Commercial business | 7 | 843 | 843 | 2 | 272 | 272 | ||||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 1 | 895 | 895 | ||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 2 | 140 | 140 | 1 | 68 | 68 | ||||||||||||||||||||||||||||||||
Total | 10 | $ | 1,611 | $ | 1,611 | 4 | $ | 1,235 | $ | 1,235 |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | |||||||||||||||||||||
Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||
Commercial business | 4 | $ | 1,690 | $ | 1,690 | 3 | $ | 918 | $ | 918 | ||||||||||||
Consumer loans: | ||||||||||||||||||||||
One-to-four family residential real estate | 1 | 128 | 128 | 4 | 118 | 118 | ||||||||||||||||
Total | 5 | $ | 1,818 | $ | 1,818 | 7 | $ | 1,036 | $ | 1,036 |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||
Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||
Commercial business | 6 | $ | 1,962 | $ | 1,962 | 5 | $ | 1,534 | $ | 1,534 | ||||||||||||
Agriculture | 1 | 895 | 895 | — | — | — | ||||||||||||||||
Consumer loans: | ||||||||||||||||||||||
One-to-four family residential real estate | 2 | 196 | 196 | 5 | 335 | 335 | ||||||||||||||||
Total | 9 | $ | 3,053 | $ | 3,053 | 10 | $ | 1,869 | $ | 1,869 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | Allowance on Individually Measured Loans | Allowance on Collectively Measured Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2021 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 37,122 | $ | — | $ | 13 | $ | 13,098 | $ | 50,233 | $ | — | $ | 50,233 | Commercial real estate | $ | 68,934 | $ | 0 | $ | 36 | $ | (11,920) | $ | 57,050 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 45,570 | (5,442 | ) | 811 | 12,247 | 53,186 | 3,208 | 49,978 | Commercial business | 45,250 | (3,339) | 3,214 | 13,280 | 58,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agriculture | 11,085 | — | 1 | 3,782 | 14,868 | 828 | 14,040 | Agriculture | 9,052 | 0 | 12 | 423 | 9,487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 8,845 | — | 235 | (1,127 | ) | 7,953 | — | 7,953 | Construction | 7,636 | 0 | 46 | (1,131) | 6,551 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 17,659 | — | 422 | 5,630 | 23,711 | — | 23,711 | One-to-four family residential real estate | 16,875 | 0 | 51 | (1,288) | 15,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 1,644 | (198 | ) | 130 | 19 | 1,595 | — | 1,595 | Other consumer | 1,393 | (127) | 61 | (164) | 1,163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 149 | — | — | (149 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 122,074 | $ | (5,640 | ) | $ | 1,612 | $ | 33,500 | $ | 151,546 | $ | 4,036 | $ | 147,510 | Total | $ | 149,140 | $ | (3,466) | $ | 3,420 | $ | (800) | $ | 148,294 |
Prior Year Ending Balance | Impact of Adopting ASC 326 | Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | Allowance on Individually Measured Loans | Allowance on Collectively Measured Loans | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | (in thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,340 | $ | 7,533 | $ | 27,873 | $ | (101 | ) | $ | 27 | $ | 22,434 | $ | 50,233 | $ | — | $ | 50,233 | |||||||||||||||||
Commercial business | 30,292 | 762 | 31,054 | (7,126 | ) | 1,671 | 27,587 | 53,186 | 3,208 | 49,978 | ||||||||||||||||||||||||||
Agriculture | 15,835 | (9,325 | ) | 6,510 | (4,726 | ) | 42 | 13,042 | 14,868 | 828 | 14,040 | |||||||||||||||||||||||||
Construction | 8,571 | (1,750 | ) | 6,821 | — | 677 | 455 | 7,953 | — | 7,953 | ||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 7,435 | 4,237 | 11,672 | (10 | ) | 704 | 11,345 | 23,711 | — | 23,711 | ||||||||||||||||||||||||||
Other consumer | 883 | 778 | 1,661 | (466 | ) | 254 | 146 | 1,595 | — | 1,595 | ||||||||||||||||||||||||||
Unallocated | 612 | (603 | ) | 9 | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||
Total | $ | 83,968 | $ | 1,632 | $ | 85,600 | $ | (12,429 | ) | $ | 3,375 | $ | 75,000 | $ | 151,546 | $ | 4,036 | $ | 147,510 |
Beginning Balance | Impact of Adopting ASC 326 | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | (in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,340 | $ | 7,533 | $ | (101) | $ | 14 | $ | 9,336 | $ | 37,122 | ||||||||||||||||||||||||||
Commercial business | 30,292 | 762 | (1,684) | 860 | 15,340 | 45,570 | ||||||||||||||||||||||||||||||||
Agriculture | 15,835 | (9,325) | (4,726) | 41 | 9,260 | 11,085 | ||||||||||||||||||||||||||||||||
Construction | 8,571 | (1,750) | 0 | 442 | 1,582 | 8,845 | ||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 7,435 | 4,237 | (10) | 282 | 5,715 | 17,659 | ||||||||||||||||||||||||||||||||
Other consumer | 883 | 778 | (268) | 124 | 127 | 1,644 | ||||||||||||||||||||||||||||||||
Unallocated | 612 | (603) | 0 | 0 | 140 | 149 | ||||||||||||||||||||||||||||||||
Total | $ | 83,968 | $ | 1,632 | $ | (6,789) | $ | 1,763 | $ | 41,500 | $ | 122,074 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | Allowance on Individually Measured Loans | Allowance on Collectively Measured Loans | ||||||||||||||||||||||
Three Months Ended June 30, 2019 | (in thousands) | |||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial real estate | $ | 16,359 | $ | (564 | ) | $ | 556 | $ | (703 | ) | $ | 15,648 | $ | 44 | $ | 15,604 | ||||||||||||
Commercial business | 34,545 | (4,316 | ) | 492 | (1,021 | ) | 29,700 | 691 | 29,009 | |||||||||||||||||||
Agriculture | 10,690 | (61 | ) | 64 | 1,978 | 12,671 | 712 | 11,959 | ||||||||||||||||||||
Construction | 11,965 | (20 | ) | 691 | (179 | ) | 12,457 | — | 12,457 | |||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
One-to-four family residential real estate | 8,311 | (321 | ) | 450 | (821 | ) | 7,619 | 27 | 7,592 | |||||||||||||||||||
Other consumer | 823 | (5 | ) | 59 | (162 | ) | 715 | 1 | 714 | |||||||||||||||||||
Unallocated | 581 | — | — | 1,126 | 1,707 | — | 1,707 | |||||||||||||||||||||
Total | $ | 83,274 | $ | (5,287 | ) | $ | 2,312 | $ | 218 | $ | 80,517 | $ | 1,475 | $ | 79,042 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | Allowance on Individually Measured Loans | Allowance on Collectively Measured Loans | ||||||||||||||||||||||
Six Months Ended June 30, 2019 | (in thousands) | |||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial real estate | $ | 14,766 | $ | (1,242 | ) | $ | 1,070 | $ | 1,054 | $ | 15,648 | $ | 44 | $ | 15,604 | |||||||||||||
Commercial business | 34,658 | (5,822 | ) | 1,019 | (155 | ) | 29,700 | 691 | 29,009 | |||||||||||||||||||
Agriculture | 9,589 | (139 | ) | 122 | 3,099 | 12,671 | 712 | 11,959 | ||||||||||||||||||||
Construction | 14,395 | (215 | ) | 774 | (2,497 | ) | 12,457 | — | 12,457 | |||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
One-to-four family residential real estate | 8,024 | (802 | ) | 784 | (387 | ) | 7,619 | 27 | 7,592 | |||||||||||||||||||
Other consumer | 787 | (55 | ) | 74 | (91 | ) | 715 | 1 | 714 | |||||||||||||||||||
Unallocated | 1,150 | — | — | 557 | 1,707 | — | 1,707 | |||||||||||||||||||||
Total | 83,369 | (8,275 | ) | 3,843 | 1,580 | 80,517 | 1,475 | 79,042 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 6,000 | $ | 3,780 | $ | 3,430 | $ | 4,330 | ||||||||
Impact of adopting ASC 326 | — | — | 1,570 | $ | — | |||||||||||
Net changes in the allowance for unfunded commitments and letters of credit | 2,800 | 200 | 3,800 | (350 | ) | |||||||||||
Ending balance | $ | 8,800 | $ | 3,980 | $ | 8,800 | $ | 3,980 |
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Beginning balance | $ | 8,300 | $ | 3,430 | ||||||||||||||||||||||
Impact of adopting ASC 326 | 0 | 1,570 | ||||||||||||||||||||||||
Net changes in the allowance for unfunded commitments and letters of credit | 1,500 | 1,000 | ||||||||||||||||||||||||
Ending balance | $ | 9,800 | $ | 6,000 |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 332,517 | $ | 650,893 | $ | 521,112 | $ | 569,062 | $ | 483,908 | $ | 1,121,467 | $ | 48,813 | $ | 2,424 | $ | 3,730,196 | Pass | $ | 205,152 | $ | 668,655 | $ | 603,542 | $ | 459,888 | $ | 491,550 | $ | 1,229,742 | $ | 49,274 | $ | 2,781 | $ | 3,710,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 10,217 | 64,490 | 18,809 | 13,462 | 44,503 | 44,766 | — | — | 196,247 | Special mention | 0 | 3,127 | 65,107 | 19,094 | 4,420 | 99,370 | 5 | 0 | 191,123 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 2,050 | 23,736 | 6,535 | 39,711 | 33,096 | — | 1,072 | 106,200 | Substandard | 0 | 3,467 | 34,749 | 16,559 | 31,448 | 91,434 | 2,551 | 0 | 180,208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | 342,734 | $ | 717,433 | $ | 563,657 | $ | 589,059 | $ | 568,122 | $ | 1,199,329 | $ | 48,813 | $ | 3,496 | $ | 4,032,643 | Total commercial real estate | $ | 205,152 | $ | 675,249 | $ | 703,398 | $ | 495,541 | $ | 527,418 | $ | 1,420,546 | $ | 51,830 | $ | 2,781 | $ | 4,081,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,075,991 | $ | 440,684 | $ | 355,598 | $ | 259,075 | $ | 256,579 | $ | 284,232 | $ | 920,762 | $ | 5,951 | $ | 3,598,872 | Pass | $ | 586,311 | $ | 829,165 | $ | 347,668 | $ | 273,408 | $ | 178,663 | $ | 376,297 | $ | 945,271 | $ | 12,322 | $ | 3,549,105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 4,944 | 47,663 | 36,645 | 26,728 | 6,702 | 11,349 | 34,348 | — | 168,379 | Special mention | 0 | 588 | 8,346 | 6,237 | 2,063 | 1,131 | 49,369 | 143 | 67,877 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 923 | 4,340 | 21,141 | 6,358 | 8,679 | 7,581 | 40,155 | 3,085 | 92,262 | Substandard | 0 | 6,594 | 26,640 | 36,756 | 27,226 | 33,731 | 44,046 | 838 | 175,831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | $ | 1,081,858 | $ | 492,687 | $ | 413,384 | $ | 292,161 | $ | 271,960 | $ | 303,162 | $ | 995,265 | $ | 9,036 | $ | 3,859,513 | Total commercial business | $ | 586,311 | $ | 836,347 | $ | 382,654 | $ | 316,401 | $ | 207,952 | $ | 411,159 | $ | 1,038,686 | $ | 13,303 | $ | 3,792,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agriculture | Agriculture | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 118,361 | $ | 103,163 | $ | 44,586 | $ | 60,678 | $ | 60,533 | $ | 69,132 | $ | 274,960 | $ | 17,136 | $ | 748,549 | Pass | $ | 57,282 | $ | 121,511 | $ | 85,485 | $ | 39,930 | $ | 56,638 | $ | 106,969 | $ | 209,154 | $ | 550 | $ | 677,519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 521 | — | — | 271 | 275 | 1,429 | — | 2,496 | Special mention | 0 | 3,398 | 1,366 | 163 | 0 | 2,371 | 7,962 | 0 | 15,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,977 | 12,736 | 5,684 | 5,662 | 7,985 | 6,209 | 51,994 | 2,658 | 94,905 | Substandard | 0 | 6,022 | 10,424 | 2,693 | 