Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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, $0.01 Par Value | |
Trading Symbol | NWBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 127,104,458 | |
Entity Central Index Key | 0001471265 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 161,995 | $ 139,365 |
Marketable securities available-for-sale (amortized cost of $1,262,080 and $1,431,728, respectively) | 1,010,076 | 1,218,108 |
Marketable securities held-to-maturity (fair value of $682,681 and $751,384, respectively) | 830,106 | 881,249 |
Total cash and cash equivalents and marketable securities | 2,002,177 | 2,238,722 |
Loans held-for-sale | 10,592 | 9,913 |
Loans held for investment | 11,299,681 | 10,910,539 |
Allowance for credit losses | (124,841) | (118,036) |
Loans receivable, net | 11,185,432 | 10,802,416 |
FHLB stock, at cost | 40,404 | 40,143 |
Accrued interest receivable | 42,624 | 35,528 |
Real estate owned, net | 363 | 413 |
Premises and equipment, net | 138,041 | 145,909 |
Bank-owned life insurance | 250,502 | 255,062 |
Goodwill | 380,997 | 380,997 |
Other intangible assets, net | 6,013 | 8,560 |
Other assets | 315,648 | 205,574 |
Total assets | 14,362,201 | 14,113,324 |
Liabilities: | ||
Noninterest-bearing demand deposits | 2,774,291 | 2,993,243 |
Interest-bearing demand deposits | 2,598,080 | 2,686,431 |
Money market deposit accounts | 2,042,813 | 2,457,569 |
Savings deposits | 2,116,360 | 2,275,020 |
Time deposits | 2,258,338 | 1,052,285 |
Total deposits | 11,789,882 | 11,464,548 |
Borrowed funds | 604,587 | 681,166 |
Subordinated debt | 114,102 | 113,840 |
Junior subordinated debentures | 129,509 | 129,314 |
Advances by borrowers for taxes and insurance | 27,653 | 47,613 |
Accrued interest payable | 7,915 | 3,231 |
Other liabilities | 190,122 | 182,126 |
Total liabilities | 12,863,770 | 12,621,838 |
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, 127,101,349 and 127,028,848 shares issued and outstanding, respectively | 1,271 | 1,270 |
Additional paid-in capital | 1,023,591 | 1,019,647 |
Retained earnings | 671,092 | 641,727 |
Accumulated other comprehensive loss | (197,523) | (171,158) |
Total shareholders’ equity | 1,498,431 | 1,491,486 |
Total liabilities and shareholders’ equity | $ 14,362,201 | $ 14,113,324 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 1,262,080 | $ 1,431,728 |
Securities held-to-maturity | $ 682,681 | $ 751,384 |
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) | 127,101,349 | 127,028,848 |
Common stock, shares outstanding (in shares) | 127,101,349 | 127,028,848 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income: | ||||
Loans receivable | $ 140,667 | $ 106,943 | $ 397,136 | $ 290,691 |
Mortgage-backed securities | 8,072 | 8,683 | 24,935 | 22,201 |
Taxable investment securities | 786 | 838 | 2,472 | 2,230 |
Tax-free investment securities | 491 | 709 | 1,858 | 2,066 |
FHLB stock dividends | 668 | 148 | 2,202 | 311 |
Interest-earning deposits | 914 | 1,295 | 1,931 | 3,446 |
Total interest income | 151,598 | 118,616 | 430,534 | 320,945 |
Interest expense: | ||||
Deposits | 31,688 | 3,157 | 64,743 | 10,249 |
Borrowed funds | 11,542 | 2,710 | 36,410 | 7,059 |
Total interest expense | 43,230 | 5,867 | 101,153 | 17,308 |
Net interest income | 108,368 | 112,749 | 329,381 | 303,637 |
Provision for credit losses - loans | 3,983 | 7,689 | 14,863 | 8,837 |
Provision for credit losses - unfunded commitments | (2,981) | 3,585 | 65 | 8,577 |
Net interest income after provision for credit losses | 107,366 | 101,475 | 314,453 | 286,223 |
Noninterest income: | ||||
Loss on sale of investments | 0 | (2) | (8,306) | (7) |
Gain on sale of mortgage servicing rights | 0 | 0 | 8,305 | 0 |
Gain on sale of SBA loans | 301 | 0 | 1,412 | 0 |
Service charges and fees | 15,270 | 14,323 | 43,292 | 41,063 |
Trust and other financial services income | 7,085 | 6,650 | 20,400 | 21,123 |
Gain on real estate owned, net | 29 | 290 | 922 | 552 |
Income from bank-owned life insurance | 4,561 | 1,475 | 7,134 | 5,466 |
Mortgage banking income | 632 | 766 | 2,184 | 4,388 |
Other operating income | 3,010 | 3,301 | 9,311 | 10,406 |
Total noninterest income | 30,888 | 26,803 | 84,654 | 82,991 |
Noninterest expense: | ||||
Compensation and employee benefits | 51,243 | 46,711 | 145,497 | 141,701 |
Premises and occupancy costs | 7,052 | 7,171 | 22,102 | 22,248 |
Office operations | 3,398 | 3,229 | 9,208 | 9,774 |
Collections expense | 551 | 322 | 1,367 | 1,245 |
Processing expenses | 14,672 | 13,416 | 43,670 | 38,911 |
Marketing expenses | 2,379 | 2,147 | 8,127 | 6,322 |
Federal deposit insurance premiums | 2,341 | 1,200 | 6,628 | 3,459 |
Professional services | 3,002 | 3,363 | 11,564 | 9,269 |
Amortization of intangible assets | 795 | 1,047 | 2,546 | 3,345 |
Real estate owned expense | 141 | 61 | 405 | 170 |
Merger, asset disposition and restructuring expense | 0 | 0 | 4,395 | 1,374 |
Other expenses | 1,996 | 321 | 5,369 | 2,929 |
Total noninterest expense | 87,570 | 78,988 | 260,878 | 240,747 |
Income before income taxes | 50,684 | 49,290 | 138,229 | 128,467 |
Federal and state income taxes expense | 11,464 | 11,986 | 32,286 | 29,450 |
Net income | $ 39,220 | $ 37,304 | $ 105,943 | $ 99,017 |
Basic earnings per share (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.83 | $ 0.78 |
Diluted earnings per share (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.83 | $ 0.78 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 39,220 | $ 37,304 | $ 105,943 | $ 99,017 |
Net unrealized holding (losses)/gains on marketable securities: | ||||
Unrealized holding losses, net of tax of $9,140, $14,705, $9,603 and $45,555, respectively | (29,715) | (48,387) | (34,417) | (153,124) |
Reclassification adjustment for losses/(gains) included in net income, net of tax of $0, $0, ($1,731) and $0, respectively | 0 | 0 | 5,636 | (2) |
Net unrealized holding losses on marketable securities | (29,715) | (48,387) | (28,781) | (153,126) |
Change in fair value of interest rate swaps, net of tax of ($533), $0, ($1,041) and $0, respectively | 1,825 | 0 | 3,562 | 0 |
Defined benefit plan: | ||||
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $152, $50, $456 and $151, respectively | (382) | (131) | (1,146) | (393) |
Other comprehensive loss | (28,272) | (48,518) | (26,365) | (153,519) |
Total comprehensive income/(loss) | $ 10,948 | $ (11,214) | $ 79,578 | $ (54,502) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding losses, tax | $ 9,140 | $ 14,705 | $ 9,603 | $ 45,555 |
Reclassification adjustment for losses/(gains) included in net income, tax | 0 | 0 | (1,731) | 0 |
Change in fair value of interest rate swaps, tax | (533) | 0 | (1,041) | 0 |
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, tax | $ 152 | $ 50 | $ 456 | $ 151 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Retained earnings | Retained earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income/(loss) |
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 | 99,017 | 99,017 | |||||
Other comprehensive income (loss), net of tax | (153,519) | (153,519) | |||||
Total comprehensive income/(loss) | (54,502) | 99,017 | (153,519) | ||||
Exercise of stock options (in shares) | 314,880 | ||||||
Exercise of stock options | 3,721 | $ 2 | 3,719 | ||||
Stock-based compensation expense (in shares) | 75,377 | ||||||
Stock-based compensation expense | 3,067 | $ 2 | 3,065 | ||||
Stock-based compensation forfeited (in shares) | (80,451) | ||||||
Stock-based compensation forfeited | (1) | $ (1) | |||||
Dividends paid | (76,070) | (76,070) | |||||
Ending balance (in shares) at Sep. 30, 2022 | 126,921,989 | ||||||
Ending balance at Sep. 30, 2022 | 1,459,786 | $ 1,269 | 1,017,189 | 632,476 | (191,148) | ||
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) | ||
Ending balance (in shares) at Dec. 31, 2022 | 127,028,848 | 127,028,848 | |||||
Ending balance at Dec. 31, 2022 | $ 1,491,486 | $ (329) | $ 1,270 | 1,019,647 | 641,727 | $ (329) | (171,158) |
Comprehensive income: | |||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2022-02 [Member] | ||||||
Beginning balance (in shares) at Jun. 30, 2022 | 126,881,766 | ||||||
Beginning balance at Jun. 30, 2022 | $ 1,494,539 | $ 1,269 | 1,015,349 | 620,551 | (142,630) | ||
Comprehensive income: | |||||||
Net income | 37,304 | 37,304 | |||||
Other comprehensive income (loss), net of tax | (48,518) | (48,518) | |||||
Total comprehensive income/(loss) | (11,214) | 37,304 | (48,518) | ||||
Exercise of stock options (in shares) | 73,472 | ||||||
Exercise of stock options | 897 | 897 | |||||
Stock-based compensation expense | 944 | 944 | |||||
Stock-based compensation forfeited (in shares) | (33,249) | ||||||
Stock-based compensation forfeited | (1) | (1) | |||||
Dividends paid | (25,379) | (25,379) | |||||
Ending balance (in shares) at Sep. 30, 2022 | 126,921,989 | ||||||
Ending balance at Sep. 30, 2022 | $ 1,459,786 | $ 1,269 | 1,017,189 | 632,476 | (191,148) | ||
Beginning balance (in shares) at Dec. 31, 2022 | 127,028,848 | 127,028,848 | |||||
Beginning balance at Dec. 31, 2022 | $ 1,491,486 | $ (329) | $ 1,270 | 1,019,647 | 641,727 | $ (329) | (171,158) |
Comprehensive income: | |||||||
Net income | 105,943 | 105,943 | |||||
Other comprehensive income (loss), net of tax | (26,365) | (26,365) | |||||
Total comprehensive income/(loss) | 79,578 | 105,943 | (26,365) | ||||
Exercise of stock options (in shares) | 53,207 | ||||||
Exercise of stock options | 610 | $ 1 | 609 | ||||
Stock-based compensation expense (in shares) | 75,554 | ||||||
Stock-based compensation expense | 3,335 | $ 1 | 3,334 | ||||
Stock-based compensation forfeited (in shares) | (56,260) | ||||||
Stock-based compensation forfeited | 0 | $ (1) | 1 | ||||
Dividends paid | $ (76,249) | (76,249) | |||||
Ending balance (in shares) at Sep. 30, 2023 | 127,101,349 | 127,101,349 | |||||
Ending balance at Sep. 30, 2023 | $ 1,498,431 | $ 1,271 | 1,023,591 | 671,092 | (197,523) | ||
Beginning balance (in shares) at Jun. 30, 2023 | 127,088,963 | ||||||
Beginning balance at Jun. 30, 2023 | 1,511,501 | $ 1,271 | 1,022,189 | 657,292 | (169,251) | ||
Comprehensive income: | |||||||
Net income | 39,220 | 39,220 | |||||
Other comprehensive income (loss), net of tax | (28,272) | (28,272) | |||||
Total comprehensive income/(loss) | 10,948 | 39,220 | (28,272) | ||||
Exercise of stock options (in shares) | 11,523 | ||||||
Exercise of stock options | 112 | 112 | |||||
Stock-based compensation expense (in shares) | 1,779 | ||||||
Stock-based compensation expense | 1,290 | 1,290 | |||||
Stock-based compensation forfeited (in shares) | (916) | ||||||
Dividends paid | $ (25,420) | (25,420) | |||||
Ending balance (in shares) at Sep. 30, 2023 | 127,101,349 | 127,101,349 | |||||
Ending balance at Sep. 30, 2023 | $ 1,498,431 | $ 1,271 | $ 1,023,591 | $ 671,092 | $ (197,523) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other comprehensive income (loss), tax | $ 8,759 | $ 14,755 | $ 7,287 | $ 45,706 |
Dividends paid per share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.60 | $ 0.60 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income | $ 105,943 | $ 99,017 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Provision for credit losses | 14,928 | 8,837 |
Loss on sale of investments | 8,306 | 0 |
Net loss/(gain) on sale of assets | 743 | (858) |
Mortgage banking activity | 5,342 | (3,308) |
Gain on sale of SBA loans | (1,390) | 0 |
Gain on sale of mortgage servicing rights | (8,305) | 0 |
Net depreciation, amortization and accretion | 16,473 | 3,874 |
Increase in other assets | (114,158) | (31,790) |
Increase in other liabilities | 15,617 | 11,270 |
Net amortization on marketable securities | 2,438 | 3,849 |
Noncash compensation expense related to stock benefit plans | 3,335 | 3,066 |
Noncash write-down of real estate owned | 37 | 44 |
Deferred income tax (benefit)/expense | (3,610) | 1,928 |
Origination of loans held-for-sale | (137,789) | (317,117) |
Proceeds from sale of loans held-for-sale | 139,819 | 331,268 |
Net cash provided by operating activities | 47,729 | 110,080 |
Investing activities: | ||
Purchase of marketable securities held-to-maturity | 0 | (212,892) |
Purchase of marketable securities available-for-sale | (23,502) | (102,178) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 50,517 | 80,765 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 81,803 | 197,310 |
Proceeds from sale of marketable securities available-for-sale | 101,229 | 0 |
Proceeds from bank-owned life insurance | 2,798 | 4,753 |
Loan originations | (2,928,360) | (3,464,471) |
Proceeds from sale of mortgage servicing rights | 13,118 | 0 |
Loan purchases | 0 | (371,121) |
Proceeds from loan maturities and principal reductions | 2,524,676 | 3,110,264 |
Net redemptions of FHLB stock | (261) | (5,097) |
Proceeds from sale of real estate owned | 1,343 | 1,469 |
Proceeds from sale of real estate owned for investment, net | 0 | 229 |
Purchases of premises and equipment, net | (1,617) | (613) |
Net cash used in investing activities | (178,256) | (761,582) |
Financing activities: | ||
Net increase/(decrease) in deposits | 325,334 | (422,773) |
Repayments of long-term borrowings | 0 | (10,094) |
Net (decrease)/increase in short-term borrowings | (76,578) | 10,943 |
Increase in advances by borrowers for taxes and insurance | (19,960) | (14,935) |
Cash dividends paid on common stock | (76,249) | (76,070) |
Proceeds from stock options exercised | 610 | 3,721 |
Net cash provided by/(used in) financing activities | 153,157 | (509,208) |
Net increase/(decrease) in cash and cash equivalents | 22,630 | (1,160,710) |
Cash and cash equivalents at beginning of period | 139,365 | 1,279,259 |
Net increase/(decrease) in cash and cash equivalents | 22,630 | (1,160,710) |
Cash and cash equivalents at end of period | 161,995 | 118,549 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $56,021 and $9,812, respectively) | 96,469 | 18,281 |
Income taxes | 38,236 | 21,851 |
Non-cash activities: | ||
Loan foreclosures and repossessions | 2,844 | 3,423 |
Sale of real estate owned financed by the Company | $ 70 | $ 175 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 56,021 | $ 9,812 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 9 Months Ended |
Sep. 30, 2023 | |
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 142 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, 2022 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. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated Statements of Income and Consolidated Statements of Cash Flows for the quarter and nine months ended September 30, 2022, to reclassify the provision for credit losses - unfunded commitments, previously presented in other expense, to provide additional transparency to financial statement users. The results of operations for the quarter ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other period. Stock-Based Compensation On March 15, 2023, the Company awarded employees 176,623 restricted stock units (“RSUs”) with a weighted average discounted grant date fair value of $11.28. The RSUs vest over a three-year period with the first vesting occurring one year from the grant date. The Company awarded directors 33,048 restricted stock awards (“RSAs”) with a grant date fair value of $12.80 which fully vest one-year from the grant date. Also, the Company awarded employees 176,623 performance share units (“PSUs”) with a discounted grant date fair value of $10.54. The number of PSUs earned will be based on attainment of certain performance criteria over a three-year period, with the actual number of shares issuable ranging between 0% and 150% of the number of PSUs granted. The PSUs have a three-year cliff vesting, from the date of grant, and any PSUs earned will be issued after the vesting period. As of September 30, 2023, we awarded discretionary grants of 178,483 RSUs with a weighted average grant date fair value of $10.87. These shares vest over a two 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. We had $702,000 and $473,000 of liability for unrecognized tax benefits as of September 30, 2023 and December 31, 2022. 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, 2022, 2021, 2020 and 2019. Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board ( “ FASB ” ) issued Accounting Standards Update ( “ ASU ” ) No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure.” This ASU eliminates the accounting guidance for troubled debt restructurings ( “ TDRs ” ), while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. This ASU also requires the disclosure of current period gross write-offs by year for origination for financing receivables. This guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those years, with early adoption permitted. This ASU is applied prospectively to modifications and write-offs beginning on the first day of the fiscal year of adoption. An entity may elect to adopt a modified retrospective transition method on the recognition and measurement of the TDR guidance. We adopted ASU 2022-02 using a modified retrospective transition approach related to the recognition and measurement of the TDR guidance and on a prospective basis for modification and write-offs. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required ASU 2022-02 disclosure for periods before the date of adoption (i.e. January 1, 2023). This change did not have a material effect on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” This ASU provides temporary optional guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance provides expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The amendments primarily include contract modifications and hedge accounting, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance was effective as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date to Topic 848”. This guidance extends the guidance of ASU 2022-04 from December 31, 2022 to December 31, 2024. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform.” This ASU provides amendments, which are elective, and apply to all entities that have derivative instruments that use an interest rate for margining, discounting or contract price alignment of certain derivative instruments that are modified as a result of the reference rate reform. This ASU is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The following table shows the portfolio of marketable securities available-for-sale at September 30, 2023 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due after one year through five years $ 20,000 — (1,750) 18,250 Due after ten years 50,166 — (11,890) 38,276 Debt issued by government-sponsored enterprises: Due after one year through five years 45,985 — (7,502) 38,483 Due after five years through ten years 434 — (11) 423 Municipal securities: Due after one year through five years 954 3 (9) 948 Due after five years through ten years 21,976 — (3,055) 18,921 Due after ten years 62,990 — (14,788) 48,202 Corporate debt issues: Due after five years through ten years 8,464 — (1,000) 7,464 Residential mortgage-backed securities: Fixed rate pass-through 213,849 — (35,305) 178,544 Variable rate pass-through 7,501 2 (169) 7,334 Fixed rate agency CMOs 805,086 — (175,985) 629,101 Variable rate agency CMOs 24,675 28 (573) 24,130 Total residential mortgage-backed securities 1,051,111 30 (212,032) 839,109 Total marketable securities available-for-sale $ 1,262,080 33 (252,037) 1,010,076 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due after one year through five years $ 20,000 — (1,799) 18,201 Due after ten years 53,152 — (10,761) 42,391 Debt issued by government-sponsored enterprises: Due after one year through five years 993 — (49) 944 Due after five years through ten years 45,814 — (7,557) 38,257 Municipal securities: Due within one year 506 — (1) 505 Due after one year through five years 986 21 (13) 994 Due after five years through ten years 36,332 — (2,290) 34,042 Due after ten years 89,631 8 (13,414) 76,225 Corporate debt issues: Due after five years through ten years 13,540 — (562) 12,978 Residential mortgage-backed securities: Fixed rate pass-through 227,122 35 (31,171) 195,986 Variable rate pass-through 8,837 10 (184) 8,663 Fixed rate agency CMOs 906,962 — (145,284) 761,678 Variable rate agency CMOs 27,853 31 (640) 27,244 Total residential mortgage-backed securities 1,170,774 76 (177,279) 993,571 Total marketable securities available-for-sale $ 1,431,728 105 (213,725) 1,218,108 The following table shows the portfolio of marketable securities held-to-maturity at September 30, 2023 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due after one year through five years $ 49,471 — (6,830) 42,641 Due after five years through ten years 74,986 — (14,901) 60,085 Residential mortgage-backed securities: Fixed rate pass-through 151,411 — (27,070) 124,341 Variable rate pass-through 468 — (8) 460 Fixed rate agency CMOs 553,241 — (98,606) 454,635 Variable rate agency CMOs 529 — (10) 519 Total residential mortgage-backed securities 705,649 — (125,694) 579,955 Total marketable securities held-to-maturity $ 830,106 — (147,425) 682,681 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due after one year through five years $ 29,478 — (3,676) 25,802 Due after five years through ten years 94,977 — (18,157) 76,820 Residential mortgage-backed securities: Fixed rate pass-through 163,196 — (24,684) 138,512 Variable rate pass-through 542 — (12) 530 Fixed rate agency CMOs 592,527 — (83,325) 509,202 Variable rate agency CMOs 529 — (11) 518 Total residential mortgage-backed securities 756,794 — (108,032) 648,762 Total marketable securities held-to-maturity $ 881,249 — (129,865) 751,384 The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at September 30, 2023 (in thousands): Amortized Fair Residential mortgage-backed securities: Due within one year $ 60 59 Due after one year through five years 25,302 23,185 Due after five years through ten years 27,837 25,424 Due after ten years 997,912 790,441 Total residential mortgage-backed securities $ 1,051,111 839,109 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at September 30, 2023 (in thousands): Amortized Fair Residential mortgage-backed securities: Due after one year through five years $ 20,343 17,291 Due after five years through ten years 20,225 15,484 Due after ten years 665,081 547,180 Total residential mortgage-backed securities $ 705,649 579,955 The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment 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 September 30, 2023 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 423 (11) 197,736 (42,873) 198,159 (42,884) Municipal securities 8,412 (526) 59,233 (17,326) 67,645 (17,852) Corporate issues — — 7,464 (1,000) 7,464 (1,000) Residential mortgage-backed securities - agency 25,649 (1,271) 1,390,685 (336,455) 1,416,334 (337,726) Total $ 34,484 (1,808) 1,655,118 (397,654) 1,689,602 (399,462) The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment 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, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 1,735 (82) 200,679 (41,917) 202,414 (41,999) Corporate debt issues 12,979 (562) — — 12,979 (562) Municipal securities 60,676 (4,047) 44,493 (11,671) 105,169 (15,718) Residential mortgage-backed securities - agency 373,186 (22,796) 1,264,042 (262,515) 1,637,228 (285,311) Total $ 448,576 (27,487) 1,509,214 (316,103) 1,957,790 (343,590) The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of September 30, 2023, which were comprised of 548 individual securities, represents a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. 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 and the corporate debt issues 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 more likely than not 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. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of September 30, 2023. The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of September 30, 2023 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and 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 September 30, 2023. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by the U.S. government-sponsored enterprises $ 124,457 124,457 Residential mortgage-backed securities 705,649 705,649 Total marketable securities held-to-maturity $ 830,106 830,106 |
Loans Receivable
