Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34582 | |
Entity Registrant Name | NORTHWEST BANCSHARES, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 27-0950358 | |
Entity Address, Address Line One | 3 Easton Oval | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Columbus | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43219 | |
City Area Code | 814 | |
Local Phone Number | 726-2140 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, 0.01 Par Value | |
Trading Symbol | NWBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 126,710,453 | |
Entity Central Index Key | 0001471265 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 1,161,006 | $ 1,279,259 |
Marketable securities available-for-sale (amortized cost of $1,542,170 and $1,565,002, respectively) | 1,442,098 | 1,548,592 |
Marketable securities held-to-maturity (fair value of $677,376 and $751,513, respectively) | 737,730 | 768,154 |
Total cash and cash equivalents and marketable securities | 3,340,834 | 3,596,005 |
Loans held-for-sale | 19,272 | 25,056 |
Loans held for investment | 10,119,762 | 9,991,336 |
Allowance for credit losses | (99,295) | (102,241) |
Loans receivable, net | 10,039,739 | 9,914,151 |
FHLB stock, at cost | 13,318 | 14,184 |
Accrued interest receivable | 26,268 | 25,599 |
Real estate owned, net | 929 | 873 |
Premises and equipment, net | 149,970 | 156,524 |
Bank-owned life insurance | 254,109 | 256,213 |
Goodwill | 380,997 | 380,997 |
Other intangible assets, net | 11,654 | 12,836 |
Other assets | 193,365 | 144,126 |
Total assets | 14,411,183 | 14,501,508 |
Liabilities: | ||
Noninterest-bearing demand deposits | 3,128,849 | 3,099,526 |
Interest-bearing demand deposits | 2,891,622 | 2,940,442 |
Money market deposit accounts | 2,680,613 | 2,629,882 |
Savings deposits | 2,367,438 | 2,303,760 |
Time deposits | 1,251,878 | 1,327,555 |
Total deposits | 12,320,400 | 12,301,165 |
Borrowed funds | 121,436 | 139,093 |
Subordinated debt | 123,670 | 123,575 |
Junior subordinated debentures | 129,119 | 129,054 |
Advances by borrowers for taxes and insurance | 44,022 | 44,582 |
Accrued interest payable | 563 | 1,804 |
Other liabilities | 148,461 | 178,664 |
Total liabilities | 12,887,671 | 12,917,937 |
Shareholders’ equity: | ||
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value: 500,000,000 shares authorized, 126,686,373 and 126,612,183 shares issued and outstanding, respectively | 1,267 | 1,266 |
Additional paid-in capital | 1,012,308 | 1,010,405 |
Retained earnings | 612,481 | 609,529 |
Accumulated other comprehensive loss | (102,544) | (37,629) |
Total shareholders’ equity | 1,523,512 | 1,583,571 |
Total liabilities and shareholders’ equity | $ 14,411,183 | $ 14,501,508 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 1,542,170 | $ 1,565,002 |
Securities held-to-maturity | $ 677,376 | $ 751,513 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 126,686,373 | 126,612,183 |
Common stock, shares outstanding (in shares) | 126,686,373 | 126,612,183 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans receivable | $ 88,174 | $ 102,318 |
Mortgage-backed securities | 6,360 | 4,200 |
Taxable investment securities | 677 | 634 |
Tax-free investment securities | 674 | 575 |
FHLB stock dividends | 81 | 116 |
Interest-earning deposits | 467 | 183 |
Total interest income | 96,433 | 108,026 |
Interest expense: | ||
Deposits | 3,751 | 5,514 |
Borrowed funds | 2,059 | 2,054 |
Total interest expense | 5,810 | 7,568 |
Net interest income | 90,623 | 100,458 |
Provision for credit losses | (1,481) | (5,620) |
Net interest income after provision for credit losses | 92,104 | 106,078 |
Noninterest income: | ||
Loss on sale of investments | (2) | (21) |
Service charges and fees | 13,067 | 12,394 |
Trust and other financial services income | 7,012 | 6,484 |
Insurance commission income | 0 | 2,546 |
Loss on real estate owned, net | (29) | (42) |
Income from bank-owned life insurance | 1,983 | 1,736 |
Mortgage banking income | 1,465 | 6,020 |
Other operating income | 2,244 | 2,836 |
Total noninterest income | 25,740 | 31,953 |
Noninterest expense: | ||
Compensation and employee benefits | 46,917 | 47,239 |
Premises and occupancy costs | 7,797 | 8,814 |
Office operations | 3,383 | 3,165 |
Collections expense | 520 | 616 |
Processing expenses | 12,548 | 13,456 |
Marketing expenses | 2,128 | 1,980 |
Federal deposit insurance premiums | 1,129 | 1,307 |
Professional services | 2,573 | 4,582 |
Amortization of intangible assets | 1,183 | 1,594 |
Real estate owned expense | 37 | 75 |
Merger, asset disposition and restructuring expense | 1,374 | 9 |
Other expenses | 2,355 | 3,354 |
Total noninterest expense | 81,944 | 86,191 |
Income before income taxes | 35,900 | 51,840 |
Federal and state income taxes expense | 7,613 | 11,603 |
Net income | $ 28,287 | $ 40,237 |
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.32 |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.32 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 28,287 | $ 40,237 |
Net unrealized holding losses on marketable securities: | ||
Unrealized holding losses, net of tax of $18,877 and $5,981, respectively | (64,783) | (17,421) |
Reclassification adjustment for gains included in net income, net of tax of $0 and $22, respectively | (1) | (75) |
Net unrealized holding losses on marketable securities | (64,784) | (17,496) |
Defined benefit plan: | ||
Actuarial reclassification adjustments for prior period service costs and actuarial (gains)/losses included in net income, net of tax of $50 and ($129), respectively | (131) | 333 |
Other comprehensive loss | (64,915) | (17,163) |
Total comprehensive (loss)/income | $ (36,628) | $ 23,074 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding gains (losses), tax | $ 18,877 | $ 5,981 |
Reclassification adjustment for gains included in net income, tax | 0 | 22 |
Reclassification adjustments for prior period service costs and net losses included in net income, tax | $ 50 | $ (129) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 127,019,452 | ||||
Beginning balance at Dec. 31, 2020 | $ 1,538,703 | $ 1,270 | $ 1,015,502 | $ 555,480 | $ (33,549) |
Comprehensive income: | |||||
Net income | 40,237 | 40,237 | |||
Other comprehensive loss net of tax | (17,163) | (17,163) | |||
Total comprehensive (loss)/income | 23,074 | 40,237 | (17,163) | ||
Exercise of stock options (in shares) | 567,429 | ||||
Exercise of stock options | 6,927 | $ 6 | 6,921 | ||
Stock-based compensation expense (in shares) | 1,930 | ||||
Stock-based compensation expense | 961 | 961 | |||
Share repurchases (in shares) | (353,552) | ||||
Share repurchases | (4,566) | $ (4) | (4,562) | ||
Stock-based compensation forfeited (in shares) | (12,611) | ||||
Dividends paid | (24,105) | (24,105) | |||
Ending balance (in shares) at Mar. 31, 2021 | 127,222,648 | ||||
Ending balance at Mar. 31, 2021 | 1,540,994 | $ 1,272 | 1,018,822 | 571,612 | (50,712) |
Beginning balance (in shares) at Dec. 31, 2021 | 126,612,183 | ||||
Beginning balance at Dec. 31, 2021 | 1,583,571 | $ 1,266 | 1,010,405 | 609,529 | (37,629) |
Comprehensive income: | |||||
Net income | 28,287 | 28,287 | |||
Other comprehensive loss net of tax | (64,915) | (64,915) | |||
Total comprehensive (loss)/income | (36,628) | 28,287 | (64,915) | ||
Exercise of stock options (in shares) | 101,613 | ||||
Exercise of stock options | 1,205 | $ 1 | 1,204 | ||
Stock-based compensation expense (in shares) | 10,222 | ||||
Stock-based compensation expense | 699 | 699 | |||
Stock-based compensation forfeited (in shares) | (37,645) | ||||
Dividends paid | (25,335) | (25,335) | |||
Ending balance (in shares) at Mar. 31, 2022 | 126,686,373 | ||||
Ending balance at Mar. 31, 2022 | $ 1,523,512 | $ 1,267 | $ 1,012,308 | $ 612,481 | $ (102,544) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income (loss), tax | $ 18,927 | $ 5,874 |
Dividends paid, per share (in dollars per share) | $ 0.20 | $ 0.19 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | ||
Net income | $ 28,287 | $ 40,237 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Provision for credit losses | (1,481) | (5,620) |
Net loss/(gain) on sale of assets | 780 | (262) |
Mortgage banking activity | 677 | (8,429) |
Net depreciation, amortization and accretion | 3,595 | 6,514 |
(Increase)/decrease in other assets | (30,666) | 33,746 |
Decrease in other liabilities | (31,625) | (21,034) |
Net amortization on marketable securities | 1,505 | 2,154 |
Noncash compensation expense related to stock benefit plans | 699 | 961 |
Noncash write-down of real estate owned | 29 | 123 |
Origination of loans held-for-sale | (104,535) | (240,765) |
Proceeds from sale of loans held-for-sale | 110,278 | 260,394 |
Net cash (used in)/provided by operating activities | (22,457) | 68,019 |
Investing activities: | ||
Purchase of marketable securities held-to-maturity | 0 | (428,861) |
Purchase of marketable securities available-for-sale | (61,640) | (220,666) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 30,092 | 3,374 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 83,295 | 128,556 |
Proceeds from sale of marketable securities available-for-sale | 0 | 35,357 |
Proceeds from bank-owned life insurance | 1,354 | 1,750 |
Loan originations | (901,499) | (975,141) |
Loan purchases | (210,775) | 0 |
Proceeds from loan maturities and principal reductions | 985,218 | 1,169,026 |
Net proceeds/(redemptions) of FHLB stock | 866 | (113) |
Proceeds from sale of real estate owned | 0 | 479 |
Proceeds from sale of real estate owned for investment, net | 76 | 76 |
Disposals/(purchases) of premises and equipment, net | 329 | (285) |
Net cash used in investing activities | (72,684) | (286,448) |
Financing activities: | ||
Net increase in deposits | 19,235 | 513,861 |
Repayments of long-term borrowings | 0 | (20,000) |
Net decrease in short-term borrowings | (17,657) | (9,469) |
Decrease in advances by borrowers for taxes and insurance | (560) | (1,206) |
Cash dividends paid on common stock | (25,335) | (24,105) |
Purchase of common stock for retirement | 0 | (4,566) |
Proceeds from stock options exercised | 1,205 | 6,927 |
Net cash (used in)/provided by financing activities | (23,112) | 461,442 |
Net (decrease)/increase in cash and cash equivalents | (118,253) | 243,013 |
Cash and cash equivalents at beginning of period | 1,279,259 | 736,277 |
Cash and cash equivalents at end of period | 1,161,006 | 979,290 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $3,650 and $5,543, respectively) | 7,051 | 8,963 |
Income taxes | 84 | 0 |
Non-cash activities: | ||
Loan foreclosures and repossessions | 1,142 | 1,197 |
Sale of real estate owned financed by the Company | $ 0 | $ 54 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 3,650 | $ 5,543 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Informational Disclosures | Basis of Presentation and Informational Disclosures Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 170 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and MutualFirst Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year’s reporting format. The results of operations for the quarter ended are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any other period. Stock-Based Compensation Stock-based compensation expense of $699,000 and $961,000 for the quarters ended March 31, 2022 and 2021, respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2022, there was compensation expense of $1.3 million to be recognized for awarded but unvested stock options and $7.5 million for unvested restricted common shares. Income Taxes-Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At March 31, 2022, we had $241,000 of liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2021, 2020, 2019 and 2018. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The following table shows the portfolio of marketable securities available-for-sale at March 31, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due in one year through five years $ 20,000 — (738) 19,262 Due after ten years 56,586 — (5,196) 51,390 Debt issued by government-sponsored enterprises: Due in one year through five years 992 13 — 1,005 Due in five years through ten years 46,172 1 (4,313) 41,860 Municipal securities: Due in less than one year 892 5 — 897 Due in one year through five years 1,257 6 (11) 1,252 Due in five years through ten years 25,181 55 (705) 24,531 Due after ten years 95,265 26 (6,971) 88,320 Residential mortgage-backed securities: Fixed rate pass-through 252,798 410 (15,540) 237,668 Variable rate pass-through 10,577 203 (14) 10,766 Fixed rate agency CMOs 995,579 94 (67,438) 928,235 Variable rate agency CMOs 36,871 202 (161) 36,912 Total residential mortgage-backed securities 1,295,825 909 (83,153) 1,213,581 Total marketable securities available-for-sale $ 1,542,170 1,015 (101,087) 1,442,098 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 20,000 — (68) 19,932 Due after ten years 57,681 — (1,722) 55,959 Debt issued by government-sponsored enterprises: Due in less than one year 177 — — 177 Due in one year through five years 991 73 — 1,064 Due in five years through ten years 46,411 1 (1,568) 44,844 Municipal securities: Due in less than one year 946 13 — 959 Due in one year through five years 1,261 22 (3) 1,280 Due in five years through ten years 23,692 661 (146) 24,207 Due after ten years 99,558 2,884 (187) 102,255 Residential mortgage-backed securities: Fixed rate pass-through 265,604 2,389 (2,525) 265,468 Variable rate pass-through 11,306 294 (9) 11,591 Fixed rate agency CMOs 997,680 2,284 (18,965) 980,999 Variable rate agency CMOs 39,695 224 (62) 39,857 Total residential mortgage-backed securities 1,314,285 5,191 (21,561) 1,297,915 Total marketable securities available-for-sale $ 1,565,002 8,845 (25,255) 1,548,592 Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 16,478 — (968) 15,510 Due in five years through ten years 107,974 — (11,375) 96,599 Residential mortgage-backed securities: Fixed rate pass-through 176,949 24 (12,117) 164,856 Variable rate pass-through 643 18 — 661 Fixed rate agency CMOs 435,087 — (35,948) 399,139 Variable rate agency CMOs 599 12 — 611 Total residential mortgage-backed securities 613,278 54 (48,065) 565,267 Total marketable securities held-to-maturity $ 737,730 54 (60,408) 677,376 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one through five years $ 16,478 — (206) 16,272 Due in five years through ten years 107,973 — (4,613) 103,360 Residential mortgage-backed securities: Fixed rate pass-through 183,092 58 (2,161) 180,989 Variable rate pass-through 667 24 — 691 Fixed rate agency CMOs 459,345 251 (10,011) 449,585 Variable rate agency CMOs 599 17 — 616 Total residential mortgage-backed securities 643,703 350 (12,172) 631,881 Total marketable securities held-to-maturity $ 768,154 350 (16,991) 751,513 The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at March 31, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in less than one year $ 382 382 Due in one year through five years 18,660 18,319 Due after five years through ten years 78,165 76,050 Due after ten years 1,198,618 1,118,830 Total residential mortgage-backed securities $ 1,295,825 1,213,581 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at March 31, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in one year through five years $ 709 727 Due after five years through ten years 40,477 36,191 Due after ten years 572,092 528,349 Total residential mortgage-backed securities $ 613,278 565,267 The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 66,445 (4,519) 156,991 (18,071) 223,436 (22,590) Municipal securities 101,496 (7,356) 2,741 (331) 104,237 (7,687) Residential mortgage-backed securities - agency 1,184,448 (80,073) 523,224 (51,145) 1,707,672 (131,218) Total $ 1,352,389 (91,948) 682,956 (69,547) 2,035,345 (161,495) The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2021 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 132,782 (3,504) 106,160 (4,673) 238,942 (8,177) Municipal securities 25,118 (336) — — 25,118 (336) Residential mortgage-backed securities - agency 1,428,582 (26,516) 184,389 (7,217) 1,612,971 (33,733) Total $ 1,586,482 (30,356) 290,549 (11,890) 1,877,031 (42,246) The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of March 31, 2022, which were comprised of 494 individual securities, represents a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises or local municipalities. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities were all highly rated by major rating agencies and have no history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. The Company does not have the intent to sell these investment securities and it is likely that we will not be required to sell these securities before their anticipated recovery, which may be at maturity. All of the Company ’ s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2022. The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2022 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, or when credit ratings cannot be sourced from the agencies, they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2022. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by the U.S. government-sponsored enterprises $ 124,452 124,452 Residential mortgage-backed securities 613,278 613,278 Total marketable securities held-to-maturity $ 737,730 737,730 |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Originated (1) Acquired (2) Total Originated (1) Acquired (2) Total Personal Banking: Residential mortgage loans (3) $ 2,924,864 197,025 3,121,889 2,783,459 211,161 2,994,620 Home equity loans 1,089,234 197,286 1,286,520 1,107,202 212,729 1,319,931 Vehicle loans 1,457,137 90,118 1,547,255 1,384,246 99,985 1,484,231 Consumer loans 305,969 42,757 348,726 307,961 46,556 354,517 Total Personal Banking 5,777,204 527,186 6,304,390 5,582,868 570,431 6,153,299 Commercial Banking: Commercial real estate loans 2,189,050 384,491 2,573,541 2,202,027 423,454 2,625,481 Commercial real estate loans - owner occupied 326,958 59,394 386,352 321,253 68,750 390,003 Commercial loans 803,833 70,918 874,751 765,877 81,732 847,609 Total Commercial Banking 3,319,841 514,803 3,834,644 3,289,157 573,936 3,863,093 Total loans receivable, gross 9,097,045 1,041,989 10,139,034 8,872,025 1,144,367 10,016,392 Allowance for credit losses (83,685) (15,610) (99,295) (86,750) (15,491) (102,241) Total loans receivable, net (4) $ 9,013,360 1,026,379 10,039,739 8,785,275 1,128,876 9,914,151 (1) Includes originated and purchased loan pools. (2) Includes loans subject to purchase accounting. (3) Includes fair value of $19.3 million and $25.1 million of loans held-for-sale at March 31, 2022 and December 31, 2021, respectively. (4) Includes $63.1 million and $62.8 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2022 and December 31, 2021, respectively. The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2022 (in thousands): Balance as of March 31, 2022 Current period provision Charge-offs Recoveries Balance as of December 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 13,306 6,962 (1,183) 154 7,373 Home equity loans 5,643 369 (447) 421 5,300 Vehicle loans 14,181 (1,305) (647) 650 15,483 Consumer loans 3,109 994 (1,076) 307 2,884 Total Personal Banking 36,239 7,020 (3,353) 1,532 31,040 Commercial Banking: Commercial real estate loans 44,572 (9,665) (1,024) 1,120 54,141 Commercial real estate loans - owner occupied 4,276 389 — 4 3,883 Commercial loans 14,208 775 (681) 937 13,177 Total Commercial Banking 63,056 (8,501) (1,705) 2,061 71,201 Total $ 99,295 (1,481) (5,058) 3,593 102,241 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 6 4 — — 2 Home equity loans 55 16 — — 39 Total Personal Banking 61 20 — — 41 Commercial Banking: Commercial real estate loans 1,792 911 — — 881 Commercial real estate loans - owner occupied 208 66 — — 142 Commercial loans 1,993 599 — — 1,394 Total Commercial Banking 3,993 1,576 — — 2,417 Total off-balance sheet exposure $ 4,054 1,596 — — 2,458 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2021 (in thousands): Balance as of March 31, 2021 Current period provision Charge-offs Recoveries Balance as of December 31, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 5,861 (592) (855) 42 7,266 Home equity loans 5,241 (652) (228) 129 5,992 Vehicle loans 14,888 773 (1,307) 597 14,825 Consumer loans 2,563 651 (1,296) 337 2,871 Total Personal Banking 28,553 180 (3,686) 1,105 30,954 Commercial Banking: Commercial real estate loans 70,206 (4,831) (4,626) 282 79,381 Commercial real estate loans - owner occupied 6,753 (3,766) — 1 10,518 Commercial loans 18,485 2,797 (54) 2,168 13,574 Total Commercial Banking 95,444 (5,800) (4,680) 2,451 103,473 Total $ 123,997 (5,620) (8,366) 3,556 134,427 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 34 (1) — — 35 Total Personal Banking 36 (1) — — 37 Commercial Banking: Commercial real estate loans 2,115 (1,334) — — 3,449 Commercial real estate loans - owner occupied 388 62 — — 326 Commercial loans 2,080 (471) — — 2,551 Total Commercial Banking 4,583 (1,743) — — 6,326 Total off-balance sheet exposure $ 4,619 (1,744) — — 6,363 During the quarter ended March 31, 2022, the Company purchased a $72.7 million small business equipment finance loan pool and a $138.1 million one- to four-family jumbo mortgage loan pool. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2022 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,121,889 13,306 7,450 — 6,187 861 — Home equity loans 1,286,520 5,643 4,910 — 1,503 489 — Vehicle loans 1,547,255 14,181 2,782 — — — — Consumer loans 348,726 3,109 618 420 — — — Total Personal Banking 6,304,390 36,239 15,760 420 7,690 1,350 — Commercial Banking: Commercial real estate loans 2,573,541 44,572 100,887 — 16,426 1,620 364 Commercial real estate loans - owner occupied 386,352 4,276 655 — 152 25 — Commercial loans 874,751 14,208 6,859 — 4,433 589 — Total Commercial Banking 3,834,644 63,056 108,401 — 21,011 2,234 364 Total $ 10,139,034 99,295 124,161 420 28,701 3,584 364 (1) Includes $16.0 million of nonaccrual TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2021 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 2,994,620 7,373 10,402 — 6,749 1,442 — Home equity loans 1,319,931 5,300 5,758 — 1,781 718 — Vehicle loans 1,484,231 15,483 3,263 — — — — Consumer loans 354,517 2,884 675 331 — — — Total Personal Banking 6,153,299 31,040 20,098 331 8,530 2,160 — Commercial Banking: Commercial real estate loans 2,625,481 54,141 129,666 — 17,025 2,024 400 Commercial real estate loans - owner occupied 390,003 3,883 1,233 — 159 24 — Commercial loans 847,609 13,177 7,474 — 4,574 609 60 Total Commercial Banking 3,863,093 71,201 138,373 — 21,758 2,657 460 Total $ 10,016,392 102,241 158,471 331 30,288 4,817 460 (1) Includes $17.2 million of nonaccrual TDRs. We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2022 (in thousands): March 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 7,450 — 7,450 — Home equity loans 5,758 4,706 204 4,910 — Vehicle loans 3,263 2,738 44 2,782 — Consumer loans 675 617 1 618 420 Total Personal Banking 20,098 15,511 249 15,760 420 Commercial Banking: Commercial real estate loans 129,666 15,730 85,157 100,887 — Commercial real estate loans - owner occupied 1,233 655 — 655 — Commercial loans 7,474 3,472 3,387 6,859 — Total Commercial Banking 138,373 19,857 88,544 108,401 — Total $ 158,471 35,368 88,793 124,161 420 During the quarter ended March 31, 2022, we recognized $153,000 of interest income on nonaccrual and troubled debt restructuring loans. The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2021 (in thousands): December 31, 2021 Nonaccrual loans at January 1, 2021 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 $ 15,924 10,402 — 10,402 — Home equity loans 9,123 5,551 207 5,758 — Vehicle loans 5,533 3,251 12 3,263 — Consumer loans 1,031 674 1 675 331 Total Personal Banking 31,611 19,878 220 20,098 331 Commercial Banking: Commercial real estate loans 44,092 65,529 64,137 129,666 — Commercial real estate loans - owner occupied 3,642 1,233 — 1,233 — Commercial loans 23,487 3,941 3,533 7,474 — Total Commercial Banking 71,221 70,703 67,670 138,373 — Total $ 102,832 90,581 67,890 158,471 331 During the year ended December 31, 2021, we recognized $803,000 of interest income on nonaccrual and troubled debt restructuring loans. The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2022 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 577 — 577 Home equity loans 99 — 99 Total Personal Banking 676 — 676 Commercial Banking: Commercial real estate loans 95,904 1,631 97,535 Commercial loans 3,841 1,854 5,695 Total Commercial Banking 99,745 3,485 103,230 Total $ 100,421 3,485 103,906 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2021 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 580 — 580 Home equity loans 99 — 99 Total Personal Banking 679 — 679 Commercial Banking: Commercial real estate loans 119,825 1,705 121,530 Commercial loans 3,973 1,926 5,899 Total Commercial Banking 123,798 3,631 127,429 Total $ 124,477 3,631 128,108 Our loan portfolios include loans that have been modified in a TDR, where concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include: extending the note’s maturity date, permitting interest only payments, reducing the interest rate to a rate lower than current market rates for new debt with similar risk, reducing the principal payment, principal forbearance or other actions. These concessions are applicable to all loan segments and classes. Certain TDRs are classified as nonperforming at the time of restructuring and may be returned to performing status after considering the borrower’s sustained repayment performance for a period of at least six months. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, the loan’s observable market price or the current fair value of the collateral, less selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premiums or discounts), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment in accordance with ASC 310-10. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, we evaluate the loan for possible further impairment. The allowance may be increased, adjustments may be made in the allocation of the allowance, partial charge-offs may be taken to further write-down the carrying value of the loan, or the loan may be charged-off completely. In March 2020 and August 2020, joint statements were issued by federal and state regulatory agencies, after consultation with the FASB, to clarify that short-term loan modifications are not TDRs if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to any relief. Under this guidance, six months is provided as an example of short-term, and current is defined as less than 30 days past due at the time the modification program is implemented. The guidance also provides that these modified loans generally will not be classified as nonaccrual during the term of the modification. For borrowers who are 30 days or more past due when enrolling in a loan modification program related to the COVID-19 pandemic, we evaluate the loan modifications under our existing TDR framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan will be accounted for as a TDR and will generally not accrue interest. This TDR relief under the CARES Act was extended by the Consolidated Appropriations Act, 2021 (“CAA”), signed into law on December 27, 2020. Under the CAA, such relief will continue until the earlier of 60 days after the date the COVID-19 national emergency comes to an end or January 1, 2022. Certain loan modifications made during the prior year were done in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. Accordingly, these loans were not categorized as TDRs. ollowing table provides a roll forward of troubled debt restructurings for the periods indicated (dollars in thousands): For the quarter ended March 31, 2022 2021 Number of Amount Number of Amount Beginning TDR balance: 134 $ 30,288 170 $ 32,135 New TDRs — — — — Re-modified TDRs 1 202 4 922 Net paydowns — (1,030) — (2,488) Charge-offs: Residential mortgage loans 1 (3) — — Paid-off loans: Residential mortgage loans 1 (201) — — Home equity loans 1 (64) — — Commercial real estate loans 1 (289) 3 (2,384) Commercial real estate loans - owner occupied — — 1 (47) Commercial loans — — 2 (628) Ending TDR balance: 130 $ 28,701 164 $ 27,510 Accruing TDRs $ 12,686 $ 20,120 Nonaccrual TDRs 16,015 7,390 The following table provides information related to TDRs (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (in thousands): For the quarter ended March 31, 2022 Number of Recorded Current Current Commercial Banking: Commercial real estate loans 1 $ 330 202 11 Total Commercial Banking 1 330 202 11 Total 1 $ 330 202 11 For the quarter ended March 31, 2021 Number of Recorded Current Current Personal Banking: Residential mortgage loans 1 $ 121 117 10 Home equity loans 1 3 2 — Total Personal Banking 2 124 119 10 Commercial Banking: Commercial real estate loans 2 812 803 130 Total Commercial Banking 2 812 803 130 Total 4 $ 936 922 140 The following table provides information as of March 31, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2022 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Commercial Banking: Commercial real estate loans 1 $ — — 202 — 202 Total Commercial Banking 1 — — 202 — 202 Total 1 $ — — 202 — 202 The following table provides information as of March 31, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2021 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ 117 — — — 117 Home equity loans 1 — — 2 — 2 Total Personal Banking 2 117 — 2 — 119 Commercial Banking: Commercial real estate loans 2 — — 729 74 803 Total Commercial Banking 2 — — 729 74 803 Total 4 $ 117 — 731 74 922 The following table provides information related to troubled debt restructurings modified within the previous twelve months of March 31, 2022 that subsequently defaulted: Number of Recorded Current Current 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 — No TDRs modified within the previous twelve months of March 31, 2021 subsequently defaulted. The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2022 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 24,057 1,950 3,976 29,983 3,091,906 3,121,889 — Home equity loans 3,867 1,138 2,968 7,973 1,278,547 1,286,520 — Vehicle loans 4,724 1,324 1,432 7,480 1,539,775 1,547,255 — Consumer loans 1,319 515 770 2,604 346,122 348,726 420 Total Personal Banking 33,967 4,927 9,146 48,040 6,256,350 6,304,390 420 Commercial Banking: Commercial real estate loans 2,485 112 21,264 23,861 2,549,680 2,573,541 — Commercial real estate loans - owner occupied 1,158 — 135 1,293 385,059 386,352 — Commercial loans 1,268 103 795 2,166 872,585 874,751 — Total Commercial Banking 4,911 215 22,194 27,320 3,807,324 3,834,644 — Total loans $ 38,878 5,142 31,340 75,360 10,063,674 10,139,034 420 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2021 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 20,567 5,433 7,641 33,641 2,960,979 2,994,620 — Home equity loans 3,153 949 4,262 8,364 1,311,567 1,319,931 — Vehicle loans 5,331 1,487 1,635 8,453 1,475,778 1,484,231 — Consumer loans 1,205 519 765 2,489 352,028 354,517 331 Total Personal Banking 30,256 8,388 14,303 52,947 6,100,352 6,153,299 331 Commercial Banking: Commercial real estate loans 16,938 699 23,489 41,126 2,584,355 2,625,481 — Commercial real estate loans - owner occupied 127 70 574 771 389,232 390,003 — Commercial loans 193 727 1,105 2,025 845,584 847,609 — Total Commercial Banking 17,258 1,496 25,168 43,922 3,819,171 3,863,093 — Total originated loans $ 47,514 9,884 39,471 96,869 9,919,523 10,016,392 331 Credit Quality Indicators: For Commercial Banking we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: Special Mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future. For Personal Banking loans a pass risk rating is maintained until they are greater than 90 days past due, and risk rating reclassification is based primarily on past due status of the loan. The risk rating categories can generally be described by the following groupings: Pass — Loans classified as pass are homogeneous loans that are less than 90 days past due from the required payment date at month-end. Substandard — Loans classified as substandard are homogeneous loans that are greater than 90 days past due from the required payment date at month-end, loans classified as TDRs or homogenous retail loans that are greater than 180 days past due from the required payment date at month-end that has been written down to the value of underlying collateral, less costs to sell. Doubtful — Loans classified as doubtful are homogeneous loans that are greater than 180 days past due from the required payment date at month-end and not written down to the value of underlying collateral. These loans are generally charged-off in the month in which the 180 day period elapses. The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of March 31, 2022 (in thousands): YTD March 31, 2022 2021 2020 2019 2018 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 81,603 810,544 585,855 289,202 146,678 1,194,484 — — 3,108,366 Substandard — — 583 375 238 12,327 — — 13,523 Total residential mortgage loans 81,603 810,544 586,438 289,577 146,916 1,206,811 — — 3,121,889 Home equity loans Pass 27,811 145,099 199,289 128,051 60,585 250,728 426,764 42,015 1,280,342 Substandard — — 66 303 191 3,507 1,176 935 6,178 Total home equity loans 27,811 145,099 199,355 128,354 60,776 254,235 427,940 42,950 1,286,520 Vehicle loans Pass 223,063 729,574 260,616 177,605 101,513 52,103 — — 1,544,474 Substandard — 541 390 856 531 463 — — 2,781 Total vehicle loans 223,063 730,115 261,006 178,461 102,044 52,566 — — 1,547,255 Consumer loans Pass 28,887 106,849 71,992 40,506 17,879 20,568 59,537 1,470 347,688 Substandard — 203 103 153 64 80 422 13 1,038 Total consumer loans 28,887 107,052 72,095 40,659 17,943 20,648 59,959 1,483 348,726 Total Personal Banking 361,364 1,792,810 1,118,894 637,051 327,679 1,534,260 487,899 44,433 6,304,390 Business Banking: Commercial real estate loans Pass 25,880 324,062 451,209 319,291 249,608 868,339 28,639 9,583 2,276,611 Special mention — 794 4,070 46,100 1,189 5,206 1,253 — 58,612 Substandard — 97 8,358 44,165 44,672 133,415 492 7,119 238,318 Total commercial real estate loans 25,880 324,953 463,637 409,556 295,469 1,006,960 30,384 16,702 2,573,541 Commercial real estate loans - owner occupied Pass 26,504 67,571 18,312 42,419 51,402 145,640 3,839 1,510 357,197 Special mention — — — 647 2,046 722 64 — 3,479 Substandard — — — 4,790 3,457 15,510 — 1,919 25,676 Total commercial real estate loans - owner occupied 26,504 67,571 18,312 47,856 56,905 161,872 3,903 3,429 386,352 Commercial loans Pass 182,912 163,204 97,395 65,195 24,462 61,417 238,852 5,688 839,125 Special mention 166 180 616 625 386 2 1,302 — 3,277 Substandard — 246 1,463 3,725 2,616 2,763 11,263 10,273 32,349 Total commercial loans 183,078 163,630 99,474 69,545 27,464 64,182 251,417 15,961 874,751 Total Business Banking 235,462 556,154 581,423 526,957 379,838 1,233,014 285,704 36,092 3,834,644 Total loans $ 596,826 2,348,964 1,700,317 1,164,008 707,517 2,767,274 773,603 80,525 10,139,034 For the quarter ended March 31, 2022, $5.1 million of revolving loans were converted to term loans. The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2021 (in thousands): 2021 2020 2019 2018 2017 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 644,862 602,429 304,275 156,639 171,240 1,098,635 — — 2,978,080 Substandard 138 489 377 538 882 14,116 — — 16,540 Total residential mortgage loans 645,000 602,918 304,652 157,177 172,122 1,112,751 — — 2,994,620 Home equity loans Pass 150,847 210,224 138,661 65,011 61,692 209,959 435,660 40,766 1,312,820 Substandard — — 441 60 455 3,820 1,275 1,060 7,111 Total home equity loans 150,847 210,224 139,102 65,071 62,147 213,779 436,935 41,826 1,319,931 Vehicle loans Pass 801,084 292,804 205,653 119,304 34,546 27,576 — — 1,480,967 Substandard 387 365 1,141 745 379 247 — — 3,264 Total vehicle loans 801,471 293,169 206,794 120,049 34,925 27,823 — — 1,484,231 Consumer loans Pass 117,856 81,266 47,195 20,595 9,794 12,202 63,025 1,578 353,511 Substandard 213 161 105 64 26 50 357 30 1,006 Total consumer loans 118,069 81,427 47,300 20,659 9,820 12,252 63,382 1,608 354,517 Total Personal Banking 1,715,387 1,187,738 697,848 362,956 279,014 1,366,605 500,317 43,434 6,153,299 Business Banking: Commercial real estate loans Pass 306,689 433,219 335,541 263,524 221,450 683,537 26,288 10,179 2,280,427 Special mention 803 1,808 52,513 3,296 1,394 8,529 729 23 69,095 Substandard — 34,153 44,712 46,045 56,077 89,311 492 5,169 275,959 Total commercial real estate loans 307,492 469,180 432,766 312,865 278,921 781,377 27,509 15,371 2,625,481 Commercial real estate - owner occupied Pass 69,084 19,452 51,997 60,824 57,676 94,687 2,822 2,707 359,249 Special mention — — — 769 1,959 1,444 856 — 5,028 Substandard — — 3,575 2,887 7,840 10,602 — 822 25,726 Total commercial real estate - owner occupied loans 69,084 19,452 55,572 64,480 67,475 106,733 3,678 3,529 390,003 Commercial loans Pass 224,367 110,171 73,276 27,668 20,748 76,987 262,805 12,301 808,323 Special mention 197 661 812 1,195 50 581 2,234 — 5,730 Substandard 329 4,767 5,102 4,437 1,529 2,116 6,667 8,609 33,556 Total commercial loans 224,893 115,599 79,190 33,300 22,327 79,684 271,706 20,910 847,609 Total Business Banking 601,469 604,231 567,528 410,645 368,723 967,794 302,893 39,810 3,863,093 Total loans $ 2,316,856 1,791,969 1,265,376 773,601 647,737 2,334,399 803,210 83,244 10,016,392 For the year ended December 31, 2021, $27.3 million of revolving loans were converted to term loans. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): March 31, 2022 December 31, 2021 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 74,899 Acquisitions — — Less: accumulated amortization (63,320) (62,158) Core deposit intangibles - net $ 11,579 12,741 Customer and Contract intangible assets - gross $ 12,775 12,775 Customer list intangible assets disposed of due to sale of insurance business — (1,547) Less: accumulated amortization (12,700) (11,133) Customer and Contract intangible assets - net 75 95 Total intangible assets - net $ 11,654 12,836 The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2022 and 2021, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended March 31, 2022 $ 1,183 For the quarter ended March 31, 2021 1,594 For the year ending December 31, 2022 4,277 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 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2020 $ 382,279 Purchase accounting adjustment 77 Goodwill disposed of due to sale of insurance business (1,359) Balance at December 31, 2021 380,997 Balance at March 31, 2022 $ 380,997 We performed our annual goodwill impairment test as of June 30, 2021 in accordance with ASC 350, as updated by ASU 2017-04 (“Step 0”), and concluded that goodwill was not impaired. As of March 31, 2022, there were no events or changes in circumstances that would cause us to update that goodwill impairment test and we have concluded there is no impairment of goodwill. |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds (a) Borrowings Borrowed funds at March 31, 2022 and December 31, 2021 are presented in the following table: March 31, 2022 December 31, 2021 Amount Average rate Amount Average rate Collateralized borrowings, due within one year $ 121,436 0.19 % $ 139,093 0.19 % Total borrowed funds $ 121,436 $ 139,093 Borrowings from the Federal Home Loan Banks (“FHLB”) of Pittsburgh and Indianapolis, if any, are secured by our residential first mortgage and other qualifying loans. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment. The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250.0 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. The revolving line of credit had no balance as of March 31, 2022 and December 31, 2021. At March 31, 2022 and December 31, 2021, collateralized borrowings due within one year were $121.4 million and $139.1 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. On September 9, 2020, the Company issued $125.0 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89% payable quarterly in arrears commencing on December 15, 2025. The subordinated debt issuance costs of approximately $1.8 million are being amortized over five years on a straight-line basis into interest expense. At March 31, 2022 and December 31, 2021, subordinated debentures, net of issuance costs, were $123.7 million and $123.6 million, respectively. (b) Trust Preferred Securities The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I (“UNCT I”), a Delaware statutory business trust, Union National Capital Trust II (“UNCT II”), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the “Trusts”). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements. The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed. Maturity date Interest rate Capital debt securities March 31, 2022 December 31, 2021 Northwest Bancorp Capital Trust III December 30, 2035 3-month LIBOR plus 1.38% $ 50,000 $ 51,547 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month LIBOR plus 1.38% 50,000 51,547 51,547 LNB Trust II June 15, 2037 3-month LIBOR plus 1.48% 7,875 8,119 8,119 UNCT I (1) January 23, 2034 3-month LIBOR plus 2.85% 8,000 7,956 7,950 UNCT II (1) November 23, 2034 3-month LIBOR plus 2.00% 3,000 2,748 2,741 MFBC Statutory Trust I (1) September 15, 2035 3-month LIBOR plus 1.70% 5,000 3,606 3,580 Universal Preferred Trust (1) October 7, 2035 3-month LIBOR plus 1.69% 5,000 3,596 3,570 $ 129,119 129,054 (1) Net of discounts due to the fair value adjustment made at the time of acquisition. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing: • the interest on the debentures to no longer be deductible by the Company for federal income tax purposes; • the trusts to become subject to federal income tax or to certain other taxes or governmental charges; • the trusts to register as an investment company; or • the preferred securities to no longer qualify as Tier I capital. We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2022 | |
Guarantees [Abstract] | |