4,140 | 3,194 | 31,804 | 744 | 59,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total agriculture | $ | 120,338 | $ | 116,420 | $ | 50,270 | $ | 66,340 | $ | 68,789 | $ | 75,616 | $ | 328,383 | $ | 19,794 | $ | 845,950 | Total agriculture | $ | 57,282 | $ | 130,931 | $ | 97,275 | $ | 42,786 | $ | 60,778 | $ | 112,534 | $ | 248,920 | $ | 1,294 | $ | 751,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 58,564 | $ | 140,987 | $ | 32,706 | $ | 9,610 | $ | 1,025 | $ | 1,999 | $ | 32,630 | $ | — | $ | 277,521 | Pass | $ | 41,447 | $ | 130,122 | $ | 44,121 | $ | 7,909 | $ | 3,471 | $ | 5,579 | $ | 31,682 | $ | 0 | $ | 264,331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 17,912 | 488 | — | — | — | — | — | 18,400 | Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 2,472 | 5,526 | — | — | 58 | 38 | — | 8,094 | Substandard | 0 | 0 | 18,148 | 0 | 0 | 55 | 0 | 0 | 18,203 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction | $ | 58,564 | $ | 161,371 | $ | 38,720 | $ | 9,610 | $ | 1,025 | $ | 2,057 | $ | 32,668 | $ | — | $ | 304,015 | Total construction | $ | 41,447 | $ | 130,122 | $ | 62,269 | $ | 7,909 | $ | 3,471 | $ | 5,634 | $ | 31,682 | $ | 0 | $ | 282,534 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | One-to-four family residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 75,255 | $ | 90,453 | $ | 82,106 | $ | 35,033 | $ | 25,963 | $ | 97,256 | $ | 278,444 | $ | 790 | $ | 685,300 | Pass | $ | 106,212 | $ | 157,286 | $ | 68,489 | $ | 53,753 | $ | 25,686 | $ | 88,323 | $ | 228,917 | $ | 308 | $ | 728,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 219 | — | — | 219 | Special mention | 0 | 0 | 0 | 0 | 0 | 125 | 0 | 0 | 125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 442 | 739 | 227 | 1,215 | 397 | 2,532 | 1,011 | 755 | 7,318 | Substandard | 0 | 835 | 1,381 | 245 | 491 | 2,735 | 309 | 219 | 6,215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total one-to-four family real estate | $ | 75,697 | $ | 91,192 | $ | 82,333 | $ | 36,248 | $ | 26,360 | $ | 100,007 | $ | 279,455 | $ | 1,545 | $ | 692,837 | Total one-to-four family real estate | $ | 106,212 | $ | 158,121 | $ | 69,870 | $ | 53,998 | $ | 26,177 | $ | 91,183 | $ | 229,226 | $ | 527 | $ | 735,314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,500 | $ | 4,237 | $ | 4,734 | $ | 1,409 | $ | 420 | $ | 1,536 | $ | 20,611 | $ | 439 | $ | 36,886 | Pass | $ | 2,107 | $ | 3,595 | $ | 2,807 | $ | 3,250 | $ | 871 | $ | 1,211 | $ | 17,277 | $ | 610 | $ | 31,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 11 | — | — | 4 | 7 | 32 | — | 54 | Substandard | 0 | 36 | 39 | 0 | 3 | 3 | 36 | 97 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 3,500 | $ | 4,248 | $ | 4,734 | $ | 1,409 | $ | 424 | $ | 1,543 | $ | 20,643 | $ | 439 | $ | 36,940 | Total consumer | $ | 2,107 | $ | 3,631 | $ | 2,846 | $ | 3,250 | $ | 874 | $ | 1,214 | $ | 17,313 | $ | 707 | $ | 31,942 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,682,691 | $ | 1,583,351 | $ | 1,153,098 | $ | 994,827 | $ | 936,680 | $ | 1,681,714 | $ | 1,705,227 | $ | 34,310 | $ | 9,771,898 | Total | $ | 998,511 | $ | 1,934,401 | $ | 1,318,312 | $ | 919,885 | $ | 826,670 | $ | 2,042,270 | $ | 1,617,657 | $ | 18,612 | $ | 9,676,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | 151,546 | Allowance for credit losses | 148,294 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 9,620,352 | Loans, net | $ | 9,528,024 |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 674,444 | $ | 645,328 | $ | 478,881 | $ | 502,112 | $ | 408,972 | $ | 946,980 | $ | 52,049 | $ | 11,332 | $ | 3,720,098 | ||||||||||||||||||||||||||||||||||||||
Special mention | 3,348 | 39,374 | 21,285 | 30,232 | 46,197 | 50,115 | 5 | 2,139 | 192,695 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,916 | 24,860 | 13,571 | 15,652 | 43,735 | 41,138 | 3,389 | 4,259 | 149,520 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | 680,708 | $ | 709,562 | $ | 513,737 | $ | 547,996 | $ | 498,904 | $ | 1,038,233 | $ | 55,443 | $ | 17,730 | $ | 4,062,313 | ||||||||||||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,087,400 | $ | 366,435 | $ | 324,360 | $ | 199,010 | $ | 218,313 | $ | 214,677 | $ | 1,000,725 | $ | 11,540 | $ | 3,422,460 | ||||||||||||||||||||||||||||||||||||||
Special mention | 3,002 | 26,361 | 8,471 | 24,582 | 7,004 | 10,650 | 22,426 | 0 | 102,496 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 3,625 | 7,376 | 11,061 | 5,905 | 6,396 | 3,743 | 32,134 | 2,772 | 73,012 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | $ | 1,094,027 | $ | 400,172 | $ | 343,892 | $ | 229,497 | $ | 231,713 | $ | 229,070 | $ | 1,055,285 | $ | 14,312 | $ | 3,597,968 | ||||||||||||||||||||||||||||||||||||||
Agriculture | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 142,163 | $ | 90,612 | $ | 44,434 | $ | 58,366 | $ | 58,893 | $ | 59,396 | $ | 244,135 | $ | 9,299 | $ | 707,298 | ||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 90 | 285 | 33 | 0 | 0 | 85 | 13 | 506 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,193 | 12,480 | 5,868 | 4,258 | 284 | 3,502 | 38,780 | 1,458 | 71,823 | |||||||||||||||||||||||||||||||||||||||||||||||
Total agriculture | $ | 147,356 | $ | 103,182 | $ | 50,587 | $ | 62,657 | $ | 59,177 | $ | 62,898 | $ | 283,000 | $ | 10,770 | $ | 779,627 | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 134,693 | $ | 66,974 | $ | 10,066 | $ | 3,498 | $ | 763 | $ | 1,805 | $ | 29,323 | $ | 3,753 | $ | 250,875 | ||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 17,732 | 0 | 0 | 0 | 56 | 0 | 0 | 17,788 | |||||||||||||||||||||||||||||||||||||||||||||||
Total construction | $ | 134,693 | $ | 84,706 | $ | 10,066 | $ | 3,498 | $ | 763 | $ | 1,861 | $ | 29,323 | $ | 3,753 | $ | 268,663 | ||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 161,021 | $ | 77,756 | $ | 62,696 | $ | 29,737 | $ | 20,889 | $ | 78,098 | $ | 243,325 | $ | 3,655 | $ | 677,177 | ||||||||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 332 | 0 | 0 | 195 | 0 | 0 | 527 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 849 | 227 | 1,166 | 344 | 1,968 | 1,005 | 307 | 5,866 | |||||||||||||||||||||||||||||||||||||||||||||||
Total one-to-four family real estate | $ | 161,021 | $ | 78,605 | $ | 63,255 | $ | 30,903 | $ | 21,233 | $ | 80,261 | $ | 244,330 | $ | 3,962 | $ | 683,570 | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 5,548 | $ | 3,109 | $ | 3,886 | $ | 989 | $ | 244 | $ | 1,060 | $ | 19,911 | $ | 474 | $ | 35,221 | ||||||||||||||||||||||||||||||||||||||
Substandard | 30 | 0 | 0 | 5 | 0 | 170 | 53 | 40 | 298 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 5,578 | $ | 3,109 | $ | 3,886 | $ | 994 | $ | 244 | $ | 1,230 | $ | 19,964 | $ | 514 | $ | 35,519 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 2,223,383 | $ | 1,379,336 | $ | 985,423 | $ | 875,545 | $ | 812,034 | $ | 1,413,553 | $ | 1,687,345 | $ | 51,041 | $ | 9,427,660 | ||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | 149,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 9,278,520 |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | |||||||||||||||||||||||||||||||||||
Term Loans | ||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | Prior | Total | ||||||||||||||||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
Pass | $ | 699,336 | $ | 562,992 | $ | 621,113 | $ | 565,928 | $ | 441,220 | $ | 873,687 | $ | 52,276 | $ | 19,986 | $ | 3,836,538 | ||||||||||||||||||
Special mention | 1,824 | 305 | 7,019 | 3,360 | — | 3,426 | — | — | 15,934 | |||||||||||||||||||||||||||
Substandard | 47 | 10,698 | 9,320 | 36,229 | 20,278 | 11,738 | — | 5,071 | 93,381 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total commercial real estate | $ | 701,207 | $ | 573,995 | $ | 637,452 | $ | 605,517 | $ | 461,498 | $ | 888,851 | $ | 52,276 | $ | 25,057 | $ | 3,945,853 | ||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||||||||||
Pass | $ | 479,481 | $ | 442,222 | $ | 330,934 | $ | 301,337 | $ | 157,436 | $ | 199,089 | $ | 963,663 | $ | 25,577 | $ | 2,899,739 | ||||||||||||||||||
Special mention | 2,241 | 6,673 | 56 | 2,006 | 52 | 585 | 12,710 | — | 24,323 | |||||||||||||||||||||||||||
Substandard | 85 | 17,240 | 3,458 | 9,534 | 3,227 | 3,972 | 26,639 | 1,396 | 65,551 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total commercial business | $ | 481,807 | $ | 466,135 | $ | 334,448 | $ | 312,877 | $ | 160,715 | $ | 203,646 | $ | 1,003,012 | $ | 26,973 | $ | 2,989,613 | ||||||||||||||||||
Agriculture | ||||||||||||||||||||||||||||||||||||
Pass | $ | 107,152 | $ | 54,950 | $ | 70,337 | $ | 71,874 | $ | 33,597 | $ | 56,342 | $ | 280,984 | $ | 10,036 | $ | 685,272 | ||||||||||||||||||
Special mention | 557 | 2,535 | 1,381 | — | 64 | 576 | 5,336 | — | 10,449 | |||||||||||||||||||||||||||
Substandard | 7,291 | 6,047 | 6,173 | 5,907 | 1,477 | 5,698 | 30,669 | 6,388 | 69,650 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total agriculture | $ | 115,000 | $ | 63,532 | $ | 77,891 | $ | 77,781 | $ | 35,138 | $ | 62,616 | $ | 316,989 | $ | 16,424 | $ | 765,371 | ||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||
Pass | $ | 183,525 | $ | 91,342 | $ | 40,514 | $ | 1,067 | $ | 939 | $ | 1,601 | $ | 33,388 | $ | 7,793 | $ | 360,169 | ||||||||||||||||||
Special mention | — | 1,264 | — | — | — | — | 41 | — | 1,305 | |||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 59 | — | — | 59 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total construction | $ | 183,525 | $ | 92,606 | $ | 40,514 | $ | 1,067 | $ | 939 | $ | 1,660 | $ | 33,429 | $ | 7,793 | $ | 361,533 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||
One-to-four family real estate | ||||||||||||||||||||||||||||||||||||
Pass | $ | 103,315 | $ | 77,877 | $ | 32,440 | $ | 25,052 | $ | 27,294 | $ | 80,370 | $ | 283,830 | $ | 554 | $ | 630,732 | ||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | — | 228 | 800 | 400 | 623 | 3,156 | 905 | 481 | 6,593 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total one-to-four family real estate | $ | 103,315 | $ | 78,105 | $ | 33,240 | $ | 25,452 | $ | 27,917 | $ | 83,526 | $ | 284,735 | $ | 1,035 | $ | 637,325 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||
Pass | $ | 9,276 | $ | 5,713 | $ | 1,974 | $ | 758 | $ | 848 | $ | 1,306 | $ | 23,351 | $ | 508 | $ | 43,734 | ||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | — | — | 1 | — | — | 8 | 27 | — | 36 | |||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total consumer | $ | 9,276 | $ | 5,713 | $ | 1,975 | $ | 758 | $ | 848 | $ | 1,314 | $ | 23,378 | $ | 508 | $ | 43,770 | ||||||||||||||||||