Loans Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table shows a summary of our loans receivable at amortized cost basis at September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Originated (1) Acquired (2) Total Originated (1) Acquired (2) Total Personal Banking: Residential mortgage loans (3) $ 3,322,136 150,627 3,472,763 3,327,879 170,720 3,498,599 Home equity loans 1,126,675 132,090 1,258,765 1,131,641 166,033 1,297,674 Vehicle loans 1,969,029 70,670 2,039,699 1,965,385 91,398 2,056,783 Consumer loans 109,319 6,101 115,420 104,284 7,588 111,872 Total Personal Banking 6,527,159 359,488 6,886,647 6,529,189 435,739 6,964,928 Commercial Banking: Commercial real estate loans (4) 2,286,563 267,081 2,553,644 2,135,607 312,421 2,448,028 Commercial real estate loans - owner occupied 343,714 25,659 369,373 341,704 33,823 375,527 Commercial loans 1,463,159 37,450 1,500,609 1,082,914 49,055 1,131,969 Total Commercial Banking 4,093,436 330,190 4,423,626 3,560,225 395,299 3,955,524 Total loans receivable, gross 10,620,595 689,678 11,310,273 10,089,414 831,038 10,920,452 Allowance for credit losses (116,596) (8,245) (124,841) (107,379) (10,657) (118,036) Total loans receivable, net (5) $ 10,503,999 681,433 11,185,432 9,982,035 820,381 10,802,416 (1) Includes originated and loan pools purchased in an asset acquisition. (2) Includes loans subject to purchase accounting in a business combination. (3) Includes $10.2 million and $9.9 million of loans held-for-sale at September 30, 2023 and December 31, 2022, respectively. (4) Includes $435,000 and $0 of loans held-for-sale at September 30, 2023 and December 31, 2022, respectively. (5) Includes $71.5 million and $76.1 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at September 30, 2023 and December 31, 2022, 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 September 30, 2023 (in thousands): Balance as of September 30, 2023 Current period provision Charge-offs Recoveries Balance as of June 30, 2023 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,090 (370) (171) 75 17,556 Home equity loans 5,044 201 (320) 161 5,002 Vehicle loans 27,226 984 (1,524) 483 27,283 Consumer loans 1,202 1,436 (1,561) 317 1,010 Total Personal Banking 50,562 2,251 (3,576) 1,036 50,851 Commercial Banking: Commercial real estate loans 48,582 (1,110) (484) 120 50,056 Commercial real estate loans - owner occupied 3,479 (30) — 11 3,498 Commercial loans 22,218 2,872 (1,286) 614 20,018 Total Commercial Banking 74,279 1,732 (1,770) 745 73,572 Total $ 124,841 3,983 (5,346) 1,781 124,423 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 3 (1) — — 4 Home equity loans 67 3 — — 64 Total Personal Banking 70 2 — — 68 Commercial Banking: Commercial real estate loans 4,797 (2,858) — — 7,655 Commercial real estate loans - owner occupied 140 (180) — — 320 Commercial loans 7,971 55 — — 7,916 Total Commercial Banking 12,908 (2,983) — — 15,891 Total off-balance sheet exposure $ 12,978 (2,981) — — 15,959 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 September 30, 2022 (in thousands): Balance as of September 30, 2022 Current period provision Charge-offs Recoveries Balance as of June 30, 2022 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,967 1,646 (166) 329 16,158 Home equity loans 5,448 341 (535) 410 5,232 Vehicle loans 17,004 1,576 (936) 626 15,738 Consumer loans 825 1,170 (1,405) 281 779 Total Personal Banking 41,244 4,733 (3,042) 1,646 37,907 Commercial Banking: Commercial real estate loans 49,649 5,117 (1,329) 6,220 39,641 Commercial real estate loans - owner occupied 4,087 (34) — 26 4,095 Commercial loans 14,839 (2,127) (243) 497 16,712 Total Commercial Banking 68,575 2,956 (1,572) 6,743 60,448 Total $ 109,819 7,689 (4,614) 8,389 98,355 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 4 (2) — — 6 Home equity loans 74 10 — — 64 Total Personal Banking 78 8 — — 70 Commercial Banking: Commercial real estate loans 5,382 1,919 — — 3,463 Commercial real estate loans - owner occupied 287 (41) — — 328 Commercial loans 5,288 1,699 — — 3,589 Total Commercial Banking 10,957 3,577 — — 7,380 Total off-balance sheet exposure $ 11,035 3,585 — — 7,450 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2023 (in thousands): Balance Current period provision Charge-offs Recoveries ASU 2022-02 Adoption Balance December 31, 2022 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,090 (2,047) (923) 799 — 19,261 Home equity loans 5,044 (705) (719) 566 — 5,902 Vehicle loans 27,226 7,267 (4,731) 1,631 — 23,059 Consumer loans 1,202 3,463 (3,860) 934 — 665 Total Personal Banking 50,562 7,978 (10,233) 3,930 — 48,887 Commercial Banking: Commercial real estate loans 48,582 3,587 (1,556) 1,619 426 44,506 Commercial real estate loans - owner occupied 3,479 (515) (68) 58 — 4,004 Commercial loans 22,218 3,813 (3,360) 1,126 — 20,639 Total Commercial Banking 74,279 6,885 (4,984) 2,803 426 69,149 Total $ 124,841 14,863 (15,217) 6,733 426 118,036 Allowance for Credit Losses - off-balance sheet exposure (1) Personal Banking: Residential mortgage loans $ 3 (1) — — — 4 Home equity loans 67 (7) — — — 74 Total Personal Banking 70 (8) — — — 78 Commercial Banking: Commercial real estate loans 4,797 (578) — — — 5,375 Commercial real estate loans - owner occupied 140 (239) — — — 379 Commercial loans 7,971 890 — — — 7,081 Total Commercial Banking 12,908 73 — — — 12,835 Total off-balance sheet exposure $ 12,978 65 — — — 12,913 (1) The table above has been revised to reflect the correct ending balance for total off-balance-sheet exposure at December 31, 2022. We evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2022 (in thousands): Balance as of September 30, 2022 Current period provision Charge-offs Recoveries Balance as of December 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,967 11,331 (1,487) 750 7,373 Home equity loans 5,448 127 (1,237) 1,258 5,300 Vehicle loans 17,004 2,159 (2,517) 1,879 15,483 Consumer loans 825 479 (3,459) 921 2,884 Total Personal Banking 41,244 14,096 (8,700) 4,808 31,040 Commercial Banking: Commercial real estate loans 49,649 (6,465) (6,745) 8,718 54,141 Commercial real estate loans - owner occupied 4,087 167 — 37 3,883 Commercial loans 14,839 1,039 (1,253) 1,876 13,177 Total Commercial Banking 68,575 (5,259) (7,998) 10,631 71,201 Total $ 109,819 8,837 (16,698) 15,439 102,241 Allowance for Credit Losses - Personal Banking: Residential mortgage loans $ 4 2 — — 2 Home equity loans 74 35 — — 39 Total Personal Banking 78 37 — — 41 Commercial Banking: Commercial real estate loans 5,382 4,501 — — 881 Commercial real estate loans - owner occupied 287 145 — — 142 Commercial loans 5,288 3,894 — — 1,394 Total Commercial Banking 10,957 8,540 — — 2,417 Total off-balance sheet exposure $ 11,035 8,577 — — 2,458 During the nine months ended September 30, 2022, the Company purchased a total of $182.8 million small business equipment finance loan pools and a total of $188.3 million one- to four-family jumbo mortgage loan pools. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at September 30, 2023 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 3,472,763 17,090 9,760 — Home equity loans 1,258,765 5,044 3,431 133 Vehicle loans 2,039,699 27,226 3,817 57 Consumer loans 115,420 1,202 281 500 Total Personal Banking 6,886,647 50,562 17,289 690 Commercial Banking: Commercial real estate loans 2,553,644 48,582 54,109 — Commercial real estate loans - owner occupied 369,373 3,479 1,071 — Commercial loans 1,500,609 22,218 4,185 38 Total Commercial Banking 4,423,626 74,279 59,365 38 Total $ 11,310,273 124,841 76,654 728 The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2022, prior to the adoption of ASU 2022-02 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,498,599 19,261 7,574 — 6,279 1,069 — Home equity loans 1,297,674 5,902 4,145 — 1,470 546 — Vehicle loans 2,056,783 23,059 3,771 2 — — — Consumer loans 111,872 665 256 405 — — — Total Personal Banking 6,964,928 48,887 15,746 407 7,749 1,615 — Commercial Banking: Commercial real estate loans 2,448,028 44,506 62,239 — 31,980 638 400 Commercial real estate loans - owner occupied 375,527 4,004 624 — 94 31 — Commercial loans 1,131,969 20,639 2,627 337 858 116 4 Total Commercial Banking 3,955,524 69,149 65,490 337 32,932 785 404 Total $ 10,920,452 118,036 81,236 744 40,681 2,400 404 (1) Includes $29.2 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 nine-month period ended September 30, 2023 (in thousands): September 30, 2023 Nonaccrual loans at January 1, 2023 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 7,574 9,760 — 9,760 — Home equity loans 4,145 3,262 169 3,431 133 Vehicle loans 3,771 2,838 979 3,817 57 Consumer loans 256 281 — 281 500 Total Personal Banking 15,746 16,141 1,148 17,289 690 Commercial Banking: Commercial real estate loans 62,239 21,838 32,271 54,109 — Commercial real estate loans - owner occupied 624 1,071 — 1,071 — Commercial loans 2,627 3,828 357 4,185 38 Total Commercial Banking 65,490 26,737 32,628 59,365 38 Total $ 81,236 42,878 33,776 76,654 728 During the three and nine months ended September 30, 2023, we did not recognize any interest income on nonaccrual loans. The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2022 (in thousands): December 31, 2022 Nonaccrual loans at January 1, 2022 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 10,402 7,574 — 7,574 — Home equity loans 5,758 3,887 258 4,145 — Vehicle loans 3,263 2,175 1,596 3,771 2 Consumer loans 675 256 — 256 405 Total Personal Banking 20,098 13,892 1,854 15,746 407 Commercial Banking: Commercial real estate loans 129,666 22,182 40,057 62,239 — Commercial real estate loans - owner occupied 1,233 624 — 624 — Commercial loans 7,474 2,024 603 2,627 337 Total Commercial Banking 138,373 24,830 40,660 65,490 337 Total $ 158,471 38,722 42,514 81,236 744 During the year ended December 31, 2022, we recognized $678,000 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 September 30, 2023 (in thousands): Real estate Total Commercial Banking: Commercial real estate loans $ 51,402 51,402 Commercial loans 160 160 Total Commercial Banking 51,562 51,562 Total $ 51,562 51,562 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2022 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 569 — 569 Home equity loans 100 — 100 Total Personal Banking 669 — 669 Commercial Banking: Commercial real estate loans 57,056 — 57,056 Commercial loans 175 210 385 Total Commercial Banking 57,231 210 57,441 Total $ 57,900 210 58,110 Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged off against the allowance for credit losses. In some cases, the Company provides multiple types of concessions to one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay, and/or an interest rate reduction. The following table presents the amortized cost basis of loans as of September 30, 2023 that were both experiencing financial difficulty and modified during the periods indicated, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands). For the quarter ended September 30, 2023 For the nine months ended September 30, 2023 Term extension Combination term extension and interest rate reduction Total class of financing receivable Term extension Combination term extension and interest rate reduction Total class of financing receivable Personal Banking: Residential mortgage loans $ 192 — 0.01 % 450 — 0.01 % Home equity loans 122 85 0.02 % 283 85 0.03 % Consumer loans — — — % — 3 0.00 % Total Personal Banking 314 85 0.01 % 733 88 0.01 % Commercial Banking: Commercial real estate loans — — — % 197 — 0.01 % Commercial loans 15 — 0.00 % 663 — 0.04 % Total Commercial Banking 15 — — % 860 — 0.02 % Total $ 329 85 0.00 % 1,593 88 0.01 % The Company has committed to lend additional amounts totaling $31,000 to the borrowers included in the previous table. The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated: For the quarter ended September 30, 2023 For the nine months ended September 30, 2023 Weighted-average interest rate reduction Weighted-average term extension in months Weighted-average interest rate reduction Weighted-average term extension in months Personal Banking: Residential mortgage loans — % 169 — 149 Home equity loans 5 % 112 5 % 96 Consumer loans — % — 12 % 356 Total Personal Banking 5 % 140 17 % 126 Commercial Banking: Commercial real estate loans — % — — 25 Commercial loans — % 23 — 9 Total Commercial Banking — % 23 — 13 Total loans 5 % 135 17 % 68 The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans that such loans have been modified since the adoption of ASU 2022-02 (in thousands): Current 30-59 days 60-89 days 90 days or Personal Banking: Residential mortgage loans $ 450 — — — Home equity loans 368 — — — Consumer loans 3 — — — Total Personal Banking 821 — — — Commercial Banking: Commercial real estate loans 74 — — 123 Commercial real estate loans - owner occupied — — — — Commercial loans — 15 — 648 Total Commercial Banking 74 15 — 771 Total loans $ 895 15 — 771 A modification is considered to be in default when the loan is 90 days or more past due. The following table provides the amortized cost basis of financing receivables that had a payment default during the period and were modified since the adoption of ASU 2022-02 to borrowers experiencing financial difficulty (in thousands) : Term extension Commercial Banking: Commercial real estate loans $ 123 Commercial loans 648 Total Commercial Banking 771 Total $ 771 The modifications to borrowers experiencing financial distress are included in their respective portfolio segment and the current loan balance and updated loan terms are run through their respective ACL models to arrive at the quantitative portion of the ACL. Subsequent performance of the loans will be measured by delinquency status and will be captured through our ACL models or our qualitative factor assessment, as deemed appropriate. If we no longer believe the loan demonstrates similar risks to their respective portfolio segment an individual assessment will be performed. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The following tables provide a roll forward of troubled debt restructurings for the periods indicated, prior to the adoption of ASU 2022-02 (dollars in thousands): For the quarter ended September 30, 2022 For the nine months ended September 30, 2022 Number of Contracts Amount Number of Contracts Amount Beginning TDR balance: 128 $ 54,237 134 $ 30,288 New TDRs 6 221 8 25,626 Re-modified TDRs 4 977 10 1,178 Net paydowns — (810) — (1,609) Charge-offs: Residential mortgage loans — — 1 (3) Paid-off loans: Residential mortgage loans 1 (35) 2 (236) Home equity loans 1 (11) 3 (88) Commercial real estate loans 1 (3,349) 4 (3,718) Commercial real estate loans - owner occupied 1 (44) 1 (44) Commercial loans 3 (3,459) 4 (3,466) Ending TDR balance: 127 $ 46,750 127 $ 46,750 Accruing TDRs $ 16,344 $ 16,344 Nonaccrual TDRs 30,406 30,406 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, prior to the adoption of ASU 2022-02 (dollars in thousands): For the quarter ended September 30, 2022 For the nine months ended September 30, 2022 Number of Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans 2 $ 147 144 15 2 $ 147 144 15 Home equity loans 5 160 154 23 5 160 154 23 Total Personal Banking 7 307 298 38 7 307 298 38 Commercial Banking: Commercial real estate loans 1 $ 610 609 89 5 $ 34,295 26,212 102 Commercial loans 2 332 291 20 6 3,856 294 20 Total Commercial Banking 3 942 900 109 11 38,151 26,506 122 Total 10 $ 1,249 1,198 147 18 $ 38,458 26,804 160 The following table provides information as of September 30, 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 September 30, 2022, prior to the adoption of ASU 2022-02 (dollars in thousands): Type of modification Number of contracts Maturity date Total Personal Banking: Residential mortgage loans 2 $ 144 144 Home equity loans 5 154 154 Total Personal Banking 7 298 298 Commercial Banking: Commercial real estate loans 1 $ 609 609 Commercial loans 2 291 291 Total Commercial Banking 3 900 900 Total 10 $ 1,198 1,198 The following table provides information as of September 30, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the nine months ended September 30, 2022, prior to the adoption of ASU 2022-02 (dollars in thousands): Type of modification Number of contracts Rate Maturity date Total Personal Banking: Residential mortgage loans 2 $ — 144 144 Home equity loans 5 — 154 154 Total Personal Banking 7 — 298 298 Commercial Banking: Commercial real estate loans 5 $ 4,166 22,046 26,212 Commercial loans 6 — 294 294 Total Commercial Banking 11 4,166 22,340 26,506 Total 18 $ 4,166 22,638 26,804 No TDRs modified within the previous twelve months of September 30, 2022 subsequently defaulted, prior to the adoption of ASU 2022-02. The following table provides information related to the amortized cost basis of loan payment delinquencies at September 30, 2023 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 573 5,395 7,695 13,663 3,459,100 3,472,763 — Home equity loans 4,707 1,341 2,206 8,254 1,250,511 1,258,765 133 Vehicle loans 9,122 2,412 2,274 13,808 2,025,891 2,039,699 57 Consumer loans 752 295 746 1,793 113,627 115,420 500 Total Personal Banking 15,154 9,443 12,921 37,518 6,849,129 6,886,647 690 Commercial Banking: Commercial real estate loans 3,411 1,328 8,042 12,781 2,540,863 2,553,644 — Commercial real estate loans - owner occupied — 260 374 634 368,739 369,373 — Commercial loans 2,847 981 2,472 6,300 1,494,309 1,500,609 38 Total Commercial Banking 6,258 2,569 10,888 19,715 4,403,911 4,423,626 38 Total loans $ 21,412 12,012 23,809 57,233 11,253,040 11,310,273 728 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 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 $ 29,487 5,563 5,574 40,624 3,457,975 3,498,599 — Home equity loans 6,657 975 2,257 9,889 1,287,785 1,297,674 — Vehicle loans 8,677 2,770 2,471 13,918 2,042,865 2,056,783 2 Consumer loans 758 300 608 1,666 110,206 111,872 405 Total Personal Banking 45,579 9,608 10,910 66,097 6,898,831 6,964,928 407 Commercial Banking: Commercial real estate loans 3,947 2,377 7,589 13,913 2,434,115 2,448,028 — Commercial real estate loans - owner occupied 61 — 278 339 375,188 375,527 — Commercial loans 2,648 1,115 1,829 5,592 1,126,377 1,131,969 337 Total Commercial Banking 6,656 3,492 9,696 19,844 3,935,680 3,955,524 337 Total originated loans $ 52,235 13,100 20,606 85,941 10,834,511 10,920,452 744 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 90 days or greater 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, 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 and the current period charge-offs by year of origination for each portfolio segment as of September 30, 2023 (in thousands): YTD September 30, 2023 2022 2021 2020 2019 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 159,472 673,235 803,613 516,270 249,797 1,056,864 — — 3,459,251 Substandard — 1,033 260 872 336 11,011 — — 13,512 Total residential mortgage loans 159,472 674,268 803,873 517,142 250,133 1,067,875 — — 3,472,763 Residential mortgage current period charge-offs — — (5) (130) — (788) — — (923) Home equity loans Pass 65,795 104,272 110,823 153,431 98,062 210,273 469,459 42,870 1,254,985 Substandard — — — — 149 1,783 1,050 798 3,780 Total home equity loans 65,795 104,272 110,823 153,431 98,211 212,056 470,509 43,668 1,258,765 Home equity current period charge-offs — (53) (46) — (48) (257) (142) (173) (719) Vehicle loans Pass 541,270 746,225 444,934 153,264 81,931 68,201 — — 2,035,825 Substandard 320 901 1,386 247 564 456 — — 3,874 Total vehicle loans 541,590 747,126 446,320 153,511 82,495 68,657 — — 2,039,699 Vehicle current period charge-offs (324) (1,385) (1,425) (416) (497) (684) — — (4,731) Consumer loans Pass 20,061 13,137 6,361 2,485 1,727 6,201 63,801 866 114,639 Substandard 45 57 31 8 14 1 506 119 781 Total consumer loans 20,106 13,194 6,392 2,493 1,741 6,202 64,307 985 115,420 Consumer loan current period charge-offs (2,055) (340) (271) (116) (150) (766) (149) (13) (3,860) Total Personal Banking 786,963 1,538,860 1,367,408 826,577 432,580 1,354,790 534,816 44,653 6,886,647 Business Banking: Commercial real estate loans Pass 127,229 437,503 356,152 330,522 225,478 776,377 23,845 25,345 2,302,451 Special mention — 7,451 26,749 21,732 5,615 34,909 350 — 96,806 Substandard — 174 1,056 8,108 48,592 95,825 514 118 154,387 Total commercial real estate loans 127,229 445,128 383,957 360,362 279,685 907,111 24,709 25,463 2,553,644 Commercial real estate current period charge-offs — — (492) — (51) (1,013) — — (1,556) Commercial real estate loans - owner occupied Pass 17,830 50,716 48,567 14,845 44,834 148,778 2,237 2,214 330,021 Special mention — 17,631 — 1,690 — 7,808 — — 27,129 Substandard — — 122 1,344 4,736 5,308 — 713 12,223 Total commercial real estate loans - owner occupied 17,830 68,347 48,689 17,879 49,570 161,894 2,237 2,927 369,373 Commercial real estate - owner occupied current period charge-offs — — — — — (68) — — (68) Commercial loans Pass 315,190 455,098 77,266 28,754 37,787 56,731 501,722 4,285 1,476,833 Special mention 542 315 58 369 316 68 2,022 — 3,690 Substandard — 2,496 577 495 2,503 1,025 11,730 1,260 20,086 Total commercial loans 315,732 457,909 77,901 29,618 40,606 57,824 515,474 5,545 1,500,609 Commercial loans current period charge-offs — (1,526) (517) (430) (110) (715) (60) (2) (3,360) Total Business Banking 460,791 971,384 510,547 407,859 369,861 1,126,829 542,420 33,935 4,423,626 Total loans $ 1,247,754 2,510,244 1,877,955 1,234,436 802,441 2,481,619 1,077,236 78,588 11,310,273 For the nine months ended September 30, 2023, $13.7 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, 2022 (in thousands): 2022 2021 2020 2019 2018 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 659,930 837,823 546,604 265,520 131,599 1,043,394 — — 3,484,870 Substandard 422 187 474 796 531 11,319 — — 13,729 Total residential mortgage loans 660,352 838,010 547,078 266,316 132,130 1,054,713 — — 3,498,599 Home equity loans Pass 114,598 126,608 173,044 110,495 50,314 198,971 475,229 42,887 1,292,146 Substandard — 46 — 127 324 3,066 683 1,282 5,528 Total home equity loans 114,598 126,654 173,044 110,622 50,638 202,037 475,912 44,169 1,297,674 Vehicle loans Pass 966,432 611,310 227,897 135,134 70,071 42,166 — — 2,053,010 Substandard 292 1,096 667 689 657 372 — — 3,773 Total vehicle loans 966,724 612,406 228,564 135,823 70,728 42,538 — — 2,056,783 Consumer loans Pass 19,302 9,874 4,327 3,557 2,409 5,094 65,610 1,037 111,210 Substandard 24 9 37 9 3 48 432 100 662 Total consumer loans 19,326 9,883 4,364 3,566 2,412 5,142 66,042 1,137 111,872 Total Personal Banking 1,761,000 1,586,953 953,050 516,327 255,908 1,304,430 541,954 45,306 6,964,928 Business Banking: Commercial real estate loans Pass 322,050 346,355 369,868 244,188 209,500 696,628 24,954 13,314 2,226,857 Special mention — 17,216 16,782 87 1,000 15,887 157 15 51,144 Substandard — 4,561 3,617 48,879 41,521 70,384 459 606 170,027 Total commercial real estate loans 322,050 368,132 390,267 293,154 252,021 782,899 25,570 13,935 2,448,028 Commercial real estate - owner occupied Pass 62,905 51,673 17,989 49,600 43,570 123,278 2,477 1,460 352,952 Special mention 126 — 18 — 2,297 1,106 385 — 3,932 Substandard — — — 5,085 2,440 9,250 — 1,868 18,643 Total commercial real estate - owner occupied loans 63,031 51,673 18,007 54,685 48,307 133,634 2,862 3,328 375,527 Commercial loans Pass 481,797 90,320 52,833 46,966 17,250 53,107 354,402 4,032 1,100,707 Special mention 628 2,190 506 1,704 227 — 2,129 — 7,384 Substandard 1,833 603 908 2,097 1,605 735 12,941 3,156 23,878 Total commercial loans 484,258 93,113 54,247 50,767 19,082 53,842 369,472 7,188 1,131,969 Total Business Banking 869,339 512,918 462,521 398,606 319,410 970,375 397,904 24,451 3,955,524 Total loans $ 2,630,339 2,099,871 1,415,571 914,933 575,318 2,274,805 939,858 69,757 10,920,452 For the year ended December 31, 2022, $20.7 million of revolving loans were converted to term loans. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
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): September 30, 2023 December 31, 2022 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 74,899 Less: accumulated amortization (68,886) (66,367) Core deposit intangibles - net $ 6,013 8,532 Customer and Contract intangible assets - gross $ 12,775 12,775 Less: accumulated amortization (12,775) (12,747) Customer and Contract intangible assets - net — 28 Total intangible assets - net $ 6,013 8,560 The following table shows the actual aggregate amortization expense for the quarters ended September 30, 2023 and 2022, 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 September 30, 2023 $ 795 For the quarter ended September 30, 2022 1,047 For the nine months ended September 30, 2023 2,546 For the nine months ended September 30, 2022 3,345 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, 2022 $ 380,997 Balance at September 30, 2023 $ 380,997 |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds (a) Borrowings Borrowed funds at September 30, 2023 and December 31, 2022 are presented in the following table: September 30, 2023 December 31, 2022 Amount Average rate Amount Average rate Term notes payable to the FHLB of Pittsburgh, due within one year $ 375,400 5.65 % $ 500,000 4.55 % Notes payable to the FHLB of Pittsburgh, due within one year 119,000 5.68 % 51,300 4.45 % Collateralized borrowings, due within one year 48,587 1.52 % 105,766 0.27 % Collateral received, due within one year 61,600 5.16 % 24,100 4.17 % Total borrowed funds $ 604,587 $ 681,166 Borrowings from the Federal Home Loan Bank (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. At September 30, 2023, the carrying value of these loans was $6.049 billion. 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. At September 30, 2023 and December 31, 2022, the balance of the revolving line of credit was $119.0 million and $51.3 million, respectively. At September 30, 2023 and December 31, 2022, collateralized borrowings due within one year were $48.6 million and $105.8 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At September 30, 2023, the carrying value of the cash and securities used as collateral was $89.3 million. At September 30, 2023 and December 31, 2022, collateral received was $61.6 million and $24.1 million, respectively. This represents collateral posted to us from our derivative counterparties. At September 30, 2023 and December 31, 2022, term notes payable to the FHLB of Pittsburgh due within one year were $375.4 million and $500.0 million, respectively. The September 30, 2023 total is made up of ten advances: 400,000 at 5.72% maturing October 2, 2023; $100.0 million at 5.65% maturing October 6, 2023; $100.0 million at 5.65% maturing October 13, 2023; $25.0 million at 5.63% maturing October 26, 2023; $25.0 million at 5.66% maturing October 31, 2023; $25.0 million at 5.63% maturing November 9, 2023; $25.0 million at 5.65% maturing November 13, 2023; $25.0 million at 5.62% maturing November 14, 2023; $25.0 million at 5.63% maturing November 21, 2023; and $25.0 million at 5.65% maturing November 30, 2023. 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. During the year-ended December 31, 2022 the Company repurchased $10.2 million of subordinated notes leaving $114.8 million of subordinated notes outstanding. 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 September 30, 2023 and December 31, 2022, subordinated debentures, net of issuance costs, were $114.1 million and $113.8 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 (dollars in thousands). Maturity date Interest rate Capital debt securities September 30, 2023 December 31, 2022 Northwest Bancorp Capital Trust III December 30, 2035 3-month SOFR plus 1.38% $ 50,000 $ 51,547 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month SOFR plus 1.38% 50,000 51,547 51,547 LNB Trust II June 15, 2037 3-month SOFR plus 1.48% 7,875 8,119 8,119 Union National Capital Trust I (1) January 23, 2034 3-month SOFR plus 2.85% 8,000 7,993 7,975 Union National Capital Trust II (1) November 23, 2034 3-month SOFR plus 2.00% 3,000 2,789 2,768 MFBC Statutory Trust I (1) September 15, 2035 3-month SOFR plus 1.70% 5,000 3,762 3,684 Universal Preferred Trust (1) October 7, 2035 3-month SOFR plus 1.69% 5,000 3,752 3,674 $ 129,509 129,314 (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 | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $45.9 million, of which $28.7 million is fully collateralized. At September 30, 2023, we had a liability which represents deferred income of $1.0 million related to the standby letters of credit. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Net income $ 39,220 37,304 105,943 99,017 Less: Dividends and undistributed earnings allocated to participating securities 99 166 267 441 Net income available to common shareholders $ 39,121 37,138 105,676 98,576 Weighted average common shares outstanding 126,767,507 126,320,706 126,629,786 126,082,217 Add: Participating shares outstanding 320,177 565,729 320,177 565,729 Total weighted average common shares and dilutive potential shares 127,087,684 126,886,435 126,949,963 126,647,946 Basic earnings per share $ 0.31 0.29 0.83 0.78 Diluted earnings per share $ 0.31 0.29 0.83 0.78 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Pension benefits Other post-retirement benefits 2023 2022 2023 2022 Service cost $ 1,560 2,599 — — Interest cost 2,245 1,671 7 10 Expected return on plan assets (3,479) (3,864) — — Amortization of prior service cost (564) (564) — — Amortization of the net loss 20 381 10 2 Net periodic cost $ (218) 223 17 12 Nine months ended September 30, Pension benefits Other post-retirement benefits 2023 2022 2023 2022 Service cost $ 4,680 7,797 — — Interest cost 6,735 5,013 21 30 Expected return on plan assets (10,437) (11,592) — — Amortization of prior service cost (1,692) (1,692) — — Amortization of the net loss 60 1,143 30 6 Net periodic cost $ (654) 669 51 36 Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2023. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
