Maryland | 27-0950358 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
3 Easton Oval | Suite 500 | Columbus | Ohio | 43219 | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 Par Value | NWBI | NASDAQ Stock Market, LLC |
PART I | FINANCIAL INFORMATION | |||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 127,627 | 139,365 | Cash and cash equivalents | $ | 161,995 | 139,365 | ||||||||||||||
Marketable securities available-for-sale (amortized cost of $1,287,101 and $1,431,728, respectively) | 1,073,952 | 1,218,108 | ||||||||||||||||||||
Marketable securities held-to-maturity (fair value of $718,676 and $751,384, respectively) | 847,845 | 881,249 | ||||||||||||||||||||
Marketable securities available-for-sale (amortized cost of $1,262,080 and $1,431,728, respectively) | Marketable securities available-for-sale (amortized cost of $1,262,080 and $1,431,728, respectively) | 1,010,076 | 1,218,108 | |||||||||||||||||||
Marketable securities held-to-maturity (fair value of $682,681 and $751,384, respectively) | Marketable securities held-to-maturity (fair value of $682,681 and $751,384, respectively) | 830,106 | 881,249 | |||||||||||||||||||
Total cash and cash equivalents and marketable securities | Total cash and cash equivalents and marketable securities | 2,049,424 | 2,238,722 | Total cash and cash equivalents and marketable securities | 2,002,177 | 2,238,722 | ||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 16,077 | 9,913 | Loans held-for-sale | 10,592 | 9,913 | ||||||||||||||||
Loans held for investment | Loans held for investment | 11,255,154 | 10,910,539 | Loans held for investment | 11,299,681 | 10,910,539 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (124,423) | (118,036) | Allowance for credit losses | (124,841) | (118,036) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 11,146,808 | 10,802,416 | Loans receivable, net | 11,185,432 | 10,802,416 | ||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 44,613 | 40,143 | FHLB stock, at cost | 40,404 | 40,143 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 37,281 | 35,528 | Accrued interest receivable | 42,624 | 35,528 | ||||||||||||||||
Real estate owned, net | Real estate owned, net | 371 | 413 | Real estate owned, net | 363 | 413 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 139,915 | 145,909 | Premises and equipment, net | 138,041 | 145,909 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 257,614 | 255,062 | Bank-owned life insurance | 250,502 | 255,062 | ||||||||||||||||
Goodwill | Goodwill | 380,997 | 380,997 | Goodwill | 380,997 | 380,997 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 6,809 | 8,560 | Other intangible assets, net | 6,013 | 8,560 | ||||||||||||||||
Other assets | Other assets | 227,659 | 205,574 | Other assets | 315,648 | 205,574 | ||||||||||||||||
Total assets | Total assets | $ | 14,291,491 | 14,113,324 | Total assets | $ | 14,362,201 | 14,113,324 | ||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 2,820,563 | 2,993,243 | Noninterest-bearing demand deposits | $ | 2,774,291 | 2,993,243 | ||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,577,653 | 2,686,431 | Interest-bearing demand deposits | 2,598,080 | 2,686,431 | ||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,154,253 | 2,457,569 | Money market deposit accounts | 2,042,813 | 2,457,569 | ||||||||||||||||
Savings deposits | Savings deposits | 2,120,215 | 2,275,020 | Savings deposits | 2,116,360 | 2,275,020 | ||||||||||||||||
Time deposits | Time deposits | 1,989,711 | 1,052,285 | Time deposits | 2,258,338 | 1,052,285 | ||||||||||||||||
Total deposits | Total deposits | 11,662,395 | 11,464,548 | Total deposits | 11,789,882 | 11,464,548 | ||||||||||||||||
Borrowed funds | Borrowed funds | 632,313 | 681,166 | Borrowed funds | 604,587 | 681,166 | ||||||||||||||||
Subordinated debt | Subordinated debt | 114,015 | 113,840 | Subordinated debt | 114,102 | 113,840 | ||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 129,444 | 129,314 | Junior subordinated debentures | 129,509 | 129,314 | ||||||||||||||||
Advances by borrowers for taxes and insurance | Advances by borrowers for taxes and insurance | 57,143 | 47,613 | Advances by borrowers for taxes and insurance | 27,653 | 47,613 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 4,936 | 3,231 | Accrued interest payable | 7,915 | 3,231 | ||||||||||||||||
Other liabilities | Other liabilities | 179,744 | 182,126 | Other liabilities | 190,122 | 182,126 | ||||||||||||||||
Total liabilities | Total liabilities | 12,779,990 | 12,621,838 | Total liabilities | 12,863,770 | 12,621,838 | ||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | Shareholders’ equity: | ||||||||||||||||||||
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | — | — | Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | — | — | ||||||||||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,088,963 and 127,028,848 shares issued and outstanding, respectively | 1,271 | 1,270 | ||||||||||||||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,101,349 and 127,028,848 shares issued and outstanding, respectively | Common stock, $0.01 par value: 500,000,000 shares authorized, 127,101,349 and 127,028,848 shares issued and outstanding, respectively | 1,271 | 1,270 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,022,189 | 1,019,647 | Additional paid-in capital | 1,023,591 | 1,019,647 | ||||||||||||||||
Retained earnings | Retained earnings | 657,292 | 641,727 | Retained earnings | 671,092 | 641,727 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (169,251) | (171,158) | Accumulated other comprehensive loss | (197,523) | (171,158) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,511,501 | 1,491,486 | Total shareholders’ equity | 1,498,431 | 1,491,486 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,291,491 | 14,113,324 | Total liabilities and shareholders’ equity | $ | 14,362,201 | 14,113,324 |
Quarter ended June 30, | Six months ended June 30, | Quarter ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | $ | 132,724 | 95,574 | 256,469 | 183,748 | Loans receivable | $ | 140,667 | 106,943 | 397,136 | 290,691 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 8,326 | 7,158 | 16,863 | 13,518 | Mortgage-backed securities | 8,072 | 8,683 | 24,935 | 22,201 | ||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 841 | 715 | 1,686 | 1,392 | Taxable investment securities | 786 | 838 | 2,472 | 2,230 | ||||||||||||||||||||||||||||||||||||
Tax-free investment securities | Tax-free investment securities | 667 | 683 | 1,367 | 1,357 | Tax-free investment securities | 491 | 709 | 1,858 | 2,066 | ||||||||||||||||||||||||||||||||||||
FHLB stock dividends | FHLB stock dividends | 844 | 82 | 1,534 | 163 | FHLB stock dividends | 668 | 148 | 2,202 | 311 | ||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 594 | 1,684 | 1,017 | 2,151 | Interest-earning deposits | 914 | 1,295 | 1,931 | 3,446 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 143,996 | 105,896 | 278,936 | 202,329 | Total interest income | 151,598 | 118,616 | 430,534 | 320,945 | ||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 21,817 | 3,341 | 33,055 | 7,092 | Deposits | 31,688 | 3,157 | 64,743 | 10,249 | ||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 13,630 | 2,290 | 24,868 | 4,349 | Borrowed funds | 11,542 | 2,710 | 36,410 | 7,059 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 35,447 | 5,631 | 57,923 | 11,441 | Total interest expense | 43,230 | 5,867 | 101,153 | 17,308 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 108,549 | 100,265 | 221,013 | 190,888 | Net interest income | 108,368 | 112,749 | 329,381 | 303,637 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses - loans | Provision for credit losses - loans | 6,010 | 2,629 | 10,880 | 1,148 | Provision for credit losses - loans | 3,983 | 7,689 | 14,863 | 8,837 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses - unfunded commitments | Provision for credit losses - unfunded commitments | 2,920 | 3,396 | 3,046 | 4,992 | Provision for credit losses - unfunded commitments | (2,981) | 3,585 | 65 | 8,577 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 99,619 | 94,240 | 207,087 | 184,748 | Net interest income after provision for credit losses | 107,366 | 101,475 | 314,453 | 286,223 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of investments | Loss on sale of investments | (8,306) | (3) | (8,306) | (5) | Loss on sale of investments | — | (2) | (8,306) | (7) | ||||||||||||||||||||||||||||||||||||
Gain on sale of mortgage servicing rights | Gain on sale of mortgage servicing rights | 8,305 | — | 8,305 | — | Gain on sale of mortgage servicing rights | — | — | 8,305 | — | ||||||||||||||||||||||||||||||||||||
Gain on sale of SBA loans | Gain on sale of SBA loans | 832 | — | 1,111 | — | Gain on sale of SBA loans | 301 | — | 1,412 | — | ||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 14,833 | 13,673 | 28,022 | 26,740 | Service charges and fees | 15,270 | 14,323 | 43,292 | 41,063 | ||||||||||||||||||||||||||||||||||||
Trust and other financial services income | Trust and other financial services income | 6,866 | 7,461 | 13,315 | 14,473 | Trust and other financial services income | 7,085 | 6,650 | 20,400 | 21,123 | ||||||||||||||||||||||||||||||||||||
Gain on real estate owned, net | Gain on real estate owned, net | 785 | 291 | 893 | 262 | Gain on real estate owned, net | 29 | 290 | 922 | 552 | ||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | Income from bank-owned life insurance | 1,304 | 2,008 | 2,573 | 3,991 | Income from bank-owned life insurance | 4,561 | 1,475 | 7,134 | 5,466 | ||||||||||||||||||||||||||||||||||||
Mortgage banking income | Mortgage banking income | 1,028 | 2,157 | 1,552 | 3,622 | Mortgage banking income | 632 | 766 | 2,184 | 4,388 | ||||||||||||||||||||||||||||||||||||
Other operating income | Other operating income | 4,150 | 4,861 | 6,301 | 7,105 | Other operating income | 3,010 | 3,301 | 9,311 | 10,406 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 29,797 | 30,448 | 53,766 | 56,188 | Total noninterest income | 30,888 | 26,803 | 84,654 | 82,991 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 47,650 | 48,073 | 94,254 | 94,990 | Compensation and employee benefits | 51,243 | 46,711 | 145,497 | 141,701 | ||||||||||||||||||||||||||||||||||||
Premises and occupancy costs | Premises and occupancy costs | 7,579 | 7,280 | 15,050 | 15,077 | Premises and occupancy costs | 7,052 | 7,171 | 22,102 | 22,248 | ||||||||||||||||||||||||||||||||||||
Office operations | Office operations | 2,800 | 3,162 | 5,810 | 6,545 | Office operations | 3,398 | 3,229 | 9,208 | 9,774 | ||||||||||||||||||||||||||||||||||||
Collections expense | Collections expense | 429 | 403 | 816 | 923 | Collections expense | 551 | 322 | 1,367 | 1,245 | ||||||||||||||||||||||||||||||||||||
Processing expenses | Processing expenses | 14,648 | 12,947 | 28,998 | 25,495 | Processing expenses | 14,672 | 13,416 | 43,670 | 38,911 | ||||||||||||||||||||||||||||||||||||
Marketing expenses | Marketing expenses | 2,856 | 2,047 | 5,748 | 4,175 | Marketing expenses | 2,379 | 2,147 | 8,127 | 6,322 | ||||||||||||||||||||||||||||||||||||
Federal deposit insurance premiums | Federal deposit insurance premiums | 2,064 | 1,130 | 4,287 | 2,259 | Federal deposit insurance premiums | 2,341 | 1,200 | 6,628 | 3,459 | ||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 3,804 | 3,333 | 8,562 | 5,906 | Professional services | 3,002 | 3,363 | 11,564 | 9,269 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 842 | 1,115 | 1,751 | 2,298 | Amortization of intangible assets | 795 | 1,047 | 2,546 | 3,345 | ||||||||||||||||||||||||||||||||||||
Real estate owned expense | Real estate owned expense | 83 | 72 | 264 | 109 | Real estate owned expense | 141 | 61 | 405 | 170 | ||||||||||||||||||||||||||||||||||||
Merger, asset disposition and restructuring expense | Merger, asset disposition and restructuring expense | 1,593 | — | 4,395 | 1,374 | Merger, asset disposition and restructuring expense | — | — | 4,395 | 1,374 | ||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 1,510 | 1,849 | 3,373 | 2,608 | Other expenses | 1,996 | 321 | 5,369 | 2,929 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 85,858 | 81,411 | 173,308 | 161,759 | Total noninterest expense | 87,570 | 78,988 | 260,878 | 240,747 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 43,558 | 43,277 | 87,545 | 79,177 | Income before income taxes | 50,684 | 49,290 | 138,229 | 128,467 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes expense | Federal and state income taxes expense | 10,514 | 9,851 | 20,822 | 17,464 | Federal and state income taxes expense | 11,464 | 11,986 | 32,286 | 29,450 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 33,044 | 33,426 | 66,723 | 61,713 | Net income | $ | 39,220 | 37,304 | 105,943 | 99,017 | ||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.26 | 0.26 | 0.53 | 0.49 | Basic earnings per share | $ | 0.31 | 0.29 | 0.83 | 0.78 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.26 | 0.26 | 0.52 | 0.49 | Diluted earnings per share | $ | 0.31 | 0.29 | 0.83 | 0.78 |
Quarter ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 33,044 | 33,426 | 66,723 | 61,713 | ||||||||||||||||||
Other comprehensive (loss)/income net of tax: | |||||||||||||||||||||||
Net unrealized holding (losses)/gains on marketable securities: | |||||||||||||||||||||||
Unrealized holding losses, net of tax of $3,771, $11,973, $463 and $30,850, respectively | (17,719) | (39,954) | (4,702) | (104,737) | |||||||||||||||||||
Reclassification adjustment for losses/(gains) included in net income, net of tax of ($1,731), $0, ($1,731) and $0, respectively | 5,636 | (1) | 5,636 | (2) | |||||||||||||||||||
Net unrealized holding (losses)/gains on marketable securities | (12,083) | (39,955) | 934 | (104,739) | |||||||||||||||||||
Change in fair value of interest rate swaps, net of tax of ($508), $0, ($508) and $0, respectively | 1,737 | — | 1,737 | — | |||||||||||||||||||
Defined benefit plan: | |||||||||||||||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $152, $51, $304 and $101, respectively | (382) | (131) | (764) | (262) | |||||||||||||||||||
Other comprehensive (loss)/income | (10,728) | (40,086) | 1,907 | (105,001) | |||||||||||||||||||
Total comprehensive income/(loss) | $ | 22,316 | (6,660) | 68,630 | (43,288) |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 39,220 | 37,304 | 105,943 | 99,017 | ||||||||||||||||||
Other comprehensive loss net of tax: | |||||||||||||||||||||||
Net unrealized holding (losses)/gains on marketable securities: | |||||||||||||||||||||||
Unrealized holding losses, net of tax of $9,140, $14,705, $9,603 and $45,555, respectively | (29,715) | (48,387) | (34,417) | (153,124) | |||||||||||||||||||
Reclassification adjustment for losses/(gains) included in net income, net of tax of $0, $0, ($1,731) and $0, respectively | — | — | 5,636 | (2) | |||||||||||||||||||
Net unrealized holding losses on marketable securities | (29,715) | (48,387) | (28,781) | (153,126) | |||||||||||||||||||
Change in fair value of interest rate swaps, net of tax of ($533), $0, ($1,041) and $0, respectively | 1,825 | — | 3,562 | — | |||||||||||||||||||
Defined benefit plan: | |||||||||||||||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $152, $50, $456 and $151, respectively | (382) | (131) | (1,146) | (393) | |||||||||||||||||||
Other comprehensive loss | (28,272) | (48,518) | (26,365) | (153,519) | |||||||||||||||||||
Total comprehensive income/(loss) | $ | 10,948 | (11,214) | 79,578 | (54,502) |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2023 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at March 31, 2023 | 127,065,400 | $ | 1,271 | 1,020,855 | 649,672 | (158,523) | 1,513,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2023 | Quarter ended September 30, 2023 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2023 | Beginning balance at June 30, 2023 | 127,088,963 | $ | 1,271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 33,044 | — | 33,044 | Net income | — | — | — | 39,220 | — | 39,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $1,684 | — | — | — | — | (10,728) | (10,728) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $8,759 | Other comprehensive loss, net of tax of $8,759 | — | — | — | — | (28,272) | (28,272) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 33,044 | (10,728) | 22,316 | Total comprehensive income/(loss) | — | — | — | 39,220 | (28,272) | 10,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 3,466 | — | 33 | — | — | 33 | Exercise of stock options | 11,523 | — | 112 | — | — | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 40,727 | 1 | 1,300 | — | — | 1,301 | Stock-based compensation expense | 1,779 | — | 1,290 | — | — | 1,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (20,630) | (1) | 1 | — | — | — | Stock-based compensation forfeited | (916) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.20 per share) | Dividends paid ($0.20 per share) | — | — | — | (25,424) | — | (25,424) | Dividends paid ($0.20 per share) | — | — | — | (25,420) | — | (25,420) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2023 | 127,088,963 | $ | 1,271 | 1,022,189 | 657,292 | (169,251) | 1,511,501 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2023 | Ending balance at September 30, 2023 | 127,101,349 | $ | 1,271 | 1,023,591 | 671,092 | (197,523) | 1,498,431 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2022 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at March 31, 2022 | 126,686,373 | $ | 1,267 | 1,012,308 | 612,481 | (102,544) | 1,523,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2022 | Quarter ended September 30, 2022 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2022 | Beginning balance at June 30, 2022 | 126,881,766 | $ | 1,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 33,426 | — | 33,426 | Net income | — | — | — | 37,304 | — | 37,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $12,024 | — | — | — | — | (40,086) | (40,086) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $14,755 | Other comprehensive loss, net of tax of $14,755 | — | — | — | — | (48,518) | (48,518) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 33,426 | (40,086) | (6,660) | Total comprehensive income/(loss) | — | — | — | 37,304 | (48,518) | (11,214) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 