Total | $ | 1,594,130 | $ | 1,280,086 | $ | 1,125,520 | $ | 1,023,452 | $ | 687,055 | $ | 1,241,613 | $ | 1,713,819 | $ | 77,790 | $ | 8,743,465 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses | 83,968 | |||||||||||||||||||||||||||||||||||
Loans, net | $ | 8,659,497 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 510 | $ | 6,075 | $ | 552 | $ | 6,019 | ||||||||
Transfers in | 558 | — | 558 | 386 | ||||||||||||
Valuation adjustments | — | — | — | (195 | ) | |||||||||||
Proceeds from sale of OREO property | (303 | ) | (5,673 | ) | (345 | ) | (5,794 | ) | ||||||||
Gain (loss) on sale of OREO, net | (18 | ) | 716 | (18 | ) | 702 | ||||||||||
Balance, end of period | $ | 747 | $ | 1,118 | $ | 747 | $ | 1,118 |
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 553 | $ | 552 | ||||||||||||||||||||||
Proceeds from sale of OREO property | (132) | (42) | ||||||||||||||||||||||||
Gain on sale of OREO, net | 100 | 0 | ||||||||||||||||||||||||
Balance, end of period | $ | 521 | $ | 510 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Goodwill | ||||||||||||||||
Total goodwill | $ | 765,842 | $ | 765,842 | $ | 765,842 | $ | 765,842 | ||||||||
Other intangible assets, net | ||||||||||||||||
CDI: | ||||||||||||||||
Gross CDI balance at beginning of period | 105,473 | 105,473 | 105,473 | 105,473 | ||||||||||||
Accumulated amortization at beginning of period | (73,244 | ) | (63,203 | ) | (70,934 | ) | (60,455 | ) | ||||||||
CDI, net at beginning of period | 32,229 | 42,270 | 34,539 | 45,018 | ||||||||||||
CDI current period amortization | (2,210 | ) | (2,649 | ) | (4,520 | ) | (5,397 | ) | ||||||||
Total CDI, net at end of period | 30,019 | 39,621 | 30,019 | 39,621 | ||||||||||||
Intangible assets not subject to amortization | 919 | 919 | 919 | 919 | ||||||||||||
Other intangible assets, net at end of period | 30,938 | 40,540 | 30,938 | 40,540 | ||||||||||||
Total goodwill and other intangible assets at end of period | $ | 796,780 | $ | 806,382 | $ | 796,780 | $ | 806,382 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
Total goodwill | $ | 765,842 | $ | 765,842 | ||||||||||||||||||||||
Other intangible assets, net | ||||||||||||||||||||||||||
CDI: | ||||||||||||||||||||||||||
Gross CDI balance at beginning of period | 105,473 | 105,473 | ||||||||||||||||||||||||
Accumulated amortization at beginning of period | (79,658) | (70,934) | ||||||||||||||||||||||||
CDI, net at beginning of period | 25,815 | 34,539 | ||||||||||||||||||||||||
CDI current period amortization | (1,924) | (2,310) | ||||||||||||||||||||||||
Total CDI, net at end of period | 23,891 | 32,229 | ||||||||||||||||||||||||
Intangible assets not subject to amortization | 919 | 919 | ||||||||||||||||||||||||
Other intangible assets, net at end of period | 24,810 | 33,148 | ||||||||||||||||||||||||
Total goodwill and other intangible assets at end of period | $ | 790,652 | $ | 798,990 |
Year ending December 31, | ||||||||
(in thousands) | ||||||||
2021 | $ | 5,340 | ||||||
2022 | 5,880 | |||||||
2023 | 4,552 | |||||||
2024 | 3,432 | |||||||
2025 | 2,415 |
Year ending December 31, | ||||
(in thousands) | ||||
2020 | $ | 4,204 | ||
2021 | 7,264 | |||
2022 | 5,880 | |||
2023 | 4,552 | |||
2024 | 3,432 |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate collar | Other assets | $ | 38,421 | Other assets | $ | 14,727 | Other liabilities | $ | — | Other liabilities | $ | — | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap contracts | Other assets | $ | 54,424 | Other assets | $ | 19,144 | Other liabilities | $ | 54,898 | Other liabilities | $ | 19,145 |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Other assets | $ | 925 | Other assets | $ | 1,096 | Other liabilities | $ | 0 | Other liabilities | $ | 0 | |||||||||||||||||||||||||||||||||||
Interest rate forward loan sales contracts | Other assets | $ | 505 | Other assets | $ | 0 | Other liabilities | $ | 0 | Other liabilities | $ | 165 | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | Other assets | $ | 32,501 | Other assets | $ | 46,184 | Other liabilities | $ | 32,769 | Other liabilities | $ | 46,637 |
Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(in thousands) | |||||||||||||||||
Interest rate collar | $ | 3,402 | $ | 9,423 | Interest income | $ | 2,190 | $ | — | ||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Interest rate collar | $ | 26,825 | $ | 15,691 | Interest income | $ | 3,130 | $ | — |
Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest rate collar | $ | 0 | $ | 23,423 | Interest income | $ | 2,576 | $ | 940 | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Interest rate lock commitments | $ | (171) | $ | 0 | ||||||||||||||||||||||
Interest rate forward loan sales contracts | 670 | 0 | ||||||||||||||||||||||||
Interest rate swap contracts | 112 | 0 | ||||||||||||||||||||||||
Total derivative gains (losses) | $ | 611 | $ | 0 |
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||
Collateral Pledged/Received | Net Amount | ||||||||||||||||||
June 30, 2020 | (in thousands) | ||||||||||||||||||
Assets | |||||||||||||||||||
Interest rate swap contracts | $ | 54,424 | $ | — | $ | 54,424 | $ | — | $ | 54,424 | |||||||||
Interest rate collar | $ | 38,421 | $ | — | $ | 38,421 | $ | (38,421 | ) | — | |||||||||
Liabilities | |||||||||||||||||||
Interest rate swap contracts | $ | 54,898 | $ | — | $ | 54,898 | $ | (53,320 | ) | $ | 1,578 | ||||||||
Repurchase agreements | $ | 51,479 | $ | — | $ | 51,479 | $ | (51,479 | ) | $ | — | ||||||||
December 31, 2019 | |||||||||||||||||||
Assets | |||||||||||||||||||
Interest rate swap contracts | $ | 19,144 | $ | — | $ | 19,144 | $ | — | $ | 19,144 | |||||||||
Interest rate collar | $ | 14,727 | $ | — | $ | 14,727 | $ | (14,727 | ) | — | |||||||||
Liabilities | |||||||||||||||||||
Interest rate swap contracts | $ | 19,145 | $ | — | $ | 19,145 | $ | (19,145 | ) | $ | — | ||||||||
Repurchase agreements | $ | 64,437 | $ | — | $ | 64,437 | $ | (64,437 | ) | $ | — |
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||
Collateral Pledged/Received | Net Amount | ||||||||||||||||||||||||||||
March 31, 2021 | (in thousands) | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 32,501 | $ | 0 | $ | 32,501 | $ | (1,960) | $ | 30,541 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 32,769 | $ | 0 | $ | 32,769 | $ | (26,848) | $ | 5,921 | |||||||||||||||||||
Repurchase agreements | $ | 38,624 | $ | 0 | $ | 38,624 | $ | (38,624) | $ | 0 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 46,184 | $ | 0 | $ | 46,184 | $ | 0 | $ | 46,184 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 46,637 | $ | 0 | $ | 46,637 | $ | (46,637) | $ | 0 | |||||||||||||||||||
Repurchase agreements | $ | 73,859 | $ | 0 | $ | 73,859 | $ | (73,859) | $ | 0 |
Remaining contractual maturity of the agreements | ||||||||||||||||||||||||||||||||
Overnight and continuous | Up to 30 days | 30 - 90 days | Greater than 90 days | Total | ||||||||||||||||||||||||||||
March 31, 2021 | (in thousands) | |||||||||||||||||||||||||||||||
Class of collateral pledged for repurchase agreements | ||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 38,624 | $ | 0 | $ | 0 | $ | 0 | $ | 38,624 | ||||||||||||||||||||||
Gross amount of recognized liabilities for repurchase agreements | 38,624 | |||||||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ | 0 |
Remaining contractual maturity of the agreements | ||||||||||||||||||||
Overnight and continuous | Up to 30 days | 30 - 90 days | Greater than 90 days | Total | ||||||||||||||||
June 30, 2020 | (in thousands) | |||||||||||||||||||
Class of collateral pledged for repurchase agreements | ||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 51,479 | $ | — | $ | — | $ | — | $ | 51,479 | ||||||||||
Gross amount of recognized liabilities for repurchase agreements | 51,479 | |||||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ | — |
Declared | Regular Cash Dividends Per Common Share | Special Cash Dividends Per Common Share | Record Date | Paid Date | ||||||||
January 23, 2020 | $ | 0.28 | $ | 0.22 | February 5, 2020 | February 19, 2020 | ||||||
April 30, 2020 | $ | 0.28 | $ | — | May 14, 2020 | May 28, 2020 |
Declared | Regular Cash Dividends Per Common Share | Special Cash Dividends Per Common Share | Record Date | Paid Date | ||||||||||||||||||||||
January 28, 2021 | $ | 0.28 | $ | 0 | February 10, 2021 | February 24, 2021 | ||||||||||||||||||||
Unrealized Gains and Losses on Available for Sale Securities (1) | Unrealized Gains and Losses on Pension Plan Liability (1) | Unrealized Gains and Losses on Hedging Instruments (1) | Total (1) | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2021 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 163,174 | $ | (5,833) | $ | 24,854 | $ | 182,195 | |||||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | Other comprehensive loss before reclassifications | (102,605) | 0 | 0 | (102,605) | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | Amounts reclassified from accumulated other comprehensive income (2) | 0 | 115 | (1,977) | (1,862) | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | Net current-period other comprehensive income (loss) | (102,605) | 115 | (1,977) | (104,467) | |||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 60,569 | $ | (5,718) | $ | 22,877 | $ | 77,728 | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 33,038 | $ | (3,974) | $ | 11,303 | $ | 40,367 | |||||||||||||||||||||||||||||||||
Unrealized Gains and Losses on Available for Sale Securities (1) | Unrealized Gains and Losses on Pension Plan Liability (1) | Unrealized Gains and Losses on Hedging Instruments (1) | Total (1) | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 112,543 | $ | (3,894 | ) | $ | 28,558 | $ | 137,207 | |||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 42,860 | — | 2,611 | 45,471 | Other comprehensive income before reclassifications | 79,696 | 0 | 17,977 | 97,673 | |||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | — | 79 | (1,680 | ) | (1,601 | ) | Amounts reclassified from accumulated other comprehensive income (2) | (191) | 80 | (722) | (833) | |||||||||||||||||||||||||||||||
Net current-period other comprehensive income | 42,860 | 79 | 931 | 43,870 | Net current-period other comprehensive income | 79,505 | 80 | 17,255 | 96,840 | |||||||||||||||||||||||||||||||||