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, residential mortgage loans held-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. FHLB stock is recorded at cost. 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 and Risk Participation Agreements The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the SOFR discount 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 SOFR 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 that 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 161,995 161,995 161,995 — — Securities available-for-sale 1,010,076 1,010,076 — 1,010,076 — Securities held-to-maturity 830,106 682,681 — 682,681 — Loans receivable, net 11,174,840 10,031,968 — — 10,031,968 Loans held-for-sale 10,592 10,592 — — 10,592 Accrued interest receivable 42,624 42,624 42,624 — — Interest rate lock commitments 664 664 — — 664 Foreign exchange swaps 203 203 — 203 — Interest rate swaps designated as hedging instruments 4,603 4,603 — 4,603 — Interest rate swaps not designated as hedging instruments 57,249 57,249 — 57,249 — FHLB stock 40,404 40,404 — — — Total financial assets $ 13,333,356 12,043,059 204,619 1,754,812 10,043,224 Financial liabilities: Savings and checking deposits $ 9,531,544 9,531,544 9,531,544 — — Time deposits 2,258,338 2,250,768 — — 2,250,768 Borrowed funds 604,587 617,832 617,832 — — Subordinated debt 114,102 102,456 — 102,456 — Junior subordinated debentures 129,509 136,461 — — 136,461 Forward commitments 23 23 — 23 — Foreign exchange swaps 10 10 — 10 — Interest rate swaps not designated as hedging instruments 57,275 57,275 — 57,275 — Risk participation agreements 17 17 — 17 — Accrued interest payable 7,915 7,915 7,915 — — Total financial liabilities $ 12,703,320 12,704,301 10,157,291 159,781 2,387,229 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, 2022 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 139,365 139,365 139,365 — — Securities available-for-sale 1,218,108 1,218,108 — 1,218,108 — Securities held-to-maturity 881,249 751,384 — 751,384 — Loans receivable, net 10,792,503 9,910,852 — — 9,910,852 Residential mortgage loans held-for-sale 9,913 9,913 — — 9,913 Accrued interest receivable 35,528 35,528 35,528 — — Interest rate lock commitments 559 559 — — 559 Forward commitments 128 128 — 128 — Interest rate swaps not designated as hedging instruments 26,642 26,642 — 26,642 — FHLB stock 40,143 40,143 — — — Total financial assets $ 13,144,138 12,132,622 174,893 1,996,262 9,921,324 Financial liabilities: Savings and checking accounts $ 10,412,263 10,412,263 10,412,263 — — Time deposits 1,052,285 1,059,790 — — 1,059,790 Borrowed funds 681,166 680,996 680,996 — — Subordinated debt 113,840 102,554 — 102,554 — Junior subordinated debentures 129,314 133,546 — — 133,546 Foreign exchange swaps 23 23 — 23 — Interest rate swaps not designated as hedging instruments 45,464 45,464 — 45,464 — Risk participation agreements 18 18 — 18 — Accrued interest payable 3,231 3,231 3,231 — — Total financial liabilities $ 12,437,604 12,437,885 11,096,490 148,059 1,193,336 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 September 30, 2023 and December 31, 2022. The following table represents assets and liabilities measured at fair value on a recurring basis at September 30, 2023 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 56,526 — 56,526 Government-sponsored enterprises — 38,906 — 38,906 States and political subdivisions — 68,071 — 68,071 Corporate — 7,464 — 7,464 Total debt securities — 170,967 — 170,967 Residential mortgage-backed securities: GNMA — 17,073 — 17,073 FNMA — 99,874 — 99,874 FHLMC — 68,926 — 68,926 Non-agency — 5 — 5 Collateralized mortgage obligations: GNMA — 318,652 — 318,652 FNMA — 148,389 — 148,389 FHLMC — 186,190 — 186,190 Total mortgage-backed securities — 839,109 — 839,109 Interest rate lock commitments — — 664 664 Foreign exchange swaps — 203 — 203 Interest rate swaps designated as hedging instruments — 4,603 — 4,603 Interest rate swaps not designated as hedging instruments — 57,249 — 57,249 Total assets $ — 1,072,131 664 1,072,795 Forward commitments $ — 23 — 23 Foreign exchange swaps — 10 — 10 Interest rate swaps not designated as hedging instruments — 57,275 — 57,275 Risk participation agreements — 17 — 17 Total liabilities $ — 57,325 — 57,325 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 60,592 — 60,592 Government-sponsored enterprises — 39,201 — 39,201 States and political subdivisions — 111,766 — 111,766 Corporate — 12,978 — 12,978 Total debt securities — 224,537 — 224,537 Residential mortgage-backed securities: GNMA — 12,434 — 12,434 FNMA — 117,218 — 117,218 FHLMC — 74,991 — 74,991 Non-agency — 6 — 6 Collateralized mortgage obligations: GNMA — 364,553 — 364,553 FNMA — 185,588 — 185,588 FHLMC — 238,781 — 238,781 Total mortgage-backed securities — 993,571 — 993,571 Interest rate lock commitments — — 559 559 Forward commitments — 128 — 128 Interest rate swaps not designated as hedging instruments — 26,642 — 26,642 Total assets $ — 1,244,878 559 1,245,437 Foreign exchange swaps $ — 23 — 23 Interest rate swaps not designated as hedging instruments — 45,464 — 45,464 Risk participation agreements — 18 — 18 Total liabilities $ — 45,505 — 45,505 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Beginning balance, $ 761 1,520 559 1,684 Interest rate lock commitments: Net activity (97) (457) 105 (621) Ending balance $ 664 1,063 664 1,063 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 September 30, 2023 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 13,467 13,467 Mortgage servicing rights — — 198 198 Real estate owned, net — — 363 363 Total assets $ — — 14,028 14,028 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, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 15,416 15,416 Mortgage servicing rights — — 95 95 Real estate owned, net — — 413 413 Total assets $ — — 15,924 15,924 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 2022 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3. Mortgage servicing rights - Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified 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 September 30, 2023 (in thousands): Fair value Valuation techniques Significant Range (weighted average) Loans individually assessed $ 13,467 Appraisal value (1) Estimated cost to sell 10.0% Mortgage servicing rights 198 Discounted cash flow Annual service cost $90 Prepayment rate 6.6% to 15.0% (9.9%) Expected life (months) 53.1 to 103.5 (75.8) Option adjusted spread 720 basis points Forward yield curve 5.44% to 5.60% Real estate owned, net 363 Appraisal value (1) Estimated cost to sell 15.0% Loans held for sale 10,592 Quoted prices for similar loans in active markets adjusted by an expected pull-through rate Estimated pull-through rate 100.0% (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 | 9 Months Ended |
Sep. 30, 2023 | |
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 Designated as Hedging Instruments As of September 30, 2023, the Company has entered into seven separate pay-fixed interest rate swaps in order to synthetically convert short-term three month FHLB advances to fixed-rate term funding with an aggregate value of $175 million with maturities ranging from three Derivatives and Hedging . Our cash flow hedges are recorded within other assets on the Consolidated Statement of Financial Condition at their estimated fair value. As long as the hedge remains highly effective, the changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A hedging relationship that is determined to not be highly effective no longer qualifies for hedge accounting and any gain or loss is recognized immediately into earnings. Amount reclassified into earnings are included in interest expense in the Consolidated Statement of Income. 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. These risk participation agreements are recorded within other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of the the risk participation agreements are included in other operating income in the Consolidated Statement of Income. 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 September 30, 2023 Derivatives designated as hedging instruments: Interest rate swap agreements $ 175,000 4,603 — — Derivatives not designated as hedging instruments: Interest rate swap agreements 673,255 57,249 673,255 57,275 Foreign exchange swap agreements 7,393 203 760 10 Interest rate lock commitments 35,272 664 — — Forward commitments — — 6,772 23 Risk participation agreements — — 102,385 17 Total Derivatives $ 890,920 62,719 783,172 57,325 At December 31, 2022 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 651,114 26,642 651,114 45,464 Foreign exchange swap agreements — — 2,328 23 Interest rate lock commitments 19,727 559 — — Forward commitments 4,909 128 — — Risk participation agreements — — 114,159 18 Total derivatives $ 675,750 27,329 767,601 45,505 The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Hedging derivatives: Decrease in interest expense $ 627 — 831 — Non-hedging swap derivatives: Increase/(decrease) in other income $ 203 93 (127) 207 (Decrease)/increase in mortgage banking income $ (221) 809 (46) 1,131 The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended September 30, 2023 (in thousands): Notional amount Effective rate Estimated decrease to interest expense in the next twelve months Maturity date Remaining term Interest rate products: Issued May 11, 2023 $ 25,000 3.52 % $ (540) 5/11/2027 43 Issued May 12, 2023 25,000 3.54 % (528) 5/12/2028 55 Issued May 19, 2023 25,000 3.84 % (454) 11/19/2027 50 Issued May 31, 2023 25,000 4.08 % (400) 11/30/2026 38 Issued July 26, 2023 25,000 4.24 % (348) 7/26/2028 58 Issued July 31, 2023 25,000 4.36 % (330) 1/31/2028 52 Issued August 9, 2023 25,000 4.32 % (333) 8/9/2027 46 Total $ 175,000 $ (2,933) |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023, 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. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [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 September 30, 2023 Unrealized Change in Change in Total Balance as of June 30, 2023 $ (163,272) 1,737 (7,716) (169,251) Other comprehensive (loss)/income before reclassification adjustments (1) (2) (29,715) 1,825 — (27,890) Amounts reclassified from accumulated other comprehensive income (3) — — (382) (382) Net other comprehensive (loss)/income (29,715) 1,825 (382) (28,272) Balance as of September 30, 2023 $ (192,987) 3,562 (8,098) (197,523) For the quarter ended September 30, 2022 Unrealized Change in Total Balance as of June 30, 2022 $ (117,056) (25,574) (142,630) Other comprehensive loss before reclassification adjustments (4) (48,387) — (48,387) Amounts reclassified from accumulated other comprehensive income (5) — (131) (131) Net other comprehensive loss (48,387) (131) (48,518) Balance as of September 30, 2022 $ (165,443) (25,705) (191,148) (1) Consists of unrealized holding losses, net of tax of $9,140. (2) Change in fair value of interest rate swaps, net of tax ($533). (3) Consists of realized gains, net of tax of $152. (4) Consists of unrealized holding losses, net of tax $14,705. (5) Consists of realized gains, net of tax of $50. For the nine months ended September 30, 2023 Unrealized Change in Change in Total Balance as of December 31, 2022 $ (164,206) — (6,952) (171,158) Other comprehensive (loss)/income before reclassification adjustments (1) (3) (34,417) 3,562 — (30,855) Amounts reclassified from accumulated other comprehensive income (2) (4) 5,636 — (1,146) 4,490 Net other comprehensive income/(loss) (28,781) 3,562 (1,146) (26,365) Balance as of September 30, 2023 $ (192,987) 3,562 (8,098) (197,523) For the nine months ended September 30, 2022 Unrealized Change in Total Balance as of December 31, 2021 $ (12,317) (25,312) (37,629) Other comprehensive loss before reclassification adjustments (5) (153,124) — (153,124) Amounts reclassified from accumulated other comprehensive income (6) (7) (2) (393) (395) Net other comprehensive loss (153,126) (393) (153,519) Balance as of September 30, 2022 $ (165,443) (25,705) (191,148) (1) Consists of unrealized holding losses, net of tax of $9,603. (2) Consists of realized losses, net of tax of ($1,731). (3) Change in fair value of interest rate swaps, net of tax ($1,041). (4) Consists of realized gains, net of tax of $456. (5) Consists of unrealized holding losses, net of tax $45,555. (6) Consists of realized losses, net of tax $0. (7) Consists of realized gains, net of tax of $151. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (loss) | $ 39,220 | $ 37,304 | $ 105,943 | $ 99,017 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Inf_2
Basis of Presentation and Informational Disclosures (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 142 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, 2022 updated, as required, for any new pronouncements or changes. |
Reclassifications | Certain items previously reported have been reclassified to conform to the current year’s reporting format. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated Statements of Income and Consolidated Statements of Cash Flows for the quarter and nine months ended September 30, 2022, to reclassify the provision for credit losses - unfunded commitments, previously presented in other expense, to provide additional transparency to financial statement users. |
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. We had $702,000 and $473,000 of liability for unrecognized tax benefits as of September 30, 2023 and December 31, 2022. 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, 2022, 2021, 2020 and 2019. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board ( “ FASB ” ) issued Accounting Standards Update ( “ ASU ” ) No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure.” This ASU eliminates the accounting guidance for troubled debt restructurings ( “ TDRs ” ), while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. This ASU also requires the disclosure of current period gross write-offs by year for origination for financing receivables. This guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those years, with early adoption permitted. This ASU is applied prospectively to modifications and write-offs beginning on the first day of the fiscal year of adoption. An entity may elect to adopt a modified retrospective transition method on the recognition and measurement of the TDR guidance. We adopted ASU 2022-02 using a modified retrospective transition approach related to the recognition and measurement of the TDR guidance and on a prospective basis for modification and write-offs. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required ASU 2022-02 disclosure for periods before the date of adoption (i.e. January 1, 2023). This change did not have a material effect on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” This ASU provides temporary optional guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance provides expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The amendments primarily include contract modifications and hedge accounting, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance was effective as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date to Topic 848”. This guidance extends the guidance of ASU 2022-04 from December 31, 2022 to December 31, 2024. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform.” This ASU provides amendments, which are elective, and apply to all entities that have derivative instruments that use an interest rate for margining, discounting or contract price alignment of certain derivative instruments that are modified as a result of the reference rate reform. This ASU is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S government and agencies: Due after one year through five years $ 20,000 — (1,750) 18,250 Due after ten years 50,166 — (11,890) 38,276 Debt issued by government-sponsored enterprises: Due after one year through five years 45,985 — (7,502) 38,483 Due after five years through ten years 434 — (11) 423 Municipal securities: Due after one year through five years 954 3 (9) 948 Due after five years through ten years 21,976 — (3,055) 18,921 Due after ten years 62,990 — (14,788) 48,202 Corporate debt issues: Due after five years through ten years 8,464 — (1,000) 7,464 Residential mortgage-backed securities: Fixed rate pass-through 213,849 — (35,305) 178,544 Variable rate pass-through 7,501 2 (169) 7,334 Fixed rate agency CMOs 805,086 — (175,985) 629,101 Variable rate agency CMOs 24,675 28 (573) 24,130 Total residential mortgage-backed securities 1,051,111 30 (212,032) 839,109 Total marketable securities available-for-sale $ 1,262,080 33 (252,037) 1,010,076 The following table shows the portfolio of marketable securities available-for-sale at December 31, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by the U.S. government and agencies: Due after one year through five years $ 20,000 — (1,799) 18,201 Due after ten years 53,152 — (10,761) 42,391 Debt issued by government-sponsored enterprises: Due after one year through five years 993 — (49) 944 Due after five years through ten years 45,814 — (7,557) 38,257 Municipal securities: Due within one year 506 — (1) 505 Due after one year through five years 986 21 (13) 994 Due after five years through ten years 36,332 — (2,290) 34,042 Due after ten years 89,631 8 (13,414) 76,225 Corporate debt issues: Due after five years through ten years 13,540 — (562) 12,978 Residential mortgage-backed securities: Fixed rate pass-through 227,122 35 (31,171) 195,986 Variable rate pass-through 8,837 10 (184) 8,663 Fixed rate agency CMOs 906,962 — (145,284) 761,678 Variable rate agency CMOs 27,853 31 (640) 27,244 Total residential mortgage-backed securities 1,170,774 76 (177,279) 993,571 Total marketable securities available-for-sale $ 1,431,728 105 (213,725) 1,218,108 |
Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of marketable securities held-to-maturity at September 30, 2023 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due after one year through five years $ 49,471 — (6,830) 42,641 Due after five years through ten years 74,986 — (14,901) 60,085 Residential mortgage-backed securities: Fixed rate pass-through 151,411 — (27,070) 124,341 Variable rate pass-through 468 — (8) 460 Fixed rate agency CMOs 553,241 — (98,606) 454,635 Variable rate agency CMOs 529 — (10) 519 Total residential mortgage-backed securities 705,649 — (125,694) 579,955 Total marketable securities held-to-maturity $ 830,106 — (147,425) 682,681 The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2022 (in thousands): Amortized Gross Gross Fair Debt issued by government-sponsored enterprises: Due after one year through five years $ 29,478 — (3,676) 25,802 Due after five years through ten years 94,977 — (18,157) 76,820 Residential mortgage-backed securities: Fixed rate pass-through 163,196 — (24,684) 138,512 Variable rate pass-through 542 — (12) 530 Fixed rate agency CMOs 592,527 — (83,325) 509,202 Variable rate agency CMOs 529 — (11) 518 Total residential mortgage-backed securities 756,794 — (108,032) 648,762 Total marketable securities held-to-maturity $ 881,249 — (129,865) 751,384 |
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 September 30, 2023 (in thousands): Amortized Fair Residential mortgage-backed securities: Due within one year $ 60 59 Due after one year through five years 25,302 23,185 Due after five years through ten years 27,837 25,424 Due after ten years 997,912 790,441 Total residential mortgage-backed securities $ 1,051,111 839,109 The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at September 30, 2023 (in thousands): Amortized Fair Residential mortgage-backed securities: Due after one year through five years $ 20,343 17,291 Due after five years through ten years 20,225 15,484 Due after ten years 665,081 547,180 Total residential mortgage-backed securities $ 705,649 579,955 |
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 available for sale investment securities and held to maturity investment 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 September 30, 2023 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 423 (11) 197,736 (42,873) 198,159 (42,884) Municipal securities 8,412 (526) 59,233 (17,326) 67,645 (17,852) Corporate issues — — 7,464 (1,000) 7,464 (1,000) Residential mortgage-backed securities - agency 25,649 (1,271) 1,390,685 (336,455) 1,416,334 (337,726) Total $ 34,484 (1,808) 1,655,118 (397,654) 1,689,602 (399,462) The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment 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, 2022 (in thousands): Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government-sponsored enterprises $ 1,735 (82) 200,679 (41,917) 202,414 (41,999) Corporate debt issues 12,979 (562) — — 12,979 (562) Municipal securities 60,676 (4,047) 44,493 (11,671) 105,169 (15,718) Residential mortgage-backed securities - agency 373,186 (22,796) 1,264,042 (262,515) 1,637,228 (285,311) Total $ 448,576 (27,487) 1,509,214 (316,103) 1,957,790 (343,590) |
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 September 30, 2023 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and 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 September 30, 2023. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by the U.S. government-sponsored enterprises $ 124,457 124,457 Residential mortgage-backed securities 705,649 705,649 Total marketable securities held-to-maturity $ 830,106 830,106 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of loans receivable | The following table shows a summary of our loans receivable at amortized cost basis at September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Originated (1) Acquired (2) Total Originated (1) Acquired (2) Total Personal Banking: Residential mortgage loans (3) $ 3,322,136 150,627 3,472,763 3,327,879 170,720 3,498,599 Home equity loans 1,126,675 132,090 1,258,765 1,131,641 166,033 1,297,674 Vehicle loans 1,969,029 70,670 2,039,699 1,965,385 91,398 2,056,783 Consumer loans 109,319 6,101 115,420 104,284 7,588 111,872 Total Personal Banking 6,527,159 359,488 6,886,647 6,529,189 435,739 6,964,928 Commercial Banking: Commercial real estate loans (4) 2,286,563 267,081 2,553,644 2,135,607 312,421 2,448,028 Commercial real estate loans - owner occupied 343,714 25,659 369,373 341,704 33,823 375,527 Commercial loans 1,463,159 37,450 1,500,609 1,082,914 49,055 1,131,969 Total Commercial Banking 4,093,436 330,190 4,423,626 3,560,225 395,299 3,955,524 Total loans receivable, gross 10,620,595 689,678 11,310,273 10,089,414 831,038 10,920,452 Allowance for credit losses (116,596) (8,245) (124,841) (107,379) (10,657) (118,036) Total loans receivable, net (5) $ 10,503,999 681,433 11,185,432 9,982,035 820,381 10,802,416 (1) Includes originated and loan pools purchased in an asset acquisition. (2) Includes loans subject to purchase accounting in a business combination. (3) Includes $10.2 million and $9.9 million of loans held-for-sale at September 30, 2023 and December 31, 2022, respectively. (4) Includes $435,000 and $0 of loans held-for-sale at September 30, 2023 and December 31, 2022, 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 September 30, 2023 (in thousands): Balance as of September 30, 2023 Current period provision Charge-offs Recoveries Balance as of June 30, 2023 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,090 (370) (171) 75 17,556 Home equity loans 5,044 201 (320) 161 5,002 Vehicle loans 27,226 984 (1,524) 483 27,283 Consumer loans 1,202 1,436 (1,561) 317 1,010 Total Personal Banking 50,562 2,251 (3,576) 1,036 50,851 Commercial Banking: Commercial real estate loans 48,582 (1,110) (484) 120 50,056 Commercial real estate loans - owner occupied 3,479 (30) — 11 3,498 Commercial loans 22,218 2,872 (1,286) 614 20,018 Total Commercial Banking 74,279 1,732 (1,770) 745 73,572 Total $ 124,841 3,983 (5,346) 1,781 124,423 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 3 (1) — — 4 Home equity loans 67 3 — — 64 Total Personal Banking 70 2 — — 68 Commercial Banking: Commercial real estate loans 4,797 (2,858) — — 7,655 Commercial real estate loans - owner occupied 140 (180) — — 320 Commercial loans 7,971 55 — — 7,916 Total Commercial Banking 12,908 (2,983) — — 15,891 Total off-balance sheet exposure $ 12,978 (2,981) — — 15,959 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 September 30, 2022 (in thousands): Balance as of September 30, 2022 Current period provision Charge-offs Recoveries Balance as of June 30, 2022 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,967 1,646 (166) 329 16,158 Home equity loans 5,448 341 (535) 410 5,232 Vehicle loans 17,004 1,576 (936) 626 15,738 Consumer loans 825 1,170 (1,405) 281 779 Total Personal Banking 41,244 4,733 (3,042) 1,646 37,907 Commercial Banking: Commercial real estate loans 49,649 5,117 (1,329) 6,220 39,641 Commercial real estate loans - owner occupied 4,087 (34) — 26 4,095 Commercial loans 14,839 (2,127) (243) 497 16,712 Total Commercial Banking 68,575 2,956 (1,572) 6,743 60,448 Total $ 109,819 7,689 (4,614) 8,389 98,355 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Residential mortgage loans $ 4 (2) — — 6 Home equity loans 74 10 — — 64 Total Personal Banking 78 8 — — 70 Commercial Banking: Commercial real estate loans 5,382 1,919 — — 3,463 Commercial real estate loans - owner occupied 287 (41) — — 328 Commercial loans 5,288 1,699 — — 3,589 Total Commercial Banking 10,957 3,577 — — 7,380 Total off-balance sheet exposure $ 11,035 3,585 — — 7,450 The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2023 (in thousands): Balance Current period provision Charge-offs Recoveries ASU 2022-02 Adoption Balance December 31, 2022 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,090 (2,047) (923) 799 — 19,261 Home equity loans 5,044 (705) (719) 566 — 5,902 Vehicle loans 27,226 7,267 (4,731) 1,631 — 23,059 Consumer loans 1,202 3,463 (3,860) 934 — 665 Total Personal Banking 50,562 7,978 (10,233) 3,930 — 48,887 Commercial Banking: Commercial real estate loans 48,582 3,587 (1,556) 1,619 426 44,506 Commercial real estate loans - owner occupied 3,479 (515) (68) 58 — 4,004 Commercial loans 22,218 3,813 (3,360) 1,126 — 20,639 Total Commercial Banking 74,279 6,885 (4,984) 2,803 426 69,149 Total $ 124,841 14,863 (15,217) 6,733 426 118,036 Allowance for Credit Losses - off-balance sheet exposure (1) Personal Banking: Residential mortgage loans $ 3 (1) — — — 4 Home equity loans 67 (7) — — — 74 Total Personal Banking 70 (8) — — — 78 Commercial Banking: Commercial real estate loans 4,797 (578) — — — 5,375 Commercial real estate loans - owner occupied 140 (239) — — — 379 Commercial loans 7,971 890 — — — 7,081 Total Commercial Banking 12,908 73 — — — 12,835 Total off-balance sheet exposure $ 12,978 65 — — — 12,913 (1) The table above has been revised to reflect the correct ending balance for total off-balance-sheet exposure at December 31, 2022. We evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2022 (in thousands): Balance as of September 30, 2022 Current period provision Charge-offs Recoveries Balance as of December 31, 2021 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 17,967 11,331 (1,487) 750 7,373 Home equity loans 5,448 127 (1,237) 1,258 5,300 Vehicle loans 17,004 2,159 (2,517) 1,879 15,483 Consumer loans 825 479 (3,459) 921 2,884 Total Personal Banking 41,244 14,096 (8,700) 4,808 31,040 Commercial Banking: Commercial real estate loans 49,649 (6,465) (6,745) 8,718 54,141 Commercial real estate loans - owner occupied 4,087 167 — 37 3,883 Commercial loans 14,839 1,039 (1,253) 1,876 13,177 Total Commercial Banking 68,575 (5,259) (7,998) 10,631 71,201 Total $ 109,819 8,837 (16,698) 15,439 102,241 Allowance for Credit Losses - Personal Banking: Residential mortgage loans $ 4 2 — — 2 Home equity loans 74 35 — — 39 Total Personal Banking 78 37 — — 41 Commercial Banking: Commercial real estate loans 5,382 4,501 — — 881 Commercial real estate loans - owner occupied 287 145 — — 142 Commercial loans 5,288 3,894 — — 1,394 Total Commercial Banking 10,957 8,540 — — 2,417 Total off-balance sheet exposure $ 11,035 8,577 — — 2,458 |
