☒ | 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 |
Delaware | 04-3510455 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
60 State Street | Boston | Massachusetts | 02109 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | BHLB | The New York Stock Exchange |
Page | ||||||||||||||
Consolidated Balance Sheets as of | ||||||||||||||
Consolidated Statements of Income for the Three and | ||||||||||||||
Consolidated Statements of Comprehensive (Loss)/Income for the Three and | ||||||||||||||
Consolidated Statements of Changes in Shareholders’ Equity for the Three and | ||||||||||||||
Consolidated Statements of Cash Flows for the | ||||||||||||||
Notes to Consolidated Financial Statements (Unaudited) | ||||||||||||||
Item 2. | ||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | ||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 120,285 | $ | 145,342 | Cash and due from banks | $ | 120,634 | $ | 145,342 | ||||||||||||||||||
Short-term investments | Short-term investments | 520,315 | 540,013 | Short-term investments | 542,836 | 540,013 | ||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 640,600 | 685,355 | Total cash and cash equivalents | 663,470 | 685,355 | ||||||||||||||||||||||
Trading securities, at fair value | Trading securities, at fair value | 6,405 | 6,708 | Trading securities, at fair value | 6,171 | 6,708 | ||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 12,868 | 12,856 | Equity securities, at fair value | 12,325 | 12,856 | ||||||||||||||||||||||
Securities available for sale, at fair value | Securities available for sale, at fair value | 1,340,331 | 1,423,200 | Securities available for sale, at fair value | 1,260,391 | 1,423,200 | ||||||||||||||||||||||
Securities held to maturity (fair values of $487,960 and $507,464) | 563,765 | 583,453 | ||||||||||||||||||||||||||
Securities held to maturity (fair values of $453,729 and $507,464) | Securities held to maturity (fair values of $453,729 and $507,464) | 552,981 | 583,453 | |||||||||||||||||||||||||
Federal Home Loan Bank stock | Federal Home Loan Bank stock | 34,714 | 7,219 | Federal Home Loan Bank stock | 38,912 | 7,219 | ||||||||||||||||||||||
Total securities | Total securities | 1,958,083 | 2,033,436 | Total securities | 1,870,780 | 2,033,436 | ||||||||||||||||||||||
Less: Allowance for credit losses on held to maturity securities | Less: Allowance for credit losses on held to maturity securities | (71) | (91) | Less: Allowance for credit losses on held to maturity securities | (69) | (91) | ||||||||||||||||||||||
Net securities | Net securities | 1,958,012 | 2,033,345 | Net securities | 1,870,711 | 2,033,345 | ||||||||||||||||||||||
Loans held for sale | Loans held for sale | 8,708 | 4,311 | Loans held for sale | 2,342 | 4,311 | ||||||||||||||||||||||
Total loans | Total loans | 8,882,402 | 8,335,309 | Total loans | 8,984,377 | 8,335,309 | ||||||||||||||||||||||
Less: Allowance for credit losses on loans | Less: Allowance for credit losses on loans | (100,219) | (96,270) | Less: Allowance for credit losses on loans | (102,792) | (96,270) | ||||||||||||||||||||||
Net loans | Net loans | 8,782,183 | 8,239,039 | Net loans | 8,881,585 | 8,239,039 | ||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 76,903 | 85,217 | Premises and equipment, net | 70,042 | 85,217 | ||||||||||||||||||||||
Other intangible assets | Other intangible assets | 22,074 | 24,483 | Other intangible assets | 20,869 | 24,483 | ||||||||||||||||||||||
Cash surrender value of bank-owned life insurance policies | Cash surrender value of bank-owned life insurance policies | 241,314 | 238,919 | Cash surrender value of bank-owned life insurance policies | 242,172 | 238,919 | ||||||||||||||||||||||
Other assets | Other assets | 352,307 | 348,935 | Other assets | 377,605 | 348,935 | ||||||||||||||||||||||
Assets held for sale | Assets held for sale | 8,220 | 3,260 | Assets held for sale | 11,157 | 3,260 | ||||||||||||||||||||||
Total assets | Total assets | $ | 12,090,321 | $ | 11,662,864 | Total assets | $ | 12,139,953 | $ | 11,662,864 | ||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||
Demand deposits | Demand deposits | $ | 2,594,528 | $ | 2,852,127 | Demand deposits | $ | 2,530,441 | $ | 2,852,127 | ||||||||||||||||||
NOW and other deposits | NOW and other deposits | 944,775 | 1,054,596 | NOW and other deposits | 843,032 | 1,054,596 | ||||||||||||||||||||||
Money market deposits | Money market deposits | 3,005,081 | 3,723,570 | Money market deposits | 3,075,307 | 3,723,570 | ||||||||||||||||||||||
Savings deposits | Savings deposits | 1,088,405 | 1,063,269 | Savings deposits | 1,086,329 | 1,063,269 | ||||||||||||||||||||||
Time deposits | Time deposits | 2,435,618 | 1,633,707 | Time deposits | 2,445,435 | 1,633,707 | ||||||||||||||||||||||
Total deposits | Total deposits | 10,068,407 | 10,327,269 | Total deposits | 9,980,544 | 10,327,269 | ||||||||||||||||||||||
Short-term debt | Short-term debt | 470,000 | — | Short-term debt | 670,000 | — | ||||||||||||||||||||||
Long-term Federal Home Loan Bank advances and other | Long-term Federal Home Loan Bank advances and other | 204,345 | 4,445 | Long-term Federal Home Loan Bank advances and other | 134,295 | 4,445 | ||||||||||||||||||||||
Subordinated borrowings | Subordinated borrowings | 121,238 | 121,064 | Subordinated borrowings | 121,300 | 121,064 | ||||||||||||||||||||||
Total borrowings | Total borrowings | 795,583 | 125,509 | Total borrowings | 925,595 | 125,509 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 252,950 | 256,024 | Other liabilities | 282,805 | 256,024 | ||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 11,116,940 | $ | 10,708,802 | Total liabilities | $ | 11,188,944 | $ | 10,708,802 | ||||||||||||||||||
(continued) | (continued) | (continued) | ||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | Shareholders’ equity | ||||||||||||||||||||||||||
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 44,033,094 shares outstanding in 2023; 51,903,190 shares issued and 44,361,222 shares outstanding in 2022) | 528 | 528 | ||||||||||||||||||||||||||
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 43,822,473 shares outstanding in 2023; 51,903,190 shares issued and 44,361,222 shares outstanding in 2022) | Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 43,822,473 shares outstanding in 2023; 51,903,190 shares issued and 44,361,222 shares outstanding in 2022) | 528 | 528 | |||||||||||||||||||||||||
Additional paid-in capital - common stock | Additional paid-in capital - common stock | 1,423,856 | 1,424,183 | Additional paid-in capital - common stock | 1,423,720 | 1,424,183 | ||||||||||||||||||||||
Unearned compensation | Unearned compensation | (14,470) | (8,598) | Unearned compensation | (12,004) | (8,598) | ||||||||||||||||||||||
Retained (deficit) | Retained (deficit) | (35,490) | (71,428) | Retained (deficit) | (23,846) | (71,428) | ||||||||||||||||||||||
Accumulated other comprehensive (loss) | Accumulated other comprehensive (loss) | (186,240) | (181,052) | Accumulated other comprehensive (loss) | (218,386) | (181,052) | ||||||||||||||||||||||
Treasury stock, at cost (7,870,096 shares in 2023 and 7,541,968 shares in 2022) | (214,803) | (209,571) | ||||||||||||||||||||||||||
Treasury stock, at cost (8,080,717 shares in 2023 and 7,541,968 shares in 2022) | Treasury stock, at cost (8,080,717 shares in 2023 and 7,541,968 shares in 2022) | (219,003) | (209,571) | |||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 973,381 | 954,062 | Total shareholders’ equity | 951,009 | 954,062 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 12,090,321 | $ | 11,662,864 | Total liabilities and shareholders’ equity | $ | 12,139,953 | $ | 11,662,864 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | Interest and dividend income | Interest and dividend income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 126,871 | $ | 74,843 | $ | 244,364 | $ | 137,317 | Loans | $ | 132,816 | $ | 90,266 | $ | 377,180 | $ | 227,583 | ||||||||||||||||||||||||||||||||||
Securities and other | Securities and other | 18,554 | 12,536 | 33,377 | 24,885 | Securities and other | 15,205 | 13,405 | 48,582 | 38,290 | ||||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | Total interest and dividend income | 145,425 | 87,379 | 277,741 | 162,202 | Total interest and dividend income | 148,021 | 103,671 | 425,762 | 265,873 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 35,966 | 4,170 | 62,048 | 8,344 | Deposits | 44,008 | 8,164 | 106,056 | 16,508 | ||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 16,700 | 1,851 | 25,401 | 3,437 | Borrowings | 13,679 | 3,423 | 39,080 | 6,860 | ||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 52,666 | 6,021 | 87,449 | 11,781 | Total interest expense | 57,687 | 11,587 | 145,136 | 23,368 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 92,759 | 81,358 | 190,292 | 150,421 | Net interest income | 90,334 | 92,084 | 280,626 | 242,505 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | Non-interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit related fees | Deposit related fees | 8,571 | 8,005 | 16,882 | 15,356 | Deposit related fees | 8,792 | 8,377 | 25,674 | 23,733 | ||||||||||||||||||||||||||||||||||||||||||
Loan fees and other | Loan fees and other | 3,189 | 1,113 | 5,658 | 6,052 | Loan fees and other | 2,879 | 1,292 | 8,537 | 7,344 | ||||||||||||||||||||||||||||||||||||||||||
Gain on SBA loan sales | Gain on SBA loan sales | 2,910 | 3,619 | 5,404 | 6,964 | Gain on SBA loan sales | 2,548 | 2,551 | 7,952 | 9,515 | ||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | Wealth management fees | 2,583 | 2,775 | 5,322 | 5,400 | Wealth management fees | 2,481 | 2,353 | 7,803 | 7,753 | ||||||||||||||||||||||||||||||||||||||||||
Total fee income | Total fee income | 17,253 | 15,512 | 33,266 | 33,772 | Total fee income | 16,700 | 14,573 | 49,966 | 48,345 | ||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (137) | 1,812 | 222 | 4,978 | Other, net | 1,232 | 2,154 | 1,454 | 7,132 | ||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments on securities | Fair value adjustments on securities | (22) | (973) | 212 | (1,718) | Fair value adjustments on securities | (467) | (476) | (255) | (2,194) | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 17,094 | 16,351 | 33,700 | 37,032 | Total non-interest income | 17,465 | 16,251 | 51,165 | 53,283 | ||||||||||||||||||||||||||||||||||||||||||
Total net revenue | Total net revenue | 109,853 | 97,709 | 223,992 | 187,453 | Total net revenue | 107,799 | 108,335 | 331,791 | 295,788 | ||||||||||||||||||||||||||||||||||||||||||
Provision expense/(benefit) for credit losses | Provision expense/(benefit) for credit losses | 8,000 | — | 16,999 | (4,000) | Provision expense/(benefit) for credit losses | 8,000 | 3,000 | 24,999 | (1,000) | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | Non-interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 39,960 | 37,830 | 79,031 | 75,351 | Compensation and benefits | 40,155 | 39,422 | 119,186 | 114,773 | ||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 8,970 | 9,438 | 18,349 | 19,505 | Occupancy and equipment | 8,816 | 8,702 | 27,165 | 28,207 | ||||||||||||||||||||||||||||||||||||||||||
Technology and communications | Technology and communications | 10,465 | 8,611 | 19,936 | 17,138 | Technology and communications | 10,616 | 8,719 | 30,552 | 25,857 | ||||||||||||||||||||||||||||||||||||||||||
Marketing and promotion | Marketing and promotion | 1,510 | 1,472 | 2,718 | 2,583 | Marketing and promotion | 1,552 | 1,290 | 4,270 | 3,873 | ||||||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 2,526 | 2,913 | 5,803 | 5,605 | Professional services | 2,423 | 3,285 | 8,226 | 8,890 | ||||||||||||||||||||||||||||||||||||||||||
FDIC premiums and assessments | FDIC premiums and assessments | 1,834 | 658 | 3,260 | 1,645 | FDIC premiums and assessments | 1,905 | 476 | 5,165 | 2,121 | ||||||||||||||||||||||||||||||||||||||||||
Other real estate owned and foreclosures | Other real estate owned and foreclosures | — | 23 | — | 23 | Other real estate owned and foreclosures | — | 13 | — | 36 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,205 | 1,286 | 2,410 | 2,572 | Amortization of intangible assets | 1,205 | 1,285 | 3,615 | 3,857 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition, restructuring, and other expenses | 21 | 35 | (15) | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other expenses | Restructuring and other expenses | 2,607 | 11,473 | 2,592 | 11,526 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 7,557 | 6,209 | 14,511 | 12,550 | Other | 7,234 | 7,012 | 21,745 | 19,562 | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | 74,048 | 68,475 | 146,003 | 137,025 | Total non-interest expense | 76,513 | 81,677 | 222,516 | 218,702 | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 27,805 | $ | 29,234 | $ | 60,990 | $ | 54,428 | Income before income taxes | $ | 23,286 | $ | 23,658 | $ | 84,276 | $ | 78,086 | ||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 3,944 | 6,119 | 9,492 | 11,117 | Income tax expense | 3,741 | 4,941 | 13,233 | 16,058 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | Net income | $ | 19,545 | $ | 18,717 | $ | 71,043 | $ | 62,028 | ||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.93 | Basic earnings per common share | $ | 0.45 | $ | 0.42 | $ | 1.64 | $ | 1.35 | ||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 | Diluted earnings per common share | $ | 0.45 | $ | 0.42 | $ | 1.63 | $ | 1.34 | ||||||||||||||||||||||||||||||||||
Weighted average shares outstanding: | Weighted average shares outstanding: | Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 43,443 | 45,818 | 43,564 | 46,733 | Basic | 43,164 | 44,700 | 43,435 | 46,056 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 43,532 | 46,102 | 43,780 | 47,074 | Diluted | 43,347 | 45,034 | 43,640 | 46,396 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | Net income | $ | 19,545 | $ | 18,717 | $ | 71,043 | $ | 62,028 | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss), before tax: | Other comprehensive (loss), before tax: | Other comprehensive (loss), before tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in unrealized (loss) on debt securities available-for-sale | Changes in unrealized (loss) on debt securities available-for-sale | (24,842) | (60,487) | (874) | (161,860) | Changes in unrealized (loss) on debt securities available-for-sale | (40,525) | (83,073) | (41,398) | (244,933) | ||||||||||||||||||||||||||||||||||||||||||
Changes in unrealized (loss) on derivative hedges | Changes in unrealized (loss) on derivative hedges | (11,910) | — | (6,112) | — | Changes in unrealized (loss) on derivative hedges | (2,959) | (5,555) | (9,072) | (5,555) | ||||||||||||||||||||||||||||||||||||||||||
Income taxes related to other comprehensive (loss): | Income taxes related to other comprehensive (loss): | Income taxes related to other comprehensive (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in unrealized (loss) on debt securities available-for-sale | Changes in unrealized (loss) on debt securities available-for-sale | 6,381 | 15,725 | 157 | 42,104 | Changes in unrealized (loss) on debt securities available-for-sale | 10,544 | 21,639 | 10,701 | 63,743 | ||||||||||||||||||||||||||||||||||||||||||
Changes in unrealized (loss) on derivative hedges | Changes in unrealized (loss) on derivative hedges | 3,197 | — | 1,641 | — | Changes in unrealized (loss) on derivative hedges | 794 | 1,494 | 2,435 | 1,494 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) | Total other comprehensive (loss) | (27,174) | (44,762) | (5,188) | (119,756) | Total other comprehensive (loss) | (32,146) | (65,495) | (37,334) | (185,251) | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss)/income | Total comprehensive (loss)/income | $ | (3,313) | $ | (21,647) | $ | 46,310 | $ | (76,445) | Total comprehensive (loss)/income | $ | (12,601) | $ | (46,778) | $ | 33,709 | $ | (123,223) |
Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive (loss) | Treasury stock | Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive (loss) | Treasury stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Shares | Amount | Total | (In thousands) | Amount | Treasury stock | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 47,792 | $ | 528 | $ | 1,423,679 | $ | (10,284) | $ | (125,343) | $ | (78,237) | $ | (116,482) | $ | 1,093,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 45,788 | $ | 528 | $ | 1,424,081 | $ | (12,824) | $ | (106,997) | $ | (122,999) | $ | (167,739) | $ | 1,014,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss): | Comprehensive (loss): | Comprehensive (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 23,115 | — | — | 23,115 | Net income | — | — | — | — | 18,717 | — | — | 18,717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | — | — | — | — | — | (44,762) | — | (44,762) | Other comprehensive (loss) | — | — | — | — | — | (65,495) | — | (65,495) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | — | 23,115 | (44,762) | — | (21,647) | Total comprehensive income/(loss) | — | — | — | — | 18,717 | (65,495) | — | (46,778) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.24 per share) | — | — | — | — | (4,769) | — | — | (4,769) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.12 per share) | Cash dividends declared on common shares ($0.12 per share) | — | — | — | — | (5,493) | — | — | (5,493) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | Treasury shares repurchased | (2,147) | — | — | — | — | — | (55,040) | (55,040) | Treasury shares repurchased | (705) | — | — | — | — | — | (20,249) | (20,249) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | Forfeited shares | (15) | — | 9 | 375 | — | — | (384) | — | Forfeited shares | (23) | — | 90 | 553 | — | — | (643) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | — | — | — | — | — | — | — | — | Exercise of stock options | 11 | — | — | — | (47) | — | 292 | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | Restricted stock grants | 175 | — | 391 | (5,035) | — | — | 4,644 | — | Restricted stock grants | 7 | — | (17) | (188) | — | — | 205 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 2,120 | — | — | — | 2,120 | Stock-based compensation | — | — | — | 1,733 | — | — | — | 1,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (17) | — | 2 | — | — | — | (477) | (475) | Other, net | (38) | — | 4 | — | — | — | (950) | (946) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 45,788 | $ | 528 | $ | 1,424,081 | $ | (12,824) | $ | (106,997) | $ | (122,999) | $ | (167,739) | $ | 1,014,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 45,040 | $ | 528 | $ | 1,424,158 | $ | (10,726) | $ | (93,820) | $ | (188,494) | $ | (189,084) | $ | 942,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 44,411 | $ | 528 | $ | 1,424,563 | $ | (10,920) | $ | (51,398) | $ | (159,066) | $ | (208,227) | $ | 995,480 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | 44,033 | $ | 528 | $ | 1,423,856 | $ | (14,470) | $ | (35,490) | $ | (186,240) | $ | (214,803) | $ | 973,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss): | Comprehensive (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 23,861 | — | — | 23,861 | Net income | — | — | — | — | 19,545 | — | — | 19,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | — | — | — | — | — | (27,174) | — | (27,174) | Other comprehensive (loss) | — | — | — | — | — | (32,146) | — | (32,146) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | 23,861 | (27,174) | — | (3,313) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of ASU No. 2022-02 Adoption | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | — | 19,545 | (32,146) | — | (12,601) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.36 per share) | — | — | — | — | (7,953) | — | — | (7,953) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares $0.18 per share) | Cash dividends declared on common shares $0.18 per share) | — | — | — | — | (7,901) | — | — | (7,901) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | Treasury shares repurchased | (581) | — | — | — | — | — | (12,378) | (12,378) | Treasury shares repurchased | (179) | — | — | — | — | — | (3,578) | (3,578) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | Forfeited shares | (18) | — | (50) | 428 | — | — | (378) | — | Forfeited shares | (23) | — | (82) | 572 | — | — | (490) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | — | — | — | — | — | — | — | — | Exercise of stock options | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | Restricted stock grants | 249 | — | (654) | (6,236) | — | — | 6,890 | — | Restricted stock grants | 8 | — | (54) | (172) | — | — | 226 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 2,258 | — | — | — | 2,258 | Stock-based compensation | — | — | — | 2,066 | — | — | — | 2,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (28) | — | (3) | — | — | — | (710) | (713) | Other, net | (17) | — | — | — | — | — | (358) | (358) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 44,033 | $ | 528 | $ | 1,423,856 | $ | (14,470) | $ | (35,490) | $ | (186,240) | $ | (214,803) | $ | 973,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | 43,822 | $ | 528 | $ | 1,423,720 | $ | (12,004) | $ | (23,846) | $ | (218,386) | $ | (219,003) | $ | 951,009 |
Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive (loss) | Treasury stock | Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive (loss) | Treasury stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Shares | Amount | Total | (In thousands) | Amount | Treasury stock | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 48,667 | $ | 528 | $ | 1,423,445 | $ | (9,056) | $ | (139,383) | $ | (3,243) | $ | (89,856) | $ | 1,182,435 | Balance at December 31, 2021 | 48,667 | $ | 528 | $ | 1,423,445 | $ | (9,056) | $ | (139,383) | $ | (89,856) | $ | 1,182,435 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss): | Comprehensive (loss): | Comprehensive (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 43,311 | — | — | 43,311 | Net income | — | — | — | — | 62,028 | — | — | 62,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | — | — | — | — | — | (119,756) | — | (119,756) | Other comprehensive (loss) | — | — | — | — | — | (185,251) | — | (185,251) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | — | 43,311 | (119,756) | — | (76,445) | Total comprehensive income/(loss) | — | — | — | — | 62,028 | (185,251) | — | (123,223) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.24 per share) | — | — | — | — | (10,921) | — | — | (10,921) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | (3,119) | — | — | — | — | — | (84,295) | (84,295) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | (51) | — | 79 | 1,358 | — | — | (1,437) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1 | — | — | — | (4) | — | 29 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | 314 | — | 552 | (9,052) | — | — | 8,500 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 3,926 | — | — | — | 3,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | (24) | — | 5 | — | — | — | (680) | (675) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 45,788 | $ | 528 | $ | 1,424,081 | $ | (12,824) | $ | (106,997) | $ | (122,999) | $ | (167,739) | $ | 1,014,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 44,361 | $ | 528 | $ | 1,424,183 | $ | (8,598) | $ | (71,428) | $ | (181,052) | $ | (209,571) | $ | 954,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 51,498 | — | — | 51,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | — | (5,188) | — | (5,188) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | 51,498 | (5,188) | — | 46,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of ASU No. 2022-02 Adoption | — | — | — | — | 401 | — | — | 401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.36 per share) | Cash dividends declared on common shares ($0.36 per share) | — | — | — | — | (15,961) | — | — | (15,961) | Cash dividends declared on common shares ($0.36 per share) | — | — | — | — | (16,414) | — | — | (16,414) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | Treasury shares repurchased | (628) | — | — | — | — | — | (13,568) | (13,568) | Treasury shares repurchased | (3,825) | — | — | — | — | — | (104,543) | (104,543) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | Forfeited shares | (49) | — | 37 | 1,261 | — | — | (1,298) | — | Forfeited shares | (75) | — | 169 | 1,911 | — | — | (2,080) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | — | — | — | — | — | — | — | — | Exercise of stock options | 12 | — | — | — | (51) | — | 320 | 269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | Restricted stock grants | 392 | — | (209) | (10,587) | — | — | 10,796 | — | Restricted stock grants | 321 | — | 536 | (9,240) | — | — | 8,704 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 3,454 | — | — | — | 3,454 | Stock-based compensation | — | — | — | 5,659 | — | — | — | 5,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (43) | — | (155) | — | — | — | (1,162) | (1,317) | Other, net | (60) | — | 8 | — | — | — | (1,629) | (1,621) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 44,033 | $ | 528 | $ | 1,423,856 | $ | (14,470) | $ | (35,490) | $ | (186,240) | $ | (214,803) | $ | 973,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 45,040 | $ | 528 | $ | 1,424,158 | $ | (10,726) | $ | (93,820) | $ | (188,494) | $ | (189,084) | $ | 942,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | 44,361 | $ | 528 | $ | 1,424,183 | $ | (8,598) | $ | (71,428) | $ | (181,052) | $ | (209,571) | $ | 954,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 71,043 | — | — | 71,043 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | — | — | — | — | — | (37,334) | — | (37,334) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | — | — | — | — | 71,043 | (37,334) | — | 33,709 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of ASU No. 2022-02 Adoption | Impact of ASU No. 2022-02 Adoption | — | — | — | — | 401 | — | — | 401 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common shares ($0.54 per share) | Cash dividends declared on common shares ($0.54 per share) | — | — | — | — | (23,862) | — | — | (23,862) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares repurchased | Treasury shares repurchased | (807) | — | — | — | — | — | (17,146) | (17,146) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited shares | Forfeited shares | (72) | — | (45) | 1,833 | — | — | (1,789) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants | Restricted stock grants | 400 | — | (262) | (10,760) | — | — | 11,022 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 5,521 | — | — | — | 5,521 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (60) | — | (156) | — | — | — | (1,519) | (1,675) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | 43,822 | $ | 528 | $ | 1,423,720 | $ | (12,004) | $ | (23,846) | $ | (218,386) | $ | (219,003) | $ | 951,009 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||
Net income | Net income | $ | 51,498 | $ | 43,311 | Net income | $ | 71,043 | $ | 62,028 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Provision/(benefit) for credit losses | Provision/(benefit) for credit losses | 16,999 | (4,000) | Provision/(benefit) for credit losses | 24,999 | (1,000) | ||||||||||||||||||||||
Net (accretion)/amortization of securities | Net (accretion)/amortization of securities | 480 | 1,383 | Net (accretion)/amortization of securities | 965 | 2,288 | ||||||||||||||||||||||
Change in unamortized net loan costs and premiums | Change in unamortized net loan costs and premiums | (474) | 2,471 | Change in unamortized net loan costs and premiums | 145 | 2,557 | ||||||||||||||||||||||
Premises and equipment depreciation and amortization expense | Premises and equipment depreciation and amortization expense | 4,327 | 4,907 | Premises and equipment depreciation and amortization expense | 6,404 | 7,257 | ||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 3,454 | 3,926 | Stock-based compensation expense | 5,521 | 5,659 | ||||||||||||||||||||||
Accretion of purchase accounting entries, net | Accretion of purchase accounting entries, net | (330) | (1,464) | Accretion of purchase accounting entries, net | (503) | (1,467) | ||||||||||||||||||||||
Amortization of other intangibles | Amortization of other intangibles | 2,410 | 2,572 | Amortization of other intangibles | 3,615 | 3,857 | ||||||||||||||||||||||
Income from cash surrender value of bank-owned life insurance policies | Income from cash surrender value of bank-owned life insurance policies | (2,395) | (2,697) | Income from cash surrender value of bank-owned life insurance policies | (3,910) | (4,139) | ||||||||||||||||||||||
(Gain) on SBA loan sales | (Gain) on SBA loan sales | (5,404) | (3,619) | (Gain) on SBA loan sales | (7,952) | (9,515) | ||||||||||||||||||||||
Fair value adjustments on securities | Fair value adjustments on securities | (212) | 1,718 | Fair value adjustments on securities | 255 | 2,194 | ||||||||||||||||||||||
Net change in loans held-for-sale | Net change in loans held-for-sale | (4,397) | 4,442 | Net change in loans held-for-sale | 1,969 | 4,954 | ||||||||||||||||||||||
Amortization of interest in tax-advantaged projects | Amortization of interest in tax-advantaged projects | 4,495 | 708 | Amortization of interest in tax-advantaged projects | 5,959 | 1,153 | ||||||||||||||||||||||
Net change in other | Net change in other | (9,399) | (42,990) | Net change in other | (3,804) | 12,401 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 61,052 | 10,668 | Net cash provided by operating activities | 104,706 | 88,227 | ||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||||||
Net decrease in trading security | Net decrease in trading security | 426 | 404 | Net decrease in trading security | 641 | 609 | ||||||||||||||||||||||
Purchases of securities available for sale | Purchases of securities available for sale | (36,798) | (386,637) | Purchases of securities available for sale | (44,586) | (428,068) | ||||||||||||||||||||||
Proceeds from sales of securities available for sale | Proceeds from sales of securities available for sale | — | 149,994 | Proceeds from sales of securities available for sale | — | 149,994 | ||||||||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities available for sale | Proceeds from maturities, calls, and prepayments of securities available for sale | 119,390 | 255,045 | Proceeds from maturities, calls, and prepayments of securities available for sale | 166,552 | 440,025 | ||||||||||||||||||||||
Purchases of securities held to maturity | Purchases of securities held to maturity | (700) | (575) | Purchases of securities held to maturity | (700) | (807) | ||||||||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities held to maturity | Proceeds from maturities, calls, and prepayments of securities held to maturity | 19,461 | 33,514 | Proceeds from maturities, calls, and prepayments of securities held to maturity | 29,852 | 43,384 | ||||||||||||||||||||||
Net change in loans | Net change in loans | (553,530) | (977,443) | Net change in loans | (658,823) | (1,130,744) | ||||||||||||||||||||||
Proceeds from surrender of bank-owned life insurance | Proceeds from surrender of bank-owned life insurance | — | 842 | Proceeds from surrender of bank-owned life insurance | 657 | 1,777 | ||||||||||||||||||||||
Purchase of Federal Home Loan Bank stock | Purchase of Federal Home Loan Bank stock | (340,879) | (32,466) | Purchase of Federal Home Loan Bank stock | (449,336) | (66,486) | ||||||||||||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | Proceeds from redemption of Federal Home Loan Bank stock | 313,384 | 33,901 | Proceeds from redemption of Federal Home Loan Bank stock | 417,643 | 70,022 | ||||||||||||||||||||||
Net investment in limited partnership tax credits | Net investment in limited partnership tax credits | — | (721) | Net investment in limited partnership tax credits | — | (1,443) | ||||||||||||||||||||||
Purchase of premises and equipment, net | Purchase of premises and equipment, net | (753) | (730) | Purchase of premises and equipment, net | (753) | (730) | ||||||||||||||||||||||
Net cash (used) by investing activities | Net cash (used) by investing activities | (479,999) | (924,872) | Net cash (used) by investing activities | (538,853) | (922,467) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||
(continued) | (continued) | (continued) | ||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||
Net (decrease)/increase in deposits | Net (decrease)/increase in deposits | (258,862) | 45,711 | Net (decrease)/increase in deposits | (346,725) | (80,832) | ||||||||||||||||||||||
Proceeds from Federal Home Loan Bank advances and other borrowings | Proceeds from Federal Home Loan Bank advances and other borrowings | 8,425,000 | 51,275 | Proceeds from Federal Home Loan Bank advances and other borrowings | 10,010,000 | 51,275 | ||||||||||||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowings | Repayments of Federal Home Loan Bank advances and other borrowings | (7,755,100) | (6,096) | Repayments of Federal Home Loan Bank advances and other borrowings | (9,210,150) | (60,146) | ||||||||||||||||||||||
Proceeds from issuance of subordinated debt | Proceeds from issuance of subordinated debt | — | 98,032 | Proceeds from issuance of subordinated debt | — | 98,032 | ||||||||||||||||||||||
Repayment from calling of subordinated debt | Repayment from calling of subordinated debt | — | (75,000) | |||||||||||||||||||||||||
Purchase of treasury stock | Purchase of treasury stock | (13,568) | (84,295) | Purchase of treasury stock | (17,146) | (104,543) | ||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | — | 25 | Exercise of stock options | — | 269 | ||||||||||||||||||||||
Common stock cash dividends paid | Common stock cash dividends paid | (15,961) | (10,921) | Common stock cash dividends paid | (23,862) | (16,414) | ||||||||||||||||||||||
Settlement of derivative contracts with financial institution counterparties | Settlement of derivative contracts with financial institution counterparties | (7,317) | 63,683 | Settlement of derivative contracts with financial institution counterparties | 145 | 88,705 | ||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 374,192 | 157,414 | Net cash provided by financing activities | 412,262 | (98,654) | ||||||||||||||||||||||
Net change in cash and cash equivalents | Net change in cash and cash equivalents | (44,755) | (756,790) | Net change in cash and cash equivalents | (21,885) | (932,894) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 685,355 | 1,627,807 | Cash and cash equivalents at beginning of period | 685,355 | 1,627,807 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 640,600 | $ | 871,017 | Cash and cash equivalents at end of period | $ | 663,470 | $ | 694,913 | ||||||||||||||||||
Supplemental cash flow information: | Supplemental cash flow information: | Supplemental cash flow information: | ||||||||||||||||||||||||||
Interest paid on deposits | Interest paid on deposits | $ | 58,472 | $ | 8,810 | Interest paid on deposits | $ | 98,428 | $ | 16,290 | ||||||||||||||||||
Interest paid on borrowed funds | Interest paid on borrowed funds | 23,488 | 3,396 | Interest paid on borrowed funds | 36,165 | 7,016 | ||||||||||||||||||||||
Income taxes paid, net | Income taxes paid, net | 7,633 | 12,590 | Income taxes paid, net | 7,743 | 15,241 | ||||||||||||||||||||||
Other non-cash changes: | Other non-cash changes: | Other non-cash changes: | ||||||||||||||||||||||||||
Other net comprehensive income | Other net comprehensive income | $ | (5,188) | $ | (119,756) | Other net comprehensive income | $ | (37,334) | $ | (185,251) | ||||||||||||||||||
Impact to retained earnings from adoption of ASU 2022-02 | Impact to retained earnings from adoption of ASU 2022-02 | 401 | — | Impact to retained earnings from adoption of ASU 2022-02 | 401 | — | ||||||||||||||||||||||
Reclassification of seasoned loan portfolios to held-for-sale, net | Reclassification of seasoned loan portfolios to held-for-sale, net | — | 3,574 | |||||||||||||||||||||||||
Properties transferred to held for sale | Properties transferred to held for sale | 4,960 | — | Properties transferred to held for sale | 8,714 | — | ||||||||||||||||||||||
Reclassification of held-for-sale loans to held-for-investment, net | Reclassification of held-for-sale loans to held-for-investment, net | — | 606 | Reclassification of held-for-sale loans to held-for-investment, net | — | 606 |
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Treasuries | U.S Treasuries | $ | 7,979 | $ | 2 | $ | — | $ | 7,981 | U.S Treasuries | $ | 7,873 | $ | — | $ | — | $ | 7,873 | ||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | 65,840 | 275 | (2,493) | 63,622 | — | Municipal bonds and obligations | 65,397 | — | (6,703) | 58,694 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 591,299 | — | (99,959) | 491,340 | — | Agency collateralized mortgage obligations | 570,205 | — | (109,849) | 460,356 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 611,157 | — | (92,605) | 518,552 | — | Agency mortgage-backed securities | 595,518 | — | (112,317) | 483,201 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 258,283 | — | (38,506) | 219,777 | — | Agency commercial mortgage-backed securities | 255,891 | — | (44,520) | 211,371 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 43,331 | 60 | (4,988) | 38,403 | — | Corporate bonds | 43,312 | 59 | (5,131) | 38,240 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | 655 | 67 | (66) | 656 | — | Other bonds and obligations | 655 | 67 | (66) | 656 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 1,578,544 | 404 | (238,617) | 1,340,331 | — | Total securities available for sale | 1,538,851 | 126 | (278,586) | 1,260,391 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | 259,843 | 401 | (21,405) | 238,839 | 49 | Municipal bonds and obligations | 255,888 | 33 | (36,047) | 219,874 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 120,349 | — | (20,469) | 99,880 | — | Agency collateralized mortgage obligations | 116,267 | — | (22,592) | 93,675 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 49,231 | — | (8,973) | 40,258 | — | Agency mortgage-backed securities | 48,196 | — | (10,839) | 37,357 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 132,320 | — | (25,272) | 107,048 | — | Agency commercial mortgage-backed securities | 130,705 | — | (29,721) | 100,984 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | Tax advantaged economic development bonds | 1,734 | 7 | (94) | 1,647 | 22 | Tax advantaged economic development bonds | 1,637 | 6 | (92) | 1,551 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | 288 | — | — | 288 | — | Other bonds and obligations | 288 | — | — | 288 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | Total securities held to maturity | 563,765 | 408 | (76,213) | 487,960 | 71 | Total securities held to maturity | 552,981 | 39 | (99,291) | 453,729 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 15,035 | — | (2,167) | 12,868 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 15,035 | — | (2,710) | 12,325 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,157,344 | $ | 812 | $ | (316,997) | $ | 1,841,159 | $ | 71 | Total | $ | 2,106,867 | $ | 165 | $ | (380,587) | $ | 1,726,445 | $ | 69 |
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Treasuries | U.S Treasuries | $ | 11,972 | $ | 1 | $ | — | $ | 11,973 | $ | — | U.S Treasuries | $ | 11,972 | $ | 1 | $ | — | $ | 11,973 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | 65,943 | 422 | (3,030) | 63,335 | — | Municipal bonds and obligations | 65,943 | 422 | (3,030) | 63,335 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 631,732 | — | (99,787) | 531,945 | — | Agency collateralized mortgage obligations | 631,732 | — | (99,787) | 531,945 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 643,308 | 1 | (96,996) | 546,313 | — | Agency mortgage-backed securities | 643,308 | 1 | (96,996) | 546,313 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 264,218 | — | (35,750) | 228,468 | — | Agency commercial mortgage-backed securities | 264,218 | — | (35,750) | 228,468 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 43,368 | 80 | (2,938) | 40,510 | — | Corporate bonds | 43,368 | 80 | (2,938) | 40,510 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | 655 | 67 | (66) | 656 | — | Other bonds and obligations | 655 | 67 | (66) | 656 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | 1,661,196 | 571 | (238,567) | 1,423,200 | — | Total securities available for sale | 1,661,196 | 571 | (238,567) | 1,423,200 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | 266,793 | 691 | (23,704) | 243,780 | 66 | Municipal bonds and obligations | 266,793 | 691 | (23,704) | 243,780 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 128,136 | — | (20,420) | 107,716 | — | Agency collateralized mortgage obligations | 128,136 | — | (20,420) | 107,716 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 50,958 | — | (9,240) | 41,718 | — | Agency mortgage-backed securities | 50,958 | — | (9,240) | 41,718 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 135,206 | — | (23,203) | 112,003 | — | Agency commercial mortgage-backed securities | 135,206 | — | (23,203) | 112,003 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | Tax advantaged economic development bonds | 2,069 | 8 | (121) | 1,956 | 25 | Tax advantaged economic development bonds | 2,069 | 8 | (121) | 1,956 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | 291 | — | — | 291 | — | Other bonds and obligations | 291 | — | — | 291 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | Total securities held to maturity | 583,453 | 699 | (76,688) | 507,464 | 91 | Total securities held to maturity | 583,453 | 699 | (76,688) | 507,464 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | 15,035 | — | (2,179) | 12,856 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 15,035 | — | (2,179) | 12,856 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,259,684 | $ | 1,270 | $ | (317,434) | $ | 1,943,520 | $ | 91 | Total | $ | 2,259,684 | $ | 1,270 | $ | (317,434) | $ | 1,943,520 | $ | 91 |
(In thousands) | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 49 | $ | 22 | $ | 71 | ||||||||||||||||||||||||||||
Balance at June, 2023 | Balance at June, 2023 | $ | 49 | $ | 22 | $ | 71 | |||||||||||||||||||||||||||
(Benefit)/provision for credit losses | (Benefit)/provision for credit losses | — | — | — | (Benefit)/provision for credit losses | (1) | (1) | (2) | ||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 49 | $ | 22 | $ | 71 | ||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 48 | $ | 21 | $ | 69 |
(In thousands) | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | (In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 67 | $ | 32 | $ | 99 | ||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 66 | $ | 28 | $ | 94 | |||||||||||||||||||||||||||
(Benefit)/provision for credit losses | (Benefit)/provision for credit losses | (1) | (4) | (5) | (Benefit)/provision for credit losses | 1 | — | 1 | ||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 66 | $ | 28 | $ | 94 | ||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 67 | $ | 28 | $ | 95 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2022 | $ | 66 | $ | 25 | $ | 91 | |||||||||||
(Benefit)/provision for credit losses | (17) | (3) | (20) | ||||||||||||||
Balance at June 30, 2023 | $ | 49 | $ | 22 | $ | 71 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2021 | $ | 70 | $ | 35 | $ | 105 | |||||||||||
(Benefit)/provision for credit losses | (4) | (7) | (11) | ||||||||||||||
Balance at June 30, 2022 | $ | 66 | $ | 28 | $ | 94 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2022 | $ | 66 | $ | 25 | $ | 91 | |||||||||||
(Benefit)/provision for credit losses | (18) | (4) | (22) | ||||||||||||||
Balance at September 30, 2023 | $ | 48 | $ | 21 | $ | 69 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2021 | $ | 70 | $ | 35 | $ | 105 | |||||||||||
(Benefit)/provision for credit losses | (3) | (7) | (10) | ||||||||||||||
Balance at September 30, 2022 | $ | 67 | $ | 28 | $ | 95 |
Available for sale | Held to maturity | Available for sale | Held to maturity | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Cost | Value | Cost | Value | (In thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||||||||||
Within 1 year | Within 1 year | $ | 8,799 | $ | 8,800 | $ | 894 | $ | 894 | Within 1 year | $ | 8,693 | $ | 8,692 | $ | 822 | $ | 822 | ||||||||||||||||||||||||||||||||||
Over 1 year to 5 years | Over 1 year to 5 years | 10,866 | 10,754 | 2,309 | 2,298 | Over 1 year to 5 years | 11,291 | 11,068 | 1,683 | 1,667 | ||||||||||||||||||||||||||||||||||||||||||
Over 5 years to 10 years | Over 5 years to 10 years | 54,612 | 49,747 | 36,477 | 36,281 | Over 5 years to 10 years | 54,720 | 48,694 | 36,012 | 34,653 | ||||||||||||||||||||||||||||||||||||||||||
Over 10 years | Over 10 years | 43,528 | 41,361 | 222,185 | 201,301 | Over 10 years | 42,533 | 37,009 | 219,296 | 184,571 | ||||||||||||||||||||||||||||||||||||||||||
Total bonds and obligations | Total bonds and obligations | 117,805 | 110,662 | 261,865 | 240,774 | Total bonds and obligations | 117,237 | 105,463 | 257,813 | 221,713 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 1,460,739 | 1,229,669 | 301,900 | 247,186 | Mortgage-backed securities | 1,421,614 | 1,154,928 | 295,168 | 232,016 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,578,544 | $ | 1,340,331 | $ | 563,765 | $ | 487,960 | Total | $ | 1,538,851 | $ | 1,260,391 | $ | 552,981 | $ | 453,729 |