Ending balance | $ | 155,403 | $ | (3,815 | ) | $ | 29,489 | $ | 181,077 | Ending balance | $ | 112,543 | $ | (3,894) | $ | 28,558 | $ | 137,207 | ||||||||||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 352 | $ | (2,116 | ) | $ | 4,810 | $ | 3,046 | |||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 37,029 | — | 7,233 | 44,262 | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | (219 | ) | 61 | — | (158 | ) | ||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income | 36,810 | 61 | 7,233 | 44,104 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 37,162 | $ | (2,055 | ) | $ | 12,043 | $ | 47,150 | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 33,038 | $ | (3,974 | ) | $ | 11,303 | $ | 40,367 | |||||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 122,556 | — | 20,588 | 143,144 | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | (191 | ) | 159 | (2,402 | ) | (2,434 | ) | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income | 122,365 | 159 | 18,186 | 140,710 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 155,403 | $ | (3,815 | ) | $ | 29,489 | $ | 181,077 | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (33,128 | ) | $ | (2,177 | ) | $ | — | $ | (35,305 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 71,926 | — | 12,043 | 83,969 | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (2) | (1,636 | ) | 122 | — | (1,514 | ) | ||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income | 70,290 | 122 | 12,043 | 82,455 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 37,162 | $ | (2,055 | ) | $ | 12,043 | $ | 47,150 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Affected line Item in the Consolidated | |||||||||||||||||||||||||||||||
2021 | 2020 | Statement of Income | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Unrealized gains on available for sale debt securities | $ | 0 | $ | 249 | Investment securities gains, net | |||||||||||||||||||||||||||
0 | 249 | Total before tax | ||||||||||||||||||||||||||||||
0 | (58) | Income tax provision | ||||||||||||||||||||||||||||||
$ | 0 | $ | 191 | Net of tax | ||||||||||||||||||||||||||||
Amortization of pension plan liability actuarial losses | $ | (150) | $ | (104) | Compensation and employee benefits | |||||||||||||||||||||||||||
(150) | (104) | Total before tax | ||||||||||||||||||||||||||||||
35 | 24 | Income tax provision | ||||||||||||||||||||||||||||||
$ | (115) | $ | (80) | Net of tax | ||||||||||||||||||||||||||||
Unrealized gains from hedging instruments | $ | 2,576 | $ | 940 | Loans | |||||||||||||||||||||||||||
2,576 | 940 | Total before tax | ||||||||||||||||||||||||||||||
(599) | (218) | Income tax provision | ||||||||||||||||||||||||||||||
$ | 1,977 | $ | 722 | Net of tax |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Affected line Item in the Consolidated | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | Statement of Income | ||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized gains on available for sale debt securities | $ | — | $ | 285 | $ | 249 | $ | 2,132 | Investment securities gains, net | |||||||||
— | 285 | 249 | 2,132 | Total before tax | ||||||||||||||
— | (66 | ) | (58 | ) | (496 | ) | Income tax provision | |||||||||||
$ | — | $ | 219 | $ | 191 | $ | 1,636 | Net of tax | ||||||||||
Amortization of pension plan liability actuarial losses | $ | (103 | ) | $ | (80 | ) | $ | (207 | ) | $ | (159 | ) | Compensation and employee benefits | |||||
(103 | ) | (80 | ) | (207 | ) | (159 | ) | Total before tax | ||||||||||
24 | 19 | 48 | 37 | Income tax provision | ||||||||||||||
$ | (79 | ) | $ | (61 | ) | $ | (159 | ) | $ | (122 | ) | Net of tax | ||||||
Unrealized gains from hedging instruments | $ | 2,190 | $ | — | $ | 3,130 | $ | — | Loans | |||||||||
2,190 | — | 3,130 | — | Total before tax | ||||||||||||||
(510 | ) | — | (728 | ) | — | Income tax provision | ||||||||||||
$ | 1,680 | $ | — | $ | 2,402 | $ | — | Net of tax |
Fair Value | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
March 31, 2021 | (in thousands) | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | $ | 4,104,219 | $ | 0 | $ | 4,104,219 | $ | 0 | ||||||||||||||||||
Other asset-backed securities | 358,819 | 0 | 358,819 | 0 | ||||||||||||||||||||||
State and municipal securities | 751,285 | 0 | 751,285 | 0 | ||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 281,967 | 0 | 281,967 | 0 | ||||||||||||||||||||||
Total debt securities available for sale | $ | 5,496,290 | $ | 0 | $ | 5,496,290 | $ | 0 | ||||||||||||||||||
Loans held for sale | $ | 25,587 | $ | 0 | $ | 25,587 | $ | 0 | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Interest rate lock commitments | $ | 925 | $ | 0 | $ | 0 | $ | 925 | ||||||||||||||||||
Interest rate forward loan sales contracts | $ | 505 | $ | 0 | $ | 505 | $ | 0 | ||||||||||||||||||
Interest rate contracts | $ | 32,501 | $ | 0 | $ | 32,501 | $ | 0 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||
Interest rate contracts | $ | 32,769 | $ | 0 | $ | 32,769 | $ | 0 |
Fair Value | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
December 31, 2020 | (in thousands) | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | $ | 3,814,387 | $ | 0 | $ | 3,814,387 | $ | 0 | ||||||||||||||||||
Other asset-backed securities | 357,479 | 0 | 357,479 | 0 | ||||||||||||||||||||||
State and municipal securities | 753,572 | 0 | 753,572 | 0 | ||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 284,696 | 0 | 284,696 | 0 | ||||||||||||||||||||||
Total debt securities available for sale | $ | 5,210,134 | $ | 0 | $ | 5,210,134 | $ | 0 | ||||||||||||||||||
Loans held for sale | $ | 14,760 | $ | 0 | $ | 14,760 | $ | 0 | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Interest rate lock commitments | $ | 1,096 | $ | 0 | $ | 0 | $ | 1,096 | ||||||||||||||||||
Interest rate contracts | $ | 46,184 | $ | 0 | $ | 46,184 | $ | 0 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||
Interest rate forward loan sales contracts | $ | 165 | $ | 0 | $ | 165 | $ | 0 | ||||||||||||||||||
Interest rate contracts | $ | 46,637 | $ | 0 | $ | 46,637 | $ | 0 |
Fair Value | Fair Value Measurements at Reporting Date Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
June 30, 2020 | (in thousands) | |||||||||||||||
Assets | ||||||||||||||||
Debt securities available for sale: | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | $ | 2,865,030 | $ | — | $ | 2,865,030 | $ | — | ||||||||
Other asset-backed securities | 224,276 | — | 224,276 | — | ||||||||||||
State and municipal securities | 468,615 | — | 468,615 | — | ||||||||||||
U.S. government agency and government-sponsored enterprise securities | 135,866 | — | 135,866 | — | ||||||||||||
Total debt securities available for sale | $ | 3,693,787 | $ | — | $ | 3,693,787 | $ | — | ||||||||
Other assets: | ||||||||||||||||
Interest rate contracts | $ | 54,424 | $ | — | $ | 54,424 | $ | — | ||||||||
Interest rate collar | $ | 38,421 | $ | — | $ | 38,421 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Other liabilities: | ||||||||||||||||
Interest rate contracts | $ | 54,898 | $ | — | $ | 54,898 | $ | — |
Fair Value | Fair Value Measurements at Reporting Date Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||
Assets | ||||||||||||||||
Debt securities available for sale: | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | $ | 2,892,950 | $ | — | $ | 2,892,950 | $ | — | ||||||||
Other asset-backed securities | 196,050 | — | 196,050 | — | ||||||||||||
State and municipal securities | 488,802 | — | 488,802 | — | ||||||||||||
U.S. government agency and government-sponsored enterprise securities | 168,340 | — | 168,340 | — | ||||||||||||
Total debt securities available for sale | $ | 3,746,142 | $ | — | $ | 3,746,142 | $ | — | ||||||||
Other assets: | ||||||||||||||||
Interest rate contracts | $ | 19,144 | $ | — | $ | 19,144 | $ | — | ||||||||
Interest rate collar | $ | 14,727 | $ | — | $ | 14,727 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Other liabilities: | ||||||||||||||||
Interest rate contracts | $ | 19,145 | $ | — | $ | 19,145 | $ | — |
Fair Value at March 31, 2021 | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Interest rate lock commitments | $ | 925 | Internal pricing model | Pull-through rate | 79.87% - 100.00% (90.39%) | |||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at the beginning of the period | $ | 1,096 | $ | 0 | ||||||||||||||||||||||
Change included in earnings | 1,710 | 0 | ||||||||||||||||||||||||
Settlements | (1,881) | 0 | ||||||||||||||||||||||||
Balance at the end of the period | $ | 925 | $ | 0 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Equity securities without readily determinable fair values | (in thousands) | |||||||||||||||
Carrying value, beginning of period | $ | — | $ | — | $ | — | $ | — | ||||||||
Upward carrying value changes | 13,425 | — | 13,425 | — | ||||||||||||
Carrying value, end of period | $ | 13,425 | $ | — | $ | 13,425 | $ | — |
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Equity securities without readily determinable fair values | (in thousands) | |||||||||||||||||||||||||
Carrying value, beginning of period | $ | 13,425 | $ | 0 | ||||||||||||||||||||||
Upward carrying value changes | 0 | 0 | ||||||||||||||||||||||||
Carrying value, end of period | $ | 13,425 | $ | 0 |
Fair Value at March 31, 2021 | Fair Value Measurements at Reporting Date Using | Losses During the Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Collateral dependent loans | $ | 1,520 | $ | 0 | $ | 0 | $ | 1,520 | $ | 722 | ||||||||||||||||||||||||||||
Fair Value at June 30, 2020 | Fair Value Measurements at Reporting Date Using | Gains(Losses) During the Three Months Ended June 30, 2020 | Gains(Losses) During the Six Months Ended June 30, 2020 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Collateral dependent loans | $ | 7,976 | $ | — | $ | — | $ | 7,976 | $ | (6,946 | ) | $ | (7,745 | ) | ||||||||||
Equity securities | $ | 13,425 | $ | — | $ | — | $ | 13,425 | $ | 13,425 | $ | 13,425 |
Fair Value at June 30, 2019 | Fair Value Measurements at Reporting Date Using | Losses During the Three Months Ended June 30, 2019 | Losses During the Six Months Ended June 30, 2019 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Collateral dependent loans | $ | 4,837 | $ | — | $ | — | $ | 4,837 | $ | (2,124 | ) | $ | (2,525 | ) |
Fair Value at March 31, 2020 | Fair Value Measurements at Reporting Date Using | Losses During the Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Collateral dependent loans | $ | 3,043 | $ | 0 | $ | 0 | $ | 3,043 | $ | 5,138 | ||||||||||||||||||||||||||||