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 September 30, 2023 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 3,472,763 17,090 9,760 — Home equity loans 1,258,765 5,044 3,431 133 Vehicle loans 2,039,699 27,226 3,817 57 Consumer loans 115,420 1,202 281 500 Total Personal Banking 6,886,647 50,562 17,289 690 Commercial Banking: Commercial real estate loans 2,553,644 48,582 54,109 — Commercial real estate loans - owner occupied 369,373 3,479 1,071 — Commercial loans 1,500,609 22,218 4,185 38 Total Commercial Banking 4,423,626 74,279 59,365 38 Total $ 11,310,273 124,841 76,654 728 The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2022, prior to the adoption of ASU 2022-02 (in thousands): Total loans Allowance for Nonaccrual Loans 90 days past due and accruing TDRs Allowance Additional Personal Banking: Residential mortgage loans $ 3,498,599 19,261 7,574 — 6,279 1,069 — Home equity loans 1,297,674 5,902 4,145 — 1,470 546 — Vehicle loans 2,056,783 23,059 3,771 2 — — — Consumer loans 111,872 665 256 405 — — — Total Personal Banking 6,964,928 48,887 15,746 407 7,749 1,615 — Commercial Banking: Commercial real estate loans 2,448,028 44,506 62,239 — 31,980 638 400 Commercial real estate loans - owner occupied 375,527 4,004 624 — 94 31 — Commercial loans 1,131,969 20,639 2,627 337 858 116 4 Total Commercial Banking 3,955,524 69,149 65,490 337 32,932 785 404 Total $ 10,920,452 118,036 81,236 744 40,681 2,400 404 (1) Includes $29.2 million of nonaccrual TDRs. |
Schedule of the composition of nonaccrual 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 nine-month period ended September 30, 2023 (in thousands): September 30, 2023 Nonaccrual loans at January 1, 2023 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 7,574 9,760 — 9,760 — Home equity loans 4,145 3,262 169 3,431 133 Vehicle loans 3,771 2,838 979 3,817 57 Consumer loans 256 281 — 281 500 Total Personal Banking 15,746 16,141 1,148 17,289 690 Commercial Banking: Commercial real estate loans 62,239 21,838 32,271 54,109 — Commercial real estate loans - owner occupied 624 1,071 — 1,071 — Commercial loans 2,627 3,828 357 4,185 38 Total Commercial Banking 65,490 26,737 32,628 59,365 38 Total $ 81,236 42,878 33,776 76,654 728 The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2022 (in thousands): December 31, 2022 Nonaccrual loans at January 1, 2022 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 10,402 7,574 — 7,574 — Home equity loans 5,758 3,887 258 4,145 — Vehicle loans 3,263 2,175 1,596 3,771 2 Consumer loans 675 256 — 256 405 Total Personal Banking 20,098 13,892 1,854 15,746 407 Commercial Banking: Commercial real estate loans 129,666 22,182 40,057 62,239 — Commercial real estate loans - owner occupied 1,233 624 — 624 — Commercial loans 7,474 2,024 603 2,627 337 Total Commercial Banking 138,373 24,830 40,660 65,490 337 Total $ 158,471 38,722 42,514 81,236 744 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2023 (in thousands): Real estate Total Commercial Banking: Commercial real estate loans $ 51,402 51,402 Commercial loans 160 160 Total Commercial Banking 51,562 51,562 Total $ 51,562 51,562 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2022 (in thousands): Real estate Equipment Total Personal Banking: Residential mortgage loans $ 569 — 569 Home equity loans 100 — 100 Total Personal Banking 669 — 669 Commercial Banking: Commercial real estate loans 57,056 — 57,056 Commercial loans 175 210 385 Total Commercial Banking 57,231 210 57,441 Total $ 57,900 210 58,110 |
Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | The following table presents the amortized cost basis of loans as of September 30, 2023 that were both experiencing financial difficulty and modified during the periods indicated, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands). For the quarter ended September 30, 2023 For the nine months ended September 30, 2023 Term extension Combination term extension and interest rate reduction Total class of financing receivable Term extension Combination term extension and interest rate reduction Total class of financing receivable Personal Banking: Residential mortgage loans $ 192 — 0.01 % 450 — 0.01 % Home equity loans 122 85 0.02 % 283 85 0.03 % Consumer loans — — — % — 3 0.00 % Total Personal Banking 314 85 0.01 % 733 88 0.01 % Commercial Banking: Commercial real estate loans — — — % 197 — 0.01 % Commercial loans 15 — 0.00 % 663 — 0.04 % Total Commercial Banking 15 — — % 860 — 0.02 % Total $ 329 85 0.00 % 1,593 88 0.01 % The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated: For the quarter ended September 30, 2023 For the nine months ended September 30, 2023 Weighted-average interest rate reduction Weighted-average term extension in months Weighted-average interest rate reduction Weighted-average term extension in months Personal Banking: Residential mortgage loans — % 169 — 149 Home equity loans 5 % 112 5 % 96 Consumer loans — % — 12 % 356 Total Personal Banking 5 % 140 17 % 126 Commercial Banking: Commercial real estate loans — % — — 25 Commercial loans — % 23 — 9 Total Commercial Banking — % 23 — 13 Total loans 5 % 135 17 % 68 Current 30-59 days 60-89 days 90 days or Personal Banking: Residential mortgage loans $ 450 — — — Home equity loans 368 — — — Consumer loans 3 — — — Total Personal Banking 821 — — — Commercial Banking: Commercial real estate loans 74 — — 123 Commercial real estate loans - owner occupied — — — — Commercial loans — 15 — 648 Total Commercial Banking 74 15 — 771 Total loans $ 895 15 — 771 The following tables provide a roll forward of troubled debt restructurings for the periods indicated, prior to the adoption of ASU 2022-02 (dollars in thousands): For the quarter ended September 30, 2022 For the nine months ended September 30, 2022 Number of Contracts Amount Number of Contracts Amount Beginning TDR balance: 128 $ 54,237 134 $ 30,288 New TDRs 6 221 8 25,626 Re-modified TDRs 4 977 10 1,178 Net paydowns — (810) — (1,609) Charge-offs: Residential mortgage loans — — 1 (3) Paid-off loans: Residential mortgage loans 1 (35) 2 (236) Home equity loans 1 (11) 3 (88) Commercial real estate loans 1 (3,349) 4 (3,718) Commercial real estate loans - owner occupied 1 (44) 1 (44) Commercial loans 3 (3,459) 4 (3,466) Ending TDR balance: 127 $ 46,750 127 $ 46,750 Accruing TDRs $ 16,344 $ 16,344 Nonaccrual TDRs 30,406 30,406 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, prior to the adoption of ASU 2022-02 (dollars in thousands): For the quarter ended September 30, 2022 For the nine months ended September 30, 2022 Number of Recorded Current Current Number of Recorded Current Current Personal Banking: Residential mortgage loans 2 $ 147 144 15 2 $ 147 144 15 Home equity loans 5 160 154 23 5 160 154 23 Total Personal Banking 7 307 298 38 7 307 298 38 Commercial Banking: Commercial real estate loans 1 $ 610 609 89 5 $ 34,295 26,212 102 Commercial loans 2 332 291 20 6 3,856 294 20 Total Commercial Banking 3 942 900 109 11 38,151 26,506 122 Total 10 $ 1,249 1,198 147 18 $ 38,458 26,804 160 |
Schedule of loans with payment default and modified | The following table provides the amortized cost basis of financing receivables that had a payment default during the period and were modified since the adoption of ASU 2022-02 to borrowers experiencing financial difficulty (in thousands): Term extension Commercial Banking: Commercial real estate loans $ 123 Commercial loans 648 Total Commercial Banking 771 Total $ 771 |
Schedule of loan delinquencies | The following table provides information related to the amortized cost basis of loan payment delinquencies at September 30, 2023 (in thousands): 30-59 days 60-89 days 90 days or Total Current Total loans 90 days or Personal Banking: Residential mortgage loans $ 573 5,395 7,695 13,663 3,459,100 3,472,763 — Home equity loans 4,707 1,341 2,206 8,254 1,250,511 1,258,765 133 Vehicle loans 9,122 2,412 2,274 13,808 2,025,891 2,039,699 57 Consumer loans 752 295 746 1,793 113,627 115,420 500 Total Personal Banking 15,154 9,443 12,921 37,518 6,849,129 6,886,647 690 Commercial Banking: Commercial real estate loans 3,411 1,328 8,042 12,781 2,540,863 2,553,644 — Commercial real estate loans - owner occupied — 260 374 634 368,739 369,373 — Commercial loans 2,847 981 2,472 6,300 1,494,309 1,500,609 38 Total Commercial Banking 6,258 2,569 10,888 19,715 4,403,911 4,423,626 38 Total loans $ 21,412 12,012 23,809 57,233 11,253,040 11,310,273 728 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 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 $ 29,487 5,563 5,574 40,624 3,457,975 3,498,599 — Home equity loans 6,657 975 2,257 9,889 1,287,785 1,297,674 — Vehicle loans 8,677 2,770 2,471 13,918 2,042,865 2,056,783 2 Consumer loans 758 300 608 1,666 110,206 111,872 405 Total Personal Banking 45,579 9,608 10,910 66,097 6,898,831 6,964,928 407 Commercial Banking: Commercial real estate loans 3,947 2,377 7,589 13,913 2,434,115 2,448,028 — Commercial real estate loans - owner occupied 61 — 278 339 375,188 375,527 — Commercial loans 2,648 1,115 1,829 5,592 1,126,377 1,131,969 337 Total Commercial Banking 6,656 3,492 9,696 19,844 3,935,680 3,955,524 337 Total originated loans $ 52,235 13,100 20,606 85,941 10,834,511 10,920,452 744 |
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 and the current period charge-offs by year of origination for each portfolio segment as of September 30, 2023 (in thousands): YTD September 30, 2023 2022 2021 2020 2019 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 159,472 673,235 803,613 516,270 249,797 1,056,864 — — 3,459,251 Substandard — 1,033 260 872 336 11,011 — — 13,512 Total residential mortgage loans 159,472 674,268 803,873 517,142 250,133 1,067,875 — — 3,472,763 Residential mortgage current period charge-offs — — (5) (130) — (788) — — (923) Home equity loans Pass 65,795 104,272 110,823 153,431 98,062 210,273 469,459 42,870 1,254,985 Substandard — — — — 149 1,783 1,050 798 3,780 Total home equity loans 65,795 104,272 110,823 153,431 98,211 212,056 470,509 43,668 1,258,765 Home equity current period charge-offs — (53) (46) — (48) (257) (142) (173) (719) Vehicle loans Pass 541,270 746,225 444,934 153,264 81,931 68,201 — — 2,035,825 Substandard 320 901 1,386 247 564 456 — — 3,874 Total vehicle loans 541,590 747,126 446,320 153,511 82,495 68,657 — — 2,039,699 Vehicle current period charge-offs (324) (1,385) (1,425) (416) (497) (684) — — (4,731) Consumer loans Pass 20,061 13,137 6,361 2,485 1,727 6,201 63,801 866 114,639 Substandard 45 57 31 8 14 1 506 119 781 Total consumer loans 20,106 13,194 6,392 2,493 1,741 6,202 64,307 985 115,420 Consumer loan current period charge-offs (2,055) (340) (271) (116) (150) (766) (149) (13) (3,860) Total Personal Banking 786,963 1,538,860 1,367,408 826,577 432,580 1,354,790 534,816 44,653 6,886,647 Business Banking: Commercial real estate loans Pass 127,229 437,503 356,152 330,522 225,478 776,377 23,845 25,345 2,302,451 Special mention — 7,451 26,749 21,732 5,615 34,909 350 — 96,806 Substandard — 174 1,056 8,108 48,592 95,825 514 118 154,387 Total commercial real estate loans 127,229 445,128 383,957 360,362 279,685 907,111 24,709 25,463 2,553,644 Commercial real estate current period charge-offs — — (492) — (51) (1,013) — — (1,556) Commercial real estate loans - owner occupied Pass 17,830 50,716 48,567 14,845 44,834 148,778 2,237 2,214 330,021 Special mention — 17,631 — 1,690 — 7,808 — — 27,129 Substandard — — 122 1,344 4,736 5,308 — 713 12,223 Total commercial real estate loans - owner occupied 17,830 68,347 48,689 17,879 49,570 161,894 2,237 2,927 369,373 Commercial real estate - owner occupied current period charge-offs — — — — — (68) — — (68) Commercial loans Pass 315,190 455,098 77,266 28,754 37,787 56,731 501,722 4,285 1,476,833 Special mention 542 315 58 369 316 68 2,022 — 3,690 Substandard — 2,496 577 495 2,503 1,025 11,730 1,260 20,086 Total commercial loans 315,732 457,909 77,901 29,618 40,606 57,824 515,474 5,545 1,500,609 Commercial loans current period charge-offs — (1,526) (517) (430) (110) (715) (60) (2) (3,360) Total Business Banking 460,791 971,384 510,547 407,859 369,861 1,126,829 542,420 33,935 4,423,626 Total loans $ 1,247,754 2,510,244 1,877,955 1,234,436 802,441 2,481,619 1,077,236 78,588 11,310,273 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, 2022 (in thousands): 2022 2021 2020 2019 2018 Prior Revolving loans Revolving loans converted to term loans Total loans Personal Banking: Residential mortgage loans Pass $ 659,930 837,823 546,604 265,520 131,599 1,043,394 — — 3,484,870 Substandard 422 187 474 796 531 11,319 — — 13,729 Total residential mortgage loans 660,352 838,010 547,078 266,316 132,130 1,054,713 — — 3,498,599 Home equity loans Pass 114,598 126,608 173,044 110,495 50,314 198,971 475,229 42,887 1,292,146 Substandard — 46 — 127 324 3,066 683 1,282 5,528 Total home equity loans 114,598 126,654 173,044 110,622 50,638 202,037 475,912 44,169 1,297,674 Vehicle loans Pass 966,432 611,310 227,897 135,134 70,071 42,166 — — 2,053,010 Substandard 292 1,096 667 689 657 372 — — 3,773 Total vehicle loans 966,724 612,406 228,564 135,823 70,728 42,538 — — 2,056,783 Consumer loans Pass 19,302 9,874 4,327 3,557 2,409 5,094 65,610 1,037 111,210 Substandard 24 9 37 9 3 48 432 100 662 Total consumer loans 19,326 9,883 4,364 3,566 2,412 5,142 66,042 1,137 111,872 Total Personal Banking 1,761,000 1,586,953 953,050 516,327 255,908 1,304,430 541,954 45,306 6,964,928 Business Banking: Commercial real estate loans Pass 322,050 346,355 369,868 244,188 209,500 696,628 24,954 13,314 2,226,857 Special mention — 17,216 16,782 87 1,000 15,887 157 15 51,144 Substandard — 4,561 3,617 48,879 41,521 70,384 459 606 170,027 Total commercial real estate loans 322,050 368,132 390,267 293,154 252,021 782,899 25,570 13,935 2,448,028 Commercial real estate - owner occupied Pass 62,905 51,673 17,989 49,600 43,570 123,278 2,477 1,460 352,952 Special mention 126 — 18 — 2,297 1,106 385 — 3,932 Substandard — — — 5,085 2,440 9,250 — 1,868 18,643 Total commercial real estate - owner occupied loans 63,031 51,673 18,007 54,685 48,307 133,634 2,862 3,328 375,527 Commercial loans Pass 481,797 90,320 52,833 46,966 17,250 53,107 354,402 4,032 1,100,707 Special mention 628 2,190 506 1,704 227 — 2,129 — 7,384 Substandard 1,833 603 908 2,097 1,605 735 12,941 3,156 23,878 Total commercial loans 484,258 93,113 54,247 50,767 19,082 53,842 369,472 7,188 1,131,969 Total Business Banking 869,339 512,918 462,521 398,606 319,410 970,375 397,904 24,451 3,955,524 Total loans $ 2,630,339 2,099,871 1,415,571 914,933 575,318 2,274,805 939,858 69,757 10,920,452 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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): September 30, 2023 December 31, 2022 Amortizable intangible assets: Core deposit intangibles - gross $ 74,899 74,899 Less: accumulated amortization (68,886) (66,367) Core deposit intangibles - net $ 6,013 8,532 Customer and Contract intangible assets - gross $ 12,775 12,775 Less: accumulated amortization (12,775) (12,747) Customer and Contract intangible assets - net — 28 Total intangible assets - net $ 6,013 8,560 |
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 September 30, 2023 and 2022, 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 September 30, 2023 $ 795 For the quarter ended September 30, 2022 1,047 For the nine months ended September 30, 2023 2,546 For the nine months ended September 30, 2022 3,345 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, 2022 $ 380,997 Balance at September 30, 2023 $ 380,997 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowed funds at September 30, 2023 and December 31, 2022 are presented in the following table: September 30, 2023 December 31, 2022 Amount Average rate Amount Average rate Term notes payable to the FHLB of Pittsburgh, due within one year $ 375,400 5.65 % $ 500,000 4.55 % Notes payable to the FHLB of Pittsburgh, due within one year 119,000 5.68 % 51,300 4.45 % Collateralized borrowings, due within one year 48,587 1.52 % 105,766 0.27 % Collateral received, due within one year 61,600 5.16 % 24,100 4.17 % Total borrowed funds $ 604,587 $ 681,166 |
Schedule of capital debt securities and junior subordinated deferrable interest debentures | 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 (dollars in thousands). Maturity date Interest rate Capital debt securities September 30, 2023 December 31, 2022 Northwest Bancorp Capital Trust III December 30, 2035 3-month SOFR plus 1.38% $ 50,000 $ 51,547 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month SOFR plus 1.38% 50,000 51,547 51,547 LNB Trust II June 15, 2037 3-month SOFR plus 1.48% 7,875 8,119 8,119 Union National Capital Trust I (1) January 23, 2034 3-month SOFR plus 2.85% 8,000 7,993 7,975 Union National Capital Trust II (1) November 23, 2034 3-month SOFR plus 2.00% 3,000 2,789 2,768 MFBC Statutory Trust I (1) September 15, 2035 3-month SOFR plus 1.70% 5,000 3,762 3,684 Universal Preferred Trust (1) October 7, 2035 3-month SOFR plus 1.69% 5,000 3,752 3,674 $ 129,509 129,314 (1) Net of discounts due to the fair value adjustment made at the time of acquisition. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Net income $ 39,220 37,304 105,943 99,017 Less: Dividends and undistributed earnings allocated to participating securities 99 166 267 441 Net income available to common shareholders $ 39,121 37,138 105,676 98,576 Weighted average common shares outstanding 126,767,507 126,320,706 126,629,786 126,082,217 Add: Participating shares outstanding 320,177 565,729 320,177 565,729 Total weighted average common shares and dilutive potential shares 127,087,684 126,886,435 126,949,963 126,647,946 Basic earnings per share $ 0.31 0.29 0.83 0.78 Diluted earnings per share $ 0.31 0.29 0.83 0.78 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Pension benefits Other post-retirement benefits 2023 2022 2023 2022 Service cost $ 1,560 2,599 — — Interest cost 2,245 1,671 7 10 Expected return on plan assets (3,479) (3,864) — — Amortization of prior service cost (564) (564) — — Amortization of the net loss 20 381 10 2 Net periodic cost $ (218) 223 17 12 Nine months ended September 30, Pension benefits Other post-retirement benefits 2023 2022 2023 2022 Service cost $ 4,680 7,797 — — Interest cost 6,735 5,013 21 30 Expected return on plan assets (10,437) (11,592) — — Amortization of prior service cost (1,692) (1,692) — — Amortization of the net loss 60 1,143 30 6 Net periodic cost $ (654) 669 51 36 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 161,995 161,995 161,995 — — Securities available-for-sale 1,010,076 1,010,076 — 1,010,076 — Securities held-to-maturity 830,106 682,681 — 682,681 — Loans receivable, net 11,174,840 10,031,968 — — 10,031,968 Loans held-for-sale 10,592 10,592 — — 10,592 Accrued interest receivable 42,624 42,624 42,624 — — Interest rate lock commitments 664 664 — — 664 Foreign exchange swaps 203 203 — 203 — Interest rate swaps designated as hedging instruments 4,603 4,603 — 4,603 — Interest rate swaps not designated as hedging instruments 57,249 57,249 — 57,249 — FHLB stock 40,404 40,404 — — — Total financial assets $ 13,333,356 12,043,059 204,619 1,754,812 10,043,224 Financial liabilities: Savings and checking deposits $ 9,531,544 9,531,544 9,531,544 — — Time deposits 2,258,338 2,250,768 — — 2,250,768 Borrowed funds 604,587 617,832 617,832 — — Subordinated debt 114,102 102,456 — 102,456 — Junior subordinated debentures 129,509 136,461 — — 136,461 Forward commitments 23 23 — 23 — Foreign exchange swaps 10 10 — 10 — Interest rate swaps not designated as hedging instruments 57,275 57,275 — 57,275 — Risk participation agreements 17 17 — 17 — Accrued interest payable 7,915 7,915 7,915 — — Total financial liabilities $ 12,703,320 12,704,301 10,157,291 159,781 2,387,229 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, 2022 (in thousands): Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 139,365 139,365 139,365 — — Securities available-for-sale 1,218,108 1,218,108 — 1,218,108 — Securities held-to-maturity 881,249 751,384 — 751,384 — Loans receivable, net 10,792,503 9,910,852 — — 9,910,852 Residential mortgage loans held-for-sale 9,913 9,913 — — 9,913 Accrued interest receivable 35,528 35,528 35,528 — — Interest rate lock commitments 559 559 — — 559 Forward commitments 128 128 — 128 — Interest rate swaps not designated as hedging instruments 26,642 26,642 — 26,642 — FHLB stock 40,143 40,143 — — — Total financial assets $ 13,144,138 12,132,622 174,893 1,996,262 9,921,324 Financial liabilities: Savings and checking accounts $ 10,412,263 10,412,263 10,412,263 — — Time deposits 1,052,285 1,059,790 — — 1,059,790 Borrowed funds 681,166 680,996 680,996 — — Subordinated debt 113,840 102,554 — 102,554 — Junior subordinated debentures 129,314 133,546 — — 133,546 Foreign exchange swaps 23 23 — 23 — Interest rate swaps not designated as hedging instruments 45,464 45,464 — 45,464 — Risk participation agreements 18 18 — 18 — Accrued interest payable 3,231 3,231 3,231 — — Total financial liabilities $ 12,437,604 12,437,885 11,096,490 148,059 1,193,336 |
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 September 30, 2023 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 56,526 — 56,526 Government-sponsored enterprises — 38,906 — 38,906 States and political subdivisions — 68,071 — 68,071 Corporate — 7,464 — 7,464 Total debt securities — 170,967 — 170,967 Residential mortgage-backed securities: GNMA — 17,073 — 17,073 FNMA — 99,874 — 99,874 FHLMC — 68,926 — 68,926 Non-agency — 5 — 5 Collateralized mortgage obligations: GNMA — 318,652 — 318,652 FNMA — 148,389 — 148,389 FHLMC — 186,190 — 186,190 Total mortgage-backed securities — 839,109 — 839,109 Interest rate lock commitments — — 664 664 Foreign exchange swaps — 203 — 203 Interest rate swaps designated as hedging instruments — 4,603 — 4,603 Interest rate swaps not designated as hedging instruments — 57,249 — 57,249 Total assets $ — 1,072,131 664 1,072,795 Forward commitments $ — 23 — 23 Foreign exchange swaps — 10 — 10 Interest rate swaps not designated as hedging instruments — 57,275 — 57,275 Risk participation agreements — 17 — 17 Total liabilities $ — 57,325 — 57,325 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Debt securities: U.S. government and agencies $ — 60,592 — 60,592 Government-sponsored enterprises — 39,201 — 39,201 States and political subdivisions — 111,766 — 111,766 Corporate — 12,978 — 12,978 Total debt securities — 224,537 — 224,537 Residential mortgage-backed securities: GNMA — 12,434 — 12,434 FNMA — 117,218 — 117,218 FHLMC — 74,991 — 74,991 Non-agency — 6 — 6 Collateralized mortgage obligations: GNMA — 364,553 — 364,553 FNMA — 185,588 — 185,588 FHLMC — 238,781 — 238,781 Total mortgage-backed securities — 993,571 — 993,571 Interest rate lock commitments — — 559 559 Forward commitments — 128 — 128 Interest rate swaps not designated as hedging instruments — 26,642 — 26,642 Total assets $ — 1,244,878 559 1,245,437 Foreign exchange swaps $ — 23 — 23 Interest rate swaps not designated as hedging instruments — 45,464 — 45,464 Risk participation agreements — 18 — 18 Total liabilities $ — 45,505 — 45,505 |
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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Beginning balance, $ 761 1,520 559 1,684 Interest rate lock commitments: Net activity (97) (457) 105 (621) Ending balance $ 664 1,063 664 1,063 |
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 September 30, 2023 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 13,467 13,467 Mortgage servicing rights — — 198 198 Real estate owned, net — — 363 363 Total assets $ — — 14,028 14,028 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, 2022 (in thousands): Level 1 Level 2 Level 3 Total assets Loans individually assessed $ — — 15,416 15,416 Mortgage servicing rights — — 95 95 Real estate owned, net — — 413 413 Total assets $ — — 15,924 15,924 |
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 September 30, 2023 (in thousands): Fair value Valuation techniques Significant Range (weighted average) Loans individually assessed $ 13,467 Appraisal value (1) Estimated cost to sell 10.0% Mortgage servicing rights 198 Discounted cash flow Annual service cost $90 Prepayment rate 6.6% to 15.0% (9.9%) Expected life (months) 53.1 to 103.5 (75.8) Option adjusted spread 720 basis points Forward yield curve 5.44% to 5.60% Real estate owned, net 363 Appraisal value (1) Estimated cost to sell 15.0% Loans held for sale 10,592 Quoted prices for similar loans in active markets adjusted by an expected pull-through rate Estimated pull-through rate 100.0% (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) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Derivatives designated as hedging instruments: Interest rate swap agreements $ 175,000 4,603 — — Derivatives not designated as hedging instruments: Interest rate swap agreements 673,255 57,249 673,255 57,275 Foreign exchange swap agreements 7,393 203 760 10 Interest rate lock commitments 35,272 664 — — Forward commitments — — 6,772 23 Risk participation agreements — — 102,385 17 Total Derivatives $ 890,920 62,719 783,172 57,325 At December 31, 2022 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 651,114 26,642 651,114 45,464 Foreign exchange swap agreements — — 2,328 23 Interest rate lock commitments 19,727 559 — — Forward commitments 4,909 128 — — Risk participation agreements — — 114,159 18 Total derivatives $ 675,750 27,329 767,601 45,505 |
Schedule of 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Hedging derivatives: Decrease in interest expense $ 627 — 831 — Non-hedging swap derivatives: Increase/(decrease) in other income $ 203 93 (127) 207 (Decrease)/increase in mortgage banking income $ (221) 809 (46) 1,131 |
Schedule of interest rate products designated as hedging instruments | The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended September 30, 2023 (in thousands): Notional amount Effective rate Estimated decrease to interest expense in the next twelve months Maturity date Remaining term Interest rate products: Issued May 11, 2023 $ 25,000 3.52 % $ (540) 5/11/2027 43 Issued May 12, 2023 25,000 3.54 % (528) 5/12/2028 55 Issued May 19, 2023 25,000 3.84 % (454) 11/19/2027 50 Issued May 31, 2023 25,000 4.08 % (400) 11/30/2026 38 Issued July 26, 2023 25,000 4.24 % (348) 7/26/2028 58 Issued July 31, 2023 25,000 4.36 % (330) 1/31/2028 52 Issued August 9, 2023 25,000 4.32 % (333) 8/9/2027 46 Total $ 175,000 $ (2,933) |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of 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 September 30, 2023 Unrealized Change in Change in Total Balance as of June 30, 2023 $ (163,272) 1,737 (7,716) (169,251) Other comprehensive (loss)/income before reclassification adjustments (1) (2) (29,715) 1,825 — (27,890) Amounts reclassified from accumulated other comprehensive income (3) — — (382) (382) Net other comprehensive (loss)/income (29,715) 1,825 (382) (28,272) Balance as of September 30, 2023 $ (192,987) 3,562 (8,098) (197,523) For the quarter ended September 30, 2022 Unrealized Change in Total Balance as of June 30, 2022 $ (117,056) (25,574) (142,630) Other comprehensive loss before reclassification adjustments (4) (48,387) — (48,387) Amounts reclassified from accumulated other comprehensive income (5) — (131) (131) Net other comprehensive loss (48,387) (131) (48,518) Balance as of September 30, 2022 $ (165,443) (25,705) (191,148) (1) Consists of unrealized holding losses, net of tax of $9,140. (2) Change in fair value of interest rate swaps, net of tax ($533). (3) Consists of realized gains, net of tax of $152. (4) Consists of unrealized holding losses, net of tax $14,705. (5) Consists of realized gains, net of tax of $50. For the nine months ended September 30, 2023 Unrealized Change in Change in Total Balance as of December 31, 2022 $ (164,206) — (6,952) (171,158) Other comprehensive (loss)/income before reclassification adjustments (1) (3) (34,417) 3,562 — (30,855) Amounts reclassified from accumulated other comprehensive income (2) (4) 5,636 — (1,146) 4,490 Net other comprehensive income/(loss) (28,781) 3,562 (1,146) (26,365) Balance as of September 30, 2023 $ (192,987) 3,562 (8,098) (197,523) For the nine months ended September 30, 2022 Unrealized Change in Total Balance as of December 31, 2021 $ (12,317) (25,312) (37,629) Other comprehensive loss before reclassification adjustments (5) (153,124) — (153,124) Amounts reclassified from accumulated other comprehensive income (6) (7) (2) (393) (395) Net other comprehensive loss (153,126) (393) (153,519) Balance as of September 30, 2022 $ (165,443) (25,705) (191,148) (1) Consists of unrealized holding losses, net of tax of $9,603. (2) Consists of realized losses, net of tax of ($1,731). (3) Change in fair value of interest rate swaps, net of tax ($1,041). (4) Consists of realized gains, net of tax of $456. (5) Consists of unrealized holding losses, net of tax $45,555. (6) Consists of realized losses, net of tax $0. (7) Consists of realized gains, net of tax of $151. |
Basis of Presentation and Inf_3
Basis of Presentation and Informational Disclosures (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 15, 2023 $ / shares shares | Sep. 30, 2023 USD ($) bank_location | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) bank_location $ / shares shares | Dec. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of banking locations | bank_location | 142 | 142 | |||
Unrecognized tax benefits liability | $ 702 | $ 702 | $ 473 | ||
Stock Related Compensation | |||||
Stock-based compensation expense | 1,300 | $ 944,000 | |||
RSUs | |||||
Stock Related Compensation | |||||
Award granted (in shares) | shares | 178,483 | ||||
Award weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.87 | ||||
Award vesting period (in years) | 3 years | ||||
Compensation expense yet to be recognized | 3,700 | $ 3,700 | |||
RSUs | Minimum | |||||
Stock Related Compensation | |||||
Award vesting period (in years) | 2 years | ||||
RSUs | Maximum | |||||
Stock Related Compensation | |||||
Award vesting period (in years) | 3 years | ||||
RSUs | First vesting | |||||
Stock Related Compensation | |||||
Award vesting period (in years) | 1 year | 1 year | |||
RSAs | |||||
Stock Related Compensation | |||||
Compensation expense yet to be recognized | 193 | $ 193 | |||
RSAs | Common stock | |||||
Stock Related Compensation | |||||
Compensation expense yet to be recognized | 2,500 | 2,500 | |||
PSUs | |||||
Stock Related Compensation | |||||
Compensation expense yet to be recognized | 2,100 | 2,100 | |||
Stock Options | |||||
Stock Related Compensation | |||||
Compensation expense yet to be recognized | $ 401 | $ 401 | |||
Employees | RSUs | |||||
Stock Related Compensation | |||||
Award granted (in shares) | shares | 176,623 | ||||
Award weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.28 | ||||
Employees | PSUs | |||||
Stock Related Compensation | |||||
Award granted (in shares) | shares | 176,623 | ||||
Award weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.54 | ||||
Award vesting period (in years) | 3 years | ||||
Employees | PSUs | Minimum | |||||
Stock Related Compensation | |||||
Award vesting (as a percent) | 0% | ||||
Employees | PSUs | Maximum | |||||
Stock Related Compensation | |||||
Award vesting (as a percent) | 15,000% | ||||
Director | RSAs | |||||
Stock Related Compensation | |||||
Award granted (in shares) | shares | 33,048 | ||||
Award weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.80 | ||||
Award vesting period (in years) | 1 year |
Marketable Securities - Availab
Marketable Securities - Available For Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost | ||
Residential mortgage-backed securities | $ 1,262,080 | $ 1,431,728 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 33 | 105 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (252,037) | (213,725) |
Fair value | ||
Securities available-for-sale | 1,010,076 | 1,218,108 |
U.S. government and agencies | ||
Amortized cost | ||
Due after one year through five years | 20,000 | 20,000 |
Due after ten years | 50,166 | 53,152 |
Gross unrealized holding gains | ||
Due after one year through five years | 0 | 0 |
Due after ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due after one year through five years | (1,750) | (1,799) |
Due after ten years | (11,890) | (10,761) |
Fair value | ||
Due after one year through five years | 18,250 | 18,201 |
Due after ten years | 38,276 | 42,391 |
Government-sponsored enterprises | ||
Amortized cost | ||
Due after one year through five years | 45,985 | 993 |
Due after five years through ten years | 434 | 45,814 |
Gross unrealized holding gains | ||
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due after one year through five years | (7,502) | (49) |
Due after five years through ten years | (11) | (7,557) |
Fair value | ||
Due after one year through five years | 38,483 | 944 |
Due after five years through ten years | 423 | 38,257 |
Municipal securities | ||
Amortized cost | ||
Due within one year | 506 | |
Due after one year through five years | 954 | 986 |
Due after five years through ten years | 21,976 | 36,332 |
Due after ten years | 62,990 | 89,631 |
Gross unrealized holding gains | ||
Due within one year | 0 | |
Due after one year through five years | 3 | 21 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 8 |
Gross unrealized holding losses | ||
Due within one year | (1) | |
Due after one year through five years | (9) | (13) |
Due after five years through ten years | (3,055) | (2,290) |
Due after ten years | (14,788) | (13,414) |
Fair value | ||
Due within one year | 505 | |
Due after one year through five years | 948 | 994 |
Due after five years through ten years | 18,921 | 34,042 |
Due after ten years | 48,202 | 76,225 |
Corporate debt issues | ||
Amortized cost | ||
Due after five years through ten years | 8,464 | 13,540 |
Gross unrealized holding gains | ||
Due after five years through ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due after five years through ten years | (1,000) | (562) |
Fair value | ||
Due after five years through ten years | 7,464 | 12,978 |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due within one year | 60 | |
Due after one year through five years | 25,302 | |
Due after five years through ten years | 27,837 | |
Due after ten years | 997,912 | |
Residential mortgage-backed securities | 1,051,111 | 1,170,774 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 30 | 76 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (212,032) | (177,279) |
Fair value | ||
Due within one year | 59 | |
Due after one year through five years | 23,185 | |
Due after five years through ten years | 25,424 | |
Due after ten years | 790,441 | |
Securities available-for-sale | 839,109 | 993,571 |
Fixed rate pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 213,849 | 227,122 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 0 | 35 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (35,305) | (31,171) |
Fair value | ||
Securities available-for-sale | 178,544 | 195,986 |
Variable rate pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 7,501 | 8,837 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 2 | 10 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (169) | (184) |
Fair value | ||
Securities available-for-sale | 7,334 | 8,663 |
Fixed rate agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 805,086 | 906,962 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (175,985) | (145,284) |
Fair value | ||
Securities available-for-sale | 629,101 | 761,678 |
Variable rate agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 24,675 | 27,853 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 28 | 31 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (573) | (640) |
Fair value | ||
Securities available-for-sale | $ 24,130 | $ 27,244 |
Marketable Securities - Held To
Marketable Securities - Held To Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost | ||
Amortized cost | $ 830,106 | $ 881,249 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (147,425) | (129,865) |
Fair value | ||
Fair value | 682,681 | 751,384 |
Debt issued by government-sponsored enterprises | ||
Amortized cost | ||
Due after one year through five years | 49,471 | 29,478 |
Due after five years through ten years | 74,986 | 94,977 |
Gross unrealized holding gains | ||
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due after one year through five years | (6,830) | (3,676) |
Due after five years through ten years | (14,901) | (18,157) |
Fair value | ||
Due after one year through five years | 42,641 | 25,802 |
Due after five years through ten years | 60,085 | 76,820 |
Residential mortgage-backed securities - agency | ||
Amortized cost | ||
Due after one year through five years | 20,343 | |
Due after five years through ten years | 20,225 | |
Amortized cost | 705,649 | 756,794 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (125,694) | (108,032) |
Fair value | ||
Due after one year through five years | 17,291 | |
Due after five years through ten years | 15,484 | |
Fair value | 579,955 | 648,762 |
Fixed rate pass-through | ||
Amortized cost | ||
Amortized cost | 151,411 | 163,196 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (27,070) | (24,684) |
Fair value | ||
Fair value | 124,341 | 138,512 |
Variable rate pass-through | ||
Amortized cost | ||
Amortized cost | 468 | 542 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (8) | (12) |
Fair value | ||
Fair value | 460 | 530 |
Fixed rate agency CMOs | ||
Amortized cost | ||
Amortized cost | 553,241 | 592,527 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (98,606) | (83,325) |
Fair value | ||
Fair value | 454,635 | 509,202 |
Variable rate agency CMOs | ||
Amortized cost | ||
Amortized cost | 529 | 529 |
Gross unrealized holding gains | ||
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | ||
Gross unrealized holding losses | (10) | (11) |
Fair value | ||
Fair value | $ 519 | $ 518 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Sep. 30, 2023 USD ($) |
Amortized cost | |
Due within one year | $ 60 |
Due after one year through five years | 25,302 |
Due after five years through ten years | 27,837 |
Due after ten years | 997,912 |
Total marketable securities available-for-sale | 1,051,111 |
Fair value | |
Due within one year | 59 |
Due after one year through five years | 23,185 |
Due after five years through ten years | 25,424 |
Due after ten years | 790,441 |
Total marketable securities available-for-sale | $ 839,109 |
Marketable Securities - Held _2
Marketable Securities - Held To Maturity, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands | Sep. 30, 2023 USD ($) |
Amortized cost | |
Due after one year through five years | $ 20,343 |
Due after five years through ten years | 20,225 |
Due after ten years | 665,081 |
Total marketable securities held-to-maturity | 705,649 |
Fair value | |
Due after one year through five years | 17,291 |
Due after five years through ten years | 15,484 |
Due after ten years | 547,180 |
Total marketable securities held-to-maturity | $ 579,955 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) position | Dec. 31, 2022 USD ($) | |
Marketable securities available-for-sale | ||
Less than 12 months - Fair value | $ 34,484 | $ 448,576 |
Less than 12 months - Unrealized loss | (1,808) | (27,487) |
12 months or more - Fair value | 1,655,118 | 1,509,214 |
12 months or more - Unrealized loss | (397,654) | (316,103) |
Total - Fair value | 1,689,602 | 1,957,790 |
Total - Unrealized loss | $ (399,462) | (343,590) |
Number of investment positions with unrealized losses | position | 548 | |
U.S. government and agencies | ||
Marketable securities available-for-sale | ||
Less than 12 months - Fair value | $ 423 | 1,735 |
Less than 12 months - Unrealized loss | (11) | (82) |
12 months or more - Fair value | 197,736 | 200,679 |
12 months or more - Unrealized loss | (42,873) | (41,917) |
Total - Fair value | 198,159 | 202,414 |
Total - Unrealized loss | (42,884) | (41,999) |
Municipal securities | ||
Marketable securities available-for-sale | ||
Less than 12 months - Fair value | 8,412 | 60,676 |
Less than 12 months - Unrealized loss | (526) | (4,047) |
12 months or more - Fair value | 59,233 | 44,493 |
12 months or more - Unrealized loss | (17,326) | (11,671) |
Total - Fair value | 67,645 | 105,169 |
Total - Unrealized loss | (17,852) | (15,718) |
Corporate debt issues | ||
Marketable securities available-for-sale | ||
Less than 12 months - Fair value | 0 | 12,979 |
Less than 12 months - Unrealized loss | 0 | (562) |
12 months or more - Fair value | 7,464 | 0 |
12 months or more - Unrealized loss | (1,000) | 0 |
Total - Fair value | 7,464 | 12,979 |
Total - Unrealized loss | (1,000) | (562) |
Residential mortgage-backed securities - agency | Agency CMOs | ||
Marketable securities available-for-sale | ||
Less than 12 months - Fair value | 25,649 | 373,186 |
Less than 12 months - Unrealized loss | (1,271) | (22,796) |
12 months or more - Fair value | 1,390,685 | 1,264,042 |
12 months or more - Unrealized loss | (336,455) | (262,515) |
Total - Fair value | 1,416,334 | 1,637,228 |
Total - Unrealized loss | $ (337,726) | $ (285,311) |
Marketable Securities - Credit
Marketable Securities - Credit Quality of Held To Maturity Securities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |
Held-to-maturity securities | $ 830,106 |
Residential mortgage-backed securities | |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |
Held-to-maturity securities | 705,649 |
U.S. government and agencies | |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |
Held-to-maturity securities | 124,457 |
AA+ | |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |
Held-to-maturity securities | 830,106 |
AA+ | Residential mortgage-backed securities | |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |
Held-to-maturity securities | 705,649 |
AA+ | U.S. government and agencies | |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |
Held-to-maturity securities | $ 124,457 |
Loans Receivable - Summary of O
Loans Receivable - Summary of Originated and Acquired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 11,310,273 | $ 10,920,452 | ||||
Allowance for credit losses | (124,841) | $ (124,423) | (118,036) | $ (109,819) | $ (98,355) | $ (102,241) |
Total loans receivable, net | 11,185,432 | 10,802,416 | ||||
Loans held-for-sale | 10,592 | 9,913 | ||||
Unearned income, unamortized premiums and discounts and deferred fees and costs | 71,500 | 76,100 | ||||
Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,886,647 | 6,964,928 | ||||
Allowance for credit losses | (50,562) | (50,851) | (48,887) | (41,244) | (37,907) | (31,040) |
Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,472,763 | 3,498,599 | ||||
Allowance for credit losses | (17,090) | (17,556) | (19,261) | (17,967) | (16,158) | (7,373) |
Loans held-for-sale | 10,200 | 9,900 | ||||
Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,258,765 | 1,297,674 | ||||
Allowance for credit losses | (5,044) | (5,002) | (5,902) | (5,448) | (5,232) | (5,300) |
Personal Banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,039,699 | 2,056,783 | ||||
Allowance for credit losses | (27,226) | (27,283) | (23,059) | (17,004) | (15,738) | (15,483) |
Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 115,420 | 111,872 | ||||
Allowance for credit losses | (1,202) | (1,010) | (665) | (825) | (779) | (2,884) |
Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,423,626 | 3,955,524 | ||||
Allowance for credit losses | (74,279) | (73,572) | (69,149) | (68,575) | (60,448) | (71,201) |
Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,553,644 | 2,448,028 | ||||
Allowance for credit losses | (48,582) | (50,056) | (44,506) | (49,649) | (39,641) | (54,141) |
Loans held-for-sale | 435 | 0 | ||||
Commercial Banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 369,373 | 375,527 | ||||
Allowance for credit losses | (3,479) | (3,498) | (4,004) | (4,087) | (4,095) | (3,883) |
Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,500,609 | 1,131,969 | ||||
Allowance for credit losses | (22,218) | $ (20,018) | (20,639) | $ (14,839) | $ (16,712) | $ (13,177) |
Originated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 10,620,595 | 10,089,414 | ||||
Allowance for credit losses | (116,596) | (107,379) | ||||
Total loans receivable, net | 10,503,999 | 9,982,035 | ||||
Originated | Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,527,159 | 6,529,189 | ||||
Originated | Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,322,136 | 3,327,879 | ||||
Originated | Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,126,675 | 1,131,641 | ||||
Originated | Personal Banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,969,029 | 1,965,385 | ||||
Originated | Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 109,319 | 104,284 | ||||
Originated | Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,093,436 | 3,560,225 | ||||
Originated | Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,286,563 | 2,135,607 | ||||
Originated | Commercial Banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 343,714 | 341,704 | ||||
Originated | Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,463,159 | 1,082,914 | ||||
Acquired | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 689,678 | 831,038 | ||||
Allowance for credit losses | (8,245) | (10,657) | ||||
Total loans receivable, net | 681,433 | 820,381 | ||||
Acquired | Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 359,488 | 435,739 | ||||
Acquired | Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 150,627 | 170,720 | ||||
Acquired | Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 132,090 | 166,033 | ||||
Acquired | Personal Banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 70,670 | 91,398 | ||||
Acquired | Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,101 | 7,588 | ||||
Acquired | Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 330,190 | 395,299 | ||||
Acquired | Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 267,081 | 312,421 | ||||
Acquired | Commercial Banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 25,659 | 33,823 | ||||
Acquired | Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 37,450 | $ 49,055 |
Loans Receivable - Changes in t
Loans Receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | $ 124,423 | $ 98,355 | $ 118,036 | $ 102,241 |
Current period provision | 3,983 | 7,689 | 14,863 | 8,837 |
Charge-offs | (5,346) | (4,614) | (15,217) | (16,698) |
Recoveries | 1,781 | 8,389 | 6,733 | 15,439 |
Ending balance | 124,841 | 109,819 | 124,841 | 109,819 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 426 | |||
Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 15,959 | 7,450 | 12,913 | 2,458 |
Current period provision | (2,981) | 3,585 | 65 | 8,577 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 12,978 | 11,035 | 12,978 | 11,035 |
Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Small business equipment finance loan pool | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Loans purchased | 182,800 | |||
One-to-four family jumbo mortgage loan pool | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Loans purchased | 188,300 | |||
Personal Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 50,851 | 37,907 | 48,887 | 31,040 |
Current period provision | 2,251 | 4,733 | 7,978 | 14,096 |
Charge-offs | (3,576) | (3,042) | (10,233) | (8,700) |
Recoveries | 1,036 | 1,646 | 3,930 | 4,808 |
Ending balance | 50,562 | 41,244 | 50,562 | 41,244 |
Personal Banking | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Personal Banking | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 68 | 70 | 78 | 41 |
Current period provision | 2 | 8 | (8) | 37 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 70 | 78 | 70 | 78 |
Personal Banking | Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Personal Banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 17,556 | 16,158 | 19,261 | 7,373 |
Current period provision | (370) | 1,646 | (2,047) | 11,331 |
Charge-offs | (171) | (166) | (923) | (1,487) |
Recoveries | 75 | 329 | 799 | 750 |
Ending balance | 17,090 | 17,967 | 17,090 | 17,967 |
Personal Banking | Residential mortgage loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Personal Banking | Residential mortgage loans | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 4 | 6 | 4 | 2 |
Current period provision | (1) | (2) | (1) | 2 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 3 | 4 | 3 | 4 |
Personal Banking | Residential mortgage loans | Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Personal Banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 5,002 | 5,232 | 5,902 | 5,300 |
Current period provision | 201 | 341 | (705) | 127 |
Charge-offs | (320) | (535) | (719) | (1,237) |
Recoveries | 161 | 410 | 566 | 1,258 |
Ending balance | 5,044 | 5,448 | 5,044 | 5,448 |
Personal Banking | Home equity loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Personal Banking | Home equity loans | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 64 | 64 | 74 | 39 |
Current period provision | 3 | 10 | (7) | 35 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 67 | 74 | 67 | 74 |
Personal Banking | Home equity loans | Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Personal Banking | Vehicle loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 27,283 | 15,738 | 23,059 | 15,483 |
Current period provision | 984 | 1,576 | 7,267 | 2,159 |
Charge-offs | (1,524) | (936) | (4,731) | (2,517) |
Recoveries | 483 | 626 | 1,631 | 1,879 |
Ending balance | 27,226 | 17,004 | 27,226 | 17,004 |
Personal Banking | Vehicle loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Personal Banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 1,010 | 779 | 665 | 2,884 |
Current period provision | 1,436 | 1,170 | 3,463 | 479 |
Charge-offs | (1,561) | (1,405) | (3,860) | (3,459) |
Recoveries | 317 | 281 | 934 | 921 |
Ending balance | 1,202 | 825 | 1,202 | 825 |
Personal Banking | Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Commercial Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 73,572 | 60,448 | 69,149 | 71,201 |
Current period provision | 1,732 | 2,956 | 6,885 | (5,259) |
Charge-offs | (1,770) | (1,572) | (4,984) | (7,998) |
Recoveries | 745 | 6,743 | 2,803 | 10,631 |
Ending balance | 74,279 | 68,575 | 74,279 | 68,575 |
Commercial Banking | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 426 | |||
Commercial Banking | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 15,891 | 7,380 | 12,835 | 2,417 |
Current period provision | (2,983) | 3,577 | 73 | 8,540 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 12,908 | 10,957 | 12,908 | 10,957 |
Commercial Banking | Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Commercial Banking | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 50,056 | 39,641 | 44,506 | 54,141 |
Current period provision | (1,110) | 5,117 | 3,587 | (6,465) |
Charge-offs | (484) | (1,329) | (1,556) | (6,745) |
Recoveries | 120 | 6,220 | 1,619 | 8,718 |
Ending balance | 48,582 | 49,649 | 48,582 | 49,649 |
Commercial Banking | Commercial real estate loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 426 | |||
Commercial Banking | Commercial real estate loans | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 7,655 | 3,463 | 5,375 | 881 |
Current period provision | (2,858) | 1,919 | (578) | 4,501 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 4,797 | 5,382 | 4,797 | 5,382 |
Commercial Banking | Commercial real estate loans | Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Commercial Banking | Commercial real estate loans - owner occupied | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 3,498 | 4,095 | 4,004 | 3,883 |
Current period provision | (30) | (34) | (515) | 167 |
Charge-offs | 0 | 0 | (68) | 0 |
Recoveries | 11 | 26 | 58 | 37 |
Ending balance | 3,479 | 4,087 | 3,479 | 4,087 |
Commercial Banking | Commercial real estate loans - owner occupied | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Commercial Banking | Commercial real estate loans - owner occupied | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 320 | 328 | 379 | 142 |
Current period provision | (180) | (41) | (239) | 145 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 140 | 287 | 140 | 287 |
Commercial Banking | Commercial real estate loans - owner occupied | Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Commercial Banking | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 20,018 | 16,712 | 20,639 | 13,177 |
Current period provision | 2,872 | (2,127) | 3,813 | 1,039 |
Charge-offs | (1,286) | (243) | (3,360) | (1,253) |
Recoveries | 614 | 497 | 1,126 | 1,876 |
Ending balance | 22,218 | 14,839 | 22,218 | 14,839 |
Commercial Banking | Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 0 | |||
Commercial Banking | Commercial loans | Off-Balance sheet exposure | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | 7,916 | 3,589 | 7,081 | 1,394 |
Current period provision | 55 | 1,699 | 890 | 3,894 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | $ 7,971 | $ 5,288 | 7,971 | $ 5,288 |
Commercial Banking | Commercial loans | Off-Balance sheet exposure | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Beginning balance | $ 0 |
Loans Receivable - Loan Portfol
Loans Receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | $ 11,310,273 | $ 10,920,452 | ||||
Allowance for credit losses | 124,841 | $ 124,423 | 118,036 | $ 109,819 | $ 98,355 | $ 102,241 |
Nonaccrual loans | 76,654 | 81,236 | 158,471 | |||
Loans 90 days past due and accruing | 728 | 744 | ||||
TDRs | 40,681 | |||||
Allowance related to TDRs | 2,400 | |||||
Additional commitments to customers with loans classified as TDRs | 404 | |||||
Non-accrual TDRs | 29,200 | 30,406 | ||||
Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 6,886,647 | 6,964,928 | ||||
Allowance for credit losses | 50,562 | 50,851 | 48,887 | 41,244 | 37,907 | 31,040 |
Nonaccrual loans | 17,289 | 15,746 | 20,098 | |||
Loans 90 days past due and accruing | 690 | 407 | ||||
TDRs | 7,749 | |||||
Allowance related to TDRs | 1,615 | |||||
Additional commitments to customers with loans classified as TDRs | 0 | |||||
Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 3,472,763 | 3,498,599 | ||||
Allowance for credit losses | 17,090 | 17,556 | 19,261 | 17,967 | 16,158 | 7,373 |
Nonaccrual loans | 9,760 | 7,574 | 10,402 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 6,279 | |||||
Allowance related to TDRs | 1,069 | |||||
Additional commitments to customers with loans classified as TDRs | 0 | |||||
Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,258,765 | 1,297,674 | ||||
Allowance for credit losses | 5,044 | 5,002 | 5,902 | 5,448 | 5,232 | 5,300 |
Nonaccrual loans | 3,431 | 4,145 | 5,758 | |||
Loans 90 days past due and accruing | 133 | 0 | ||||
TDRs | 1,470 | |||||
Allowance related to TDRs | 546 | |||||
Additional commitments to customers with loans classified as TDRs | 0 | |||||
Personal Banking | Vehicle loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,039,699 | 2,056,783 | ||||
Allowance for credit losses | 27,226 | 27,283 | 23,059 | 17,004 | 15,738 | 15,483 |
Nonaccrual loans | 3,817 | 3,771 | 3,263 | |||
Loans 90 days past due and accruing | 57 | 2 | ||||
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 | 115,420 | 111,872 | ||||
Allowance for credit losses | 1,202 | 1,010 | 665 | 825 | 779 | 2,884 |
Nonaccrual loans | 281 | 256 | 675 | |||
Loans 90 days past due and accruing | 500 | 405 | ||||
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 | 4,423,626 | 3,955,524 | ||||
Allowance for credit losses | 74,279 | 73,572 | 69,149 | 68,575 | 60,448 | 71,201 |
Nonaccrual loans | 59,365 | 65,490 | 138,373 | |||
Loans 90 days past due and accruing | 38 | 337 | ||||
TDRs | 32,932 | |||||
Allowance related to TDRs | 785 | |||||
Additional commitments to customers with loans classified as TDRs | 404 | |||||
Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,553,644 | 2,448,028 | ||||
Allowance for credit losses | 48,582 | 50,056 | 44,506 | 49,649 | 39,641 | 54,141 |
Nonaccrual loans | 54,109 | 62,239 | 129,666 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 31,980 | |||||
Allowance related to TDRs | 638 | |||||
Additional commitments to customers with loans classified as TDRs | 400 | |||||
Commercial Banking | Commercial real estate loans - owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 369,373 | 375,527 | ||||
Allowance for credit losses | 3,479 | 3,498 | 4,004 | 4,087 | 4,095 | 3,883 |
Nonaccrual loans | 1,071 | 624 | 1,233 | |||
Loans 90 days past due and accruing | 0 | 0 | ||||
TDRs | 94 | |||||
Allowance related to TDRs | 31 | |||||
Additional commitments to customers with loans classified as TDRs | 0 | |||||
Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,500,609 | 1,131,969 | ||||
Allowance for credit losses | 22,218 | $ 20,018 | 20,639 | $ 14,839 | $ 16,712 | 13,177 |
Nonaccrual loans | 4,185 | 2,627 | $ 7,474 | |||
Loans 90 days past due and accruing | $ 38 | 337 | ||||
TDRs | 858 | |||||
Allowance related to TDRs | 116 | |||||
Additional commitments to customers with loans classified as TDRs | $ 4 |
Loans Receivable - Composition
Loans Receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | $ 81,236 | $ 158,471 | |
Nonaccrual loans with an allowance | $ 42,878 | 42,878 | 38,722 |
Nonaccrual loans with no allowance | 33,776 | 33,776 | 42,514 |
Nonaccrual loans at ending balance | 76,654 | 76,654 | 81,236 |
Loans 90 days past due and accruing | 728 | 728 | 744 |
Interest income, accrual method | 0 | 0 | 678,000 |
Amortized cost basis of collateral-dependent loans | 51,562 | 51,562 | 58,110 |
Real estate | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 51,562 | 51,562 | 57,900 |
Equipment | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 210 | ||
Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 15,746 | 20,098 | |
Nonaccrual loans with an allowance | 16,141 | 16,141 | 13,892 |
Nonaccrual loans with no allowance | 1,148 | 1,148 | 1,854 |
Nonaccrual loans at ending balance | 17,289 | 17,289 | 15,746 |
Loans 90 days past due and accruing | 690 | 690 | 407 |
Amortized cost basis of collateral-dependent loans | 669 | ||
Personal Banking | Real estate | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 669 | ||
Personal Banking | Equipment | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 0 | ||
Personal Banking | Residential mortgage loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 7,574 | 10,402 | |
Nonaccrual loans with an allowance | 9,760 | 9,760 | 7,574 |
Nonaccrual loans with no allowance | 0 | 0 | 0 |
Nonaccrual loans at ending balance | 9,760 | 9,760 | 7,574 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 569 | ||
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 | 569 | ||
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 | ||
Personal Banking | Home equity loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 4,145 | 5,758 | |
Nonaccrual loans with an allowance | 3,262 | 3,262 | 3,887 |
Nonaccrual loans with no allowance | 169 | 169 | 258 |
Nonaccrual loans at ending balance | 3,431 | 3,431 | 4,145 |
Loans 90 days past due and accruing | 133 | 133 | 0 |
Amortized cost basis of collateral-dependent loans | 100 | ||
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 | 100 | ||
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 | ||
Personal Banking | Vehicle loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 3,771 | 3,263 | |
Nonaccrual loans with an allowance | 2,838 | 2,838 | 2,175 |
Nonaccrual loans with no allowance | 979 | 979 | 1,596 |
Nonaccrual loans at ending balance | 3,817 | 3,817 | 3,771 |
Loans 90 days past due and accruing | 57 | 57 | 2 |
Personal Banking | Consumer loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 256 | 675 | |
Nonaccrual loans with an allowance | 281 | 281 | 256 |
Nonaccrual loans with no allowance | 0 | 0 | 0 |
Nonaccrual loans at ending balance | 281 | 281 | 256 |
Loans 90 days past due and accruing | 500 | 500 | 405 |
Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 65,490 | 138,373 | |
Nonaccrual loans with an allowance | 26,737 | 26,737 | 24,830 |
Nonaccrual loans with no allowance | 32,628 | 32,628 | 40,660 |
Nonaccrual loans at ending balance | 59,365 | 59,365 | 65,490 |
Loans 90 days past due and accruing | 38 | 38 | 337 |
Amortized cost basis of collateral-dependent loans | 51,562 | 51,562 | 57,441 |
Commercial Banking | Real estate | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 51,562 | 51,562 | 57,231 |
Commercial Banking | Equipment | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Amortized cost basis of collateral-dependent loans | 210 | ||
Commercial Banking | Commercial real estate loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 62,239 | 129,666 | |
Nonaccrual loans with an allowance | 21,838 | 21,838 | 22,182 |
Nonaccrual loans with no allowance | 32,271 | 32,271 | 40,057 |
Nonaccrual loans at ending balance | 54,109 | 54,109 | 62,239 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Amortized cost basis of collateral-dependent loans | 51,402 | 51,402 | 57,056 |
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 | 51,402 | 51,402 | 57,056 |
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 | 0 | ||
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 | 624 | 1,233 | |
Nonaccrual loans with an allowance | 1,071 | 1,071 | 624 |
Nonaccrual loans with no allowance | 0 | 0 | 0 |
Nonaccrual loans at ending balance | 1,071 | 1,071 | 624 |
Loans 90 days past due and accruing | 0 | 0 | 0 |
Commercial Banking | Commercial loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans at beginning balance | 2,627 | 7,474 | |
Nonaccrual loans with an allowance | 3,828 | 3,828 | 2,024 |
Nonaccrual loans with no allowance | 357 | 357 | 603 |
Nonaccrual loans at ending balance | 4,185 | 4,185 | 2,627 |
Loans 90 days past due and accruing | 38 | 38 | 337 |
Amortized cost basis of collateral-dependent loans | 160 | 160 | 385 |
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 | $ 160 | $ 160 | 175 |
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 | $ 210 |
Loans Receivable - Amortized Co
Loans Receivable - Amortized Cost Basis of Loans Modified (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Troubled debt restructurings | ||
Total class of financing receivable | 0% | 0.01% |
Committed to lend additional amounts | $ 31 | $ 31 |
Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | 329 | 1,593 |
Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 85 | $ 88 |
Personal Banking | ||
Troubled debt restructurings | ||
Total class of financing receivable | 0.01% | 0.01% |
Personal Banking | Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | $ 314 | $ 733 |
Personal Banking | Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 85 | $ 88 |
Personal Banking | Residential mortgage loans | ||
Troubled debt restructurings | ||
Total class of financing receivable | 0.01% | 0.01% |
Personal Banking | Residential mortgage loans | Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | $ 192 | $ 450 |
Personal Banking | Residential mortgage loans | Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 0 | $ 0 |
Personal Banking | Home equity loans | ||
Troubled debt restructurings | ||
Total class of financing receivable | 0.02% | 0.03% |
Personal Banking | Home equity loans | Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | $ 122 | $ 283 |
Personal Banking | Home equity loans | Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 85 | $ 85 |
Personal Banking | Consumer loans | ||
Troubled debt restructurings | ||
Total class of financing receivable | 0% | 0% |
Personal Banking | Consumer loans | Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | $ 0 | $ 0 |
Personal Banking | Consumer loans | Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 0 | $ 3 |
Commercial Banking | ||
Troubled debt restructurings | ||
Total class of financing receivable | 0% | 0.02% |
Commercial Banking | Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | $ 15 | $ 860 |
Commercial Banking | Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 0 | $ 0 |
Commercial Banking | Commercial real estate loans | ||
Troubled debt restructurings | ||
Total class of financing receivable | 0% | 0.01% |
Commercial Banking | Commercial real estate loans | Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | $ 0 | $ 197 |
Commercial Banking | Commercial real estate loans | Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 0 | $ 0 |
Commercial Banking | Commercial loans | ||
Troubled debt restructurings | ||
Total class of financing receivable | 0% | 0.04% |
Commercial Banking | Commercial loans | Maturity date | ||
Troubled debt restructurings | ||
Loans modified in period | $ 15 | $ 663 |
Commercial Banking | Commercial loans | Combination term extension and interest rate reduction | ||
Troubled debt restructurings | ||
Loans modified in period | $ 0 | $ 0 |
Loans Receivable - Financing Re
Loans Receivable - Financing Receivable Weighted Average Modified Period (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Troubled debt restructurings | ||
Weighted-average term extension in months | 135 months | 68 months |
Weighted-average interest rate reduction | 5% | 17% |
Personal Banking | ||
Troubled debt restructurings | ||
Weighted-average term extension in months | 140 months | 126 months |
Weighted-average interest rate reduction | 5% | 17% |
Personal Banking | Residential mortgage loans | ||
Troubled debt restructurings | ||
Weighted-average term extension in months | 169 months | 149 months |
Weighted-average interest rate reduction | 0% | |
Personal Banking | Home equity loans | ||
Troubled debt restructurings | ||
Weighted-average term extension in months | 112 months | 96 months |
Weighted-average interest rate reduction | 5% | 5% |
Personal Banking | Consumer loans | ||
Troubled debt restructurings | ||
Weighted-average term extension in months | 0 years | 356 months |
Weighted-average interest rate reduction | 0% | 12% |
Commercial Banking | ||
Troubled debt restructurings | ||
Weighted-average term extension in months | 23 months | 13 months |
Weighted-average interest rate reduction | 0% | |
Commercial Banking | Commercial real estate loans | ||
Troubled debt restructurings | ||
Weighted-average term extension in months | 0 years | 25 months |
Weighted-average interest rate reduction | 0% | |
Commercial Banking | Commercial loans | ||
Troubled debt restructurings | ||
Weighted-average term extension in months | 23 months | 9 months |
Weighted-average interest rate reduction | 0% |
Loans Receivable - Performance
Loans Receivable - Performance of Loans (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Current | |
Troubled debt restructurings | |
Loans modified in period | $ 895 |
30-59 days delinquent | |
Troubled debt restructurings | |
Loans modified in period | 15 |
90 days or greater delinquent | |
Troubled debt restructurings | |
Loans modified in period | 771 |
Personal Banking | Current | |
Troubled debt restructurings | |
Loans modified in period | 821 |
Personal Banking | Residential mortgage loans | Current | |
Troubled debt restructurings | |
Loans modified in period | 450 |
Personal Banking | Home equity loans | Current | |
Troubled debt restructurings | |
Loans modified in period | 368 |
Personal Banking | Consumer loans | Current | |
Troubled debt restructurings | |
Loans modified in period | 3 |
Commercial Banking | Current | |
Troubled debt restructurings | |
Loans modified in period | 74 |
Commercial Banking | 30-59 days delinquent | |
Troubled debt restructurings | |
Loans modified in period | 15 |
Commercial Banking | 90 days or greater delinquent | |
Troubled debt restructurings | |
Loans modified in period | 771 |
Commercial Banking | Commercial real estate loans | Current | |
Troubled debt restructurings | |
Loans modified in period | 74 |
Commercial Banking | Commercial real estate loans | 90 days or greater delinquent | |
Troubled debt restructurings | |
Loans modified in period | 123 |
Commercial Banking | Commercial loans | 30-59 days delinquent | |
Troubled debt restructurings | |
Loans modified in period | 15 |
Commercial Banking | Commercial loans | 90 days or greater delinquent | |
Troubled debt restructurings | |
Loans modified in period | $ 648 |
Loans Receivable - Loans Modifi
Loans Receivable - Loans Modified with Payment Default (Details) - Maturity date $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Loans with payment default and modified | $ 771 |
Commercial Banking | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Loans with payment default and modified | 771 |
Commercial Banking | Commercial real estate loans | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Loans with payment default and modified | 123 |
Commercial Banking | Commercial loans | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Loans with payment default and modified | $ 648 |
Loans Receivable - Roll Forward
Loans Receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) contract | Sep. 30, 2022 USD ($) contract | Dec. 31, 2022 USD ($) | |
Number of Contracts | |||
Beginning TDR balance (contract) | contract | 128 | 134 | |
New TDRs (contract) | contract | 6 | 8 | |
Re-modified TDRs (contract) | contract | 4 | 10 | |
Net paydowns (contract) | contract | 0 | 0 | |
Ending TDR balance (contract) | contract | 127 | 127 | |
Amount | |||
Beginning TDR balance | $ 54,237 | $ 30,288 | |
New TDRs | 221 | 25,626 | |
Re-modified TDRs | 977 | 1,178 | |
Net paydowns | (810) | (1,609) | |
Ending TDR balance | 46,750 | 46,750 | |
Accruing TDRs | 16,344 | 16,344 | |
Non-accrual TDRs | $ 30,406 | $ 30,406 | $ 29,200 |
Residential mortgage loans | |||
Number of Contracts | |||
Charge-offs contract) | contract | 0 | 1 | |
Paid-off loans (contract) | contract | 1 | 2 | |
Amount | |||
Charge-offs | $ 0 | $ (3) | |
Paid-off loans | $ (35) | $ (236) | |
Home equity loans | |||
Number of Contracts | |||
Paid-off loans (contract) | contract | 1 | 3 | |
Amount | |||
Paid-off loans | $ (11) | $ (88) | |
Commercial real estate loans | |||
Number of Contracts | |||
Paid-off loans (contract) | contract | 1 | 4 | |
Amount | |||
Paid-off loans | $ (3,349) | $ (3,718) | |
Commercial real estate loans - owner occupied | |||
Number of Contracts | |||
Paid-off loans (contract) | contract | 1 | ||
Amount | |||
Paid-off loans | $ (44) | ||
Commercial loans | |||
Number of Contracts | |||
Paid-off loans (contract) | contract | 3 | 4 | |
Amount | |||
Paid-off loans | $ (3,459) | $ (3,466) |
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 | 9 Months Ended | ||
Sep. 30, 2022 USD ($) contract | Sep. 30, 2022 contract | Sep. 30, 2022 USD ($) | Sep. 30, 2022 shareholder | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 10 | 18 | ||
Recorded investment at the time of modification | $ 1,249 | $ 38,458 | ||
Current recorded investment | 1,198 | 26,804 | ||
Current allowance | $ 147 | 160 | ||
Personal Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | 7 | 7 | 7 | |
Recorded investment at the time of modification | $ 307 | 307 | ||
Current recorded investment | 298 | 298 | ||
Current allowance | $ 38 | 38 | ||
Personal Banking | Residential mortgage loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | 2 | 2 | 2 | |
Recorded investment at the time of modification | $ 147 | 147 | ||
Current recorded investment | 144 | 144 | ||
Current allowance | $ 15 | 15 | ||
Personal Banking | Home equity loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | 5 | 5 | 5 | |
Recorded investment at the time of modification | $ 160 | 160 | ||
Current recorded investment | 154 | 154 | ||
Current allowance | $ 23 | 23 | ||
Commercial Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 3 | 11 | ||
Recorded investment at the time of modification | $ 942 | 38,151 | ||
Current recorded investment | 900 | 26,506 | ||
Current allowance | $ 109 | 122 | ||
Commercial Banking | Commercial real estate loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 1 | 5 | ||
Recorded investment at the time of modification | $ 610 | 34,295 | ||
Current recorded investment | 609 | 26,212 | ||
Current allowance | $ 89 | 102 | ||
Commercial Banking | Commercial loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of contracts | contract | 2 | 6 | ||
Recorded investment at the time of modification | $ 332 | 3,856 | ||
Current recorded investment | 291 | 294 | ||
Current allowance | $ 20 | $ 20 |
Loans Receivable - Troubled D_2
Loans Receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) contract | Sep. 30, 2022 contract | Sep. 30, 2022 USD ($) | Sep. 30, 2022 shareholder | Sep. 30, 2022 contract | |
Troubled debt restructurings | |||||
Number of contracts | contract | 10 | 18 | |||
Total | $ 1,198 | $ 26,804 | |||
Number of TDRs modified that subsequently defaulted (in contracts) | contract | 0 | ||||
Rate | |||||
Troubled debt restructurings | |||||
Total | 4,166 | ||||
Maturity date | |||||
Troubled debt restructurings | |||||
Total | $ 1,198 | 22,638 | |||
Personal Banking | |||||
Troubled debt restructurings | |||||
Number of contracts | 7 | 7 | 7 | ||
Total | $ 298 | 298 | |||
Personal Banking | Rate | |||||
Troubled debt restructurings | |||||
Total | 0 | ||||
Personal Banking | Maturity date | |||||
Troubled debt restructurings | |||||
Total | $ 298 | 298 | |||
Personal Banking | Residential mortgage loans | |||||
Troubled debt restructurings | |||||
Number of contracts | 2 | 2 | 2 | ||
Total | $ 144 | 144 | |||
Personal Banking | Residential mortgage loans | Rate | |||||
Troubled debt restructurings | |||||
Total | 0 | ||||
Personal Banking | Residential mortgage loans | Maturity date | |||||
Troubled debt restructurings | |||||
Total | $ 144 | 144 | |||
Personal Banking | Home equity loans | |||||
Troubled debt restructurings | |||||
Number of contracts | 5 | 5 | 5 | ||
Total | $ 154 | 154 | |||
Personal Banking | Home equity loans | Rate | |||||
Troubled debt restructurings | |||||
Total | 0 | ||||
Personal Banking | Home equity loans | Maturity date | |||||
Troubled debt restructurings | |||||
Total | $ 154 | 154 | |||
Commercial Banking | |||||
Troubled debt restructurings | |||||
Number of contracts | contract | 3 | 11 | |||
Total | $ 900 | 26,506 | |||
Commercial Banking | Rate | |||||
Troubled debt restructurings | |||||
Total | 4,166 | ||||
Commercial Banking | Maturity date | |||||
Troubled debt restructurings | |||||
Total | $ 900 | 22,340 | |||
Commercial Banking | Commercial real estate loans | |||||
Troubled debt restructurings | |||||
Number of contracts | contract | 1 | 5 | |||
Total | $ 609 | 26,212 | |||
Commercial Banking | Commercial real estate loans | Rate | |||||
Troubled debt restructurings | |||||
Total | 4,166 | ||||
Commercial Banking | Commercial real estate loans | Maturity date | |||||
Troubled debt restructurings | |||||
Total | $ 609 | 22,046 | |||
Commercial Banking | Commercial loans | |||||
Troubled debt restructurings | |||||
Number of contracts | contract | 2 | 6 | |||
Total | $ 291 | 294 | |||
Commercial Banking | Commercial loans | Rate | |||||
Troubled debt restructurings | |||||
Total | 0 | ||||
Commercial Banking | Commercial loans | Maturity date | |||||
Troubled debt restructurings | |||||
Total | $ 291 | $ 294 |
Loans Receivable - Loan Delinqu
Loans Receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loan payment delinquencies | ||
Total loans receivable | $ 11,310,273 | $ 10,920,452 |
90 days or greater delinquent and accruing | 728 | 744 |
Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 57,233 | 85,941 |
30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 21,412 | 52,235 |
60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 12,012 | 13,100 |
90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 23,809 | 20,606 |
Current | ||
Loan payment delinquencies | ||
Total loans receivable | 11,253,040 | 10,834,511 |
Personal Banking | ||
Loan payment delinquencies | ||
Total loans receivable | 6,886,647 | 6,964,928 |
90 days or greater delinquent and accruing | 690 | 407 |
Personal Banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 37,518 | 66,097 |
Personal Banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 15,154 | 45,579 |
Personal Banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 9,443 | 9,608 |