Less Than Twelve Months | Over Twelve Months | Total | Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Losses | Value | Losses | Value | Losses | Value | (In thousands) | Losses | Value | Losses | Value | Losses | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 550 | $ | 24,993 | $ | 1,943 | $ | 17,862 | $ | 2,493 | $ | 42,855 | Municipal bonds and obligations | $ | 2,779 | $ | 37,869 | $ | 3,924 | $ | 20,200 | $ | 6,703 | $ | 58,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 113 | 2,276 | 99,846 | 489,064 | 99,959 | 491,340 | Agency collateralized mortgage obligations | — | — | 109,849 | 460,356 | 109,849 | 460,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 157 | 2,648 | 92,448 | 515,824 | 92,605 | 518,472 | Agency mortgage-backed securities | 6 | 285 | 112,311 | 482,909 | 112,317 | 483,194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 1,042 | 9,678 | 37,464 | 210,099 | 38,506 | 219,777 | Agency commercial mortgage-backed securities | — | — | 44,520 | 211,362 | 44,520 | 211,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 1,064 | 12,797 | 3,924 | 24,698 | 4,988 | 37,495 | Corporate bonds | 441 | 7,809 | 4,690 | 29,523 | 5,131 | 37,332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | 2,926 | $ | 52,392 | $ | 235,691 | $ | 1,257,842 | $ | 238,617 | $ | 1,310,234 | Total securities available for sale | $ | 3,226 | $ | 45,963 | $ | 275,360 | $ | 1,204,645 | $ | 278,586 | $ | 1,250,608 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 1,710 | $ | 89,477 | $ | 19,695 | $ | 74,807 | $ | 21,405 | $ | 164,284 | Municipal bonds and obligations | $ | 7,986 | $ | 128,129 | $ | 28,061 | $ | 80,778 | $ | 36,047 | $ | 208,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 1,709 | 34,330 | 18,760 | 65,550 | 20,469 | 99,880 | Agency collateralized mortgage obligations | 1 | 21 | 22,591 | 93,654 | 22,592 | 93,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | — | — | 8,973 | 40,258 | 8,973 | 40,258 | Agency mortgage-backed securities | — | — | 10,839 | 37,357 | 10,839 | 37,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | — | — | 25,272 | 107,048 | 25,272 | 107,048 | Agency commercial mortgage-backed securities | — | — | 29,721 | 100,984 | 29,721 | 100,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | Tax advantaged economic development bonds | — | — | 94 | 962 | 94 | 962 | Tax advantaged economic development bonds | — | — | 92 | 927 | 92 | 927 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | Total securities held to maturity | 3,419 | 123,807 | 72,794 | 288,625 | 76,213 | 412,432 | Total securities held to maturity | 7,987 | 128,150 | 91,304 | 313,700 | 99,291 | 441,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,345 | $ | 176,199 | $ | 308,485 | $ | 1,546,467 | $ | 314,830 | $ | 1,722,666 | Total | $ | 11,213 | $ | 174,113 | $ | 366,664 | $ | 1,518,345 | $ | 377,877 | $ | 1,692,458 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 2,406 | $ | 36,696 | $ | 624 | $ | 2,763 | $ | 3,030 | $ | 39,459 | Municipal bonds and obligations | $ | 2,406 | $ | 36,696 | $ | 624 | $ | 2,763 | $ | 3,030 | $ | 39,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 23,052 | 247,509 | 76,735 | 284,434 | 99,787 | 531,943 | Agency collateralized mortgage obligations | 23,052 | 247,509 | 76,735 | 284,434 | 99,787 | 531,943 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 3,124 | 37,540 | 93,872 | 508,683 | 96,996 | 546,223 | Agency mortgage-backed securities | 3,124 | 37,540 | 93,872 | 508,683 | 96,996 | 546,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 9,885 | 96,396 | 25,865 | 132,043 | 35,750 | 228,439 | Agency commercial mortgage-backed securities | 9,885 | 96,396 | 25,865 | 132,043 | 35,750 | 228,439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 1,709 | 25,657 | 1,229 | 9,929 | 2,938 | 35,586 | Corporate bonds | 1,709 | 25,657 | 1,229 | 9,929 | 2,938 | 35,586 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | 40,176 | $ | 443,798 | $ | 198,391 | $ | 938,147 | $ | 238,567 | $ | 1,381,945 | Total securities available for sale | $ | 40,176 | $ | 443,798 | $ | 198,391 | $ | 938,147 | $ | 238,567 | $ | 1,381,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | Securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | $ | 5,476 | $ | 125,494 | $ | 18,228 | $ | 38,341 | $ | 23,704 | $ | 163,835 | Municipal bonds and obligations | $ | 5,476 | $ | 125,494 | $ | 18,228 | $ | 38,341 | $ | 23,704 | $ | 163,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | 2,734 | 49,539 | 17,686 | 58,177 | 20,420 | 107,716 | Agency collateralized mortgage obligations | 2,734 | 49,539 | 17,686 | 58,177 | 20,420 | 107,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 300 | 2,419 | 8,940 | 39,299 | 9,240 | 41,718 | Agency mortgage-backed securities | 300 | 2,419 | 8,940 | 39,299 | 9,240 | 41,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | 447 | 9,713 | 22,756 | 102,290 | 23,203 | 112,003 | Agency commercial mortgage-backed securities | 447 | 9,713 | 22,756 | 102,290 | 23,203 | 112,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | Tax advantaged economic development bonds | 1 | 142 | 120 | 1,008 | 121 | 1,150 | Tax advantaged economic development bonds | 1 | 142 | 120 | 1,008 | 121 | 1,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | Total securities held to maturity | 8,958 | 187,307 | 67,730 | 239,115 | 76,688 | 426,422 | Total securities held to maturity | 8,958 | 187,307 | 67,730 | 239,115 | 76,688 | 426,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 49,134 | $ | 631,105 | $ | 266,121 | $ | 1,177,262 | $ | 315,255 | $ | 1,808,367 | Total | $ | 49,134 | $ | 631,105 | $ | 266,121 | $ | 1,177,262 | $ | 315,255 | $ | 1,808,367 |
(In thousands) | (In thousands) | June 30, 2023 | December 31, 2022 | (In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Construction | Construction | $ | 443,856 | $ | 319,452 | Construction | $ | 561,691 | $ | 319,452 | ||||||||||||||||||
Commercial multifamily | Commercial multifamily | 597,472 | 620,088 | Commercial multifamily | 602,120 | 620,088 | ||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 696,771 | 640,489 | Commercial real estate owner occupied | 658,189 | 640,489 | ||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 2,557,036 | 2,496,237 | Commercial real estate non-owner occupied | 2,605,823 | 2,496,237 | ||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,438,062 | 1,445,236 | Commercial and industrial | 1,363,771 | 1,445,236 | ||||||||||||||||||||||
Residential real estate | Residential real estate | 2,677,053 | 2,312,447 | Residential real estate | 2,729,411 | 2,312,447 | ||||||||||||||||||||||
Home equity | Home equity | 225,434 | 227,450 | Home equity | 227,052 | 227,450 | ||||||||||||||||||||||
Consumer other | Consumer other | 246,718 | 273,910 | Consumer other | 236,320 | 273,910 | ||||||||||||||||||||||
Total loans | Total loans | $ | 8,882,402 | $ | 8,335,309 | Total loans | $ | 8,984,377 | $ | 8,335,309 | ||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 100,219 | 96,270 | Allowance for credit losses | (102,792) | (96,270) | ||||||||||||||||||||||
Net loans | Net loans | $ | 8,782,183 | $ | 8,239,039 | Net loans | $ | 8,881,585 | $ | 8,239,039 |
(In thousands) | Balance at Beginning of Period | Adoption of ASU No. 2022-02 | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 1,536 | $ | — | $ | (1) | $ | — | $ | 18 | $ | 1,553 | ||||||||||||||||||||||||||||||||||||||
Commercial multifamily | 1,698 | — | — | — | 368 | 2,066 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 10,278 | — | (394) | 596 | (137) | 10,343 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 33,408 | — | — | 81 | 2,833 | 36,322 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 20,164 | — | (4,595) | 815 | 2,357 | 18,741 | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 17,590 | — | (210) | 76 | 762 | 18,218 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 2,320 | — | (7) | 132 | 127 | 2,572 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer other | 10,997 | — | (2,478) | 213 | 1,672 | 10,404 | ||||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 97,991 | $ | — | $ | (7,685) | $ | 1,913 | $ | 8,000 | $ | 100,219 |
(In thousands) | (In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | (In thousands) | Balance at Beginning of Period | Adoption of ASU No. 2022-02 | Charge-offs | Recoveries | Provision/(Benefit) for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | 2,505 | $ | — | $ | — | $ | (795) | $ | 1,710 | Construction | $ | 1,553 | $ | — | $ | — | $ | — | $ | 1,949 | $ | 3,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | 5,771 | — | — | (1,150) | 4,621 | Commercial multifamily | 2,066 | — | — | — | 339 | 2,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 11,498 | (298) | 97 | (609) | 10,688 | Commercial real estate owner occupied | 10,343 | — | (25) | 116 | (979) | 9,455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 25,814 | — | 46 | 305 | 26,165 | Commercial real estate non-owner occupied | 36,322 | — | (1) | 20 | (3,059) | 33,282 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 22,949 | (752) | 584 | 133 | 22,914 | Commercial and industrial | 18,741 | — | (3,997) | 617 | 3,158 | 18,519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 17,816 | (216) | 199 | (1,389) | 16,410 | Residential real estate | 18,218 | — | (72) | 92 | 1,766 | 20,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 3,303 | — | 112 | (587) | 2,828 | Home equity | 2,572 | — | (71) | 278 | (677) | 2,102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9,819 | (332) | 101 | 4,097 | 13,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 10,404 | — | (2,578) | 192 | 5,505 | 13,523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | Total allowance for credit losses | $ | 99,475 | $ | (1,598) | $ | 1,139 | $ | 5 | $ | 99,021 | Total allowance for credit losses | $ | 100,219 | $ | — | $ | (6,744) | $ | 1,315 | $ | 8,002 | $ | 102,792 |
(In thousands) | (In thousands) | Balance at Beginning of Period | Adoption of ASU No. 2022-02 | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | (In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision/(Benefit) for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | 1,227 | $ | — | $ | (1) | $ | — | $ | 327 | $ | 1,553 | Construction | $ | 1,710 | $ | — | $ | — | $ | (479) | $ | 1,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | 1,810 | — | — | 6 | 250 | 2,066 | Commercial multifamily | 4,621 | (94) | 112 | (2,919) | 1,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 10,739 | 24 | (464) | 641 | (597) | 10,343 | Commercial real estate owner occupied | 10,687 | (176) | 256 | (582) | 10,185 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 30,724 | — | — | 175 | 5,423 | 36,322 | Commercial real estate non-owner occupied | 26,166 | (1,012) | 153 | 4,114 | 29,421 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 18,743 | (23) | (10,627) | 1,119 | 9,529 | 18,741 | Commercial and industrial | 22,914 | (5,545) | 616 | 650 | 18,635 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 18,666 | 2 | (240) | 463 | (673) | 18,218 | Residential real estate | 16,411 | (102) | 131 | 3,398 | 19,838 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,173 | — | (18) | 159 | 258 | 2,572 | Home equity | 2,828 | (9) | 9 | (407) | 2,421 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | 12,188 | (404) | (4,271) | 389 | 2,502 | 10,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13,684 | (486) | 140 | (776) | 12,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | Total allowance for credit losses | $ | 96,270 | $ | (401) | $ | (15,621) | $ | 2,952 | $ | 17,019 | $ | 100,219 | Total allowance for credit losses | $ | 99,021 | $ | (7,424) | $ | 1,417 | $ | 2,999 | $ | 96,013 |
(In thousands) | (In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | (In thousands) | Balance at Beginning of Period | Adoption of ASU No. 2022-02 | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | 3,206 | $ | — | $ | — | $ | (1,496) | $ | 1,710 | Construction | $ | 1,227 | $ | — | $ | (1) | $ | — | $ | 2,276 | $ | 3,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | 6,120 | — | — | (1,499) | 4,621 | Commercial multifamily | 1,810 | — | — | 6 | 589 | 2,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 12,752 | (428) | 306 | (1,942) | 10,688 | Commercial real estate owner occupied | 10,739 | 24 | (489) | 758 | (1,577) | 9,455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 32,106 | (4,884) | 1,312 | (2,369) | 26,165 | Commercial real estate non-owner occupied | 30,724 | — | (1) | 195 | 2,364 | 33,282 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 22,584 | (1,405) | 1,872 | (137) | 22,914 | Commercial and industrial | 18,743 | (23) | (14,625) | 1,736 | 12,688 | 18,519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 22,406 | (380) | 587 | (6,203) | 16,410 | Residential real estate | 18,666 | 2 | (313) | 555 | 1,094 | 20,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 4,006 | — | 246 | (1,424) | 2,828 | Home equity | 2,173 | — | (88) | 437 | (420) | 2,102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 2,914 | (548) | 238 | 11,081 | 13,685 | Consumer other | 12,188 | (404) | (6,848) | 580 | 8,007 | 13,523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | Total allowance for credit losses | $ | 106,094 | $ | (7,645) | $ | 4,561 | $ | (3,989) | $ | 99,021 | Total allowance for credit losses | $ | 96,270 | $ | (401) | $ | (22,365) | $ | 4,267 | $ | 25,021 | $ | 102,792 |
(In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 3,206 | $ | — | $ | — | $ | (1,975) | $ | 1,231 | ||||||||||||||||||||||||||||||||||
Commercial multifamily | 6,120 | (94) | 112 | (4,418) | 1,720 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 12,752 | (603) | 562 | (2,526) | 10,185 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 32,106 | (5,895) | 1,464 | 1,746 | 29,421 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 22,584 | (6,951) | 2,485 | 517 | 18,635 | |||||||||||||||||||||||||||||||||||||||
Residential real estate | 22,406 | (480) | 719 | (2,807) | 19,838 | |||||||||||||||||||||||||||||||||||||||
Home equity | 4,006 | (9) | 255 | (1,831) | 2,421 | |||||||||||||||||||||||||||||||||||||||
Consumer other | 2,914 | (1,031) | 375 | 10,304 | 12,562 | |||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 106,094 | $ | (15,063) | $ | 5,972 | $ | (990) | $ | 96,013 |
Three Months Ended June 30, | |||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||
Balance at beginning of period | $ | 8,687 | $ | 7,043 | |||||||||||||
Expense for credit losses | — | — | |||||||||||||||
Balance at end of period | $ | 8,687 | $ | 7,043 |
Six Months Ended June 30, | |||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||
Balance at beginning of period | $ | 8,588 | $ | 7,043 | |||||||||||||
Expense for credit losses | 99 | — | |||||||||||||||
Balance at end of period | $ | 8,687 | $ | 7,043 |
Three Months Ended September 30, | |||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||
Balance at beginning of period | $ | 8,687 | $ | 7,043 | |||||||||||||
Expense for credit losses | 300 | 700 | |||||||||||||||
Balance at end of period | $ | 8,987 | $ | 7,743 |
Nine Months Ended September 30, | |||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||
Balance at beginning of period | $ | 8,588 | $ | 7,043 | |||||||||||||
Expense for credit losses | 399 | 700 | |||||||||||||||
Balance at end of period | $ | 8,987 | $ | 7,743 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | 1 | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 39,770 | $ | 220,919 | $ | 136,426 | $ | 26,884 | $ | 2,961 | $ | 498 | $ | — | $ | — | $ | 427,458 | Pass | $ | 71,516 | $ | 301,236 | $ | 139,599 | $ | 29,177 | $ | 2,553 | $ | 564 | $ | — | $ | — | $ | 544,645 | ||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | — | — | 471 | — | — | — | — | — | 471 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 16,398 | — | — | — | — | — | 16,398 | Substandard | — | — | 16,575 | — | — | — | — | — | 16,575 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 39,770 | $ | 220,919 | $ | 152,824 | $ | 26,884 | $ | 2,961 | $ | 498 | $ | — | $ | — | $ | 443,856 | Total | $ | 71,516 | $ | 301,236 | $ | 156,645 | $ | 29,177 | $ | 2,553 | $ | 564 | $ | — | $ | — | $ | 561,691 | ||||||||||||||||||||
Commercial multifamily: | Commercial multifamily: | Commercial multifamily: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 9,125 | $ | 204,033 | $ | 52,630 | $ | 27,276 | $ | 96,568 | $ | 198,555 | $ | 974 | $ | — | $ | 589,161 | Pass | $ | 8,974 | $ | 217,062 | $ | 57,061 | $ | 27,126 | $ | 95,398 | $ | 187,225 | $ | 998 | $ | — | $ | 593,844 | ||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 246 | 2,591 | — | 5,474 | — | — | 8,311 | Substandard | — | — | 244 | 2,573 | — | 5,459 | — | — | 8,276 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 9,125 | $ | 204,033 | $ | 52,876 | $ | 29,867 | $ | 96,568 | $ | 204,029 | $ | 974 | $ | — | $ | 597,472 | Total | $ | 8,974 | $ | 217,062 | $ | 57,305 | $ | 29,699 | $ | 95,398 | $ | 192,684 | $ | 998 | $ | — | $ | 602,120 | ||||||||||||||||||||
Commercial real estate owner occupied: | Commercial real estate owner occupied: | Commercial real estate owner occupied: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | 380 | $ | — | $ | 84 | $ | — | $ | — | $ | 464 | Current period gross write-offs | $ | — | $ | — | $ | — | $ | 380 | $ | — | $ | 109 | $ | — | $ | — | $ | 489 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 51,966 | $ | 128,185 | $ | 131,822 | $ | 50,248 | $ | 98,040 | $ | 223,794 | $ | 1,538 | $ | — | $ | 685,593 | Pass | $ | 80,561 | $ | 123,110 | $ | 126,637 | $ | 68,938 | $ | 71,603 | $ | 173,060 | $ | 1,642 | $ | — | $ | 645,551 | ||||||||||||||||||||
Special Mention | Special Mention | — | 11 | — | 387 | 4,412 | 200 | — | — | 5,010 | Special Mention | — | — | — | 387 | 885 | 2,447 | — | — | 3,719 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 82 | 107 | 369 | 5,610 | — | — | 6,168 | Substandard | — | 11 | 81 | 47 | 4,141 | 4,639 | — | — | 8,919 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 51,966 | $ | 128,196 | $ | 131,904 | $ | 50,742 | $ | 102,821 | $ | 229,604 | $ | 1,538 | $ | — | $ | 696,771 | Total | $ | 80,561 | $ | 123,121 | $ | 126,718 | $ | 69,372 | $ | 76,629 | $ | 180,146 | $ | 1,642 | $ | — | $ | 658,189 | ||||||||||||||||||||
Commercial real estate non-owner occupied: | Commercial real estate non-owner occupied: | Commercial real estate non-owner occupied: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 208,347 | $ | 630,930 | $ | 391,646 | $ | 172,266 | $ | 248,566 | $ | 792,740 | $ | 17,388 | $ | — | $ | 2,461,883 | Pass | $ | 349,765 | $ | 584,973 | $ | 386,493 | $ | 141,534 | $ | 279,849 | $ | 767,366 | $ | 18,312 | $ | — | $ | 2,528,292 | ||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | 47,261 | 9,966 | — | — | 57,227 | Special Mention | — | — | — | — | 27,219 | 12,806 | — | — | 40,025 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 6,994 | 5,944 | 24,988 | — | — | 37,926 | Substandard | — | — | — | 6,923 | 5,879 | 24,704 | — | — | 37,506 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 208,347 | $ | 630,930 | $ | 391,646 | $ | 179,260 | $ | 301,771 | $ | 827,694 | $ | 17,388 | $ | — | $ | 2,557,036 | Total | $ | 349,765 | $ | 584,973 | $ | 386,493 | $ | 148,457 | $ | 312,947 | $ | 804,876 | $ | 18,312 | $ | — | $ | 2,605,823 | ||||||||||||||||||||
Commercial and industrial: | Commercial and industrial: | Commercial and industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | 395 | $ | 1,656 | $ | 733 | $ | 5,531 | $ | 2,312 | $ | — | $ | 10,627 | Current period gross write-offs | $ | — | $ | 700 | $ | 645 | $ | 2,158 | $ | 1,429 | $ | 7,380 | $ | 2,313 | $ | — | $ | 14,625 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 95,442 | $ | 240,907 | $ | 132,980 | $ | 43,719 | $ | 48,622 | $ | 178,417 | $ | 619,184 | $ | — | $ | 1,359,271 | Pass | $ | 100,443 | $ | 234,213 | $ | 124,139 | $ | 49,315 | $ | 43,656 | $ | 129,863 | $ | 596,559 | $ | — | $ | 1,278,188 | ||||||||||||||||||||
Special Mention | Special Mention | 175 | 3,369 | 1,830 | 2,257 | 1,986 | 1,854 | 21,159 | — | 32,630 | Special Mention | 1,801 | 3,323 | 4,829 | 2,111 | 633 | 1,574 | 17,575 | — | 31,846 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 487 | 1,002 | 9,503 | 3,157 | 6,285 | 13,414 | 9,272 | — | 43,120 | Substandard | 460 | 915 | 9,060 | 1,542 | 5,353 | 17,823 | 17,058 | — | 52,211 | ||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | 47 | 2,994 | — | 3,041 | Doubtful | — | — | — | — | — | — | 1,526 | — | 1,526 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 96,104 | $ | 245,278 | $ | 144,313 | $ | 49,133 | $ | 56,893 | $ | 193,732 | $ | 652,609 | $ | — | $ | 1,438,062 | Total | $ | 102,704 | $ | 238,451 | $ | 138,028 | $ | 52,968 | $ | 49,642 | $ | 149,260 | $ | 632,718 | $ | — | $ | 1,363,771 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | 50 | $ | — | $ | — | $ | 174 | $ | 16 | $ | — | $ | — | $ | 240 | Current period gross write-offs | $ | — | $ | 50 | $ | — | $ | 50 | $ | 174 | $ | 39 | $ | — | $ | — | $ | 313 | ||||||||||||||||||||
Risk rating | Risk rating | Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 419,626 | $ | 997,566 | $ | 271,542 | $ | 92,781 | $ | 69,856 | $ | 810,003 | $ | 201 | $ | — | $ | 2,661,575 | Pass | $ | 527,326 | $ | 986,269 | $ | 269,172 | $ | 91,540 | $ | 66,691 | $ | 774,516 | $ | 141 | $ | — | $ | 2,715,655 | ||||||||||||||||||||
Special Mention | Special Mention | — | — | 1,378 | — | 237 | 910 | — | — | 2,525 | Special Mention | — | — | — | — | 741 | 816 | — | — | 1,557 | ||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 134 | 581 | 432 | 1,194 | 10,612 | — | — | 12,953 | Substandard | — | 132 | 1,024 | 379 | 1,361 | 9,303 | — | — | 12,199 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 419,626 | $ | 997,700 | $ | 273,501 | $ | 93,213 | $ | 71,287 | $ | 821,525 | $ | 201 | $ | — | $ | 2,677,053 | Total | $ | 527,326 | $ | 986,401 | $ | 270,196 | $ | 91,919 | $ | 68,793 | $ | 784,635 | $ | 141 | $ | — | $ | 2,729,411 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 153,393 | $ | 133,708 | $ | 25,634 | $ | 3,432 | $ | 1,361 | $ | 1,924 | $ | — | $ | — | $ | 319,452 | |||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 153,393 | $ | 133,708 | $ | 25,634 | $ | 3,432 | $ | 1,361 | $ | 1,924 | $ | — | $ | — | $ | 319,452 | |||||||||||
Commercial multifamily: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 205,124 | $ | 61,032 | $ | 27,583 | $ | 100,696 | $ | 67,675 | $ | 149,633 | $ | 205 | $ | — | $ | 611,948 | |||||||||||
Special Mention | — | — | 2,628 | — | — | — | — | — | 2,628 | ||||||||||||||||||||
Substandard | — | — | — | — | 5,512 | — | — | — | 5,512 | ||||||||||||||||||||
Total | $ | 205,124 | $ | 61,032 | $ | 30,211 | $ | 100,696 | $ | 73,187 | $ | 149,633 | $ | 205 | $ | — | $ | 620,088 | |||||||||||
Commercial real estate owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 131,096 | $ | 127,270 | $ | 58,835 | $ | 82,576 | $ | 75,322 | $ | 154,056 | $ | 3,464 | $ | — | $ | 632,619 | |||||||||||
Special Mention | — | — | 387 | — | — | — | — | — | 387 | ||||||||||||||||||||
Substandard | 1,003 | 122 | 31 | 282 | 1,056 | 4,989 | — | — | 7,483 | ||||||||||||||||||||
Total | $ | 132,099 | $ | 127,392 | $ | 59,253 | $ | 82,858 | $ | 76,378 | $ | 159,045 | $ | 3,464 | $ | — | $ | 640,489 | |||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 621,685 | $ | 410,359 | $ | 175,456 | $ | 333,783 | $ | 313,124 | $ | 530,322 | $ | 17,846 | $ | — | $ | 2,402,575 | |||||||||||
Special Mention | — | — | — | — | 20,000 | 18,462 | — | — | 38,462 | ||||||||||||||||||||
Substandard | — | — | 7,237 | 13,623 | 15,610 | 18,730 | — | — | 55,200 | ||||||||||||||||||||
Total | $ | 621,685 | $ | 410,359 | $ | 182,693 | $ | 347,406 | $ | 348,734 | $ | 567,514 | $ | 17,846 | $ | — | $ | 2,496,237 | |||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 282,781 | $ | 147,070 | $ | 56,880 | $ | 67,975 | $ | 83,223 | $ | 99,367 | $ | 648,956 | $ | — | $ | 1,386,252 | |||||||||||
Special Mention | — | 5,811 | 1,290 | 1,332 | 11,502 | 912 | 2,632 | — | 23,479 | ||||||||||||||||||||
Substandard | 204 | 496 | 3,640 | 8,139 | 1,981 | 2,799 | 10,581 | — | 27,840 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | 56 | 7,609 | — | 7,665 | ||||||||||||||||||||
Total | $ | 282,985 | $ | 153,377 | $ | 61,810 | $ | 77,446 | $ | 96,706 | $ | 103,134 | $ | 669,778 | $ | — | $ | 1,445,236 | |||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 997,981 | $ | 280,308 | $ | 96,548 | $ | 70,845 | $ | 138,894 | $ | 713,744 | $ | 165 | $ | — | $ | 2,298,485 | |||||||||||
Special Mention | — | 364 | — | 861 | 202 | 707 | — | — | 2,134 | ||||||||||||||||||||
Substandard | — | 284 | 448 | 267 | 1,857 | 8,972 | — | — | 11,828 | ||||||||||||||||||||
Total | $ | 997,981 | $ | 280,956 | $ | 96,996 | $ | 71,973 | $ | 140,953 | $ | 723,423 | $ | 165 | $ | — | $ | 2,312,447 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity: | Home equity: | Home equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | 18 | Current period gross write-offs | $ | — | $ | — | $ | — | $ | 70 | $ | — | $ | — | $ | 18 | $ | — | $ | 88 | ||||||||||||||||||||
Payment performance | Payment performance | Payment performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | — | $ | — | $ | 108 | $ | 446 | $ | — | $ | 2,523 | $ | 220,260 | $ | — | $ | 223,337 | Performing | $ | — | $ | — | $ | — | $ | 443 | $ | — | $ | 2,615 | $ | 222,691 | $ | — | $ | 225,749 | ||||||||||||||||||||
Nonperforming | Nonperforming | — | — | — | — | — | — | 2,097 | — | 2,097 | Nonperforming | — | — | — | — | — | — | 1,303 | — | 1,303 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 108 | $ | 446 | $ | — | $ | 2,523 | $ | 222,357 | $ | — | $ | 225,434 | Total | $ | — | $ | — | $ | — | $ | 443 | $ | — | $ | 2,615 | $ | 223,994 | $ | — | $ | 227,052 | ||||||||||||||||||||
Consumer other: | Consumer other: | Consumer other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write-offs | Current period gross write-offs | $ | 1 | $ | 3,622 | $ | 466 | $ | 7 | $ | 33 | $ | 142 | $ | — | $ | — | $ | 4,271 | Current period gross write-offs | $ | 65 | $ | 5,729 | $ | 804 | $ | 11 | $ | 44 | $ | 195 | $ | — | $ | — | $ | 6,848 | ||||||||||||||||||||
Payment performance | Payment performance | Payment performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 26,460 | $ | 134,609 | $ | 23,959 | $ | 7,082 | $ | 9,591 | $ | 33,090 | $ | 10,208 | $ | — | $ | 244,999 | Performing | $ | 40,770 | $ | 121,690 | $ | 21,794 | $ | 6,468 | $ | 8,261 | $ | 26,015 | $ | 10,561 | $ | — | $ | 235,559 | ||||||||||||||||||||
Nonperforming | Nonperforming | 7 | 583 | 139 | 35 | 148 | 805 | 2 | — | 1,719 | Nonperforming | 17 | 116 | 60 | 29 | 139 | 386 | 14 | — | 761 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 26,467 | $ | 135,192 | $ | 24,098 | $ | 7,117 | $ | 9,739 | $ | 33,895 | $ | 10,210 | $ | — | $ | 246,718 | Total | $ | 40,787 | $ | 121,806 | $ | 21,854 | $ | 6,497 | $ | 8,400 | $ | 26,401 | $ | 10,575 | $ | — | $ | 236,320 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | — | $ | 114 | $ | 454 | $ | — | $ | — | $ | 17 | $ | 224,746 | $ | — | $ | 225,331 | |||||||||||
Nonperforming | — | — | — | — | — | — | 2,119 | — | 2,119 | ||||||||||||||||||||
Total | $ | — | $ | 114 | $ | 454 | $ | — | $ | — | $ | 17 | $ | 226,865 | $ | — | $ | 227,450 | |||||||||||
Consumer other: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 161,157 | $ | 28,279 | $ | 8,312 | $ | 12,670 | $ | 27,608 | $ | 24,682 | $ | 9,070 | $ | — | $ | 271,778 | |||||||||||
Nonperforming | 588 | 137 | 44 | 280 | 477 | 567 | 39 | — | 2,132 | ||||||||||||||||||||
Total | $ | 161,745 | $ | 28,416 | $ | 8,356 | $ | 12,950 | $ | 28,085 | $ | 25,249 | $ | 9,109 | $ | — | $ | 273,910 |
(In thousands) | (In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | (In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | $ | — | $ | 443,856 | $ | 443,856 | Construction | $ | — | $ | — | $ | — | $ | — | $ | 561,691 | $ | 561,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | — | 597,472 | 597,472 | Commercial multifamily | 5,853 | — | — | 5,853 | 596,267 | 602,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 959 | 650 | 2,207 | 3,816 | 692,955 | 696,771 | Commercial real estate owner occupied | 334 | 599 | 1,423 | 2,356 | 655,833 | 658,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 151 | 117 | 162 | 430 | 2,556,606 | 2,557,036 | Commercial real estate non-owner occupied | 240 | 132 | 4,010 | 4,382 | 2,601,441 | 2,605,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,316 | 679 | 17,156 | 19,151 | 1,418,911 | 1,438,062 | Commercial and industrial | 1,263 | 267 | 11,086 | 12,616 | 1,351,155 | 1,363,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 4,328 | 2,526 | 12,859 | 19,713 | 2,657,340 | 2,677,053 | Residential real estate | 3,988 | 1,557 | 12,170 | 17,715 | 2,711,696 | 2,729,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 547 | 327 | 2,097 | 2,971 | 222,463 | 225,434 | Home equity | 688 | 26 | 1,616 | 2,330 | 224,722 | 227,052 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 1,918 | 1,629 | 1,719 | 5,266 | 241,452 | 246,718 | Consumer other | 2,111 | 1,642 | 2,076 | 5,829 | 230,491 | 236,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 9,219 | $ | 5,928 | $ | 36,200 | $ | 51,347 | $ | 8,831,055 | $ | 8,882,402 | Total | $ | 14,477 | $ | 4,223 | $ | 32,381 | $ | 51,081 | $ | 8,933,296 | $ | 8,984,377 |
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | 319,452 | $ | 319,452 | ||||||||||||||||||||||||||
Commercial multifamily | — | 214 | — | 214 | 619,874 | 620,088 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 122 | — | 3,302 | 3,424 | 637,065 | 640,489 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 143 | — | 191 | 334 | 2,495,903 | 2,496,237 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 1,173 | 1,438 | 18,658 | 21,269 | 1,423,967 | 1,445,236 | ||||||||||||||||||||||||||||||||
Residential real estate | 3,694 | 2,134 | 11,724 | 17,552 | 2,294,895 | 2,312,447 | ||||||||||||||||||||||||||||||||
Home equity | 168 | 57 | 2,119 | 2,344 | 225,106 | 227,450 | ||||||||||||||||||||||||||||||||
Consumer other | 1,990 | 1,028 | 2,158 | 5,176 | 268,734 | 273,910 | ||||||||||||||||||||||||||||||||
Total | $ | 7,290 | $ | 4,871 | $ | 38,152 | $ | 50,313 | $ | 8,284,996 | $ | 8,335,309 |
(In thousands) | (In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | (In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At or for the three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At or for the three months ended September 30, 2023 | At or for the three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | $ | — | Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | — | Commercial multifamily | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 1,399 | 421 | 808 | — | Commercial real estate owner occupied | 1,212 | 257 | 211 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 162 | 59 | — | — | Commercial real estate non-owner occupied | 4,010 | 52 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 15,489 | 8,503 | 1,667 | — | Commercial and industrial | 10,982 | 8,271 | 104 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 8,971 | 5,668 | 3,888 | — | Residential real estate | 8,368 | 4,678 | 3,802 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 1,491 | 452 | 606 | — | Home equity | 1,303 | 442 | 313 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 876 | — | 843 | — | Consumer other | 761 | — | 1,315 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 28,388 | $ | 15,103 | $ | 7,812 | $ | — | Total | $ | 26,636 | $ | 13,700 | $ | 5,745 | $ | — |
(In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | ||||||||||||||||||||||||||||||||||
At or for the three months ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Commercial multifamily | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 2,202 | 1,411 | 1,100 | — | ||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 191 | 73 | — | — | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 16,992 | 14,223 | 1,666 | — | ||||||||||||||||||||||||||||||||||
Residential real estate | 8,901 | 5,307 | 2,823 | — | ||||||||||||||||||||||||||||||||||
Home equity | 1,568 | 388 | 551 | — | ||||||||||||||||||||||||||||||||||
Consumer other | 1,260 | 2 | 898 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 31,114 | $ | 21,404 | $ | 7,038 | $ | — |
(In thousands) | (In thousands) | June 30, 2023 | December 31, 2022 | (In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Non-Accrual | Non-Accrual | $ | 28,388 | $ | 31,114 | Non-Accrual | $ | 26,636 | $ | 31,114 | ||||||||||||||||||||||||||||||
Substandard Accruing | Substandard Accruing | 103,327 | 88,665 | Substandard Accruing | 114,252 | 88,665 | ||||||||||||||||||||||||||||||||||
Total Classified | Total Classified | 131,715 | 119,779 | Total Classified | 140,888 | 119,779 | ||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 99,318 | 68,127 | Special Mention | 79,258 | 68,127 | ||||||||||||||||||||||||||||||||||
Total Criticized | Total Criticized | $ | 231,033 | $ | 187,906 | Total Criticized | $ | 220,146 | $ | 187,906 |
Type of Collateral | Type of Collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Real Estate | Investment Securities/Cash | Other | (In thousands) | Real Estate | Investment Securities/Cash | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | Construction | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | Commercial multifamily | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 798 | — | — | Commercial real estate owner occupied | 633 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 666 | — | — | Commercial real estate non-owner occupied | 352 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 5,022 | — | 7,320 | Commercial and industrial | 4,813 | — | 3,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 7,514 | — | — | Residential real estate | 6,951 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 471 | — | — | Home equity | 458 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | — | — | — | Consumer other | 42 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 14,471 | $ | — | $ | 7,320 | Total loans | $ | 13,249 | $ | — | $ | 3,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | Construction | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | Commercial multifamily | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 2,793 | — | — | Commercial real estate owner occupied | 2,793 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 384 | — | — | Commercial real estate non-owner occupied | 384 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 288 | — | 16,931 | Commercial and industrial | 288 | — | 16,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,910 | — | — | Residential real estate | 3,910 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 501 | — | — | Home equity | 501 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 2 | — | — | Consumer other | 2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 7,878 | $ | — | $ | 16,931 | Total loans | $ | 7,878 | $ | — | $ | 16,931 |
(In thousands) | (In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | (In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | — | — | — | — | Commercial multifamily | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | — | — | — | — | — | — | — | Commercial real estate owner occupied | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | — | — | 11,733 | — | — | — | 0.46 | Commercial real estate non-owner occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | — | 1,291 | — | — | — | 0.09 | Commercial and industrial | — | 34 | 6,240 | — | — | — | 0.46 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | — | — | — | — | Residential real estate | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | — | — | — | — | — | — | Home equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | — | — | — | — | — | — | — | Consumer other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 13,024 | $ | — | $ | — | $ | — | — | % | Total | $ | — | $ | 34 | $ | 6,240 | $ | — | $ | — | $ | — | 0.07 | % |
(In thousands) | (In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | (In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial multifamily | Commercial multifamily | — | — | — | — | — | — | — | Commercial multifamily | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | — | 387 | — | — | — | — | 0.06 | Commercial real estate owner occupied | — | 387 | — | — | — | — | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | — | — | 11,733 | — | — | — | 0.46 | Commercial real estate non-owner occupied | — | — | 11,733 | — | — | — | 0.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | — | 1,291 | — | 10 | — | 0.09 | Commercial and industrial | — | 34 | 7,531 | — | 10 | — | 0.56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | — | — | — | — | Residential real estate | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | — | — | — | — | — | — | Home equity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | — | — | — | — | — | — | — | Consumer other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 387 | $ | 13,024 | $ | — | $ | 10 | $ | — | — | % | Total | $ | — | $ | 421 | $ | 19,264 | $ | — | $ | 10 | $ | — | 0.22 | % |
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
Three months ended | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 0 | ||||||||||||||
Commercial real estate non-owner occupied | — | — | |||||||||||||||
Commercial and industrial | — | — | |||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 120 | ||||||||||||||
Commercial real estate non-owner occupied | — | — | 0 | ||||||||||||||
Commercial and industrial | — | 1.25 | 118 | ||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 120 | ||||||||||||||
Commercial real estate non-owner occupied | — | — | 12 | ||||||||||||||
Commercial and industrial | — | 1.00 | 34 | ||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(In thousands) | (In thousands) | June 30, 2023 | December 31, 2022 | (In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Time less than $100,000 | Time less than $100,000 | $ | 669,592 | $ | 549,265 | Time less than $100,000 | $ | 666,406 | $ | 549,265 | ||||||||||||||||||
Time $100,000 through $250,000 | Time $100,000 through $250,000 | 1,102,571 | 642,600 | Time $100,000 through $250,000 | 1,158,816 | 642,600 | ||||||||||||||||||||||
Time more than $250,000 | Time more than $250,000 | 663,455 | 441,842 | Time more than $250,000 | 620,213 | 441,842 | ||||||||||||||||||||||
Total time deposits | Total time deposits | $ | 2,435,618 | $ | 1,633,707 | Total time deposits | $ | 2,445,435 | $ | 1,633,707 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Principal | Rate | Principal | Rate | (Dollars in thousands) | Principal | Rate | Principal | Rate | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt: | Short-term debt: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from the FHLB | Advances from the FHLB | $ | 470,000 | 5.45 | % | $ | — | — | % | Advances from the FHLB | $ | 670,000 | 5.57 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||
Total short-term borrowings: | Total short-term borrowings: | 470,000 | 5.45 | — | — | Total short-term borrowings: | 670,000 | 5.57 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt: | Long-term debt: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from the FHLB and other borrowings | Advances from the FHLB and other borrowings | 204,345 | 3.83 | 4,445 | 0.71 | Advances from the FHLB and other borrowings | 134,295 | 4.06 | 4,445 | 0.71 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated borrowings | Subordinated borrowings | 98,237 | 5.50 | 98,089 | 5.50 | Subordinated borrowings | 98,286 | 5.50 | 98,089 | 5.50 | ||||||||||||||||||||||||||||||||||||||||||
Junior subordinated borrowing - Trust I | Junior subordinated borrowing - Trust I | 15,464 | 7.24 | 15,464 | 6.54 | Junior subordinated borrowing - Trust I | 15,464 | 7.49 | 15,464 | 6.54 | ||||||||||||||||||||||||||||||||||||||||||
Junior subordinated borrowing - Trust II | Junior subordinated borrowing - Trust II | 7,537 | 7.25 | 7,511 | 6.47 | Junior subordinated borrowing - Trust II | 7,550 | 7.37 | 7,511 | 6.47 | ||||||||||||||||||||||||||||||||||||||||||
Total long-term borrowings: | Total long-term borrowings: | 325,583 | 4.58 | 125,509 | 5.52 | Total long-term borrowings: | 255,595 | 4.92 | 125,509 | 5.52 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 795,583 | 5.09 | % | $ | 125,509 | 5.52 | % | Total | $ | 925,595 | 5.39 | % | $ | 125,509 | 5.52 | % |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except rates) | (In thousands, except rates) | Principal | Rate | (In thousands, except rates) | Principal | Rate | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate advances maturing: | Fixed rate advances maturing: | Fixed rate advances maturing: | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | $ | 460,000 | 5.45 | % | 2023 | $ | 660,000 | 5.57 | % | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 40,017 | 5.05 | 2024 | 40,014 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 40,000 | 4.55 | 2025 | 40,000 | 4.55 | ||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 65,539 | 3.61 | 2026 | 30,530 | 3.68 | ||||||||||||||||||||||||||||||||||||||||||||||
2027 and beyond | 2027 and beyond | 68,789 | 3.16 | 2027 and beyond | 33,751 | 3.07 | ||||||||||||||||||||||||||||||||||||||||||||||
Total FHLB advances | Total FHLB advances | $ | 674,345 | 4.96 | % | Total FHLB advances | $ | 804,295 | 5.32 | % |
Weighted | Weighted Average Rate | Estimated | Weighted | Weighted Average Rate | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional | Average | Contract | Fair Value | Notional | Average | Contract | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | Amount | Maturity | Received | pay rate | Asset (Liability) | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | (In thousands) | (In years) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on commercial loans (1) | Interest rate swaps on commercial loans (1) | $ | 600,000 | 2.4 | 5.07 | % | 3.64 | % | $ | 714 | Interest rate swaps on commercial loans (1) | $ | 600,000 | 2.1 | 3.64 | % | 5.32 | % | $ | 841 | ||||||||||||||||||||||||||||||||||||||
Interest rate collars on commercial loans | Interest rate collars on commercial loans | 200,000 | 3.0 | 781 | Interest rate collars on commercial loans | 200,000 | 2.8 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash flow hedges | Total cash flow hedges | 800,000 | 1,495 | Total cash flow hedges | 800,000 | 946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges: | Economic hedges: | Economic hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | Interest rate swap on tax advantaged economic development bond | $ | 6,637 | 6.4 | 4.55 | % | 5.09 | % | $ | (118) | Interest rate swap on tax advantaged economic development bond | $ | 6,421 | 6.2 | 4.96 | % | 5.09 | % | $ | (30) | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | Interest rate swaps on loans with commercial loan customers | 1,683,400 | 5.3 | 4.16 | % | 6.28 | % | (92,320) | Interest rate swaps on loans with commercial loan customers | 1,788,086 | 5.0 | 4.30 | % | 6.42 | % | (117,048) | ||||||||||||||||||||||||||||||||||||||||||
Offsetting interest rate swaps on loans with commercial loan customers (1) | Offsetting interest rate swaps on loans with commercial loan customers (1) | 1,683,400 | 5.3 | 6.28 | % | 4.16 | % | 49,004 | Offsetting interest rate swaps on loans with commercial loan customers (1) | 1,788,086 | 5.0 | 6.42 | % | 4.30 | % | 63,705 | ||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements with dealer banks | Risk participation agreements with dealer banks | 348,136 | 4.1 | (81) | Risk participation agreements with dealer banks | 377,852 | 5.7 | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Forward sale commitments | Forward sale commitments | 8,876 | 0.2 | 63 | Forward sale commitments | 2,312 | 0.2 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total economic hedges | Total economic hedges | 3,730,449 | (43,452) | Total economic hedges | 3,962,757 | (53,379) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-hedging derivatives: | Non-hedging derivatives: | Non-hedging derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments to lend | Commitments to lend | 9,369 | 0.2 | 37 | Commitments to lend | 6,409 | 0.2 | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-hedging derivatives | Total non-hedging derivatives | 9,369 | 37 | Total non-hedging derivatives | 6,409 | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,539,818 | $ | (41,920) | Total | $ | 4,769,166 | $ | (52,442) |
Weighted | Weighted Average Rate | Estimated | |||||||||||||||||||||||||||
Notional | Average | Contract | Fair Value | ||||||||||||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | |||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps on commercial loans | $ | 400,000 | 2.7 | 4.09 | % | 3.51 | % | $ | — | ||||||||||||||||||||
Forward-starting interest rate swaps on commercial loans | 200,000 | 3.3 | — | % | 3.90 | % | — | ||||||||||||||||||||||
Interest rate collars on commercial loans | 200,000 | 3.5 | 1,937 | ||||||||||||||||||||||||||
800,000 | 1,937 | ||||||||||||||||||||||||||||
Economic hedges: | |||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | $ | 7,062 | 6.9 | 4.49 | % | 5.09 | % | $ | (193) | ||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | 1,685,263 | 5.7 | 4.11 | % | 5.55 | % | (95,114) | ||||||||||||||||||||||
Offsetting interest rate swaps on loans with commercial loan customers (1) | 1,685,263 | 5.7 | 5.55 | % | 4.11 | % | 50,267 | ||||||||||||||||||||||