Fair Value at June 30, 2020 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | |||||||
(dollars in thousands) | ||||||||||
Collateral dependent loans (2) | $ | 7,976 | Fair Market Value of Collateral | Adjustment to Stated Value | 0.00% - 100.00% (56.22%) |
Fair Value at March 31, 2021 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Collateral dependent loans (2) | $ | 1,520 | Fair Market Value of Collateral | Adjustment to Stated Value | 42.96% - 75.00% (59.53%) | |||||||||||||||||||||
Fair Value at June 30, 2019 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | |||||||
(dollars in thousands) | ||||||||||
Collateral dependent loans (2) | $ | 4,837 | Fair Market Value of Collateral | Adjustment to Stated Value | 0.00% - 100.00% (35.67%) |
Fair Value at March 31, 2020 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Collateral dependent loans (2) | $ | 3,043 | Fair Market Value of Collateral | Adjustment to Stated Value | 0.00% - 100.00% (59.78%) | |||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 178,096 | $ | 178,096 | $ | 178,096 | $ | 0 | $ | 0 | ||||||||||||||||||||||
Interest-earning deposits with banks | 706,389 | 706,389 | 706,389 | 0 | 0 | |||||||||||||||||||||||||||
Debt securities available for sale | 5,496,290 | 5,496,290 | 0 | 5,496,290 | 0 | |||||||||||||||||||||||||||
FHLB stock | 10,280 | 10,280 | 0 | 10,280 | 0 | |||||||||||||||||||||||||||
Loans held for sale | 26,176 | 26,176 | 0 | 26,176 | 0 | |||||||||||||||||||||||||||
Loans | 9,528,024 | 9,948,104 | 0 | 0 | 9,948,104 | |||||||||||||||||||||||||||
Interest rate contracts | 32,501 | 32,501 | 0 | 32,501 | 0 | |||||||||||||||||||||||||||
Interest rate lock commitments | 925 | 925 | 0 | 0 | 925 | |||||||||||||||||||||||||||
Interest rate forward loan sales contracts | 505 | 505 | 0 | 505 | 0 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Time deposits | $ | 336,918 | $ | 333,169 | $ | 0 | $ | 333,169 | $ | 0 | ||||||||||||||||||||||
FHLB advances | 7,400 | 8,764 | 0 | 8,764 | 0 | |||||||||||||||||||||||||||
Repurchase agreements | 38,624 | 38,624 | 0 | 38,624 | 0 | |||||||||||||||||||||||||||
Subordinated debentures | 35,046 | 35,102 | 0 | 35,102 | 0 | |||||||||||||||||||||||||||
Interest rate contracts | 32,769 | 32,769 | 0 | 32,769 | 0 | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 218,899 | $ | 218,899 | $ | 218,899 | $ | 0 | $ | 0 | ||||||||||||||||||||||
Interest-earning deposits with banks | 434,867 | 434,867 | 434,867 | 0 | 0 | |||||||||||||||||||||||||||
Debt securities available for sale | 5,210,134 | 5,210,134 | 0 | 5,210,134 | 0 | |||||||||||||||||||||||||||
FHLB stock | 10,280 | 10,280 | 0 | 10,280 | 0 | |||||||||||||||||||||||||||
Loans held for sale | 26,481 | 26,481 | 0 | 26,481 | 0 | |||||||||||||||||||||||||||
Loans | 9,278,520 | 9,720,592 | 0 | 0 | 9,720,592 | |||||||||||||||||||||||||||
Interest rate contracts | 46,184 | 46,184 | 0 | 46,184 | 0 | |||||||||||||||||||||||||||
Interest rate lock commitments | 1,096 | 1,096 | 0 | 0 | 1,096 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Time deposits | $ | 338,845 | $ | 338,815 | $ | 0 | $ | 338,815 | $ | 0 | ||||||||||||||||||||||
FHLB advances and FRB borrowings | 7,414 | 9,295 | 0 | 9,295 | 0 | |||||||||||||||||||||||||||
Repurchase agreements | 73,859 | 73,859 | 0 | 73,859 | 0 | |||||||||||||||||||||||||||
Subordinated debentures | 35,092 | 35,414 | 0 | 35,414 | 0 | |||||||||||||||||||||||||||
Interest rate contracts | 46,637 | 46,637 | 0 | 46,637 | 0 | |||||||||||||||||||||||||||
Interest rate forward loan sales contracts | 165 | 165 | 0 | 165 | 0 |
June 30, 2020 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 217,461 | $ | 217,461 | $ | 217,461 | $ | — | $ | — | ||||||||||
Interest-earning deposits with banks | 880,232 | 880,232 | 880,232 | — | — | |||||||||||||||
Debt securities available for sale | 3,693,787 | 3,693,787 | — | 3,693,787 | — | |||||||||||||||
Equity securities without readily determinable fair values | 13,425 | 13,425 | — | — | 13,425 | |||||||||||||||
FHLB stock | 16,280 | 16,280 | — | 16,280 | — | |||||||||||||||
Loans held for sale | 28,803 | 28,803 | — | 28,803 | — | |||||||||||||||
Loans | 9,620,352 | 10,061,835 | — | — | 10,061,835 | |||||||||||||||
Interest rate contracts | 54,424 | 54,424 | — | 54,424 | — | |||||||||||||||
Interest rate collar | 38,421 | 38,421 | — | 38,421 | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Time deposits | $ | 340,192 | $ | 340,419 | $ | — | $ | 340,419 | $ | — | ||||||||||
FHLB advances and FRB borrowings | 157,441 | 159,400 | — | 159,400 | — | |||||||||||||||
Repurchase agreements | 51,479 | 51,479 | — | 51,479 | — | |||||||||||||||
Subordinated debentures | 35,185 | 35,227 | — | 35,227 | — | |||||||||||||||
Interest rate contracts | 54,898 | 54,898 | — | 54,898 | — |
December 31, 2019 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 223,541 | $ | 223,541 | $ | 223,541 | $ | — | $ | — | ||||||||||
Interest-earning deposits with banks | 24,132 | 24,132 | 24,132 | — | — | |||||||||||||||
Debt securities available for sale | 3,746,142 | 3,746,142 | — | 3,746,142 | — | |||||||||||||||
FHLB stock | 48,120 | 48,120 | — | 48,120 | — | |||||||||||||||
Loans held for sale | 17,718 | 17,718 | — | 17,718 | — | |||||||||||||||
Loans | 8,659,497 | 8,883,865 | — | — | 8,883,865 | |||||||||||||||
Interest rate contracts | 19,144 | 19,144 | — | 19,144 | — | |||||||||||||||
Interest rate collar | 14,727 | 14,727 | — | 14,727 | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Time deposits | $ | 400,070 | $ | 397,736 | $ | — | $ | 397,736 | $ | — | ||||||||||
FHLB advances | 953,469 | 952,762 | — | 952,762 | — | |||||||||||||||
Repurchase agreements | 64,437 | 64,437 | — | 64,437 | — | |||||||||||||||
Subordinated debentures | 35,277 | 35,491 | — | 35,491 | — | |||||||||||||||
Interest rate contracts | 19,145 | 19,145 | — | 19,145 | — |
March 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Fair Value | Aggregate Unpaid Principal Balance | Fair Value Less Aggregate Unpaid Principal Balance | Fair Value | Aggregate Unpaid Principal Balance | Fair Value Less Aggregate Unpaid Principal Balance | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
$ | 25,587 | $ | 25,167 | $ | 420 | $ | 0 | $ | 0 | $ | 0 |
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands except per share amounts) | ||||||||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||||||
Net income | $ | 51,853 | $ | 14,628 | ||||||||||||||||||||||
Less: Earnings allocated to participating securities: | ||||||||||||||||||||||||||
Nonvested restricted shares | 155 | 249 | ||||||||||||||||||||||||
Earnings allocated to common shareholders | $ | 51,698 | $ | 14,379 | ||||||||||||||||||||||
Weighted average common shares outstanding | 70,869 | 71,206 | ||||||||||||||||||||||||
Basic earnings per common share | $ | 0.73 | $ | 0.20 | ||||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||||||
Earnings allocated to common shareholders | $ | 51,698 | $ | 14,379 | ||||||||||||||||||||||
Weighted average common shares outstanding | 70,869 | 71,206 | ||||||||||||||||||||||||
Dilutive effect of equity awards | 240 | 58 | ||||||||||||||||||||||||
Weighted average diluted common shares outstanding | 71,109 | 71,264 | ||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.73 | $ | 0.20 | ||||||||||||||||||||||
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive | 70 | 6 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Basic EPS: | ||||||||||||||||
Net income | $ | 36,582 | $ | 51,724 | $ | 51,210 | $ | 97,595 | ||||||||
Less: Earnings allocated to participating securities: | ||||||||||||||||
Nonvested restricted shares | 139 | 378 | 325 | 838 | ||||||||||||
Earnings allocated to common shareholders | $ | 36,443 | $ | 51,346 | $ | 50,885 | $ | 96,757 | ||||||||
Weighted average common shares outstanding | 70,679 | 72,451 | 70,942 | 72,486 | ||||||||||||
Basic earnings per common share | $ | 0.52 | $ | 0.71 | $ | 0.72 | $ | 1.33 | ||||||||
Diluted EPS: | ||||||||||||||||
Earnings allocated to common shareholders | $ | 36,443 | $ | 51,346 | $ | 50,885 | $ | 96,757 | ||||||||
Weighted average common shares outstanding | 70,679 | 72,451 | 70,942 | 72,486 | ||||||||||||
Dilutive effect of equity awards | 32 | — | 39 | 1 | ||||||||||||
Weighted average diluted common shares outstanding | 70,711 | 72,451 | 70,981 | 72,487 | ||||||||||||
Diluted earnings per common share | $ | 0.52 | $ | 0.71 | $ | 0.72 | $ | 1.33 | ||||||||
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive | 571 | — | 450 | — |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Deposit account and treasury management fees | $ | 6,358 | $ | 7,788 | ||||||||||||||||||||||
Card revenue | 3,733 | 3,518 | ||||||||||||||||||||||||
Financial services and trust revenue | 3,381 | 3,065 | ||||||||||||||||||||||||
Total revenue from contracts with customers | 13,472 | 14,371 | ||||||||||||||||||||||||
Other sources of noninterest income | 9,694 | 6,836 | ||||||||||||||||||||||||
Total noninterest income | $ | 23,166 | $ | 21,207 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Noninterest income: | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Deposit account and treasury management fees | $ | 6,092 | $ | 9,035 | $ | 13,880 | $ | 18,015 | ||||||||
Card revenue | 3,079 | 3,763 | 6,597 | 7,425 | ||||||||||||
Financial services and trust revenue | 3,163 | 3,425 | 6,228 | 6,382 | ||||||||||||
Total revenue from contracts with customers | 12,334 | 16,223 | 26,705 | 31,822 | ||||||||||||
Other sources of noninterest income | 24,925 | 9,425 | 31,761 | 15,522 | ||||||||||||
Total noninterest income | $ | 37,259 | $ | 25,648 | $ | 58,466 | $ | 47,344 |
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances | Interest Earned / Paid | Average Rate | Average Balances | Interest Earned / Paid | Average Rate | Average Balances | Interest Earned / Paid | Average Rate | Average Balances | Interest Earned / Paid | Average Rate | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net (1)(2) | $ | 9,546,099 | $ | 106,737 | 4.50 | % | $ | 8,601,819 | $ | 117,984 | 5.50 | % | Loans, net (1)(2) | $ | 9,586,984 | $ | 101,477 | 4.29 | % | $ | 8,815,755 | $ | 108,665 | 4.96 | % | |||||||||||||||||||||||||||||||||||
Taxable securities | 3,189,805 | 18,343 | 2.31 | % | 2,506,672 | 15,918 | 2.55 | % | Taxable securities | 4,624,175 | 22,816 | 2.00 | % | 3,209,110 | 21,088 | 2.64 | % | |||||||||||||||||||||||||||||||||||||||||||