Personal Banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 12,921 | 10,910 |
Personal Banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 6,849,129 | 6,898,831 |
Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans receivable | 3,472,763 | 3,498,599 |
90 days or greater delinquent and accruing | 0 | 0 |
Personal Banking | Residential mortgage loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 13,663 | 40,624 |
Personal Banking | Residential mortgage loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 573 | 29,487 |
Personal Banking | Residential mortgage loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 5,395 | 5,563 |
Personal Banking | Residential mortgage loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 7,695 | 5,574 |
Personal Banking | Residential mortgage loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 3,459,100 | 3,457,975 |
Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,258,765 | 1,297,674 |
90 days or greater delinquent and accruing | 133 | 0 |
Personal Banking | Home equity loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 8,254 | 9,889 |
Personal Banking | Home equity loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 4,707 | 6,657 |
Personal Banking | Home equity loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,341 | 975 |
Personal Banking | Home equity loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,206 | 2,257 |
Personal Banking | Home equity loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 1,250,511 | 1,287,785 |
Personal Banking | Vehicle loans | ||
Loan payment delinquencies | ||
Total loans receivable | 2,039,699 | 2,056,783 |
90 days or greater delinquent and accruing | 57 | 2 |
Personal Banking | Vehicle loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 13,808 | 13,918 |
Personal Banking | Vehicle loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 9,122 | 8,677 |
Personal Banking | Vehicle loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,412 | 2,770 |
Personal Banking | Vehicle loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,274 | 2,471 |
Personal Banking | Vehicle loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 2,025,891 | 2,042,865 |
Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans receivable | 115,420 | 111,872 |
90 days or greater delinquent and accruing | 500 | 405 |
Personal Banking | Consumer loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 1,793 | 1,666 |
Personal Banking | Consumer loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 752 | 758 |
Personal Banking | Consumer loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 295 | 300 |
Personal Banking | Consumer loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 746 | 608 |
Personal Banking | Consumer loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 113,627 | 110,206 |
Commercial Banking | ||
Loan payment delinquencies | ||
Total loans receivable | 4,423,626 | 3,955,524 |
90 days or greater delinquent and accruing | 38 | 337 |
Commercial Banking | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 19,715 | 19,844 |
Commercial Banking | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 6,258 | 6,656 |
Commercial Banking | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,569 | 3,492 |
Commercial Banking | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 10,888 | 9,696 |
Commercial Banking | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 4,403,911 | 3,935,680 |
Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans receivable | 2,553,644 | 2,448,028 |
90 days or greater delinquent and accruing | 0 | 0 |
Commercial Banking | Commercial real estate loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 12,781 | 13,913 |
Commercial Banking | Commercial real estate loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 3,411 | 3,947 |
Commercial Banking | Commercial real estate loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 1,328 | 2,377 |
Commercial Banking | Commercial real estate loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 8,042 | 7,589 |
Commercial Banking | Commercial real estate loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 2,540,863 | 2,434,115 |
Commercial Banking | Commercial real estate loans - owner occupied | ||
Loan payment delinquencies | ||
Total loans receivable | 369,373 | 375,527 |
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 | 634 | 339 |
Commercial Banking | Commercial real estate loans - owner occupied | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 0 | 61 |
Commercial Banking | Commercial real estate loans - owner occupied | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 260 | 0 |
Commercial Banking | Commercial real estate loans - owner occupied | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 374 | 278 |
Commercial Banking | Commercial real estate loans - owner occupied | Current | ||
Loan payment delinquencies | ||
Total loans receivable | 368,739 | 375,188 |
Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans receivable | 1,500,609 | 1,131,969 |
90 days or greater delinquent and accruing | 38 | 337 |
Commercial Banking | Commercial loans | Total delinquency | ||
Loan payment delinquencies | ||
Total loans receivable | 6,300 | 5,592 |
Commercial Banking | Commercial loans | 30-59 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,847 | 2,648 |
Commercial Banking | Commercial loans | 60-89 days delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 981 | 1,115 |
Commercial Banking | Commercial loans | 90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total loans receivable | 2,472 | 1,829 |
Commercial Banking | Commercial loans | Current | ||
Loan payment delinquencies | ||
Total loans receivable | $ 1,494,309 | $ 1,126,377 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Credit quality indicators | ||
Year one | $ 1,247,754 | $ 2,630,339 |
Year two | 2,510,244 | 2,099,871 |
Year three | 1,877,955 | 1,415,571 |
Year four | 1,234,436 | 914,933 |
Year five | 802,441 | 575,318 |
Prior | 2,481,619 | 2,274,805 |
Revolving loans | 1,077,236 | 939,858 |
Revolving loans converted to term loans | 78,588 | 69,757 |
Total loans receivable, gross | 11,310,273 | 10,920,452 |
Revolving loans converted to term loans during the period | 13,700 | 20,700 |
Special mention and substandard | Minimum | ||
Credit quality indicators | ||
Total loans receivable, gross | 1,000 | |
Personal Banking | ||
Credit quality indicators | ||
Year one | 786,963 | 1,761,000 |
Year two | 1,538,860 | 1,586,953 |
Year three | 1,367,408 | 953,050 |
Year four | 826,577 | 516,327 |
Year five | 432,580 | 255,908 |
Prior | 1,354,790 | 1,304,430 |
Revolving loans | 534,816 | 541,954 |
Revolving loans converted to term loans | 44,653 | 45,306 |
Total loans receivable, gross | 6,886,647 | 6,964,928 |
Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Year one | 159,472 | 660,352 |
Year two | 674,268 | 838,010 |
Year three | 803,873 | 547,078 |
Year four | 517,142 | 266,316 |
Year five | 250,133 | 132,130 |
Prior | 1,067,875 | 1,054,713 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,472,763 | 3,498,599 |
Year one, charge-offs | 0 | |
Year two, charge-offs | 0 | |
Year three, charge-offs | (5) | |
Year four, charge-offs | (130) | |
Year five, charge-offs | 0 | |
Prior, charge-offs | (788) | |
Revolving loans, charge-offs | 0 | |
Revolving loans converted to term loans, charge-offs | 0 | |
Total loans receivable, charge-offs | (923) | |
Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Year one | 159,472 | 659,930 |
Year two | 673,235 | 837,823 |
Year three | 803,613 | 546,604 |
Year four | 516,270 | 265,520 |
Year five | 249,797 | 131,599 |
Prior | 1,056,864 | 1,043,394 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,459,251 | 3,484,870 |
Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 422 |
Year two | 1,033 | 187 |
Year three | 260 | 474 |
Year four | 872 | 796 |
Year five | 336 | 531 |
Prior | 11,011 | 11,319 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 13,512 | 13,729 |
Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Year one | 65,795 | 114,598 |
Year two | 104,272 | 126,654 |
Year three | 110,823 | 173,044 |
Year four | 153,431 | 110,622 |
Year five | 98,211 | 50,638 |
Prior | 212,056 | 202,037 |
Revolving loans | 470,509 | 475,912 |
Revolving loans converted to term loans | 43,668 | 44,169 |
Total loans receivable, gross | 1,258,765 | 1,297,674 |
Year one, charge-offs | 0 | |
Year two, charge-offs | (53) | |
Year three, charge-offs | (46) | |
Year four, charge-offs | 0 | |
Year five, charge-offs | (48) | |
Prior, charge-offs | (257) | |
Revolving loans, charge-offs | (142) | |
Revolving loans converted to term loans, charge-offs | (173) | |
Total loans receivable, charge-offs | (719) | |
Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Year one | 65,795 | 114,598 |
Year two | 104,272 | 126,608 |
Year three | 110,823 | 173,044 |
Year four | 153,431 | 110,495 |
Year five | 98,062 | 50,314 |
Prior | 210,273 | 198,971 |
Revolving loans | 469,459 | 475,229 |
Revolving loans converted to term loans | 42,870 | 42,887 |
Total loans receivable, gross | 1,254,985 | 1,292,146 |
Personal Banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 46 |
Year three | 0 | 0 |
Year four | 0 | 127 |
Year five | 149 | 324 |
Prior | 1,783 | 3,066 |
Revolving loans | 1,050 | 683 |
Revolving loans converted to term loans | 798 | 1,282 |
Total loans receivable, gross | 3,780 | 5,528 |
Personal Banking | Vehicle loans | ||
Credit quality indicators | ||
Year one | 541,590 | 966,724 |
Year two | 747,126 | 612,406 |
Year three | 446,320 | 228,564 |
Year four | 153,511 | 135,823 |
Year five | 82,495 | 70,728 |
Prior | 68,657 | 42,538 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 2,039,699 | 2,056,783 |
Year one, charge-offs | (324) | |
Year two, charge-offs | (1,385) | |
Year three, charge-offs | (1,425) | |
Year four, charge-offs | (416) | |
Year five, charge-offs | (497) | |
Prior, charge-offs | (684) | |
Revolving loans, charge-offs | 0 | |
Revolving loans converted to term loans, charge-offs | 0 | |
Total loans receivable, charge-offs | (4,731) | |
Personal Banking | Vehicle loans | Pass | ||
Credit quality indicators | ||
Year one | 541,270 | 966,432 |
Year two | 746,225 | 611,310 |
Year three | 444,934 | 227,897 |
Year four | 153,264 | 135,134 |
Year five | 81,931 | 70,071 |
Prior | 68,201 | 42,166 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 2,035,825 | 2,053,010 |
Personal Banking | Vehicle loans | Substandard | ||
Credit quality indicators | ||
Year one | 320 | 292 |
Year two | 901 | 1,096 |
Year three | 1,386 | 667 |
Year four | 247 | 689 |
Year five | 564 | 657 |
Prior | 456 | 372 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,874 | 3,773 |
Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Year one | 20,106 | 19,326 |
Year two | 13,194 | 9,883 |
Year three | 6,392 | 4,364 |
Year four | 2,493 | 3,566 |
Year five | 1,741 | 2,412 |
Prior | 6,202 | 5,142 |
Revolving loans | 64,307 | 66,042 |
Revolving loans converted to term loans | 985 | 1,137 |
Total loans receivable, gross | 115,420 | 111,872 |
Year one, charge-offs | (2,055) | |
Year two, charge-offs | (340) | |
Year three, charge-offs | (271) | |
Year four, charge-offs | (116) | |
Year five, charge-offs | (150) | |
Prior, charge-offs | (766) | |
Revolving loans, charge-offs | (149) | |
Revolving loans converted to term loans, charge-offs | (13) | |
Total loans receivable, charge-offs | (3,860) | |
Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Year one | 20,061 | 19,302 |
Year two | 13,137 | 9,874 |
Year three | 6,361 | 4,327 |
Year four | 2,485 | 3,557 |
Year five | 1,727 | 2,409 |
Prior | 6,201 | 5,094 |
Revolving loans | 63,801 | 65,610 |
Revolving loans converted to term loans | 866 | 1,037 |
Total loans receivable, gross | 114,639 | 111,210 |
Personal Banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Year one | 45 | 24 |
Year two | 57 | 9 |
Year three | 31 | 37 |
Year four | 8 | 9 |
Year five | 14 | 3 |
Prior | 1 | 48 |
Revolving loans | 506 | 432 |
Revolving loans converted to term loans | 119 | 100 |
Total loans receivable, gross | 781 | 662 |
Commercial Banking | ||
Credit quality indicators | ||
Year one | 460,791 | 869,339 |
Year two | 971,384 | 512,918 |
Year three | 510,547 | 462,521 |
Year four | 407,859 | 398,606 |
Year five | 369,861 | 319,410 |
Prior | 1,126,829 | 970,375 |
Revolving loans | 542,420 | 397,904 |
Revolving loans converted to term loans | 33,935 | 24,451 |
Total loans receivable, gross | 4,423,626 | 3,955,524 |
Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Year one | 127,229 | 322,050 |
Year two | 445,128 | 368,132 |
Year three | 383,957 | 390,267 |
Year four | 360,362 | 293,154 |
Year five | 279,685 | 252,021 |
Prior | 907,111 | 782,899 |
Revolving loans | 24,709 | 25,570 |
Revolving loans converted to term loans | 25,463 | 13,935 |
Total loans receivable, gross | 2,553,644 | 2,448,028 |
Year one, charge-offs | 0 | |
Year two, charge-offs | 0 | |
Year three, charge-offs | (492) | |
Year four, charge-offs | 0 | |
Year five, charge-offs | (51) | |
Prior, charge-offs | (1,013) | |
Revolving loans, charge-offs | 0 | |
Revolving loans converted to term loans, charge-offs | 0 | |
Total loans receivable, charge-offs | (1,556) | |
Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Year one | 127,229 | 322,050 |
Year two | 437,503 | 346,355 |
Year three | 356,152 | 369,868 |
Year four | 330,522 | 244,188 |
Year five | 225,478 | 209,500 |
Prior | 776,377 | 696,628 |
Revolving loans | 23,845 | 24,954 |
Revolving loans converted to term loans | 25,345 | 13,314 |
Total loans receivable, gross | 2,302,451 | 2,226,857 |
Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 7,451 | 17,216 |
Year three | 26,749 | 16,782 |
Year four | 21,732 | 87 |
Year five | 5,615 | 1,000 |
Prior | 34,909 | 15,887 |
Revolving loans | 350 | 157 |
Revolving loans converted to term loans | 0 | 15 |
Total loans receivable, gross | 96,806 | 51,144 |
Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 174 | 4,561 |
Year three | 1,056 | 3,617 |
Year four | 8,108 | 48,879 |
Year five | 48,592 | 41,521 |
Prior | 95,825 | 70,384 |
Revolving loans | 514 | 459 |
Revolving loans converted to term loans | 118 | 606 |
Total loans receivable, gross | 154,387 | 170,027 |
Commercial Banking | Commercial real estate loans - owner occupied | ||
Credit quality indicators | ||
Year one | 17,830 | 63,031 |
Year two | 68,347 | 51,673 |
Year three | 48,689 | 18,007 |
Year four | 17,879 | 54,685 |
Year five | 49,570 | 48,307 |
Prior | 161,894 | 133,634 |
Revolving loans | 2,237 | 2,862 |
Revolving loans converted to term loans | 2,927 | 3,328 |
Total loans receivable, gross | 369,373 | 375,527 |
Year one, charge-offs | 0 | |
Year two, charge-offs | 0 | |
Year three, charge-offs | 0 | |
Year four, charge-offs | 0 | |
Year five, charge-offs | 0 | |
Prior, charge-offs | (68) | |
Revolving loans, charge-offs | 0 | |
Revolving loans converted to term loans, charge-offs | 0 | |
Total loans receivable, charge-offs | (68) | |
Commercial Banking | Commercial real estate loans - owner occupied | Pass | ||
Credit quality indicators | ||
Year one | 17,830 | 62,905 |
Year two | 50,716 | 51,673 |
Year three | 48,567 | 17,989 |
Year four | 14,845 | 49,600 |
Year five | 44,834 | 43,570 |
Prior | 148,778 | 123,278 |
Revolving loans | 2,237 | 2,477 |
Revolving loans converted to term loans | 2,214 | 1,460 |
Total loans receivable, gross | 330,021 | 352,952 |
Commercial Banking | Commercial real estate loans - owner occupied | Special mention | ||
Credit quality indicators | ||
Year one | 0 | 126 |
Year two | 17,631 | 0 |
Year three | 0 | 18 |
Year four | 1,690 | 0 |
Year five | 0 | 2,297 |
Prior | 7,808 | 1,106 |
Revolving loans | 0 | 385 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 27,129 | 3,932 |
Commercial Banking | Commercial real estate loans - owner occupied | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 122 | 0 |
Year four | 1,344 | 5,085 |
Year five | 4,736 | 2,440 |
Prior | 5,308 | 9,250 |
Revolving loans | 0 | 0 |
Revolving loans converted to term loans | 713 | 1,868 |
Total loans receivable, gross | 12,223 | 18,643 |
Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Year one | 315,732 | 484,258 |
Year two | 457,909 | 93,113 |
Year three | 77,901 | 54,247 |
Year four | 29,618 | 50,767 |
Year five | 40,606 | 19,082 |
Prior | 57,824 | 53,842 |
Revolving loans | 515,474 | 369,472 |
Revolving loans converted to term loans | 5,545 | 7,188 |
Total loans receivable, gross | 1,500,609 | 1,131,969 |
Year one, charge-offs | 0 | |
Year two, charge-offs | (1,526) | |
Year three, charge-offs | (517) | |
Year four, charge-offs | (430) | |
Year five, charge-offs | (110) | |
Prior, charge-offs | (715) | |
Revolving loans, charge-offs | (60) | |
Revolving loans converted to term loans, charge-offs | (2) | |
Total loans receivable, charge-offs | (3,360) | |
Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Year one | 315,190 | 481,797 |
Year two | 455,098 | 90,320 |
Year three | 77,266 | 52,833 |
Year four | 28,754 | 46,966 |
Year five | 37,787 | 17,250 |
Prior | 56,731 | 53,107 |
Revolving loans | 501,722 | 354,402 |
Revolving loans converted to term loans | 4,285 | 4,032 |
Total loans receivable, gross | 1,476,833 | 1,100,707 |
Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Year one | 542 | 628 |
Year two | 315 | 2,190 |
Year three | 58 | 506 |
Year four | 369 | 1,704 |
Year five | 316 | 227 |
Prior | 68 | 0 |
Revolving loans | 2,022 | 2,129 |
Revolving loans converted to term loans | 0 | 0 |
Total loans receivable, gross | 3,690 | 7,384 |
Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Year one | 0 | 1,833 |
Year two | 2,496 | 603 |
Year three | 577 | 908 |
Year four | 495 | 2,097 |
Year five | 2,503 | 1,605 |
Prior | 1,025 | 735 |
Revolving loans | 11,730 | 12,941 |
Revolving loans converted to term loans | 1,260 | 3,156 |
Total loans receivable, gross | $ 20,086 | $ 23,878 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Amortizable intangible assets: | |||||
Intangible asset - net | $ 6,013 | $ 6,013 | $ 8,560 | ||
Estimated amortization expense | |||||
Amortization expense | 795 | $ 1,047 | 2,546 | $ 3,345 | |
For the year ending December 31, 2023 | 3,270 | 3,270 | |||
For the year ending December 31, 2024 | 2,452 | 2,452 | |||
For the year ending December 31, 2025 | 1,662 | 1,662 | |||
For the year ending December 31, 2026 | 871 | 871 | |||
For the year ending December 31, 2027 | 305 | 305 | |||
Core deposits | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 74,899 | 74,899 | 74,899 | ||
Less: accumulated amortization | (68,886) | (68,886) | (66,367) | ||
Intangible asset - net | 6,013 | 6,013 | 8,532 | ||
Customer and contract | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 12,775 | 12,775 | 12,775 | ||
Less: accumulated amortization | (12,775) | (12,775) | (12,747) | ||
Intangible asset - net | $ 0 | $ 0 | $ 28 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $ 0 | ||
Changes in the carrying amount of goodwill | |||
Goodwill | $ 380,997 | $ 380,997 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Borrowed funds | $ 604,587 | $ 681,166 |
Collateralized borrowings, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 48,587 | $ 105,766 |
Average rate | 1.52% | 0.27% |
Collateral received, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 61,600 | $ 24,100 |
Average rate | 5.16% | 4.17% |
Federal Home Loan Bank of Pittsburgh | Term notes payable to the FHLB of Pittsburgh, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 375,400 | $ 500,000 |
Average rate | 5.65% | 4.55% |
Federal Home Loan Bank of Pittsburgh | Notes payable to the FHLB of Pittsburgh, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 119,000 | $ 51,300 |
Average rate | 5.68% | 4.45% |
Borrowed Funds - Narrative (Det
Borrowed Funds - Narrative (Details) | 9 Months Ended | ||
Sep. 09, 2020 USD ($) | Sep. 30, 2023 USD ($) business_trust advance | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Total loans receivable, net | $ 11,185,432,000 | $ 10,802,416,000 | |
Borrowed funds | 604,587,000 | 681,166,000 | |
Subordinated debt | $ 114,102,000 | 113,840,000 | |
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 (in years) | 5 years | ||
Interest deferral | $ 0 | ||
Collateralized borrowings, due within one year | |||
Debt Instrument [Line Items] | |||
Borrowed funds | 48,587,000 | 105,766,000 | |
Cash and securities collateral | 89,300,000 | ||
Collateral received, due within one year | |||
Debt Instrument [Line Items] | |||
Borrowed funds | $ 61,600,000 | 24,100,000 | |
Subordinated debt | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 125,000,000 | ||
Stated rate (as a percent) | 4% | ||
Repurchase amount | 10,200,000 | ||
Amount outstanding after repurchase | 114,800,000 | ||
Debt issuance costs | $ 1,800,000 | ||
Debt issuance amortization period (in years) | 5 years | ||
Subordinated debt | SOFR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 3.89% | ||
Federal Home Loan Bank of Pittsburgh | |||
Debt Instrument [Line Items] | |||
Number of advances | advance | 10 | ||
Federal Home Loan Bank of Pittsburgh | Revolving line of credit, FHLB of Pittsburgh | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 250,000,000 | ||
Revolving line of credit | 119,000,000 | 51,300,000 | |
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | |||
Debt Instrument [Line Items] | |||
Borrowed funds | 375,400,000 | $ 500,000,000 | |
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 400,000,000 | ||
Stated rate (as a percent) | 5.72% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Two | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 100,000,000 | ||
Stated rate (as a percent) | 5.65% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Three | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 100,000,000 | ||
Stated rate (as a percent) | 5.65% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Four | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 25,000,000 | ||
Stated rate (as a percent) | 5.63% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Five | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 25,000,000 | ||
Stated rate (as a percent) | 5.66% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Six | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 25,000,000 | ||
Stated rate (as a percent) | 5.63% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Seven | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 25,000,000 | ||
Stated rate (as a percent) | 5.65% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Eight | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 25,000,000 | ||
Stated rate (as a percent) | 5.62% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Nine | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 25,000,000 | ||
Stated rate (as a percent) | 5.63% | ||
Federal Home Loan Bank of Pittsburgh | Term notes payable to FHLB | Debt Instrument, Redemption, Period Ten | |||
Debt Instrument [Line Items] | |||
Debt issued | $ 25,000,000 | ||
Stated rate (as a percent) | 5.65% | ||
Federal Home Loan Bank of Pittsburgh | Residential First Mortgage and Other Loans | |||
Debt Instrument [Line Items] | |||
Total loans receivable, net | $ 6,049,000,000 |
Borrowed Funds - Schedule of Ca
Borrowed Funds - Schedule of Capital Debt Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 129,509 | $ 129,314 |
Trust Preferred Investments | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures | 129,509 | 129,314 |
Trust Preferred Investments | Northwest Bancorp Capital Trust III | ||
Debt Instrument [Line Items] | ||
Capital debt securities | 50,000 | |
Junior subordinated debentures | $ 51,547 | 51,547 |
Trust Preferred Investments | Northwest Bancorp Capital Trust III | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.38% | |
Trust Preferred Investments | Northwest Bancorp Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Capital debt securities | $ 50,000 | |
Junior subordinated debentures | $ 51,547 | 51,547 |
Trust Preferred Investments | Northwest Bancorp Statutory Trust IV | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.38% | |
Trust Preferred Investments | LNB Trust II | ||
Debt Instrument [Line Items] | ||
Capital debt securities | $ 7,875 | |
Junior subordinated debentures | $ 8,119 | 8,119 |
Trust Preferred Investments | LNB Trust II | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.48% | |
Trust Preferred Investments | Union National Capital Trust I | ||
Debt Instrument [Line Items] | ||
Capital debt securities | $ 8,000 | |
Junior subordinated debentures | $ 7,993 | 7,975 |
Trust Preferred Investments | Union National Capital Trust I | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.85% | |
Trust Preferred Investments | Union National Capital Trust II | ||
Debt Instrument [Line Items] | ||
Capital debt securities | $ 3,000 | |
Junior subordinated debentures | $ 2,789 | 2,768 |
Trust Preferred Investments | Union National Capital Trust II | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 2% | |
Trust Preferred Investments | MFBC Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Capital debt securities | $ 5,000 | |
Junior subordinated debentures | $ 3,762 | 3,684 |
Trust Preferred Investments | MFBC Statutory Trust I | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.70% | |
Trust Preferred Investments | Universal Preferred Trust | ||
Debt Instrument [Line Items] | ||
Capital debt securities | $ 5,000 | |
Junior subordinated debentures | $ 3,752 | $ 3,674 |
Trust Preferred Investments | Universal Preferred Trust | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.69% |
Guarantees (Details)
Guarantees (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Credit Card | |
Guarantor Obligations [Line Items] | |
Derivative, notional amount | $ 3,400 |
Letter of Credit | |
Guarantor Obligations [Line Items] | |
Maximum exposure collateralized | 45,900 |
Maximum potential amount of future payments | 28,700 |
Liability recognized for the obligations | 1,000 |
Letter of Credit | Credit Card | |
Guarantor Obligations [Line Items] | |
Maximum exposure collateralized | 578 |
Maximum potential amount of future payments | $ 5,000 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 39,220 | $ 37,304 | $ 105,943 | $ 99,017 |
Less: Dividends and undistributed earnings allocated to participating securities | 99 | 166 | 267 | 441 |
Net income available to common shareholders basic | 39,121 | 37,138 | 105,676 | 98,576 |