139,795 | 1 | 1,618 | — | — | 1,619 | Exercise of stock options | 73,472 | — | 897 | — | — | 897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 65,155 | 2 | 1,422 | — | — | 1,424 | Stock-based compensation expense | — | — | 944 | — | — | 944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (9,557) | (1) | 1 | — | — | — | Stock-based compensation forfeited | (33,249) | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.20 per share) | Dividends paid ($0.20 per share) | — | — | — | (25,356) | — | (25,356) | Dividends paid ($0.20 per share) | — | — | — | (25,379) | — | (25,379) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2022 | 126,881,766 | $ | 1,269 | 1,015,349 | 620,551 | (142,630) | 1,494,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2022 | Ending balance at September 30, 2022 | 126,921,989 | $ | 1,269 | 1,017,189 | 632,476 | (191,148) | 1,459,786 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2023 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2022 | Beginning balance at December 31, 2022 | 127,028,848 | $ | 1,270 | 1,019,647 | 641,727 | (171,158) | 1,491,486 | Beginning balance at December 31, 2022 | 127,028,848 | $ | 1,270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 66,723 | — | 66,723 | Net income | — | — | — | 105,943 | — | 105,943 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of ($1,472) | — | — | — | — | 1,907 | 1,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $7,287 | Other comprehensive loss, net of tax of $7,287 | — | — | — | — | (26,365) | (26,365) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | — | — | — | 66,723 | 1,907 | 68,630 | Total comprehensive income | — | — | — | 105,943 | (26,365) | 79,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU No. 2022-02 | Adoption of ASU No. 2022-02 | — | — | — | (329) | — | (329) | Adoption of ASU No. 2022-02 | — | — | — | (329) | — | (329) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 41,684 | 1 | 497 | — | — | 498 | Exercise of stock options | 53,207 | 1 | 609 | — | — | 610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 73,775 | 1 | 2,044 | — | — | 2,045 | Stock-based compensation expense | 75,554 | 1 | 3,334 | — | — | 3,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (55,344) | (1) | 1 | — | — | — | Stock-based compensation forfeited | (56,260) | (1) | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.40 per share) | — | — | — | (50,829) | — | (50,829) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.60 per share) | Dividends paid ($0.60 per share) | — | — | — | (76,249) | — | (76,249) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2023 | 127,088,963 | $ | 1,271 | 1,022,189 | 657,292 | (169,251) | 1,511,501 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2023 | Ending balance at September 30, 2023 | 127,101,349 | $ | 1,271 | 1,023,591 | 671,092 | (197,523) | 1,498,431 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2021 | Beginning balance at December 31, 2021 | 126,612,183 | $ | 1,266 | 1,010,405 | 609,529 | (37,629) | 1,583,571 | Beginning balance at December 31, 2021 | 126,612,183 | $ | 1,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 61,713 | — | 61,713 | Net income | — | — | — | 99,017 | — | 99,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $30,951 | — | — | — | — | (105,001) | (105,001) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $45,706 | Other comprehensive loss, net of tax of $45,706 | — | — | — | — | (153,519) | (153,519) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) | Total comprehensive income/(loss) | — | — | — | 61,713 | (105,001) | (43,288) | Total comprehensive income/(loss) | — | — | — | 99,017 | (153,519) | (54,502) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 241,408 | 2 | 2,822 | — | — | 2,824 | Exercise of stock options | 314,880 | 2 | 3,719 | — | — | 3,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 75,377 | 2 | 2,121 | — | — | 2,123 | Stock-based compensation expense | 75,377 | 2 | 3,065 | — | — | 3,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | Stock-based compensation forfeited | (47,202) | (1) | 1 | — | — | — | Stock-based compensation forfeited | (80,451) | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.40 per share) | — | — | — | (50,691) | — | (50,691) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid ($0.60 per share) | Dividends paid ($0.60 per share) | — | — | — | (76,070) | — | (76,070) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2022 | 126,881,766 | $ | 1,269 | 1,015,349 | 620,551 | (142,630) | 1,494,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2022 | Ending balance at September 30, 2022 | 126,921,989 | $ | 1,269 | 1,017,189 | 632,476 | (191,148) | 1,459,786 |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 66,723 | 61,713 | Net income | $ | 105,943 | 99,017 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 13,926 | 1,148 | Provision for credit losses | 14,928 | 8,837 | ||||||||||||||||
Loss on sale of investments | Loss on sale of investments | 8,306 | 5 | Loss on sale of investments | 8,306 | — | ||||||||||||||||
Net loss/(gain) on sale of assets | Net loss/(gain) on sale of assets | 691 | (630) | Net loss/(gain) on sale of assets | 743 | (858) | ||||||||||||||||
Mortgage banking activity | Mortgage banking activity | 5,900 | (2,660) | Mortgage banking activity | 5,342 | (3,308) | ||||||||||||||||
Gain on sale of SBA loans | Gain on sale of SBA loans | (1,112) | — | Gain on sale of SBA loans | (1,390) | — | ||||||||||||||||
Gain on sale of mortgage servicing rights | Gain on sale of mortgage servicing rights | (8,305) | — | Gain on sale of mortgage servicing rights | (8,305) | — | ||||||||||||||||
Net depreciation, amortization and accretion | Net depreciation, amortization and accretion | 8,798 | 2,860 | Net depreciation, amortization and accretion | 16,473 | 3,874 | ||||||||||||||||
Decrease in other assets | (40,281) | (23,489) | ||||||||||||||||||||
Decrease in other liabilities | (2,545) | (16,891) | ||||||||||||||||||||
Increase in other assets | Increase in other assets | (114,158) | (31,790) | |||||||||||||||||||
Increase in other liabilities | Increase in other liabilities | 15,617 | 11,270 | |||||||||||||||||||
Net amortization on marketable securities | Net amortization on marketable securities | 1,724 | 2,783 | Net amortization on marketable securities | 2,438 | 3,849 | ||||||||||||||||
Noncash compensation expense related to stock benefit plans | Noncash compensation expense related to stock benefit plans | 2,045 | 2,123 | Noncash compensation expense related to stock benefit plans | 3,335 | 3,066 | ||||||||||||||||
Noncash write-down of real estate owned | Noncash write-down of real estate owned | 37 | 41 | Noncash write-down of real estate owned | 37 | 44 | ||||||||||||||||
Deferred income tax expense | 1,010 | 2,256 | ||||||||||||||||||||
Deferred income tax (benefit)/expense | Deferred income tax (benefit)/expense | (3,610) | 1,928 | |||||||||||||||||||
Origination of loans held-for-sale | Origination of loans held-for-sale | (82,984) | (225,091) | Origination of loans held-for-sale | (137,789) | (317,117) | ||||||||||||||||
Proceeds from sale of loans held-for-sale | Proceeds from sale of loans held-for-sale | 78,822 | 222,662 | Proceeds from sale of loans held-for-sale | 139,819 | 331,268 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 52,755 | 26,830 | Net cash provided by operating activities | 47,729 | 110,080 | ||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||
Purchase of marketable securities held-to-maturity | Purchase of marketable securities held-to-maturity | — | (212,892) | Purchase of marketable securities held-to-maturity | — | (212,892) | ||||||||||||||||
Purchase of marketable securities available-for-sale | Purchase of marketable securities available-for-sale | (23,502) | (102,178) | Purchase of marketable securities available-for-sale | (23,502) | (102,178) | ||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 32,998 | 57,254 | Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 50,517 | 80,765 | ||||||||||||||||
Proceeds from maturities and principal reductions of marketable securities available-for-sale | Proceeds from maturities and principal reductions of marketable securities available-for-sale | 57,276 | 148,260 | Proceeds from maturities and principal reductions of marketable securities available-for-sale | 81,803 | 197,310 | ||||||||||||||||
Proceeds from sale of marketable securities available-for-sale | Proceeds from sale of marketable securities available-for-sale | 101,229 | — | Proceeds from sale of marketable securities available-for-sale | 101,229 | — | ||||||||||||||||
Proceeds from bank-owned life insurance | Proceeds from bank-owned life insurance | 1,633 | 2,553 | Proceeds from bank-owned life insurance | 2,798 | 4,753 | ||||||||||||||||
Loan originations | Loan originations | (2,024,737) | (2,158,246) | Loan originations | (2,928,360) | (3,464,471) | ||||||||||||||||
Proceeds from sale of mortgage servicing rights | Proceeds from sale of mortgage servicing rights | 13,118 | — | Proceeds from sale of mortgage servicing rights | 13,118 | — | ||||||||||||||||
Loan purchases | Loan purchases | — | (304,163) | Loan purchases | — | (371,121) | ||||||||||||||||
Proceeds from loan maturities and principal reductions | Proceeds from loan maturities and principal reductions | 1,673,841 | 2,054,203 | Proceeds from loan maturities and principal reductions | 2,524,676 | 3,110,264 | ||||||||||||||||
Net (redemptions)/proceeds of FHLB stock | (4,470) | 822 | ||||||||||||||||||||
Net redemptions of FHLB stock | Net redemptions of FHLB stock | (261) | (5,097) | |||||||||||||||||||
Proceeds from sale of real estate owned | Proceeds from sale of real estate owned | 1,257 | 424 | Proceeds from sale of real estate owned | 1,343 | 1,469 | ||||||||||||||||
Proceeds from sale of real estate owned for investment, net | Proceeds from sale of real estate owned for investment, net | — | 153 | Proceeds from sale of real estate owned for investment, net | — | 229 | ||||||||||||||||
(Purchases)/disposals of premises and equipment, net | (1,330) | 1,687 | ||||||||||||||||||||
Purchases of premises and equipment, net | Purchases of premises and equipment, net | (1,617) | (613) | |||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (172,687) | (512,123) | Net cash used in investing activities | (178,256) | (761,582) | ||||||||||||||||
Financing activities: | ||||||||||||||||||||||
Net increase/(decrease) in deposits | 197,847 | (233,910) | ||||||||||||||||||||
Repayments of long-term borrowings | — | (10,094) | ||||||||||||||||||||
Net decrease in short-term borrowings | (48,852) | (8,603) | ||||||||||||||||||||
Increase in advances by borrowers for taxes and insurance | 9,530 | 11,040 | ||||||||||||||||||||
Cash dividends paid on common stock | (50,829) | (50,691) | ||||||||||||||||||||
Proceeds from stock options exercised | 498 | 2,824 | ||||||||||||||||||||
Net cash provided by/(used in) financing activities | 108,194 | (289,434) | ||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (11,738) | (774,727) | |||||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 139,365 | 1,279,259 | |||||||||||||||||||
Net decrease in cash and cash equivalents | (11,738) | (774,727) | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 127,627 | 504,532 | |||||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $30,790 and $6,943, respectively) | $ | 56,218 | 11,520 | |||||||||||||||||||
Income taxes | 24,106 | 11,581 | ||||||||||||||||||||
Non-cash activities: | ||||||||||||||||||||||
Loan foreclosures and repossessions | $ | 1,803 | 2,591 | |||||||||||||||||||
Sale of real estate owned financed by the Company | 70 | — |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Financing activities: | |||||||||||
Net increase/(decrease) in deposits | 325,334 | (422,773) | |||||||||
Repayments of long-term borrowings | — | (10,094) | |||||||||
Net (decrease)/increase in short-term borrowings | (76,578) | 10,943 | |||||||||
Increase in advances by borrowers for taxes and insurance | (19,960) | (14,935) | |||||||||
Cash dividends paid on common stock | (76,249) | (76,070) | |||||||||
Proceeds from stock options exercised | 610 | 3,721 | |||||||||
Net cash provided by/(used in) financing activities | 153,157 | (509,208) | |||||||||
Net increase/(decrease) in cash and cash equivalents | $ | 22,630 | (1,160,710) | ||||||||
Cash and cash equivalents at beginning of period | $ | 139,365 | 1,279,259 | ||||||||
Net increase/(decrease) in cash and cash equivalents | 22,630 | (1,160,710) | |||||||||
Cash and cash equivalents at end of period | $ | 161,995 | 118,549 | ||||||||
Cash paid during the period for: | |||||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $56,021 and $9,812, respectively) | $ | 96,469 | 18,281 | ||||||||
Income taxes | 38,236 | 21,851 | |||||||||
Non-cash activities: | |||||||||||
Loan foreclosures and repossessions | $ | 2,844 | 3,423 | ||||||||
Sale of real estate owned financed by the Company | 70 | 175 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||||||||||||||||||||||||||||||||
Debt issued by the U.S government and agencies: | Debt issued by the U.S government and agencies: | Debt issued by the U.S government and agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 20,000 | — | (1,676) | 18,324 | Due after one year through five years | $ | 20,000 | — | (1,750) | 18,250 | ||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 51,124 | — | (10,627) | 40,497 | Due after ten years | 50,166 | — | (11,890) | 38,276 | ||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 20,984 | — | (2,940) | 18,044 | Due after one year through five years | 45,985 | — | (7,502) | 38,483 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 25,516 | — | (4,027) | 21,489 | Due after five years through ten years | 434 | — | (11) | 423 | ||||||||||||||||||||||||||||||||||||
Municipal securities: | Municipal securities: | Municipal securities: | ||||||||||||||||||||||||||||||||||||||||||||
Due within one year | 500 | — | — | 500 | ||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 950 | 17 | (9) | 958 | Due after one year through five years | 954 | 3 | (9) | 948 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 20,481 | — | (1,845) | 18,636 | Due after five years through ten years | 21,976 | — | (3,055) | 18,921 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 64,589 | 59 | (10,409) | 54,239 | Due after ten years | 62,990 | — | (14,788) | 48,202 | ||||||||||||||||||||||||||||||||||||
Corporate debt issues: | Corporate debt issues: | Corporate debt issues: | ||||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 8,463 | — | (917) | 7,546 | Due after five years through ten years | 8,464 | — | (1,000) | 7,464 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 219,643 | 4 | (28,705) | 190,942 | Fixed rate pass-through | 213,849 | — | (35,305) | 178,544 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 7,861 | 2 | (215) | 7,648 | Variable rate pass-through | 7,501 | 2 | (169) | 7,334 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 821,371 | — | (151,317) | 670,054 | Fixed rate agency CMOs | 805,086 | — | (175,985) | 629,101 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 25,619 | 35 | (579) | 25,075 | Variable rate agency CMOs | 24,675 | 28 | (573) | 24,130 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 1,074,494 | 41 | (180,816) | 893,719 | Total residential mortgage-backed securities | 1,051,111 | 30 | (212,032) | 839,109 | ||||||||||||||||||||||||||||||||||||
Total marketable securities available-for-sale | Total marketable securities available-for-sale | $ | 1,287,101 | 117 | (213,266) | 1,073,952 | Total marketable securities available-for-sale | $ | 1,262,080 | 33 | (252,037) | 1,010,076 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||||||||||
Due after one year through five years | $ | 20,000 | — | (1,799) | 18,201 | ||||||||||||||||||
Due after ten years | 53,152 | — | (10,761) | 42,391 | |||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | 993 | — | (49) | 944 | |||||||||||||||||||
Due after five years through ten years | 45,814 | — | (7,557) | 38,257 | |||||||||||||||||||
Municipal securities: | |||||||||||||||||||||||
Due within one year | 506 | — | (1) | 505 | |||||||||||||||||||
Due after one year through five years | 986 | 21 | (13) | 994 | |||||||||||||||||||
Due after five years through ten years | 36,332 | — | (2,290) | 34,042 | |||||||||||||||||||
Due after ten years | 89,631 | 8 | (13,414) | 76,225 | |||||||||||||||||||
Corporate debt issues: | |||||||||||||||||||||||
Due after five years through ten years | 13,540 | — | (562) | 12,978 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | 227,122 | 35 | (31,171) | 195,986 | |||||||||||||||||||
Variable rate pass-through | 8,837 | 10 | (184) | 8,663 | |||||||||||||||||||
Fixed rate agency CMOs | 906,962 | — | (145,284) | 761,678 | |||||||||||||||||||
Variable rate agency CMOs | 27,853 | 31 | (640) | 27,244 | |||||||||||||||||||
Total residential mortgage-backed securities | 1,170,774 | 76 | (177,279) | 993,571 | |||||||||||||||||||
Total marketable securities available-for-sale | $ | 1,431,728 | 105 | (213,725) | 1,218,108 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||||||||||||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | Debt issued by government-sponsored enterprises: | ||||||||||||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 49,471 | — | (6,541) | 42,930 | Due after one year through five years | $ | 49,471 | — | (6,830) | 42,641 | ||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 74,985 | — | (13,586) | 61,399 | Due after five years through ten years | 74,986 | — | (14,901) | 60,085 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate pass-through | Fixed rate pass-through | 155,431 | — | (23,770) | 131,661 | Fixed rate pass-through | 151,411 | — | (27,070) | 124,341 | ||||||||||||||||||||||||||||||||||||
Variable rate pass-through | Variable rate pass-through | 495 | — | (10) | 485 | Variable rate pass-through | 468 | — | (8) | 460 | ||||||||||||||||||||||||||||||||||||
Fixed rate agency CMOs | Fixed rate agency CMOs | 566,934 | — | (85,253) | 481,681 | Fixed rate agency CMOs | 553,241 | — | (98,606) | 454,635 | ||||||||||||||||||||||||||||||||||||