Tax exempt securities (2) | 401,888 | 2,857 | 2.86 | % | 463,077 | 3,433 | 2.97 | % | Tax exempt securities (2) | 606,129 | 3,492 | 2.34 | % | 409,457 | 2,914 | 2.86 | % | |||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits with banks | 519,927 | 136 | 0.11 | % | 35,159 | 207 | 2.36 | % | Interest-earning deposits with banks | 602,083 | 152 | 0.10 | % | 53,228 | 141 | 1.07 | % | |||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 13,657,719 | 128,073 | 3.77 | % | 11,606,727 | 137,542 | 4.75 | % | Total interest-earning assets | 15,419,371 | 127,937 | 3.36 | % | 12,487,550 | 132,808 | 4.28 | % | |||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 234,019 | 233,273 | Other earning assets | 242,684 | 232,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 1,256,750 | 1,256,413 | Noninterest-earning assets | 1,229,627 | 1,275,721 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 15,148,488 | $ | 13,096,413 | Total assets | $ | 16,891,682 | $ | 13,995,632 | |||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts (3) | 2,939,657 | 974 | 0.13 | % | 2,539,757 | 2,896 | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand (3) | 1,213,182 | 339 | 0.11 | % | 1,066,876 | 428 | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts (3) | 976,785 | 38 | 0.02 | % | 891,341 | 43 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing public funds, other than certificates of deposit (3) | 559,256 | 393 | 0.28 | % | 273,387 | 1,023 | 1.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 3,450,750 | 699 | 0.08 | % | 2,633,931 | 1,728 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 1,449,642 | 265 | 0.07 | % | 1,125,691 | 484 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 1,221,431 | 40 | 0.01 | % | 897,276 | 43 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing public funds, other than certificates of deposit | Interest-bearing public funds, other than certificates of deposit | 663,158 | 276 | 0.17 | % | 355,401 | 903 | 1.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 348,227 | 350 | 0.40 | % | 403,514 | 586 | 0.58 | % | Certificates of deposit | 336,319 | 205 | 0.25 | % | 370,904 | 484 | 0.52 | % | |||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 6,037,107 | 2,094 | 0.14 | % | 5,174,875 | 4,976 | 0.39 | % | Total interest-bearing deposits | 7,121,300 | 1,485 | 0.08 | % | 5,383,203 | 3,642 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||
FHLB advances and FRB borrowings | 407,035 | 1,796 | 1.77 | % | 602,041 | 4,708 | 3.14 | % | FHLB advances and FRB borrowings | 7,408 | 72 | 3.94 | % | 909,110 | 4,229 | 1.87 | % | |||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | 35,207 | 468 | 5.35 | % | 35,392 | 468 | 5.30 | % | Subordinated debentures | 35,072 | 468 | 5.41 | % | 35,253 | 468 | 5.34 | % | |||||||||||||||||||||||||||||||||||||||||||
Other borrowings and interest-bearing liabilities | 34,663 | 23 | 0.27 | % | 29,117 | 154 | 2.12 | % | Other borrowings and interest-bearing liabilities | 53,691 | 23 | 0.17 | % | 48,365 | 136 | 1.13 | % | |||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,514,012 | 4,381 | 0.27 | % | 5,841,425 | 10,306 | 0.71 | % | Total interest-bearing liabilities | 7,217,471 | 2,048 | 0.12 | % | 6,375,931 | 8,475 | 0.53 | % | |||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 6,183,308 | 5,011,496 | Noninterest-bearing deposits | 7,091,316 | 5,239,176 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 196,819 | 147,335 | Other noninterest-bearing liabilities | 236,302 | 187,474 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,254,349 | 2,096,157 | Shareholders’ equity | 2,346,593 | 2,193,051 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 15,148,488 | $ | 13,096,413 | Total liabilities & shareholders’ equity | $ | 16,891,682 | $ | 13,995,632 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (tax equivalent) | Net interest income (tax equivalent) | $ | 123,692 | $ | 127,236 | Net interest income (tax equivalent) | $ | 125,889 | $ | 124,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (tax equivalent) | Net interest margin (tax equivalent) | 3.64 | % | 4.40 | % | Net interest margin (tax equivalent) | 3.31 | % | 4.00 | % |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||
Average Balances | Interest Earned / Paid | Average Rate (3) | Average Balances | Interest Earned / Paid | Average Rate (3) | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans, net (1)(2) | $ | 9,180,927 | $ | 215,402 | 4.72 | % | $ | 8,504,781 | $ | 227,699 | 5.40 | % | ||||||||||
Taxable securities | 3,199,458 | 39,431 | 2.48 | % | 2,571,692 | 33,333 | 2.61 | % | ||||||||||||||
Tax exempt securities (2) | 405,673 | 5,771 | 2.86 | % | 482,812 | 7,191 | 3.00 | % | ||||||||||||||
Interest-earning deposits with banks | 286,577 | 277 | 0.19 | % | 25,016 | 295 | 2.38 | % | ||||||||||||||
Total interest-earning assets | 13,072,635 | $ | 260,881 | 4.01 | % | 11,584,301 | $ | 268,518 | 4.67 | % | ||||||||||||
Other earning assets | 233,190 | 232,678 | ||||||||||||||||||||
Noninterest-earning assets | 1,266,235 | 1,255,381 | ||||||||||||||||||||
Total assets | $ | 14,572,060 | $ | 13,072,360 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Money market accounts (3) | 2,786,794 | 2,702 | 0.19 | % | 2,562,742 | 5,481 | 0.43 | % | ||||||||||||||
Interest-bearing demand (3) | 1,169,436 | 823 | 0.14 | % | 1,070,715 | 792 | 0.15 | % | ||||||||||||||
Savings accounts (3) | 937,030 | 81 | 0.02 | % | 893,913 | 86 | 0.02 | % | ||||||||||||||
Interest-bearing public funds, other than certificates of deposit (3) | 457,328 | 1,296 | 0.57 | % | 268,105 | 1,953 | 1.47 | % | ||||||||||||||
Certificates of deposit | 359,567 | 834 | 0.47 | % | 405,018 | 1,162 | 0.58 | % | ||||||||||||||
Total interest-bearing deposits | 5,710,155 | 5,736 | 0.20 | % | 5,200,493 | 9,474 | 0.37 | % | ||||||||||||||
FHLB advances and FRB borrowings | 658,072 | 6,025 | 1.84 | % | 551,018 | 7,393 | 2.71 | % | ||||||||||||||
Subordinated debentures | 35,230 | 936 | 5.34 | % | 35,415 | 936 | 5.33 | % | ||||||||||||||
Other borrowings and interest-bearing liabilities | 41,514 | 159 | 0.77 | % | 35,375 | 369 | 2.10 | % | ||||||||||||||
Total interest-bearing liabilities | 6,444,971 | $ | 12,856 | 0.40 | % | 5,822,301 | $ | 18,172 | 0.63 | % | ||||||||||||
Noninterest-bearing deposits | 5,711,242 | 5,027,966 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 192,147 | 151,457 | ||||||||||||||||||||
Shareholders’ equity | 2,223,700 | 2,070,636 | ||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 14,572,060 | $ | 13,072,360 | ||||||||||||||||||
Net interest income (tax equivalent) | $ | 248,025 | $ | 250,346 | ||||||||||||||||||
Net interest margin (tax equivalent) | 3.82 | % | 4.36 | % |
Three Months Ended June 30, 2020 Compared to 2019 Increase (Decrease) Due to | Three Months Ended March 31, 2021 Compared to 2020 Increase (Decrease) Due to | |||||||||||||||||||||||||||||||
Volume | Rate | Total (1) | Volume | Rate | Total (1) | |||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Interest Income | Interest Income | |||||||||||||||||||||||||||||||
Loans, net | $ | 12,060 | $ | (23,307 | ) | $ | (11,247 | ) | Loans, net | $ | 8,993 | $ | (16,181) | $ | (7,188) | |||||||||||||||||
Taxable securities | 4,034 | (1,609 | ) | 2,425 | Taxable securities | 7,819 | (6,091) | 1,728 | ||||||||||||||||||||||||
Tax exempt securities | (439 | ) | (137 | ) | (576 | ) | Tax exempt securities | 1,209 | (631) | 578 | ||||||||||||||||||||||
Interest-earning deposits with banks | 303 | (374 | ) | (71 | ) | Interest-earning deposits with banks | 244 | (233) | 11 | |||||||||||||||||||||||
Interest income | $ | 15,958 | $ | (25,427 | ) | $ | (9,469 | ) | Interest income | $ | 18,265 | $ | (23,136) | $ | (4,871) | |||||||||||||||||
Interest Expense | Interest Expense | |||||||||||||||||||||||||||||||
Deposits: | Deposits: | |||||||||||||||||||||||||||||||
Money market accounts | $ | 396 | $ | (2,318 | ) | $ | (1,922 | ) | Money market accounts | $ | 421 | $ | (1,450) | $ | (1,029) | |||||||||||||||||
Interest-bearing demand | 54 | (143 | ) | (89 | ) | Interest-bearing demand | 113 | (332) | (219) | |||||||||||||||||||||||
Savings accounts | 5 | (10 | ) | (5 | ) | Savings accounts | 13 | (16) | (3) | |||||||||||||||||||||||
Interest-bearing public funds, other than certificates of deposit | 580 | (1,210 | ) | (630 | ) | Interest-bearing public funds, other than certificates of deposit | 449 | (1,076) | (627) | |||||||||||||||||||||||
Certificates of deposit | (73 | ) | (163 | ) | (236 | ) | Certificates of deposit | (42) | (237) | (279) | ||||||||||||||||||||||
Total interest on deposits | 962 | (3,844 | ) | (2,882 | ) | Total interest on deposits | 954 | (3,111) | (2,157) | |||||||||||||||||||||||
FHLB advances and FRB borrowings | (1,242 | ) | (1,670 | ) | (2,912 | ) | FHLB advances and FRB borrowings | (6,356) | 2,199 | (4,157) | ||||||||||||||||||||||
Other borrowings and interest-bearing liabilities | 37 | (168 | ) | (131 | ) | Other borrowings and interest-bearing liabilities | 18 | (131) | (113) | |||||||||||||||||||||||
Interest expense | $ | (243 | ) | $ | (5,682 | ) | $ | (5,925 | ) | Interest expense | $ | (5,384) | $ | (1,043) | $ | (6,427) |
Six Months Ended June 30, 2020 Compared to 2019 Increase (Decrease) Due to | ||||||||||||
Volume | Rate | Total (1) | ||||||||||
(in thousands) | ||||||||||||
Interest Income | ||||||||||||
Loans, net | $ | 17,226 | $ | (29,523 | ) | $ | (12,297 | ) | ||||
Taxable securities | 7,804 | (1,706 | ) | 6,098 | ||||||||
Tax exempt securities | (1,109 | ) | (311 | ) | (1,420 | ) | ||||||
Interest earning deposits with banks | 481 | (499 | ) | (18 | ) | |||||||
Interest income | $ | 24,402 | $ | (32,039 | ) | $ | (7,637 | ) | ||||
Interest Expense | ||||||||||||
Deposits: | ||||||||||||
Money market accounts | 443 | (3,222 | ) | (2,779 | ) | |||||||
Interest-bearing demand | 71 | (40 | ) | 31 | ||||||||
Savings accounts | 5 | (10 | ) | (5 | ) | |||||||
Interest-bearing public funds, other than certificates of deposit | 926 | (1,583 | ) | (657 | ) | |||||||
Certificates of deposit | (121 | ) | (207 | ) | (328 | ) | ||||||
Total interest on deposits | 1,324 | (5,062 | ) | (3,738 | ) | |||||||
FHLB advances and FRB borrowings | 1,263 | (2,631 | ) | (1,368 | ) | |||||||
Other borrowings | 79 | (289 | ) | (210 | ) | |||||||
Interest expense | $ | 2,666 | $ | (7,982 | ) | $ | (5,316 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change (1) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Deposit account and treasury management fees | $ | 6,092 | $ | 9,035 | $ | (2,943 | ) | (33 | )% | $ | 13,880 | $ | 18,015 | $ | (4,135 | ) | (23 | )% | ||||||||||||