Risk participation agreements with dealer banks | 341,885 | 6.6 | (89) | ||||||||||||||||||||||||||
Forward sale commitments | 927 | 0.2 | 8 | ||||||||||||||||||||||||||
Total economic hedges | 3,720,400 | (45,121) | |||||||||||||||||||||||||||
Non-hedging derivatives: | |||||||||||||||||||||||||||||
Commitments to lend | 4,114 | 0.2 | 17 | ||||||||||||||||||||||||||
Total non-hedging derivatives | 4,114 | 17 | |||||||||||||||||||||||||||
Total | $ | 4,524,514 | $ | (43,167) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps on commercial loans: | Interest rate swaps on commercial loans: | Interest rate swaps on commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) recognized in accumulated other comprehensive loss | Unrealized (loss) recognized in accumulated other comprehensive loss | $ | (11,753) | $ | — | $ | (5,798) | $ | — | Unrealized (loss) recognized in accumulated other comprehensive loss | $ | (2,800) | $ | (5,555) | $ | (8,599) | $ | (5,555) | ||||||||||||||||||||||||||||
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense | (157) | — | (314) | — | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense | Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense | (159) | — | (473) | — | |||||||||||||||||||||||||||||||||||||||||
Net tax benefit on items recognized in accumulated other comprehensive income | Net tax benefit on items recognized in accumulated other comprehensive income | 3,197 | — | 1,641 | — | Net tax benefit on items recognized in accumulated other comprehensive income | 794 | 1,494 | 2,435 | 1,494 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects | Other comprehensive loss recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects | $ | (8,713) | $ | — | $ | (4,471) | $ | — | Other comprehensive loss recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects | $ | (2,165) | $ | (4,061) | $ | (6,637) | $ | (4,061) | ||||||||||||||||||||||||||||
Net interest expense recognized on hedged commercial loans | Net interest expense recognized on hedged commercial loans | $ | 2,034 | $ | — | $ | 3,327 | $ | — | Net interest expense recognized on hedged commercial loans | $ | 2,621 | $ | (136) | $ | 6,262 | $ | (136) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Economic hedges | Economic hedges | Economic hedges | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap on industrial revenue bond: | Interest rate swap on industrial revenue bond: | Interest rate swap on industrial revenue bond: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain recognized in other non-interest income | Unrealized gain recognized in other non-interest income | $ | 142 | $ | 217 | $ | 75 | $ | 649 | Unrealized gain recognized in other non-interest income | $ | 88 | $ | 304 | $ | 163 | $ | 953 | ||||||||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers: | Interest rate swaps on loans with commercial loan customers: | Interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | (24,230) | (44,927) | 2,794 | (123,625) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) recognized in other non-interest income | Unrealized (loss) recognized in other non-interest income | (24,728) | (53,788) | (21,934) | (177,413) | |||||||||||||||||||||||||||||||||||||||||
Favorable change in credit valuation adjustment recognized in other non-interest income | Favorable change in credit valuation adjustment recognized in other non-interest income | — | — | — | 1,809 | Favorable change in credit valuation adjustment recognized in other non-interest income | — | — | — | 1,809 | ||||||||||||||||||||||||||||||||||||
Offsetting interest rate swaps on loans with commercial loan customers: | Offsetting interest rate swaps on loans with commercial loan customers: | Offsetting interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | 24,230 | 44,927 | (2,794) | 123,625 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain recognized in other non-interest income | Unrealized gain recognized in other non-interest income | 24,728 | 53,788 | 21,934 | 177,413 | |||||||||||||||||||||||||||||||||||||||||
Risk participation agreements: | Risk participation agreements: | Risk participation agreements: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | Unrealized gain/(loss) recognized in other non-interest income | 25 | (292) | 8 | (400) | Unrealized gain/(loss) recognized in other non-interest income | 65 | (19) | 73 | (419) | ||||||||||||||||||||||||||||||||||||
Forward commitments: | Forward commitments: | Forward commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | 48 | 11 | 55 | (116) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | Unrealized (loss)/gain recognized in other non-interest income | (53) | (11) | 2 | (127) | |||||||||||||||||||||||||||||||||||||||||
Non-hedging derivatives | Non-hedging derivatives | Non-hedging derivatives | ||||||||||||||||||||||||||||||||||||||||||||
Commitments to lend | Commitments to lend | Commitments to lend | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | $ | 11 | $ | 8 | $ | 20 | $ | (98) | ||||||||||||||||||||||||||||||||||||||
Unrealized (loss) recognized in other non-interest income | Unrealized (loss) recognized in other non-interest income | $ | (46) | $ | (100) | $ | (26) | $ | (108) | |||||||||||||||||||||||||||||||||||||
Realized gain in other non-interest income | Realized gain in other non-interest income | 54 | 90 | 94 | 342 | Realized gain in other non-interest income | 210 | 78 | 304 | 420 |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Assets Presented in the | Gross Amounts Not Offset in the Statements of Condition | Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Assets Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | Recognized | Statements of | Statements of | Financial | Cash | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | (In thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional counterparties | Institutional counterparties | $ | 93,842 | $ | (43,336) | $ | 50,506 | $ | — | $ | — | $ | 50,506 | Institutional counterparties | $ | 117,306 | $ | (53,346) | $ | 63,960 | $ | — | $ | — | $ | 63,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial counterparties | Commercial counterparties | 2,250 | — | 2,250 | — | — | 2,250 | Commercial counterparties | 261 | — | 261 | — | — | 261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 96,092 | $ | (43,336) | $ | 52,756 | $ | — | $ | — | $ | 52,756 | Total | $ | 117,567 | $ | (53,346) | $ | 64,221 | $ | — | $ | — | $ | 64,221 |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the Statements of Condition | Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | Recognized | Statements of | Statements of | Financial | Cash | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | (In thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional counterparties | Institutional counterparties | $ | (1,600) | $ | 5 | $ | (1,595) | $ | 9,918 | $ | — | $ | 8,323 | Institutional counterparties | $ | (274) | $ | 2 | $ | (272) | $ | 9,676 | $ | — | $ | 9,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial counterparties | Commercial counterparties | (105,357) | 12,294 | (93,063) | — | — | (93,063) | Commercial counterparties | (131,221) | 14,857 | (116,364) | — | — | (116,364) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (106,957) | $ | 12,299 | $ | (94,658) | $ | 9,918 | $ | — | $ | (84,740) | Total | $ | (131,495) | $ | 14,859 | $ | (116,636) | $ | 9,676 | $ | — | $ | (106,960) |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Assets Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||||||||||||||||||||
(In thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | 96,295 | $ | (45,046) | $ | 51,249 | $ | — | $ | — | $ | 51,249 | ||||||||||||||||||||||||||
Commercial counterparties | 975 | — | 975 | — | — | 975 | ||||||||||||||||||||||||||||||||
Total | $ | 97,270 | $ | (45,046) | $ | 52,224 | $ | — | $ | — | $ | 52,224 |
Gross Amounts of | Gross Amounts Offset in the | Net Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||||||||||||||||||||
(In thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | (1,271) | $ | 36 | $ | (1,235) | $ | 11,973 | $ | — | $ | 10,738 | ||||||||||||||||||||||||||
Commercial counterparties | (102,595) | 6,507 | (96,088) | — | — | (96,088) | ||||||||||||||||||||||||||||||||
Total | $ | (103,866) | $ | 6,543 | $ | (97,323) | $ | 11,973 | $ | — | $ | (85,350) |
(In thousands) | (In thousands) | June 30, 2023 | December 31, 2022 | (In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Lease Right-of-Use Assets | Lease Right-of-Use Assets | Classification | Lease Right-of-Use Assets | Classification | ||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | Other assets | $ | 48,305 | $ | 46,411 | Operating lease right-of-use assets | Other assets | $ | 48,173 | $ | 46,411 | ||||||||||||||||||||||||||||
Finance lease right-of-use assets | Finance lease right-of-use assets | Premises and equipment, net | 5,857 | 6,151 | Finance lease right-of-use assets | Premises and equipment, net | 5,727 | 6,151 | ||||||||||||||||||||||||||||||||
Total Lease Right-of-Use Assets | Total Lease Right-of-Use Assets | $ | 54,162 | $ | 52,562 | Total Lease Right-of-Use Assets | $ | 53,900 | $ | 52,562 | ||||||||||||||||||||||||||||||
Lease Liabilities | Lease Liabilities | Lease Liabilities | ||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | Other liabilities | $ | 54,315 | $ | 53,736 | Operating lease liabilities | Other liabilities | $ | 54,128 | $ | 53,736 | ||||||||||||||||||||||||||||
Finance lease liabilities | Finance lease liabilities | Other liabilities | 8,979 | 9,306 | Finance lease liabilities | Other liabilities | 8,831 | 9,306 | ||||||||||||||||||||||||||||||||
Total Lease Liabilities | Total Lease Liabilities | $ | 63,294 | $ | 63,042 | Total Lease Liabilities | $ | 62,959 | $ | 63,042 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Weighted-Average Remaining Lease Term (in years) | Weighted-Average Remaining Lease Term (in years) | Weighted-Average Remaining Lease Term (in years) | ||||||||||||||||||||
Operating leases | Operating leases | 8.7 | 9.3 | Operating leases | 8.5 | 9.3 | ||||||||||||||||
Finance leases | Finance leases | 11.3 | 11.8 | Finance leases | 11.1 | 11.8 | ||||||||||||||||
Weighted-Average Discount Rate | Weighted-Average Discount Rate | Weighted-Average Discount Rate | ||||||||||||||||||||
Operating leases | Operating leases | 2.78 | % | 2.56 | % | Operating leases | 2.85 | % | 2.56 | % | ||||||||||||
Finance leases | Finance leases | 5.00 | % | 5.00 | % | Finance leases | 5.00 | % | 5.00 | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 30, 2023 | June 30, 2022 | (In thousands) | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows from operating leases | Operating cash flows from operating leases | $ | 2,251 | $ | 2,533 | Operating cash flows from operating leases | $ | 2,267 | $ | 2,518 | ||||||||||||||||||
Operating cash flows from finance leases | Operating cash flows from finance leases | 112 | 120 | Operating cash flows from finance leases | 112 | 119 | ||||||||||||||||||||||
Financing cash flows from finance leases | Financing cash flows from finance leases | 148 | 138 | Financing cash flows from finance leases | 148 | 139 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 30, 2023 | June 30, 2022 | (In thousands) | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows from operating leases | Operating cash flows from operating leases | $ | 4,524 | $ | 5,149 | Operating cash flows from operating leases | $ | 6,800 | $ | 7,657 | ||||||||||||||||||
Operating cash flows from finance leases | Operating cash flows from finance leases | 225 | 240 | Operating cash flows from finance leases | 336 | 359 | ||||||||||||||||||||||
Financing cash flows from finance leases | Financing cash flows from finance leases | 295 | 276 | Financing cash flows from finance leases | 443 | 414 |
(In thousands) | (In thousands) | Operating Leases | Finance Leases | (In thousands) | Operating Leases | Finance Leases | ||||||||||||||||||||||
2023 | 2023 | $ | 4,775 | $ | 519 | 2023 | $ | 2,399 | $ | 260 | ||||||||||||||||||
2024 | 2024 | 9,247 | 1,039 | 2024 | 9,470 | 1,039 | ||||||||||||||||||||||
2025 | 2025 | 7,770 | 1,039 | 2025 | 8,259 | 1,039 | ||||||||||||||||||||||
2026 | 2026 | 6,838 | 1,039 | 2026 | 7,262 | 1,039 | ||||||||||||||||||||||
2027 | 2027 | 6,030 | 1,039 | 2027 | 6,383 | 1,039 | ||||||||||||||||||||||
Thereafter | Thereafter | 25,963 | 7,075 | Thereafter | 26,594 | 7,075 | ||||||||||||||||||||||
Total undiscounted lease payments | Total undiscounted lease payments | 60,623 | 11,750 | Total undiscounted lease payments | 60,367 | 11,491 | ||||||||||||||||||||||
Less amounts representing interest | Less amounts representing interest | (6,308) | (2,771) | Less amounts representing interest | (6,239) | (2,660) | ||||||||||||||||||||||
Lease liability | Lease liability | $ | 54,315 | $ | 8,979 | Lease liability | $ | 54,128 | $ | 8,831 |
June 30, 2023 | December 31, 2022 | Minimum Capital Requirement | September 30, 2023 | December 31, 2022 | Minimum Capital Requirement | |||||||||||||||||||||||||||||||||||
Company (consolidated) | Company (consolidated) | Company (consolidated) | ||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 14.4 | % | 14.6 | % | 8.0 | % | Total capital to risk-weighted assets | 14.4 | % | 14.6 | % | 8.0 | % | ||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | Common equity tier 1 capital to risk-weighted assets | 12.1 | 12.4 | 4.5 | Common equity tier 1 capital to risk-weighted assets | 12.1 | 12.4 | 4.5 | ||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 12.3 | 12.6 | 6.0 | Tier 1 capital to risk-weighted assets | 12.3 | 12.6 | 6.0 | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | Tier 1 capital to average assets | 9.6 | 10.2 | 4.0 | Tier 1 capital to average assets | 9.8 | 10.2 | 4.0 |
June 30, 2023 | December 31, 2022 | Regulatory Minimum to be Adequately Capitalized | Regulatory Minimum to be Well Capitalized | September 30, 2023 | December 31, 2022 | Regulatory Minimum to be Adequately Capitalized | Regulatory Minimum to be Well Capitalized | |||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 13.4 | % | 13.6 | % | 8.0 | % | 10.0 | % | Total capital to risk-weighted assets | 13.4 | % | 13.6 | % | 8.0 | % | 10.0 | % | ||||||||||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | Common equity tier 1 capital to risk-weighted assets | 12.4 | 12.6 | 4.5 | 6.5 | Common equity tier 1 capital to risk-weighted assets | 12.4 | 12.6 | 4.5 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 12.4 | 12.6 | 6.0 | 8.0 | Tier 1 capital to risk-weighted assets | 12.4 | 12.6 | 6.0 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | Tier 1 capital to average assets | 9.6 | 10.2 | 4.0 | 5.0 | Tier 1 capital to average assets | 9.7 | 10.2 | 4.0 | 5.0 |
(In thousands) | (In thousands) | June 30, 2023 | December 31, 2022 | (In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Other accumulated comprehensive income, before tax: | Other accumulated comprehensive income, before tax: | Other accumulated comprehensive income, before tax: | ||||||||||||||||||||||||||
Net unrealized holding (loss) on AFS securities | Net unrealized holding (loss) on AFS securities | $ | (237,760) | $ | (236,887) | Net unrealized holding (loss) on AFS securities | $ | (278,285) | $ | (236,887) | ||||||||||||||||||
Net unrealized (loss) on cash flow hedging derivatives | Net unrealized (loss) on cash flow hedging derivatives | (12,780) | (6,667) | Net unrealized (loss) on cash flow hedging derivatives | (15,739) | (6,667) | ||||||||||||||||||||||
Net unrealized holding (loss) on pension plans | Net unrealized holding (loss) on pension plans | (844) | (844) | Net unrealized holding (loss) on pension plans | (844) | (844) | ||||||||||||||||||||||
Income taxes related to items of accumulated other comprehensive income: | Income taxes related to items of accumulated other comprehensive income: | Income taxes related to items of accumulated other comprehensive income: | ||||||||||||||||||||||||||
Net unrealized tax benefit on AFS securities | Net unrealized tax benefit on AFS securities | 61,486 | 61,329 | Net unrealized tax benefit on AFS securities | 72,030 | 61,329 | ||||||||||||||||||||||
Net unrealized tax benefit on cash flow hedging derivatives | Net unrealized tax benefit on cash flow hedging derivatives | 3,430 | 1,789 | Net unrealized tax benefit on cash flow hedging derivatives | 4,224 | 1,789 | ||||||||||||||||||||||
Net unrealized tax benefit on pension plans | Net unrealized tax benefit on pension plans | 228 | 228 | Net unrealized tax benefit on pension plans | 228 | 228 | ||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | $ | (186,240) | $ | (181,052) | Accumulated other comprehensive loss | $ | (218,386) | $ | (181,052) |
(In thousands) | (In thousands) | Before Tax | Tax Effect | Net of Tax | (In thousands) | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | x | Net unrealized holding loss on AFS securities: | x | ||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | Net unrealized (losses) arising during the period | $ | (24,842) | $ | 6,381 | $ | (18,461) | Net unrealized (losses) arising during the period | $ | (40,525) | $ | 10,544 | $ | (29,981) | ||||||||||||||||||||||||||
Less: reclassification adjustment for gains realized in net income | Less: reclassification adjustment for gains realized in net income | — | — | — | Less: reclassification adjustment for gains realized in net income | — | — | — | ||||||||||||||||||||||||||||||||
Net unrealized holding gain on AFS securities | Net unrealized holding gain on AFS securities | (24,842) | 6,381 | (18,461) | Net unrealized holding gain on AFS securities | (40,525) | 10,544 | (29,981) | ||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized (loss) arising during the period | (12,067) | 3,239 | (8,828) | |||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | (157) | 42 | (115) | |||||||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | (11,910) | 3,197 | (8,713) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | $ | (36,752) | $ | 9,578 | $ | (27,174) | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on AFS securities: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | $ | (60,481) | $ | 15,723 | $ | (44,758) | ||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for gains realized in net income | 6 | (2) | 4 | |||||||||||||||||||||||||||||||||||||
Net unrealized holding (loss) on AFS securities | (60,487) | 15,725 | (44,762) | |||||||||||||||||||||||||||||||||||||
Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||
Net unrealized (loss) arising during the period | Net unrealized (loss) arising during the period | — | — | — | Net unrealized (loss) arising during the period | (3,118) | 836 | (2,282) | ||||||||||||||||||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | Less: reclassification adjustment for (losses) realized in net income | — | — | — | Less: reclassification adjustment for (losses) realized in net income | (159) | 42 | (117) | ||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | — | — | — | |||||||||||||||||||||||||||||||||||||
Net unrealized loss on cash flow hedging derivatives | Net unrealized loss on cash flow hedging derivatives | (2,959) | 794 | (2,165) | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | $ | (60,487) | $ | 15,725 | $ | (44,762) | Other comprehensive (loss) | $ | (43,484) | $ | 11,338 | $ | (32,146) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | |||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | Net unrealized (losses) arising during the period | $ | (83,073) | $ | 21,639 | $ | (61,434) | |||||||||||||||||||||||||||||||||
Less: reclassification adjustment for gains realized in net income | Less: reclassification adjustment for gains realized in net income | — | — | — | ||||||||||||||||||||||||||||||||||||
Net unrealized holding (loss) on AFS securities | Net unrealized holding (loss) on AFS securities | (83,073) | 21,639 | (61,434) | ||||||||||||||||||||||||||||||||||||
Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | |||||||||||||||||||||||||||||||||||||||
Net unrealized (loss) arising during the period | Net unrealized (loss) arising during the period | (5,555) | 1,494 | (4,061) | ||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | Less: reclassification adjustment for (losses) realized in net income | — | — | — | ||||||||||||||||||||||||||||||||||||
Net unrealized (loss) on cash flow hedging derivatives | Net unrealized (loss) on cash flow hedging derivatives | (5,555) | 1,494 | (4,061) | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | $ | (88,628) | $ | 23,133 | $ | (65,495) |
(In thousands) | (In thousands) | Before Tax | Tax Effect | Net of Tax | (In thousands) | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gain on AFS securities: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gains arising during the period | $ | (874) | $ | 157 | $ | (717) | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | |||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | Net unrealized (losses) arising during the period | $ | (41,398) | $ | 10,701 | $ | (30,697) | |||||||||||||||||||||||||||||||||
Less: reclassification adjustment for gains realized in net income | Less: reclassification adjustment for gains realized in net income | — | — | — | Less: reclassification adjustment for gains realized in net income | — | — | — | ||||||||||||||||||||||||||||||||
Net unrealized holding gain on AFS securities | (874) | 157 | (717) | |||||||||||||||||||||||||||||||||||||
Net unrealized holding (loss) on AFS securities | Net unrealized holding (loss) on AFS securities | (41,398) | 10,701 | (30,697) | ||||||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gain arising during the period | (6,426) | 1,725 | (4,701) | |||||||||||||||||||||||||||||||||||||
Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | |||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | Net unrealized (losses) arising during the period | (9,545) | 2,562 | (6,983) | ||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | Less: reclassification adjustment for (losses) realized in net income | (314) | 84 | (230) | Less: reclassification adjustment for (losses) realized in net income | (473) | 127 | (346) | ||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | (6,112) | 1,641 | (4,471) | |||||||||||||||||||||||||||||||||||||
Net unrealized loss on cash flow hedging derivatives | Net unrealized loss on cash flow hedging derivatives | (9,072) | 2,435 | (6,637) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | $ | (6,986) | $ | 1,798 | $ | (5,188) | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | $ | (50,470) | $ | 13,136 | $ | (37,334) | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | Net unrealized holding loss on AFS securities: | ||||||||||||||||||||||||||||||||||||||
Net unrealized (losses) arising during the period | Net unrealized (losses) arising during the period | $ | (161,854) | $ | 42,102 | $ | (119,752) | Net unrealized (losses) arising during the period | $ | (244,927) | $ | 63,741 | $ | (181,186) | ||||||||||||||||||||||||||
Less: reclassification adjustment for gains realized in net income | Less: reclassification adjustment for gains realized in net income | 6 | (2) | 4 | Less: reclassification adjustment for gains realized in net income | 6 | (2) | 4 | ||||||||||||||||||||||||||||||||
Net unrealized holding (loss) on AFS securities | Net unrealized holding (loss) on AFS securities | (161,860) | 42,104 | (119,756) | Net unrealized holding (loss) on AFS securities | (244,933) | 63,743 | (181,190) | ||||||||||||||||||||||||||||||||
Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | Net unrealized loss on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||
Net unrealized (loss) arising during the period | Net unrealized (loss) arising during the period | — | — | — | Net unrealized (loss) arising during the period | (5,555) | 1,494 | (4,061) | ||||||||||||||||||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | Less: reclassification adjustment for (losses) realized in net income | — | — | — | Less: reclassification adjustment for (losses) realized in net income | — | — | — | ||||||||||||||||||||||||||||||||
Net unrealized gain on cash flow hedging derivatives | — | — | — | |||||||||||||||||||||||||||||||||||||
Net unrealized (loss) on cash flow hedging derivatives | Net unrealized (loss) on cash flow hedging derivatives | (5,555) | 1,494 | (4,061) | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | Other comprehensive (loss) | (161,860) | 42,104 | (119,756) | Other comprehensive (loss) | (250,488) | 65,237 | (185,251) |
(In thousands) | (In thousands) | Net unrealized holding loss on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding loss on pension plans | Total | (In thousands) | Net unrealized holding loss on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding loss on pension plans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Balance at Beginning of Period | $ | (157,813) | $ | (636) | $ | (617) | $ | (159,066) | Balance at Beginning of Period | $ | (176,274) | $ | (9,350) | $ | (616) | $ | (186,240) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | Other comprehensive (loss) before reclassifications | (18,461) | (8,828) | (27,289) | Other comprehensive (loss) before reclassifications | (29,981) | (2,282) | (32,263) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | Less: amounts reclassified from accumulated other comprehensive (loss) | — | (115) | — | (115) | Less: amounts reclassified from accumulated other comprehensive (loss) | — | (117) | — | (117) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) | Total other comprehensive (loss) | (18,461) | (8,713) | — | (27,174) | Total other comprehensive (loss) | (29,981) | (2,165) | — | (32,146) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | (176,274) | $ | (9,349) | $ | (617) | $ | (186,240) | Balance at End of Period | $ | (206,255) | $ | (11,515) | $ | (616) | $ | (218,386) | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Balance at Beginning of Period | $ | (76,392) | $ | — | $ | (1,845) | $ | (78,237) | Balance at Beginning of Period | $ | (121,154) | $ | — | $ | (1,845) | $ | (122,999) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | Other comprehensive (loss) before reclassifications | (44,758) | — | — | (44,758) | Other comprehensive (loss) before reclassifications | (61,434) | (4,061) | — | (65,495) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | Less: amounts reclassified from accumulated other comprehensive (loss) | 4 | — | — | 4 | Less: amounts reclassified from accumulated other comprehensive (loss) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | (44,762) | — | — | (44,762) | Total other comprehensive income | (61,434) | (4,061) | — | (65,495) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | (121,154) | $ | — | $ | (1,845) | $ | (122,999) | Balance at End of Period | $ | (182,588) | $ | (4,061) | $ | (1,845) | $ | (188,494) |
(In thousands) | (In thousands) | Net unrealized holding loss on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding loss on pension plans | Total | (In thousands) | Net unrealized holding loss on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding loss on pension plans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Balance at Beginning of Period | $ | (175,557) | $ | (4,878) | $ | (617) | (181,052) | Balance at Beginning of Period | $ | (175,558) | $ | (4,878) | $ | (616) | $ | (181,052) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | Other comprehensive (loss) before reclassifications | (717) | (4,701) | — | (5,418) | Other comprehensive (loss) before reclassifications | (30,697) | (6,983) | — | $ | (37,680) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | Less: amounts reclassified from accumulated other comprehensive (loss) | — | (230) | — | (230) | Less: amounts reclassified from accumulated other comprehensive (loss) | — | (346) | — | $ | (346) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) | Total other comprehensive (loss) | (717) | (4,471) | — | (5,188) | Total other comprehensive (loss) | (30,697) | (6,637) | — | (37,334) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | (176,274) | $ | (9,349) | $ | (617) | $ | (186,240) | Balance at End of Period | (206,255) | (11,515) | (616) | (218,386) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Balance at Beginning of Period | $ | (1,398) | $ | — | $ | (1,845) | $ | (3,243) | Balance at Beginning of Period | $ | (1,398) | $ | — | $ | (1,845) | $ | (3,243) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) before reclassifications | Other comprehensive (loss) before reclassifications | (119,752) | — | — | (119,752) | Other comprehensive (loss) before reclassifications | (181,186) | (4,061) | (185,247) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive (loss) | Less: amounts reclassified from accumulated other comprehensive (loss) | 4 | — | — | 4 | Less: amounts reclassified from accumulated other comprehensive (loss) | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | (119,756) | — | — | (119,756) | Total other comprehensive income | (181,190) | (4,061) | — | (185,251) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | (121,154) | $ | — | $ | (1,845) | $ | (122,999) | Balance at End of Period | $ | (182,588) | $ | (4,061) | $ | (1,845) | $ | (188,494) |
Affected Line Item in the | Affected Line Item in the | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Statement where Net Income | Three Months Ended September 30, | Statement where Net Income | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | is Presented | (In thousands) | 2023 | 2022 | is Presented | ||||||||||||||||||||||||||||||||
Realized gains on AFS securities: | Realized gains on AFS securities: | Realized gains on AFS securities: | ||||||||||||||||||||||||||||||||||||||
$ | — | $ | 6 | Non-interest income | $ | — | $ | — | Non-interest income | |||||||||||||||||||||||||||||||
— | (2) | Tax expense | — | — | Tax expense | |||||||||||||||||||||||||||||||||||
— | 4 | Net of tax | — | — | Net of tax | |||||||||||||||||||||||||||||||||||
Realized (losses) on cash flow hedging derivatives: | Realized (losses) on cash flow hedging derivatives: | Realized (losses) on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||
(157) | — | Interest expense | (159) | — | Interest expense | |||||||||||||||||||||||||||||||||||
— | — | Non-interest expense | — | — | Non-interest expense | |||||||||||||||||||||||||||||||||||
42 | — | Tax benefit | 42 | — | Tax benefit | |||||||||||||||||||||||||||||||||||
(115) | — | Net of tax | (117) | — | Net of tax | |||||||||||||||||||||||||||||||||||
Total reclassifications for the period | Total reclassifications for the period | $ | (115) | $ | 4 | Net of tax | Total reclassifications for the period | $ | (117) | $ | — | Net of tax |
Affected Line Item in the | Affected Line Item in the | |||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Statement where Net Income | Nine Months Ended September 30, | Statement where Net Income | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | is Presented | (In thousands) | 2023 | 2022 | is Presented | ||||||||||||||||||||||||||||||||
Realized gains on AFS securities: | Realized gains on AFS securities: | Realized gains on AFS securities: | ||||||||||||||||||||||||||||||||||||||
$ | — | $ | 6 | Non-interest income | $ | — | $ | 6 | Non-interest income | |||||||||||||||||||||||||||||||
— | (2) | Tax expense | — | (2) | Tax expense | |||||||||||||||||||||||||||||||||||
— | 4 | Net of tax | — | 4 | Net of tax | |||||||||||||||||||||||||||||||||||
Realized (losses) on cash flow hedging derivatives: | Realized (losses) on cash flow hedging derivatives: | Realized (losses) on cash flow hedging derivatives: | ||||||||||||||||||||||||||||||||||||||
(314) | — | Interest expense | (473) | — | Interest expense | |||||||||||||||||||||||||||||||||||
— | — | Non-interest expense | — | — | Non-interest expense | |||||||||||||||||||||||||||||||||||
84 | — | Tax benefit | 127 | — | Tax benefit | |||||||||||||||||||||||||||||||||||
(230) | — | Net of tax | (346) | — | Net of tax | |||||||||||||||||||||||||||||||||||
Total reclassifications for the period | Total reclassifications for the period | $ | (230) | $ | 4 | Net of tax | Total reclassifications for the period | $ | (346) | $ | 4 | Net of tax |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | Net income | $ | 19,545 | $ | 18,717 | $ | 71,043 | $ | 62,028 | ||||||||||||||||||||||||||||
Average number of common shares issued | Average number of common shares issued | 51,903 | 51,903 | 51,903 | 51,903 | Average number of common shares issued | 51,903 | 51,903 | 51,903 | 51,903 | ||||||||||||||||||||||||||||||||||||
Less: average number of treasury shares | Less: average number of treasury shares | 7,624 | 5,247 | 7,552 | 4,375 | Less: average number of treasury shares | 7,916 | 6,433 | 7,675 | 5,068 | ||||||||||||||||||||||||||||||||||||
Less: average number of unvested stock award shares | Less: average number of unvested stock award shares | 836 | 838 | 787 | 795 | Less: average number of unvested stock award shares | 823 | 770 | 793 | 779 | ||||||||||||||||||||||||||||||||||||
Average number of basic shares outstanding | Average number of basic shares outstanding | 43,443 | 45,818 | 43,564 | 46,733 | Average number of basic shares outstanding | 43,164 | 44,700 | 43,435 | 46,056 | ||||||||||||||||||||||||||||||||||||
Plus: dilutive effect of unvested stock award shares | Plus: dilutive effect of unvested stock award shares | 89 | 283 | 216 | 337 | Plus: dilutive effect of unvested stock award shares | 183 | 330 | 205 | 336 | ||||||||||||||||||||||||||||||||||||
Plus: dilutive effect of stock options outstanding | Plus: dilutive effect of stock options outstanding | — | 1 | — | 4 | Plus: dilutive effect of stock options outstanding | — | 4 | — | 4 | ||||||||||||||||||||||||||||||||||||
Average number of diluted shares outstanding | Average number of diluted shares outstanding | 43,532 | 46,102 | 43,780 | 47,074 | Average number of diluted shares outstanding | 43,347 | 45,034 | 43,640 | 46,396 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share: | Basic earnings per common share: | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.93 | Basic earnings per common share: | $ | 0.45 | $ | 0.42 | $ | 1.64 | $ | 1.35 | ||||||||||||||||||||||||||||
Diluted earnings per common share: | Diluted earnings per common share: | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 | Diluted earnings per common share: | $ | 0.45 | $ | 0.42 | $ | 1.63 | $ | 1.34 |
Non-Vested Stock Awards Outstanding | Stock Options Outstanding | Non-Vested Stock Awards Outstanding | Stock Options Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands) | (Shares in thousands) | Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Exercise Price | (Shares in thousands) | Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Exercise Price | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 704 | $ | 22.85 | 49 | $ | 26.46 | December 31, 2022 | 704 | $ | 22.85 | 49 | $ | 26.46 | ||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 392 | 27.00 | — | — | Granted | 400 | 26.87 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquired | Acquired | — | — | — | — | Acquired | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | Stock options exercised | — | — | — | — | Stock options exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards vested | Stock awards vested | (178) | 24.12 | — | — | Stock awards vested | (236) | 20.91 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (49) | 25.72 | — | — | Forfeited | (72) | 25.48 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Expired | Expired | — | — | — | — | Expired | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | 869 | $ | 24.60 | 49 | $ | 26.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | 796 | $ | 24.92 | 49 | $ | 26.46 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Inputs | Inputs | Inputs | Fair Value | (In thousands) | Inputs | Inputs | Inputs | Fair Value | ||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | $ | — | $ | — | $ | 6,405 | $ | 6,405 | Trading securities | $ | — | $ | — | $ | 6,171 | $ | 6,171 | ||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S Treasuries | U.S Treasuries | 7,981 | — | — | 7,981 | U.S Treasuries | 7,873 | — | — | 7,873 | ||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | — | 63,622 | — | 63,622 | Municipal bonds and obligations | — | 58,694 | — | 58,694 | ||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | Agency collateralized mortgage obligations | — | 491,340 | — | 491,340 | Agency collateralized mortgage obligations | — | 460,356 | — | 460,356 | ||||||||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities | Agency residential mortgage-backed securities | — | 518,552 | — | 518,552 | Agency residential mortgage-backed securities | — | 483,201 | — | 483,201 | ||||||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | Agency commercial mortgage-backed securities | — | 219,777 | — | 219,777 | Agency commercial mortgage-backed securities | — | 211,371 | — | 211,371 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 34,473 | 3,930 | 38,403 | Corporate bonds | — | 34,280 | 3,960 | 38,240 | ||||||||||||||||||||||||||||||||||||
Other bonds and obligations | Other bonds and obligations | — | 656 | — | 656 | Other bonds and obligations | — | 656 | — | 656 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 12,868 | — | — | 12,868 | Equity securities | 12,325 | — | — | 12,325 | ||||||||||||||||||||||||||||||||||||
Loans held for investment at fair value | Loans held for investment at fair value | — | — | 401 | 401 | Loans held for investment at fair value | — | — | 408 | 408 | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | — | 8,708 | — | 8,708 | Loans held for sale | — | 2,342 | — | 2,342 | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | — | 52,636 | 100 | 52,736 | Derivative assets | — | 64,151 | 10 | 64,161 | ||||||||||||||||||||||||||||||||||||
Capitalized servicing rights | Capitalized servicing rights | — | — | 1,886 | 1,886 | Capitalized servicing rights | — | — | 1,706 | 1,706 | ||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | — | 94,656 | — | 94,656 | Derivative liabilities | — | 116,594 | 9 | 116,603 |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | Inputs | Inputs | Inputs | Fair Value | |||||||||||||||||||
Trading securities | $ | — | $ | — | $ | 6,708 | $ | 6,708 | |||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S Treasuries | 11,973 | — | — | 11,973 | |||||||||||||||||||
Municipal bonds and obligations | — | 63,335 | — | 63,335 | |||||||||||||||||||
Agency collateralized mortgage obligations | — | 531,945 | — | 531,945 | |||||||||||||||||||
Agency residential mortgage-backed securities | — | 546,313 | — | 546,313 | |||||||||||||||||||
Agency commercial mortgage-backed securities | — | 228,468 | — | 228,468 | |||||||||||||||||||
Corporate bonds | — | 36,510 | 4,000 | 40,510 | |||||||||||||||||||
Equity securities | 12,856 | — | — | 12,856 | |||||||||||||||||||
Loans held for investment at fair value | — | — | 605 | 605 | |||||||||||||||||||
Loans held for sale | — | 942 | — | 942 | |||||||||||||||||||
Derivative assets | — | 54,216 | 25 | 54,241 | |||||||||||||||||||
Capitalized servicing rights | — | — | 1,846 | 1,846 | |||||||||||||||||||
Derivative liabilities | — | 97,030 | — | 97,030 |
Aggregate Fair Value | Aggregate Fair Value | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Aggregate | Aggregate | Less Aggregate | ||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | (In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | ||||||||||||||||||||||||||||||||
Loans held for investment at fair value | Loans held for investment at fair value | $ | 401 | $ | 9,285 | $ | (8,884) | Loans held for investment at fair value | $ | 408 | $ | 9,064 | $ | (8,656) |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2022 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for investment at fair value | $ | 605 | $ | 10,948 | $ | (10,343) |
Aggregate Fair Value | Aggregate Fair Value | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Aggregate | Aggregate | Less Aggregate | ||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | (In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | ||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | $ | 8,708 | $ | 8,584 | $ | 124 | Loans held for sale | $ | 2,342 | $ | 2,312 | $ | 30 |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2022 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for sale | $ | 942 | $ | 927 | $ | 15 |
Assets (Liabilities) | Assets (Liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Loans | Capitalized | Securities | Loans | Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading | Available | Held for | Commitments | Forward | Servicing | Trading | Available | Held for | Commitments | Forward | Servicing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | (In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 6,584 | $ | 3,800 | $ | 460 | $ | 26 | $ | 15 | $ | 1,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | $ | 6,405 | $ | 3,930 | $ | 401 | $ | 37 | $ | 63 | $ | 1,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | Unrealized (loss)/gain, net recognized in other non-interest income | 34 | — | (18) | 87 | 48 | 220 | Unrealized (loss)/gain, net recognized in other non-interest income | (19) | — | 28 | 26 | (53) | (180) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain included in accumulated other comprehensive income | Unrealized gain included in accumulated other comprehensive income | — | 130 | — | — | — | — | Unrealized gain included in accumulated other comprehensive income | — | 30 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydown of asset | Paydown of asset | (213) | — | (41) | — | — | — | Paydown of asset | (215) | — | (21) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to held for sale loans | Transfers to held for sale loans | — | — | — | (76) | — | — | Transfers to held for sale loans | — | — | — | (72) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | $ | 6,405 | $ | 3,930 | $ | 401 | $ | 37 | $ | 63 | $ | 1,886 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | $ | 6,171 | $ | 3,960 | $ | 408 | $ | (9) | $ | 10 | $ | 1,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | $ | 6,708 | $ | 4,000 | $ | 605 | $ | 17 | $ | 8 | $ | 1,846 | December 31, 2022 | $ | 6,708 | $ | 4,000 | $ | 605 | $ | 17 | $ | 8 | $ | 1,846 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | Unrealized (loss)/gain, net recognized in other non-interest income | 123 | — | (147) | 121 | 55 | 40 | Unrealized (loss)/gain, net recognized in other non-interest income | 104 | — | (119) | 146 | 2 | (140) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) included in accumulated other comprehensive income | Unrealized (loss) included in accumulated other comprehensive income | — | (70) | — | — | — | — | Unrealized (loss) included in accumulated other comprehensive income | — | (40) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydown of asset | Paydown of asset | (426) | — | (57) | — | — | — | Paydown of asset | (641) | — | (78) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to held for sale loans | Transfers to held for sale loans | — | — | — | (101) | — | — | Transfers to held for sale loans | — | — | — | (172) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | $ | 6,405 | $ | 3,930 | $ | 401 | $ | 37 | $ | 63 | $ | 1,886 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | $ | 6,171 | $ | 3,960 | $ | 408 | $ | (9) | $ | 10 | $ | 1,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain relating to instruments still held at June 30, 2023 | $ | (266) | $ | (200) | $ | — | $ | 37 | $ | 63 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain relating to instruments still held at September 30, 2023 | Unrealized (loss)/gain relating to instruments still held at September 30, 2023 | $ | (251) | $ | (40) | $ | — | $ | (9) | $ | 10 | $ | — |
Assets (Liabilities) | Assets (Liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Loans | Capitalized | Securities | Loans | Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading | Available | Held for | Commitments | Forward | Servicing | Trading | Available | Held for | Commitments | Forward | Servicing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | (In thousands) | Securities | for Sale | Investment | to Lend | Commitments | Rights | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | $ | 7,798 | $ | 4,020 | $ | 1,197 | $ | 18 | $ | 7 | $ | 1,786 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | $ | 7,040 | $ | 4,020 | $ | 1,049 | $ | 26 | $ | 18 | $ | 1,906 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | Unrealized (loss)/gain, net recognized in other non-interest income | (556) | — | 259 | 60 | 11 | 120 | Unrealized (loss)/gain, net recognized in other non-interest income | (23) | — | (6) | 41 | (11) | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain included in accumulated other comprehensive income | Unrealized gain included in accumulated other comprehensive income | — | — | — | — | — | — | Unrealized gain included in accumulated other comprehensive income | — | (100) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydown of asset | Paydown of asset | (202) | (407) | — | — | — | Paydown of asset | (205) | (247) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to held for sale loans | Transfers to held for sale loans | — | — | — | (52) | — | — | Transfers to held for sale loans | — | — | — | (52) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | $ | 7,040 | $ | 4,020 | $ | 1,049 | $ | 26 | $ | 18 | $ | 1,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | $ | 6,812 | $ | 3,920 | $ | 796 | $ | 15 | $ | 7 | $ | 2,026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | $ | 8,354 | $ | 4,030 | $ | 1,200 | $ | 124 | $ | 134 | $ | 1,966 | December 31, 2021 | $ | 8,354 | $ | 4,030 | $ | 1,200 | $ | 124 | $ | 134 | $ | 1,966 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain, net recognized in other non-interest income | Unrealized (loss)/gain, net recognized in other non-interest income | (910) | — | 468 | 130 | (116) | (60) | Unrealized (loss)/gain, net recognized in other non-interest income | (933) | — | 462 | 171 | (127) | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) included in accumulated other comprehensive income | Unrealized (loss) included in accumulated other comprehensive income | — | (10) | — | — | — | — | Unrealized (loss) included in accumulated other comprehensive income | — | (110) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paydown of asset | Paydown of asset | (404) | — | (619) | — | — | — | Paydown of asset | (609) | — | (866) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to held for sale loans | Transfers to held for sale loans | — | — | — | (228) | — | — | Transfers to held for sale loans | — | — | — | (280) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to servicing rights | Additions to servicing rights | — | — | 0 | — | — | — | Additions to servicing rights | — | — | 0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | $ | 7,040 | $ | 4,020 | $ | 1,049 | $ | 26 | $ | 18 | $ | 1,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | $ | 6,812 | $ | 3,920 | $ | 796 | $ | 15 | $ | 7 | $ | 2,026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain relating to instruments still held at June 30, 2022 | $ | (436) | $ | 20 | $ | — | $ | 26 | $ | 18 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss)/gain relating to instruments still held at September 30, 2022 | Unrealized (loss)/gain relating to instruments still held at September 30, 2022 | $ | (459) | $ | (80) | $ | — | $ | 26 | $ | 18 | $ | — |
Fair Value | Significant Unobservable Input | Fair Value | Significant Unobservable Input | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 30, 2023 | Valuation Techniques | Unobservable Inputs | Value | (In thousands) | September 30, 2023 | Valuation Techniques | Unobservable Inputs | Value | ||||||||||||||||||||||||||||||||||||||||||
Assets (Liabilities) | Assets (Liabilities) | Assets (Liabilities) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities | Trading Securities | $ | 6,405 | Discounted Cash Flow | Discount Rate | 5.23 | % | Trading Securities | $ | 6,171 | Discounted Cash Flow | Discount Rate | 5.14 | % | ||||||||||||||||||||||||||||||||||||||
AFS Securities | AFS Securities | 3,930 | Indication from Market Maker | Price | 98.00% | AFS Securities | 3,960 | Indication from Market Maker | Price | 99.00% | ||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 401 | Discounted Cash Flow | Discount Rate | 25.00 | % | Loans held for investment | 408 | Discounted Cash Flow | Discount Rate | 25.00 | % | ||||||||||||||||||||||||||||||||||||||||
Collateral Value | $0.0 - $17.8 | Collateral Value | $0.0 - $18.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments to lend | Commitments to lend | 37 | Historical Trend | Closing Ratio | 85.01 | % | Commitments to lend | (9) | Historical Trend | Closing Ratio | 80.39 | % | ||||||||||||||||||||||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 63 | Historical Trend | Closing Ratio | 85.01 | % | Forward commitments | 10 | Historical Trend | Closing Ratio | 80.39 | % | ||||||||||||||||||||||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Capitalized servicing rights | Capitalized servicing rights | 1,886 | Discounted cash flow | Constant Prepayment Rate (CPR) | 9.87 | % | Capitalized servicing rights | 1,706 | Discounted cash flow | Constant Prepayment Rate (CPR) | 8.62 | % | ||||||||||||||||||||||||||||||||||||||||
Discount Rate | 9.57 | % | Discount Rate | 10.58 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,722 | Total | $ | 12,246 |
Fair Value | Significant Unobservable Input | |||||||||||||||||||||||||
(In thousands) | December 31, 2022 | Valuation Techniques | Unobservable Inputs | Value | ||||||||||||||||||||||
Assets (Liabilities) | ||||||||||||||||||||||||||
Trading Securities | $ | 6,708 | Discounted Cash Flow | Discount Rate | 5.92 | % | ||||||||||||||||||||
AFS Securities | 4,000 | Indication from Market Maker | Price | 100.00 | % | |||||||||||||||||||||
Loans held for investment | 605 | Discounted Cash Flow | Discount Rate | 25.00 | % | |||||||||||||||||||||
Collateral Value | $0.0- $20.4 | |||||||||||||||||||||||||
Commitments to lend | 17 | Historical Trend | Closing Ratio | 80.63 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2 | |||||||||||||||||||||||
Forward commitments | 8 | Historical Trend | Closing Ratio | 80.63 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2 | |||||||||||||||||||||||
Capitalized servicing rights | 1,846 | Discounted Cash Flow | Constant Prepayment Rate (CPR) | 11.07 | % | |||||||||||||||||||||
Discount Rate | 9.56 | % | ||||||||||||||||||||||||
Total | $ | 13,184 |
June 30, 2023 | Fair Value Measurement Date | December 31, 2022 | Fair Value Measurement Date | September 30, 2023 | Fair Value Measurement Date | December 31, 2022 | Fair Value Measurement Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Inputs | Inputs | Inputs | Inputs | (In thousands) | Inputs | Inputs | Inputs | Inputs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated | Individually evaluated | $ | 5,773 | June 2023 | $ | 14,571 | December 2022 | Individually evaluated | $ | 5,676 | September 2023 | $ | 14,571 | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | — | June 2023 | 3,369 | December 2022 | Loans held for sale | — | September 2023 | 3,369 | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized servicing rights | Capitalized servicing rights | 11,223 | June 2023 | 11,201 | December 2022 | Capitalized servicing rights | 10,850 | September 2023 | 11,201 | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 16,996 | $ | 29,141 | Total | $ | 16,526 | $ | 29,141 |
Fair Value | ||||||||||||||||||||||||||
(In thousands) | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (1) | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated | $ | Fair Value of Collateral | Discounted Cash Flow - Loss Severity | (100.00)% to | ||||||||||||||||||||||
Appraised Value | $0 to | |||||||||||||||||||||||||
Capitalized servicing rights | Discounted Cash Flow | Constant Prepayment Rate (CPR) | 4.78% to | |||||||||||||||||||||||
Discount Rate | 9.59% to | |||||||||||||||||||||||||
Total | $ |
Fair Value | ||||||||||||||||||||||||||
(In thousands) | December 31, 2022 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (1) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated | $ | 14,571 | Fair Value of Collateral | Discounted Cash Flow - loss severity | (100.00)% to 74.74% ((40.02)%) | |||||||||||||||||||||
Appraised Value | $0 to $2,160 ($643) | |||||||||||||||||||||||||
Loans held for sale | 3,369 | Fair Value of Collateral | Appraised Value | $3,369 | ||||||||||||||||||||||
Capitalized servicing rights | 11,201 | Discounted Cash Flow | Constant Prepayment Rate (CPR) | 5.81% to 13.18% (10.94%) | ||||||||||||||||||||||
Discount Rate | 9.59% to 22.70% (16.83%) | |||||||||||||||||||||||||
Total | $ | 29,141 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | (In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 640,600 | $ | 640,600 | $ | 640,600 | $ | — | $ | — | Cash and cash equivalents | $ | 663,470 | $ | 663,470 | $ | 663,470 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 6,405 | 6,405 | — | — | 6,405 | Trading securities | 6,171 | 6,171 | — | — | 6,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 12,868 | 12,868 | 12,868 | — | — | Equity securities | 12,325 | 12,325 | 12,325 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | 1,340,331 | 1,340,331 | 7,981 | 1,328,420 | 3,930 | Securities available for sale | 1,260,391 | 1,260,391 | 7,873 | 1,248,558 | 3,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | 563,765 | 487,960 | — | 486,313 | 1,647 | Securities held to maturity | 552,981 | 453,729 | — | 452,178 | 1,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | Federal Home Loan Bank stock | 34,714 | N/A | N/A | N/A | N/A | Federal Home Loan Bank stock | 38,912 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans | Net loans | 8,782,183 | 8,727,074 | — | — | 8,727,074 | Net loans | 8,881,585 | 8,757,345 | — | — | 8,757,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 8,708 | 8,708 | — | 8,708 | — | Loans held for sale | 2,342 | 2,342 | — | 2,342 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 50,580 | 50,580 | — | 50,580 | — | Accrued interest receivable | 52,669 | 52,669 | — | 52,669 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 52,736 | 52,736 | — | 52,636 | 100 | Derivative assets | 64,161 | 64,161 | — | 64,151 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 10,068,407 | $ | 10,035,236 | $ | — | $ | 10,035,236 | $ | — | Total deposits | $ | 9,980,544 | $ | 9,951,662 | $ | — | $ | 9,947,373 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 470,000 | 469,935 | — | 469,935 | — | Short-term debt | 670,000 | 669,981 | — | 669,981 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances and other | Long-term Federal Home Loan Bank advances and other | 204,345 | 196,824 | — | 196,824 | — | Long-term Federal Home Loan Bank advances and other | 134,295 | 129,182 | — | 129,182 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated borrowings | Subordinated borrowings | 121,238 | 100,739 | — | 100,739 | — | Subordinated borrowings | 121,300 | 94,192 | — | 94,192 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 7,096 | 7,096 | — | 7,096 | — | Accrued interest payable | 12,794 | 12,794 | — | 12,794 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 94,656 | 94,656 | — | 94,656 | — | Derivative liabilities | 116,603 | 116,603 | — | 116,594 | 9 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Carrying | Fair | |||||||||||||||||||||||||||||||
(In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 685,355 | $ | 685,355 | $ | 685,355 | $ | — | $ | — | ||||||||||||||||||||||
Trading securities | 6,708 | 6,708 | — | — | 6,708 | |||||||||||||||||||||||||||
Equity securities | 12,856 | 12,856 | 12,856 | — | — | |||||||||||||||||||||||||||
Securities available for sale and other | 1,423,200 | 1,423,200 | 11,973 | 1,407,227 | 4,000 | |||||||||||||||||||||||||||
Securities held to maturity | 583,453 | 507,464 | — | 505,508 | 1,956 | |||||||||||||||||||||||||||
Federal Home Loan Bank stock | 7,219 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Net loans | 8,239,039 | 8,194,110 | — | — | 8,194,110 | |||||||||||||||||||||||||||
Loans held for sale | 4,311 | 4,311 | — | 942 | 3,369 | |||||||||||||||||||||||||||
Accrued interest receivable | 46,868 | 46,868 | — | 46,868 | — | |||||||||||||||||||||||||||
Derivative assets | 54,241 | 54,241 | — | 54,216 | 25 | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Total deposits | $ | 10,327,269 | $ | 10,283,543 | $ | — | $ | 10,283,543 | $ | — | ||||||||||||||||||||||
Short-term debt | — | — | — | — | — | |||||||||||||||||||||||||||
Long-term Federal Home Loan Bank advances | 4,445 | 2,782 | — | 2,782 | — | |||||||||||||||||||||||||||
Subordinated borrowings | 121,064 | 110,853 | — | 110,853 | — | |||||||||||||||||||||||||||
Accrued interest payable | 1,610 | 1,610 | — | 1,610 | — | |||||||||||||||||||||||||||
Derivative liabilities | 97,030 | 97,030 | — | 97,030 | — | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 92,759 | $ | 81,358 | $ | 190,292 | $ | 150,421 | Net interest income | $ | 90,334 | $ | 92,084 | $ | 280,626 | $ | 242,505 | ||||||||||||||||||||||||||||||||||
Provision/(benefit) for credit losses | Provision/(benefit) for credit losses | 8,000 | — | 16,999 | (4,000) | Provision/(benefit) for credit losses | 8,000 | 3,000 | 24,999 | (1,000) | ||||||||||||||||||||||||||||||||||||||||||
Net interest after provision for credit losses | Net interest after provision for credit losses | $ | 84,759 | $ | 81,358 | $ | 173,293 | $ | 154,421 | Net interest after provision for credit losses | $ | 82,334 | $ | 89,084 | $ | 255,627 | $ | 243,505 |
At or for the | At or for the | At or for the | At or for the | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
NOMINAL AND PER SHARE DATA | NOMINAL AND PER SHARE DATA | NOMINAL AND PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings per common share, diluted | Net earnings per common share, diluted | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 | Net earnings per common share, diluted | $ | 0.45 | $ | 0.42 | $ | 1.63 | $ | 1.34 | ||||||||||||||||||||||||||||
Operating earnings per common share, diluted (1)(2) | Operating earnings per common share, diluted (1)(2) | 0.55 | 0.51 | 1.18 | 0.94 | Operating earnings per common share, diluted (1)(2) | 0.50 | 0.62 | 1.67 | 1.56 | ||||||||||||||||||||||||||||||||||||
Net income, (thousands) | Net income, (thousands) | 23,861 | 23,115 | 51,498 | 43,311 | Net income, (thousands) | 19,545 | 18,717 | 71,043 | 62,028 | ||||||||||||||||||||||||||||||||||||
Operating net income, (thousands) (1)(2) | Operating net income, (thousands) (1)(2) | 23,878 | 23,562 | 51,486 | 44,351 | Operating net income, (thousands) (1)(2) | 21,516 | 27,928 | 73,002 | 72,279 | ||||||||||||||||||||||||||||||||||||
Net interest income, non FTE | Net interest income, non FTE | 92,759 | 81,358 | 190,292 | 150,421 | Net interest income, non FTE | 90,334 | 92,084 | 280,626 | 242,505 | ||||||||||||||||||||||||||||||||||||
Net interest income, FTE (4) | Net interest income, FTE (4) | 94,721 | 82,918 | 194,161 | 153,505 | Net interest income, FTE (4) | 92,314 | 93,799 | 286,476 | 247,304 | ||||||||||||||||||||||||||||||||||||
Total common shares outstanding, (thousands) | Total common shares outstanding, (thousands) | 44,033 | 45,788 | 44,033 | 45,788 | Total common shares outstanding, (thousands) | 43,822 | 45,040 | 43,822 | 45,040 | ||||||||||||||||||||||||||||||||||||
Average diluted shares, (thousands) | Average diluted shares, (thousands) | 43,532 | 46,102 | 43,780 | 47,074 | Average diluted shares, (thousands) | 43,347 | 45,034 | 43,640 | 46,396 | ||||||||||||||||||||||||||||||||||||
Total book value per common share | Total book value per common share | 22.11 | 22.15 | 22.11 | 22.15 | Total book value per common share | 21.70 | 20.93 | 21.70 | 20.93 | ||||||||||||||||||||||||||||||||||||
Tangible book value per common share (2) | Tangible book value per common share (2) | 21.60 | 21.56 | 21.60 | 21.56 | Tangible book value per common share (2) | 21.23 | 20.36 | 21.23 | 20.36 | ||||||||||||||||||||||||||||||||||||
Dividends per common share | Dividends per common share | 0.18 | 0.12 | 0.36 | 0.24 | Dividends per common share | 0.18 | 0.12 | 0.54 | 0.36 | ||||||||||||||||||||||||||||||||||||
Dividend payout ratio | Dividend payout ratio | 33.47 | % | 25.24 | % | 31.06 | % | 27.67 | % | Dividend payout ratio | 40.56 | % | 29.35 | % | 33.67 | % | 28.18 | % | ||||||||||||||||||||||||||||
PERFORMANCE RATIOS (3) | PERFORMANCE RATIOS (3) | PERFORMANCE RATIOS (3) | ||||||||||||||||||||||||||||||||||||||||||||
Return on equity | 7.82 | % | 7.82 | % | 8.46 | % | 7.31 | % | ||||||||||||||||||||||||||||||||||||||
Operating return on equity (1)(2) | 7.82 | 7.97 | 8.46 | 7.49 | ||||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity (1)(2) | 8.26 | 8.33 | 8.92 | 7.81 | ||||||||||||||||||||||||||||||||||||||||||
Operating return on tangible common equity (1)(2) | 8.27 | 8.48 | 8.92 | 7.99 | ||||||||||||||||||||||||||||||||||||||||||
Return on equity, including unrealized losses on AFS securities | Return on equity, including unrealized losses on AFS securities | 7.91 | % | 7.31 | % | 9.57 | % | 7.55 | % | |||||||||||||||||||||||||||||||||||||
Return on equity, excluding unrealized losses on AFS securities | Return on equity, excluding unrealized losses on AFS securities | 6.35 | 6.30 | 7.75 | 6.97 | |||||||||||||||||||||||||||||||||||||||||
Operating return on equity, including unrealized losses on AFS securities (1)(2) | Operating return on equity, including unrealized losses on AFS securities (1)(2) | 8.71 | 10.92 | 9.83 | 8.79 | |||||||||||||||||||||||||||||||||||||||||
Operating return on equity, excluding unrealized losses on AFS securities (1)(2) | Operating return on equity, excluding unrealized losses on AFS securities (1)(2) | 6.99 | 9.40 | 7.97 | 8.12 | |||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity, including unrealized losses on AFS securities(1)(2) | Return on tangible common equity, including unrealized losses on AFS securities(1)(2) | 8.45 | 7.88 | 10.16 | 8.10 | |||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity, excluding unrealized losses on AFS securities(1)(2) | Return on tangible common equity, excluding unrealized losses on AFS securities(1)(2) | 6.76 | 6.76 | 8.19 | 7.46 | |||||||||||||||||||||||||||||||||||||||||
Operating return on tangible common equity, including unrealized losses on AFS securities (1)(2) | Operating return on tangible common equity, including unrealized losses on AFS securities (1)(2) | 9.27 | 11.57 | 10.43 | 9.37 | |||||||||||||||||||||||||||||||||||||||||
Operating return on tangible common equity, excluding unrealized losses on AFS securities (1)(2) | Operating return on tangible common equity, excluding unrealized losses on AFS securities (1)(2) | 7.41 | 9.92 | 8.41 | 8.64 | |||||||||||||||||||||||||||||||||||||||||
Return on assets | Return on assets | 0.78 | 0.82 | 0.86 | 0.76 | Return on assets | 0.66 | 0.67 | 0.80 | 0.73 | ||||||||||||||||||||||||||||||||||||
Operating return on assets (1)(2) | Operating return on assets (1)(2) | 0.78 | 0.84 | 0.86 | 0.78 | Operating return on assets (1)(2) | 0.73 | 1.00 | 0.82 | 0.86 | ||||||||||||||||||||||||||||||||||||
Net interest margin, FTE (4) | Net interest margin, FTE (4) | 3.24 | 3.11 | 3.40 | 2.86 | Net interest margin, FTE (4) | 3.18 | 3.48 | 3.33 | 3.05 | ||||||||||||||||||||||||||||||||||||
Efficiency ratio (1)(2) | Efficiency ratio (1)(2) | 63.57 | 66.60 | 61.50 | 69.48 | Efficiency ratio (1)(2) | 65.05 | 62.01 | 62.65 | 66.75 | ||||||||||||||||||||||||||||||||||||
FINANCIAL DATA (in millions, end of period) | FINANCIAL DATA (in millions, end of period) | FINANCIAL DATA (in millions, end of period) | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 12,090 | $ | 11,579 | $ | 12,090 | $ | 11,579 | Total assets | $ | 12,140 | $ | 11,317 | $ | 12,140 | $ | 11,317 | ||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 11,370 | 10,849 | 11,370 | 10,849 | Total earning assets | 11,400 | 10,604 | 11,400 | 10,604 | ||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 8,882 | 7,803 | 8,882 | 7,803 | Total loans | 8,984 | 7,943 | 8,984 | 7,943 | ||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 10,068 | 10,115 | 10,068 | 10,115 | Total deposits | 9,981 | 9,988 | 9,981 | 9,988 | ||||||||||||||||||||||||||||||||||||
Loans/deposits (%) | Loans/deposits (%) | 88 | % | 77 | % | 88 | % | 77 | % | Loans/deposits (%) | 90 | % | 80 | % | 90 | % | 80 | % | ||||||||||||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 973 | 1,014 | 973 | 1,014 | Total shareholders' equity | 951 | 943 | 951 | 943 | ||||||||||||||||||||||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses, (millions) | $ | 100 | $ | 99 | $ | 100 | $ | 99 | ||||||||||||||||||||||||||||||||||||||
Net charge-offs, (millions) | (6) | — | (13) | (3) | ||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (QTD annualized)/average loans | 0.26 | % | 0.02 | % | 0.29 | % | 0.08 | % | ||||||||||||||||||||||||||||||||||||||
Provision expense/(benefit), (millions) | $ | 8 | $ | — | $ | 17 | $ | (4) | ||||||||||||||||||||||||||||||||||||||
Non-accruing loans/total loans | 0.32 | % | 0.34 | % | 0.32 | % | 0.34 | % | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses/non-accruing loans | 353 | 368 | 353 | 368 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses/total loans | 1.13 | 1.27 | 1.13 | 1.27 | ||||||||||||||||||||||||||||||||||||||||||
CAPITAL RATIOS | ||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | 12.1 | % | 12.9 | % | 12.1 | % | 12.9 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital leverage ratio | 9.6 | 10.2 | 9.6 | 10.2 | ||||||||||||||||||||||||||||||||||||||||||
Tangible common shareholders' equity/tangible assets (2) | 7.9 | 8.5 | 7.9 | 8.5 |
ASSET QUALITY | |||||||||||||||||||||||
Allowance for credit losses, (millions) | $ | 103 | $ | 96 | $ | 103 | $ | 96 | |||||||||||||||
Net charge-offs, (millions) | (5) | (6) | (18) | (9) | |||||||||||||||||||
Net charge-offs (QTD annualized)/average loans | 0.24 | % | 0.30 | % | 0.28 | % | 0.16 | % | |||||||||||||||
Provision expense/(benefit), (millions) | $ | 8 | $ | 3 | $ | 25 | $ | (1) | |||||||||||||||
Non-accruing loans/total loans | 0.30 | % | 0.48 | % | 0.30 | % | 0.48 | % | |||||||||||||||
Allowance for credit losses/non-accruing loans | 386 | 254 | 386 | 254 | |||||||||||||||||||
Allowance for credit losses/total loans | 1.14 | 1.21 | 1.14 | 1.21 | |||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets | 12.1 | % | 12.7 | % | 12.1 | % | 12.7 | % | |||||||||||||||
Tier 1 capital leverage ratio | 9.8 | 10.1 | 9.8 | 10.1 | |||||||||||||||||||
Tangible common shareholders' equity/tangible assets (2) | 7.7 | 8.1 | 7.7 | 8.1 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | (Dollars in millions) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 4,283 | $ | 67 | 6.16 | % | $ | 3,831 | $ | 36 | 3.79 | % | Commercial real estate | $ | 4,385 | $ | 71 | 6.32 | % | $ | 3,926 | $ | 46 | 4.53 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | Commercial and industrial loans | 1,496 | 27 | 7.27 | 1,447 | 16 | 4.46 | Commercial and industrial loans | 1,436 | 27 | 7.48 | 1,449 | 19 | 5.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 2,488 | 24 | 3.87 | 1,652 | 15 | 3.57 | Residential mortgages | 2,618 | 26 | 3.97 | 1,926 | 17 | 3.53 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 524 | 9 | 7.28 | 562 | 8 | 5.41 | Consumer loans | 513 | 9 | 7.33 | 587 | 9 | 6.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans (1) | Total loans (1) | 8,791 | 127 | 5.77 | 7,492 | 75 | 3.99 | Total loans (1) | 8,952 | 133 | 5.88 | 7,888 | 91 | 4.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2) | Investment securities (2) | 2,236 | 13 | 2.27 | 2,621 | 13 | 1.97 | Investment securities (2) | 2,171 | 13 | 2.40 | 2,400 | 13 | 2.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments & loans held for sale (3) | Short-term investments & loans held for sale (3) | 560 | 7 | 4.94 | 476 | 1 | 0.57 | Short-term investments & loans held for sale (3) | 267 | 3 | 4.76 | 342 | 2 | 1.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 11,587 | 147 | 5.05 | 10,589 | 89 | 3.34 | Total interest-earning assets | 11,390 | 149 | 5.19 | 10,630 | 106 | 3.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 22 | x | 27 | X | Intangible assets | 21 | x | 26 | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning assets | Other non-interest earning assets | 665 | x | 644 | Other non-interest earning assets | 449 | x | 494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 12,274 | $ | 11,260 | Total assets | $ | 11,860 | $ | 11,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | Non-interest-bearing demand deposits | $ | 2,594 | $ | — | — | % | $ | 2,903 | $ | — | — | % | Non-interest-bearing demand deposits | $ | 2,553 | $ | — | — | % | $ | 2,913 | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||