Guarantees | Guarantees We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At March 31, 2022, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $45.7 million, of which $35.9 million is fully collateralized. At March 31, 2022, we had a liability which represents deferred income of $583,000 related to the standby letters of credit. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): Quarter ended March 31, 2022 2021 Net income $ 28,287 40,237 Less: Dividends and undistributed earnings allocated to participating securities 177 — Net income available to common shareholders $ 28,110 40,237 Weighted average common shares outstanding 125,861,738 126,182,409 Add: Participating shares outstanding 791,217 517,615 Total weighted average common shares and dilutive potential shares 126,652,955 126,700,024 Basic earnings per share $ 0.22 0.32 Diluted earnings per share $ 0.22 0.32 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands): Quarter ended March 31, Pension benefits Other post-retirement benefits 2022 2021 2022 2021 Service cost $ 2,599 2,860 — — Interest cost 1,671 1,517 10 4 Expected return on plan assets (3,864) (3,465) — — Amortization of prior service cost (564) (580) — — Amortization of the net loss 381 1,039 2 4 Net periodic cost $ 223 1,371 12 8 We anticipate making a contribution to our defined benefit pension plan between $0 and $2.0 million during the year ending December 31, 2022. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | Disclosures About Fair Value of Financial Instruments We are required to disclose fair value information about financial instruments whether or not recognized in the Consolidated Statement of Financial Condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 - Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. • Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. • Level 3 - Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: ◦ Quotes from brokers or other external sources that are not considered binding; ◦ Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; and ◦ Quotes and other information from brokers or other external sources where the inputs are not deemed observable. We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. The carrying amounts reported in the Consolidated Statement of Financial Condition approximate fair value for the following financial instruments: cash and cash equivalents, marketable securities available-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, foreign exchange swaps, risk participation agreements, and accrued interest payable. Marketable Securities Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government obligations. Certain debt securities which were AAA rated at purchase do not have an active market and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as Level 2 securities if an active market for those assets or similar assets existed are included herein as Level 3 assets. Debt Securities — held-to-maturity - The fair value of debt securities held-to-maturity is determined in the same manner as debt securities available-for-sale. Loans Receivable Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Characteristics of comparable loans include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan including the approximate discount or market rate, which is not considered an exit price. Loans Held-for-Sale The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers. FHLB Stock Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. Deposit Liabilities The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity. Borrowed Funds Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of repurchase agreements approximates their fair value. Subordinated Debentures The fair value of our subordinated debentures is calculated using the discounted cash flows at rates observable for other similarly traded liabilities. Junior Subordinated Debentures The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest. Interest Rate Lock Commitments and Forward Commitments The fair value of interest rate lock commitments is based on the value of underlying loans held-for-sale which is based on quoted prices for similar loans in the secondary market. This value is then adjusted based on the probability of the loan closing (i.e., the “pull-through” amount, a significant unobservable input). The fair value of forward sale commitments is based on quoted prices from the secondary market based on the settlement date of the contracts. Cash Flow Hedges, Interest Rate and Foreign Exchange Swap Agreements The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the LIBOR swap curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using LIBOR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions we believe to be reasonable. Risk participation agreements are entered into when Northwest purchases a portion of a commercial loan that has an interest rate swap. Northwest assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower. Off-Balance Sheet Financial Instruments These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2022 and December 31, 2021, there was no significant unrealized appreciation or depreciation on these financial instruments. The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2022 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,161,006 1,161,006 1,161,006 — — Securities available-for-sale 1,442,098 1,442,098 — 1,442,098 — Securities held-to-maturity 737,730 677,376 — 677,376 — Loans receivable, net 10,020,467 9,389,401 — — 9,389,401 Residential mortgage loans held-for-sale 19,272 19,272 — — 19,272 Accrued interest receivable 26,268 26,268 26,268 — — Interest rate lock commitments 1,680 1,680 — — 1,680 Interest rate swaps not designated as hedging instruments 23,338 23,338 — 23,338 — FHLB stock 13,318 13,318 — — — Total financial assets $ 13,445,177 12,753,757 1,187,274 2,142,812 9,410,353 Financial liabilities: Savings and checking deposits $ 11,068,522 11,068,522 11,068,522 — — Time deposits 1,251,878 1,261,070 — — 1,261,070 Borrowed funds 121,436 121,419 121,419 — — Subordinated debt 123,670 123,987 — 123,987 — Junior subordinated debentures 129,119 115,159 — — 115,159 Forward commitments 43 43 — 43 — Foreign exchange swaps 6 6 — 6 — Interest rate swaps not designated as hedging instruments 23,363 23,363 — 23,363 — Risk participation agreements 31 31 — 31 — Accrued interest payable 563 563 563 — — Total financial liabilities $ 12,718,631 12,714,163 11,190,504 147,430 1,376,229 The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2021 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,279,259 1,279,259 1,279,259 — — Securities available-for-sale 1,548,592 1,548,592 — 1,548,592 — Securities held-to-maturity 768,154 751,513 — 751,513 — Loans receivable, net 9,889,095 9,648,825 — — 9,648,825 Residential mortgage loans held-for-sale 25,056 25,056 — — 25,056 Accrued interest receivable 25,599 25,599 25,599 — — Interest rate lock commitments 1,684 1,684 — — 1,684 Forward commitments 371 371 — 371 — Interest rate swaps not designated as hedging instruments 31,254 31,254 — 31,254 — FHLB stock 14,184 14,184 — — — Total financial assets $ 13,583,248 13,326,337 1,304,858 2,331,730 9,675,565 Financial liabilities: Savings and checking accounts $ 10,973,610 10,973,610 10,973,610 — — Time deposits 1,327,555 1,339,308 — — 1,339,308 Borrowed funds 139,093 139,093 139,093 — — Subordinated debt 123,575 129,138 — 129,138 — Junior subordinated debentures 129,054 120,083 — — 120,083 Foreign exchange swaps 341 341 — 341 — Interest rate swaps not designated as hedging instruments 31,357 31,357 — 31,357 — Risk participation agreements 60 60 — 60 — Accrued interest payable 1,804 1,804 1,804 — — Total financial liabilities $ 12,726,449 12,734,794 11,114,507 160,896 1,459,391 Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2022 and December 31, 2021. The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 70,652 — 70,652 Government-sponsored enterprises — 42,865 — 42,865 States and political subdivisions — 115,000 — 115,000 Total debt securities — 228,517 — 228,517 Residential mortgage-backed securities: GNMA — 15,213 — 15,213 FNMA — 143,311 — 143,311 FHLMC — 89,488 — 89,488 Non-agency — 422 — 422 Collateralized mortgage obligations: GNMA — 441,895 — 441,895 FNMA — 239,181 — 239,181 FHLMC — 284,071 — 284,071 Total mortgage-backed securities — 1,213,581 — 1,213,581 Interest rate lock commitments — — 1,680 1,680 Interest rate swaps not designated as hedging instruments — 23,338 — 23,338 Total assets $ — 1,465,436 1,680 1,467,116 Forward commitments $ — 43 — 43 Foreign exchange swaps — 6 — 6 Interest rate swaps not designated as hedging instruments — 23,363 — 23,363 Risk participation agreements — 31 — 31 Total liabilities $ — 23,443 — 23,443 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 75,891 — 75,891 Government-sponsored enterprises — 46,085 — 46,085 States and political subdivisions — 128,701 — 128,701 Total debt securities — 250,677 — 250,677 Residential mortgage-backed securities: GNMA — 16,510 — 16,510 FNMA — 160,063 — 160,063 FHLMC — 100,055 — 100,055 Non-agency — 431 — 431 Collateralized mortgage obligations: GNMA — 492,328 — 492,328 FNMA — 269,060 — 269,060 FHLMC — 259,468 — 259,468 Total mortgage-backed securities — 1,297,915 — 1,297,915 Interest rate lock commitments — — 1,684 1,684 Forward commitments — 371 — 371 Interest rate swaps not designated as hedging instruments — 31,254 — 31,254 Total assets $ — 1,580,217 1,684 1,581,901 Foreign exchange swaps $ — 341 — 341 Interest rate swaps not designated as hedging instruments — 31,357 — 31,357 Risk participation agreements — 60 — 60 Total liabilities $ — 31,758 — 31,758 The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands): For the quarter ended March 31, 2022 2021 Beginning balance January 1, $ 1,684 6,465 Interest rate lock commitments: Net activity (4) (1,405) Ending balance $ 1,680 5,060 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held-for-sale, loans individually assessed, real estate owned, and mortgage servicing rights. The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 7,178 7,178 Mortgage servicing rights — — 22 22 Real estate owned, net — — 929 929 Total assets $ — — 8,129 8,129 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 46,968 46,968 Mortgage servicing rights — — 380 380 Real estate owned, net — — 873 873 Total assets $ — — 48,221 48,221 Individually Assessed Loans - A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2021 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3. Real Estate Owned - Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2022 (in thousands): Fair value Valuation techniques Significant Range (weighted average) Loans individually assessed $ 7,178 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 5.46% to 13.26% (7.25%) Mortgage servicing rights 22 Discounted cash flow Annual service cost $86 Prepayment rate 7.1% to 18.3% (9.8%) Expected life (months) 47.8 to 102.3 (77.1) Option adjusted spread 650 basis points Forward yield curve 0.23% to 1.92% Real estate owned, net 929 Appraisal value (1) Estimated cost to sell 10.0% Loans held for sale 19,272 Quoted prices for similar loans in active markets adjusted by an expected pull-through rate Estimated pull-through rate 100.0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements. Derivatives Not Designated as Hedging Instruments We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the consolidated statement of financial condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income. We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the consolidated statement of financial condition. Northwest sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income. We enter into risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands): Asset derivatives Liability derivatives Notional amount Fair value Notional amount Fair value At March 31, 2022 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 625,751 23,338 625,751 23,363 Foreign exchange swap agreements — — 290 6 Interest rate lock commitments 72,147 1,680 — — Forward commitments — — 8,078 43 Risk participation agreements — — 94,626 31 Total Derivatives $ 697,898 25,018 728,745 23,443 At December 31, 2021 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 644,997 31,254 644,997 31,357 Foreign exchange swap agreements — — 17,124 341 Interest rate lock commitments 67,473 1,684 — — Forward commitments 14,484 371 — — Risk participation agreements — — 93,135 60 Total derivatives $ 726,954 33,309 755,256 31,758 The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended March 31, 2022 2021 Non-hedging swap derivatives: Increase in other income $ 61 524 Increase in mortgage banking income 418 2,060 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of March 31, 2022, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings. During the year ended December 31, 2018, Northwest and our subsidiary, The Bert Company (doing business as Northwest Insurance Services) (“NWIS”), were involved in a lawsuit against, among others, First National Bank of Pennsylvania (“FNB”) and their insurance subsidiary, First National Insurance Agency, LLC (“FNIA”). All counterclaims against Northwest were discontinued and, in December 2018, a verdict was rendered in favor of NWIS on several of its claims. Post-trial proceedings have continued throughout the current year and, due to the inherent uncertainties with respect to these proceedings, we have not accrued any awards associated with this verdict within our Consolidated Financial Statements as of March 31, 2022. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended March 31, 2022 Unrealized Change in Change in Total Balance as of December 31, 2021 $ (12,317) — (25,312) (37,629) Other comprehensive loss before reclassification adjustments (1) (64,783) — — (64,783) Amounts reclassified from accumulated other comprehensive income (2) (3) (1) — (131) (132) Net other comprehensive loss (64,784) — (131) (64,915) Balance as of March 31, 2022 $ (77,101) — (25,443) (102,544) For the quarter ended March 31, 2021 Unrealized Change in Change in Total Balance as of December 31, 2020 $ 16,843 — (50,392) (33,549) Other comprehensive loss before reclassification adjustments (4) (17,421) — — (17,421) Amounts reclassified from accumulated other comprehensive income (5) (6) (75) — 333 258 Net other comprehensive (loss)/income (17,496) — 333 (17,163) Balance as of March 31, 2021 $ (653) — (50,059) (50,712) (1) Consists of unrealized holding losses, net of tax of $18,877. (2) Consists of realized gains, net of tax of $0. (3) Consists of realized gains, net of tax of $50. (4) Consists of unrealized holding losses, net of tax $5,981. (5) Consists of realized gains, net of tax $22. (6) Consists of realized losses, net of tax of ($129). |
Basis of Presentation and Inf_2
Basis of Presentation and Informational Disclosures (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 170 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and MutualFirst Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 updated, as required, for any new pronouncements or changes. |
Income Taxes - Uncertain Tax Positions | Income Taxes-Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At March 31, 2022, we had $241,000 of liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2021, 2020, 2019 and 2018. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the portfolio of investment securities available-for-sale | The following table shows the portfolio of marketable securities available-for-sale at March 31, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due in one year through five years $ 20,000 — (738) 19,262 Due after ten years 56,586 — (5,196) 51,390 Debt issued by government-sponsored enterprises: Due in one year through five years 992 13 — 1,005 Due in five years through ten years 46,172 1 (4,313) 41,860 Municipal securities: Due in less than one year 892 5 — 897 Due in one year through five years 1,257 6 (11) 1,252 Due in five years through ten years 25,181 55 (705) 24,531 Due after ten years 95,265 26 (6,971) 88,320 Residential mortgage-backed securities: Fixed rate pass-through 252,798 410 (15,540) 237,668 Variable rate pass-through 10,577 203 (14) 10,766 Fixed rate agency CMOs 995,579 94 (67,438) 928,235 Variable rate agency CMOs 36,871 202 (161) 36,912 Total residential mortgage-backed securities 1,295,825 909 (83,153) 1,213,581 Total marketable securities available-for-sale $ 1,542,170 1,015 (101,087) 1,442,098 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 20,000 — (68) 19,932 Due after ten years 57,681 — (1,722) 55,959 Debt issued by government-sponsored enterprises: Due in less than one year 177 — — 177 Due in one year through five years 991 73 — 1,064 Due in five years through ten years 46,411 1 (1,568) 44,844 Municipal securities: Due in less than one year 946 13 — 959 Due in one year through five years 1,261 22 (3) 1,280 Due in five years through ten years 23,692 661 (146) 24,207 Due after ten years 99,558 2,884 (187) 102,255 Residential mortgage-backed securities: Fixed rate pass-through 265,604 2,389 (2,525) 265,468 Variable rate pass-through 11,306 294 (9) 11,591 Fixed rate agency CMOs 997,680 2,284 (18,965) 980,999 Variable rate agency CMOs 39,695 224 (62) 39,857 Total residential mortgage-backed securities 1,314,285 5,191 (21,561) 1,297,915 Total marketable securities available-for-sale $ 1,565,002 8,845 (25,255) 1,548,592 |
Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one year through five years $ 16,478 — (968) 15,510 Due in five years through ten years 107,974 — (11,375) 96,599 Residential mortgage-backed securities: Fixed rate pass-through 176,949 24 (12,117) 164,856 Variable rate pass-through 643 18 — 661 Fixed rate agency CMOs 435,087 — (35,948) 399,139 Variable rate agency CMOs 599 12 — 611 Total residential mortgage-backed securities 613,278 54 (48,065) 565,267 Total marketable securities held-to-maturity $ 737,730 54 (60,408) 677,376 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2021 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due in one through five years $ 16,478 — (206) 16,272 Due in five years through ten years 107,973 — (4,613) 103,360 Residential mortgage-backed securities: Fixed rate pass-through 183,092 58 (2,161) 180,989 Variable rate pass-through 667 24 — 691 Fixed rate agency CMOs 459,345 251 (10,011) 449,585 Variable rate agency CMOs 599 17 — 616 Total residential mortgage-backed securities 643,703 350 (12,172) 631,881 Total marketable securities held-to-maturity $ 768,154 350 (16,991) 751,513 |
Information regarding the issuers and the carrying values of the entity's mortgage-backed securities | The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at March 31, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in less than one year $ 382 382 Due in one year through five years 18,660 18,319 Due after five years through ten years 78,165 76,050 Due after ten years 1,198,618 1,118,830 Total residential mortgage-backed securities $ 1,295,825 1,213,581 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at March 31, 2022 (in thousands): Amortized Fair Residential mortgage-backed securities: Due in one year through five years $ 709 727 Due after five years through ten years 40,477 36,191 Due after ten years 572,092 528,349 Total residential mortgage-backed securities $ 613,278 565,267 |
Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position | The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 66,445 (4,519) 156,991 (18,071) 223,436 (22,590) Municipal securities 101,496 (7,356) 2,741 (331) 104,237 (7,687) Residential mortgage-backed securities - agency 1,184,448 (80,073) 523,224 (51,145) 1,707,672 (131,218) Total $ 1,352,389 (91,948) 682,956 (69,547) 2,035,345 (161,495) The following table shows the fair value of and gross unrealized losses on marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2021 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 132,782 (3,504) 106,160 (4,673) 238,942 (8,177) Municipal securities 25,118 (336) — — 25,118 (336) Residential mortgage-backed securities - agency 1,428,582 (26,516) 184,389 (7,217) 1,612,971 (33,733) Total $ 1,586,482 (30,356) 290,549 (11,890) 1,877,031 (42,246) |
Schedule of credit quality of held-to-maturity securities | The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2022 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, or when credit ratings cannot be sourced from the agencies, they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2022. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by the U.S. government-sponsored enterprises $ 124,452 124,452 Residential mortgage-backed securities 613,278 613,278 Total marketable securities held-to-maturity $ 737,730 737,730 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Summary of loans receivable | The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Originated (1) Acquired (2) Total Originated (1) Acquired (2) Total Personal Banking: Residential mortgage loans (3) $ 2,924,864 197,025 3,121,889 2,783,459 211,161 2,994,620 Home equity loans 1,089,234 197,286 1,286,520 1,107,202 212,729 1,319,931 Vehicle loans 1,457,137 90,118 1,547,255 1,384,246 99,985 1,484,231 Consumer loans 305,969 42,757 348,726 307,961 46,556 354,517 Total Personal Banking 5,777,204 527,186 6,304,390 5,582,868 570,431 6,153,299 Commercial Banking: Commercial real estate loans 2,189,050 384,491 2,573,541 2,202,027 423,454 2,625,481 Commercial real estate loans - owner occupied 326,958 59,394 386,352 321,253 68,750 390,003 Commercial loans 803,833 70,918 874,751 765,877 81,732 847,609 Total Commercial Banking 3,319,841 514,803 3,834,644 3,289,157 573,936 3,863,093 Total loans receivable, gross 9,097,045 1,041,989 10,139,034 8,872,025 1,144,367 10,016,392 Allowance for credit losses (83,685) (15,610) (99,295) (86,750) (15,491) (102,241) Total loans receivable, net (4) $ 9,013,360 1,026,379 10,039,739 8,785,275 1,128,876 9,914,151 (1) Includes originated and purchased loan pools. (2) Includes loans subject to purchase accounting. (3) Includes fair value of $19.3 million and $25.1 million of loans held-for-sale at March 31, 2022 and December 31, 2021, respectively. (4) Includes $63.1 million and $62.8 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2022 and December 31, 2021, respectively. |
Schedule of the changes in the allowance for losses on loans receivable | The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2022 (in thousands): Balance as of March 31, 2022 Current period provision Charge-offs Recoveries Balance as of December 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 13,306 6,962 (1,183) 154 7,373 Home equity loans 5,643 369 (447) 421 5,300 Vehicle loans 14,181 (1,305) (647) 650 15,483 Consumer loans 3,109 994 (1,076) 307 2,884 Total Personal Banking 36,239 7,020 (3,353) 1,532 31,040 Commercial Banking: Commercial real estate loans 44,572 (9,665) (1,024) 1,120 54,141 Commercial real estate loans - owner occupied 4,276 389 — 4 3,883 Commercial loans 14,208 775 (681) 937 13,177 Total Commercial Banking 63,056 (8,501) (1,705) 2,061 71,201 Total $ 99,295 (1,481) (5,058) 3,593 102,241 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 6 4 — — 2 Home equity loans 55 16 — — 39 Total Personal Banking 61 20 — — 41 Commercial Banking: Commercial real estate loans 1,792 911 — — 881 Commercial real estate loans - owner occupied 208 66 — — 142 Commercial loans 1,993 599 — — 1,394 Total Commercial Banking 3,993 1,576 — — 2,417 Total off-balance sheet exposure $ 4,054 1,596 — — 2,458 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2021 (in thousands): Balance as of March 31, 2021 Current period provision Charge-offs Recoveries Balance as of December 31, 2020 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 5,861 (592) (855) 42 7,266 Home equity loans 5,241 (652) (228) 129 5,992 Vehicle loans 14,888 773 (1,307) 597 14,825 Consumer loans 2,563 651 (1,296) 337 2,871 Total Personal Banking 28,553 180 (3,686) 1,105 30,954 Commercial Banking: Commercial real estate loans 70,206 (4,831) (4,626) 282 79,381 Commercial real estate loans - owner occupied 6,753 (3,766) — 1 10,518 Commercial loans 18,485 2,797 (54) 2,168 13,574 Total Commercial Banking 95,444 (5,800) (4,680) 2,451 103,473 Total $ 123,997 (5,620) (8,366) 3,556 134,427 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 2 — — — 2 Home equity loans 34 (1) — — 35 Total Personal Banking 36 (1) — — 37 Commercial Banking: Commercial real estate loans 2,115 (1,334) — — 3,449 Commercial real estate loans - owner occupied 388 62 — — 326 Commercial loans 2,080 (471) — — 2,551 Total Commercial Banking 4,583 (1,743) — — 6,326 Total off-balance sheet exposure $ 4,619 (1,744) — — 6,363 |
Schedule of loan portfolio by portfolio segment and by class of financing receivable | The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2022 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,121,889 13,306 7,450 — 6,187 861 — Home equity loans 1,286,520 5,643 4,910 — 1,503 489 — Vehicle loans 1,547,255 14,181 2,782 — — — — Consumer loans 348,726 3,109 618 420 — — — Total Personal Banking 6,304,390 36,239 15,760 420 7,690 1,350 — Commercial Banking: Commercial real estate loans 2,573,541 44,572 100,887 — 16,426 1,620 364 Commercial real estate loans - owner occupied 386,352 4,276 655 — 152 25 — Commercial loans 874,751 14,208 6,859 — 4,433 589 — Total Commercial Banking 3,834,644 63,056 108,401 — 21,011 2,234 364 Total $ 10,139,034 99,295 124,161 420 28,701 3,584 364 (1) Includes $16.0 million of nonaccrual TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2021 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 2,994,620 7,373 10,402 — 6,749 1,442 — Home equity loans 1,319,931 5,300 5,758 — 1,781 718 — Vehicle loans 1,484,231 15,483 3,263 — — — — Consumer loans 354,517 2,884 675 331 — — — Total Personal Banking 6,153,299 31,040 20,098 331 8,530 2,160 — Commercial Banking: Commercial real estate loans 2,625,481 54,141 129,666 — 17,025 2,024 400 Commercial real estate loans - owner occupied 390,003 3,883 1,233 — 159 24 — Commercial loans 847,609 13,177 7,474 — 4,574 609 60 Total Commercial Banking 3,863,093 71,201 138,373 — 21,758 2,657 460 Total $ 10,016,392 102,241 158,471 331 30,288 4,817 460 (1) Includes $17.2 million of nonaccrual TDRs. |
Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2022 (in thousands): March 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 7,450 — 7,450 — Home equity loans 5,758 4,706 204 4,910 — Vehicle loans 3,263 2,738 44 2,782 — Consumer loans 675 617 1 618 420 Total Personal Banking 20,098 15,511 249 15,760 420 Commercial Banking: Commercial real estate loans 129,666 15,730 85,157 100,887 — Commercial real estate loans - owner occupied 1,233 655 — 655 — Commercial loans 7,474 3,472 3,387 6,859 — Total Commercial Banking 138,373 19,857 88,544 108,401 — Total $ 158,471 35,368 88,793 124,161 420 The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2021 (in thousands): December 31, 2021 Nonaccrual loans at January 1, 2021 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 $ 15,924 10,402 — 10,402 — Home equity loans 9,123 5,551 207 5,758 — Vehicle loans 5,533 3,251 12 3,263 — Consumer loans 1,031 674 1 675 331 Total Personal Banking 31,611 19,878 220 20,098 331 Commercial Banking: Commercial real estate loans 44,092 65,529 64,137 129,666 — Commercial real estate loans - owner occupied 3,642 1,233 — 1,233 — Commercial loans 23,487 3,941 3,533 7,474 — Total Commercial Banking 71,221 70,703 67,670 138,373 — Total $ 102,832 90,581 67,890 158,471 331 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2022 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 577 — 577 Home equity loans 99 — 99 Total Personal Banking 676 — 676 Commercial Banking: Commercial real estate loans 95,904 1,631 97,535 Commercial loans 3,841 1,854 5,695 Total Commercial Banking 99,745 3,485 103,230 Total $ 100,421 3,485 103,906 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2021 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 580 — 580 Home equity loans 99 — 99 Total Personal Banking 679 — 679 Commercial Banking: Commercial real estate loans 119,825 1,705 121,530 Commercial loans 3,973 1,926 5,899 Total Commercial Banking 123,798 3,631 127,429 Total $ 124,477 3,631 128,108 |
Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | ollowing table provides a roll forward of troubled debt restructurings for the periods indicated (dollars in thousands): For the quarter ended March 31, 2022 2021 Number of Amount Number of Amount Beginning TDR balance: 134 $ 30,288 170 $ 32,135 New TDRs — — — — Re-modified TDRs 1 202 4 922 Net paydowns — (1,030) — (2,488) Charge-offs: Residential mortgage loans 1 (3) — — Paid-off loans: Residential mortgage loans 1 (201) — — Home equity loans 1 (64) — — Commercial real estate loans 1 (289) 3 (2,384) Commercial real estate loans - owner occupied — — 1 (47) Commercial loans — — 2 (628) Ending TDR balance: 130 $ 28,701 164 $ 27,510 Accruing TDRs $ 12,686 $ 20,120 Nonaccrual TDRs 16,015 7,390 The following table provides information related to TDRs (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (in thousands): For the quarter ended March 31, 2022 Number of Recorded Current Current Commercial Banking: Commercial real estate loans 1 $ 330 202 11 Total Commercial Banking 1 330 202 11 Total 1 $ 330 202 11 For the quarter ended March 31, 2021 Number of Recorded Current Current Personal Banking: Residential mortgage loans 1 $ 121 117 10 Home equity loans 1 3 2 — Total Personal Banking 2 124 119 10 Commercial Banking: Commercial real estate loans 2 812 803 130 Total Commercial Banking 2 812 803 130 Total 4 $ 936 922 140 The following table provides information as of March 31, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2022 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Commercial Banking: Commercial real estate loans 1 $ — — 202 — 202 Total Commercial Banking 1 — — 202 — 202 Total 1 $ — — 202 — 202 The following table provides information as of March 31, 2021 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2021 (in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ 117 — — — 117 Home equity loans 1 — — 2 — 2 Total Personal Banking 2 117 — 2 — 119 Commercial Banking: Commercial real estate loans 2 — — 729 74 803 Total Commercial Banking 2 — — 729 74 803 Total 4 $ 117 — 731 74 922 The following table provides information related to troubled debt restructurings modified within the previous twelve months of March 31, 2022 that subsequently defaulted: Number of Recorded Current Current 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 — No TDRs modified within the previous twelve months of March 31, 2021 subsequently defaulted. |
Schedule of loan delinquencies | The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2022 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 24,057 1,950 3,976 29,983 3,091,906 3,121,889 — Home equity loans 3,867 1,138 2,968 7,973 1,278,547 1,286,520 — Vehicle loans 4,724 1,324 1,432 7,480 1,539,775 1,547,255 — Consumer loans 1,319 515 770 2,604 346,122 348,726 420 Total Personal Banking 33,967 4,927 9,146 48,040 6,256,350 6,304,390 420 Commercial Banking: Commercial real estate loans 2,485 112 21,264 23,861 2,549,680 2,573,541 — Commercial real estate loans - owner occupied 1,158 — 135 1,293 385,059 386,352 — Commercial loans 1,268 103 795 2,166 872,585 874,751 — Total Commercial Banking 4,911 215 22,194 27,320 3,807,324 3,834,644 — Total loans $ 38,878 5,142 31,340 75,360 10,063,674 10,139,034 420 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2021 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 20,567 5,433 7,641 33,641 2,960,979 2,994,620 — Home equity loans 3,153 949 4,262 8,364 1,311,567 1,319,931 — Vehicle loans 5,331 1,487 1,635 8,453 1,475,778 1,484,231 — Consumer loans 1,205 519 765 2,489 352,028 354,517 331 Total Personal Banking 30,256 8,388 14,303 52,947 6,100,352 6,153,299 331 Commercial Banking: Commercial real estate loans 16,938 699 23,489 41,126 2,584,355 2,625,481 — Commercial real estate loans - owner occupied 127 70 574 771 389,232 390,003 — Commercial loans 193 727 1,105 2,025 845,584 847,609 — Total Commercial Banking 17,258 1,496 25,168 43,922 3,819,171 3,863,093 — Total originated loans $ 47,514 9,884 39,471 96,869 9,919,523 10,016,392 331 |
Schedule of credit quality indicators | The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of March 31, 2022 (in thousands): YTD March 31, 2022 2021 2020 2019 2018 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 81,603 810,544 585,855 289,202 146,678 1,194,484 — — 3,108,366 Substandard — — 583 375 238 12,327 — — 13,523 Total residential mortgage loans 81,603 810,544 586,438 289,577 146,916 1,206,811 — — 3,121,889 Home equity loans Pass 27,811 145,099 199,289 128,051 60,585 250,728 426,764 42,015 1,280,342 Substandard — — 66 303 191 3,507 1,176 935 6,178 Total home equity loans 27,811 145,099 199,355 128,354 60,776 254,235 427,940 42,950 1,286,520 Vehicle loans Pass 223,063 729,574 260,616 177,605 101,513 52,103 — — 1,544,474 Substandard — 541 390 856 531 463 — — 2,781 Total vehicle loans 223,063 730,115 261,006 178,461 102,044 52,566 — — 1,547,255 Consumer loans Pass 28,887 106,849 71,992 40,506 17,879 20,568 59,537 1,470 347,688 Substandard — 203 103 153 64 80 422 13 1,038 Total consumer loans 28,887 107,052 72,095 40,659 17,943 20,648 59,959 1,483 348,726 Total Personal Banking 361,364 1,792,810 1,118,894 637,051 327,679 1,534,260 487,899 44,433 6,304,390 Business Banking: Commercial real estate loans Pass 25,880 324,062 451,209 319,291 249,608 868,339 28,639 9,583 2,276,611 Special mention — 794 4,070 46,100 1,189 5,206 1,253 — 58,612 Substandard — 97 8,358 44,165 44,672 133,415 492 7,119 238,318 Total commercial real estate loans 25,880 324,953 463,637 409,556 295,469 1,006,960 30,384 16,702 2,573,541 Commercial real estate loans - owner occupied Pass 26,504 67,571 18,312 42,419 51,402 145,640 3,839 1,510 357,197 Special mention — — — 647 2,046 722 64 — 3,479 Substandard — — — 4,790 3,457 15,510 — 1,919 25,676 Total commercial real estate loans - owner occupied 26,504 67,571 18,312 47,856 56,905 161,872 3,903 3,429 386,352 Commercial loans Pass 182,912 163,204 97,395 65,195 24,462 61,417 238,852 5,688 839,125 Special mention 166 180 616 625 386 2 1,302 — 3,277 Substandard — 246 1,463 3,725 2,616 2,763 11,263 10,273 32,349 Total commercial loans 183,078 163,630 99,474 69,545 27,464 64,182 251,417 15,961 874,751 Total Business Banking 235,462 556,154 581,423 526,957 379,838 1,233,014 285,704 36,092 3,834,644 Total loans $ 596,826 2,348,964 1,700,317 1,164,008 707,517 2,767,274 773,603 80,525 10,139,034 The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2021 (in thousands): 2021 2020 2019 2018 2017 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 644,862 602,429 304,275 156,639 171,240 1,098,635 — — 2,978,080 Substandard 138 489 377 538 882 14,116 — — 16,540 Total residential mortgage loans 645,000 602,918 304,652 157,177 172,122 1,112,751 — — 2,994,620 Home equity loans Pass 150,847 210,224 138,661 65,011 61,692 209,959 435,660 40,766 1,312,820 Substandard — — 441 60 455 3,820 1,275 1,060 7,111 Total home equity loans 150,847 210,224 139,102 65,071 62,147 213,779 436,935 41,826 1,319,931 Vehicle loans Pass 801,084 292,804 205,653 119,304 34,546 27,576 — — 1,480,967 Substandard 387 365 1,141 745 379 247 — — 3,264 Total vehicle loans 801,471 293,169 206,794 120,049 34,925 27,823 — — 1,484,231 Consumer loans Pass 117,856 81,266 47,195 20,595 9,794 12,202 63,025 1,578 353,511 Substandard 213 161 105 64 26 50 357 30 1,006 Total consumer loans 118,069 81,427 47,300 20,659 9,820 12,252 63,382 1,608 354,517 Total Personal Banking 1,715,387 1,187,738 697,848 362,956 279,014 1,366,605 500,317 43,434 6,153,299 Business Banking: Commercial real estate loans Pass 306,689 433,219 335,541 263,524 221,450 683,537 26,288 10,179 2,280,427 Special mention 803 1,808 52,513 3,296 1,394 8,529 729 23 69,095 Substandard — 34,153 44,712 46,045 56,077 89,311 492 5,169 275,959 Total commercial real estate loans 307,492 469,180 432,766 312,865 278,921 781,377 27,509 15,371 2,625,481 Commercial real estate - owner occupied Pass 69,084 19,452 51,997 60,824 57,676 94,687 2,822 2,707 359,249 Special mention — — — 769 1,959 1,444 856 — 5,028 Substandard — — 3,575 2,887 7,840 10,602 — 822 25,726 Total commercial real estate - owner occupied loans 69,084 19,452 55,572 64,480 67,475 106,733 3,678 3,529 390,003 Commercial loans Pass 224,367 110,171 73,276 27,668 20,748 76,987 262,805 12,301 808,323 Special mention 197 661 812 1,195 50 581 2,234 — 5,730 Substandard 329 4,767 5,102 4,437 1,529 2,116 6,667 8,609 33,556 Total commercial loans 224,893 115,599 79,190 33,300 22,327 79,684 271,706 20,910 847,609 Total Business Banking 601,469 604,231 567,528 410,645 368,723 967,794 302,893 39,810 3,863,093 Total loans $ 2,316,856 1,791,969 1,265,376 773,601 647,737 2,334,399 803,210 83,244 10,016,392 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets subject to amortization | The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): March 31, 2022 December 31, 2021 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 74,899 Acquisitions — — Less: accumulated amortization (63,320) (62,158) Core deposit intangibles - net $ 11,579 12,741 Customer and Contract intangible assets - gross $ 12,775 12,775 Customer list intangible assets disposed of due to sale of insurance business — (1,547) Less: accumulated amortization (12,700) (11,133) Customer and Contract intangible assets - net 75 95 Total intangible assets - net $ 11,654 12,836 |
Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets | The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2022 and 2021, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended March 31, 2022 $ 1,183 For the quarter ended March 31, 2021 1,594 For the year ending December 31, 2022 4,277 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 |
Schedule of the changes in carrying amount of goodwill | The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2020 $ 382,279 Purchase accounting adjustment 77 Goodwill disposed of due to sale of insurance business (1,359) Balance at December 31, 2021 380,997 Balance at March 31, 2022 $ 380,997 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowed funds at March 31, 2022 and December 31, 2021 are presented in the following table: March 31, 2022 December 31, 2021 Amount Average rate Amount Average rate Collateralized borrowings, due within one year $ 121,436 0.19 % $ 139,093 0.19 % Total borrowed funds $ 121,436 $ 139,093 |
Debt securities held-to-maturity on preferred securities and junior subordinated debt held by the trust | The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed. Maturity date Interest rate Capital debt securities March 31, 2022 December 31, 2021 Northwest Bancorp Capital Trust III December 30, 2035 3-month LIBOR plus 1.38% $ 50,000 $ 51,547 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month LIBOR plus 1.38% 50,000 51,547 51,547 LNB Trust II June 15, 2037 3-month LIBOR plus 1.48% 7,875 8,119 8,119 UNCT I (1) January 23, 2034 3-month LIBOR plus 2.85% 8,000 7,956 7,950 UNCT II (1) November 23, 2034 3-month LIBOR plus 2.00% 3,000 2,748 2,741 MFBC Statutory Trust I (1) September 15, 2035 3-month LIBOR plus 1.70% 5,000 3,606 3,580 Universal Preferred Trust (1) October 7, 2035 3-month LIBOR plus 1.69% 5,000 3,596 3,570 $ 129,119 129,054 (1) Net of discounts due to the fair value adjustment made at the time of acquisition. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): Quarter ended March 31, 2022 2021 Net income $ 28,287 40,237 Less: Dividends and undistributed earnings allocated to participating securities 177 — Net income available to common shareholders $ 28,110 40,237 Weighted average common shares outstanding 125,861,738 126,182,409 Add: Participating shares outstanding 791,217 517,615 Total weighted average common shares and dilutive potential shares 126,652,955 126,700,024 Basic earnings per share $ 0.22 0.32 Diluted earnings per share $ 0.22 0.32 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic costs for the defined benefit pension plans and the post retirement healthcare plans | The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands): Quarter ended March 31, Pension benefits Other post-retirement benefits 2022 2021 2022 2021 Service cost $ 2,599 2,860 — — Interest cost 1,671 1,517 10 4 Expected return on plan assets (3,864) (3,465) — — Amortization of prior service cost (564) (580) — — Amortization of the net loss 381 1,039 2 4 Net periodic cost $ 223 1,371 12 8 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition | The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2022 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,161,006 1,161,006 1,161,006 — — Securities available-for-sale 1,442,098 1,442,098 — 1,442,098 — Securities held-to-maturity 737,730 677,376 — 677,376 — Loans receivable, net 10,020,467 9,389,401 — — 9,389,401 Residential mortgage loans held-for-sale 19,272 19,272 — — 19,272 Accrued interest receivable 26,268 26,268 26,268 — — Interest rate lock commitments 1,680 1,680 — — 1,680 Interest rate swaps not designated as hedging instruments 23,338 23,338 — 23,338 — FHLB stock 13,318 13,318 — — — Total financial assets $ 13,445,177 12,753,757 1,187,274 2,142,812 9,410,353 Financial liabilities: Savings and checking deposits $ 11,068,522 11,068,522 11,068,522 — — Time deposits 1,251,878 1,261,070 — — 1,261,070 Borrowed funds 121,436 121,419 121,419 — — Subordinated debt 123,670 123,987 — 123,987 — Junior subordinated debentures 129,119 115,159 — — 115,159 Forward commitments 43 43 — 43 — Foreign exchange swaps 6 6 — 6 — Interest rate swaps not designated as hedging instruments 23,363 23,363 — 23,363 — Risk participation agreements 31 31 — 31 — Accrued interest payable 563 563 563 — — Total financial liabilities $ 12,718,631 12,714,163 11,190,504 147,430 1,376,229 The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2021 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,279,259 1,279,259 1,279,259 — — Securities available-for-sale 1,548,592 1,548,592 — 1,548,592 — Securities held-to-maturity 768,154 751,513 — 751,513 — Loans receivable, net 9,889,095 9,648,825 — — 9,648,825 Residential mortgage loans held-for-sale 25,056 25,056 — — 25,056 Accrued interest receivable 25,599 25,599 25,599 — — Interest rate lock commitments 1,684 1,684 — — 1,684 Forward commitments 371 371 — 371 — Interest rate swaps not designated as hedging instruments 31,254 31,254 — 31,254 — FHLB stock 14,184 14,184 — — — Total financial assets $ 13,583,248 13,326,337 1,304,858 2,331,730 9,675,565 Financial liabilities: Savings and checking accounts $ 10,973,610 10,973,610 10,973,610 — — Time deposits 1,327,555 1,339,308 — — 1,339,308 Borrowed funds 139,093 139,093 139,093 — — Subordinated debt 123,575 129,138 — 129,138 — Junior subordinated debentures 129,054 120,083 — — 120,083 Foreign exchange swaps 341 341 — 341 — Interest rate swaps not designated as hedging instruments 31,357 31,357 — 31,357 — Risk participation agreements 60 60 — 60 — Accrued interest payable 1,804 1,804 1,804 — — Total financial liabilities $ 12,726,449 12,734,794 11,114,507 160,896 1,459,391 |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 70,652 — 70,652 Government-sponsored enterprises — 42,865 — 42,865 States and political subdivisions — 115,000 — 115,000 Total debt securities — 228,517 — 228,517 Residential mortgage-backed securities: GNMA — 15,213 — 15,213 FNMA — 143,311 — 143,311 FHLMC — 89,488 — 89,488 Non-agency — 422 — 422 Collateralized mortgage obligations: GNMA — 441,895 — 441,895 FNMA — 239,181 — 239,181 FHLMC — 284,071 — 284,071 Total mortgage-backed securities — 1,213,581 — 1,213,581 Interest rate lock commitments — — 1,680 1,680 Interest rate swaps not designated as hedging instruments — 23,338 — 23,338 Total assets $ — 1,465,436 1,680 1,467,116 Forward commitments $ — 43 — 43 Foreign exchange swaps — 6 — 6 Interest rate swaps not designated as hedging instruments — 23,363 — 23,363 Risk participation agreements — 31 — 31 Total liabilities $ — 23,443 — 23,443 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 75,891 — 75,891 Government-sponsored enterprises — 46,085 — 46,085 States and political subdivisions — 128,701 — 128,701 Total debt securities — 250,677 — 250,677 Residential mortgage-backed securities: GNMA — 16,510 — 16,510 FNMA — 160,063 — 160,063 FHLMC — 100,055 — 100,055 Non-agency — 431 — 431 Collateralized mortgage obligations: GNMA — 492,328 — 492,328 FNMA — 269,060 — 269,060 FHLMC — 259,468 — 259,468 Total mortgage-backed securities — 1,297,915 — 1,297,915 Interest rate lock commitments — — 1,684 1,684 Forward commitments — 371 — 371 Interest rate swaps not designated as hedging instruments — 31,254 — 31,254 Total assets $ — 1,580,217 1,684 1,581,901 Foreign exchange swaps $ — 341 — 341 Interest rate swaps not designated as hedging instruments — 31,357 — 31,357 Risk participation agreements — 60 — 60 Total liabilities $ — 31,758 — 31,758 |
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands): For the quarter ended March 31, 2022 2021 Beginning balance January 1, $ 1,684 6,465 Interest rate lock commitments: Net activity (4) (1,405) Ending balance $ 1,680 5,060 |
Schedule of fair value measurement for nonrecurring assets | The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 7,178 7,178 Mortgage servicing rights — — 22 22 Real estate owned, net — — 929 929 Total assets $ — — 8,129 8,129 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 46,968 46,968 Mortgage servicing rights — — 380 380 Real estate owned, net — — 873 873 Total assets $ — — 48,221 48,221 |
Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements | The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2022 (in thousands): Fair value Valuation techniques Significant Range (weighted average) Loans individually assessed $ 7,178 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 5.46% to 13.26% (7.25%) Mortgage servicing rights 22 Discounted cash flow Annual service cost $86 Prepayment rate 7.1% to 18.3% (9.8%) Expected life (months) 47.8 to 102.3 (77.1) Option adjusted spread 650 basis points Forward yield curve 0.23% to 1.92% Real estate owned, net 929 Appraisal value (1) Estimated cost to sell 10.0% Loans held for sale 19,272 Quoted prices for similar loans in active markets adjusted by an expected pull-through rate Estimated pull-through rate 100.0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands): Asset derivatives Liability derivatives Notional amount Fair value Notional amount Fair value At March 31, 2022 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 625,751 23,338 625,751 23,363 Foreign exchange swap agreements — — 290 6 Interest rate lock commitments 72,147 1,680 — — Forward commitments — — 8,078 43 Risk participation agreements — — 94,626 31 Total Derivatives $ 697,898 25,018 728,745 23,443 At December 31, 2021 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 644,997 31,254 644,997 31,357 Foreign exchange swap agreements — — 17,124 341 Interest rate lock commitments 67,473 1,684 — — Forward commitments 14,484 371 — — Risk participation agreements — — 93,135 60 Total derivatives $ 726,954 33,309 755,256 31,758 |
Gain (loss) on derivative instruments | The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended March 31, 2022 2021 Non-hedging swap derivatives: Increase in other income $ 61 524 Increase in mortgage banking income 418 2,060 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of the changes in accumulated other comprehensive income by component | The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended March 31, 2022 Unrealized Change in Change in Total Balance as of December 31, 2021 $ (12,317) — (25,312) (37,629) Other comprehensive loss before reclassification adjustments (1) (64,783) — — (64,783) Amounts reclassified from accumulated other comprehensive income (2) (3) (1) — (131) (132) Net other comprehensive loss (64,784) — (131) (64,915) Balance as of March 31, 2022 $ (77,101) — (25,443) (102,544) For the quarter ended March 31, 2021 Unrealized Change in Change in Total Balance as of December 31, 2020 $ 16,843 — (50,392) (33,549) Other comprehensive loss before reclassification adjustments (4) (17,421) — — (17,421) Amounts reclassified from accumulated other comprehensive income (5) (6) (75) — 333 258 Net other comprehensive (loss)/income (17,496) — 333 (17,163) Balance as of March 31, 2021 $ (653) — (50,059) (50,712) (1) Consists of unrealized holding losses, net of tax of $18,877. (2) Consists of realized gains, net of tax of $0. (3) Consists of realized gains, net of tax of $50. (4) Consists of unrealized holding losses, net of tax $5,981. (5) Consists of realized gains, net of tax $22. (6) Consists of realized losses, net of tax of ($129). |
Basis of Presentation and Inf_3
Basis of Presentation and Informational Disclosures (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)bank_location | Mar. 31, 2021USD ($) | |
Stock Related Compensation | ||
Number of banking locations | bank_location | 170 | |
Stock-based compensation expense | $ 699 | $ 961 |
Unrecognized tax benefits liability | 241 | |
Employee Stock Option | ||
Stock Related Compensation | ||
Compensation expense yet to be recognized | 1,300 | |
Restricted Stock | ||
Stock Related Compensation | ||
Compensation expense yet to be recognized | $ 7,500 |
Marketable Securities - Availab
Marketable Securities - Available For Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized cost | ||
Residential mortgage-backed securities | $ 1,542,170 | $ 1,565,002 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 1,015 | 8,845 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (101,087) | (25,255) |
Fair value | ||
Securities available-for-sale | 1,442,098 | 1,548,592 |
U.S. government and agencies | ||
Amortized cost | ||
Due in one year through five years | 20,000 | 20,000 |
Due after ten years | 56,586 | 57,681 |
Gross unrealized holding gains | ||
Due in one year through five years | 0 | 0 |
Due after ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due in one year through five years | (738) | (68) |
Due after ten years | (5,196) | (1,722) |
Fair value | ||
Due in one year through five years | 19,262 | 19,932 |
Due after ten years | 51,390 | 55,959 |
Government-sponsored enterprises | ||
Amortized cost | ||
Due in less than one year | 177 | |
Due in one year through five years | 992 | 991 |
Due in five years through ten years | 46,172 | 46,411 |
Gross unrealized holding gains | ||
Due in less than one year | 0 | |
Due in one year through five years | 13 | 73 |
Due in five years through ten years | 1 | 1 |
Gross unrealized holding losses | ||
Due in less than one year | 0 | |
Due in one year through five years | 0 | 0 |
Due in five years through ten years | (4,313) | (1,568) |
Fair value | ||
Due in less than one year | 177 | |
Due in one year through five years | 1,005 | 1,064 |
Due in five years through ten years | 41,860 | 44,844 |
Municipal securities | ||
Amortized cost | ||
Due in less than one year | 892 | 946 |
Due in one year through five years | 1,257 | 1,261 |
Due in five years through ten years | 25,181 | 23,692 |
Due after ten years | 95,265 | 99,558 |
Gross unrealized holding gains | ||
Due in less than one year | 5 | 13 |
Due in one year through five years | 6 | 22 |
Due in five years through ten years | 55 | 661 |
Due after ten years | 26 | 2,884 |
Gross unrealized holding losses | ||
Due in less than one year | 0 | 0 |
Due in one year through five years | (11) | (3) |
Due in five years through ten years | (705) | (146) |
Due after ten years | (6,971) | (187) |
Fair value | ||
Due in less than one year | 897 | 959 |
Due in one year through five years | 1,252 | 1,280 |
Due in five years through ten years | 24,531 | 24,207 |
Due after ten years | 88,320 | 102,255 |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due in less than one year | 382 | |
Due in one year through five years | 18,660 | |
Due in five years through ten years | 78,165 | |
Due after ten years | 1,198,618 | |
Residential mortgage-backed securities | 1,295,825 | 1,314,285 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 909 | 5,191 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (83,153) | (21,561) |
Fair value | ||
Due in less than one year | 382 | |
Due in one year through five years | 18,319 | |
Due in five years through ten years | 76,050 | |
Due after ten years | 1,118,830 | |
Securities available-for-sale | 1,213,581 | 1,297,915 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 252,798 | 265,604 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 410 | 2,389 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (15,540) | (2,525) |
Fair value | ||
Securities available-for-sale | 237,668 | 265,468 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 995,579 | 997,680 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 94 | 2,284 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (67,438) | (18,965) |
Fair value | ||
Securities available-for-sale | 928,235 | 980,999 |
Variable rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 10,577 | 11,306 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 203 | 294 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (14) | (9) |
Fair value | ||
Securities available-for-sale | 10,766 | 11,591 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 36,871 | 39,695 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 202 | 224 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (161) | (62) |
Fair value | ||
Securities available-for-sale | $ 36,912 | $ 39,857 |
Marketable Securities - Held To
Marketable Securities - Held To Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized cost | ||
Amortized cost | $ 737,730 | $ 768,154 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 54 | 350 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (60,408) | (16,991) |
Fair value | ||
Fair value | 677,376 | 751,513 |
U.S. government and agencies | ||
Amortized cost | ||
Due after five years through ten years | 107,974 | |
Gross unrealized holding gains | ||
Due in five years through ten years | 0 | |
Gross unrealized holding losses | ||
Due in five years through ten years | (11,375) | |
Fair value | ||
Due after five years through ten years | 96,599 | |
U.S. government and agencies | Pass-through | ||
Amortized cost | ||
Due in one year through five years | 16,478 | 16,478 |
Due after five years through ten years | 107,973 | |
Gross unrealized holding gains | ||
Due in one year through five years | 0 | 0 |
Due in five years through ten years | 0 | |
Gross unrealized holding losses | ||
Due in one year through five years | (968) | (206) |
Due in five years through ten years | (4,613) | |
Fair value | ||
Due in one year through five years | 15,510 | 16,272 |
Due after five years through ten years | 103,360 | |
Fixed rate | Pass-through | ||
Amortized cost | ||
Amortized cost | 176,949 | 183,092 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 24 | 58 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (12,117) | (2,161) |
Fair value | ||
Fair value | 164,856 | 180,989 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Amortized cost | 435,087 | 459,345 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 0 | 251 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (35,948) | (10,011) |
Fair value | ||
Fair value | 399,139 | 449,585 |
Variable rate | Pass-through | ||
Amortized cost | ||
Amortized cost | 643 | 667 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 18 | 24 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | 0 | 0 |
Fair value | ||
Fair value | 661 | 691 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Amortized cost | 599 | 599 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 12 | 17 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | 0 | 0 |
Fair value | ||
Fair value | 611 | 616 |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due in one year through five years | 709 | |
Due after five years through ten years | 40,477 | |
Amortized cost | 613,278 | 643,703 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 54 | 350 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (48,065) | (12,172) |
Fair value | ||
Due in one year through five years | 727 | |
Due after five years through ten years | 36,191 | |
Fair value | $ 565,267 | $ 631,881 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Mar. 31, 2022USD ($) |
Amortized cost | |
Due in less than one year | $ 382 |
Due in one year through five years | 18,660 |
Due after five years through ten years | 78,165 |
Due after ten years | 1,198,618 |
Total marketable securities available-for-sale | 1,295,825 |
Fair value | |
Due in less than one year | 382 |
Due in one year through five years | 18,319 |
Due in five years through ten years | 76,050 |
Due after ten years | 1,118,830 |
Total marketable securities available-for-sale | $ 1,213,581 |
Marketable Securities - Held _2
Marketable Securities - Held To Maturity, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Mar. 31, 2022USD ($) |
Amortized cost | |
Due in one year through five years | $ 709 |
Due after five years through ten years | 40,477 |
Due after ten years | 572,092 |
Total marketable securities held-to-maturity | 613,278 |
Fair value | |
Due in one year through five years | 727 |
Due after five years through ten years | 36,191 |
Due after ten years | 528,349 |
Total marketable securities held-to-maturity | $ 565,267 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)position | Dec. 31, 2021USD ($) | |
Marketable securities | ||
Less than 12 months - Fair value | $ 1,352,389 | $ 1,586,482 |
Less than 12 months - Unrealized loss | (91,948) | (30,356) |
12 months or more - Fair value | 682,956 | 290,549 |
12 months or more - Unrealized loss | (69,547) | (11,890) |
Total - Fair value | 2,035,345 | 1,877,031 |
Total - Unrealized loss | $ (161,495) | (42,246) |
Number of investment positions with unrealized losses | position | 494 | |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | $ 66,445 | 132,782 |
Less than 12 months - Unrealized loss | (4,519) | (3,504) |
12 months or more - Fair value | 156,991 | 106,160 |
12 months or more - Unrealized loss | (18,071) | (4,673) |
Total - Fair value | 223,436 | 238,942 |
Total - Unrealized loss | (22,590) | (8,177) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 101,496 | 25,118 |
Less than 12 months - Unrealized loss | (7,356) | (336) |
12 months or more - Fair value | 2,741 | 0 |
12 months or more - Unrealized loss | (331) | 0 |
Total - Fair value | 104,237 | 25,118 |
Total - Unrealized loss | (7,687) | (336) |
Residential mortgage-backed securities - agency | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 1,184,448 | 1,428,582 |
Less than 12 months - Unrealized loss | (80,073) | (26,516) |
12 months or more - Fair value | 523,224 | 184,389 |
12 months or more - Unrealized loss | (51,145) | (7,217) |
Total - Fair value | 1,707,672 | 1,612,971 |
Total - Unrealized loss | $ (131,218) | $ (33,733) |
Marketable Securities - Credit
Marketable Securities - Credit Quality of Held To Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | $ 737,730 | $ 768,154 |
Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 613,278 | |
U.S. government and agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 124,452 | |
AA+ | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 737,730 | |
AA+ | Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | 613,278 | |
AA+ | U.S. government and agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities | $ 124,452 |
Loans Receivable - Summary of O
Loans Receivable - Summary of Originated and Acquired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | $ 10,139,034 | $ 10,016,392 | ||
Allowance for credit losses | (99,295) | (102,241) | $ (123,997) | $ (134,427) |
Total loans receivable, net | 10,039,739 | 9,914,151 | ||
Loans held-for-sale | 19,272 | 25,056 | ||
Unearned income, unamortized premiums and discounts and deferred fees and costs | 63,100 | 62,800 | ||
Personal banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 6,304,390 | 6,153,299 | ||
Allowance for credit losses | (36,239) | (31,040) | (28,553) | (30,954) |
Personal banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,121,889 | 2,994,620 | ||
Allowance for credit losses | (13,306) | (7,373) | (5,861) | (7,266) |
Loans held-for-sale | 25,100 | |||
Personal banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,286,520 | 1,319,931 | ||
Allowance for credit losses | (5,643) | (5,300) | (5,241) | (5,992) |
Personal banking | Vehicle loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,547,255 | 1,484,231 | ||
Allowance for credit losses | (14,181) | (15,483) | (14,888) | (14,825) |
Personal banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 348,726 | 354,517 | ||
Allowance for credit losses | (3,109) | (2,884) | (2,563) | (2,871) |
Commercial banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,834,644 | 3,863,093 | ||
Allowance for credit losses | (63,056) | (71,201) | (95,444) | (103,473) |
Commercial banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,573,541 | 2,625,481 | ||
Allowance for credit losses | (44,572) | (54,141) | (70,206) | (79,381) |
Commercial banking | Commercial real estate loans - owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 386,352 | 390,003 | ||
Allowance for credit losses | (4,276) | (3,883) | (6,753) | (10,518) |
Commercial banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 874,751 | 847,609 | ||
Allowance for credit losses | (14,208) | (13,177) | $ (18,485) | $ (13,574) |
Originated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 9,097,045 | 8,872,025 | ||
Allowance for credit losses | (83,685) | (86,750) | ||
Total loans receivable, net | 9,013,360 | 8,785,275 | ||
Originated | Personal banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 5,777,204 | 5,582,868 | ||
Originated | Personal banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,924,864 | 2,783,459 | ||
Originated | Personal banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,089,234 | 1,107,202 | ||
Originated | Personal banking | Vehicle loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,457,137 | 1,384,246 | ||
Originated | Personal banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 305,969 | 307,961 | ||
Originated | Commercial banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,319,841 | 3,289,157 | ||
Originated | Commercial banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,189,050 | 2,202,027 | ||
Originated | Commercial banking | Commercial real estate loans - owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 326,958 | 321,253 | ||
Originated | Commercial banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 803,833 | 765,877 | ||
Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,041,989 | 1,144,367 | ||
Allowance for credit losses | (15,610) | (15,491) | ||
Total loans receivable, net | 1,026,379 | 1,128,876 | ||
Acquired | Personal banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 527,186 | 570,431 | ||
Acquired | Personal banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 197,025 | 211,161 | ||
Acquired | Personal banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 197,286 | 212,729 | ||
Acquired | Personal banking | Vehicle loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 90,118 | 99,985 | ||
Acquired | Personal banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 42,757 | 46,556 | ||
Acquired | Commercial banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 514,803 | 573,936 | ||
Acquired | Commercial banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 384,491 | 423,454 | ||
Acquired | Commercial banking | Commercial real estate loans - owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 59,394 | 68,750 | ||
Acquired | Commercial banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | $ 70,918 | $ 81,732 |
Loans Receivable - Changes in t
Loans Receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | $ 102,241 | $ 134,427 |
Current period provision | (1,481) | (5,620) |
Charge-offs | (5,058) | (8,366) |
Recoveries | 3,593 | 3,556 |
Ending balance | 99,295 | 123,997 |
Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 2,458 | 6,363 |
Current period provision | 1,596 | (1,744) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 4,054 | 4,619 |