Variable rate agency CMOs | Variable rate agency CMOs | 529 | — | (9) | 520 | Variable rate agency CMOs | 529 | — | (10) | 519 | ||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | 723,389 | — | (109,042) | 614,347 | Total residential mortgage-backed securities | 705,649 | — | (125,694) | 579,955 | ||||||||||||||||||||||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 847,845 | — | (129,169) | 718,676 | Total marketable securities held-to-maturity | $ | 830,106 | — | (147,425) | 682,681 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | $ | 29,478 | — | (3,676) | 25,802 | ||||||||||||||||||
Due after five years through ten years | 94,977 | — | (18,157) | 76,820 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | 163,196 | — | (24,684) | 138,512 | |||||||||||||||||||
Variable rate pass-through | 542 | — | (12) | 530 | |||||||||||||||||||
Fixed rate agency CMOs | 592,527 | — | (83,325) | 509,202 | |||||||||||||||||||
Variable rate agency CMOs | 529 | — | (11) | 518 | |||||||||||||||||||
Total residential mortgage-backed securities | 756,794 | — | (108,032) | 648,762 | |||||||||||||||||||
Total marketable securities held-to-maturity | $ | 881,249 | — | (129,865) | 751,384 |
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||
Due within one year | Due within one year | $ | 16 | 16 | Due within one year | $ | 60 | 59 | ||||||||||||||
Due after one year through five years | Due after one year through five years | 20,874 | 18,781 | Due after one year through five years | 25,302 | 23,185 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 34,546 | 32,342 | Due after five years through ten years | 27,837 | 25,424 | ||||||||||||||||
Due after ten years | Due after ten years | 1,019,058 | 842,580 | Due after ten years | 997,912 | 790,441 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 1,074,494 | 893,719 | Total residential mortgage-backed securities | $ | 1,051,111 | 839,109 |
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||
Due after one year through five years | Due after one year through five years | $ | 20,430 | 17,529 | Due after one year through five years | $ | 20,343 | 17,291 | ||||||||||||||
Due after five years through ten years | Due after five years through ten years | 20,234 | 15,973 | Due after five years through ten years | 20,225 | 15,484 | ||||||||||||||||
Due after ten years | Due after ten years | 682,725 | 580,845 | Due after ten years | 665,081 | 547,180 | ||||||||||||||||
Total residential mortgage-backed securities | Total residential mortgage-backed securities | $ | 723,389 | 614,347 | Total residential mortgage-backed securities | $ | 705,649 | 579,955 |
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | U.S. government-sponsored enterprises | $ | — | — | 202,683 | (39,397) | 202,683 | (39,397) | U.S. government-sponsored enterprises | $ | 423 | (11) | 197,736 | (42,873) | 198,159 | (42,884) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 7,375 | (306) | 60,351 | (11,957) | 67,726 | (12,263) | Municipal securities | 8,412 | (526) | 59,233 | (17,326) | 67,645 | (17,852) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate issues | Corporate issues | 4,339 | (644) | 3,207 | (273) | 7,546 | (917) | Corporate issues | — | — | 7,464 | (1,000) | 7,464 | (1,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | Residential mortgage-backed securities - agency | 191,673 | (8,906) | 1,313,801 | (280,952) | 1,505,474 | (289,858) | Residential mortgage-backed securities - agency | 25,649 | (1,271) | 1,390,685 | (336,455) | 1,416,334 | (337,726) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 203,387 | (9,856) | 1,580,042 | (332,579) | 1,783,429 | (342,435) | Total | $ | 34,484 | (1,808) | 1,655,118 | (397,654) | 1,689,602 | (399,462) |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 1,735 | (82) | 200,679 | (41,917) | 202,414 | (41,999) | ||||||||||||||||||||||||||||
Corporate debt issues | 12,979 | (562) | — | — | 12,979 | (562) | |||||||||||||||||||||||||||||
Municipal securities | 60,676 | (4,047) | 44,493 | (11,671) | 105,169 | (15,718) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | 373,186 | (22,796) | 1,264,042 | (262,515) | 1,637,228 | (285,311) | |||||||||||||||||||||||||||||
Total | $ | 448,576 | (27,487) | 1,509,214 | (316,103) | 1,957,790 | (343,590) |
AA+ | Total | AA+ | Total | |||||||||||||||||||
Held-to-maturity securities (at amortized cost): | Held-to-maturity securities (at amortized cost): | Held-to-maturity securities (at amortized cost): | ||||||||||||||||||||
Debt issued by the U.S. government-sponsored enterprises | Debt issued by the U.S. government-sponsored enterprises | $ | 124,456 | 124,456 | Debt issued by the U.S. government-sponsored enterprises | $ | 124,457 | 124,457 | ||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 723,389 | 723,389 | Residential mortgage-backed securities | 705,649 | 705,649 | ||||||||||||||||
Total marketable securities held-to-maturity | Total marketable securities held-to-maturity | $ | 847,845 | 847,845 | Total marketable securities held-to-maturity | $ | 830,106 | 830,106 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans (3) | Residential mortgage loans (3) | $ | 3,338,525 | 156,632 | 3,495,157 | 3,327,879 | 170,720 | 3,498,599 | Residential mortgage loans (3) | $ | 3,322,136 | 150,627 | 3,472,763 | 3,327,879 | 170,720 | 3,498,599 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,135,044 | 141,018 | 1,276,062 | 1,131,641 | 166,033 | 1,297,674 | Home equity loans | 1,126,675 | 132,090 | 1,258,765 | 1,131,641 | 166,033 | 1,297,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 2,009,881 | 77,449 | 2,087,330 | 1,965,385 | 91,398 | 2,056,783 | Vehicle loans | 1,969,029 | 70,670 | 2,039,699 | 1,965,385 | 91,398 | 2,056,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 107,304 | 6,428 | 113,732 | 104,284 | 7,588 | 111,872 | Consumer loans | 109,319 | 6,101 | 115,420 | 104,284 | 7,588 | 111,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 6,590,754 | 381,527 | 6,972,281 | 6,529,189 | 435,739 | 6,964,928 | Total Personal Banking | 6,527,159 | 359,488 | 6,886,647 | 6,529,189 | 435,739 | 6,964,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,251,248 | 275,891 | 2,527,139 | 2,135,607 | 312,421 | 2,448,028 | Commercial real estate loans | 2,286,563 | 267,081 | 2,553,644 | 2,135,607 | 312,421 | 2,448,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 341,559 | 26,526 | 368,085 | 341,704 | 33,823 | 375,527 | Commercial real estate loans - owner occupied | 343,714 | 25,659 | 369,373 | 341,704 | 33,823 | 375,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,357,216 | 46,510 | 1,403,726 | 1,082,914 | 49,055 | 1,131,969 | Commercial loans | 1,463,159 | 37,450 | 1,500,609 | 1,082,914 | 49,055 | 1,131,969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 3,950,023 | 348,927 | 4,298,950 | 3,560,225 | 395,299 | 3,955,524 | Total Commercial Banking | 4,093,436 | 330,190 | 4,423,626 | 3,560,225 | 395,299 | 3,955,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, gross | Total loans receivable, gross | 10,540,777 | 730,454 | 11,271,231 | 10,089,414 | 831,038 | 10,920,452 | Total loans receivable, gross | 10,620,595 | 689,678 | 11,310,273 | 10,089,414 | 831,038 | 10,920,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (115,875) | (8,548) | (124,423) | (107,379) | (10,657) | (118,036) | Allowance for credit losses | (116,596) | (8,245) | (124,841) | (107,379) | (10,657) | (118,036) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | Total loans receivable, net | $ | 10,424,902 | 721,906 | 11,146,808 | 9,982,035 | 820,381 | 10,802,416 | Total loans receivable, net | $ | 10,503,999 | 681,433 | 11,185,432 | 9,982,035 | 820,381 | 10,802,416 |
Balance as of June 30, 2023 | Current period provision | Charge-offs | Recoveries | Balance as of March 31, 2023 | Balance as of September 30, 2023 | Current period provision | Charge-offs | Recoveries | Balance as of June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 17,556 | (1,676) | (545) | 539 | 19,238 | Residential mortgage loans | $ | 17,090 | (370) | (171) | 75 | 17,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 5,002 | (456) | (235) | 212 | 5,481 | Home equity loans | 5,044 | 201 | (320) | 161 | 5,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 27,283 | 2,030 | (1,539) | 626 | 26,166 | Vehicle loans | 27,226 | 984 | (1,524) | 483 | 27,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,010 | 1,231 | (1,233) | 280 | 732 | Consumer loans | 1,202 | 1,436 | (1,561) | 317 | 1,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 50,851 | 1,129 | (3,552) | 1,657 | 51,617 | Total Personal Banking | 50,562 | 2,251 | (3,576) | 1,036 | 50,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 50,056 | 4,576 | (415) | 491 | 45,404 | Commercial real estate loans | 48,582 | (1,110) | (484) | 120 | 50,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 3,498 | 189 | (68) | 26 | 3,351 | Commercial real estate loans - owner occupied | 3,479 | (30) | — | 11 | 3,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 20,018 | 116 | (1,209) | 226 | 20,885 | Commercial loans | 22,218 | 2,872 | (1,286) | 614 | 20,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 73,572 | 4,881 | (1,692) | 743 | 69,640 | Total Commercial Banking | 74,279 | 1,732 | (1,770) | 745 | 73,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 124,423 | 6,010 | (5,244) | 2,400 | 121,257 | Total | $ | 124,841 | 3,983 | (5,346) | 1,781 | 124,423 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 4 | 1 | — | — | 3 | Residential mortgage loans | $ | 3 | (1) | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 64 | 4 | — | — | 60 | Home equity loans | 67 | 3 | — | — | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 68 | 5 | — | — | 63 | Total Personal Banking | 70 | 2 | — | — | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 7,655 | 1,731 | — | — | 5,924 | Commercial real estate loans | 4,797 | (2,858) | — | — | 7,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 320 | (121) | — | — | 441 | Commercial real estate loans - owner occupied | 140 | (180) | — | — | 320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 7,916 | 1,305 | — | — | 6,611 | Commercial loans | 7,971 | 55 | — | — | 7,916 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 15,891 | 2,915 | — | — | 12,976 | Total Commercial Banking | 12,908 | (2,983) | — | — | 15,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 15,959 | 2,920 | — | — | 13,039 | Total off-balance sheet exposure | $ | 12,978 | (2,981) | — | — | 15,959 |
Balance as of June 30, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of March 31, 2022 | Balance as of September 30, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 16,158 | 2,723 | (138) | 267 | 13,306 | Residential mortgage loans | $ | 17,967 | 1,646 | (166) | 329 | 16,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 5,232 | (583) | (255) | 427 | 5,643 | Home equity loans | 5,448 | 341 | (535) | 410 | 5,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 15,738 | 1,888 | (934) | 603 | 14,181 | Vehicle loans | 17,004 | 1,576 | (936) | 626 | 15,738 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 779 | (1,685) | (978) | 333 | 3,109 | Consumer loans | 825 | 1,170 | (1,405) | 281 | 779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 37,907 | 2,343 | (2,305) | 1,630 | 36,239 | Total Personal Banking | 41,244 | 4,733 | (3,042) | 1,646 | 37,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 39,641 | (1,917) | (4,392) | 1,378 | 44,572 | Commercial real estate loans | 49,649 | 5,117 | (1,329) | 6,220 | 39,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 4,095 | (188) | — | 7 | 4,276 | Commercial real estate loans - owner occupied | 4,087 | (34) | — | 26 | 4,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 16,712 | 2,391 | (329) | 442 | 14,208 | Commercial loans | 14,839 | (2,127) | (243) | 497 | 16,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 60,448 | 286 | (4,721) | 1,827 | 63,056 | Total Commercial Banking | 68,575 | 2,956 | (1,572) | 6,743 | 60,448 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 98,355 | 2,629 | (7,026) | 3,457 | 99,295 | Total | $ | 109,819 | 7,689 | (4,614) | 8,389 | 98,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 6 | — | — | — | 6 | Residential mortgage loans | $ | 4 | (2) | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 64 | 9 | — | — | 55 | Home equity loans | 74 | 10 | — | — | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 70 | 9 | — | — | 61 | Total Personal Banking | 78 | 8 | — | — | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3,463 | 1,671 | — | — | 1,792 | Commercial real estate loans | 5,382 | 1,919 | — | — | 3,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 328 | 120 | — | — | 208 | Commercial real estate loans - owner occupied | 287 | (41) | — | — | 328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 3,589 | 1,596 | — | — | 1,993 | Commercial loans | 5,288 | 1,699 | — | — | 3,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 7,380 | 3,387 | — | — | 3,993 | Total Commercial Banking | 10,957 | 3,577 | — | — | 7,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 7,450 | 3,396 | — | — | 4,054 | Total off-balance sheet exposure | $ | 11,035 | 3,585 | — | — | 7,450 |
Balance June 30, 2023 | Current period provision | Charge-offs | Recoveries | ASU 2022-02 Adoption | Balance December 31, 2022 | Balance September 30, 2023 | Current period provision | Charge-offs | Recoveries | ASU 2022-02 Adoption | Balance December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 17,556 | (1,677) | (752) | 724 | — | 19,261 | Residential mortgage loans | $ | 17,090 | (2,047) | (923) | 799 | — | 19,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 5,002 | (906) | (399) | 405 | — | 5,902 | Home equity loans | 5,044 | (705) | (719) | 566 | — | 5,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 27,283 | 6,283 | (3,207) | 1,148 | — | 23,059 | Vehicle loans | 27,226 | 7,267 | (4,731) | 1,631 | — | 23,059 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,010 | 2,027 | (2,299) | 617 | — | 665 | Consumer loans | 1,202 | 3,463 | (3,860) | 934 | — | 665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 50,851 | 5,727 | (6,657) | 2,894 | — | 48,887 | Total Personal Banking | 50,562 | 7,978 | (10,233) | 3,930 | — | 48,887 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 50,056 | 4,697 | (1,072) | 1,499 | 426 | 44,506 | Commercial real estate loans | 48,582 | 3,587 | (1,556) | 1,619 | 426 | 44,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 3,498 | (485) | (68) | 47 | — | 4,004 | Commercial real estate loans - owner occupied | 3,479 | (515) | (68) | 58 | — | 4,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 20,018 | 941 | (2,074) | 512 | — | 20,639 | Commercial loans | 22,218 | 3,813 | (3,360) | 1,126 | — | 20,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 73,572 | 5,153 | (3,214) | 2,058 | 426 | 69,149 | Total Commercial Banking | 74,279 | 6,885 | (4,984) | 2,803 | 426 | 69,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 124,423 | 10,880 | (9,871) | 4,952 | 426 | 118,036 | Total | $ | 124,841 | 14,863 | (15,217) | 6,733 | 426 | 118,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure (1) | Allowance for Credit Losses - off-balance sheet exposure (1) | Allowance for Credit Losses - off-balance sheet exposure (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 4 | — | — | — | — | 4 | Residential mortgage loans | $ | 3 | (1) | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 64 | (10) | — | — | — | 74 | Home equity loans | 67 | (7) | — | — | — | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 68 | (10) | — | — | — | 78 | Total Personal Banking | 70 | (8) | — | — | — | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 7,655 | 2,280 | — | — | — | 5,375 | Commercial real estate loans | 4,797 | (578) | — | — | — | 5,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 320 | (59) | — | — | — | 379 | Commercial real estate loans - owner occupied | 140 | (239) | — | — | — | 379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 7,916 | 835 | — | — | — | 7,081 | Commercial loans | 7,971 | 890 | — | — | — | 7,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 15,891 | 3,056 | — | — | — | 12,835 | Total Commercial Banking | 12,908 | 73 | — | — | — | 12,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 15,959 | 3,046 | — | — | — | 12,913 | Total off-balance sheet exposure | $ | 12,978 | 65 | — | — | — | 12,913 |
Balance as of June 30, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of December 31, 2021 | Balance as of September 30, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 16,158 | 9,685 | (1,321) | 421 | 7,373 | Residential mortgage loans | $ | 17,967 | 11,331 | (1,487) | 750 | 7,373 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 5,232 | (214) | (702) | 848 | 5,300 | Home equity loans | 5,448 | 127 | (1,237) | 1,258 | 5,300 | ||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 15,738 | 583 | (1,581) | 1,253 | 15,483 | Vehicle loans | 17,004 | 2,159 | (2,517) | 1,879 | 15,483 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 779 | (691) | (2,054) | 640 | 2,884 | Consumer loans | 825 | 479 | (3,459) | 921 | 2,884 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 37,907 | 9,363 | (5,658) | 3,162 | 31,040 | Total Personal Banking | 41,244 | 14,096 | (8,700) | 4,808 | 31,040 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 39,641 | (11,582) | (5,416) | 2,498 | 51,141 | Commercial real estate loans | 49,649 | (6,465) | (6,745) | 8,718 | 54,141 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 4,095 | 201 | — | 11 | 3,883 | Commercial real estate loans - owner occupied | 4,087 | 167 | — | 37 | 3,883 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 16,712 | 3,166 | (1,010) | 1,379 | 13,177 | Commercial loans | 14,839 | 1,039 | (1,253) | 1,876 | 13,177 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 60,448 | (8,215) | (6,426) | 3,888 | 71,201 | Total Commercial Banking | 68,575 | (5,259) | (7,998) | 10,631 | 71,201 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 98,355 | 1,148 | (12,084) | 7,050 | 102,241 | Total | $ | 109,819 | 8,837 | (16,698) | 15,439 | 102,241 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | Allowance for Credit Losses - off-balance sheet exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 6 | 4 | — | — | 2 | Residential mortgage loans | $ | 4 | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 64 | 25 | — | — | 39 | Home equity loans | 74 | 35 | — | — | 39 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 70 | 29 | — | — | 41 | Total Personal Banking | 78 | 37 | — | — | 41 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 3,463 | 2,582 | — | — | 881 | Commercial real estate loans | 5,382 | 4,501 | — | — | 881 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 328 | 186 | — | — | 142 | Commercial real estate loans - owner occupied | 287 | 145 | — | — | 142 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 3,589 | 2,195 | — | — | 1,394 | Commercial loans | 5,288 | 3,894 | — | — | 1,394 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 7,380 | 4,963 | — | — | 2,417 | Total Commercial Banking | 10,957 | 8,540 | — | — | 2,417 | ||||||||||||||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | Total off-balance sheet exposure | $ | 7,450 | 4,992 | — | — | 2,458 | Total off-balance sheet exposure | $ | 11,035 | 8,577 | — | — | 2,458 |