Net income available to common shareholders diluted | $ 39,121 | $ 37,138 | $ 105,676 | $ 98,576 |
Weighted average common shares outstanding (in shares) | 126,767,507 | 126,320,706 | 126,629,786 | 126,082,217 |
Add: Participating shares outstanding (in shares) | 320,177 | 565,729 | 320,177 | 565,729 |
Total weighted average common shares and dilutive potential shares (in shares) | 127,087,684 | 126,886,435 | 126,949,963 | 126,647,946 |
Basic earnings per share (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.83 | $ 0.78 |
Diluted earnings per share (in dollars per share) | $ 0.31 | $ 0.29 | $ 0.83 | $ 0.78 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 1,560 | $ 2,599 | $ 4,680 | $ 7,797 |
Interest cost | 2,245 | 1,671 | 6,735 | 5,013 |
Expected return on plan assets | (3,479) | (3,864) | (10,437) | (11,592) |
Amortization of prior service cost | (564) | (564) | (1,692) | (1,692) |
Amortization of the net loss | 20 | 381 | 60 | 1,143 |
Net periodic cost | (218) | 223 | (654) | 669 |
Other post-retirement benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 7 | 10 | 21 | 30 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss | 10 | 2 | 30 | 6 |
Net periodic cost | $ 17 | $ 12 | $ 51 | $ 36 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Securities held-to-maturity | $ 682,681 | $ 751,384 |
Accrued interest receivable | 42,624 | 35,528 |
Financial liabilities: | ||
Subordinated debt | 114,102 | 113,840 |
Junior subordinated debentures | 129,509 | 129,314 |
Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 62,719 | 27,329 |
Financial liabilities: | ||
Derivative liabilities | 57,325 | 45,505 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 161,995 | 139,365 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Accrued interest receivable | 42,624 | 35,528 |
FHLB stock | 0 | 0 |
Total financial assets | 204,619 | 174,893 |
Financial liabilities: | ||
Savings and checking deposits | 9,531,544 | 10,412,263 |
Time deposits | 0 | 0 |
Borrowed funds | 617,832 | 680,996 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 7,915 | 3,231 |
Total financial liabilities | 10,157,291 | 11,096,490 |
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 assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Interest rate swap agreements | Derivatives designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 0 | |
Level 1 | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 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 | 1,010,076 | 1,218,108 |
Securities held-to-maturity | 682,681 | 751,384 |
Loans receivable, net | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Total financial assets | 1,754,812 | 1,996,262 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Subordinated debt | 102,456 | 102,554 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 159,781 | 148,059 |
Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 128 | |
Financial liabilities: | ||
Derivative liabilities | 23 | |
Level 2 | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 203 | |
Financial liabilities: | ||
Derivative liabilities | 10 | 23 |
Level 2 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 26,642 | |
Financial liabilities: | ||
Derivative liabilities | 45,464 | |
Level 2 | Interest rate swap agreements | Derivatives designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 4,603 | |
Level 2 | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 57,249 | |
Financial liabilities: | ||
Derivative liabilities | 57,275 | |
Level 2 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 17 | 18 |
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 | 10,031,968 | 9,910,852 |
Loans held-for-sale | 10,592 | 9,913 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Total financial assets | 10,043,224 | 9,921,324 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 2,250,768 | 1,059,790 |
Borrowed funds | 0 | 0 |
Subordinated debt | 0 | 0 |
Junior subordinated debentures | 136,461 | 133,546 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 2,387,229 | 1,193,336 |
Level 3 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 664 | 559 |
Level 3 | Forward commitments | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Interest rate swap agreements | Derivatives designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 0 | |
Level 3 | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 0 | |
Financial liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 161,995 | 139,365 |
Securities available-for-sale | 1,010,076 | 1,218,108 |
Securities held-to-maturity | 830,106 | 881,249 |
Loans receivable, net | 11,174,840 | 10,792,503 |
Loans held-for-sale | 10,592 | 9,913 |
Accrued interest receivable | 42,624 | 35,528 |
FHLB stock | 40,404 | 40,143 |
Total financial assets | 13,333,356 | 13,144,138 |
Financial liabilities: | ||
Savings and checking deposits | 9,531,544 | 10,412,263 |
Time deposits | 2,258,338 | 1,052,285 |
Borrowed funds | 604,587 | 681,166 |
Subordinated debt | 114,102 | 113,840 |
Junior subordinated debentures | 129,509 | 129,314 |
Accrued interest payable | 7,915 | 3,231 |
Total financial liabilities | 12,703,320 | 12,437,604 |
Carrying amount | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 664 | 559 |
Carrying amount | Forward commitments | ||
Financial assets: | ||
Derivative assets | 128 | |
Financial liabilities: | ||
Derivative liabilities | 23 | |
Carrying amount | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 203 | |
Financial liabilities: | ||
Derivative liabilities | 10 | 23 |
Carrying amount | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 26,642 | |
Financial liabilities: | ||
Derivative liabilities | 45,464 | |
Carrying amount | Interest rate swap agreements | Derivatives designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 4,603 | |
Carrying amount | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 57,249 | |
Financial liabilities: | ||
Derivative liabilities | 57,275 | |
Carrying amount | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | 17 | 18 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 161,995 | 139,365 |
Securities available-for-sale | 1,010,076 | 1,218,108 |
Securities held-to-maturity | 682,681 | 751,384 |
Loans receivable, net | 10,031,968 | 9,910,852 |
Loans held-for-sale | 10,592 | 9,913 |
Accrued interest receivable | 42,624 | 35,528 |
FHLB stock | 40,404 | 40,143 |
Total financial assets | 12,043,059 | 12,132,622 |
Financial liabilities: | ||
Savings and checking deposits | 9,531,544 | 10,412,263 |
Time deposits | 2,250,768 | 1,059,790 |
Borrowed funds | 617,832 | 680,996 |
Subordinated debt | 102,456 | 102,554 |
Junior subordinated debentures | 136,461 | 133,546 |
Accrued interest payable | 7,915 | 3,231 |
Total financial liabilities | 12,704,301 | 12,437,885 |
Estimated fair value | Interest rate lock commitments | ||
Financial assets: | ||
Derivative assets | 664 | 559 |
Estimated fair value | Forward commitments | ||
Financial assets: | ||
Derivative assets | 128 | |
Financial liabilities: | ||
Derivative liabilities | 23 | |
Estimated fair value | Foreign exchange swaps | ||
Financial assets: | ||
Derivative assets | 203 | |
Financial liabilities: | ||
Derivative liabilities | 10 | 23 |
Estimated fair value | Interest rate swap agreements | ||
Financial assets: | ||
Derivative assets | 26,642 | |
Financial liabilities: | ||
Derivative liabilities | 45,464 | |
Estimated fair value | Interest rate swap agreements | Derivatives designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 4,603 | |
Estimated fair value | Interest rate swap agreements | Derivatives not designated as hedging instruments | ||
Financial assets: | ||
Derivative assets | 57,249 | |
Financial liabilities: | ||
Derivative liabilities | 57,275 | |
Estimated fair value | Risk participation agreements | ||
Financial liabilities: | ||
Derivative liabilities | $ 17 | $ 18 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | $ 62,719 | $ 27,329 |
Derivative liabilities | 57,325 | 45,505 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total financial assets | 204,619 | 174,893 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 1,010,076 | 1,218,108 |
Total financial assets | 1,754,812 | 1,996,262 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total financial assets | 10,043,224 | 9,921,324 |
Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 170,967 | 224,537 |
Total mortgage-backed securities | 839,109 | 993,571 |
Total financial assets | 1,072,795 | 1,245,437 |
Total liabilities | 57,325 | 45,505 |
Recurring | 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 |
Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 170,967 | 224,537 |
Total mortgage-backed securities | 839,109 | 993,571 |
Total financial assets | 1,072,131 | 1,244,878 |
Total liabilities | 57,325 | 45,505 |
Recurring | 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 | 664 | 559 |
Total liabilities | 0 | 0 |
U.S. government and agencies | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 56,526 | 60,592 |
U.S. government and agencies | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
U.S. government and agencies | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 56,526 | 60,592 |
U.S. government and agencies | Recurring | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Government-sponsored enterprises | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 38,906 | 39,201 |
Government-sponsored enterprises | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Government-sponsored enterprises | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 38,906 | 39,201 |
Government-sponsored enterprises | Recurring | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
States and political subdivisions | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 68,071 | 111,766 |
States and political subdivisions | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
States and political subdivisions | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 68,071 | 111,766 |
States and political subdivisions | Recurring | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Corporate | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 7,464 | 12,978 |
Corporate | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Corporate | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 7,464 | 12,978 |
Corporate | Recurring | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
GNMA | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 17,073 | 12,434 |
Collateralized mortgage obligations | 318,652 | 364,553 |
GNMA | Recurring | 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 | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 17,073 | 12,434 |
Collateralized mortgage obligations | 318,652 | 364,553 |
GNMA | Recurring | 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 | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 99,874 | 117,218 |
Collateralized mortgage obligations | 148,389 | 185,588 |
FNMA | Recurring | 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 | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 99,874 | 117,218 |
Collateralized mortgage obligations | 148,389 | 185,588 |
FNMA | Recurring | 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 | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 68,926 | 74,991 |
Collateralized mortgage obligations | 186,190 | 238,781 |
FHLMC | Recurring | 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 | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 68,926 | 74,991 |
Collateralized mortgage obligations | 186,190 | 238,781 |
FHLMC | Recurring | 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 | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 5 | 6 |
Non-agency | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 0 | 0 |
Non-agency | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities | 5 | 6 |
Non-agency | Recurring | 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 | 664 | 559 |
Interest rate lock commitments | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 664 | 559 |
Interest rate lock commitments | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Interest rate lock commitments | Recurring | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 664 | 559 |
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 | 128 | |
Derivative liabilities | 23 | |
Forward commitments | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Forward commitments | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 128 | |
Derivative liabilities | 23 | |
Forward commitments | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Forward commitments | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 128 | |
Derivative liabilities | 23 | |
Forward commitments | Recurring | 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 assets | 0 | |
Derivative liabilities | 0 | 0 |
Foreign exchange swaps | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 203 | |
Derivative liabilities | 10 | 23 |
Foreign exchange swaps | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Foreign exchange swaps | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 203 | |
Derivative liabilities | 10 | 23 |
Foreign exchange swaps | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Foreign exchange swaps | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 203 | |
Derivative liabilities | 10 | 23 |
Foreign exchange swaps | Recurring | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Interest rate swap agreements | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Interest rate swap agreements | Level 1 | Derivatives designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Interest rate swap agreements | 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 | |
Interest rate swap agreements | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 26,642 | |
Derivative liabilities | 45,464 | |
Interest rate swap agreements | Level 2 | Derivatives designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 4,603 | |
Interest rate swap agreements | Level 2 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 57,249 | |
Derivative liabilities | 57,275 | |
Interest rate swap agreements | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Interest rate swap agreements | Level 3 | Derivatives designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Interest rate swap agreements | 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 | |
Interest rate swap agreements | Recurring | Derivatives designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 4,603 | |
Interest rate swap agreements | Recurring | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 57,249 | 26,642 |
Derivative liabilities | 57,275 | 45,464 |
Interest rate swap agreements | Recurring | Level 1 | Derivatives designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Interest rate swap agreements | Recurring | Level 1 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest rate swap agreements | Recurring | Level 2 | Derivatives designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 4,603 | |
Interest rate swap agreements | Recurring | Level 2 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 57,249 | 26,642 |
Derivative liabilities | 57,275 | 45,464 |
Interest rate swap agreements | Recurring | Level 3 | Derivatives designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | |
Interest rate swap agreements | Recurring | Level 3 | Derivatives not designated as hedging instruments | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative assets | 0 | 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 | 17 | 18 |
Risk participation agreements | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Recurring | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 17 | 18 |
Risk participation agreements | Recurring | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Risk participation agreements | Recurring | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative liabilities | 17 | 18 |
Risk participation agreements | Recurring | 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | $ 761 | $ 1,520 | $ 559 | $ 1,684 |
Interest rate lock commitments: | ||||
Net activity | (97) | (457) | 105 | (621) |
Balance at the end of the period | $ 664 | $ 1,063 | $ 664 | $ 1,063 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | $ 0 | $ 0 |
Total assets | 204,619 | 174,893 |
Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Total assets | 1,754,812 | 1,996,262 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 10,031,968 | 9,910,852 |
Total assets | 10,043,224 | 9,921,324 |
Nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 198 | 95 |
Real estate owned, net | 363 | 413 |
Total assets | 14,028 | 15,924 |
Nonrecurring | Loans individually assessed | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 13,467 | 15,416 |
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 assets | 0 | 0 |
Nonrecurring | Level 1 | Loans individually assessed | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
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 assets | 0 | 0 |
Nonrecurring | Level 2 | Loans individually assessed | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Mortgage servicing rights | 198 | 95 |
Real estate owned, net | 363 | 413 |
Total assets | 14,028 | 15,924 |
Nonrecurring | Level 3 | Loans individually assessed | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans individually assessed | $ 13,467 | $ 15,416 |
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) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 198,000 | $ 95,000 |
Real estate owned, net | $ 363,000 | 413,000 |
Nonrecurring | Estimated cost to sell | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned, net, measurement input | 0.150 | |
Nonrecurring | Annual service cost | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 90 | |
Nonrecurring | Prepayment rate | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.066 | |
Nonrecurring | Prepayment rate | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.150 | |
Nonrecurring | Prepayment rate | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.099 | |
Nonrecurring | Expected life (months) | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 53.1 | |
Nonrecurring | Expected life (months) | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 103.5 | |
Nonrecurring | Expected life (months) | Discounted cash flow | Weighted average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 75.8 | |
Nonrecurring | Option adjusted spread | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0720 | |
Nonrecurring | Forward yield curve | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0544 | |
Nonrecurring | Forward yield curve | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0560 | |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale | $ 10,592,000 | |
Recurring | Estimated pull-through rate | Quoted prices for similar loans in active markets adjusted by an expected pull-through rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held for sale, measurement input | 1 | |
Loans individually assessed | Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed | $ 13,467,000 | $ 15,416,000 |
Loans individually assessed | Nonrecurring | Estimated cost to sell | Appraisal value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually assessed, measurement input | 0.100 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - Interest rate swap agreements - Derivatives designated as hedging instruments $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) derivative | |
Derivative [Line Items] | |
Number of derivatives | derivative | 7 |
Derivative, notional amount | $ | $ 175,000 |
Minimum | |
Derivative [Line Items] | |
Derivative contract maturities (in years) | 3 years |
Maximum | |
Derivative [Line Items] | |
Derivative contract maturities (in years) | 5 years |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Derivatives designated as hedging instruments | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 175,000 | |
Asset derivatives, fair value | 4,603 | |
Liability derivatives, notional amount | 0 | |
Liability derivatives, fair value | 0 | |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 890,920 | $ 675,750 |
Asset derivatives, fair value | 62,719 | 27,329 |
Liability derivatives, notional amount | 783,172 | 767,601 |
Liability derivatives, fair value | 57,325 | 45,505 |
Derivatives not designated as hedging instruments | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 673,255 | 651,114 |
Asset derivatives, fair value | 57,249 | 26,642 |
Liability derivatives, notional amount | 673,255 | 651,114 |
Liability derivatives, fair value | 57,275 | 45,464 |
Derivatives not designated as hedging instruments | Foreign exchange swaps | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 7,393 | 0 |
Asset derivatives, fair value | 203 | 0 |
Liability derivatives, notional amount | 760 | 2,328 |
Liability derivatives, fair value | 10 | 23 |
Derivatives not designated as hedging instruments | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 35,272 | 19,727 |
Asset derivatives, fair value | 664 | 559 |
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives, fair value | 0 | 0 |
Derivatives not designated as hedging instruments | Forward commitments | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 4,909 |
Asset derivatives, fair value | 0 | 128 |
Liability derivatives, notional amount | 6,772 | 0 |
Liability derivatives, fair value | 23 | 0 |
Derivatives not designated as hedging instruments | Risk participation agreements | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives, fair value | 0 | 0 |
Liability derivatives, notional amount | 102,385 | 114,159 |
Liability derivatives, fair value | $ 17 | $ 18 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Hedging derivatives: | ||||
Decrease in interest expense | $ 627 | $ 0 | $ 831 | $ 0 |
Increase/(decrease) in other income | ||||
Non-hedging swap derivatives: | ||||
Increase/(decrease) in other income | 203 | 93 | (127) | 207 |
(Decrease)/increase in mortgage banking income | ||||
Non-hedging swap derivatives: | ||||
Increase/(decrease) in other income | $ (221) | $ 809 | $ (46) | $ 1,131 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Key Characteristics of Interest Rate Derivative Transactions (Details) - Derivatives designated as hedging instruments $ in Thousands | Sep. 30, 2023 USD ($) |
Interest rate swap agreements | |
Derivative [Line Items] | |
Notional amount | $ 175,000 |
Estimated decrease to interest expense in the next twelve months | (2,933) |
Issued May 11, 2023 | |
Derivative [Line Items] | |
Notional amount | $ 25,000 |
Effective rate | 3.52% |
Estimated decrease to interest expense in the next twelve months | $ (540) |
Remaining term (in months) | 43 months |
Issued May 12, 2023 | |
Derivative [Line Items] | |
Notional amount | $ 25,000 |
Effective rate | 3.54% |
Estimated decrease to interest expense in the next twelve months | $ (528) |
Remaining term (in months) | 55 months |
Issued May 19, 2023 | |
Derivative [Line Items] | |
Notional amount | $ 25,000 |
Effective rate | 3.84% |
Estimated decrease to interest expense in the next twelve months | $ (454) |
Remaining term (in months) | 50 months |
Issued May 31, 2023 | |
Derivative [Line Items] | |
Notional amount | $ 25,000 |
Effective rate | 4.08% |
Estimated decrease to interest expense in the next twelve months | $ (400) |
Remaining term (in months) | 38 months |
Issued July 26, 2023 | |
Derivative [Line Items] | |
Notional amount | $ 25,000 |
Effective rate | 4.24% |
Estimated decrease to interest expense in the next twelve months | $ (348) |
Remaining term (in months) | 58 months |
Issued July 31, 2023 | |
Derivative [Line Items] | |
Notional amount | $ 25,000 |
Effective rate | 4.36% |
Estimated decrease to interest expense in the next twelve months | $ (330) |
Remaining term (in months) | 52 months |
Issued August 9, 2023 | |
Derivative [Line Items] | |
Notional amount | $ 25,000 |
Effective rate | 4.32% |
Estimated decrease to interest expense in the next twelve months | $ (333) |
Remaining term (in months) | 46 months |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | $ 1,511,501 | $ 1,494,539 | $ 1,491,486 | $ 1,583,571 |
Other comprehensive (loss)/income before reclassification adjustments | (27,890) | (48,387) | (30,855) | (153,124) |
Amounts reclassified from accumulated other comprehensive income | (382) | (131) | 4,490 | (395) |
Other comprehensive loss | (28,272) | (48,518) | (26,365) | (153,519) |
Ending balance | 1,498,431 | 1,459,786 | 1,498,431 | 1,459,786 |
Unrealized holding gains (losses), tax | 9,140 | 14,705 | 9,603 | 45,555 |
Reclassification adjustment for gains included in net income, tax | 0 | 0 | (1,731) | 0 |
Changes in fair value of interest rate swaps, tax | (533) | 0 | (1,041) | 0 |
Reclassification adjustments for prior period service costs and net losses included in net income, tax | 152 | 50 | 456 | 151 |
Total | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (169,251) | (142,630) | (171,158) | (37,629) |
Other comprehensive loss | (28,272) | (48,518) | (26,365) | (153,519) |
Ending balance | (197,523) | (191,148) | (197,523) | (191,148) |
Unrealized losses on securities available-for-sale | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (163,272) | (117,056) | (164,206) | (12,317) |
Other comprehensive (loss)/income before reclassification adjustments | (29,715) | (48,387) | (34,417) | (153,124) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 5,636 | (2) |
Other comprehensive loss | (29,715) | (48,387) | (28,781) | (153,126) |
Ending balance | (192,987) | (165,443) | (192,987) | (165,443) |
Change in fair value of interest rate swaps | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | 1,737 | 0 | ||
Other comprehensive (loss)/income before reclassification adjustments | 1,825 | 3,562 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Other comprehensive loss | 1,825 | 3,562 | ||
Ending balance | 3,562 | 3,562 | ||
Change in defined benefit pension plans | ||||
Changes in accumulated other comprehensive income by component | ||||
Beginning balance | (7,716) | (25,574) | (6,952) | (25,312) |
Other comprehensive (loss)/income before reclassification adjustments | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | (382) | (131) | (1,146) | (393) |
Other comprehensive loss | (382) | (131) | (1,146) | (393) |
Ending balance | $ (8,098) | $ (25,705) | $ (8,098) | $ (25,705) |