NOW and other | NOW and other | 1,055 | 4 | 1.35 | 1,454 | — | 0.12 | NOW and other | 858 | 2 | 1.15 | 1,362 | 2 | 0.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 2,555 | 14 | 2.13 | 2,811 | 2 | 0.19 | Money market | 2,697 | 18 | 2.69 | 2,737 | 3 | 0.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,077 | — | 0.50 | 1,127 | — | 0.03 | Savings | 1,082 | 2 | 0.77 | 1,129 | — | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Time | Time | 2,287 | 18 | 3.07 | 1,460 | 2 | 0.64 | Time | 2,440 | 22 | 3.43 | 1,528 | 3 | 0.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 9,568 | 36 | 1.51 | 9,755 | 4 | 0.17 | Total deposits | 9,630 | 44 | 1.81 | 9,669 | 8 | 0.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and notes (4) | Borrowings and notes (4) | 1,288 | 17 | 5.14 | 160 | 2 | 4.61 | Borrowings and notes (4) | 1,010 | 14 | 5.32 | 251 | 4 | 5.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total funding liabilities | Total funding liabilities | 10,856 | 53 | 1.94 | 9,915 | 6 | 0.24 | Total funding liabilities | 10,640 | 58 | 2.15 | 9,920 | 12 | 0.66 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning liabilities | Other non-interest earning liabilities | 197 | 163 | Other non-interest earning liabilities | 232 | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 11,053 | 10,078 | Total liabilities | 10,872 | 10,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total common shareholders' equity | Total common shareholders' equity | 1,221 | 1,182 | Total common shareholders' equity | 988 | 1,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,221 | 1,182 | Total shareholders’ equity | 988 | 1,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 12,274 | $ | 11,260 | Total liabilities and shareholders’ equity | $ | 11,860 | $ | 11,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin, FTE | Net interest margin, FTE | 3.24 | 3.11 | Net interest margin, FTE | 3.18 | 3.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total average non-maturity deposits | 7,281 | 8,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary data | Supplementary data | Supplementary data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, non FTE | Net Interest Income, non FTE | $ | 92.8 | $ | 81.4 | Net Interest Income, non FTE | $ | 90.3 | $ | 92.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTE income adjustment | FTE income adjustment | 2.0 | 1.6 | FTE income adjustment | 2.0 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, FTE | Net Interest Income, FTE | $ | 94.8 | $ | 83.0 | Net Interest Income, FTE | $ | 92.3 | $ | 93.8 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | (Dollars in millions) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | Average Balance | Interest (FTE basis) | Yield/Rate (FTE basis) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 4,225 | $ | 128 | 6.02 | % | $ | 3,741 | $ | 67 | 3.57 | % | Commercial real estate | $ | 4,279 | $ | 199 | 6.13 | % | $ | 3,802 | $ | 114 | 3.89 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | Commercial and industrial loans | 1,511 | 54 | 7.09 | 1,410 | 30 | 4.30 | Commercial and industrial loans | 1,486 | 81 | 7.22 | 1,423 | 50 | 4.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 2,386 | 45 | 3.79 | 1,545 | 28 | 3.57 | Residential mortgages | 2,464 | 71 | 3.85 | 1,671 | 45 | 3.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 531 | 18 | 7.26 | 538 | 13 | 4.82 | Consumer loans | 525 | 28 | 7.28 | 554 | 22 | 5.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans (1) | Total loans (1) | 8,653 | 245 | 5.67 | 7,234 | 138 | 3.80 | Total loans (1) | 8,754 | 379 | 5.74 | 7,450 | 231 | 4.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2) | Investment securities (2) | 2,248 | 26 | 2.25 | 2,635 | 26 | 1.96 | Investment securities (2) | 2,222 | 38 | 2.30 | 2,557 | 39 | 2.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments & loans held for sale (3) | Short-term investments & loans held for sale (3) | 437 | 10 | 4.69 | 837 | 1 | 0.37 | Short-term investments & loans held for sale (3) | 380 | 13 | 4.70 | 673 | 2 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 11,338 | 281 | 4.95 | 10,706 | 165 | 3.08 | Total interest-earning assets | 11,356 | 430 | 5.03 | 10,680 | 272 | 3.36 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 23 | x | 28 | X | Intangible assets | 22 | x | 27 | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning assets | Other non-interest earning assets | 679 | x | 642 | Other non-interest earning assets | 452 | x | 557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 12,040 | $ | 11,376 | Total assets | $ | 11,830 | $ | 11,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | Non-interest-bearing demand deposits | $ | 2,650 | $ | — | — | % | $ | 2,935 | $ | — | — | % | Non-interest-bearing demand deposits | $ | 2,617 | $ | — | — | % | $ | 2,928 | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||
NOW and other | NOW and other | 1,255 | 10 | 1.52 | 1,455 | — | 0.08 | NOW and other | 1,121 | 12 | 1.43 | 1,424 | 2 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 2,607 | 24 | 1.85 | 2,841 | 3 | 0.17 | Money market | 2,637 | 42 | 2.14 | 2,806 | 6 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 1,062 | — | 0.30 | 1,122 | — | 0.03 | Savings | 1,069 | 2 | 0.46 | 1,124 | — | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Time | Time | 2,049 | 28 | 2.66 | 1,542 | 5 | 0.67 | Time | 2,181 | 50 | 2.95 | 1,537 | 8 | 0.73 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 9,623 | 62 | 1.79 | 9,895 | 8 | 0.17 | Total deposits | 9,625 | 106 | 2.02 | 9,819 | 16 | 0.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and notes (4) | Borrowings and notes (4) | 990 | 25 | 5.11 | 132 | 4 | 4.91 | Borrowings and notes (4) | 996 | 39 | 5.23 | 178 | 8 | 5.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total funding liabilities | Total funding liabilities | 10,613 | 87 | 2.21 | 10,027 | 12 | 0.23 | Total funding liabilities | 10,621 | 145 | 1.82 | 9,997 | 24 | 0.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning liabilities | Other non-interest earning liabilities | 210 | 164 | Other non-interest earning liabilities | 219 | 171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 10,823 | 10,191 | Total liabilities | 10,840 | 10,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total common shareholders' equity | Total common shareholders' equity | 1,217 | 1,185 | Total common shareholders' equity | 990 | 1,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,217 | 1,185 | Total shareholders’ equity | 990 | 1,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 12,040 | $ | 11,376 | Total liabilities and shareholders’ equity | $ | 11,830 | $ | 11,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin, FTE | Net interest margin, FTE | 3.40 | 2.86 | Net interest margin, FTE | 3.33 | 3.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total average non-maturity deposits | 7,574 | 8,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary data | Supplementary data | Supplementary data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, non FTE | Net Interest Income, non FTE | $ | 190.3 | $ | 150.4 | Net Interest Income, non FTE | $ | 280.6 | $ | 242.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTE income adjustment | FTE income adjustment | 3.9 | 3.1 | FTE income adjustment | 5.9 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, FTE | Net Interest Income, FTE | $ | 194.2 | $ | 153.5 | Net Interest Income, FTE | $ | 286.5 | $ | 247.3 |
At or for the Three Months Ended June 30, | At or for the Six Months Ended June 30, | At or for the Three Months Ended September 30, | At or for the Nine Months Ended September 30 | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
GAAP Net income | GAAP Net income | $ | 23,861 | $ | 23,115 | $ | 51,498 | $ | 43,311 | GAAP Net income | $ | 19,545 | $ | 18,717 | $ | 71,043 | $ | 62,028 | ||||||||||||||||
Adj: Fair value adjustments on securities (1) | Adj: Fair value adjustments on securities (1) | — | 973 | — | 1,718 | Adj: Fair value adjustments on securities (1) | — | 476 | — | 2,194 | ||||||||||||||||||||||||
Adj: Restructuring and other expense | Adj: Restructuring and other expense | 21 | 35 | (15) | 53 | Adj: Restructuring and other expense | 2,607 | 11,473 | 2,592 | 11,526 | ||||||||||||||||||||||||
Adj: Income taxes | Adj: Income taxes | (4) | (561) | 3 | (731) | Adj: Income taxes | (636) | (2,738) | (633) | (3,469) | ||||||||||||||||||||||||
Total operating income (non-GAAP) (2) | Total operating income (non-GAAP) (2) | (A) | $ | 23,878 | $ | 23,562 | $ | 51,486 | $ | 44,351 | Total operating income (non-GAAP) (2) | (A) | $ | 21,516 | $ | 27,928 | $ | 73,002 | $ | 72,279 | ||||||||||||||
GAAP Total revenue | GAAP Total revenue | $ | 109,853 | $ | 97,709 | $ | 223,992 | $ | 187,453 | GAAP Total revenue | $ | 107,799 | $ | 108,335 | $ | 331,791 | $ | 295,788 | ||||||||||||||||
Adj: Fair value adjustments on securities (1) | Adj: Fair value adjustments on securities (1) | — | 973 | — | 1,718 | Adj: Fair value adjustments on securities (1) | — | 476 | — | 2,194 | ||||||||||||||||||||||||
Total operating revenue (non-GAAP) (2) | Total operating revenue (non-GAAP) (2) | (B) | $ | 109,853 | $ | 98,682 | $ | 223,992 | $ | 189,171 | Total operating revenue (non-GAAP) (2) | (B) | $ | 107,799 | $ | 108,811 | $ | 331,791 | $ | 297,982 | ||||||||||||||
GAAP Total non-interest expense | GAAP Total non-interest expense | $ | 74,048 | $ | 68,475 | $ | 146,003 | $ | 137,025 | GAAP Total non-interest expense | $ | 76,513 | $ | 81,677 | $ | 222,516 | $ | 218,702 | ||||||||||||||||
Less: Total non-operating expense (see above) | Less: Total non-operating expense (see above) | (21) | (35) | 15 | (53) | Less: Total non-operating expense (see above) | (2,607) | (11,473) | (2,592) | (11,526) | ||||||||||||||||||||||||
Operating non-interest expense (non-GAAP) (2) | Operating non-interest expense (non-GAAP) (2) | (C) | $ | 74,027 | $ | 68,440 | $ | 146,018 | $ | 136,972 | Operating non-interest expense (non-GAAP) (2) | (C) | $ | 73,906 | $ | 70,204 | $ | 219,924 | $ | 207,176 | ||||||||||||||
(In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | ||||||||||||||||||||||||||||||||
Total average assets | Total average assets | (D) | $ | 12,274 | $ | 11,260 | $ | 12,040 | $ | 11,376 | Total average assets | (D) | $ | 11,860 | $ | 11,150 | $ | 11,830 | $ | 11,264 | ||||||||||||||
Total average shareholders’ equity | (E) | 1,221 | 1,182 | 1,217 | 1,185 | |||||||||||||||||||||||||||||
Total average tangible shareholders’ equity (2) | (F) | 1,198 | 1,155 | 1,194 | 1,157 | |||||||||||||||||||||||||||||
Total average shareholders’ equity, including unrealized losses on AFS securities | Total average shareholders’ equity, including unrealized losses on AFS securities | (E) | 988 | 1,024 | 990 | 1,096 | ||||||||||||||||||||||||||||
Total average shareholders’ equity, excluding unrealized losses on AFS securities | Total average shareholders’ equity, excluding unrealized losses on AFS securities | (F) | 1,231 | 1,189 | 1,222 | 1,187 | ||||||||||||||||||||||||||||
Total average tangible shareholders’ equity, including unrealized losses on AFS securities (2) | Total average tangible shareholders’ equity, including unrealized losses on AFS securities (2) | (G) | 967 | 998 | 967 | 1,068 | ||||||||||||||||||||||||||||
Total average tangible shareholders’ equity, excluding unrealized losses on AFS securities (2) | Total average tangible shareholders’ equity, excluding unrealized losses on AFS securities (2) | (H) | 1,210 | 1,164 | 1,199 | 1,159 | ||||||||||||||||||||||||||||
Total tangible shareholders’ equity, period-end (2)(3) | Total tangible shareholders’ equity, period-end (2)(3) | (H) | 951 | 987 | 951 | 987 | Total tangible shareholders’ equity, period-end (2)(3) | (I) | 930 | 917 | 930 | 917 | ||||||||||||||||||||||
Total tangible assets, period-end (2) | Total tangible assets, period-end (2) | (J) | 12,068 | 11,552 | 12,068 | 11,552 | Total tangible assets, period-end (2) | (J) | 12,119 | 11,291 | 12,119 | 11,291 | ||||||||||||||||||||||
Total common shares outstanding, period-end (thousands) | Total common shares outstanding, period-end (thousands) | (K) | 44,033 | 45,788 | 44,033 | 45,788 | Total common shares outstanding, period-end (thousands) | (K) | 43,822 | 45,040 | 43,822 | 45,040 | ||||||||||||||||||||||
Average diluted shares outstanding (thousands) | Average diluted shares outstanding (thousands) | (L) | 43,532 | 46,102 | 43,780 | 47,074 | Average diluted shares outstanding (thousands) | (L) | 43,347 | 45,034 | 43,640 | 46,396 | ||||||||||||||||||||||
Earnings per common share, diluted | Earnings per common share, diluted | $ | 0.55 | $ | 0.50 | $ | 1.18 | $ | 0.92 | Earnings per common share, diluted | $ | 0.45 | $ | 0.42 | $ | 1.63 | $ | 1.34 | ||||||||||||||||
Operating earnings per common share, diluted (2) | Operating earnings per common share, diluted (2) | (A/L) | 0.55 | 0.51 | 1.18 | 0.94 | Operating earnings per common share, diluted (2) | (A/L) | 0.50 | 0.62 | 1.67 | 1.56 | ||||||||||||||||||||||
Book value per common share, period-end | Book value per common share, period-end | 22.11 | 22.15 | 22.11 | 22.15 | Book value per common share, period-end | 21.70 | 20.93 | 21.70 | 20.93 | ||||||||||||||||||||||||
Tangible book value per common share, period-end (2) | Tangible book value per common share, period-end (2) | (H/K) | 21.60 | 21.56 | 21.60 | 21.56 | Tangible book value per common share, period-end (2) | (I/K) | 21.23 | 20.36 | 21.23 | 20.36 | ||||||||||||||||||||||
Total shareholders' equity/total assets | Total shareholders' equity/total assets | 8.05 | 8.76 | 8.05 | 8.76 | Total shareholders' equity/total assets | 7.83 | 8.33 | 7.83 | 8.33 | ||||||||||||||||||||||||
Total tangible shareholder's equity/total tangible assets (2) | Total tangible shareholder's equity/total tangible assets (2) | (H/J) | 7.88 | 8.54 | 7.88 | 8.54 | Total tangible shareholder's equity/total tangible assets (2) | (I/J) | 7.68 | 8.12 | 7.68 | 8.12 | ||||||||||||||||||||||
x | x | |||||||||||||||||||||||||||||||||
Performance ratios (4) | Performance ratios (4) | x | Performance ratios (4) | x | ||||||||||||||||||||||||||||||
GAAP return on equity | 7.82 | % | 7.82 | % | 8.46 | % | 7.31 | % | ||||||||||||||||||||||||||
Operating return on equity (2) | (A/E) | 7.82 | 7.97 | 8.46 | 7.49 | |||||||||||||||||||||||||||||
Return on tangible common equity (2)(5) | 8.26 | 8.33 | 8.92 | 7.81 | ||||||||||||||||||||||||||||||
Operating return on tangible common equity (2)(5) | (A+O)/(F) | 8.27 | 8.48 | 8.92 | 7.99 | |||||||||||||||||||||||||||||
GAAP return on assets | 0.78 | 0.82 | 0.86 | 0.76 | ||||||||||||||||||||||||||||||
Operating return on assets (2) | (A/D) | 0.78 | 0.84 | 0.86 | 0.78 | |||||||||||||||||||||||||||||
Efficiency ratio (2) | (C-O)/(B+M+P) | 63.57 | 66.60 | 61.50 | 69.48 | |||||||||||||||||||||||||||||
Return on equity, including unrealized losses on AFS securities | Return on equity, including unrealized losses on AFS securities | 7.91 | % | 7.31 | % | 9.57 | % | 7.55 | % | |||||||||||||||||||||||||
Return on equity, excluding unrealized losses on AFS securities | Return on equity, excluding unrealized losses on AFS securities | 6.35 | 6.30 | 7.75 | 6.97 | |||||||||||||||||||||||||||||
Operating return on equity, including unrealized losses on AFS securities (2) | Operating return on equity, including unrealized losses on AFS securities (2) | (A/E) | 8.71 | 10.92 | 9.83 | 8.79 | ||||||||||||||||||||||||||||
Operating return on equity, excluding unrealized losses on AFS securities (2) | Operating return on equity, excluding unrealized losses on AFS securities (2) | (A/F) | 6.99 | 9.40 | 7.97 | 8.12 | ||||||||||||||||||||||||||||
Return on tangible common equity, including unrealized losses on AFS securities (2)(5) | Return on tangible common equity, including unrealized losses on AFS securities (2)(5) | 8.45 | 7.88 | 10.16 | 8.10 |
Return on tangible common equity, excluding unrealized losses on AFS securities (2)(5) | Return on tangible common equity, excluding unrealized losses on AFS securities (2)(5) | 6.76 | 6.76 | 8.19 | 7.46 | |||||||||||||||||||||||||||||
Operating return on tangible common equity, including unrealized losses on AFS securities (2)(5) | Operating return on tangible common equity, including unrealized losses on AFS securities (2)(5) | (A+O)/(G) | 9.27 | 11.57 | 10.43 | 9.37 | ||||||||||||||||||||||||||||
Operating return on tangible common equity, excluding unrealized losses on AFS securities (2)(5) | Operating return on tangible common equity, excluding unrealized losses on AFS securities (2)(5) | (A+O)/(H) | 7.41 | 9.92 | 8.41 | 8.64 | ||||||||||||||||||||||||||||
Return on assets | Return on assets | 0.66 | 0.67 | 0.80 | 0.73 | |||||||||||||||||||||||||||||
Operating return on assets (2) | Operating return on assets (2) | (A/D) | 0.73 | 1.00 | 0.82 | 0.86 | ||||||||||||||||||||||||||||
Efficiency ratio (2) | Efficiency ratio (2) | (C-O)/(B+M+P) | 65.05 | 62.01 | 62.65 | 66.75 | ||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||
Supplementary data (In thousands) | Supplementary data (In thousands) | xx | Supplementary data (In thousands) | xx | ||||||||||||||||||||||||||||||
Tax benefit on tax-credit investments (6) | Tax benefit on tax-credit investments (6) | (M) | $ | 2,735 | $ | 595 | $ | 5,632 | $ | 1,191 | Tax benefit on tax-credit investments (6) | (M) | $ | 1,979 | $ | 620 | $ | 7,611 | $ | 1,811 | ||||||||||||||
Non-interest income tax-credit investments amortization (7) | Non-interest income tax-credit investments amortization (7) | (N) | (2,210) | (351) | (4,495) | (708) | Non-interest income tax-credit investments amortization (7) | (N) | (1,463) | (445) | (5,959) | (1,153) | ||||||||||||||||||||||
Net income on tax-credit investments | Net income on tax-credit investments | (M+N) | 525 | 244 | 1,137 | 483 | Net income on tax-credit investments | (M+N) | 516 | 175 | 1,652 | 658 | ||||||||||||||||||||||
Intangible amortization | Intangible amortization | (O) | 1,205 | 1,286 | 2,410 | 2,572 | Intangible amortization | (O) | 1,205 | 1,285 | 3,615 | 3,857 | ||||||||||||||||||||||
Fully taxable equivalent income adjustment | Fully taxable equivalent income adjustment | (P) | 1,962 | 1,560 | 3,869 | 3,084 | Fully taxable equivalent income adjustment | (P) | 1,980 | 1,715 | 5,850 | 4,799 |
Estimated Percent Change in Net Interest Income | Estimated Percent Change in Net Interest Income | |||||||||||||||||||||||||||
Parallel Interest Rate Shock (basis points) | Parallel Interest Rate Shock (basis points) | June 30, 2023 | December 31, 2022 | Parallel Interest Rate Shock (basis points) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
+200 | +200 | (0.3)% | 1.8% | +200 | (3.1)% | 1.8% | ||||||||||||||||||||||
+100 | +100 | (0.3) | 0.8 | +100 | (1.5) | 0.8 | ||||||||||||||||||||||
-100 | -100 | (0.5) | (1.6) | -100 | 1.2 | (1.6) | ||||||||||||||||||||||
-200 | -200 | (2.5) | (5.2) | -200 | 1.8 | (5.2) | ||||||||||||||||||||||
Estimated Percent Change in Net Interest Income | Estimated Percent Change in Net Interest Income | |||||||||||||||||||||||||||
Yield Curve Twist Interest Rate Shock (basis points) | Yield Curve Twist Interest Rate Shock (basis points) | June 30, 2023 | December 31, 2022 | Yield Curve Twist Interest Rate Shock (basis points) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Short End +100 | Short End +100 | (0.8)% | 0.1% | Short End +100 | (2.4)% | 0.1% | ||||||||||||||||||||||
Short End -100 | Short End -100 | (0.3) | (1.3) | Short End -100 | 1.6 | (1.3) | ||||||||||||||||||||||
Long End +100 | Long End +100 | 0.7 | 1.0 | Long End +100 | 1.2 | 1.0 | ||||||||||||||||||||||
Long End -100 | Long End -100 | (0.9) | (1.2) | Long End -100 | (1.2) | (1.2) |
Estimated Percent Change in Economic Value of Equity | Estimated Percent Change in Economic Value of Equity | |||||||||||||||||||||||||||
Parallel Shock Rate Change (basis points) | Parallel Shock Rate Change (basis points) | June 30, 2023 | December 31, 2022 | Parallel Shock Rate Change (basis points) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
+200 | +200 | (3.1)% | —% | +200 | (6.0)% | —% | ||||||||||||||||||||||
+100 | +100 | (1.5) | — | +100 | (2.9) | — | ||||||||||||||||||||||
-100 | -100 | 0.4 | (1.5) | -100 | 2.6 | (1.5) | ||||||||||||||||||||||
-200 | -200 | (1.0) | (5.4) | -200 | 4.3 | (5.4) |
Total number of | Average price | Total number of shares purchased as part of publicly announced | Maximum number of shares that may yet be purchased under | |||||||||||||||||||||||
Period | shares purchased | paid per share | plans or programs | the plans or programs | ||||||||||||||||||||||
April 1-30, 2023 | 208,563 | $ | 22.42 | 208,563 | 2,156,125 | |||||||||||||||||||||
May 1-31, 2023 | 317,562 | 20.24 | 317,562 | 1,838,563 | ||||||||||||||||||||||
June 1-30, 2023 | 54,605 | 21.68 | 54,605 | 1,783,958 | ||||||||||||||||||||||
Total | 580,730 | $ | 21.16 | 580,730 | 1,783,958 |
Total number of | Average price | Total number of shares purchased as part of publicly announced | Maximum number of shares that may yet be purchased under | |||||||||||||||||||||||
Period | shares purchased | paid per share | plans or programs | the plans or programs | ||||||||||||||||||||||
July 1-31, 2023 | 7,821 | $ | 20.36 | 7,821 | 1,857,940 | |||||||||||||||||||||
August 1-31, 2023 | — | — | — | 1,857,940 | ||||||||||||||||||||||
September 1-30, 2023 | 170,926 | 20.00 | 170,926 | 1,687,014 | ||||||||||||||||||||||
Total | 178,747 | $ | 20.02 | 178,747 | 1,687,014 |
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended | |||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended |
BERKSHIRE HILLS BANCORP, INC. | ||||||||
Dated: | By: | /s/ Nitin J. Mhatre | ||||||
Nitin J. Mhatre | ||||||||
President and Chief Executive Officer | ||||||||
Dated: | By: | /s/ R. David Rosato | ||||||
R. David Rosato | ||||||||
Senior Executive Vice President and Chief Financial Officer |