Card revenue | 3,079 | 3,763 | (684 | ) | (18 | )% | 6,597 | 7,425 | (828 | ) | (11 | )% | ||||||||||||||||||
Financial services and trust revenue | 3,163 | 3,425 | (262 | ) | (8 | )% | 6,228 | 6,382 | (154 | ) | (2 | )% | ||||||||||||||||||
Loan revenue | 5,607 | 3,596 | 2,011 | 56 | % | 10,197 | 5,985 | 4,212 | 70 | % | ||||||||||||||||||||
Bank owned life insurance | 1,618 | 1,597 | 21 | 1 | % | 3,214 | 3,116 | 98 | 3 | % | ||||||||||||||||||||
Investment securities gains, net | 16,425 | 285 | 16,140 | N/M | 16,674 | 2,132 | 14,542 | 682 | % | |||||||||||||||||||||
Other | 1,275 | 3,947 | (2,672 | ) | (68 | )% | 1,676 | 4,289 | (2,613 | ) | (61 | )% | ||||||||||||||||||
Total noninterest income | $ | 37,259 | $ | 25,648 | $ | 11,611 | 45 | % | $ | 58,466 | $ | 47,344 | $ | 11,122 | 23 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit account and treasury management fees | $ | 6,358 | $ | 7,788 | $ | (1,430) | (18) | % | ||||||||||||||||||||||||||||||||||||||||||
Card revenue | 3,733 | 3,518 | 215 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Financial services and trust revenue | 3,381 | 3,065 | 316 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||
Loan revenue | 7,369 | 4,590 | 2,779 | 61 | % | |||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 1,560 | 1,596 | (36) | (2) | % | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities gains, net | — | 249 | (249) | (100) | % | |||||||||||||||||||||||||||||||||||||||||||||
Other | 765 | 401 | 364 | 91 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 23,166 | $ | 21,207 | $ | 1,959 | 9 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change (1) | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | $ | 51,736 | $ | 54,842 | $ | (3,106) | (6) | % | ||||||||||||||||||||||||||||||||||||||||||
Occupancy | 9,006 | 9,197 | (191) | (2) | % | |||||||||||||||||||||||||||||||||||||||||||||
Data processing and software | 8,451 | 7,099 | 1,352 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
Legal and professional fees | 2,815 | 2,102 | 713 | 34 | % | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 1,924 | 2,310 | (386) | (17) | % | |||||||||||||||||||||||||||||||||||||||||||||
B&O taxes | 1,259 | 624 | 635 | 102 | % | |||||||||||||||||||||||||||||||||||||||||||||
Advertising and promotion | 760 | 1,305 | (545) | (42) | % | |||||||||||||||||||||||||||||||||||||||||||||
Regulatory premiums | 1,105 | 34 | 1,071 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||
Net cost (benefit) of operation of OREO | (63) | 12 | (75) | (625) | % | |||||||||||||||||||||||||||||||||||||||||||||
Other | 6,566 | 6,746 | (180) | (3) | % | |||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 83,559 | $ | 84,271 | $ | (712) | (1) | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Compensation and employee benefits | $ | 46,043 | $ | 52,015 | $ | (5,972 | ) | (11 | )% | $ | 100,885 | $ | 104,100 | $ | (3,215 | ) | (3 | )% | ||||||||||||
Occupancy | 8,812 | 8,712 | 100 | 1 | % | 18,009 | 17,521 | 488 | 3 | % | ||||||||||||||||||||
Data processing | 5,454 | 4,601 | 853 | 19 | % | 10,294 | 9,270 | 1,024 | 11 | % | ||||||||||||||||||||
Legal and professional services | 3,483 | 6,554 | (3,071 | ) | (47 | )% | 5,585 | 11,127 | (5,542 | ) | (50 | )% | ||||||||||||||||||
Amortization of intangibles | 2,210 | 2,649 | (439 | ) | (17 | )% | 4,520 | 5,397 | (877 | ) | (16 | )% | ||||||||||||||||||
B&O taxes | 1,244 | 1,411 | (167 | ) | (12 | )% | 1,868 | 3,287 | (1,419 | ) | (43 | )% | ||||||||||||||||||
Advertising and promotion | 837 | 870 | (33 | ) | (4 | )% | 2,142 | 1,844 | 298 | 16 | % | |||||||||||||||||||
Regulatory premiums | 1,034 | 956 | 78 | 8 | % | 1,068 | 1,940 | (872 | ) | (45 | )% | |||||||||||||||||||
Net benefit of operation of OREO | (200 | ) | (705 | ) | 505 | (72 | )% | (188 | ) | (592 | ) | 404 | (68 | )% | ||||||||||||||||
Other | 11,916 | 9,665 | 2,251 | 23 | % | 20,921 | 17,534 | 3,387 | 19 | % | ||||||||||||||||||||
Total noninterest expense | $ | 80,833 | $ | 86,728 | $ | (5,895 | ) | (7 | )% | $ | 165,104 | $ | 171,428 | $ | (6,324 | ) | (4 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Provision (recapture) for unfunded loan commitments | $ | 2,800 | $ | 200 | $ | 3,800 | $ | (350 | ) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Provision for unfunded loan commitments | $ | 1,500 | $ | 1,000 |
June 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | |||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 2,865,030 | $ | 2,892,950 | U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 4,104,219 | $ | 3,814,387 | |||||||||||||
Other asset-backed securities | 224,276 | 196,050 | Other asset-backed securities | 358,819 | 357,479 | |||||||||||||||||
State and municipal securities | 468,615 | 488,802 | State and municipal securities | 751,285 | 753,572 | |||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 135,866 | 168,340 | U.S. government agency and government-sponsored enterprise securities | 281,967 | 284,696 | |||||||||||||||||
Total debt securities available for sale | $ | 3,693,787 | $ | 3,746,142 | Total debt securities available for sale | $ | 5,496,290 | $ | 5,210,134 | |||||||||||||
Equity securities | 13,425 | — | Equity securities | 13,425 | 13,425 | |||||||||||||||||
Total investment securities | $ | 3,707,212 | $ | 3,746,142 | Total investment securities | $ | 5,509,715 | $ | 5,223,559 |
March 31, 2021 | % of Total | December 31, 2020 | % of Total | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||
Commercial real estate | $ | 4,081,915 | 42.2 | % | $ | 4,062,313 | 43.0 | % | ||||||||||||||||||
Commercial business | 3,792,813 | 39.2 | % | 3,597,968 | 38.2 | % | ||||||||||||||||||||
Agriculture | 751,800 | 7.8 | % | 779,627 | 8.3 | % | ||||||||||||||||||||
Construction | 282,534 | 2.9 | % | 268,663 | 2.8 | % | ||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
One-to-four family residential real estate | 735,314 | 7.6 | % | 683,570 | 7.3 | % | ||||||||||||||||||||
Other consumer | 31,942 | 0.3 | % | 35,519 | 0.4 | % | ||||||||||||||||||||
Total loans | $ | 9,676,318 | 100.0 | % | $ | 9,427,660 | 100.0 | % | ||||||||||||||||||
Loans held for sale | $ | 26,176 | $ | 26,481 |
June 30, 2020 | % of Total | December 31, 2019 | % of Total | |||||||||||
(dollars in thousands) | ||||||||||||||
Commercial loans: | ||||||||||||||
Commercial real estate | $ | 4,032,643 | 41.2 | % | $ | 3,945,853 | 45.1 | % | ||||||
Commercial business | 3,859,513 | 39.5 | % | 2,989,613 | 34.2 | % | ||||||||
Agriculture | 845,950 | 8.7 | % | 765,371 | 8.8 | % | ||||||||
Construction | 304,015 | 3.1 | % | 361,533 | 4.1 | % | ||||||||
Consumer loans: | ||||||||||||||
One-to-four family residential real estate | 692,837 | 7.1 | % | 637,325 | 7.3 | % | ||||||||
Other consumer | 36,940 | 0.4 | % | 43,770 | 0.5 | % | ||||||||
Total loans | $ | 9,771,898 | 100.0 | % | $ | 8,743,465 | 100.0 | % | ||||||
Loans held for sale | $ | 28,803 | $ | 17,718 |
December 31, 2020 | Ended (1) | Re-deferral | New Deferral | March 31, 2021 | % Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Number of deferrals | 70 | (60) | 3 | 7 | 20 | (71.4) | % | |||||||||||||||||||||||||||||||
Balance of deferrals (2) | $ | 146,725 | $ | (102,905) | $ | 17,213 | $ | 10,393 | $ | 71,426 | (51.3) | % |
June 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Acquisition: | Acquisition: | |||||||||||||||||||||
Pacific Continental | $ | 10,858 | $ | 13,314 | Pacific Continental | $ | 7,682 | $ | 8,442 | |||||||||||||
Intermountain | 1,420 | 1,614 | Intermountain | 1,000 | 1,090 | |||||||||||||||||
West Coast | 2,126 | 2,675 | West Coast | 1,489 | 1,695 | |||||||||||||||||
Other | 2,787 | (1,378 | ) | Other | (1,500) | 957 | ||||||||||||||||
Total net discount at period end | $ | 17,191 | $ | 16,225 | Total net discount at period end | $ | 8,671 | $ | 12,184 |
June 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||
Nonperforming assets | Nonperforming assets | |||||||||||||||||||||
Nonaccrual loans: | Nonaccrual loans: | |||||||||||||||||||||
Commercial loans: | Commercial loans: | |||||||||||||||||||||
Commercial real estate | $ | 11,155 | $ | 3,799 | Commercial real estate | $ | 7,317 | $ | 7,712 | |||||||||||||
Commercial business | 20,525 | 20,937 | Commercial business | 13,551 | 13,222 | |||||||||||||||||
Agriculture | 19,162 | 5,023 | Agriculture | 10,629 | 11,614 | |||||||||||||||||
Construction | 217 | — | Construction | 191 | 217 | |||||||||||||||||
Consumer loans: | Consumer loans: | |||||||||||||||||||||
One-to-four family residential real estate | 2,662 | 3,292 | One-to-four family residential real estate | 1,751 | 2,001 | |||||||||||||||||
Other consumer | 11 | 9 | Other consumer | 142 | 40 | |||||||||||||||||
Total nonaccrual loans | 53,732 | 33,060 | Total nonaccrual loans | 33,581 | 34,806 | |||||||||||||||||
OREO and OPPO | 747 | 552 | OREO and OPPO | 521 | 553 | |||||||||||||||||
Total nonperforming assets | $ | 54,479 | $ | 33,612 | Total nonperforming assets | $ | 34,102 | $ | 35,359 | |||||||||||||
Loans, net of unearned income | $ | 9,771,898 | $ | 8,743,465 | Loans, net of unearned income | $ | 9,676,318 | $ | 9,427,660 | |||||||||||||
Total assets | $ | 15,920,944 | $ | 14,079,524 | Total assets | $ | 17,335,116 | $ | 16,584,779 | |||||||||||||
Nonperforming loans to period-end loans | 0.55 | % | 0.38 | % | Nonperforming loans to period-end loans | 0.35 | % | 0.37 | % | |||||||||||||
Nonperforming assets to period-end assets | 0.34 | % | 0.24 | % | Nonperforming assets to period-end assets | 0.20 | % | 0.21 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Beginning Balance | $ | 149,140 | $ | 83,968 | ||||||||||||||||||||||
Impact of adopting ASC 326 | — | 1,632 | ||||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||
Commercial real estate | — | (101) | ||||||||||||||||||||||||
Commercial business | (3,339) | (1,684) | ||||||||||||||||||||||||
Agriculture | — | (4,726) | ||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
One-to-four family residential real estate | — | (10) | ||||||||||||||||||||||||
Other consumer | (127) | (268) | ||||||||||||||||||||||||
Total charge-offs | (3,466) | (6,789) | ||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||
Commercial real estate | 36 | 14 | ||||||||||||||||||||||||
Commercial business | 3,214 | 860 | ||||||||||||||||||||||||
Agriculture | 12 | 41 | ||||||||||||||||||||||||