Small Business Equipment Finance Loan Pool | ||
Changes in allowance for losses on allocated loans receivable | ||
Loans purchased | 72,700 | |
One-To-Four Family Jumbo Mortgage Loan Pool | ||
Changes in allowance for losses on allocated loans receivable | ||
Loans purchased | 138,100 | |
Personal banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 31,040 | 30,954 |
Current period provision | 7,020 | 180 |
Charge-offs | (3,353) | (3,686) |
Recoveries | 1,532 | 1,105 |
Ending balance | 36,239 | 28,553 |
Personal banking | Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 41 | 37 |
Current period provision | 20 | (1) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 61 | 36 |
Personal banking | Residential mortgage loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 7,373 | 7,266 |
Current period provision | 6,962 | (592) |
Charge-offs | (1,183) | (855) |
Recoveries | 154 | 42 |
Ending balance | 13,306 | 5,861 |
Personal banking | Residential mortgage loans | Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 2 | 2 |
Current period provision | 4 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 6 | 2 |
Personal banking | Home equity loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 5,300 | 5,992 |
Current period provision | 369 | (652) |
Charge-offs | (447) | (228) |
Recoveries | 421 | 129 |
Ending balance | 5,643 | 5,241 |
Personal banking | Home equity loans | Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 39 | 35 |
Current period provision | 16 | (1) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 55 | 34 |
Personal banking | Vehicle loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 15,483 | 14,825 |
Current period provision | (1,305) | 773 |
Charge-offs | (647) | (1,307) |
Recoveries | 650 | 597 |
Ending balance | 14,181 | 14,888 |
Personal banking | Consumer loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 2,884 | 2,871 |
Current period provision | 994 | 651 |
Charge-offs | (1,076) | (1,296) |
Recoveries | 307 | 337 |
Ending balance | 3,109 | 2,563 |
Commercial banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 71,201 | 103,473 |
Current period provision | (8,501) | (5,800) |
Charge-offs | (1,705) | (4,680) |
Recoveries | 2,061 | 2,451 |
Ending balance | 63,056 | 95,444 |
Commercial banking | Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 2,417 | 6,326 |
Current period provision | 1,576 | (1,743) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 3,993 | 4,583 |
Commercial banking | Commercial real estate loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 54,141 | 79,381 |
Current period provision | (9,665) | (4,831) |
Charge-offs | (1,024) | (4,626) |
Recoveries | 1,120 | 282 |
Ending balance | 44,572 | 70,206 |
Commercial banking | Commercial real estate loans | Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 881 | 3,449 |
Current period provision | 911 | (1,334) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 1,792 | 2,115 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 3,883 | 10,518 |
Current period provision | 389 | (3,766) |
Charge-offs | 0 | 0 |
Recoveries | 4 | 1 |
Ending balance | 4,276 | 6,753 |
Commercial banking | Commercial real estate loans - owner occupied | Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 142 | 326 |
Current period provision | 66 | 62 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 208 | 388 |
Commercial banking | Commercial loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 13,177 | 13,574 |
Current period provision | 775 | 2,797 |
Charge-offs | (681) | (54) |
Recoveries | 937 | 2,168 |
Ending balance | 14,208 | 18,485 |
Commercial banking | Commercial loans | Off-Balance sheet exposure | ||
Changes in allowance for losses on allocated loans receivable | ||
Beginning balance | 1,394 | 2,551 |
Current period provision | 599 | (471) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | $ 1,993 | $ 2,080 |
Loans Receivable - Loan Portfol
Loans Receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | $ 10,139,034 | $ 10,016,392 | ||
Allowance for credit losses | 99,295 | 102,241 | $ 123,997 | $ 134,427 |
Nonaccrual loans | 124,161 | 158,471 | 102,832 | |
Loans 90 days past due and accruing | 420 | 331 | ||
TDRs | 28,701 | 30,288 | ||
Allowance related to TDRs | 3,584 | 4,817 | ||
Additional commitments to customers with loans classified as TDRs | 364 | 460 | ||
Non-accrual TDRs | 16,015 | 17,200 | 7,390 | |
Personal banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 6,304,390 | 6,153,299 | ||
Allowance for credit losses | 36,239 | 31,040 | 28,553 | 30,954 |
Nonaccrual loans | 15,760 | 20,098 | 31,611 | |
Loans 90 days past due and accruing | 420 | 331 | ||
TDRs | 7,690 | 8,530 | ||
Allowance related to TDRs | 1,350 | 2,160 | ||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||
Personal banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,121,889 | 2,994,620 | ||
Allowance for credit losses | 13,306 | 7,373 | 5,861 | 7,266 |
Nonaccrual loans | 7,450 | 10,402 | 15,924 | |
Loans 90 days past due and accruing | 0 | 0 | ||
TDRs | 6,187 | 6,749 | ||
Allowance related to TDRs | 861 | 1,442 | ||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||
Personal banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,286,520 | 1,319,931 | ||
Allowance for credit losses | 5,643 | 5,300 | 5,241 | 5,992 |
Nonaccrual loans | 4,910 | 5,758 | 9,123 | |
Loans 90 days past due and accruing | 0 | 0 | ||
TDRs | 1,503 | 1,781 | ||
Allowance related to TDRs | 489 | 718 | ||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||
Personal banking | Vehicle loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,547,255 | 1,484,231 | ||
Allowance for credit losses | 14,181 | 15,483 | 14,888 | 14,825 |
Nonaccrual loans | 2,782 | 3,263 | 5,533 | |
Loans 90 days past due and accruing | 0 | 0 | ||
TDRs | 0 | 0 | ||
Allowance related to TDRs | 0 | 0 | ||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||
Personal banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 348,726 | 354,517 | ||
Allowance for credit losses | 3,109 | 2,884 | 2,563 | 2,871 |
Nonaccrual loans | 618 | 675 | 1,031 | |
Loans 90 days past due and accruing | 420 | |||
TDRs | 0 | |||
Allowance related to TDRs | 0 | |||
Additional commitments to customers with loans classified as TDRs | 0 | |||
Personal banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 354,517 | |||
Allowance for credit losses | 2,884 | |||
Nonaccrual loans | 675 | |||
Loans 90 days past due and accruing | 331 | |||
TDRs | 0 | |||
Allowance related to TDRs | 0 | |||
Additional commitments to customers with loans classified as TDRs | 0 | |||
Commercial banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,834,644 | 3,863,093 | ||
Allowance for credit losses | 63,056 | 71,201 | 95,444 | 103,473 |
Nonaccrual loans | 108,401 | 138,373 | 71,221 | |
Loans 90 days past due and accruing | 0 | 0 | ||
TDRs | 21,011 | 21,758 | ||
Allowance related to TDRs | 2,234 | 2,657 | ||
Additional commitments to customers with loans classified as TDRs | 364 | 460 | ||
Commercial banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,573,541 | 2,625,481 | ||
Allowance for credit losses | 44,572 | 54,141 | 70,206 | 79,381 |
Nonaccrual loans | 100,887 | 129,666 | 44,092 | |
Loans 90 days past due and accruing | 0 | 0 | ||
TDRs | 16,426 | 17,025 | ||
Allowance related to TDRs | 1,620 | 2,024 | ||
Additional commitments to customers with loans classified as TDRs | 364 | 400 | ||
Commercial banking | Commercial real estate loans - owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 386,352 | 390,003 | ||
Allowance for credit losses | 4,276 | 3,883 | 6,753 | 10,518 |
Nonaccrual loans | 655 | 1,233 | 3,642 | |
Loans 90 days past due and accruing | 0 | 0 | ||
TDRs | 152 | 159 | ||
Allowance related to TDRs | 25 | 24 | ||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||
Commercial banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 874,751 | 847,609 | ||
Allowance for credit losses | 14,208 | 13,177 | $ 18,485 | 13,574 |
Nonaccrual loans | 6,859 | 7,474 | $ 23,487 | |
Loans 90 days past due and accruing | 0 | 0 | ||
TDRs | 4,433 | 4,574 | ||
Allowance related to TDRs | 589 | 609 | ||
Additional commitments to customers with loans classified as TDRs | $ 0 | $ 60 |
Loans Receivable - Composition
Loans Receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | $ 158,471 | $ 102,832 |
Nonaccrual loans | 35,368 | 90,581 |
Nonaccrual loans with no allowance | 88,793 | 67,890 |
Nonaccrual loans at ending balance | 124,161 | 158,471 |
Loans 90 days past due and accruing | 420 | 331 |
Interest income, accrual method | 153 | 803,000 |
Amortized cost basis of collateral-dependent loans | 103,906 | 128,108 |
Real estate | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 100,421 | 124,477 |
Equipment | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 3,485 | 3,631 |
Personal banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 20,098 | 31,611 |
Nonaccrual loans | 15,511 | 19,878 |
Nonaccrual loans with no allowance | 249 | 220 |
Nonaccrual loans at ending balance | 15,760 | 20,098 |
Loans 90 days past due and accruing | 420 | 331 |
Amortized cost basis of collateral-dependent loans | 676 | 679 |
Personal banking | Real estate | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 676 | 679 |
Personal banking | Equipment | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Personal banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 10,402 | 15,924 |
Nonaccrual loans | 7,450 | 10,402 |
Nonaccrual loans with no allowance | 0 | 0 |
Nonaccrual loans at ending balance | 7,450 | 10,402 |
Loans 90 days past due and accruing | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 577 | 580 |
Personal banking | Residential mortgage loans | Real estate | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 577 | 580 |
Personal banking | Residential mortgage loans | Equipment | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Personal banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 5,758 | 9,123 |
Nonaccrual loans | 4,706 | 5,551 |
Nonaccrual loans with no allowance | 204 | 207 |
Nonaccrual loans at ending balance | 4,910 | 5,758 |
Loans 90 days past due and accruing | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 99 | 99 |
Personal banking | Home equity loans | Real estate | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 99 | 99 |
Personal banking | Home equity loans | Equipment | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Personal banking | Vehicle loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 3,263 | 5,533 |
Nonaccrual loans | 2,738 | 3,251 |
Nonaccrual loans with no allowance | 44 | 12 |
Nonaccrual loans at ending balance | 2,782 | 3,263 |
Loans 90 days past due and accruing | 0 | 0 |
Personal banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 675 | 1,031 |
Nonaccrual loans | 617 | 674 |
Nonaccrual loans with no allowance | 1 | 1 |
Nonaccrual loans at ending balance | 618 | 675 |
Loans 90 days past due and accruing | 420 | 331 |
Commercial banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 138,373 | 71,221 |
Nonaccrual loans | 19,857 | 70,703 |
Nonaccrual loans with no allowance | 88,544 | 67,670 |
Nonaccrual loans at ending balance | 108,401 | 138,373 |
Loans 90 days past due and accruing | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 103,230 | 127,429 |
Commercial banking | Real estate | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 99,745 | 123,798 |
Commercial banking | Equipment | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 3,485 | 3,631 |
Commercial banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 129,666 | 44,092 |
Nonaccrual loans | 15,730 | 65,529 |
Nonaccrual loans with no allowance | 85,157 | 64,137 |
Nonaccrual loans at ending balance | 100,887 | 129,666 |
Loans 90 days past due and accruing | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 97,535 | 121,530 |
Commercial banking | Commercial real estate loans | Real estate | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 95,904 | 119,825 |
Commercial banking | Commercial real estate loans | Equipment | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 1,631 | 1,705 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 1,233 | 3,642 |
Nonaccrual loans | 655 | 1,233 |
Nonaccrual loans with no allowance | 0 | 0 |
Nonaccrual loans at ending balance | 655 | 1,233 |
Loans 90 days past due and accruing | 0 | 0 |
Commercial banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans at beginning balance | 7,474 | 23,487 |
Nonaccrual loans | 3,472 | 3,941 |
Nonaccrual loans with no allowance | 3,387 | 3,533 |
Nonaccrual loans at ending balance | 6,859 | 7,474 |
Loans 90 days past due and accruing | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 5,695 | 5,899 |
Commercial banking | Commercial loans | Real estate | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | 3,841 | 3,973 |
Commercial banking | Commercial loans | Equipment | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Amortized cost basis of collateral-dependent loans | $ 1,854 | $ 1,926 |
Loans Receivable - Roll Forward
Loans Receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contract | Dec. 31, 2021USD ($) | |
Number of contracts | |||
Beginning balance | contract | 134 | 170 | |
New TDRs | contract | 0 | 0 | |
Re-modified TDRs | contract | 1 | 4 | |
Net paydowns | contract | 0 | 0 | |
Ending balance | contract | 130 | 164 | |
Amount | |||
Beginning TDR balance | $ 30,288 | $ 32,135 | |
New TDRs | 0 | 0 | |
Re-modified TDRs | 202 | 922 | |
Net paydowns | (1,030) | (2,488) | |
Ending TDR balance | 28,701 | 27,510 | |
Accruing TDRs | 12,686 | 20,120 | |
Non-accrual TDRs | $ 16,015 | $ 7,390 | $ 17,200 |
Residential mortgage loans | |||
Number of contracts | |||
Charge-offs: | contract | 1 | 0 | |
Paid-off loans: | contract | 1 | 0 | |
Amount | |||
Charge-offs: | $ (3) | $ 0 | |
Paid-off loans: | $ (201) | $ 0 | |
Home equity loans | |||
Number of contracts | |||
Paid-off loans: | contract | 1 | 0 | |
Amount | |||
Paid-off loans: | $ (64) | $ 0 | |
Commercial real estate loans | |||
Number of contracts | |||
Paid-off loans: | contract | 1 | 3 | |
Amount | |||
Paid-off loans: | $ (289) | $ (2,384) | |
Commercial real estate loans - owner occupied | |||
Number of contracts | |||
Paid-off loans: | contract | 0 | 1 | |
Amount | |||
Paid-off loans: | $ 0 | $ (47) | |
Commercial loans | |||
Number of contracts | |||
Paid-off loans: | contract | 0 | 2 | |
Amount | |||
Paid-off loans: | $ 0 | $ (628) |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructuring (Including Re-Modified TDRs) by Portfolio Segment and by Class of Financing Receivable (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of contracts | contract | 1 | 4 |
Recorded investment at the time of modification | $ 330 | $ 936 |
Current recorded investment | 202 | 922 |
Current allowance | $ 11 | $ 140 |
Personal banking | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of contracts | contract | 2 | |
Recorded investment at the time of modification | $ 124 | |
Current recorded investment | 119 | |
Current allowance | $ 10 | |
Personal banking | Residential mortgage loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of contracts | contract | 1 | |
Recorded investment at the time of modification | $ 121 | |
Current recorded investment | 117 | |
Current allowance | $ 10 | |
Personal banking | Home equity loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of contracts | contract | 1 | |
Recorded investment at the time of modification | $ 3 | |
Current recorded investment | 2 | |
Current allowance | $ 0 | |
Commercial banking | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of contracts | contract | 1 | 2 |
Recorded investment at the time of modification | $ 330 | $ 812 |
Current recorded investment | 202 | 803 |
Current allowance | $ 11 | $ 130 |
Commercial banking | Commercial real estate loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of contracts | contract | 1 | 2 |
Recorded investment at the time of modification | $ 330 | $ 812 |
Current recorded investment | 202 | 803 |
Current allowance | $ 11 | $ 130 |
Loans Receivable - Troubled D_2
Loans Receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contract | |
Troubled debt restructurings | ||
Number of contracts | contract | 1 | 4 |
Type of modification | $ 202 | $ 922 |
Number of contracts | contract | 1 | 0 |
Recorded investment at the time of modification | $ 4,167 | |
Current recorded investment | 3,823 | |
Current allowance | 0 | |
Rate | ||
Troubled debt restructurings | ||
Type of modification | 0 | $ 117 |
Payment | ||
Troubled debt restructurings | ||
Type of modification | 0 | 0 |
Maturity date | ||
Troubled debt restructurings | ||
Type of modification | 202 | 731 |
Other | ||
Troubled debt restructurings | ||
Type of modification | $ 0 | $ 74 |
Personal banking | ||
Troubled debt restructurings | ||
Number of contracts | contract | 2 | |
Type of modification | $ 119 | |
Personal banking | Rate | ||
Troubled debt restructurings | ||
Type of modification | 117 | |
Personal banking | Payment | ||
Troubled debt restructurings | ||
Type of modification | 0 | |
Personal banking | Maturity date | ||
Troubled debt restructurings | ||
Type of modification | 2 | |
Personal banking | Other | ||
Troubled debt restructurings | ||
Type of modification | $ 0 | |
Personal banking | Residential mortgage loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 1 | |
Type of modification | $ 117 | |
Personal banking | Residential mortgage loans | Rate | ||
Troubled debt restructurings | ||
Type of modification | 117 | |
Personal banking | Residential mortgage loans | Payment | ||
Troubled debt restructurings | ||
Type of modification | 0 | |
Personal banking | Residential mortgage loans | Maturity date | ||
Troubled debt restructurings | ||
Type of modification | 0 | |
Personal banking | Residential mortgage loans | Other | ||
Troubled debt restructurings | ||
Type of modification | $ 0 | |
Personal banking | Home equity loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 1 | |
Type of modification | $ 2 | |
Personal banking | Home equity loans | Rate | ||
Troubled debt restructurings | ||
Type of modification | 0 | |
Personal banking | Home equity loans | Payment | ||
Troubled debt restructurings | ||
Type of modification | 0 | |
Personal banking | Home equity loans | Maturity date | ||
Troubled debt restructurings | ||
Type of modification | 2 | |
Personal banking | Home equity loans | Other | ||
Troubled debt restructurings | ||
Type of modification | $ 0 | |
Commercial banking | ||
Troubled debt restructurings | ||
Number of contracts | contract | 1 | 2 |
Type of modification | $ 202 | $ 803 |
Number of contracts | contract | 1 | |
Recorded investment at the time of modification | $ 4,167 | |
Current recorded investment | 3,823 | |
Current allowance | 0 | |
Commercial banking | Rate | ||
Troubled debt restructurings | ||
Type of modification | 0 | 0 |
Commercial banking | Payment | ||
Troubled debt restructurings | ||
Type of modification | 0 | 0 |
Commercial banking | Maturity date | ||
Troubled debt restructurings | ||
Type of modification | 202 | 729 |
Commercial banking | Other | ||
Troubled debt restructurings | ||
Type of modification | $ 0 | $ 74 |
Commercial banking | Commercial real estate loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 1 | 2 |
Type of modification | $ 202 | $ 803 |
Number of contracts | contract | 1 | |
Recorded investment at the time of modification | $ 4,167 | |
Current recorded investment | 3,823 | |
Current allowance | 0 | |
Commercial banking | Commercial real estate loans | Rate | ||
Troubled debt restructurings | ||
Type of modification | 0 | 0 |
Commercial banking | Commercial real estate loans | Payment | ||
Troubled debt restructurings | ||
Type of modification | 0 | 0 |
Commercial banking | Commercial real estate loans | Maturity date | ||
Troubled debt restructurings | ||
Type of modification | 202 | 729 |
Commercial banking | Commercial real estate loans | Other | ||
Troubled debt restructurings | ||
Type of modification | $ 0 | $ 74 |
Loans Receivable - Loan Delinqu
Loans Receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loan payment delinquencies | ||
Total loans receivable | $ 10,139,034 | $ 10,016,392 |
90 days or greater delinquent and accruing | 420 | 331 |
Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 75,360 | 96,869 |
30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 38,878 | 47,514 |
60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 5,142 | 9,884 |
90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 31,340 | 39,471 |
Current | ||
Loan payment delinquencies | ||
Total loans receivable | 10,063,674 | 9,919,523 |
Personal banking | ||
Loan payment delinquencies | ||
Total loans receivable | 6,304,390 | 6,153,299 |
90 days or greater delinquent and accruing | 420 | 331 |
Personal banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 48,040 | 52,947 |
Personal banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 33,967 | 30,256 |
Personal banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,927 | 8,388 |
Personal banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 9,146 | 14,303 |
Personal banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 6,256,350 | 6,100,352 |
Personal banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans receivable | 3,121,889 | 2,994,620 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Residential mortgage loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 29,983 | 33,641 |
Personal banking | Residential mortgage loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 24,057 | 20,567 |
Personal banking | Residential mortgage loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,950 | 5,433 |
Personal banking | Residential mortgage loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 3,976 | 7,641 |
Personal banking | Residential mortgage loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 3,091,906 | 2,960,979 |
Personal banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,286,520 | 1,319,931 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Home equity loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 7,973 | 8,364 |
Personal banking | Home equity loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 3,867 | 3,153 |
Personal banking | Home equity loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,138 | 949 |
Personal banking | Home equity loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,968 | 4,262 |
Personal banking | Home equity loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 1,278,547 | 1,311,567 |
Personal banking | Vehicle loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,547,255 | 1,484,231 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal banking | Vehicle loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 7,480 | 8,453 |
Personal banking | Vehicle loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,724 | 5,331 |
Personal banking | Vehicle loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,324 | 1,487 |
Personal banking | Vehicle loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,432 | 1,635 |
Personal banking | Vehicle loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 1,539,775 | 1,475,778 |
Personal banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans receivable | 348,726 | 354,517 |
90 days or greater delinquent and accruing | 420 | 331 |
Personal banking | Consumer loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 2,604 | 2,489 |
Personal banking | Consumer loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,319 | 1,205 |
Personal banking | Consumer loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 515 | 519 |
Personal banking | Consumer loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 770 | 765 |
Personal banking | Consumer loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 346,122 | 352,028 |
Commercial banking | ||
Loan payment delinquencies | ||
Total loans receivable | 3,834,644 | 3,863,093 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 27,320 | 43,922 |
Commercial banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,911 | 17,258 |
Commercial banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 215 | 1,496 |
Commercial banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 22,194 | 25,168 |
Commercial banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 3,807,324 | 3,819,171 |
Commercial banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans receivable | 2,573,541 | 2,625,481 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial real estate loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 23,861 | 41,126 |
Commercial banking | Commercial real estate loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,485 | 16,938 |
Commercial banking | Commercial real estate loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 112 | 699 |
Commercial banking | Commercial real estate loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 21,264 | 23,489 |
Commercial banking | Commercial real estate loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 2,549,680 | 2,584,355 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Loan payment delinquencies | ||
Total loans receivable | 386,352 | 390,003 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial real estate loans - owner occupied | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 1,293 | 771 |
Commercial banking | Commercial real estate loans - owner occupied | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,158 | 127 |
Commercial banking | Commercial real estate loans - owner occupied | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 0 | 70 |
Commercial banking | Commercial real estate loans - owner occupied | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 135 | 574 |
Commercial banking | Commercial real estate loans - owner occupied | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 385,059 | 389,232 |
Commercial banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans receivable | 874,751 | 847,609 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial banking | Commercial loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 2,166 | 2,025 |
Commercial banking | Commercial loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,268 | 193 |
Commercial banking | Commercial loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 103 | 727 |
Commercial banking | Commercial loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 795 | 1,105 |
Commercial banking | Commercial loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | $ 872,585 | $ 845,584 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Credit quality indicators | ||
Year one | $ 596,826 | $ 2,316,856 |
Year two | 2,348,964 | 1,791,969 |
Year three | 1,700,317 | 1,265,376 |
Year four | 1,164,008 | 773,601 |
Year five | 707,517 | 647,737 |
Prior | 2,767,274 | 2,334,399 |
Revolving loans | 773,603 | 803,210 |
Revolving loans converted to term loans | 80,525 | 83,244 |
Total loans receivable, gross | 10,139,034 | 10,016,392 |
Revolving loans converted to term loans during the period | 5,100 | 27,300 |
Special mention and substandard | Minimum | ||
Credit quality indicators | ||
Total loans receivable, gross | 1,000 | |
Personal banking | ||
Credit quality indicators | ||
Year one | 361,364 | 1,715,387 |
Year two | 1,792,810 | 1,187,738 |
Year three | 1,118,894 | 697,848 |
Year four | 637,051 | 362,956 |
Year five | 327,679 | 279,014 |
Prior | 1,534,260 | 1,366,605 |
Revolving loans | 487,899 | 500,317 |
Revolving loans converted to term loans | 44,433 | 43,434 |
Total loans receivable, gross | 6,304,390 | 6,153,299 |
Personal banking | Residential mortgage loans | ||
Credit quality indicators | ||
Year one | 81,603 | 645,000 |
Year two | 810,544 | 602,918 |
Year three | 586,438 | 304,652 |
Year four | 289,577 | 157,177 |
Year five | 146,916 | 172,122 |
Prior | 1,206,811 | 1,112,751 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,121,889 | 2,994,620 |
Personal banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Year one | 81,603 | 644,862 |
Year two | 810,544 | 602,429 |
Year three | 585,855 | 304,275 |
Year four | 289,202 | 156,639 |
Year five | 146,678 | 171,240 |
Prior | 1,194,484 | 1,098,635 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,108,366 | 2,978,080 |
Personal banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 138 |
Year two | 0 | 489 |
Year three | 583 | 377 |
Year four | 375 | 538 |
Year five | 238 | 882 |
Prior | 12,327 | 14,116 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 13,523 | 16,540 |
Personal banking | Home equity loans | ||
Credit quality indicators | ||
Year one | 27,811 | 150,847 |
Year two | 145,099 | 210,224 |
Year three | 199,355 | 139,102 |
Year four | 128,354 | 65,071 |
Year five | 60,776 | 62,147 |
Prior | 254,235 | 213,779 |
Revolving loans | 427,940 | 436,935 |
Revolving loans converted to term loans | 42,950 | 41,826 |
Total loans receivable, gross | 1,286,520 | 1,319,931 |
Personal banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Year one | 27,811 | 150,847 |
Year two | 145,099 | 210,224 |
Year three | 199,289 | 138,661 |
Year four | 128,051 | 65,011 |
Year five | 60,585 | 61,692 |
Prior | 250,728 | 209,959 |
Revolving loans | 426,764 | 435,660 |
Revolving loans converted to term loans | 42,015 | 40,766 |
Total loans receivable, gross | 1,280,342 | 1,312,820 |
Personal banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 66 | 441 |
Year four | 303 | 60 |
Year five | 191 | 455 |
Prior | 3,507 | 3,820 |
Revolving loans | 1,176 | 1,275 |
Revolving loans converted to term loans | 935 | 1,060 |
Total loans receivable, gross | 6,178 | 7,111 |
Personal banking | Vehicle loans | ||
Credit quality indicators | ||
Year one | 223,063 | 801,471 |
Year two | 730,115 | 293,169 |
Year three | 261,006 | 206,794 |
Year four | 178,461 | 120,049 |
Year five | 102,044 | 34,925 |
Prior | 52,566 | 27,823 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 1,547,255 | 1,484,231 |
Personal banking | Vehicle loans | Pass | ||
Credit quality indicators | ||
Year one | 223,063 | 801,084 |
Year two | 729,574 | 292,804 |
Year three | 260,616 | 205,653 |
Year four | 177,605 | 119,304 |
Year five | 101,513 | 34,546 |
Prior | 52,103 | 27,576 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 1,544,474 | 1,480,967 |
Personal banking | Vehicle loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 387 |
Year two | 541 | 365 |
Year three | 390 | 1,141 |
Year four | 856 | 745 |
Year five | 531 | 379 |
Prior | 463 | 247 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 2,781 | 3,264 |
Personal banking | Consumer loans | ||
Credit quality indicators | ||
Year one | 28,887 | 118,069 |
Year two | 107,052 | 81,427 |
Year three | 72,095 | 47,300 |
Year four | 40,659 | 20,659 |
Year five | 17,943 | 9,820 |
Prior | 20,648 | 12,252 |
Revolving loans | 59,959 | 63,382 |
Revolving loans converted to term loans | 1,483 | 1,608 |
Total loans receivable, gross | 348,726 | 354,517 |
Personal banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Year one | 28,887 | 117,856 |
Year two | 106,849 | 81,266 |
Year three | 71,992 | 47,195 |
Year four | 40,506 | 20,595 |
Year five | 17,879 | 9,794 |
Prior | 20,568 | 12,202 |
Revolving loans | 59,537 | 63,025 |
Revolving loans converted to term loans | 1,470 | 1,578 |
Total loans receivable, gross | 347,688 | 353,511 |
Personal banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 213 |
Year two | 203 | 161 |
Year three | 103 | 105 |
Year four | 153 | 64 |
Year five | 64 | 26 |
Prior | 80 | 50 |
Revolving loans | 422 | 357 |
Revolving loans converted to term loans | 13 | 30 |
Total loans receivable, gross | 1,038 | 1,006 |
Commercial banking | ||
Credit quality indicators | ||
Year one | 235,462 | 601,469 |
Year two | 556,154 | 604,231 |
Year three | 581,423 | 567,528 |
Year four | 526,957 | 410,645 |
Year five | 379,838 | 368,723 |
Prior | 1,233,014 | 967,794 |
Revolving loans | 285,704 | 302,893 |
Revolving loans converted to term loans | 36,092 | 39,810 |
Total loans receivable, gross | 3,834,644 | 3,863,093 |
Commercial banking | Commercial real estate loans | ||
Credit quality indicators | ||
Year one | 25,880 | 307,492 |
Year two | 324,953 | 469,180 |
Year three | 463,637 | 432,766 |
Year four | 409,556 | 312,865 |
Year five | 295,469 | 278,921 |
Prior | 1,006,960 | 781,377 |
Revolving loans | 30,384 | 27,509 |
Revolving loans converted to term loans | 16,702 | 15,371 |
Total loans receivable, gross | 2,573,541 | 2,625,481 |
Commercial banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Year one | 25,880 | 306,689 |
Year two | 324,062 | 433,219 |
Year three | 451,209 | 335,541 |
Year four | 319,291 | 263,524 |
Year five | 249,608 | 221,450 |
Prior | 868,339 | 683,537 |
Revolving loans | 28,639 | 26,288 |
Revolving loans converted to term loans | 9,583 | 10,179 |
Total loans receivable, gross | 2,276,611 | 2,280,427 |
Commercial banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 97 | 34,153 |
Year three | 8,358 | 44,712 |
Year four | 44,165 | 46,045 |
Year five | 44,672 | 56,077 |
Prior | 133,415 | 89,311 |
Revolving loans | 492 | 492 |
Revolving loans converted to term loans | 7,119 | 5,169 |
Total loans receivable, gross | 238,318 | 275,959 |
Commercial banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Year one | 0 | 803 |
Year two | 794 | 1,808 |
Year three | 4,070 | 52,513 |
Year four | 46,100 | 3,296 |
Year five | 1,189 | 1,394 |
Prior | 5,206 | 8,529 |
Revolving loans | 1,253 | 729 |
Revolving loans converted to term loans | 0 | 23 |
Total loans receivable, gross | 58,612 | 69,095 |
Commercial banking | Commercial real estate loans - owner occupied | ||
Credit quality indicators | ||
Year one | 26,504 | 69,084 |
Year two | 67,571 | 19,452 |
Year three | 18,312 | 55,572 |
Year four | 47,856 | 64,480 |
Year five | 56,905 | 67,475 |
Prior | 161,872 | 106,733 |
Revolving loans | 3,903 | 3,678 |
Revolving loans converted to term loans | 3,429 | 3,529 |
Total loans receivable, gross | 386,352 | 390,003 |
Commercial banking | Commercial real estate loans - owner occupied | Pass | ||
Credit quality indicators | ||
Year one | 26,504 | 69,084 |
Year two | 67,571 | 19,452 |
Year three | 18,312 | 51,997 |
Year four | 42,419 | 60,824 |
Year five | 51,402 | 57,676 |
Prior | 145,640 | 94,687 |
Revolving loans | 3,839 | 2,822 |
Revolving loans converted to term loans | 1,510 | 2,707 |
Total loans receivable, gross | 357,197 | 359,249 |
Commercial banking | Commercial real estate loans - owner occupied | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 3,575 |
Year four | 4,790 | 2,887 |
Year five | 3,457 | 7,840 |
Prior | 15,510 | 10,602 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 1,919 | 822 |
Total loans receivable, gross | 25,676 | 25,726 |
Commercial banking | Commercial real estate loans - owner occupied | Special mention | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 647 | 769 |
Year five | 2,046 | 1,959 |
Prior | 722 | 1,444 |
Revolving loans | 64 | 856 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,479 | 5,028 |
Commercial banking | Commercial loans | ||
Credit quality indicators | ||
Year one | 183,078 | 224,893 |
Year two | 163,630 | 115,599 |
Year three | 99,474 | 79,190 |
Year four | 69,545 | 33,300 |
Year five | 27,464 | 22,327 |
Prior | 64,182 | 79,684 |
Revolving loans | 251,417 | 271,706 |
Revolving loans converted to term loans | 15,961 | 20,910 |
Total loans receivable, gross | 874,751 | 847,609 |
Commercial banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Year one | 182,912 | 224,367 |
Year two | 163,204 | 110,171 |
Year three | 97,395 | 73,276 |
Year four | 65,195 | 27,668 |
Year five | 24,462 | 20,748 |
Prior | 61,417 | 76,987 |
Revolving loans | 238,852 | 262,805 |
Revolving loans converted to term loans | 5,688 | 12,301 |
Total loans receivable, gross | 839,125 | 808,323 |
Commercial banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 329 |
Year two | 246 | 4,767 |
Year three | 1,463 | 5,102 |
Year four | 3,725 | 4,437 |
Year five | 2,616 | 1,529 |
Prior | 2,763 | 2,116 |
Revolving loans | 11,263 | 6,667 |
Revolving loans converted to term loans | 10,273 | 8,609 |
Total loans receivable, gross | 32,349 | 33,556 |
Commercial banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Year one | 166 | 197 |
Year two | 180 | 661 |
Year three | 616 | 812 |
Year four | 625 | 1,195 |
Year five | 386 | 50 |
Prior | 2 | 581 |
Revolving loans | 1,302 | 2,234 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | $ 3,277 | $ 5,730 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Amortizable intangible assets: | |||
Intangible asset - net | $ 11,654 | $ 12,836 | |
Estimated amortization expense | |||
Amortization expense | 1,183 | $ 1,594 | |
For the year ending December 31, 2022 | 4,277 | ||
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 | ||
Core deposits | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 74,899 | 74,899 | |
Acquisitions (disposals) | 0 | 0 | |
Less: accumulated amortization | (63,320) | (62,158) | |
Intangible asset - net | 11,579 | 12,741 | |
Customer and contract | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 12,775 | 12,775 | |
Acquisitions (disposals) | 0 | (1,547) | |
Less: accumulated amortization | (12,700) | (11,133) | |
Intangible asset - net | $ 75 | $ 95 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Changes in the carrying amount of goodwill | |
Balance at the beginning of the period | $ 382,279 |
Purchase accounting adjustment | 77 |
Goodwill disposed of due to sale of insurance business | (1,359) |
Balance at the end of the period | $ 380,997 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Amount | $ 121,436 | $ 139,093 |
Collateralized borrowings, due within one year | ||
Debt Instrument [Line Items] | ||
Amount | $ 121,436 | $ 139,093 |
Average rate | 0.19% | 0.19% |
Borrowed Funds - Narrative (Det
Borrowed Funds - Narrative (Details) | Sep. 09, 2020USD ($) | Mar. 31, 2022USD ($)business_trust | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |||
Borrowed funds | $ 121,436,000 | $ 139,093,000 | |
Number of statutory business trusts owned | business_trust | 7 | ||
Trust preferred investments | |||
Debt Instrument [Line Items] | |||
Maximum period for which interest payment on the subordinated debentures can be deferred | 5 years | ||
Interest deferral | $ 0 | ||
Revolving line of credit, FHLB of Pittsburgh | Federal Home Loan Bank of Pittsburgh | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 250,000,000 | ||
Revolving line of credit | 0 | 0 | |
Collateralized borrowings, due within one year | |||
Debt Instrument [Line Items] | |||
Borrowed funds | 121,436,000 | 139,093,000 | |
Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Borrowed funds | $ 123,700,000 | $ 123,600,000 | |
Debt issued | $ 125,000,000 | ||
Stated rate | 4.00% | ||
Debt issuance costs | $ 1,800,000 | ||
Debt issuance amortization period | 5 years | ||
Subordinated Debt | SOFR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.89% |
Borrowed Funds - Debt Securitie
Borrowed Funds - Debt Securities Held-to-maturity on Preferred Securities and Junior Subordinated Debt Held by Trust (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 129,119 | $ 129,054 |
Trust Preferred Investments | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 129,119 | 129,054 |
Trust Preferred Investments | Northwest Bancorp Capital Trust III | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.38% | |
Capital debt securities | $ 50,000 | |
Junior subordinated debentures | $ 51,547 | 51,547 |
Trust Preferred Investments | Northwest Bancorp Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.38% | |
Capital debt securities | $ 50,000 | |
Junior subordinated debentures | $ 51,547 | 51,547 |
Trust Preferred Investments | LNB Trust II | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.48% | |
Capital debt securities | $ 7,875 | |
Junior subordinated debentures | $ 8,119 | 8,119 |
Trust Preferred Investments | UNCT I | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.85% | |
Capital debt securities | $ 8,000 | |
Junior subordinated debentures | $ 7,956 | 7,950 |
Trust Preferred Investments | UNCT II | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.00% | |
Capital debt securities | $ 3,000 | |
Junior subordinated debentures | $ 2,748 | 2,741 |
Trust Preferred Investments | MFBC Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.70% | |
Capital debt securities | $ 5,000 | |
Junior subordinated debentures | $ 3,606 | 3,580 |
Trust Preferred Investments | Universal Preferred Trust | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.69% | |
Capital debt securities | $ 5,000 | |
Junior subordinated debentures | $ 3,596 | $ 3,570 |
Guarantees (Details)
Guarantees (Details) - Letter of credit $ in Thousands | Mar. 31, 2022USD ($) |
Guarantor Obligations [Line Items] | |
Maximum exposure collateralized | $ 45,700 |
Maximum potential amount of future payments | 35,900 |
Liability recognized for the obligations | $ 583,000 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income | $ 28,287 | $ 40,237 |
Less: Dividends and undistributed earnings allocated to participating securities | 177 | 0 |
Net income available to common shareholders | 28,110 | 40,237 |
Net income available to common shareholders | $ 28,110 | $ 40,237 |
Weighted average common shares outstanding (in shares) | 125,861,738 | 126,182,409 |
Add: Participating shares outstanding (in shares) | 791,217 | 517,615 |
Total weighted average common shares and dilutive potential shares (in shares) | 126,652,955 | 126,700,024 |
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.32 |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.32 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension benefits | ||
Components of net periodic benefit cost | ||
Service cost | $ 2,599 | $ 2,860 |
Interest cost | 1,671 | 1,517 |
Expected return on plan assets | (3,864) | (3,465) |
Amortization of prior service cost | (564) | (580) |
Amortization of the net loss | 381 | 1,039 |
Net periodic cost | 223 | 1,371 |
Pension benefits | Minimum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 0 | |
Pension benefits | Maximum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 2,000 | |
Other post-retirement benefits | ||
Components of net periodic benefit cost | ||
Service cost | 0 | 0 |
Interest cost | 10 | 4 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 2 | 4 |
Net periodic cost | $ 12 | $ 8 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Securities held-to-maturity | $ 677,376 | $ 751,513 |
Accrued interest receivable | 26,268 | 25,599 |
Financial liabilities: | ||
Subordinated debt | 123,670 | 123,575 |
Junior subordinated debentures | 129,119 | 129,054 |
Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 25,018 | 33,309 |
Financial liabilities: | ||
Derivative liabilities | 23,443 | 31,758 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 1,161,006 | 1,279,259 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 0 | 0 |
Residential mortgage loans held-for-sale | 0 | 0 |
Accrued interest receivable | 26,268 | 25,599 |
FHLB stock | 0 | 0 |
Total financial assets | 1,187,274 | 1,304,858 |
Financial liabilities: | ||
Savings and checking deposits | 11,068,522 | 10,973,610 |
Time deposits | 0 | 0 |
Borrowed funds | 121,419 | 139,093 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Derivative liabilities | 0 | |
Accrued interest payable | 563 | 1,804 |
Total financial liabilities | 11,190,504 | 11,114,507 |
Level 1 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Foreign exchange swaps | ||
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 1,442,098 | 1,548,592 |
Securities held-to-maturity | 677,376 | 751,513 |
Loans receivable, net | 0 | 0 |
Residential mortgage loans held-for-sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Total financial assets | 2,142,812 | 2,331,730 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Subordinated debt | 123,987 | 129,138 |
Junior subordinated debentures | 0 | 0 |
Derivative liabilities | 341 | |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 147,430 | 160,896 |
Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 371 | |
Financial liabilities: | ||
Derivative liabilities | 43 | |
Level 2 | Foreign exchange swaps | ||
Financial liabilities: | ||
Derivative liabilities | 6 | |
Level 2 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 23,338 | 31,254 |
Level 2 | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 23,363 | 31,357 |
Level 2 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 31 | 60 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 9,389,401 | 9,648,825 |
Residential mortgage loans held-for-sale | 19,272 | 25,056 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Total financial assets | 9,410,353 | 9,675,565 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 1,261,070 | 1,339,308 |
Borrowed funds | 0 | 0 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 115,159 | 120,083 |
Derivative liabilities | 0 | |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 1,376,229 | 1,459,391 |
Level 3 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 1,680 | 1,684 |
Level 3 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Foreign exchange swaps | ||
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 3 | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 1,161,006 | 1,279,259 |
Securities available-for-sale | 1,442,098 | 1,548,592 |
Securities held-to-maturity | 737,730 | 768,154 |
Loans receivable, net | 10,020,467 | 9,889,095 |
Residential mortgage loans held-for-sale | 19,272 | 25,056 |
Accrued interest receivable | 26,268 | 25,599 |
FHLB stock | 13,318 | 14,184 |
Total financial assets | 13,445,177 | 13,583,248 |
Financial liabilities: | ||
Savings and checking deposits | 11,068,522 | 10,973,610 |
Time deposits | 1,251,878 | 1,327,555 |
Borrowed funds | 121,436 | 139,093 |
Subordinated debt | 123,670 | 123,575 |
Junior subordinated debentures | 129,119 | 129,054 |
Derivative liabilities | 341 | |
Accrued interest payable | 563 | 1,804 |
Total financial liabilities | 12,718,631 | 12,726,449 |
Carrying amount | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 1,680 | 1,684 |
Carrying amount | Forward commitments | ||
Financial assets: | ||
Derivative assets | 371 | |
Financial liabilities: | ||
Derivative liabilities | 43 | |
Carrying amount | Foreign exchange swaps | ||
Financial liabilities: | ||
Derivative liabilities | 6 | |
Carrying amount | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 23,338 | 31,254 |
Carrying amount | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 23,363 | 31,357 |
Carrying amount | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 31 | 60 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 1,161,006 | 1,279,259 |
Securities available-for-sale | 1,442,098 | 1,548,592 |
Securities held-to-maturity | 677,376 | 751,513 |
Loans receivable, net | 9,389,401 | 9,648,825 |
Residential mortgage loans held-for-sale | 19,272 | 25,056 |
Accrued interest receivable | 26,268 | 25,599 |
FHLB stock | 13,318 | 14,184 |
Total financial assets | 12,753,757 | 13,326,337 |
Financial liabilities: | ||
Savings and checking deposits | 11,068,522 | 10,973,610 |
Time deposits | 1,261,070 | 1,339,308 |
Borrowed funds | 121,419 | 139,093 |
Subordinated debt | 123,987 | 129,138 |
Junior subordinated debentures | 115,159 | 120,083 |
Derivative liabilities | 341 | |
Accrued interest payable | 563 | 1,804 |
Total financial liabilities | 12,714,163 | 12,734,794 |
Estimated fair value | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 1,680 | 1,684 |
Estimated fair value | Forward commitments | ||
Financial assets: | ||
Derivative assets | 371 | |
Financial liabilities: | ||
Derivative liabilities | 43 | |
Estimated fair value | Foreign exchange swaps | ||
Financial liabilities: | ||
Derivative liabilities | 6 | |
Estimated fair value | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 23,338 | 31,254 |
Estimated fair value | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial liabilities: | ||
Derivative liabilities | 23,363 | 31,357 |
Estimated fair value | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | $ 31 | $ 60 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | $ 25,018 | $ 33,309 |
Derivative liabilities | 23,443 | 31,758 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total financial assets | 1,187,274 | 1,304,858 |
Derivative liabilities | 0 | |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 1,442,098 | 1,548,592 |
Total financial assets | 2,142,812 | 2,331,730 |
Derivative liabilities | 341 | |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total financial assets | 9,410,353 | 9,675,565 |
Derivative liabilities | 0 | |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 228,517 | 250,677 |
Total mortgage-backed securities | 1,213,581 | 1,297,915 |
Total financial assets | 1,467,116 | 1,581,901 |
Total liabilities | 23,443 | 31,758 |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total mortgage-backed securities | 0 | 0 |
Total financial assets | 0 | 0 |
Total liabilities | 0 | 0 |
Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 228,517 | 250,677 |
Total mortgage-backed securities | 1,213,581 | 1,297,915 |
Total financial assets | 1,465,436 | 1,580,217 |
Total liabilities | 23,443 | 31,758 |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total mortgage-backed securities | 0 | 0 |
Total financial assets | 1,680 | 1,684 |
Total liabilities | 0 | 0 |
U.S. government and agencies | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 70,652 | 75,891 |
U.S. government and agencies | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
U.S. government and agencies | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 70,652 | 75,891 |
U.S. government and agencies | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Government-sponsored enterprises | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 42,865 | 46,085 |
Government-sponsored enterprises | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Government-sponsored enterprises | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 42,865 | 46,085 |
Government-sponsored enterprises | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
States and political subdivisions | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 115,000 | 128,701 |
States and political subdivisions | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
States and political subdivisions | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 115,000 | 128,701 |
States and political subdivisions | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
GNMA | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 15,213 | 16,510 |
Collateralized mortgage obligations: | 441,895 | 492,328 |
GNMA | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
GNMA | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 15,213 | 16,510 |
Collateralized mortgage obligations: | 441,895 | 492,328 |
GNMA | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FNMA | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 143,311 | 160,063 |
Collateralized mortgage obligations: | 239,181 | 269,060 |
FNMA | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FNMA | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 143,311 | 160,063 |
Collateralized mortgage obligations: | 239,181 | 269,060 |
FNMA | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FHLMC | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 89,488 | 100,055 |
Collateralized mortgage obligations: | 284,071 | 259,468 |
FHLMC | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
FHLMC | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 89,488 | 100,055 |
Collateralized mortgage obligations: | 284,071 | 259,468 |
FHLMC | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations: | 0 | 0 |
Non-agency | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 422 | 431 |
Non-agency | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Non-agency | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 422 | 431 |
Non-agency | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Interest rate lock commitments | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 1,680 | 1,684 |
Interest rate lock commitments | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 1,680 | 1,684 |
Interest rate lock commitments | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 1,680 | 1,684 |
Forward commitments | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Forward commitments | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 371 | |
Derivative liabilities | 43 | |
Forward commitments | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Forward commitments | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 371 | |
Derivative liabilities | 43 | |
Forward commitments | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Forward commitments | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 371 | |
Derivative liabilities | 43 | |
Forward commitments | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Foreign exchange swaps | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | |
Foreign exchange swaps | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 6 | |
Foreign exchange swaps | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | |
Foreign exchange swaps | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 6 | 341 |
Foreign exchange swaps | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Foreign exchange swaps | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 6 | 341 |
Foreign exchange swaps | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Level 1 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 23,338 | 31,254 |
Interest rate swaps not designated as hedging instruments | Level 2 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 23,363 | 31,357 |
Interest rate swaps not designated as hedging instruments | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Level 3 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 31,254 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 23,338 | |
Derivative liabilities | 23,363 | 31,357 |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 1 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 31,254 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 2 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 23,338 | |
Derivative liabilities | 23,363 | 31,357 |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Interest rate swaps not designated as hedging instruments | Measured on recurring basis | Level 3 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Risk participation agreements | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 31 | 60 |
Risk participation agreements | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 31 | 60 |
Risk participation agreements | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 31 | 60 |
Risk participation agreements | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | $ 0 | $ 0 |
Disclosures About Fair Value _6
Disclosures About Fair Value of Financial Instruments - Reconciliation of all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Balance at the beginning of the period | $ 1,684 | $ 6,465 |
Interest rate lock commitments: | ||
Net activity | (4) | (1,405) |
Balance at the end of the period | $ 1,680 | $ 5,060 |
Disclosures About Fair Value _7
Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | $ 0 | $ 0 |
Total financial assets | 1,187,274 | 1,304,858 |
Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Total financial assets | 2,142,812 | 2,331,730 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 9,389,401 | 9,648,825 |
Total financial assets | 9,410,353 | 9,675,565 |
Fair value measurements nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 22 | 380 |
Real estate owned, net | 929 | 873 |
Total financial assets | 8,129 | 48,221 |
Fair value measurements nonrecurring | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 0 | 0 |
Real estate owned, net | 0 | 0 |
Total financial assets | 0 | 0 |
Fair value measurements nonrecurring | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 0 | 0 |
Real estate owned, net | 0 | 0 |
Total financial assets | 0 | 0 |
Fair value measurements nonrecurring | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 22 | 380 |
Real estate owned, net | 929 | 873 |
Total financial assets | 8,129 | 48,221 |
Loans individually assessed | Fair value measurements nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 7,178 | 46,968 |
Loans individually assessed | Fair value measurements nonrecurring | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Loans individually assessed | Fair value measurements nonrecurring | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Loans individually assessed | Fair value measurements nonrecurring | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | $ 7,178 | $ 46,968 |
Disclosures About Fair Value _8
Disclosures About Fair Value of Financial Instruments - Additional Quantitative Information, Assets Measured at Fair Value, Recurring and Nonrecurring Basis, Level 3 Input (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 9,389,401,000 | $ 9,648,825,000 |
Loans held for sale | $ 19,272,000 | |
Measurement Input, Pull-Through Rate | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale, measurement input | 1 | |
Fair value measurements nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 22,000 | 380,000 |
Real estate owned, net | 929,000 | 873,000 |
Fair value measurements nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 22,000 | 380,000 |
Real estate owned, net | 929,000 | 873,000 |
Fair value measurements nonrecurring | Real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net | $ 929,000 | |
Fair value measurements nonrecurring | Estimated cost to sell | Loans individually assessed | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.100 | |
Fair value measurements nonrecurring | Estimated cost to sell | Real estate owned | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net, measurement input | 0.100 | |
Fair value measurements nonrecurring | Discount rate | Loans individually assessed | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.0546 | |
Fair value measurements nonrecurring | Discount rate | Loans individually assessed | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.1326 | |
Fair value measurements nonrecurring | Discount rate | Loans individually assessed | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.0725 | |
Fair value measurements nonrecurring | Annual service cost | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 86 | |
Fair value measurements nonrecurring | Prepayment rate | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.071 | |
Fair value measurements nonrecurring | Prepayment rate | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.183 | |
Fair value measurements nonrecurring | Prepayment rate | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.098 | |
Fair value measurements nonrecurring | Expected life (months) | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, term | 47 months 24 days | |
Fair value measurements nonrecurring | Expected life (months) | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, term | 102 months 9 days | |
Fair value measurements nonrecurring | Expected life (months) | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, term | 77 months 3 days | |
Fair value measurements nonrecurring | Option adjusted spread | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0650 | |
Fair value measurements nonrecurring | Forward yield curve | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0023 | |
Fair value measurements nonrecurring | Forward yield curve | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0192 | |
Loans individually assessed | Fair value measurements nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 7,178,000 | 46,968,000 |
Loans individually assessed | Fair value measurements nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 7,178,000 | $ 46,968,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 697,898 | $ 726,954 |
Asset derivatives, fair value | 25,018 | 33,309 |
Liability derivatives, notional amount | 728,745 | 755,256 |
Liability derivatives, fair value | 23,443 | 31,758 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 625,751 | 644,997 |
Asset derivatives, fair value | 23,338 | 31,254 |
Liability derivatives, notional amount | 625,751 | 644,997 |
Liability derivatives, fair value | 23,363 | 31,357 |
Foreign exchange swaps | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives, fair value | 0 | 0 |
Liability derivatives, notional amount | 290 | 17,124 |
Liability derivatives, fair value | 6 | 341 |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 72,147 | 67,473 |
Asset derivatives, fair value | 1,680 | 1,684 |
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives, fair value | 0 | 0 |
Forward commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 14,484 |
Asset derivatives, fair value | 0 | 371 |
Liability derivatives, notional amount | 8,078 | 0 |
Liability derivatives, fair value | 43 | 0 |
Risk participation agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives, fair value | 0 | 0 |
Liability derivatives, notional amount | 94,626 | 93,135 |
Liability derivatives, fair value | $ 31 | $ 60 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase in other income | ||
Non-hedging swap derivatives: | ||
Increase in other income | $ 61 | $ 524 |
Increase in mortgage banking income | ||
Non-hedging swap derivatives: | ||
Increase in other income | $ 418 | $ 2,060 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in accumulated other comprehensive income by component | ||
Beginning balance | $ 1,583,571 | $ 1,538,703 |
Other comprehensive loss before reclassification adjustments | (64,783) | (17,421) |
Amounts reclassified from accumulated other comprehensive income | (132) | 258 |
Net other comprehensive (loss)/income | (64,915) | (17,163) |
Ending balance | 1,523,512 | 1,540,994 |
Unrealized holding losses, tax | 18,877 | 5,981 |
Reclassification adjustment for gains included in net income, tax | 0 | (22) |
Reclassification adjustment for prior period service costs included in net income, tax | 50 | (129) |
Unrealized holding losses on interest rate swaps, tax | 5,981 | |
Realized gains on securities (loss on sales of investments, net) | 22 | |
Reclassification adjustment for losses included in net income, tax | (129) | |
Unrealized losses on securities available-for-sale | ||
Changes in accumulated other comprehensive income by component | ||
Beginning balance | (12,317) | 16,843 |
Other comprehensive loss before reclassification adjustments | (64,783) | (17,421) |
Amounts reclassified from accumulated other comprehensive income | (1) | (75) |
Net other comprehensive (loss)/income | (64,784) | (17,496) |
Ending balance | (77,101) | (653) |
Change in fair value of interest rate swaps | ||
Changes in accumulated other comprehensive income by component | ||
Beginning balance | 0 | 0 |
Other comprehensive loss before reclassification adjustments | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net other comprehensive (loss)/income | 0 | 0 |
Ending balance | 0 | 0 |
Change in defined benefit pension plans | ||
Changes in accumulated other comprehensive income by component | ||
Beginning balance | (25,312) | (50,392) |
Other comprehensive loss before reclassification adjustments | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | (131) | 333 |
Net other comprehensive (loss)/income | (131) | 333 |
Ending balance | (25,443) | (50,059) |
Total | ||
Changes in accumulated other comprehensive income by component | ||
Beginning balance | (37,629) | (33,549) |
Ending balance | $ (102,544) | $ (50,712) |