Total loans receivable | Allowance for credit losses | Nonaccrual loans | Loans 90 days past due and accruing | Total loans receivable | Allowance for credit losses | Nonaccrual loans | Loans 90 days past due and accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 3,495,157 | 17,556 | 8,083 | — | Residential mortgage loans | $ | 3,472,763 | 17,090 | 9,760 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,276,062 | 5,002 | 3,454 | — | Home equity loans | 1,258,765 | 5,044 | 3,431 | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 2,087,330 | 27,283 | 3,465 | — | Vehicle loans | 2,039,699 | 27,226 | 3,817 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 113,732 | 1,010 | 246 | 414 | Consumer loans | 115,420 | 1,202 | 281 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 6,972,281 | 50,851 | 15,248 | 414 | Total Personal Banking | 6,886,647 | 50,562 | 17,289 | 690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,527,139 | 50,056 | 58,521 | — | Commercial real estate loans | 2,553,644 | 48,582 | 54,109 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 368,085 | 3,498 | 429 | — | Commercial real estate loans - owner occupied | 369,373 | 3,479 | 1,071 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,403,726 | 20,018 | 4,391 | 118 | Commercial loans | 1,500,609 | 22,218 | 4,185 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 4,298,950 | 73,572 | 63,341 | 118 | Total Commercial Banking | 4,423,626 | 74,279 | 59,365 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 11,271,231 | 124,423 | 78,589 | 532 | Total | $ | 11,310,273 | 124,841 | 76,654 | 728 |
Total loans receivable | Allowance for credit losses | Nonaccrual loans (1) | Loans 90 days past due and accruing | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,498,599 | 19,261 | 7,574 | — | 6,279 | 1,069 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 1,297,674 | 5,902 | 4,145 | — | 1,470 | 546 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 2,056,783 | 23,059 | 3,771 | 2 | — | — | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 111,872 | 665 | 256 | 405 | — | — | — | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 6,964,928 | 48,887 | 15,746 | 407 | 7,749 | 1,615 | — | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,448,028 | 44,506 | 62,239 | — | 31,980 | 638 | 400 | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 375,527 | 4,004 | 624 | — | 94 | 31 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 1,131,969 | 20,639 | 2,627 | 337 | 858 | 116 | 4 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 3,955,524 | 69,149 | 65,490 | 337 | 32,932 | 785 | 404 | ||||||||||||||||||||||||||||||||||
Total | $ | 10,920,452 | 118,036 | 81,236 | 744 | 40,681 | 2,400 | 404 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans at January 1, 2023 | Nonaccrual loans with an allowance | Nonaccrual loans with no allowance | Total nonaccrual loans at the end of the period | Loans 90 days past due and accruing | Nonaccrual loans at January 1, 2023 | Nonaccrual loans with an allowance | Nonaccrual loans with no allowance | Total nonaccrual loans at the end of the period | Loans 90 days past due and accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 7,574 | 8,083 | — | 8,083 | — | Residential mortgage loans | $ | 7,574 | 9,760 | — | 9,760 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 4,145 | 3,278 | 176 | 3,454 | — | Home equity loans | 4,145 | 3,262 | 169 | 3,431 | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 3,771 | 2,522 | 943 | 3,465 | — | Vehicle loans | 3,771 | 2,838 | 979 | 3,817 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 256 | 246 | — | 246 | 414 | Consumer loans | 256 | 281 | — | 281 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 15,746 | 14,129 | 1,119 | 15,248 | 414 | Total Personal Banking | 15,746 | 16,141 | 1,148 | 17,289 | 690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 62,239 | 22,507 | 36,014 | 58,521 | — | Commercial real estate loans | 62,239 | 21,838 | 32,271 | 54,109 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | 624 | 429 | — | 429 | — | Commercial real estate loans - owner occupied | 624 | 1,071 | — | 1,071 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 2,627 | 3,886 | 505 | 4,391 | 118 | Commercial loans | 2,627 | 3,828 | 357 | 4,185 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 65,490 | 26,822 | 36,519 | 63,341 | 118 | Total Commercial Banking | 65,490 | 26,737 | 32,628 | 59,365 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 81,236 | 40,951 | 37,638 | 78,589 | 532 | Total | $ | 81,236 | 42,878 | 33,776 | 76,654 | 728 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans at January 1, 2022 | Nonaccrual loans with an allowance | Nonaccrual loans with no allowance | Total nonaccrual loans at the end of the period | Loans 90 days past due and accruing | |||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 10,402 | 7,574 | — | 7,574 | — | |||||||||||||||||||||||||||||
Home equity loans | 5,758 | 3,887 | 258 | 4,145 | — | ||||||||||||||||||||||||||||||
Vehicle loans | 3,263 | 2,175 | 1,596 | 3,771 | 2 | ||||||||||||||||||||||||||||||
Consumer loans | 675 | 256 | — | 256 | 405 | ||||||||||||||||||||||||||||||
Total Personal Banking | 20,098 | 13,892 | 1,854 | 15,746 | 407 | ||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 129,666 | 22,182 | 40,057 | 62,239 | — | ||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 1,233 | 624 | — | 624 | — | ||||||||||||||||||||||||||||||
Commercial loans | 7,474 | 2,024 | 603 | 2,627 | 337 | ||||||||||||||||||||||||||||||
Total Commercial Banking | 138,373 | 24,830 | 40,660 | 65,490 | 337 | ||||||||||||||||||||||||||||||
Total | $ | 158,471 | 38,722 | 42,514 | 81,236 | 744 |
Real estate | Total | Real estate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | $ | 53,910 | 53,910 | Commercial real estate loans | $ | 51,402 | 51,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 308 | 308 | Commercial loans | 160 | 160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 54,218 | 54,218 | Total Commercial Banking | 51,562 | 51,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 54,218 | 54,218 | Total | $ | 51,562 | 51,562 |
Real estate | Equipment | Total | |||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | 569 | — | 569 | |||||||||||||||||||||||||
Home equity loans | 100 | — | 100 | ||||||||||||||||||||||||||
Total Personal Banking | 669 | — | 669 | ||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||
Commercial real estate loans | 57,056 | — | 57,056 | ||||||||||||||||||||||||||
Commercial loans | 175 | 210 | 385 | ||||||||||||||||||||||||||
Total Commercial Banking | 57,231 | 210 | 57,441 | ||||||||||||||||||||||||||
Total | $ | 57,900 | 210 | 58,110 |
For the quarter ended June 30, 2023 | For the six months ended June 30, 2023 | For the quarter ended September 30, 2023 | For the nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term extension | Total class of financing receivable | Term extension | Combination term extension and interest rate reduction | Total class of financing receivable | Term extension | Combination term extension and interest rate reduction | Total class of financing receivable | Term extension | Combination term extension and interest rate reduction | Total class of financing receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 82 | 0.00 | % | 262 | — | 0.01 | % | Residential mortgage loans | $ | 192 | — | 0.01 | % | 450 | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 118 | 0.01 | % | 166 | — | 0.01 | % | Home equity loans | 122 | 85 | 0.02 | % | 283 | 85 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | — | — | % | — | 3 | — | % | Consumer loans | — | — | — | % | — | 3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 200 | — | % | 428 | 3 | 0.01 | % | Total Personal Banking | 314 | 85 | 0.01 | % | 733 | 88 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | — | — | % | 220 | — | 0.01 | % | Commercial real estate loans | — | — | — | % | 197 | — | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | — | — | % | 660 | — | 0.05 | % | Commercial loans | 15 | — | 0.00 | % | 663 | — | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | — | — | % | 880 | — | 0.02 | % | Total Commercial Banking | 15 | — | — | % | 860 | — | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 200 | 0.00 | % | 1,308 | 3 | 0.01 | % | Total | $ | 329 | 85 | 0.00 | % | 1,593 | 88 | 0.01 | % |
For the quarter ended June 30, 2023 | For the six months ended June 30, 2023 | For the quarter ended September 30, 2023 | For the nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average term extension in months | Weighted-average interest rate reduction | Weighted-average term extension in months | Weighted-average interest rate reduction | Weighted-average term extension in months | Weighted-average interest rate reduction | Weighted-average term extension in months | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | 100 | — | 132 | Residential mortgage loans | — | % | 169 | — | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 42 | — | 73 | Home equity loans | 5 | % | 112 | 5 | % | 96 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 9 | 12 | % | 319 | Consumer loans | — | % | — | 12 | % | 356 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 66 | 12 | % | 111 | Total Personal Banking | 5 | % | 140 | 17 | % | 126 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 0 | — | 25 | Commercial real estate loans | — | % | — | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 0 | — | 9 | Commercial loans | — | % | 23 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 0 | — | 13 | Total Commercial Banking | — | % | 23 | — | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 66 | 12 | % | 45 | Total loans | 5 | % | 135 | 17 | % | 68 |
Current | 30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Current | 30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 262 | — | — | — | Residential mortgage loans | $ | 450 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 166 | — | — | — | Home equity loans | 368 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 3 | — | — | — | Consumer loans | 3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 431 | — | — | — | Total Personal Banking | 821 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 81 | 139 | — | — | Commercial real estate loans | 74 | — | — | 123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | — | 660 | — | — | Commercial loans | — | 15 | — | 648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 81 | 799 | — | — | Total Commercial Banking | 74 | 15 | — | 771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 512 | 799 | — | — | Total loans | $ | 895 | 15 | — | 771 |
Term extension | ||||||||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | $ | 123 | ||||||||||||||||||||||||||||||||||||
Commercial loans | 648 | |||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 771 | |||||||||||||||||||||||||||||||||||||
Total | $ | 771 |
For the quarter ended June 30, 2022 | For the six months ended June 30, 2022 | |||||||||||||||||||||||||
Number of contracts | Amount | Number of Contracts | Amount | |||||||||||||||||||||||
Beginning TDR balance: | 130 | $ | 28,701 | 134 | $ | 30,288 | ||||||||||||||||||||
New TDRs | 2 | 26,115 | 2 | 26,115 | ||||||||||||||||||||||
Re-modified TDRs | 5 | 6,403 | 6 | 6,603 | ||||||||||||||||||||||
Net paydowns | — | (479) | — | (1,509) | ||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Residential mortgage loans | — | — | 1 | (3) | ||||||||||||||||||||||
Paid-off loans: | ||||||||||||||||||||||||||
Residential mortgage loans | — | — | 1 | (201) | ||||||||||||||||||||||
Home equity loans | 1 | (13) | 2 | (77) | ||||||||||||||||||||||
Commercial real estate loans | 2 | (80) | 3 | (369) | ||||||||||||||||||||||
Commercial loans | 1 | (7) | 1 | (7) | ||||||||||||||||||||||
Ending TDR balance: | 128 | $ | 54,237 | 128 | $ | 54,237 | ||||||||||||||||||||
Accruing TDRs | $ | 16,590 | $ | 16,590 | ||||||||||||||||||||||
Nonaccrual TDRs | 37,647 | 37,647 |
For the quarter ended June 30, 2022 | For the six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 3 | $ | 58,042 | 29,292 | 1,122 | 4 | $ | 58,372 | 29,492 | 1,133 | |||||||||||||||||||||||||||||||||||||
Commercial loans | 4 | 3,524 | 3,226 | 410 | 4 | 3,524 | 3,226 | 411 | |||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 7 | 61,566 | 32,518 | 1,532 | 8 | 61,896 | 32,718 | 1,544 | |||||||||||||||||||||||||||||||||||||||
Total | 7 | $ | 61,566 | 32,518 | 1,532 | 8 | $ | 61,896 | 32,718 | 1,544 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Maturity date | Total | ||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 3 | $ | 4,179 | 25,113 | 29,292 | ||||||||||||||||||||||||||||||
Commercial loans | 4 | — | 3,226 | 3,226 | |||||||||||||||||||||||||||||||
Total Commercial Banking | 7 | 4,179 | 28,339 | 32,518 | |||||||||||||||||||||||||||||||
Total | 7 | $ | 4,179 | 28,339 | 32,518 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Maturity date | Total | ||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 4 | $ | 4,179 | 25,313 | 29,492 | ||||||||||||||||||||||||||||||
Commercial loans | 4 | — | 3,226 | 3,226 | |||||||||||||||||||||||||||||||
Total Commercial Banking | 8 | 4,179 | 28,539 | 32,718 | |||||||||||||||||||||||||||||||
Total | 8 | $ | 4,179 | 28,539 | 32,718 |
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||
Commercial real estate loans | 1 | $ | 4,167 | 3,823 | — | ||||||||||||||||||
Total Commercial Banking | 1 | 4,167 | 3,823 | — | |||||||||||||||||||
Total | 1 | $ | 4,167 | 3,823 | — |
For the quarter ended September 30, 2022 | For the nine months ended September 30, 2022 | |||||||||||||||||||||||||
Number of Contracts | Amount | Number of Contracts | Amount | |||||||||||||||||||||||
Beginning TDR balance: | 128 | $ | 54,237 | 134 | $ | 30,288 | ||||||||||||||||||||
New TDRs | 6 | 221 | 8 | 25,626 | ||||||||||||||||||||||
Re-modified TDRs | 4 | 977 | 10 | 1,178 | ||||||||||||||||||||||
Net paydowns | — | (810) | — | (1,609) | ||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Residential mortgage loans | — | — | 1 | (3) | ||||||||||||||||||||||
Paid-off loans: | ||||||||||||||||||||||||||
Residential mortgage loans | 1 | (35) | 2 | (236) | ||||||||||||||||||||||
Home equity loans | 1 | (11) | 3 | (88) | ||||||||||||||||||||||
Commercial real estate loans | 1 | (3,349) | 4 | (3,718) | ||||||||||||||||||||||
Commercial real estate loans - owner occupied | 1 | (44) | 1 | (44) | ||||||||||||||||||||||
Commercial loans | 3 | (3,459) | 4 | (3,466) | ||||||||||||||||||||||
Ending TDR balance: | 127 | $ | 46,750 | 127 | $ | 46,750 | ||||||||||||||||||||
Accruing TDRs | $ | 16,344 | $ | 16,344 | ||||||||||||||||||||||
Nonaccrual TDRs | 30,406 | 30,406 |
For the quarter ended September 30, 2022 | For the nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2 | $ | 147 | 144 | 15 | 2 | $ | 147 | 144 | 15 | |||||||||||||||||||||||||||||||||||||
Home equity loans | 5 | 160 | 154 | 23 | 5 | 160 | 154 | 23 | |||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 7 | 307 | 298 | 38 | 7 | 307 | 298 | 38 | |||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 1 | $ | 610 | 609 | 89 | 5 | $ | 34,295 | 26,212 | 102 | |||||||||||||||||||||||||||||||||||||
Commercial loans | 2 | 332 | 291 | 20 | 6 | 3,856 | 294 | 20 | |||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | 3 | 942 | 900 | 109 | 11 | 38,151 | 26,506 | 122 | |||||||||||||||||||||||||||||||||||||||
Total | 10 | $ | 1,249 | 1,198 | 147 | 18 | $ | 38,458 | 26,804 | 160 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Maturity date | Total | |||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2 | $ | 144 | 144 | |||||||||||||||||||||||||||||||
Home equity loans | 5 | 154 | 154 | ||||||||||||||||||||||||||||||||
Total Personal Banking | 7 | 298 | 298 | ||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 1 | $ | 609 | 609 | |||||||||||||||||||||||||||||||
Commercial loans | 2 | 291 | 291 | ||||||||||||||||||||||||||||||||
Total Commercial Banking | 3 | 900 | 900 | ||||||||||||||||||||||||||||||||
Total | 10 | $ | 1,198 | 1,198 |
Type of modification | |||||||||||||||||||||||||||||||||||
Number of contracts | Rate | Maturity date | Total | ||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2 | $ | — | 144 | 144 | ||||||||||||||||||||||||||||||
Home equity loans | 5 | — | 154 | 154 | |||||||||||||||||||||||||||||||
Total Personal Banking | 7 | — | 298 | 298 | |||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | 5 | $ | 4,166 | 22,046 | 26,212 | ||||||||||||||||||||||||||||||
Commercial loans | 6 | — | 294 | 294 | |||||||||||||||||||||||||||||||
Total Commercial Banking | 11 | 4,166 | 22,340 | 26,506 | |||||||||||||||||||||||||||||||
Total | 18 | $ | 4,166 | 22,638 | 26,804 |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing | 30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 627 | 3,521 | 6,290 | 10,438 | 3,484,719 | 3,495,157 | — | Residential mortgage loans | $ | 573 | 5,395 | 7,695 | 13,663 | 3,459,100 | 3,472,763 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 3,395 | 1,614 | 1,965 | 6,974 | 1,269,088 | 1,276,062 | — | Home equity loans | 4,707 | 1,341 | 2,206 | 8,254 | 1,250,511 | 1,258,765 | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | 7,440 | 2,124 | 1,890 | 11,454 | 2,075,876 | 2,087,330 | — | Vehicle loans | 9,122 | 2,412 | 2,274 | 13,808 | 2,025,891 | 2,039,699 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 515 | 460 | 557 | 1,532 | 112,200 | 113,732 | 414 | Consumer loans | 752 | 295 | 746 | 1,793 | 113,627 | 115,420 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 11,977 | 7,719 | 10,702 | 30,398 | 6,941,883 | 6,972,281 | 414 | Total Personal Banking | 15,154 | 9,443 | 12,921 | 37,518 | 6,849,129 | 6,886,647 | 690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | Commercial Banking: | Commercial Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,710 | 853 | 8,501 | 12,064 | 2,515,075 | 2,527,139 | — | Commercial real estate loans | 3,411 | 1,328 | 8,042 | 12,781 | 2,540,863 | 2,553,644 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | — | 435 | 74 | 509 | 367,576 | 368,085 | — | Commercial real estate loans - owner occupied | — | 260 | 374 | 634 | 368,739 | 369,373 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 15,658 | 11,092 | 2,414 | 29,164 | 1,374,562 | 1,403,726 | 118 | Commercial loans | 2,847 | 981 | 2,472 | 6,300 | 1,494,309 | 1,500,609 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | Total Commercial Banking | 18,368 | 12,380 | 10,989 | 41,737 | 4,257,213 | 4,298,950 | 118 | Total Commercial Banking | 6,258 | 2,569 | 10,888 | 19,715 | 4,403,911 | 4,423,626 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 30,345 | 20,099 | 21,691 | 72,135 | 11,199,096 | 11,271,231 | 532 | Total loans | $ | 21,412 | 12,012 | 23,809 | 57,233 | 11,253,040 | 11,310,273 | 728 |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 29,487 | 5,563 | 5,574 | 40,624 | 3,457,975 | 3,498,599 | — | |||||||||||||||||||||||||||||||||
Home equity loans | 6,657 | 975 | 2,257 | 9,889 | 1,287,785 | 1,297,674 | — | ||||||||||||||||||||||||||||||||||
Vehicle loans | 8,677 | 2,770 | 2,471 | 13,918 | 2,042,865 | 2,056,783 | 2 | ||||||||||||||||||||||||||||||||||
Consumer loans | 758 | 300 | 608 | 1,666 | 110,206 | 111,872 | 405 | ||||||||||||||||||||||||||||||||||
Total Personal Banking | 45,579 | 9,608 | 10,910 | 66,097 | 6,898,831 | 6,964,928 | 407 | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 3,947 | 2,377 | 7,589 | 13,913 | 2,434,115 | 2,448,028 | — | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | 61 | — | 278 | 339 | 375,188 | 375,527 | — | ||||||||||||||||||||||||||||||||||
Commercial loans | 2,648 | 1,115 | 1,829 | 5,592 | 1,126,377 | 1,131,969 | 337 | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | 6,656 | 3,492 | 9,696 | 19,844 | 3,935,680 | 3,955,524 | 337 | ||||||||||||||||||||||||||||||||||
Total originated loans | $ | 52,235 | 13,100 | 20,606 | 85,941 | 10,834,511 | 10,920,452 | 744 | |||||||||||||||||||||||||||||||||
YTD June 30, 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | YTD September 30, 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 108,010 | 674,875 | 814,044 | 529,235 | 255,852 | 1,101,082 | — | — | 3,483,098 | Pass | $ | 159,472 | 673,235 | 803,613 | 516,270 | 249,797 | 1,056,864 | — | — | 3,459,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 382 | 787 | 229 | 204 | 10,457 | — | — | 12,059 | Substandard | — | 1,033 | 260 | 872 | 336 | 11,011 | — | — | 13,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | Total residential mortgage loans | 108,010 | 675,257 | 814,831 | 529,464 | 256,056 | 1,111,539 | — | — | 3,495,157 | Total residential mortgage loans | 159,472 | 674,268 | 803,873 | 517,142 | 250,133 | 1,067,875 | — | — | 3,472,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage current period charge-offs | Residential mortgage current period charge-offs | — | — | (5) | (130) | — | (617) | — | — | (752) | Residential mortgage current period charge-offs | — | — | (5) | (130) | — | (788) | — | — | (923) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 53,862 | 108,324 | 116,224 | 160,519 | 102,498 | 223,342 | 464,504 | 43,090 | 1,272,363 | Pass | 65,795 | 104,272 | 110,823 | 153,431 | 98,062 | 210,273 | 469,459 | 42,870 | 1,254,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 12 | 214 | 1,754 | 930 | 789 | 3,699 | Substandard | — | — | — | — | 149 | 1,783 | 1,050 | 798 | 3,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | Total home equity loans | 53,862 | 108,324 | 116,224 | 160,531 | 102,712 | 225,096 | 465,434 | 43,879 | 1,276,062 | Total home equity loans | 65,795 | 104,272 | 110,823 | 153,431 | 98,211 | 212,056 | 470,509 | 43,668 | 1,258,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity current period charge-offs | Home equity current period charge-offs | — | (53) | (46) | — | (4) | (225) | (1) | (70) | (399) | Home equity current period charge-offs | — | (53) | (46) | — | (48) | (257) | (142) | (173) | (719) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | Vehicle loans | Vehicle loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 416,175 | 817,965 | 496,017 | 175,268 | 97,646 | 80,794 | — | — | 2,083,865 | Pass | 541,270 | 746,225 | 444,934 | 153,264 | 81,931 | 68,201 | — | — | 2,035,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 47 | 789 | 1,186 | 368 | 580 | 495 | — | — | 3,465 | Substandard | 320 | 901 | 1,386 | 247 | 564 | 456 | — | — | 3,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | Total vehicle loans | 416,222 | 818,754 | 497,203 | 175,636 | 98,226 | 81,289 | — | — | 2,087,330 | Total vehicle loans | 541,590 | 747,126 | 446,320 | 153,511 | 82,495 | 68,657 | — | — | 2,039,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle current period charge-offs | Vehicle current period charge-offs | (255) | (904) | (905) | (304) | (318) | (521) | — | — | (3,207) | Vehicle current period charge-offs | (324) | (1,385) | (1,425) | (416) | (497) | (684) | — | — | (4,731) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 14,463 | 15,140 | 7,481 | 3,018 | 2,153 | 6,413 | 63,480 | 925 | 113,073 | Pass | 20,061 | 13,137 | 6,361 | 2,485 | 1,727 | 6,201 | 63,801 | 866 | 114,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 10 | 46 | 24 | 3 | 19 | 48 | 433 | 76 | 659 | Substandard | 45 | 57 | 31 | 8 | 14 | 1 | 506 | 119 | 781 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | Total consumer loans | 14,473 | 15,186 | 7,505 | 3,021 | 2,172 | 6,461 | 63,913 | 1,001 | 113,732 | Total consumer loans | 20,106 | 13,194 | 6,392 | 2,493 | 1,741 | 6,202 | 64,307 | 985 | 115,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loan current period charge-offs | Consumer loan current period charge-offs | (1,138) | (165) | (162) | (99) | (131) | (525) | (73) | (6) | (2,299) | Consumer loan current period charge-offs | (2,055) | (340) | (271) | (116) | (150) | (766) | (149) | (13) | (3,860) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | Total Personal Banking | 592,567 | 1,617,521 | 1,435,763 | 868,652 | 459,166 | 1,424,385 | 529,347 | 44,880 | 6,972,281 | Total Personal Banking | 786,963 | 1,538,860 | 1,367,408 | 826,577 | 432,580 | 1,354,790 | 534,816 | 44,653 | 6,886,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | Business Banking: | Business Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 98,225 | 394,071 | 356,637 | 342,021 | 231,138 | 828,998 | 23,273 | 25,715 | 2,300,078 | Pass | 127,229 | 437,503 | 356,152 | 330,522 | 225,478 | 776,377 | 23,845 | 25,345 | 2,302,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | 7,233 | 18,560 | 25,942 | 2,953 | 17,029 | 111 | — | 71,828 | Special mention | — | 7,451 | 26,749 | 21,732 | 5,615 | 34,909 | 350 | — | 96,806 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 1,512 | 3,375 | 50,912 | 99,141 | 132 | 161 | 155,233 | Substandard | — | 174 | 1,056 | 8,108 | 48,592 | 95,825 | 514 | 118 | 154,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | Total commercial real estate loans | 98,225 | 401,304 | 376,709 | 371,338 | 285,003 | 945,168 | 23,516 | 25,876 | 2,527,139 | Total commercial real estate loans | 127,229 | 445,128 | 383,957 | 360,362 | 279,685 | 907,111 | 24,709 | 25,463 | 2,553,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate current period charge-offs | Commercial real estate current period charge-offs | — | — | (45) | — | (51) | (976) | — | — | (1,072) | Commercial real estate current period charge-offs | — | — | (492) | — | (51) | (1,013) | — | — | (1,556) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | Commercial real estate loans - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 15,335 | 63,894 | 48,767 | 16,740 | 46,092 | 154,995 | 1,397 | 2,237 | 349,457 | Pass | 17,830 | 50,716 | 48,567 | 14,845 | 44,834 | 148,778 | 2,237 | 2,214 | 330,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | 123 | — | 8 | — | 2,211 | — | — | 2,342 | Special mention | — | 17,631 | — | 1,690 | — | 7,808 | — | — | 27,129 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 128 | 1,354 | 4,825 | 9,250 | — | 729 | 16,286 | Substandard | — | — | 122 | 1,344 | 4,736 | 5,308 | — | 713 | 12,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans - owner occupied | Total commercial real estate loans - owner occupied | 15,335 | 64,017 | 48,895 | 18,102 | 50,917 | 166,456 | 1,397 | 2,966 | 368,085 | Total commercial real estate loans - owner occupied | 17,830 | 68,347 | 48,689 | 17,879 | 49,570 | 161,894 | 2,237 | 2,927 | 369,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied current period charge-offs | Commercial real estate - owner occupied current period charge-offs | — | — | — | — | — | (68) | — | — | (68) | Commercial real estate - owner occupied current period charge-offs | — | — | — | — | — | (68) | — | — | (68) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 236,447 | 451,264 | 81,930 | 30,337 | 40,649 | 60,620 | 471,516 | 5,218 | 1,377,981 | Pass | 315,190 | 455,098 | 77,266 | 28,754 | 37,787 | 56,731 | 501,722 | 4,285 | 1,476,833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | 59 | 335 | 64 | 413 | 387 | 185 | 1,597 | — | 3,040 | Special mention | 542 | 315 | 58 | 369 | 316 | 68 | 2,022 | — | 3,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 3,812 | 598 | 610 | 2,576 | 1,098 | 12,144 | 1,867 | 22,705 | Substandard | — | 2,496 | 577 | 495 | 2,503 | 1,025 | 11,730 | 1,260 | 20,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 236,506 | 455,411 | 82,592 | 31,360 | 43,612 | 61,903 | 485,257 | 7,085 | 1,403,726 | Total commercial loans | 315,732 | 457,909 | 77,901 | 29,618 | 40,606 | 57,824 | 515,474 | 5,545 | 1,500,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans current period charge-offs | Commercial loans current period charge-offs | — | (720) | (517) | (222) | (10) | (603) | — | (2) | (2,074) | Commercial loans current period charge-offs | — | (1,526) | (517) | (430) | (110) | (715) | (60) | (2) | (3,360) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | Total Business Banking | 350,066 | 920,732 | 508,196 | 420,800 | 379,532 | 1,173,527 | 510,170 | 35,927 | 4,298,950 | Total Business Banking | 460,791 | 971,384 | 510,547 | 407,859 | 369,861 | 1,126,829 | 542,420 | 33,935 | 4,423,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 942,633 | 2,538,253 | 1,943,959 | 1,289,452 | 838,698 | 2,597,912 | 1,039,517 | 80,807 | 11,271,231 | Total loans | $ | 1,247,754 | 2,510,244 | 1,877,955 | 1,234,436 | 802,441 | 2,481,619 | 1,077,236 | 78,588 | 11,310,273 |
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 659,930 | 837,823 | 546,604 | 265,520 | 131,599 | 1,043,394 | — | — | 3,484,870 | ||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 422 | 187 | 474 | 796 | 531 | 11,319 | — | — | 13,729 | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | 660,352 | 838,010 | 547,078 | 266,316 | 132,130 | 1,054,713 | — | — | 3,498,599 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 114,598 | 126,608 | 173,044 | 110,495 | 50,314 | 198,971 | 475,229 | 42,887 | 1,292,146 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 46 | — | 127 | 324 | 3,066 | 683 | 1,282 | 5,528 | |||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | 114,598 | 126,654 | 173,044 | 110,622 | 50,638 | 202,037 | 475,912 | 44,169 | 1,297,674 | |||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 966,432 | 611,310 | 227,897 | 135,134 | 70,071 | 42,166 | — | — | 2,053,010 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 292 | 1,096 | 667 | 689 | 657 | 372 | — | — | 3,773 | |||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | 966,724 | 612,406 | 228,564 | 135,823 | 70,728 | 42,538 | — | — | 2,056,783 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 19,302 | 9,874 | 4,327 | 3,557 | 2,409 | 5,094 | 65,610 | 1,037 | 111,210 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 24 | 9 | 37 | 9 | 3 | 48 | 432 | 100 | 662 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 19,326 | 9,883 | 4,364 | 3,566 | 2,412 | 5,142 | 66,042 | 1,137 | 111,872 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | 1,761,000 | 1,586,953 | 953,050 | 516,327 | 255,908 | 1,304,430 | 541,954 | 45,306 | 6,964,928 | |||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 322,050 | 346,355 | 369,868 | 244,188 | 209,500 | 696,628 | 24,954 | 13,314 | 2,226,857 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 17,216 | 16,782 | 87 | 1,000 | 15,887 | 157 | 15 | 51,144 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 4,561 | 3,617 | 48,879 | 41,521 | 70,384 | 459 | 606 | 170,027 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | 322,050 | 368,132 | 390,267 | 293,154 | 252,021 | 782,899 | 25,570 | 13,935 | 2,448,028 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 62,905 | 51,673 | 17,989 | 49,600 | 43,570 | 123,278 | 2,477 | 1,460 | 352,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 126 | — | 18 | — | 2,297 | 1,106 | 385 | — | 3,932 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 5,085 | 2,440 | 9,250 | — | 1,868 | 18,643 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied loans | 63,031 | 51,673 | 18,007 | 54,685 | 48,307 | 133,634 | 2,862 | 3,328 | 375,527 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 481,797 | 90,320 | 52,833 | 46,966 | 17,250 | 53,107 | 354,402 | 4,032 | 1,100,707 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 628 | 2,190 | 506 | 1,704 | 227 | — | 2,129 | — | 7,384 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,833 | 603 | 908 | 2,097 | 1,605 | 735 | 12,941 | 3,156 | 23,878 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 484,258 | 93,113 | 54,247 | 50,767 | 19,082 | 53,842 | 369,472 | 7,188 | 1,131,969 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | 869,339 | 512,918 | 462,521 | 398,606 | 319,410 | 970,375 | 397,904 | 24,451 | 3,955,524 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,630,339 | 2,099,871 | 1,415,571 | 914,933 | 575,318 | 2,274,805 | 939,858 | 69,757 | 10,920,452 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Amortizable intangible assets: | Amortizable intangible assets: | Amortizable intangible assets: | ||||||||||||||||||||
Core deposit intangibles - gross | Core deposit intangibles - gross | $ | 74,899 | 74,899 | Core deposit intangibles - gross | $ | 74,899 | 74,899 | ||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (68,097) | (66,367) | Less: accumulated amortization | (68,886) | (66,367) | ||||||||||||||||
Core deposit intangibles - net | Core deposit intangibles - net | $ | 6,802 | 8,532 | Core deposit intangibles - net | $ | 6,013 | 8,532 | ||||||||||||||
Customer and Contract intangible assets - gross | Customer and Contract intangible assets - gross | $ | 12,775 | 12,775 | Customer and Contract intangible assets - gross | $ | 12,775 | 12,775 | ||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (12,768) | (12,747) | Less: accumulated amortization | (12,775) | (12,747) | ||||||||||||||||
Customer and Contract intangible assets - net | Customer and Contract intangible assets - net | 7 | 28 | Customer and Contract intangible assets - net | — | 28 | ||||||||||||||||
Total intangible assets - net | Total intangible assets - net | $ | 6,809 | 8,560 | Total intangible assets - net | $ | 6,013 | 8,560 |
For the quarter ended | $ | ||||
For the quarter ended | |||||
For the | |||||
For the | |||||
For the year ending December 31, 2023 | 3,270 | ||||
For the year ending December 31, 2024 | 2,452 | ||||
For the year ending December 31, 2025 | 1,662 | ||||
For the year ending December 31, 2026 | 871 | ||||
For the year ending December 31, 2027 | 305 | ||||
Total | ||||||||
Balance at December 31, 2022 | $ | 380,997 | ||||||
Balance at | $ | 380,997 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Average rate | Amount | Average rate | Amount | Average rate | Amount | Average rate | |||||||||||||||||||||||||||||||||||||||
Term notes payable to the FHLB of Pittsburgh, due within one year | Term notes payable to the FHLB of Pittsburgh, due within one year | $ | 500,000 | 5.43 | % | $ | 500,000 | 4.55 | % | Term notes payable to the FHLB of Pittsburgh, due within one year | $ | 375,400 | 5.65 | % | $ | 500,000 | 4.55 | % | ||||||||||||||||||||||||||||
Notes payable to the FHLB of Pittsburgh, due within one year | Notes payable to the FHLB of Pittsburgh, due within one year | 28,000 | 5.39 | % | 51,300 | 4.45 | % | Notes payable to the FHLB of Pittsburgh, due within one year | 119,000 | 5.68 | % | 51,300 | 4.45 | % | ||||||||||||||||||||||||||||||||
Collateralized borrowings, due within one year | Collateralized borrowings, due within one year | 63,863 | 1.24 | % | 105,766 | 0.27 | % | Collateralized borrowings, due within one year | 48,587 | 1.52 | % | 105,766 | 0.27 | % | ||||||||||||||||||||||||||||||||
Collateral received, due within one year | Collateral received, due within one year | 40,450 | 5.16 | % | 24,100 | 4.17 | % | Collateral received, due within one year | 61,600 | 5.16 | % | 24,100 | 4.17 | % | ||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | $ | 632,313 | $ | 681,166 | Total borrowed funds | $ | 604,587 | $ | 681,166 |
Maturity date | Interest rate | Capital debt securities | June 30, 2023 | December 31, 2022 | Maturity date | Interest rate | Capital debt securities | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancorp Capital Trust III | Northwest Bancorp Capital Trust III | December 30, 2035 | 3-month LIBOR plus 1.38% | $ | 50,000 | $ | 51,547 | 51,547 | Northwest Bancorp Capital Trust III | December 30, 2035 | 3-month SOFR plus 1.38% | $ | 50,000 | $ | 51,547 | 51,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancorp Statutory Trust IV | Northwest Bancorp Statutory Trust IV | December 15, 2035 | 3-month LIBOR plus 1.38% | 50,000 | 51,547 | 51,547 | Northwest Bancorp Statutory Trust IV | December 15, 2035 | 3-month SOFR plus 1.38% | 50,000 | 51,547 | 51,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LNB Trust II | LNB Trust II | June 15, 2037 | 3-month LIBOR plus 1.48% | 7,875 | 8,119 | 8,119 | LNB Trust II | June 15, 2037 | 3-month SOFR plus 1.48% | 7,875 | 8,119 | 8,119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Union National Capital Trust I (1) | Union National Capital Trust I (1) | January 23, 2034 | 3-month LIBOR plus 2.85% | 8,000 | 7,987 | 7,975 | Union National Capital Trust I (1) | January 23, 2034 | 3-month SOFR plus 2.85% | 8,000 | 7,993 | 7,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Union National Capital Trust II (1) | Union National Capital Trust II (1) | November 23, 2034 | 3-month LIBOR plus 2.00% | 3,000 | 2,782 | 2,768 | Union National Capital Trust II (1) | November 23, 2034 | 3-month SOFR plus 2.00% | 3,000 | 2,789 | 2,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MFBC Statutory Trust I (1) | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus 1.70% | 5,000 | 3,736 | 3,684 | MFBC Statutory Trust I (1) | September 15, 2035 | 3-month SOFR plus 1.70% | 5,000 | 3,762 | 3,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Universal Preferred Trust (1) | Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus 1.69% | 5,000 | 3,726 | 3,674 | Universal Preferred Trust (1) | October 7, 2035 | 3-month SOFR plus 1.69% | 5,000 | 3,752 | 3,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 129,444 | 129,314 | $ | 129,509 | 129,314 |
Quarter ended June 30, | Six months ended June 30, | Quarter ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 33,044 | 33,426 | 66,723 | 61,713 | Net income | $ | 39,220 | 37,304 | 105,943 | 99,017 | ||||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | Less: Dividends and undistributed earnings allocated to participating securities | 86 | 159 | 174 | 294 | Less: Dividends and undistributed earnings allocated to participating securities | 99 | 166 | 267 | 441 | ||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 32,958 | 33,267 | 66,549 | 61,419 | Net income available to common shareholders | $ | 39,121 | 37,138 | 105,676 | 98,576 | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 126,620,383 | 126,059,165 | 126,559,784 | 125,960,997 | Weighted average common shares outstanding | 126,767,507 | 126,320,706 | 126,629,786 | 126,082,217 | ||||||||||||||||||||||||||||||||||||
Add: Participating shares outstanding | Add: Participating shares outstanding | 331,088 | 604,613 | 331,088 | 604,613 | Add: Participating shares outstanding | 320,177 | 565,729 | 320,177 | 565,729 | ||||||||||||||||||||||||||||||||||||
Total weighted average common shares and dilutive potential shares | Total weighted average common shares and dilutive potential shares | 126,951,471 | 126,663,778 | 126,890,872 | 126,565,610 | Total weighted average common shares and dilutive potential shares | 127,087,684 | 126,886,435 | 126,949,963 | 126,647,946 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.26 | 0.26 | 0.53 | 0.49 | Basic earnings per share | $ | 0.31 | 0.29 | 0.83 | 0.78 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.26 | 0.26 | 0.52 | 0.49 | Diluted earnings per share | $ | 0.31 | 0.29 | 0.83 | 0.78 |
Quarter ended June 30, | Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 1,560 | 2,599 | — | — | Service cost | $ | 1,560 | 2,599 | — | — | ||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 2,245 | 1,671 | 7 | 10 | Interest cost | 2,245 | 1,671 | 7 | 10 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (3,479) | (3,864) | — | — | Expected return on plan assets | (3,479) | (3,864) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (564) | (564) | — | — | Amortization of prior service cost | (564) | (564) | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of the net loss | Amortization of the net loss | 20 | 381 | 10 | 2 | Amortization of the net loss | 20 | 381 | 10 | 2 | ||||||||||||||||||||||||||||||||||||
Net periodic cost | Net periodic cost | $ | (218) | 223 | 17 | 12 | Net periodic cost | $ | (218) | 223 | 17 | 12 |
Six months ended June 30, | ||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Service cost | $ | 3,120 | 5,198 | — | — | |||||||||||||||||||||
Interest cost | 4,490 | 3,342 | 14 | 20 | ||||||||||||||||||||||
Expected return on plan assets | (6,958) | (7,728) | — | — | ||||||||||||||||||||||
Amortization of prior service cost | (1,128) | (1,128) | — | — | ||||||||||||||||||||||
Amortization of the net loss | 40 | 762 | 20 | 4 | ||||||||||||||||||||||
Net periodic cost | $ | (436) | 446 | 34 | 24 |
Nine months ended September 30, | ||||||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Service cost | $ | 4,680 | 7,797 | — | — | |||||||||||||||||||||
Interest cost | 6,735 | 5,013 | 21 | 30 | ||||||||||||||||||||||
Expected return on plan assets | (10,437) | (11,592) | — | — | ||||||||||||||||||||||
Amortization of prior service cost | (1,692) | (1,692) | — | — | ||||||||||||||||||||||
Amortization of the net loss | 60 | 1,143 | 30 | 6 | ||||||||||||||||||||||
Net periodic cost | $ | (654) | 669 | 51 | 36 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 127,627 | 127,627 | 127,627 | — | — | Cash and cash equivalents | $ | 161,995 | 161,995 | 161,995 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | Securities available-for-sale | 1,073,952 | 1,073,952 | — | 1,073,952 | — | Securities available-for-sale | 1,010,076 | 1,010,076 | — | 1,010,076 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | 847,845 | 718,676 | — | 718,676 | — | Securities held-to-maturity | 830,106 | 682,681 | — | 682,681 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 11,130,731 | 10,095,362 | — | — | 10,095,362 | Loans receivable, net | 11,174,840 | 10,031,968 | — | — | 10,031,968 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 16,077 | 16,077 | — | — | 16,077 | Loans held-for-sale | 10,592 | 10,592 | — | — | 10,592 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 37,281 | 37,281 | 37,281 | — | — | Accrued interest receivable | 42,624 | 42,624 | 42,624 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 761 | 761 | — | — | 761 | Interest rate lock commitments | 664 | 664 | — | — | 664 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | 101 | 101 | — | 101 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 5 | 5 | — | 5 | — | Foreign exchange swaps | 203 | 203 | — | 203 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps designated as hedging instruments | Interest rate swaps designated as hedging instruments | 2,244 | 2,244 | — | 2,244 | — | Interest rate swaps designated as hedging instruments | 4,603 | 4,603 | — | 4,603 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 45,851 | 45,851 | — | 45,851 | — | Interest rate swaps not designated as hedging instruments | 57,249 | 57,249 | — | 57,249 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | FHLB stock | 44,613 | 44,613 | — | — | — | FHLB stock | 40,404 | 40,404 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | 13,327,088 | 12,162,550 | 164,908 | 1,840,829 | 10,112,200 | Total financial assets | $ | 13,333,356 | 12,043,059 | 204,619 | 1,754,812 | 10,043,224 | ||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and checking deposits | Savings and checking deposits | $ | 9,672,684 | 9,672,684 | 9,672,684 | — | — | Savings and checking deposits | $ | 9,531,544 | 9,531,544 | 9,531,544 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,989,711 | 1,982,529 | — | — | 1,982,529 | Time deposits | 2,258,338 | 2,250,768 | — | — | 2,250,768 | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 632,313 | 640,695 | 640,695 | — | — | Borrowed funds | 604,587 | 617,832 | 617,832 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 114,015 | 101,043 | — | 101,043 | — | Subordinated debt | 114,102 | 102,456 | — | 102,456 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 129,444 | 140,431 | — | — | 140,431 | Junior subordinated debentures | 129,509 | 136,461 | — | — | 136,461 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 23 | 23 | — | 23 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | 47 | 47 | — | 47 | — | Foreign exchange swaps | 10 | 10 | — | 10 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | 47,134 | 47,134 | — | 47,134 | — | Interest rate swaps not designated as hedging instruments | 57,275 | 57,275 | — | 57,275 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 11 | 11 | — | 11 | — | Risk participation agreements | 17 | 17 | — | 17 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 4,936 | 4,936 | 4,936 | — | — | Accrued interest payable | 7,915 | 7,915 | 7,915 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | Total financial liabilities | $ | 12,590,295 | 12,589,510 | 10,318,315 | 148,235 | 2,122,960 | Total financial liabilities | $ | 12,703,320 | 12,704,301 | 10,157,291 | 159,781 | 2,387,229 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 139,365 | 139,365 | 139,365 | — | — | |||||||||||||||||||||||
Securities available-for-sale | 1,218,108 | 1,218,108 | — | 1,218,108 | — | ||||||||||||||||||||||||
Securities held-to-maturity | 881,249 | 751,384 | — | 751,384 | — | ||||||||||||||||||||||||
Loans receivable, net | 10,792,503 | 9,910,852 | — | — | 9,910,852 | ||||||||||||||||||||||||
Residential mortgage loans held-for-sale | 9,913 | 9,913 | — | — | 9,913 | ||||||||||||||||||||||||
Accrued interest receivable | 35,528 | 35,528 | 35,528 | — | — | ||||||||||||||||||||||||
Interest rate lock commitments | 559 | 559 | — | — | 559 | ||||||||||||||||||||||||
Forward commitments | 128 | 128 | — | 128 | — | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 26,642 | 26,642 | — | 26,642 | — | ||||||||||||||||||||||||
FHLB stock | 40,143 | 40,143 | — | — | — | ||||||||||||||||||||||||
Total financial assets | $ | 13,144,138 | 12,132,622 | 174,893 | 1,996,262 | 9,921,324 | |||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Savings and checking accounts | $ | 10,412,263 | 10,412,263 | 10,412,263 | — | — | |||||||||||||||||||||||
Time deposits | 1,052,285 | 1,059,790 | — | — | 1,059,790 | ||||||||||||||||||||||||
Borrowed funds | 681,166 | 680,996 | 680,996 | — | — | ||||||||||||||||||||||||
Subordinated debt | 113,840 | 102,554 | — | 102,554 | — | ||||||||||||||||||||||||
Junior subordinated debentures | 129,314 | 133,546 | — | — | 133,546 | ||||||||||||||||||||||||
Foreign exchange swaps | 23 | 23 | — | 23 | — | ||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | 45,464 | 45,464 | — | 45,464 | — | ||||||||||||||||||||||||
Risk participation agreements | 18 | 18 | — | 18 | — | ||||||||||||||||||||||||
Accrued interest payable | 3,231 | 3,231 | 3,231 | — | — | ||||||||||||||||||||||||
Total financial liabilities | $ | 12,437,604 | 12,437,885 | 11,096,490 | 148,059 | 1,193,336 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||||||||||||||||||||||||||||||||
Debt securities: | Debt securities: | Debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agencies | U.S. government and agencies | $ | — | 58,821 | — | 58,821 | U.S. government and agencies | $ | — | 56,526 | — | 56,526 | ||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | Government-sponsored enterprises | — | 39,533 | — | 39,533 | Government-sponsored enterprises | — | 38,906 | — | 38,906 | ||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | — | 74,333 | — | 74,333 | States and political subdivisions | — | 68,071 | — | 68,071 | ||||||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 7,546 | — | 7,546 | Corporate | — | 7,464 | — | 7,464 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | — | 180,233 | — | 180,233 | Total debt securities | — | 170,967 | — | 170,967 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | — | 18,184 | — | 18,184 | GNMA | — | 17,073 | — | 17,073 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | — | 107,145 | — | 107,145 | FNMA | — | 99,874 | — | 99,874 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | — | 73,256 | — | 73,256 | FHLMC | — | 68,926 | — | 68,926 | ||||||||||||||||||||||||||||||||||||
Non-agency | Non-agency | — | 5 | — | 5 | Non-agency | — | 5 | — | 5 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | Collateralized mortgage obligations: | Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | — | 341,329 | — | 341,329 | GNMA | — | 318,652 | — | 318,652 | ||||||||||||||||||||||||||||||||||||
FNMA | FNMA | — | 156,242 | — | 156,242 | FNMA | — | 148,389 | — | 148,389 | ||||||||||||||||||||||||||||||||||||
FHLMC | FHLMC | — | 197,558 | — | 197,558 | FHLMC | — | 186,190 | — | 186,190 | ||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | — | 893,719 | — | 893,719 | Total mortgage-backed securities | — | 839,109 | — | 839,109 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | — | — | 761 | 761 | Interest rate lock commitments | — | — | 664 | 664 | ||||||||||||||||||||||||||||||||||||
Forward commitments | — | 101 | — | 101 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | — | 5 | — | 5 | Foreign exchange swaps | — | 203 | — | 203 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps designated as hedging instruments | Interest rate swaps designated as hedging instruments | — | 2,244 | — | 2,244 | Interest rate swaps designated as hedging instruments | — | 4,603 | — | 4,603 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | — | 45,851 | — | 45,851 | Interest rate swaps not designated as hedging instruments | — | 57,249 | — | 57,249 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | 1,122,153 | 761 | 1,122,914 | Total assets | $ | — | 1,072,131 | 664 | 1,072,795 | ||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | $ | — | 23 | — | 23 | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | Foreign exchange swaps | — | 10 | — | 10 | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps | $ | — | 47 | — | 47 | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | Interest rate swaps not designated as hedging instruments | — | 47,134 | — | 47,134 | Interest rate swaps not designated as hedging instruments | — | 57,275 | — | 57,275 | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | — | 11 | — | 11 | Risk participation agreements | — | 17 | — | 17 | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | — | 47,192 | — | 47,192 | Total liabilities | $ | — | 57,325 | — | 57,325 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | — | 60,592 | — | 60,592 | ||||||||||||||||||
Government-sponsored enterprises | — | 39,201 | — | 39,201 | |||||||||||||||||||
States and political subdivisions | — | 111,766 | — | 111,766 | |||||||||||||||||||
Corporate | — | 12,978 | — | 12,978 | |||||||||||||||||||
Total debt securities | — | 224,537 | — | 224,537 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
GNMA | — | 12,434 | — | 12,434 | |||||||||||||||||||
FNMA | — | 117,218 | — | 117,218 | |||||||||||||||||||
FHLMC | — | 74,991 | — | 74,991 | |||||||||||||||||||
Non-agency | — | 6 | — | 6 | |||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
GNMA | — | 364,553 | — | 364,553 | |||||||||||||||||||
FNMA | — | 185,588 | — | 185,588 | |||||||||||||||||||
FHLMC | — | 238,781 | — | 238,781 | |||||||||||||||||||
Total mortgage-backed securities | — | 993,571 | — | 993,571 | |||||||||||||||||||
Interest rate lock commitments | — | — | 559 | 559 | |||||||||||||||||||
Forward commitments | — | 128 | — | 128 | |||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 26,642 | — | 26,642 | |||||||||||||||||||
Total assets | $ | — | 1,244,878 | 559 | 1,245,437 | ||||||||||||||||||
Foreign exchange swaps | $ | — | 23 | — | 23 | ||||||||||||||||||
Interest rate swaps not designated as hedging instruments | — | 45,464 | — | 45,464 | |||||||||||||||||||
Risk participation agreements | — | 18 | — | 18 | |||||||||||||||||||
Total liabilities | $ | — | 45,505 | — | 45,505 |
For the quarter ended June 30, | For the six months ended June 30, | For the quarter ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning balance, | Beginning balance, | $ | 386 | 1,680 | 559 | 1,684 | Beginning balance, | $ | 761 | 1,520 | 559 | 1,684 | ||||||||||||||||||||||||||||||||||
Interest rate lock commitments: | Interest rate lock commitments: | Interest rate lock commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Net activity | Net activity | 375 | (160) | 202 | (164) | Net activity | (97) | (457) | 105 | (621) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 761 | 1,520 | 761 | 1,520 | Ending balance | $ | 664 | 1,063 | 664 | 1,063 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||||||||||||||||||||||||||||||||
Loans individually assessed | Loans individually assessed | $ | — | — | 13,467 | 13,467 | Loans individually assessed | $ | — | — | 13,467 | 13,467 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | 202 | 202 | Mortgage servicing rights | — | — | 198 | 198 | ||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | — | — | 371 | 371 | Real estate owned, net | — | — | 363 | 363 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | — | 14,040 | 14,040 | Total assets | $ | — | — | 14,028 | 14,028 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Loans individually assessed | $ | — | — | 15,416 | 15,416 | ||||||||||||||||||
Mortgage servicing rights | — | — | 95 | 95 | |||||||||||||||||||
Real estate owned, net | — | — | 413 | 413 | |||||||||||||||||||
Total assets | $ | — | — | 15,924 | 15,924 |
Fair value | Valuation techniques | Significant unobservable inputs | Range (weighted average) | Fair value | Valuation techniques | Significant unobservable inputs | Range (weighted average) | |||||||||||||||||||||||||||||||||||||||||||||
Loans individually assessed | Loans individually assessed | $ | 13,467 | Appraisal value (1) | Estimated cost to sell | 10.0% | Loans individually assessed | $ | 13,467 | Appraisal value (1) | Estimated cost to sell | 10.0% | ||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 202 | Discounted cash flow | Annual service cost | $92 | Mortgage servicing rights | 198 | Discounted cash flow | Annual service cost | $90 | ||||||||||||||||||||||||||||||||||||||||||
Prepayment rate | 6.6% to 16.3% (10.3%) | Prepayment rate | 6.6% to 15.0% (9.9%) | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected life (months) | 52.1 to 104.2 (74.8) | Expected life (months) | 53.1 to 103.5 (75.8) | |||||||||||||||||||||||||||||||||||||||||||||||||
Option adjusted spread | 707 basis points | Option adjusted spread | 720 basis points | |||||||||||||||||||||||||||||||||||||||||||||||||
Forward yield curve | 5.25% to 5.31% | Forward yield curve | 5.44% to 5.60% | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate owned, net | Real estate owned, net | 371 | Appraisal value (1) | Estimated cost to sell | 15.0% | Real estate owned, net | 363 | Appraisal value (1) | Estimated cost to sell | 15.0% | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 16,077 | Quoted prices for similar loans in active markets adjusted by an expected pull-through rate | Estimated pull-through rate | 100.0% | Loans held for sale | 10,592 | Quoted prices for similar loans in active markets adjusted by an expected pull-through rate | Estimated pull-through rate | 100.0% |
Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | |||||||||||||||||||||||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | Notional amount | Fair value | Notional amount | Fair value | |||||||||||||||||||||||||||||||||||||||
At June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designed as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2023 | At September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Interest rate swap agreements | $ | 100,000 | 2,244 | — | — | Interest rate swap agreements | $ | 175,000 | 4,603 | — | — | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Interest rate swap agreements | 738,151 | 45,851 | 738,151 | 47,134 | Interest rate swap agreements | 673,255 | 57,249 | 673,255 | 57,275 | ||||||||||||||||||||||||||||||||||||
Foreign exchange swap agreements | Foreign exchange swap agreements | 4,485 | 5 | 671 | 47 | Foreign exchange swap agreements | 7,393 | 203 | 760 | 10 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 36,216 | 761 | — | — | Interest rate lock commitments | 35,272 | 664 | — | — | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 8,590 | 101 | — | — | Forward commitments | — | — | 6,772 | 23 | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | — | — | 98,037 | 11 | Risk participation agreements | — | — | 102,385 | 17 | ||||||||||||||||||||||||||||||||||||
Total Derivatives | Total Derivatives | $ | 887,442 | 48,962 | 836,859 | 47,192 | Total Derivatives | $ | 890,920 | 62,719 | 783,172 | 57,325 | ||||||||||||||||||||||||||||||||||
At December 31, 2022 | At December 31, 2022 | At December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Interest rate swap agreements | $ | 651,114 | 26,642 | 651,114 | 45,464 | Interest rate swap agreements | $ | 651,114 | 26,642 | 651,114 | 45,464 | ||||||||||||||||||||||||||||||||||
Foreign exchange swap agreements | Foreign exchange swap agreements | — | — | 2,328 | 23 | Foreign exchange swap agreements | — | — | 2,328 | 23 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 19,727 | 559 | — | — | Interest rate lock commitments | 19,727 | 559 | — | — | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 4,909 | 128 | — | — | Forward commitments | 4,909 | 128 | — | — | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | — | — | 114,159 | 18 | Risk participation agreements | — | — | 114,159 | 18 | ||||||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 675,750 | 27,329 | 767,601 | 45,505 | Total derivatives | $ | 675,750 | 27,329 | 767,601 | 45,505 |
For the quarter ended June 30, | For the six months ended June 30, | For the quarter ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Hedging derivatives: | Hedging derivatives: | Hedging derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in interest expense | Decrease in interest expense | $ | (203) | — | (203) | — | Decrease in interest expense | $ | 627 | — | 831 | — | ||||||||||||||||||||||||||||||||||
Non-hedging swap derivatives: | Non-hedging swap derivatives: | Non-hedging swap derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
(Decrease)/increase in other income | $ | (128) | 53 | (330) | 114 | |||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) in mortgage banking income | $ | 349 | (96) | 176 | 322 | |||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) in other income | Increase/(decrease) in other income | $ | 203 | 93 | (127) | 207 | ||||||||||||||||||||||||||||||||||||||||
(Decrease)/increase in mortgage banking income | (Decrease)/increase in mortgage banking income | $ | (221) | 809 | (46) | 1,131 |
Notional amount | Effective rate | Estimated increase/(decrease) to interest expense in the next twelve months | Maturity date | Remaining term (in months) | Notional amount | Effective rate | Estimated decrease to interest expense in the next twelve months | Maturity date | Remaining term (in months) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate products: | Interest rate products: | Interest rate products: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued May 11, 2023 | Issued May 11, 2023 | $ | 25,000 | 3.59 | % | (523) | 5/11/2027 | 47 | Issued May 11, 2023 | $ | 25,000 | 3.52 | % | $ | (540) | 5/11/2027 | 43 | |||||||||||||||||||||||||||||||||||||||||
Issued May 12, 2023 | Issued May 12, 2023 | 25,000 | 3.62 | % | (510) | 5/12/2028 | 59 | Issued May 12, 2023 | 25,000 | 3.54 | % | (528) | 5/12/2028 | 55 | ||||||||||||||||||||||||||||||||||||||||||||
Issued May 19, 2023 | Issued May 19, 2023 | 25,000 | 3.95 | % | (435) | 11/19/2027 | 53 | Issued May 19, 2023 | 25,000 | 3.84 | % | (454) | 11/19/2027 | 50 | ||||||||||||||||||||||||||||||||||||||||||||
Issued May 25, 2023 | 25,000 | 4.18 | % | (380) | 11/30/2026 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued May 31, 2023 | Issued May 31, 2023 | 25,000 | 4.08 | % | (400) | 11/30/2026 | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issued July 26, 2023 | Issued July 26, 2023 | 25,000 | 4.24 | % | (348) | 7/26/2028 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issued July 31, 2023 | Issued July 31, 2023 | 25,000 | 4.36 | % | (330) | 1/31/2028 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issued August 9, 2023 | Issued August 9, 2023 | 25,000 | 4.32 | % | (333) | 8/9/2027 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 100,000 | (1,848) | Total | $ | 175,000 | $ | (2,933) |
For the quarter ended June 30, 2023 | For the quarter ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | Unrealized losses on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | (151,189) | — | (7,334) | (158,523) | |||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | (163,272) | 1,737 | (7,716) | (169,251) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments (1) | Other comprehensive (loss)/income before reclassification adjustments (1) | (17,719) | 1,737 | — | (15,982) | Other comprehensive (loss)/income before reclassification adjustments (1) | (29,715) | 1,825 | — | (27,890) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (4) | 5,636 | — | (382) | 5,254 | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (3) | Amounts reclassified from accumulated other comprehensive income (3) | — | — | (382) | (382) | |||||||||||||||||||||||||||||||||||||||||
Net other comprehensive (loss)/income | Net other comprehensive (loss)/income | (12,083) | 1,737 | (382) | (10,728) | Net other comprehensive (loss)/income | (29,715) | 1,825 | (382) | (28,272) | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | (163,272) | 1,737 | (7,716) | (169,251) | |||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | (192,987) | 3,562 | (8,098) | (197,523) |
For the quarter ended June 30, 2022 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of March 31, 2022 | $ | (77,101) | (25,443) | (102,544) | |||||||||||||||||||
Other comprehensive loss before reclassification adjustments (5) | (39,954) | — | (39,954) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (6) (7) | (1) | (131) | (132) | ||||||||||||||||||||
Net other comprehensive (loss)/income | (39,955) | (131) | (40,086) | ||||||||||||||||||||
Balance as of June 30, 2022 | $ | (117,056) | (25,574) | (142,630) |
For the quarter ended September 30, 2022 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of June 30, 2022 | $ | (117,056) | (25,574) | (142,630) | |||||||||||||||||||
Other comprehensive loss before reclassification adjustments (4) | (48,387) | — | (48,387) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (5) | — | (131) | (131) | ||||||||||||||||||||
Net other comprehensive loss | (48,387) | (131) | (48,518) | ||||||||||||||||||||
Balance as of September 30, 2022 | $ | (165,443) | (25,705) | (191,148) |
For the nine months ended September 30, 2023 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | ||||||||||||||||||||
Balance as of December 31, 2022 | $ | (164,206) | — | (6,952) | (171,158) | ||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments (1) (3) | (34,417) | 3,562 | — | (30,855) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (4) | 5,636 | — | (1,146) | 4,490 | |||||||||||||||||||
Net other comprehensive income/(loss) | (28,781) | 3,562 | (1,146) | (26,365) | |||||||||||||||||||
Balance as of September 30, 2023 | $ | (192,987) | 3,562 | (8,098) | (197,523) |
For the nine months ended September 30, 2022 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of December 31, 2021 | $ | (12,317) | (25,312) | (37,629) | |||||||||||||||||||
Other comprehensive loss before reclassification adjustments (5) | (153,124) | — | (153,124) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (6) (7) | (2) | (393) | (395) | ||||||||||||||||||||
Net other comprehensive loss | (153,126) | (393) | (153,519) | ||||||||||||||||||||
Balance as of September 30, 2022 | $ | (165,443) | (25,705) | (191,148) |
For the six months ended June 30, 2023 | |||||||||||||||||||||||
Unrealized gains and losses on securities available-for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | ||||||||||||||||||||
Balance as of December 31, 2022 | $ | (164,206) | — | (6,952) | (171,158) | ||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments (1) (3) | (4,702) | 1,737 | — | (2,965) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) (4) | 5,636 | — | (764) | 4,872 | |||||||||||||||||||
Net other comprehensive income/(loss) | 934 | 1,737 | (764) | 1,907 | |||||||||||||||||||
Balance as of June 30, 2023 | $ | (163,272) | 1,737 | (7,716) | (169,251) |
For the six months ended June 30, 2022 | |||||||||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||||||||
Balance as of December 31, 2021 | $ | (12,317) | (25,312) | (37,629) | |||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments (5) | (104,737) | — | (104,737) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (6) (7) | (2) | (262) | (264) | ||||||||||||||||||||
Net other comprehensive (loss)/income | (104,739) | (262) | (105,001) | ||||||||||||||||||||
Balance as of June 30, 2022 | $ | (117,056) | (25,574) | (142,630) |
At June 30, 2023 | At September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | Minimum capital requirements (1) | Well capitalized requirements | Actual | Minimum capital requirements (1) | Well capitalized requirements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | Total capital (to risk weighted assets) | Total capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | $ | 1,776,017 | 16.233 | % | $ | 1,148,771 | 10.500 | % | $ | 1,094,067 | 10.000 | % | Northwest Bancshares, Inc. | $ | 1,789,604 | 16.114 | % | $ | 1,166,094 | 10.500 | % | $ | 1,110,566 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,512,791 | 13.839 | % | 1,147,796 | 10.500 | % | 1,093,139 | 10.000 | % | Northwest Bank | 1,514,889 | 13.652 | % | 1,165,115 | 10.500 | % | 1,109,634 | 10.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | Tier 1 capital (to risk weighted assets) | Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,532,058 | 14.003 | % | 929,957 | 8.500 | % | 875,254 | 8.000 | % | Northwest Bancshares, Inc. | 1,548,121 | 13.940 | % | 943,981 | 8.500 | % | 888,453 | 8.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,382,847 | 12.650 | % | 929,168 | 8.500 | % | 874,511 | 8.000 | % | Northwest Bank | 1,387,508 | 12.504 | % | 943,189 | 8.500 | % | 887,707 | 8.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | CET1 capital (to risk weighted assets) | CET1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,406,604 | 12.857 | % | 765,847 | 7.000 | % | 711,144 | 6.500 | % | Northwest Bancshares, Inc. | 1,422,601 | 12.810 | % | 777,396 | 7.000 | % | 721,868 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,382,847 | 12.650 | % | 765,197 | 7.000 | % | 710,540 | 6.500 | % | Northwest Bank | 1,387,508 | 12.504 | % | 776,744 | 7.000 | % | 721,262 | 6.500 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (leverage) (to average assets) | Tier 1 capital (leverage) (to average assets) | Tier 1 capital (leverage) (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 1,532,058 | 10.744 | % | 570,363 | 4.000 | % | 712,954 | 5.000 | % | Northwest Bancshares, Inc. | 1,548,121 | 10.773 | % | 574,801 | 4.000 | % | 718,501 | 5.000 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Bank | Northwest Bank | 1,382,847 | 9.700 | % | 570,275 | 4.000 | % | 712,843 | 5.000 | % | Northwest Bank | 1,387,508 | 9.656 | % | 574,776 | 4.000 | % | 718,471 | 5.000 | % |
At December 31, 2022 | |||||||||||||||||||||||||||||||||||
Actual | Minimum capital requirements (1) | Well capitalized requirements | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,745,701 | 16.363 | % | $ | 1,120,216 | 10.500 | % | $ | 1,066,872 | 10.000 | % | |||||||||||||||||||||||
Northwest Bank | 1,568,202 | 14.712 | % | 1,119,214 | 10.500 | % | 1,065,918 | 10.000 | % | ||||||||||||||||||||||||||
Tier I capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,516,621 | 14.216 | % | 906,841 | 8.500 | % | 853,498 | 8.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,452,962 | 13.631 | % | 906,030 | 8.500 | % | 852,734 | 8.000 | % | ||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,391,296 | 13.041 | % | 746,810 | 7.000 | % | 693,467 | 6.500 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,452,962 | 13.631 | % | 746,143 | 7.000 | % | 692,847 | 6.500 | % | ||||||||||||||||||||||||||
Tier I capital (leverage) (to average assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,516,621 | 10.817 | % | 560,816 | 4.000 | % | 701,020 | 5.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,452,962 | 10.365 | % | 560,706 | 4.000 | % | 700,882 | 5.000 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Loans 90 days or more past due: | Loans 90 days or more past due: | Loans 90 days or more past due: | ||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 6,290 | 5,574 | Residential mortgage loans | $ | 7,695 | 5,574 | ||||||||||||||
Home equity loans | Home equity loans | 1,965 | 2,257 | Home equity loans | 2,206 | 2,257 | ||||||||||||||||
Vehicle loans | Vehicle loans | 1,890 | 2,471 | Vehicle loans | 2,274 | 2,471 | ||||||||||||||||
Other consumer loans | Other consumer loans | 557 | 608 | Other consumer loans | 746 | 608 | ||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 8,501 | 7,589 | Commercial real estate loans | 8,042 | 7,589 | ||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 74 | 278 | Commercial real estate - owner occupied | 374 | 278 | ||||||||||||||||
Commercial loans | Commercial loans | 2,414 | 1,829 | Commercial loans | 2,472 | 1,829 | ||||||||||||||||
Total loans 90 days or more past due | Total loans 90 days or more past due | $ | 21,691 | 20,606 | Total loans 90 days or more past due | $ | 23,809 | 20,606 | ||||||||||||||
Total real estate owned (REO) | Total real estate owned (REO) | $ | 371 | 413 | Total real estate owned (REO) | $ | 363 | 413 | ||||||||||||||
Total loans 90 days or more past due and REO | Total loans 90 days or more past due and REO | 22,062 | 21,019 | Total loans 90 days or more past due and REO | 24,172 | 21,019 | ||||||||||||||||
Total loans 90 days or more past due to net loans receivable | Total loans 90 days or more past due to net loans receivable | 0.19 | % | 0.19 | % | Total loans 90 days or more past due to net loans receivable | 0.21 | % | 0.19 | % | ||||||||||||
Total loans 90 days or more past due and REO to total assets | Total loans 90 days or more past due and REO to total assets | 0.15 | % | 0.15 | % | Total loans 90 days or more past due and REO to total assets | 0.17 | % | 0.15 | % | ||||||||||||
Nonperforming assets: | Nonperforming assets: | Nonperforming assets: | ||||||||||||||||||||
Nonaccrual loans - loans 90 days or more past due | Nonaccrual loans - loans 90 days or more past due | $ | 21,159 | 19,861 | Nonaccrual loans - loans 90 days or more past due | 23,082 | 19,861 | |||||||||||||||
Nonaccrual loans - loans less than 90 days past due | Nonaccrual loans - loans less than 90 days past due | 57,430 | 61,375 | Nonaccrual loans - loans less than 90 days past due | 53,572 | 61,375 | ||||||||||||||||
Loans 90 days or more past due still accruing | Loans 90 days or more past due still accruing | 532 | 744 | Loans 90 days or more past due still accruing | 728 | 744 | ||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 79,121 | 81,980 | Total nonperforming loans | 77,382 | 81,980 | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 79,492 | 82,393 | Total nonperforming assets | $ | 77,745 | 82,393 | ||||||||||||||
Total nonaccrual loans to total loans | Total nonaccrual loans to total loans | 0.70 | % | 0.74 | % | Total nonaccrual loans to total loans | 0.68 | % | 0.74 | % |
Quarter ended June 30, | Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 3,485,517 | 32,485 | 3.73 | % | $ | 3,171,469 | 27,327 | 3.45 | % | Residential mortgage loans | $ | 3,476,446 | 32,596 | 3.75 | % | $ | 3,331,173 | 29,414 | 3.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,273,298 | 16,898 | 5.32 | % | 1,277,440 | 11,961 | 3.76 | % | Home equity loans | 1,264,134 | 17,435 | 5.47 | % | 1,274,918 | 13,658 | 4.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 2,143,804 | 22,662 | 4.24 | % | 1,880,769 | 15,777 | 3.36 | % | Consumer loans | 2,092,023 | 23,521 | 4.46 | % | 1,981,754 | 17,256 | 3.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,836,443 | 38,426 | 5.43 | % | 2,915,750 | 31,844 | 4.32 | % | Commercial real estate loans | 2,911,145 | 41,611 | 5.67 | % | 2,842,597 | 34,158 | 4.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,326,598 | 22,872 | 6.92 | % | 912,454 | 9,090 | 3.94 | % | Commercial loans | 1,447,211 | 26,239 | 7.19 | % | 1,050,124 | 12,978 | 4.84 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $619 and $425, respectively) | 11,065,660 | 133,343 | 4.83 | % | 10,157,882 | 95,999 | 3.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $735 and $521, respectively) | Loans receivable (a) (b) (d) (includes FTE adjustments of $735 and $521, respectively) | 11,190,959 | 141,402 | 5.01 | % | 10,480,566 | 107,464 | 4.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (c) | Mortgage-backed securities (c) | 1,859,427 | 8,326 | 1.79 | % | 1,952,375 | 7,158 | 1.47 | % | Mortgage-backed securities (c) | 1,781,010 | 8,072 | 1.81 | % | 2,019,715 | 8,683 | 1.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $207 and $192, respectively) | 374,560 | 1,715 | 1.83 | % | 376,935 | 1,590 | 1.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $154 and $215, respectively) | Investment securities (c) (d) (includes FTE adjustments of $154 and $215, respectively) | 336,125 | 1,431 | 1.70 | % | 388,755 | 1,762 | 1.81 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 45,505 | 844 | 7.44 | % | 13,428 | 82 | 2.44 | % | FHLB stock, at cost | 37,722 | 668 | 7.03 | % | 14,028 | 148 | 4.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 38,912 | 594 | 6.12 | % | 846,142 | 1,684 | 0.79 | % | Other interest-earning deposits | 59,433 | 915 | 6.11 | % | 253,192 | 1,295 | 2.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $826 and $617, respectively) | 13,384,064 | 144,822 | 4.34 | % | 13,346,762 | 106,513 | 3.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $889 and $736, respectively) | Total interest-earning assets (includes FTE adjustments of $889 and $736, respectively) | 13,405,249 | 152,488 | 4.51 | % | 13,156,256 | 119,352 | 3.60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets (e) | Noninterest-earning assets (e) | 861,853 | 909,943 | Noninterest-earning assets (e) | 974,074 | 896,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 14,245,917 | $ | 14,256,705 | Total assets | $ | 14,379,323 | $ | 14,052,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits (g) | Savings deposits (g) | $ | 2,142,941 | 1,393 | 0.26 | % | $ | 2,361,919 | 589 | 0.10 | % | Savings deposits (g) | $ | 2,116,759 | 2,695 | 0.51 | % | $ | 2,350,248 | 594 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (g) | Interest-bearing demand deposits (g) | 2,469,666 | 1,648 | 0.27 | % | 2,857,336 | 310 | 0.04 | % | Interest-bearing demand deposits (g) | 2,569,229 | 4,086 | 0.63 | % | 2,794,338 | 360 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts (g) | Money market deposit accounts (g) | 2,221,713 | 6,113 | 1.10 | % | 2,653,467 | 668 | 0.10 | % | Money market deposit accounts (g) | 2,112,228 | 6,772 | 1.27 | % | 2,620,850 | 692 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits (g) | Time deposits (g) | 1,765,454 | 12,663 | 2.88 | % | 1,220,815 | 1,774 | 0.58 | % | Time deposits (g) | 2,164,559 | 18,136 | 3.32 | % | 1,110,906 | 1,511 | 0.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds (f) | Borrowed funds (f) | 837,358 | 10,202 | 4.89 | % | 123,749 | 167 | 0.54 | % | Borrowed funds (f) | 643,518 | 7,937 | 4.89 | % | 127,073 | 239 | 0.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 113,958 | 1,148 | 4.03 | % | 119,563 | 1,203 | 4.03 | % | Subordinated debentures | 114,045 | 1,148 | 4.03 | % | 113,695 | 1,149 | 4.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 129,401 | 2,280 | 6.97 | % | 129,142 | 920 | 2.82 | % | Junior subordinated debentures | 129,466 | 2,456 | 7.42 | % | 129,207 | 1,322 | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 9,680,491 | 35,447 | 1.47 | % | 9,465,991 | 5,631 | 0.24 | % | Total interest-bearing liabilities | 9,849,804 | 43,230 | 1.74 | % | 9,246,317 | 5,867 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | Noninterest-bearing demand deposits (g) | 2,820,928 | 3,090,372 | Noninterest-bearing demand deposits (g) | 2,757,091 | 3,093,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 224,508 | 193,510 | Noninterest-bearing liabilities | 257,141 | 209,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,725,927 | 12,749,873 | Total liabilities | 12,864,036 | 12,549,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 1,519,990 | 1,506,832 | Shareholders’ equity | 1,515,287 | 1,503,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,245,917 | $ | 14,256,705 | Total liabilities and shareholders’ equity | $ | 14,379,323 | $ | 14,052,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | Net interest income/Interest rate spread | 109,375 | 2.87 | % | 100,882 | 2.96 | % | Net interest income/Interest rate spread | 109,258 | 2.77 | % | 113,485 | 3.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | Net interest-earning assets/Net interest margin | $ | 3,703,573 | 3.28 | % | $ | 3,880,771 | 3.07 | % | Net interest-earning assets/Net interest margin | $ | 3,555,445 | 3.23 | % | $ | 3,909,939 | 3.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest- bearing liabilities | Ratio of interest-earning assets to interest- bearing liabilities | 1.38X | 1.41X | Ratio of interest-earning assets to interest- bearing liabilities | 1.36X | 1.42X |
For the quarter ended June 30, 2023 vs. 2022 | For the quarter ended September 30, 2023 vs. 2022 | |||||||||||||||||||||||||||||||||
Increase/(decrease) due to | Total increase/(decrease) | Increase/(decrease) due to | Total increase/(decrease) | |||||||||||||||||||||||||||||||
Rate | Volume | Rate | Volume | |||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | $ | 26,406 | 10,938 | 37,344 | Loans receivable | $ | 24,962 | 8,976 | 33,938 | ||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 1,584 | (416) | 1,168 | Mortgage-backed securities | 470 | (1,081) | (611) | ||||||||||||||||||||||||||
Investment securities | Investment securities | 136 | (11) | 125 | Investment securities | (107) | (224) | (331) | ||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 166 | 596 | 762 | FHLB stock, at cost | 104 | 416 | 520 | ||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 11,261 | (12,351) | (1,090) | Other interest-earning deposits | 2,578 | (2,958) | (380) | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 39,553 | (1,244) | 38,309 | Total interest-earning assets | 28,007 | 5,129 | 33,136 | ||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 946 | (142) | 804 | Savings deposits | 2,398 | (297) | 2,101 | ||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 1,597 | (259) | 1,338 | Interest-bearing demand deposits | 4,084 | (358) | 3,726 | ||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 6,634 | (1,189) | 5,445 | Money market deposit accounts | 7,711 | (1,631) | 6,080 | ||||||||||||||||||||||||||
Time deposits | Time deposits | 6,982 | 3,907 | 10,889 | Time deposits | 7,797 | 8,828 | 16,625 | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 1,341 | 8,694 | 10,035 | Borrowed funds | 1,328 | 6,370 | 7,698 | ||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 1 | (56) | (55) | Subordinated debt | (4) | 3 | (1) | ||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 1,356 | 4 | 1,360 | Junior subordinated debentures | 1,129 | 5 | 1,134 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 18,857 | 10,959 | 29,816 | Total interest-bearing liabilities | 24,443 | 12,920 | 37,363 | ||||||||||||||||||||||||||
Net change in net interest income | Net change in net interest income | $ | 20,696 | (12,203) | 8,493 | Net change in net interest income | $ | 3,564 | (7,791) | (4,227) |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | Average balance | Interest | Avg. yield/ cost (i) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | Residential mortgage loans | $ | 3,489,545 | 64,494 | 3.70 | % | $ | 3,077,155 | 52,868 | 3.44 | % | Residential mortgage loans | $ | 3,485,130 | 97,090 | 3.71 | % | $ | 3,162,758 | 82,282 | 3.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 1,278,831 | 33,033 | 5.21 | % | 1,285,668 | 23,433 | 3.68 | % | Home equity loans | 1,273,878 | 50,467 | 5.30 | % | 1,282,045 | 37,443 | 3.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 2,133,794 | 43,457 | 4.11 | % | 1,840,110 | 30,684 | 3.36 | % | Consumer loans | 2,119,717 | 66,977 | 4.22 | % | 1,887,843 | 47,588 | 3.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 2,830,316 | 75,463 | 5.38 | % | 2,957,744 | 61,601 | 4.14 | % | Commercial real estate loans | 2,857,555 | 117,074 | 5.48 | % | 2,918,940 | 95,813 | 4.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | 1,244,404 | 41,225 | 6.68 | % | 868,854 | 15,987 | 3.66 | % | Commercial loans | 1,312,750 | 67,465 | 6.87 | % | 929,942 | 28,981 | 4.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $1,203 and $825, respectively) | 10,976,890 | 257,672 | 4.73 | % | 10,029,531 | 184,573 | 3.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $1,937 and $1,416, respectively) | Loans receivable (a) (b) (d) (includes FTE adjustments of $1,937 and $1,416, respectively) | 11,049,030 | 399,073 | 4.83 | % | 10,181,528 | 292,107 | 3.84 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (c) | Mortgage-backed securities (c) | 1,884,412 | 16,863 | 1.79 | % | 1,948,794 | 13,518 | 1.39 | % | Mortgage-backed securities (c) | 1,849,567 | 24,935 | 1.80 | % | 1,972,694 | 22,201 | 1.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $425 and $381, respectively) | 379,611 | 3,478 | 1.83 | % | 375,323 | 3,130 | 1.67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $579 and $627, respectively) | Investment securities (c) (d) (includes FTE adjustments of $579 and $627, respectively) | 364,956 | 4,909 | 1.79 | % | 379,850 | 4,923 | 1.73 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 42,584 | 1,534 | 7.26 | % | 13,648 | 163 | 2.41 | % | FHLB stock, at cost | 40,945 | 2,202 | 7.19 | % | 13,776 | 311 | 3.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 34,842 | 1,017 | 5.88 | % | 1,003,627 | 2,151 | 0.43 | % | Other interest-earning deposits | 64,560 | 1,931 | 4.00 | % | 753,482 | 3,447 | 0.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $1,628 and $1,206, respectively) | 13,318,339 | 280,564 | 4.25 | % | 13,370,923 | 203,535 | 3.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $2,516 and $2,043, respectively) | Total interest-earning assets (includes FTE adjustments of $2,516 and $2,043, respectively) | 13,369,058 | 433,050 | 4.33 | % | 13,301,330 | 322,989 | 3.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets (e) | Noninterest-earning assets (e) | 865,711 | 969,111 | Noninterest-earning assets (e) | 880,799 | 941,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 14,184,050 | $ | 14,340,034 | Total assets | $ | 14,249,857 | $ | 14,243,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | $ | 2,187,355 | 2,082 | 0.19 | % | $ | 2,348,282 | 1,181 | 0.10 | % | Savings deposits | $ | 2,163,564 | 4,777 | 0.30 | % | $ | 2,348,944 | 1,758 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,540,879 | 2,599 | 0.21 | % | 2,866,333 | 631 | 0.04 | % | Interest-bearing demand deposits | 2,550,433 | 6,684 | 0.35 | % | 2,842,071 | 1,008 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 2,314,631 | 10,516 | 0.92 | % | 2,660,745 | 1,321 | 0.10 | % | Money market deposit accounts | 2,246,422 | 17,289 | 1.03 | % | 2,647,301 | 2,067 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,514,289 | 17,858 | 2.38 | % | 1,256,513 | 3,959 | 0.64 | % | Time deposits | 1,733,428 | 35,993 | 2.78 | % | 1,207,444 | 5,416 | 0.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds (f) | Borrowed funds (f) | 789,057 | 18,139 | 4.64 | % | 129,487 | 324 | 0.50 | % | Borrowed funds (f) | 740,011 | 26,077 | 4.71 | % | 131,368 | 563 | 0.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures (g) | Subordinated debentures (g) | 113,914 | 2,296 | 4.03 | % | 121,574 | 2,454 | 4.04 | % | Subordinated debentures (g) | 113,958 | 3,444 | 4.03 | % | 118,919 | 3,603 | 4.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 129,368 | 4,433 | 6.82 | % | 129,109 | 1,571 | 2.42 | % | Junior subordinated debentures | 129,401 | 6,889 | 7.02 | % | 129,142 | 2,893 | 2.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 9,589,493 | 57,923 | 1.22 | % | 9,512,043 | 11,441 | 0.24 | % | Total interest-bearing liabilities | 9,677,217 | 101,153 | 1.40 | % | 9,425,189 | 17,308 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (h) | Noninterest-bearing demand deposits (h) | 2,855,260 | 3,075,617 | Noninterest-bearing demand deposits (h) | 2,822,178 | 3,081,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 229,831 | 198,854 | Noninterest-bearing liabilities | 239,034 | 199,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,674,584 | 12,786,514 | Total liabilities | 12,738,429 | 12,706,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 1,509,466 | 1,553,520 | Shareholders’ equity | 1,511,428 | 1,536,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,184,050 | $ | 14,340,034 | Total liabilities and shareholders’ equity | $ | 14,249,857 | $ | 14,243,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | Net interest income/Interest rate spread | 222,641 | 3.03 | % | 192,094 | 2.83 | % | Net interest income/Interest rate spread | 331,897 | 2.93 | % | 305,681 | 3.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | Net interest-earning assets/Net interest margin | $ | 3,728,846 | 3.37 | % | $ | 3,858,880 | 2.87 | % | Net interest-earning assets/Net interest margin | $ | 3,691,841 | 3.32 | % | $ | 3,876,141 | 3.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | 1.39X | 1.41X | Ratio of interest-earning assets to interest-bearing liabilities | 1.38X | 1.41X |
For the six months ended June 30, 2023 vs. 2020 | For the nine months ended September 30, 2023 vs. 2022 | |||||||||||||||||||||||||||||||||
Increase/(decrease) due to | Total increase/(decrease) | Increase/(decrease) due to | Total increase/(decrease) | |||||||||||||||||||||||||||||||
Rate | Volume | Rate | Volume | |||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | $ | 50,859 | 22,240 | 73,099 | Loans receivable | $ | 75,633 | 31,333 | 106,966 | ||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 3,921 | (576) | 3,345 | Mortgage-backed securities | 4,394 | (1,660) | 2,734 | ||||||||||||||||||||||||||
Investment securities | Investment securities | 309 | 39 | 348 | Investment securities | 186 | (200) | (14) | ||||||||||||||||||||||||||
FHLB stock, at cost | FHLB stock, at cost | 320 | 1,051 | 1,371 | FHLB stock, at cost | 426 | 1,465 | 1,891 | ||||||||||||||||||||||||||
Other interest-earning deposits | Other interest-earning deposits | 27,131 | (28,265) | (1,134) | Other interest-earning deposits | 19,094 | (20,610) | (1,516) | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 82,540 | (5,511) | 77,029 | Total interest-earning assets | 99,733 | 10,328 | 110,061 | ||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 1,054 | (153) | 901 | Savings deposits | 3,428 | (409) | 3,019 | ||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 2,301 | (333) | 1,968 | Interest-bearing demand deposits | 6,440 | (764) | 5,676 | ||||||||||||||||||||||||||
Money market deposit accounts | Money market deposit accounts | 10,768 | (1,573) | 9,195 | Money market deposit accounts | 18,307 | (3,085) | 15,222 | ||||||||||||||||||||||||||
Time deposits | Time deposits | 10,858 | 3,041 | 13,899 | Time deposits | 19,655 | 10,922 | 30,577 | ||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 2,653 | 15,162 | 17,815 | Borrowed funds | 4,066 | 21,448 | 25,514 | ||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (3) | (155) | (158) | Subordinated debt | (8) | (151) | (159) | ||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 2,852 | 10 | 2,862 | Junior subordinated debentures | 3,982 | 14 | 3,996 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 30,483 | 15,999 | 46,482 | Total interest-bearing liabilities | 55,870 | 27,975 | 83,845 | ||||||||||||||||||||||||||
Net change in net interest income | Net change in net interest income | $ | 52,057 | (21,510) | 30,547 | Net change in net interest income | $ | 43,863 | (17,647) | 26,216 |
Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parallel shift in interest rates over the next 12 months | Parallel shift in interest rates over the next 12 months | 100 bps | 200 bps | 300 bps | 100 bps | 200 bps | 300 bps | Parallel shift in interest rates over the next 12 months | 100 bps | 200 bps | 300 bps | 100 bps | 200 bps | 300 bps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net interest income | Projected percentage increase/(decrease) in net interest income | (1.0) | % | (2.1) | % | (3.2) | % | (1.7 | %) | (6.8 | %) | (12.2 | %) | Projected percentage increase/(decrease) in net interest income | (0.1) | % | (1.3) | % | (3.8) | % | (0.7 | %) | (5.7 | %) | (10.8 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net income | Projected percentage increase/(decrease) in net income | (2.3) | % | (5.0) | % | (7.6) | % | (4.4 | %) | (17.4 | %) | (31.1 | %) | Projected percentage increase/(decrease) in net income | (0.2) | % | (2.6) | % | (7.5) | % | (1.7 | %) | (12.2 | %) | (23.2 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in return on average equity | Projected increase/(decrease) in return on average equity | (2.2) | % | (4.8) | % | (7.3) | % | (4.3 | %) | (16.8 | %) | (30.1 | %) | Projected increase/(decrease) in return on average equity | (0.1) | % | (2.4) | % | (7.1) | % | (1.5 | %) | (11.6 | %) | (22.2 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected increase/(decrease) in earnings per share | Projected increase/(decrease) in earnings per share | $ | (0.03) | $ | (0.06) | $ | (0.09) | $ | (0.05) | $ | (0.19) | $ | (0.34) | Projected increase/(decrease) in earnings per share | $ | (0.01) | $ | (0.04) | $ | (0.10) | $ | (0.03) | $ | (0.16) | $ | (0.30) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in market value of equity | Projected percentage increase/(decrease) in market value of equity | (9.4 | %) | (18.8 | %) | (30.2 | %) | 7.4 | % | 13.5 | % | 18.0 | % | Projected percentage increase/(decrease) in market value of equity | (8.8 | %) | (19.0 | %) | (33.3 | %) | 10.4 | % | 18.2 | % | 25.7 | % |
Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL. |
NORTHWEST BANCSHARES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | By: | /s/ Louis J. Torchio | |||||||||
Louis J. Torchio | |||||||||||
President and Chief Executive Officer | |||||||||||
(Duly Authorized Officer) | |||||||||||
Date: | By: | /s/ Jeffrey J. Maddigan | |||||||||
Jeffrey J. Maddigan | |||||||||||
Executive Vice President, Finance, Accounting and Corporate Treasurer | |||||||||||
(Principal Accounting Officer) | |||||||||||