Construction | 46 | 442 | ||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
One-to-four family residential real estate | 51 | 282 | ||||||||||||||||||||||||
Other consumer | 61 | 124 | ||||||||||||||||||||||||
Total recoveries | 3,420 | 1,763 | ||||||||||||||||||||||||
Net charge-offs | (46) | (5,026) | ||||||||||||||||||||||||
Provision (recapture) for credit losses | (800) | 41,500 | ||||||||||||||||||||||||
Ending balance | 148,294 | 122,074 | ||||||||||||||||||||||||
Total loans, net at end of period, excluding loans held for sale | $ | 9,676,318 | $ | 8,933,321 | ||||||||||||||||||||||
ACL to period-end loans | 1.53 | % | 1.37 | % | ||||||||||||||||||||||
Allowance for unfunded commitments and letters of credit | ||||||||||||||||||||||||||
Beginning Balance | $ | 8,300 | $ | 3,430 | ||||||||||||||||||||||
Impact of adopting ASC 326 | — | 1,570 | ||||||||||||||||||||||||
Net changes in the allowance for unfunded commitments and letters of credit | 1,500 | 1,000 | ||||||||||||||||||||||||
Ending balance | $ | 9,800 | $ | 6,000 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Beginning Balance | $ | 122,074 | $ | 83,274 | $ | 83,968 | $ | 83,369 | ||||||||
Impact of adopting ASC 326 | — | — | 1,632 | — | ||||||||||||
Charge-offs: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Commercial real estate | — | (564 | ) | (101 | ) | (1,242 | ) | |||||||||
Commercial business | (5,442 | ) | (4,316 | ) | (7,126 | ) | (5,822 | ) | ||||||||
Agriculture | — | (61 | ) | (4,726 | ) | (139 | ) | |||||||||
Construction | — | (20 | ) | — | (215 | ) | ||||||||||
Consumer loans: | ||||||||||||||||
One-to-four family residential real estate | — | (321 | ) | (10 | ) | (802 | ) | |||||||||
Other consumer | (198 | ) | (5 | ) | (466 | ) | (55 | ) | ||||||||
Total charge-offs | (5,640 | ) | (5,287 | ) | (12,429 | ) | (8,275 | ) | ||||||||
Recoveries: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Commercial real estate | 13 | 556 | 27 | 1,070 | ||||||||||||
Commercial business | 811 | 492 | 1,671 | 1,019 | ||||||||||||
Agriculture | 1 | 64 | 42 | 122 | ||||||||||||
Construction | 235 | 691 | 677 | 774 | ||||||||||||
Consumer loans: | ||||||||||||||||
One-to-four family residential real estate | 422 | 450 | 704 | 784 | ||||||||||||
Other consumer | 130 | 59 | 254 | 74 | ||||||||||||
Total recoveries | 1,612 | 2,312 | 3,375 | 3,843 | ||||||||||||
Net (charge-offs) recoveries | (4,028 | ) | (2,975 | ) | (9,054 | ) | (4,432 | ) | ||||||||
Provision for credit losses | 33,500 | 218 | 75,000 | 1,580 | ||||||||||||
Ending balance | 151,546 | 80,517 | 151,546 | 80,517 | ||||||||||||
Total loans, net at end of period, excluding loans held for sale | $ | 9,771,898 | $ | 8,646,990 | $ | 9,771,898 | $ | 8,646,990 | ||||||||
ACL to period-end loans | 1.55 | % | 0.93 | % | 1.55 | % | 0.93 | % | ||||||||
Allowance for unfunded commitments and letters of credit | ||||||||||||||||
Beginning Balance | $ | 6,000 | $ | 3,780 | $ | 3,430 | $ | 4,330 | ||||||||
Impact of adopting ASC 326 | — | — | 1,570 | — | ||||||||||||
Net changes in the allowance for unfunded commitments and letters of credit | 2,800 | 200 | 3,800 | (350 | ) | |||||||||||
Ending balance | $ | 8,800 | $ | 3,980 | $ | 8,800 | $ | 3,980 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Demand and other noninterest-bearing | $ | 7,424,472 | 50.4 | % | $ | 6,913,214 | 49.8 | % | ||||||||||||||||||
Money market | 2,913,689 | 19.7 | % | 2,780,922 | 20.1 | % | ||||||||||||||||||||
Interest-bearing demand | 1,512,808 | 10.2 | % | 1,433,083 | 10.3 | % | ||||||||||||||||||||
Savings | 1,282,151 | 8.7 | % | 1,169,721 | 8.4 | % | ||||||||||||||||||||
Interest-bearing public funds, other than certificates of deposit | 662,461 | 4.5 | % | 656,273 | 4.7 | % | ||||||||||||||||||||
Certificates of deposit, less than $250,000 | 198,568 | 1.3 | % | 201,805 | 1.5 | % | ||||||||||||||||||||
Certificates of deposit, $250,000 or more | 107,421 | 0.7 | % | 108,935 | 0.8 | % | ||||||||||||||||||||
Certificates of deposit insured by the CD Option of IntraFi Network Deposits | 25,929 | 0.2 | % | 23,105 | 0.2 | % | ||||||||||||||||||||
Brokered certificates of deposit | 5,000 | — | % | 5,000 | — | % | ||||||||||||||||||||
Reciprocal money market accounts | 634,967 | 4.3 | % | 577,804 | 4.2 | % | ||||||||||||||||||||
Total deposits | $ | 14,767,466 | 100.0 | % | $ | 13,869,862 | 100.0 | % |
June 30, 2020 | December 31, 2019 | |||||||||||||
Balance | % of Total | Balance | % of Total | |||||||||||
(dollars in thousands) | ||||||||||||||
Demand and other noninterest-bearing | $ | 6,719,437 | 51.2 | % | $ | 5,328,146 | 49.9 | % | ||||||
Money market | 2,586,376 | 19.7 | % | 2,322,644 | 21.7 | % | ||||||||
Interest-bearing demand | 1,274,058 | 9.7 | % | 1,150,437 | 10.8 | % | ||||||||
Savings | 1,035,723 | 7.9 | % | 882,050 | 8.3 | % | ||||||||
Interest-bearing public funds, other than certificates of deposit | 623,496 | 4.7 | % | 301,203 | 2.8 | % | ||||||||
Certificates of deposit, less than $250,000 | 210,357 | 1.6 | % | 218,764 | 2.0 | % | ||||||||
Certificates of deposit, $250,000 or more | 104,330 | 0.8 | % | 151,995 | 1.4 | % | ||||||||
Certificates of deposit insured by CDARS® | 17,078 | 0.1 | % | 17,065 | 0.2 | % | ||||||||
Brokered certificates of deposit | 8,427 | 0.1 | % | 12,259 | 0.1 | % | ||||||||
Reciprocal money market accounts | 552,195 | 4.2 | % | 300,158 | 2.8 | % | ||||||||
Subtotal | 13,131,477 | 100.0 | % | 10,684,721 | 100.0 | % | ||||||||
Valuation adjustment resulting from acquisition accounting | — | (13 | ) | |||||||||||
Total deposits | $ | 13,131,477 | $ | 10,684,708 |
Company | Columbia Bank | Company | Columbia Bank | |||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
CET1 risk-based capital ratio | 12.42 | % | 12.45 | % | 12.65 | % | 12.46 | % | CET1 risk-based capital ratio | 13.09 | % | 12.88 | % | 13.33 | % | 13.08 | % | |||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.42 | % | 12.45 | % | 12.65 | % | 12.46 | % | Tier 1 risk-based capital ratio | 13.09 | % | 12.88 | % | 13.33 | % | 13.08 | % | |||||||||||||||||||||
Total risk-based capital ratio | 14.00 | % | 13.60 | % | 13.90 | % | 13.29 | % | Total risk-based capital ratio | 14.66 | % | 14.45 | % | 14.58 | % | 14.33 | % | |||||||||||||||||||||
Leverage ratio | 9.17 | % | 10.17 | % | 9.42 | % | 10.22 | % | Leverage ratio | 8.84 | % | 8.86 | % | 9.09 | % | 9.08 | % | |||||||||||||||||||||
Capital conservation buffer | 6.00 | % | 5.60 | % | 5.90 | % | 5.29 | % | Capital conservation buffer | 6.66 | % | 6.45 | % | 6.58 | % | 6.33 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Operating net interest margin non-GAAP reconciliation: | Operating net interest margin non-GAAP reconciliation: | |||||||||||||||||||||||||||||||||||||||||
Net interest income (tax equivalent) (1) | $ | 123,692 | $ | 127,236 | $ | 248,025 | $ | 250,346 | Net interest income (tax equivalent) (1) | $ | 125,889 | $ | 124,333 | |||||||||||||||||||||||||||||
Adjustments to arrive at operating net interest income (tax equivalent): | Adjustments to arrive at operating net interest income (tax equivalent): | |||||||||||||||||||||||||||||||||||||||||
Incremental accretion income on acquired loans (2) | (1,675 | ) | (2,663 | ) | (3,166 | ) | (4,698 | ) | ||||||||||||||||||||||||||||||||||
Incremental accretion income on acquired loans | Incremental accretion income on acquired loans | (1,055) | (1,491) | |||||||||||||||||||||||||||||||||||||||
Premium amortization on acquired securities | 975 | 1,651 | 2,102 | 3,430 | Premium amortization on acquired securities | 520 | 1,127 | |||||||||||||||||||||||||||||||||||
Interest reversals on nonaccrual loans | 673 | 662 | 1,461 | 1,288 | ||||||||||||||||||||||||||||||||||||||
Interest reversals on nonaccrual loans (2) | Interest reversals on nonaccrual loans (2) | — | 788 | |||||||||||||||||||||||||||||||||||||||
Operating net interest income (tax equivalent) (1) | $ | 123,665 | $ | 126,886 | $ | 248,422 | $ | 250,366 | Operating net interest income (tax equivalent) (1) | $ | 125,354 | $ | 124,757 | |||||||||||||||||||||||||||||
Average interest earning assets | $ | 13,657,719 | $ | 11,606,727 | $ | 13,072,635 | $ | 11,584,301 | Average interest earning assets | $ | 15,419,371 | $ | 12,487,550 | |||||||||||||||||||||||||||||
Net interest margin (tax equivalent) (1) | 3.64 | % | 4.40 | % | 3.82 | % | 4.36 | % | Net interest margin (tax equivalent) (1) | 3.31 | % | 4.00 | % | |||||||||||||||||||||||||||||
Operating net interest margin (tax equivalent) (1) | 3.64 | % | 4.38 | % | 3.82 | % | 4.36 | % | Operating net interest margin (tax equivalent) (1) | 3.30 | % | 4.02 | % |
Period | Total Number of Common Shares Purchased (1) | Average Price Paid per Common Share | Total Number of Shares Purchased as Part of Publicly Announced Plan (2) | Maximum Number of Remaining Shares That May Yet Be Purchased Under the Plan (2) | |||||||||
4/1/2020 - 4/30/2020 | 46 | $ | 24.96 | — | 716,647 | ||||||||
5/1/2020 - 5/31/2020 | — | — | — | — | |||||||||
6/1/2020 - 6/30/2020 | 257 | 22.49 | — | — | |||||||||
303 | $ | 22.86 | — |
Period | Total Number of Common Shares Purchased (1) | Average Price Paid per Common Share | Total Number of Shares Purchased as Part of Publicly Announced Plan (2) | Maximum Number of Remaining Shares That May Yet Be Purchased Under the Plan (2) | ||||||||||||||||||||||
1/1/2021 - 1/31/2021 | 157 | $ | 42.00 | — | 3,500,000 | |||||||||||||||||||||
2/1/2021 - 2/28/2021 | — | — | — | 3,500,000 | ||||||||||||||||||||||
3/1/2021 - 3/31/2021 | 87,346 | 43.63 | — | 3,500,000 | ||||||||||||||||||||||
87,503 | 43.63 | — |
31.2+ | ||||||||
32+ | ||||||||
101.INS+ | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH+ | XBRL Taxonomy Extension Schema | |||||||
101.CAL+ | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.LAB+ | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE+ | XBRL Taxonomy Extension Presentation Linkbase | |||||||
101.DEF+ | XBRL Taxonomy Extension Definition Linkbase | |||||||
104+ | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
COLUMBIA BANKING SYSTEM, INC. | |||||||||||||||||||
Date: | By | /s/ CLINT E. STEIN | |||||||||||||||||
Clint E. Stein | |||||||||||||||||||
President and Chief Executive Officer (Principal Executive Officer) | |||||||||||||||||||
Date: | By | /s/ AARON | |||||||||||||||||
Aaron | |||||||||||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||||||||
Date: | By | /s/ BROCK M. LAKELY | |||||||||||||||||
Brock M. Lakely | |||||||||||||||||||
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |