Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-12508 | |
Entity Registrant Name | S&T BANCORP INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1434426 | |
Entity Address, Address Line One | 800 Philadelphia Street | |
Entity Address, City or Town | Indiana | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15701 | |
City Area Code | 800 | |
Local Phone Number | 325-2265 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | STBA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,967,075 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $151,209 and $138,149 at March 31, 2023 and December 31, 2022 | $ 244,152 | $ 210,009 |
Securities, at fair value | 998,708 | 1,002,778 |
Loans held for sale | 81 | 16 |
Portfolio loans, net of unearned income | 7,251,064 | 7,183,969 |
Allowance for credit losses | (108,113) | (101,340) |
Portfolio loans, net | 7,142,951 | 7,082,629 |
Bank owned life insurance | 85,476 | 85,185 |
Premises and equipment, net | 49,126 | 49,285 |
Federal Home Loan Bank and other restricted stock, at cost | 30,262 | 23,035 |
Goodwill | 373,424 | 373,424 |
Other intangible assets, net | 5,039 | 5,378 |
Other assets | 264,223 | 278,828 |
Total Assets | 9,193,442 | 9,110,567 |
Deposits: | ||
Noninterest-bearing demand | 2,468,638 | 2,588,692 |
Interest-bearing demand | 841,130 | 846,653 |
Money market | 1,599,814 | 1,731,521 |
Savings | 1,068,274 | 1,118,511 |
Certificates of deposit | 1,175,238 | 934,593 |
Total Deposits | 7,153,094 | 7,219,970 |
Short-term borrowings | 495,000 | 370,000 |
Long-term borrowings | 14,628 | 14,741 |
Junior subordinated debt securities | 54,468 | 54,453 |
Other liabilities | 248,457 | 266,744 |
Total Liabilities | 7,965,647 | 7,925,908 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at March 31, 2023 and December 31, 2022 Outstanding—38,998,156 shares at March 31, 2023 and 38,999,733 shares at December 31, 2022 | 103,623 | 103,623 |
Additional paid-in capital | 407,113 | 406,283 |
Retained earnings | 890,840 | 863,948 |
Accumulated other comprehensive loss | (96,658) | (112,125) |
Treasury stock — 2,451,288 shares at March 31, 2023 and 2,449,711 shares at December 31, 2022, at cost | (77,123) | (77,070) |
Total Shareholders’ Equity | 1,227,795 | 1,184,659 |
Total Liabilities and Shareholders’ Equity | $ 9,193,442 | $ 9,110,567 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 151,209 | $ 138,149 |
SHAREHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 41,449,444 | 41,449,444 |
Common stock, outstanding (in shares) | 38,998,156 | 38,999,733 |
Treasury stock (in shares) | 2,451,288 | 2,449,711 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 102,724 | $ 64,593 |
Investment Securities: | ||
Taxable | 7,457 | 4,936 |
Tax-exempt | 214 | 482 |
Dividends | 508 | 98 |
Total Interest and Dividend Income | 110,903 | 70,109 |
INTEREST EXPENSE | ||
Deposits | 14,903 | 1,853 |
Borrowings, junior subordinated debt securities and other | 7,209 | 523 |
Total Interest Expense | 22,112 | 2,376 |
NET INTEREST INCOME | 88,791 | 67,733 |
Provision for credit losses | 922 | (512) |
Net Interest Income After Provision for Credit Losses | 87,869 | 68,245 |
NONINTEREST INCOME | ||
Mortgage banking | 301 | 1,015 |
Other | 1,492 | 1,932 |
Total Noninterest Income | 13,190 | 15,226 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 27,601 | 23,712 |
Data processing and information technology | 4,258 | 4,435 |
Occupancy | 3,835 | 3,882 |
Furniture, equipment and software | 2,861 | 2,777 |
Marketing | 1,853 | 1,361 |
Professional services and legal | 1,821 | 1,949 |
Other taxes | 1,790 | 1,537 |
FDIC insurance | 1,012 | 937 |
Other | 6,668 | 6,824 |
Total Noninterest Expense | 51,699 | 47,414 |
Income Before Taxes | 49,360 | 36,057 |
Income tax expense | 9,561 | 6,914 |
Net Income | $ 39,799 | $ 29,143 |
Earnings per share—basic (in dollars per share) | $ 1.02 | $ 0.74 |
Earnings per share—diluted (in dollars per share) | 1.02 | 0.74 |
Dividends declared per share (in dollars per share) | $ 0.32 | $ 0.29 |
Comprehensive Income (Loss) | $ 55,266 | $ (10,810) |
Debit and credit card | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 4,373 | 5,063 |
Service charges on deposit accounts | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | 4,076 | 3,974 |
Wealth management | ||
NONINTEREST INCOME | ||
Revenues from contract with customers | $ 2,948 | $ 3,242 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Impact of adopting ASU 2022-02 | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Impact of adopting ASU 2022-02 | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2021 | $ 1,206,454 | $ 103,623 | $ 403,095 | $ 773,659 | $ (7,090) | $ (66,833) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 29,143 | 29,143 | ||||||
Other comprehensive income (loss), net of tax | (39,953) | (39,953) | ||||||
Cash dividends declared | (11,384) | (11,384) | ||||||
Treasury stock issued for restricted stock awards | 0 | (135) | 135 | |||||
Forfeitures of restricted stock awards | (56) | 62 | (118) | |||||
Recognition of restricted stock compensation expense | 746 | 746 | ||||||
Ending Balance at Mar. 31, 2022 | 1,184,950 | 103,623 | 403,841 | 791,345 | (47,043) | (66,816) | ||
Beginning Balance at Dec. 31, 2021 | 1,206,454 | 103,623 | 403,095 | 773,659 | (7,090) | (66,833) | ||
Ending Balance at Dec. 31, 2022 | $ 1,184,659 | $ (447) | 103,623 | 406,283 | 863,948 | $ (447) | (112,125) | (77,070) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2022-02 [Member] | |||||||
Net income | $ 39,799 | 39,799 | ||||||
Other comprehensive income (loss), net of tax | 15,467 | 15,467 | ||||||
Cash dividends declared | (12,494) | (12,494) | ||||||
Forfeitures of restricted stock awards | (19) | 34 | (53) | |||||
Recognition of restricted stock compensation expense | 830 | 830 | ||||||
Ending Balance at Mar. 31, 2023 | $ 1,227,795 | $ 103,623 | $ 407,113 | $ 890,840 | $ (96,658) | $ (77,123) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.32 | $ 0.29 |
Treasury stock issued for restricted stock awards (in shares) | 4,250 | |
Forfeitures of restricted stock awards (in shares) | 1,577 | 3,756 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net Cash Provided by Operating Activities | $ 41,904 | $ 86,596 |
INVESTING ACTIVITIES | ||
Purchases of securities | (11,226) | (211,265) |
Proceeds from maturities, prepayments and calls of securities | 28,140 | 44,025 |
Proceeds from redemption of Federal Home Loan Bank stock | 15,174 | 5,818 |
Purchases of Federal Home Loan Bank stock | (22,401) | (5,648) |
Net (increase) decrease in loans | (63,646) | 38,449 |
Proceeds from sale of portfolio loans | 1,947 | 0 |
Proceeds from sale of other real estate owned | 0 | 6,285 |
Purchases of premises and equipment | (1,439) | (660) |
Proceeds from the sale of premises and equipment | 57 | 56 |
Net Cash Used in Investing Activities | (53,394) | (122,940) |
FINANCING ACTIVITIES | ||
Net (decrease) increase in core deposits | (307,521) | 13,419 |
Net increase (decrease) in certificates of deposit | 240,664 | (49,465) |
Net increase (decrease) in short-term borrowings | 125,000 | (14,379) |
Repayments on long-term borrowings | (113) | (259) |
Repurchase of shares for taxes on restricted stock | (19) | (56) |
Cash dividends paid to common shareholders | (12,378) | (11,374) |
Net Cash Provided by (Used in) Financing Activities | 45,633 | (62,114) |
Net increase (decrease) in cash and cash equivalents | 34,143 | (98,458) |
Cash and cash equivalents at beginning of period | 210,009 | 922,215 |
Cash and Cash Equivalents at End of Period | 244,152 | 823,757 |
Supplemental Disclosures | ||
Right of use assets obtained in exchange for lease obligations | 1,270 | 0 |
Cash paid for interest | 18,095 | 2,507 |
Cash paid for income taxes, net of refunds | (7) | 75 |
Transfers of loans to other real estate owned | $ 11 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission, or SEC, on February 24, 2023 (2022 Form 10-K). In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. Reclassification A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Recently Adopted Accounting Standards Updates, or ASU or Updated Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02 The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses. ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-20 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. We adopted ASU 2022-02, as of January 1, 2023, using a modified retrospective transition approach. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2022-02 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, commercial TDRs were individually assessed to determine if a specific reserve was required in the allowance for credit losses, or ACL. The elimination of TDRs resulted in these loans being included in homogenous pools. The adoption of this ASU resulted in a day one cumulative effective adjustment recorded as an increase to our ACL of $0.6 million, with the offset being recorded as a decrease to retained earnings, net of tax. Refer to Note 5 Loans and Allowance for Credit Losses for additional disclosures related to modifications of loans to borrowers experiencing financial difficulty as well as gross charge-off vintage disclosures. Accounting Standards Updates Issued But Not Yet Adopted Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit (“LIHTC”) structures. This amendment also eliminates certain LIHTC-specific guidance aligning the accounting with other equity investments in tax credit structures. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We are evaluating the accounting and disclosure requirements of ASU 2023-02 and do not expect them to have a material effect on our consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The treasury stock method was used to determined earnings per share for the three months ended March 31, 2023 and the two-class method was used to determine earnings per share for the three months ended March 31, 2022. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented: Three months ended March 31, (in thousands, except share and per share data) 2023 2022 Numerator for Earnings per Share—Basic and Diluted Net income $ 39,799 $ 29,143 Less: Income allocated to participating shares 45 109 Net Income Allocated to Shareholders $ 39,754 $ 29,034 Denominator for Earnings per Share—Basic: Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754 Denominator for Earnings per Share—Treasury Stock Method—Diluted: Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754 Add: Potentially dilutive shares 166,393 112,268 Denominator for Treasury Stock Method—Diluted 39,032,062 39,186,022 Denominator for Earnings per Share—Two Class Method —Diluted: Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754 Add: Average participating shares outstanding 108,991 16,179 Denominator for Two-Class Method—Diluted 38,974,660 39,089,933 Earnings per share—Basic $ 1.02 $ 0.74 Earnings per share—Diluted $ 1.02 $ 0.74 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 1,133 — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There have been no changes in our valuation methodologies during the three months ended March 31, 2023. Refer to Note 1 of the Notes to Consolidated Financial Statements in our 2022 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented: March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 133,704 $ — $ — $ 133,704 Obligations of U.S. government corporations and agencies — 42,095 — 42,095 Collateralized mortgage obligations of U.S. government corporations and agencies — 432,739 — 432,739 Residential mortgage-backed securities of U.S. government corporations and agencies — 41,170 — 41,170 Commercial mortgage-backed securities of U.S. government corporations and agencies — 317,099 — 317,099 Obligations of states and political subdivisions — 30,895 — 30,895 Total Available-for-sale Debt Securities 133,704 863,998 — 997,702 Marketable equity securities 953 53 — 1,006 Total Securities 134,657 864,051 — 998,708 Securities held in a deferred compensation plan 7,790 — — 7,790 Derivative financial assets: Interest rate swaps - commercial loans — 67,397 — 67,397 Interest rate lock commitments — — 6 6 Total Assets $ 142,447 $ 931,448 $ 6 $ 1,073,901 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 67,397 $ — $ 67,397 Interest rate swaps - cash flow hedge — 15,288 — 15,288 Total Liabilities $ — $ 82,685 $ — $ 82,685 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 131,695 $ — $ — $ 131,695 Obligations of U.S. government corporations and agencies — 41,811 — 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies — 428,407 — 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies — 41,587 — 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies — 327,313 — 327,313 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 30,471 — 30,471 Total Available-for-sale Debt Securities 131,695 870,089 — 1,001,784 Marketable equity securities 952 42 — 994 Total Securities 132,647 870,131 — 1,002,778 Securities held in a deferred compensation plan 8,087 — — 8,087 Derivative financial assets: Interest rate swaps - commercial loans — 83,449 — 83,449 Interest rate lock commitments — — 5 5 Forward sale contracts - mortgage loans — — 2 2 Total Assets $ 140,734 $ 953,580 $ 7 $ 1,094,321 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 83,449 $ — $ 83,449 Interest rate swaps - cash flow hedge — 21,368 — 21,368 Total Liabilities $ — $ 104,817 $ — $ 104,817 Assets Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either March 31, 2023 or December 31, 2022. There were no Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2023. Level 3 assets measured at fair value on a nonrecurring basis and the significant unobservable inputs used in the fair value measurements as of December 31, 2022 were as follows: December 31, 2022 Valuation Technique Significant Unobservable Inputs Range Weighted Average (dollars in thousands) Other real estate owned 3,060 Collateral method Discount rate 13.00% 13.00% The following tables present the carrying values and fair values of our financial instruments at the dates presented: Carrying Value (1) Fair Value Measurements at March 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 244,152 $ 244,152 $ 244,152 $ — $ — Securities 998,708 998,708 134,657 864,051 Loans held for sale 81 81 — 81 — Portfolio loans, net 7,142,951 6,883,297 — — 6,883,297 Collateral receivable 4,901 4,901 4,901 — — Securities held in a deferred compensation plan 7,790 7,790 7,790 — — Mortgage servicing rights 6,935 9,335 — — 9,335 Interest rate swaps - commercial loans 67,397 67,397 — 67,397 — Interest rate lock commitments 6 6 — — 6 LIABILITIES Deposits $ 7,153,094 $ 7,132,944 $ 5,977,856 $ 1,155,088 $ — Collateral payable 55,301 55,301 55,301 — — Short-term borrowings 495,000 495,000 — 495,000 — Long-term borrowings 14,628 14,162 — 14,162 — Junior subordinated debt securities 54,468 54,468 — 54,468 — Interest rate swaps - commercial loans 67,397 67,397 — 67,397 — Interest rate swaps - cash flow hedge 15,288 15,288 — 15,288 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 210,009 $ 210,009 $ 210,009 $ — $ — Securities 1,002,778 1,002,778 132,647 870,131 — Loans held for sale 16 16 — 16 — Portfolio loans, net 7,082,629 6,815,167 — — 6,815,167 Collateral receivable 6,307 6,307 6,307 — — Securities held in a deferred compensation plan 8,087 8,087 8,087 — — Mortgage servicing rights 7,147 9,994 — — 9,994 Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate lock commitments 5 5 — — 5 Forward sale contracts 2 2 — — 2 LIABILITIES Deposits $ 7,219,970 $ 7,194,225 $ 6,285,377 $ 908,848 $ — Collateral payable 65,065 65,065 65,065 — — Short-term borrowings 370,000 370,000 — 370,000 — Long-term borrowings 14,741 14,174 — 14,174 — Junior subordinated debt securities 54,453 54,453 — 54,453 — Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate swaps - cash flow hedge 21,368 21,368 — 21,368 — (1) As reported in the Consolidated Balance Sheets |
Securities
Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2023 December 31, 2022 Available-for-sale debt securities $ 997,702 $ 1,001,784 Marketable equity securities 1,006 994 Total Securities $ 998,708 $ 1,002,778 The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: March 31, 2023 December 31, 2022 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 145,139 $ 19 $ (11,454) $ 133,704 $ 145,416 $ — $ (13,721) $ 131,695 Obligations of U.S. government corporations and agencies 43,445 — (1,350) 42,095 43,479 — (1,668) 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies 479,804 309 (47,374) 432,739 482,039 203 (53,835) 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies 48,273 5 (7,108) 41,170 49,418 3 (7,834) 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies 338,646 115 (21,662) 317,099 352,465 — (25,152) 327,313 Corporate obligations — — — — 500 — — 500 Obligations of states and political subdivisions 30,656 239 — 30,895 30,788 55 (372) 30,471 Total Available-for-Sale Debt Securities (1) $ 1,085,963 $ 687 $ (88,948) $ 997,702 $ 1,104,105 $ 261 $ (102,582) $ 1,001,784 (1) Excludes interest receivable of $3.3 million at March 31, 2023 and $3.7 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets. The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: March 31, 2023 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 1 $ 9,413 $ (112) 12 $ 114,151 $ (11,342) 13 $ 123,564 $ (11,454) Obligations of U.S. government corporations and agencies 4 27,382 (618) 2 14,713 (732) 6 42,095 (1,350) Collateralized mortgage obligations of U.S. government corporations and agencies 16 130,667 (3,867) 43 283,266 (43,507) 59 413,933 (47,374) Residential mortgage-backed securities of U.S. government corporations and agencies 3 1,487 (69) 12 39,280 (7,039) 15 40,767 (7,108) Commercial mortgage-backed securities of U.S. government corporations and agencies 9 63,174 (1,607) 25 243,481 (20,055) 34 306,655 (21,662) Obligations of states and political subdivisions — — — — — — — — — Total 33 $ 232,123 $ (6,273) 94 $ 694,891 $ (82,675) 127 $ 927,014 $ (88,948) December 31, 2022 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 6 $ 57,057 $ (3,363) 8 $ 74,638 $ (10,358) 14 $ 131,695 $ (13,721) Obligations of U.S. government corporations and agencies 6 41,811 (1,668) — — — 6 41,811 (1,668) Collateralized mortgage obligations of U.S. government corporations and agencies 47 296,509 (28,153) 13 112,902 (25,682) 60 409,411 (53,835) Residential mortgage-backed securities of U.S. government corporations and agencies 25 7,143 (589) 3 34,223 (7,245) 28 41,366 (7,834) Commercial mortgage-backed securities of U.S. government corporations and agencies 30 241,009 (11,975) 7 86,304 (13,177) 37 327,313 (25,152) Obligations of states and political subdivisions 2 20,127 (372) — — — 2 20,127 (372) Total 116 $ 663,656 $ (46,120) 31 $ 308,067 $ (56,462) 147 $ 971,723 $ (102,582) We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of March 31, 2023 represents a credit impairment. There were 127 debt securities in an unrealized loss position at March 31, 2023 and 147 debt securities in an unrealized loss position at December 31, 2022. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely than not that we will not be required to sell the securities in an unrealized loss position before recovery of their amortized cost. The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented: March 31, 2023 December 31, 2022 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Total unrealized gains (losses) on available-for-sale debt securities $ 687 $ (88,948) $ (88,261) $ 261 $ (102,582) $ (102,321) Income tax (expense) benefit (147) 19,005 18,858 (56) 21,915 21,859 Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 540 $ (69,943) $ (69,403) $ 205 $ (80,667) $ (80,462) The amortized cost and fair value of available-for-sale debt securities at March 31, 2023 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2023 (dollars in thousands) Amortized Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 9,988 $ 9,827 Due after one year through five years 159,631 149,422 Due after five years through ten years 38,147 35,922 Due after ten years 11,474 11,523 Available-for-Sale Debt Securities With Fixed Maturities 219,240 206,694 Debt Securities without a single maturity date Collateralized mortgage obligations of U.S. government corporations and agencies 479,804 432,739 Residential mortgage-backed securities of U.S. government corporations and agencies 48,273 41,170 Commercial mortgage-backed securities of U.S. government corporations and agencies 338,646 317,099 Total Available-for-Sale Debt Securities $ 1,085,963 $ 997,702 Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $18.3 million at March 31, 2023 and $17.9 million at December 31, 2022. Unrestricted pledged securities had a carrying value of $212.3 million at March 31, 2023 and $251.5 million at December 31, 2022. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans and Loans Held for Sale Loans are presented net of unearned income. Unearned income consisted of net deferred loan fees and costs of $7.4 million at March 31, 2023 and $7.5 million at December 31, 2022 and a discount related to purchase accounting fair value adjustments of $4.4 million at March 31, 2023 and $4.7 million at December 31, 2022. The following table summarizes the composition of originated and acquired loans as of the dates presented: (dollars in thousands) March 31, 2023 December 31, 2022 Commercial real estate $ 2,523,434 $ 2,538,839 Commercial and industrial 1,493,519 1,510,392 Commercial construction 376,855 381,963 Business banking 1,261,842 1,205,944 Consumer real estate 1,475,575 1,421,953 Other consumer 119,839 124,878 Total Portfolio Loans $ 7,251,064 $ 7,183,969 Loans held for sale 81 16 Total Loans (1) $ 7,251,145 $ 7,183,985 (1) Excludes interest receivable of $29.7 million at March 31, 2023 and $28.3 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets. Modifications to Borrowers Experiencing Financial Difficulty The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the period presented: Three Months Ended March 31, 2023 (dollars in thousands) Term Extension Term Extension and Interest Rate Reduction Total % of Portfolio Segment Commercial real estate $ 15,849 $ — $ 15,849 0.63 % Commercial industrial 594 — 594 0.04 % Consumer real estate 63 196 259 0.02 % Total (1) $ 16,506 $ 196 $ 16,702 0.23 % (1) Excludes loans that were fully paid off or fully charged-off by period end. The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the period presented: Three Months Ended March 31, 2023 Weighted-Average Term Extension (in Months) Weighted-Average Interest Rate Reduction Commercial real estate 6 — Commercial industrial 72 — Consumer real estate 168 2% We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented: March 31, 2023 (dollars in thousands) Current 30-59 Days 60-89 Days 90+ Days Past Due Nonaccrual Total Commercial real estate $ 15,849 $ — $ — $ — $ — $ 15,849 Commercial and industrial 594 — — — — 594 Consumer real estate 196 — — — 63 259 Total $ 16,639 $ — $ — $ — $ 63 $ 16,702 There were no loans that had a payment default during the three months ended March 31, 2023 that were modified in the 12 months before default to borrowers experiencing financial difficulty. Additionally, we had no commitments to lend additional funds to borrowers experiencing financial difficulty that had a modification during the three months ended March 31, 2023. The effect of modifications made to borrowers experiencing financial difficulty is already included in the ACL because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification. If principal forgiveness is provided, that portion of the loan will be charged-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. An assessment of whether the borrower is experiencing financial difficulty is made on the date of a modification. Troubled Debt Restructurings Prior to the adoption of ASU 2022-02, we evaluated all substandard commercial and consumer loans that had experienced a forbearance or modification of existing terms to determine if they should be designated as troubled debt restructurings, or TDRs. TDRs returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, was not in doubt and there was a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. There was one $0.2 million TDR returned to accruing status during 2022. The following tables summarize TDRs as of the dates presented: December 31, 2022 (dollars in thousands) Accruing Nonaccruing Total Commercial real estate $ — $ — $ — Commercial and industrial 626 — 626 Commercial construction 1,655 — 1,655 Business banking 438 1,087 1,525 Consumer real estate 6,168 1,798 7,966 Other consumer 4 9 13 Total $ 8,891 $ 2,894 $ 11,785 The following tables present the TDRs by portfolio segment and type of concession for the period presented: Three Months Ended March 31, 2022 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 7 766 — 1,112 — — 1,878 1,928 Other consumer — — — — — — — — Total 7 $ 766 $ — $ 1,112 $ — $ — $ 1,878 $ 1,928 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. As of December 31, 2022, we had 16 commitments to lend an additional $0.4 million on TDRs. Defaulted TDRs were defined as loans having a payment default of 90 days or more after the restructuring took place that were restructured within the last 12 months prior to defaulting. There were no TDRs that defaulted during 2022. The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2023 December 31, 2022 Nonperforming Assets Nonaccrual Loans $ 24,644 $ 19,052 OREO 3,076 3,065 Total Nonperforming Assets $ 27,720 $ 22,117 Allowance for Credit Losses We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE —Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I —Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction —Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking —Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate —Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans and unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass —The loan is currently performing and is of high quality. Special Mention —A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard —A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful —Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: March 31, 2023 Risk Rating (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 59,710 $ 264,611 $ 379,447 $ 258,879 $ 409,858 $ 873,354 $ 21,283 $ — $ 2,267,142 Special mention — — — 497 26,721 135,007 — — 162,225 Substandard — — — 1,293 10,965 81,391 — — 93,649 Doubtful — — — — — 418 — — 418 Total Commercial Real Estate 59,710 264,611 379,447 260,669 447,544 1,090,170 21,283 — 2,523,434 Current Period Gross Charge-offs — — — — — — — — — Commercial and Industrial Pass 27,936 249,713 241,929 81,722 58,291 193,317 535,107 — 1,388,015 Special mention — 4,325 24,761 2,336 4,740 8,156 31,111 — 75,429 Substandard — 353 — — 5,517 3,742 16,679 — 26,291 Doubtful — — — — — 1,325 2,459 — 3,784 Total Commercial and Industrial 27,936 254,391 266,690 84,058 68,548 206,540 585,356 — 1,493,519 Current Period Gross Charge-offs — — — — 3,412 — — — 3,412 Commercial Construction Pass 5,249 142,639 153,978 25,115 3,703 4,728 25,985 — 361,397 Special mention — — 5,444 — 8,153 — — — 13,597 Substandard — — — — — 1,861 — — 1,861 Doubtful — — — — — — — — — Total Commercial Construction 5,249 142,639 159,422 25,115 11,856 6,589 25,985 — 376,855 Current Period Gross Charge-offs — — — — — — — — — Business Banking Pass 68,827 282,541 228,739 92,571 104,156 351,271 104,495 631 1,233,231 Special mention — — 1,940 319 — 6,415 858 95 9,627 Substandard — 18 3,064 3,301 11,938 114 549 18,984 Doubtful — — — — — — — — — Total Business Banking 68,827 282,559 230,679 95,954 107,457 369,624 105,467 1,275 1,261,842 Current Period Gross Charge-offs — 67 43 — 70 447 25 — 652 Consumer Real Estate Pass 51,356 313,568 146,465 90,586 72,047 213,915 552,909 21,043 1,461,889 Special mention — — — — — 867 — — 867 Substandard — 48 204 152 427 9,030 470 2,488 12,819 Doubtful — — — — — — — — — Total Consumer Real Estate 51,356 313,616 146,669 90,738 72,474 223,812 553,379 23,531 1,475,575 Current Period Gross Charge-offs — — — 3 — 25 — 49 77 Other Consumer Pass 4,550 16,527 9,581 4,791 2,575 1,321 78,676 1,737 119,758 Special mention — — — — — — — — — Substandard — — 22 1 26 21 — 11 81 Doubtful — — — — — — — — — Total Other Consumer 4,550 16,527 9,603 4,792 2,601 1,342 78,676 1,748 119,839 Current Period Gross Charge-offs 189 9 60 — 17 3 — 40 318 Pass 217,628 1,269,599 1,160,139 553,664 650,630 1,637,906 1,318,455 23,411 6,831,432 Special mention — 4,325 32,145 3,152 39,614 150,445 31,969 95 261,745 Substandard — 419 226 4,510 20,236 107,983 17,263 3,048 153,685 Doubtful — — — — — 1,743 2,459 — 4,202 Total Loan Balance $ 217,628 $ 1,274,343 $ 1,192,510 $ 561,326 $ 710,480 $ 1,898,077 $ 1,370,146 $ 26,554 $ 7,251,064 Current Period Gross Charge-offs $ 189 $ 76 $ 103 $ 3 $ 3,499 $ 475 $ 25 $ 89 $ 4,459 December 31, 2022 Risk Rating (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 292,732 $ 360,423 $ 267,743 $ 422,872 $ 227,006 $ 704,600 $ 21,666 $ — $ 2,297,042 Special mention — — — 13,187 20,090 101,112 — — 134,389 Substandard — — 1,306 13,434 14,845 77,823 — — 107,408 Doubtful — — — — — — — — — Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Pass 253,324 264,012 88,544 63,190 62,874 138,250 559,777 — 1,429,971 Special mention — 25,436 — 5,103 1,885 7,132 19,280 — 58,836 Substandard 372 — — 5,705 1,152 1,891 12,465 — 21,585 Doubtful — — — — — — — — — Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Pass 120,655 159,737 40,762 6,338 3,953 2,297 27,284 — 361,026 Special mention — 10,954 — 8,104 — — — — 19,058 Substandard — — — — — 1,879 — — 1,879 Doubtful — — — — — — — — — Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Pass 287,520 233,499 87,926 107,819 80,549 276,843 104,354 645 1,179,155 Special mention — 157 146 — 2,790 3,945 793 95 7,926 Substandard 159 67 3,077 1,912 1,550 11,391 124 551 18,831 Doubtful — — — — — 32 — — 32 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Pass 296,900 148,790 91,477 74,155 30,658 191,228 552,994 21,547 1,407,749 Special mention — — — — — 882 — — 882 Substandard 48 213 136 428 1,373 8,059 655 2,410 13,322 Doubtful — — — — — — — — — Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Pass 20,046 10,819 5,427 3,242 1,013 724 82,125 1,404 124,800 Special mention — — — — — — — — — Substandard 8 — — 28 21 — — 21 78 Doubtful — — — — — — — — — Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Pass 1,271,177 1,177,280 581,879 677,616 406,053 1,313,942 1,348,200 23,596 6,799,743 Special Mention — 36,547 146 26,394 24,765 113,071 20,073 95 221,091 Substandard 587 280 4,519 21,507 18,941 101,043 13,244 2,982 163,103 Doubtful — — — — — 32 — — 32 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonaccrual when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonaccrual loans. The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented: March 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 59,710 $ 264,611 $ 379,447 $ 260,669 $ 447,544 $ 1,082,745 $ 21,283 $ — $ 2,516,009 Nonaccrual — — — — — 7,425 — — 7,425 Total Commercial Real Estate 59,710 264,611 379,447 260,669 447,544 1,090,170 21,283 — 2,523,434 Commercial and Industrial Accrual 27,936 254,391 266,690 84,058 68,548 203,695 581,126 — 1,486,444 Nonaccrual — — — — — 2,845 4,230 — 7,075 Total Commercial and Industrial 27,936 254,391 266,690 84,058 68,548 206,540 585,356 — 1,493,519 Commercial Construction Accrual 5,249 142,639 159,422 25,115 11,856 6,205 25,985 — 376,471 Nonaccrual — — — — — 384 — — 384 Total Commercial Construction 5,249 142,639 159,422 25,115 11,856 6,589 25,985 — 376,855 Business Banking Accrual 68,827 282,559 230,679 95,938 107,271 366,007 105,467 1,179 1,257,927 Nonaccrual — — — 16 186 3,617 — 96 3,915 Total Business Banking 68,827 282,559 230,679 95,954 107,457 369,624 105,467 1,275 1,261,842 Consumer Real Estate Accrual 51,356 313,451 146,543 90,682 71,834 220,441 553,135 22,604 1,470,046 Nonaccrual — 165 126 56 640 3,371 244 927 5,529 Total Consumer Real Estate 51,356 313,616 146,669 90,738 72,474 223,812 553,379 23,531 1,475,575 Other Consumer Accrual 4,550 16,519 9,584 4,634 2,601 1,211 78,676 1,748 119,523 Nonaccrual — 8 19 158 — 131 — — 316 Total Other Consumer 4,550 16,527 9,603 4,792 2,601 1,342 78,676 1,748 119,839 Accrual 217,628 1,274,170 1,192,365 561,096 709,654 1,880,304 1,365,672 25,531 7,226,420 Nonaccrual — 173 145 230 826 17,773 4,474 1,023 24,644 Total Loan Balance $ 217,628 $ 1,274,343 $ 1,192,510 $ 561,326 $ 710,480 $ 1,898,077 $ 1,370,146 $ 26,554 $ 7,251,064 December 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 292,732 $ 360,423 $ 269,049 $ 449,493 $ 261,941 $ 876,435 $ 21,666 $ — $ 2,531,739 Nonaccrual — — — — — 7,100 — — 7,100 Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Accrual 253,696 289,448 88,544 73,998 65,858 147,273 591,292 — 1,510,109 Nonaccrual — — — — 53 — 230 — 283 Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Accrual 120,655 170,691 40,762 14,442 3,953 3,792 27,284 — 381,579 Nonaccrual — — — — — 384 — — 384 Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Accrual 287,679 233,656 91,149 109,479 83,689 289,435 105,172 1,195 1,201,454 Nonaccrual — 67 — 252 1,200 2,776 99 96 4,490 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Accrual 296,948 148,868 91,085 73,947 31,646 196,384 553,441 23,108 1,415,427 Nonaccrual — 135 528 636 385 3,785 208 849 6,526 Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Accrual 20,054 10,819 5,303 3,270 1,034 593 82,125 1,411 124,609 Nonaccrual — — 124 — — 131 — 14 269 Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Accrual 1,271,764 1,213,905 585,892 724,629 448,121 1,513,912 1,380,980 25,714 7,164,917 Nonaccrual — 202 652 888 1,638 14,176 537 959 19,052 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: March 31, 2023 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,514,689 $ — $ 1,320 $ 7,425 $ 8,745 $ 2,523,434 Commercial and industrial 1,486,444 — — 7,075 7,075 1,493,519 Commercial construction 376,471 — — 384 384 376,855 Business banking 1,255,124 2,714 89 3,915 6,718 1,261,842 Consumer real estate 1,464,321 4,383 1,342 5,529 11,254 1,475,575 Other consumer 119,285 162 76 316 554 119,839 Total $ 7,216,334 $ 7,259 $ 2,827 $ 24,644 $ 34,730 $ 7,251,064 December 31, 2022 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,523,315 $ 8,424 $ — $ 7,100 $ 15,524 $ 2,538,839 Commercial and industrial 1,505,805 4,304 — 283 4,587 1,510,392 Commercial construction 381,579 — — 384 384 381,963 Business banking 1,199,586 1,583 285 4,490 6,358 1,205,944 Consumer real estate 1,409,907 3,617 1,903 6,526 12,046 1,421,953 Other consumer 124,384 165 60 269 494 124,878 Total $ 7,144,576 $ 18,093 $ 2,248 $ 19,052 $ 39,393 $ 7,183,969 The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented: March 31, 2023 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 7,100 $ 7,425 $ 5,442 $ 1 Commercial and industrial 283 7,075 — — Commercial construction 384 384 — — Business banking 4,490 3,915 — 108 Consumer real estate 6,526 5,529 — 91 Other consumer 269 316 — 1 Total $ 19,052 $ 24,644 $ 5,442 $ 201 (1) Represents only cash payments received and applied to interest on nonaccrual loans. December 31, 2022 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 31,488 $ 7,100 $ 5,649 $ 580 Commercial and industrial 15,239 283 — 148 Commercial construction 2,471 384 — 171 Business banking 9,641 4,490 933 228 Consumer real estate 7,294 6,526 — 257 Other consumer 158 269 — 1 Total $ 66,291 $ 19,052 $ 6,582 $ 1,385 (1) Represents only cash payments received and applied to interest on nonaccrual loans. The following tables present collateral-dependent loans by class of loans as of the dates presented: March 31, 2023 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 5,442 $ 595 $ — $ — Commercial and industrial — 5,385 — — Commercial construction — — — — Business banking — — — — Consumer real estate — — — — Total $ 5,442 $ 5,980 $ — $ — December 31, 2022 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 5,649 $ — $ — $ — Commercial and industrial — 626 — — Commercial construction 1,655 — — — Business banking 260 1,112 — 154 Consumer real estate 561 — — — Total $ 8,125 $ 1,738 $ — $ 154 The following tables present activity in the ACL for the periods presented: Three Months Ended March 31, 2023 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340 Impact of ASU 2022-02 — 75 215 251 278 (251) 568 Provision for credit losses on loans (1) (1,011) (476) 412 1,497 488 180 1,090 Charge-offs — (3,412) — (652) (77) (318) (4,459) Recoveries 9 9,400 2 37 61 65 9,574 Net Recoveries/(Charge-offs) 9 5,988 2 (615) (16) (253) 5,115 Balance at End of Period $ 40,426 $ 31,297 $ 6,893 $ 13,680 $ 12,855 $ 2,962 $ 108,113 (1) Excludes the provision for credits losses for unfunded commitments. Three Months Ended March 31, 2022 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 50,700 $ 19,727 $ 5,355 $ 11,338 $ 8,733 $ 2,723 $ 98,576 Provision for credit losses on loans (1) (1,996) (206) (27) 765 426 340 (698) Charge-offs — — — (606) (78) (298) (982) Recoveries 199 2,716 1 — 37 66 3,019 Net (Charge-offs)/Recoveries 199 2,716 1 (606) (41) (232) 2,037 Balance at End of Period $ 48,903 $ 22,237 $ 5,329 $ 11,497 $ 9,118 $ 2,831 $ 99,915 (1) Excludes the provision for credit losses for unfunded commitments. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivatives Designated as Hedging Instruments The following table indicates the amounts representing the value of derivative assets and derivative liabilities for the dates presented: Derivative Assets Derivative Liabilities March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (dollars in thousands) Notional Fair Notional Amount Fair Notional Fair Notional Fair Derivatives Designated as Hedging Instruments Interest rate swap contracts - cash flow hedge $ — $ — $ — $ — $ 500,000 $ 15,288 $ 500,000 $ 21,368 Total Derivatives Designated as Hedging Instruments $ — $ — $ — $ — $ 500,000 $ 15,288 $ 500,000 $ 21,368 Derivatives Not Designated as Hedging Instruments Interest rate swap contracts - commercial loans $ 959,341 $ 67,397 $ 976,707 $ 83,449 $ 959,341 $ 67,397 $ 976,707 $ 83,449 Interest rate lock commitments - mortgage loans 146 6 126 5 — — — — Forward sales contracts - mortgage loans — — 130 2 — — — — Total Derivatives Not Designated as Hedging Instruments $ 959,487 $ 67,403 $ 976,963 $ 83,456 $ 959,341 $ 67,397 $ 976,707 $ 83,449 Total Derivatives $ 959,487 $ 67,403 $ 976,963 $ 83,456 $ 1,459,341 $ 82,685 $ 1,476,707 $ 104,817 The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented: Derivatives (included Derivatives (included (dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Gross amounts recognized $ 67,397 $ 83,449 $ 82,685 $ 104,817 Gross amounts offset — — — — Net amounts presented in the Consolidated Balance Sheets 67,397 83,449 82,685 104,817 Netting adjustments (1) (11,434) (15,196) (11,434) (15,196) Cash collateral (2) (55,301) (65,065) (4,901) (6,307) Net Amount $ 662 $ 3,188 $ 66,350 $ 83,314 (1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented: Amount of Gain or (Loss) Recognized in Other Comprehensive Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income (dollars in thousands) March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swap contracts - cash flow hedge $ 4,782 $ (2,044) $ (1,849) $ 107 Total $ 4,782 $ (2,044) $ (1,849) $ 107 Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $10.2 million will be reclassified as a decrease to interest income. The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented: Three months ended March 31, (dollars in thousands) 2023 2022 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ — $ 68 Interest rate lock commitments—mortgage loans 1 (217) Forward sale contracts—mortgage loans (2) 188 Total Derivatives (Loss) Gain $ (1) $ 39 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit $ 2,661,977 $ 2,713,586 Standby letters of credit 65,676 64,356 Total $ 2,727,653 $ 2,777,942 Allowance for Credit Losses on Unfunded Loan Commitments We maintain an allowance for credit losses on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income (Loss). The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The following table presents activity in the allowance for credit losses on unfunded loan commitments for the periods presented: Three months ended March 31, (dollars in thousands) 2023 2022 Balance at beginning of period $ 8,196 $ 5,189 Provision for credit losses (168) 186 Total $ 8,028 $ 5,375 Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Net of Tax Change in net unrealized gains (losses) on available-for-sale debt securities $ 14,060 $ (3,001) $ 11,059 $ (48,261) $ 10,332 $ (37,929) Change in interest rate swap 6,080 (1,298) 4,782 (2,601) 557 (2,044) Adjustment to funded status of employee benefit plans (475) 101 (374) (12) 32 20 Other Comprehensive Income (Loss) $ 19,665 $ (4,198) $ 15,467 $ (50,874) $ 10,921 $ (39,953) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission, or SEC, on February 24, 2023 (2022 Form 10-K). In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. |
Reclassification | Reclassification A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Recently Adopted Accounting Standards Updates, or ASU or Updated and Accounting Standards Updates Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU or Updated Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02 The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses. ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-20 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. We adopted ASU 2022-02, as of January 1, 2023, using a modified retrospective transition approach. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2022-02 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, commercial TDRs were individually assessed to determine if a specific reserve was required in the allowance for credit losses, or ACL. The elimination of TDRs resulted in these loans being included in homogenous pools. The adoption of this ASU resulted in a day one cumulative effective adjustment recorded as an increase to our ACL of $0.6 million, with the offset being recorded as a decrease to retained earnings, net of tax. Refer to Note 5 Loans and Allowance for Credit Losses for additional disclosures related to modifications of loans to borrowers experiencing financial difficulty as well as gross charge-off vintage disclosures. Accounting Standards Updates Issued But Not Yet Adopted Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit (“LIHTC”) structures. This amendment also eliminates certain LIHTC-specific guidance aligning the accounting with other equity investments in tax credit structures. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We are evaluating the accounting and disclosure requirements of ASU 2023-02 and do not expect them to have a material effect on our consolidated financial statements. |
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There have been no changes in our valuation methodologies during the three months ended March 31, 2023. Refer to Note 1 of the Notes to Consolidated Financial Statements in our 2022 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis. |
Allowance for Credit Losses | We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE —Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I —Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction —Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking —Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate —Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans and unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass —The loan is currently performing and is of high quality. Special Mention —A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard —A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful —Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerators and Denominators of Basic Earnings (Loss) Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented: Three months ended March 31, (in thousands, except share and per share data) 2023 2022 Numerator for Earnings per Share—Basic and Diluted Net income $ 39,799 $ 29,143 Less: Income allocated to participating shares 45 109 Net Income Allocated to Shareholders $ 39,754 $ 29,034 Denominator for Earnings per Share—Basic: Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754 Denominator for Earnings per Share—Treasury Stock Method—Diluted: Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754 Add: Potentially dilutive shares 166,393 112,268 Denominator for Treasury Stock Method—Diluted 39,032,062 39,186,022 Denominator for Earnings per Share—Two Class Method —Diluted: Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754 Add: Average participating shares outstanding 108,991 16,179 Denominator for Two-Class Method—Diluted 38,974,660 39,089,933 Earnings per share—Basic $ 1.02 $ 0.74 Earnings per share—Diluted $ 1.02 $ 0.74 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 1,133 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented: March 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 133,704 $ — $ — $ 133,704 Obligations of U.S. government corporations and agencies — 42,095 — 42,095 Collateralized mortgage obligations of U.S. government corporations and agencies — 432,739 — 432,739 Residential mortgage-backed securities of U.S. government corporations and agencies — 41,170 — 41,170 Commercial mortgage-backed securities of U.S. government corporations and agencies — 317,099 — 317,099 Obligations of states and political subdivisions — 30,895 — 30,895 Total Available-for-sale Debt Securities 133,704 863,998 — 997,702 Marketable equity securities 953 53 — 1,006 Total Securities 134,657 864,051 — 998,708 Securities held in a deferred compensation plan 7,790 — — 7,790 Derivative financial assets: Interest rate swaps - commercial loans — 67,397 — 67,397 Interest rate lock commitments — — 6 6 Total Assets $ 142,447 $ 931,448 $ 6 $ 1,073,901 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 67,397 $ — $ 67,397 Interest rate swaps - cash flow hedge — 15,288 — 15,288 Total Liabilities $ — $ 82,685 $ — $ 82,685 December 31, 2022 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 131,695 $ — $ — $ 131,695 Obligations of U.S. government corporations and agencies — 41,811 — 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies — 428,407 — 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies — 41,587 — 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies — 327,313 — 327,313 Corporate obligations — 500 — 500 Obligations of states and political subdivisions — 30,471 — 30,471 Total Available-for-sale Debt Securities 131,695 870,089 — 1,001,784 Marketable equity securities 952 42 — 994 Total Securities 132,647 870,131 — 1,002,778 Securities held in a deferred compensation plan 8,087 — — 8,087 Derivative financial assets: Interest rate swaps - commercial loans — 83,449 — 83,449 Interest rate lock commitments — — 5 5 Forward sale contracts - mortgage loans — — 2 2 Total Assets $ 140,734 $ 953,580 $ 7 $ 1,094,321 LIABILITIES Derivative financial liabilities: Interest rate swaps - commercial loans $ — $ 83,449 $ — $ 83,449 Interest rate swaps - cash flow hedge — 21,368 — 21,368 Total Liabilities $ — $ 104,817 $ — $ 104,817 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | Level 3 assets measured at fair value on a nonrecurring basis and the significant unobservable inputs used in the fair value measurements as of December 31, 2022 were as follows: December 31, 2022 Valuation Technique Significant Unobservable Inputs Range Weighted Average (dollars in thousands) Other real estate owned 3,060 Collateral method Discount rate 13.00% 13.00% |
Schedule of Carrying Values and Fair Values of Financial Instruments | The following tables present the carrying values and fair values of our financial instruments at the dates presented: Carrying Value (1) Fair Value Measurements at March 31, 2023 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 244,152 $ 244,152 $ 244,152 $ — $ — Securities 998,708 998,708 134,657 864,051 Loans held for sale 81 81 — 81 — Portfolio loans, net 7,142,951 6,883,297 — — 6,883,297 Collateral receivable 4,901 4,901 4,901 — — Securities held in a deferred compensation plan 7,790 7,790 7,790 — — Mortgage servicing rights 6,935 9,335 — — 9,335 Interest rate swaps - commercial loans 67,397 67,397 — 67,397 — Interest rate lock commitments 6 6 — — 6 LIABILITIES Deposits $ 7,153,094 $ 7,132,944 $ 5,977,856 $ 1,155,088 $ — Collateral payable 55,301 55,301 55,301 — — Short-term borrowings 495,000 495,000 — 495,000 — Long-term borrowings 14,628 14,162 — 14,162 — Junior subordinated debt securities 54,468 54,468 — 54,468 — Interest rate swaps - commercial loans 67,397 67,397 — 67,397 — Interest rate swaps - cash flow hedge 15,288 15,288 — 15,288 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2022 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 210,009 $ 210,009 $ 210,009 $ — $ — Securities 1,002,778 1,002,778 132,647 870,131 — Loans held for sale 16 16 — 16 — Portfolio loans, net 7,082,629 6,815,167 — — 6,815,167 Collateral receivable 6,307 6,307 6,307 — — Securities held in a deferred compensation plan 8,087 8,087 8,087 — — Mortgage servicing rights 7,147 9,994 — — 9,994 Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate lock commitments 5 5 — — 5 Forward sale contracts 2 2 — — 2 LIABILITIES Deposits $ 7,219,970 $ 7,194,225 $ 6,285,377 $ 908,848 $ — Collateral payable 65,065 65,065 65,065 — — Short-term borrowings 370,000 370,000 — 370,000 — Long-term borrowings 14,741 14,174 — 14,174 — Junior subordinated debt securities 54,453 54,453 — 54,453 — Interest rate swaps - commercial loans 83,449 83,449 — 83,449 — Interest rate swaps - cash flow hedge 21,368 21,368 — 21,368 — (1) As reported in the Consolidated Balance Sheets |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) March 31, 2023 December 31, 2022 Available-for-sale debt securities $ 997,702 $ 1,001,784 Marketable equity securities 1,006 994 Total Securities $ 998,708 $ 1,002,778 |
Schedule of Amortized Cost and Fair Value of Debt Securities | The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: March 31, 2023 December 31, 2022 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Unrealized Gains Gross Fair U.S. Treasury securities $ 145,139 $ 19 $ (11,454) $ 133,704 $ 145,416 $ — $ (13,721) $ 131,695 Obligations of U.S. government corporations and agencies 43,445 — (1,350) 42,095 43,479 — (1,668) 41,811 Collateralized mortgage obligations of U.S. government corporations and agencies 479,804 309 (47,374) 432,739 482,039 203 (53,835) 428,407 Residential mortgage-backed securities of U.S. government corporations and agencies 48,273 5 (7,108) 41,170 49,418 3 (7,834) 41,587 Commercial mortgage-backed securities of U.S. government corporations and agencies 338,646 115 (21,662) 317,099 352,465 — (25,152) 327,313 Corporate obligations — — — — 500 — — 500 Obligations of states and political subdivisions 30,656 239 — 30,895 30,788 55 (372) 30,471 Total Available-for-Sale Debt Securities (1) $ 1,085,963 $ 687 $ (88,948) $ 997,702 $ 1,104,105 $ 261 $ (102,582) $ 1,001,784 (1) Excludes interest receivable of $3.3 million at March 31, 2023 and $3.7 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets. |
Schedule of Fair Value and Age of Gross Unrealized Losses of Debt Securities | The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: March 31, 2023 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 1 $ 9,413 $ (112) 12 $ 114,151 $ (11,342) 13 $ 123,564 $ (11,454) Obligations of U.S. government corporations and agencies 4 27,382 (618) 2 14,713 (732) 6 42,095 (1,350) Collateralized mortgage obligations of U.S. government corporations and agencies 16 130,667 (3,867) 43 283,266 (43,507) 59 413,933 (47,374) Residential mortgage-backed securities of U.S. government corporations and agencies 3 1,487 (69) 12 39,280 (7,039) 15 40,767 (7,108) Commercial mortgage-backed securities of U.S. government corporations and agencies 9 63,174 (1,607) 25 243,481 (20,055) 34 306,655 (21,662) Obligations of states and political subdivisions — — — — — — — — — Total 33 $ 232,123 $ (6,273) 94 $ 694,891 $ (82,675) 127 $ 927,014 $ (88,948) December 31, 2022 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities 6 $ 57,057 $ (3,363) 8 $ 74,638 $ (10,358) 14 $ 131,695 $ (13,721) Obligations of U.S. government corporations and agencies 6 41,811 (1,668) — — — 6 41,811 (1,668) Collateralized mortgage obligations of U.S. government corporations and agencies 47 296,509 (28,153) 13 112,902 (25,682) 60 409,411 (53,835) Residential mortgage-backed securities of U.S. government corporations and agencies 25 7,143 (589) 3 34,223 (7,245) 28 41,366 (7,834) Commercial mortgage-backed securities of U.S. government corporations and agencies 30 241,009 (11,975) 7 86,304 (13,177) 37 327,313 (25,152) Obligations of states and political subdivisions 2 20,127 (372) — — — 2 20,127 (372) Total 116 $ 663,656 $ (46,120) 31 $ 308,067 $ (56,462) 147 $ 971,723 $ (102,582) |
Schedule of Unrealized Gains (Losses) of Debt Securities | The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented: March 31, 2023 December 31, 2022 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Total unrealized gains (losses) on available-for-sale debt securities $ 687 $ (88,948) $ (88,261) $ 261 $ (102,582) $ (102,321) Income tax (expense) benefit (147) 19,005 18,858 (56) 21,915 21,859 Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 540 $ (69,943) $ (69,403) $ 205 $ (80,667) $ (80,462) |
Schedule of Contractual Maturities of Debt Securities | The amortized cost and fair value of available-for-sale debt securities at March 31, 2023 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2023 (dollars in thousands) Amortized Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 9,988 $ 9,827 Due after one year through five years 159,631 149,422 Due after five years through ten years 38,147 35,922 Due after ten years 11,474 11,523 Available-for-Sale Debt Securities With Fixed Maturities 219,240 206,694 Debt Securities without a single maturity date Collateralized mortgage obligations of U.S. government corporations and agencies 479,804 432,739 Residential mortgage-backed securities of U.S. government corporations and agencies 48,273 41,170 Commercial mortgage-backed securities of U.S. government corporations and agencies 338,646 317,099 Total Available-for-Sale Debt Securities $ 1,085,963 $ 997,702 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Composition of Loans | The following table summarizes the composition of originated and acquired loans as of the dates presented: (dollars in thousands) March 31, 2023 December 31, 2022 Commercial real estate $ 2,523,434 $ 2,538,839 Commercial and industrial 1,493,519 1,510,392 Commercial construction 376,855 381,963 Business banking 1,261,842 1,205,944 Consumer real estate 1,475,575 1,421,953 Other consumer 119,839 124,878 Total Portfolio Loans $ 7,251,064 $ 7,183,969 Loans held for sale 81 16 Total Loans (1) $ 7,251,145 $ 7,183,985 (1) |
Summary of Restructured Loans for Periods Presented | The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the period presented: Three Months Ended March 31, 2023 (dollars in thousands) Term Extension Term Extension and Interest Rate Reduction Total % of Portfolio Segment Commercial real estate $ 15,849 $ — $ 15,849 0.63 % Commercial industrial 594 — 594 0.04 % Consumer real estate 63 196 259 0.02 % Total (1) $ 16,506 $ 196 $ 16,702 0.23 % (1) Excludes loans that were fully paid off or fully charged-off by period end. The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the period presented: Three Months Ended March 31, 2023 Weighted-Average Term Extension (in Months) Weighted-Average Interest Rate Reduction Commercial real estate 6 — Commercial industrial 72 — Consumer real estate 168 2% The following tables summarize TDRs as of the dates presented: December 31, 2022 (dollars in thousands) Accruing Nonaccruing Total Commercial real estate $ — $ — $ — Commercial and industrial 626 — 626 Commercial construction 1,655 — 1,655 Business banking 438 1,087 1,525 Consumer real estate 6,168 1,798 7,966 Other consumer 4 9 13 Total $ 8,891 $ 2,894 $ 11,785 The following tables present the TDRs by portfolio segment and type of concession for the period presented: Three Months Ended March 31, 2022 Number Type of Modification Total Post-Modification Outstanding Recorded Investment (2) Total Pre-Modification Outstanding Recorded Investment (2) (dollars in thousands) Bankruptcy (1) Other Extend Modify Modify Commercial real estate — $ — $ — $ — $ — $ — $ — $ — Commercial industrial — — — — — — — — Commercial construction — — — — — — — — Business banking — — — — — — — — Consumer real estate 7 766 — 1,112 — — 1,878 1,928 Other consumer — — — — — — — — Total 7 $ 766 $ — $ 1,112 $ — $ — $ 1,878 $ 1,928 (1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Summary of Aging Analysis of Modifications | The following table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented: March 31, 2023 (dollars in thousands) Current 30-59 Days 60-89 Days 90+ Days Past Due Nonaccrual Total Commercial real estate $ 15,849 $ — $ — $ — $ — $ 15,849 Commercial and industrial 594 — — — — 594 Consumer real estate 196 — — — 63 259 Total $ 16,639 $ — $ — $ — $ 63 $ 16,702 |
Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) March 31, 2023 December 31, 2022 Nonperforming Assets Nonaccrual Loans $ 24,644 $ 19,052 OREO 3,076 3,065 Total Nonperforming Assets $ 27,720 $ 22,117 The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented: March 31, 2023 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 7,100 $ 7,425 $ 5,442 $ 1 Commercial and industrial 283 7,075 — — Commercial construction 384 384 — — Business banking 4,490 3,915 — 108 Consumer real estate 6,526 5,529 — 91 Other consumer 269 316 — 1 Total $ 19,052 $ 24,644 $ 5,442 $ 201 (1) Represents only cash payments received and applied to interest on nonaccrual loans. December 31, 2022 (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 31,488 $ 7,100 $ 5,649 $ 580 Commercial and industrial 15,239 283 — 148 Commercial construction 2,471 384 — 171 Business banking 9,641 4,490 933 228 Consumer real estate 7,294 6,526 — 257 Other consumer 158 269 — 1 Total $ 66,291 $ 19,052 $ 6,582 $ 1,385 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Schedule of Loans Credit Quality Indicators | The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented: March 31, 2023 Risk Rating (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 59,710 $ 264,611 $ 379,447 $ 258,879 $ 409,858 $ 873,354 $ 21,283 $ — $ 2,267,142 Special mention — — — 497 26,721 135,007 — — 162,225 Substandard — — — 1,293 10,965 81,391 — — 93,649 Doubtful — — — — — 418 — — 418 Total Commercial Real Estate 59,710 264,611 379,447 260,669 447,544 1,090,170 21,283 — 2,523,434 Current Period Gross Charge-offs — — — — — — — — — Commercial and Industrial Pass 27,936 249,713 241,929 81,722 58,291 193,317 535,107 — 1,388,015 Special mention — 4,325 24,761 2,336 4,740 8,156 31,111 — 75,429 Substandard — 353 — — 5,517 3,742 16,679 — 26,291 Doubtful — — — — — 1,325 2,459 — 3,784 Total Commercial and Industrial 27,936 254,391 266,690 84,058 68,548 206,540 585,356 — 1,493,519 Current Period Gross Charge-offs — — — — 3,412 — — — 3,412 Commercial Construction Pass 5,249 142,639 153,978 25,115 3,703 4,728 25,985 — 361,397 Special mention — — 5,444 — 8,153 — — — 13,597 Substandard — — — — — 1,861 — — 1,861 Doubtful — — — — — — — — — Total Commercial Construction 5,249 142,639 159,422 25,115 11,856 6,589 25,985 — 376,855 Current Period Gross Charge-offs — — — — — — — — — Business Banking Pass 68,827 282,541 228,739 92,571 104,156 351,271 104,495 631 1,233,231 Special mention — — 1,940 319 — 6,415 858 95 9,627 Substandard — 18 3,064 3,301 11,938 114 549 18,984 Doubtful — — — — — — — — — Total Business Banking 68,827 282,559 230,679 95,954 107,457 369,624 105,467 1,275 1,261,842 Current Period Gross Charge-offs — 67 43 — 70 447 25 — 652 Consumer Real Estate Pass 51,356 313,568 146,465 90,586 72,047 213,915 552,909 21,043 1,461,889 Special mention — — — — — 867 — — 867 Substandard — 48 204 152 427 9,030 470 2,488 12,819 Doubtful — — — — — — — — — Total Consumer Real Estate 51,356 313,616 146,669 90,738 72,474 223,812 553,379 23,531 1,475,575 Current Period Gross Charge-offs — — — 3 — 25 — 49 77 Other Consumer Pass 4,550 16,527 9,581 4,791 2,575 1,321 78,676 1,737 119,758 Special mention — — — — — — — — — Substandard — — 22 1 26 21 — 11 81 Doubtful — — — — — — — — — Total Other Consumer 4,550 16,527 9,603 4,792 2,601 1,342 78,676 1,748 119,839 Current Period Gross Charge-offs 189 9 60 — 17 3 — 40 318 Pass 217,628 1,269,599 1,160,139 553,664 650,630 1,637,906 1,318,455 23,411 6,831,432 Special mention — 4,325 32,145 3,152 39,614 150,445 31,969 95 261,745 Substandard — 419 226 4,510 20,236 107,983 17,263 3,048 153,685 Doubtful — — — — — 1,743 2,459 — 4,202 Total Loan Balance $ 217,628 $ 1,274,343 $ 1,192,510 $ 561,326 $ 710,480 $ 1,898,077 $ 1,370,146 $ 26,554 $ 7,251,064 Current Period Gross Charge-offs $ 189 $ 76 $ 103 $ 3 $ 3,499 $ 475 $ 25 $ 89 $ 4,459 December 31, 2022 Risk Rating (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 292,732 $ 360,423 $ 267,743 $ 422,872 $ 227,006 $ 704,600 $ 21,666 $ — $ 2,297,042 Special mention — — — 13,187 20,090 101,112 — — 134,389 Substandard — — 1,306 13,434 14,845 77,823 — — 107,408 Doubtful — — — — — — — — — Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Pass 253,324 264,012 88,544 63,190 62,874 138,250 559,777 — 1,429,971 Special mention — 25,436 — 5,103 1,885 7,132 19,280 — 58,836 Substandard 372 — — 5,705 1,152 1,891 12,465 — 21,585 Doubtful — — — — — — — — — Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Pass 120,655 159,737 40,762 6,338 3,953 2,297 27,284 — 361,026 Special mention — 10,954 — 8,104 — — — — 19,058 Substandard — — — — — 1,879 — — 1,879 Doubtful — — — — — — — — — Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Pass 287,520 233,499 87,926 107,819 80,549 276,843 104,354 645 1,179,155 Special mention — 157 146 — 2,790 3,945 793 95 7,926 Substandard 159 67 3,077 1,912 1,550 11,391 124 551 18,831 Doubtful — — — — — 32 — — 32 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Pass 296,900 148,790 91,477 74,155 30,658 191,228 552,994 21,547 1,407,749 Special mention — — — — — 882 — — 882 Substandard 48 213 136 428 1,373 8,059 655 2,410 13,322 Doubtful — — — — — — — — — Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Pass 20,046 10,819 5,427 3,242 1,013 724 82,125 1,404 124,800 Special mention — — — — — — — — — Substandard 8 — — 28 21 — — 21 78 Doubtful — — — — — — — — — Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Pass 1,271,177 1,177,280 581,879 677,616 406,053 1,313,942 1,348,200 23,596 6,799,743 Special Mention — 36,547 146 26,394 24,765 113,071 20,073 95 221,091 Substandard 587 280 4,519 21,507 18,941 101,043 13,244 2,982 163,103 Doubtful — — — — — 32 — — 32 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented: March 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 59,710 $ 264,611 $ 379,447 $ 260,669 $ 447,544 $ 1,082,745 $ 21,283 $ — $ 2,516,009 Nonaccrual — — — — — 7,425 — — 7,425 Total Commercial Real Estate 59,710 264,611 379,447 260,669 447,544 1,090,170 21,283 — 2,523,434 Commercial and Industrial Accrual 27,936 254,391 266,690 84,058 68,548 203,695 581,126 — 1,486,444 Nonaccrual — — — — — 2,845 4,230 — 7,075 Total Commercial and Industrial 27,936 254,391 266,690 84,058 68,548 206,540 585,356 — 1,493,519 Commercial Construction Accrual 5,249 142,639 159,422 25,115 11,856 6,205 25,985 — 376,471 Nonaccrual — — — — — 384 — — 384 Total Commercial Construction 5,249 142,639 159,422 25,115 11,856 6,589 25,985 — 376,855 Business Banking Accrual 68,827 282,559 230,679 95,938 107,271 366,007 105,467 1,179 1,257,927 Nonaccrual — — — 16 186 3,617 — 96 3,915 Total Business Banking 68,827 282,559 230,679 95,954 107,457 369,624 105,467 1,275 1,261,842 Consumer Real Estate Accrual 51,356 313,451 146,543 90,682 71,834 220,441 553,135 22,604 1,470,046 Nonaccrual — 165 126 56 640 3,371 244 927 5,529 Total Consumer Real Estate 51,356 313,616 146,669 90,738 72,474 223,812 553,379 23,531 1,475,575 Other Consumer Accrual 4,550 16,519 9,584 4,634 2,601 1,211 78,676 1,748 119,523 Nonaccrual — 8 19 158 — 131 — — 316 Total Other Consumer 4,550 16,527 9,603 4,792 2,601 1,342 78,676 1,748 119,839 Accrual 217,628 1,274,170 1,192,365 561,096 709,654 1,880,304 1,365,672 25,531 7,226,420 Nonaccrual — 173 145 230 826 17,773 4,474 1,023 24,644 Total Loan Balance $ 217,628 $ 1,274,343 $ 1,192,510 $ 561,326 $ 710,480 $ 1,898,077 $ 1,370,146 $ 26,554 $ 7,251,064 December 31, 2022 (dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total Commercial Real Estate Accrual $ 292,732 $ 360,423 $ 269,049 $ 449,493 $ 261,941 $ 876,435 $ 21,666 $ — $ 2,531,739 Nonaccrual — — — — — 7,100 — — 7,100 Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 Commercial and Industrial Accrual 253,696 289,448 88,544 73,998 65,858 147,273 591,292 — 1,510,109 Nonaccrual — — — — 53 — 230 — 283 Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 Commercial Construction Accrual 120,655 170,691 40,762 14,442 3,953 3,792 27,284 — 381,579 Nonaccrual — — — — — 384 — — 384 Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 Business Banking Accrual 287,679 233,656 91,149 109,479 83,689 289,435 105,172 1,195 1,201,454 Nonaccrual — 67 — 252 1,200 2,776 99 96 4,490 Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 Consumer Real Estate Accrual 296,948 148,868 91,085 73,947 31,646 196,384 553,441 23,108 1,415,427 Nonaccrual — 135 528 636 385 3,785 208 849 6,526 Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 Other Consumer Accrual 20,054 10,819 5,303 3,270 1,034 593 82,125 1,411 124,609 Nonaccrual — — 124 — — 131 — 14 269 Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 Accrual 1,271,764 1,213,905 585,892 724,629 448,121 1,513,912 1,380,980 25,714 7,164,917 Nonaccrual — 202 652 888 1,638 14,176 537 959 19,052 Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969 The following tables present collateral-dependent loans by class of loans as of the dates presented: March 31, 2023 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 5,442 $ 595 $ — $ — Commercial and industrial — 5,385 — — Commercial construction — — — — Business banking — — — — Consumer real estate — — — — Total $ 5,442 $ 5,980 $ — $ — December 31, 2022 Type of Collateral (dollars in thousands) Real Estate Business Investment/Cash Other Commercial real estate $ 5,649 $ — $ — $ — Commercial and industrial — 626 — — Commercial construction 1,655 — — — Business banking 260 1,112 — 154 Consumer real estate 561 — — — Total $ 8,125 $ 1,738 $ — $ 154 |
Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: March 31, 2023 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,514,689 $ — $ 1,320 $ 7,425 $ 8,745 $ 2,523,434 Commercial and industrial 1,486,444 — — 7,075 7,075 1,493,519 Commercial construction 376,471 — — 384 384 376,855 Business banking 1,255,124 2,714 89 3,915 6,718 1,261,842 Consumer real estate 1,464,321 4,383 1,342 5,529 11,254 1,475,575 Other consumer 119,285 162 76 316 554 119,839 Total $ 7,216,334 $ 7,259 $ 2,827 $ 24,644 $ 34,730 $ 7,251,064 December 31, 2022 (dollars in thousands) Current 30-59 Days 60-89 Days Nonaccrual Total Past Total Loans Commercial real estate $ 2,523,315 $ 8,424 $ — $ 7,100 $ 15,524 $ 2,538,839 Commercial and industrial 1,505,805 4,304 — 283 4,587 1,510,392 Commercial construction 381,579 — — 384 384 381,963 Business banking 1,199,586 1,583 285 4,490 6,358 1,205,944 Consumer real estate 1,409,907 3,617 1,903 6,526 12,046 1,421,953 Other consumer 124,384 165 60 269 494 124,878 Total $ 7,144,576 $ 18,093 $ 2,248 $ 19,052 $ 39,393 $ 7,183,969 |
Schedule of Allowance for Credit Loss | The following tables present activity in the ACL for the periods presented: Three Months Ended March 31, 2023 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340 Impact of ASU 2022-02 — 75 215 251 278 (251) 568 Provision for credit losses on loans (1) (1,011) (476) 412 1,497 488 180 1,090 Charge-offs — (3,412) — (652) (77) (318) (4,459) Recoveries 9 9,400 2 37 61 65 9,574 Net Recoveries/(Charge-offs) 9 5,988 2 (615) (16) (253) 5,115 Balance at End of Period $ 40,426 $ 31,297 $ 6,893 $ 13,680 $ 12,855 $ 2,962 $ 108,113 (1) Excludes the provision for credits losses for unfunded commitments. Three Months Ended March 31, 2022 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 50,700 $ 19,727 $ 5,355 $ 11,338 $ 8,733 $ 2,723 $ 98,576 Provision for credit losses on loans (1) (1,996) (206) (27) 765 426 340 (698) Charge-offs — — — (606) (78) (298) (982) Recoveries 199 2,716 1 — 37 66 3,019 Net (Charge-offs)/Recoveries 199 2,716 1 (606) (41) (232) 2,037 Balance at End of Period $ 48,903 $ 22,237 $ 5,329 $ 11,497 $ 9,118 $ 2,831 $ 99,915 (1) Excludes the provision for credit losses for unfunded commitments. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities for the dates presented: Derivative Assets Derivative Liabilities March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (dollars in thousands) Notional Fair Notional Amount Fair Notional Fair Notional Fair Derivatives Designated as Hedging Instruments Interest rate swap contracts - cash flow hedge $ — $ — $ — $ — $ 500,000 $ 15,288 $ 500,000 $ 21,368 Total Derivatives Designated as Hedging Instruments $ — $ — $ — $ — $ 500,000 $ 15,288 $ 500,000 $ 21,368 Derivatives Not Designated as Hedging Instruments Interest rate swap contracts - commercial loans $ 959,341 $ 67,397 $ 976,707 $ 83,449 $ 959,341 $ 67,397 $ 976,707 $ 83,449 Interest rate lock commitments - mortgage loans 146 6 126 5 — — — — Forward sales contracts - mortgage loans — — 130 2 — — — — Total Derivatives Not Designated as Hedging Instruments $ 959,487 $ 67,403 $ 976,963 $ 83,456 $ 959,341 $ 67,397 $ 976,707 $ 83,449 Total Derivatives $ 959,487 $ 67,403 $ 976,963 $ 83,456 $ 1,459,341 $ 82,685 $ 1,476,707 $ 104,817 |
Schedule of Interest Rate Derivatives | The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented: Derivatives (included Derivatives (included (dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Gross amounts recognized $ 67,397 $ 83,449 $ 82,685 $ 104,817 Gross amounts offset — — — — Net amounts presented in the Consolidated Balance Sheets 67,397 83,449 82,685 104,817 Netting adjustments (1) (11,434) (15,196) (11,434) (15,196) Cash collateral (2) (55,301) (65,065) (4,901) (6,307) Net Amount $ 662 $ 3,188 $ 66,350 $ 83,314 (1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. |
Schedule of Effect of Cash Flow Hedges | The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented: Amount of Gain or (Loss) Recognized in Other Comprehensive Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income (dollars in thousands) March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swap contracts - cash flow hedge $ 4,782 $ (2,044) $ (1,849) $ 107 Total $ 4,782 $ (2,044) $ (1,849) $ 107 |
Schedule of Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented: Three months ended March 31, (dollars in thousands) 2023 2022 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ — $ 68 Interest rate lock commitments—mortgage loans 1 (217) Forward sale contracts—mortgage loans (2) 188 Total Derivatives (Loss) Gain $ (1) $ 39 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit $ 2,661,977 $ 2,713,586 Standby letters of credit 65,676 64,356 Total $ 2,727,653 $ 2,777,942 |
Allowance for Credit Loss for Unfunded Loan Commitments | The following table presents activity in the allowance for credit losses on unfunded loan commitments for the periods presented: Three months ended March 31, (dollars in thousands) 2023 2022 Balance at beginning of period $ 8,196 $ 5,189 Provision for credit losses (168) 186 Total $ 8,028 $ 5,375 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Tax Effects of Components of Other Comprehensive Income (Loss) | The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Net of Tax Change in net unrealized gains (losses) on available-for-sale debt securities $ 14,060 $ (3,001) $ 11,059 $ (48,261) $ 10,332 $ (37,929) Change in interest rate swap 6,080 (1,298) 4,782 (2,601) 557 (2,044) Adjustment to funded status of employee benefit plans (475) 101 (374) (12) 32 20 Other Comprehensive Income (Loss) $ 19,665 $ (4,198) $ 15,467 $ (50,874) $ 10,921 $ (39,953) |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2022-02 [Member] | |||
Adjustment to allowance for credit loss | $ 101,340 | $ 108,113 | $ 99,915 | $ 98,576 |
Impact of adopting ASU 2022-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Adjustment to allowance for credit loss | $ 568 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator for Earnings per Share—Basic and Diluted | ||
Net income | $ 39,799 | $ 29,143 |
Less: Income allocated to participating shares, basic | 45 | 109 |
Less: Income allocated to participating shares, diluted | 45 | 109 |
Net Income Allocated to Shareholders, basic | 39,754 | 29,034 |
Net Income Allocated to Shareholders, diluted | $ 39,754 | $ 29,034 |
Denominator for Earnings per Share—Basic: | ||
Weighted Average Shares Outstanding—Basic (in shares) | 38,865,669 | 39,073,754 |
Denominator for Earnings per Share—Diluted: | ||
Weighted Average Shares Outstanding—Basic (in shares) | 38,865,669 | 39,073,754 |
Add: Potentially dilutive shares (in shares) | 166,393 | 112,268 |
Denominator for Two-Class Method—Diluted (in shares) | 39,032,062 | 39,186,022 |
Add: Average participating shares outstanding (in shares) | 108,991 | 16,179 |
Denominator for Two-Class Method—Diluted (in shares) | 38,974,660 | 39,089,933 |
Earnings per share—basic (in dollars per share) | $ 1.02 | $ 0.74 |
Earnings per share—diluted (in dollars per share) | $ 1.02 | $ 0.74 |
Restricted Stock | ||
Denominator for Earnings per Share—Diluted: | ||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares (in shares) | 1,133 | 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Available-for-sale debt securities | $ 997,702 | $ 1,001,784 |
Marketable equity securities | 1,006 | 994 |
Derivative financial assets | 67,403 | 83,456 |
LIABILITIES | ||
Derivative financial liabilities | 82,685 | 104,817 |
U.S. Treasury securities | ||
ASSETS | ||
Available-for-sale debt securities | 133,704 | 131,695 |
Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 42,095 | 41,811 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 432,739 | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 41,170 | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 317,099 | 327,313 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Available-for-sale debt securities | 30,895 | 30,471 |
Fair Value Measurements, Recurring | ||
ASSETS | ||
Available-for-sale debt securities | 997,702 | 1,001,784 |
Marketable equity securities | 1,006 | 994 |
Total Securities | 998,708 | 1,002,778 |
Securities held in a deferred compensation plan | 7,790 | 8,087 |
Total Assets | 1,073,901 | 1,094,321 |
LIABILITIES | ||
Total Liabilities | 82,685 | 104,817 |
Fair Value Measurements, Recurring | U.S. Treasury securities | ||
ASSETS | ||
Available-for-sale debt securities | 133,704 | 131,695 |
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 42,095 | 41,811 |
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 432,739 | 428,407 |
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 41,170 | 41,587 |
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 317,099 | 327,313 |
Fair Value Measurements, Recurring | Corporate obligations | ||
ASSETS | ||
Available-for-sale debt securities | 500 | |
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||
ASSETS | ||
Available-for-sale debt securities | 30,895 | 30,471 |
Fair Value Measurements, Recurring | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 67,397 | 83,449 |
LIABILITIES | ||
Derivative financial liabilities | 67,397 | 83,449 |
Fair Value Measurements, Recurring | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 6 | 5 |
Fair Value Measurements, Recurring | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 2 | |
Fair Value Measurements, Recurring | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 15,288 | 21,368 |
Fair Value Measurements, Recurring | Level 1 | ||
ASSETS | ||
Available-for-sale debt securities | 133,704 | 131,695 |
Marketable equity securities | 953 | 952 |
Total Securities | 134,657 | 132,647 |
Securities held in a deferred compensation plan | 7,790 | 8,087 |
Total Assets | 142,447 | 140,734 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | U.S. Treasury securities | ||
ASSETS | ||
Available-for-sale debt securities | 133,704 | 131,695 |
Fair Value Measurements, Recurring | Level 1 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Corporate obligations | ||
ASSETS | ||
Available-for-sale debt securities | 0 | |
Fair Value Measurements, Recurring | Level 1 | Obligations of states and political subdivisions | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | ||
ASSETS | ||
Available-for-sale debt securities | 863,998 | 870,089 |
Marketable equity securities | 53 | 42 |
Total Securities | 864,051 | 870,131 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 931,448 | 953,580 |
LIABILITIES | ||
Total Liabilities | 82,685 | 104,817 |
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 42,095 | 41,811 |
Fair Value Measurements, Recurring | Level 2 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 432,739 | 428,407 |
Fair Value Measurements, Recurring | Level 2 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 41,170 | 41,587 |
Fair Value Measurements, Recurring | Level 2 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 317,099 | 327,313 |
Fair Value Measurements, Recurring | Level 2 | Corporate obligations | ||
ASSETS | ||
Available-for-sale debt securities | 500 | |
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||
ASSETS | ||
Available-for-sale debt securities | 30,895 | 30,471 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 67,397 | 83,449 |
LIABILITIES | ||
Derivative financial liabilities | 67,397 | 83,449 |
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 15,288 | 21,368 |
Fair Value Measurements, Recurring | Level 3 | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Total Securities | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 6 | 7 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | U.S. Treasury securities | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Corporate obligations | ||
ASSETS | ||
Available-for-sale debt securities | 0 | |
Fair Value Measurements, Recurring | Level 3 | Obligations of states and political subdivisions | ||
ASSETS | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 6 | 5 |
Fair Value Measurements, Recurring | Level 3 | Forward sale contracts—mortgage loans | ||
ASSETS | ||
Derivative financial assets | 2 | |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned | $ 3,060,000 | |
Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.1300 | |
Weighted Average | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.1300 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Securities | $ 998,708 | $ 1,002,778 |
Portfolio loans, net | 7,142,951 | 7,082,629 |
Derivative financial assets | 67,403 | 83,456 |
LIABILITIES | ||
Junior subordinated debt securities | 54,468 | 54,453 |
Derivative financial liabilities | 82,685 | 104,817 |
Carrying Value | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 244,152 | 210,009 |
Securities | 998,708 | 1,002,778 |
Loans held for sale | 81 | 16 |
Portfolio loans, net | 7,142,951 | 7,082,629 |
Collateral receivable | 4,901 | 6,307 |
Securities held in a deferred compensation plan | 7,790 | 8,087 |
Mortgage servicing rights | 6,935 | 7,147 |
LIABILITIES | ||
Deposits | 7,153,094 | 7,219,970 |
Collateral payable | 55,301 | 65,065 |
Short-term borrowings | 495,000 | 370,000 |
Long-term borrowings | 14,628 | 14,741 |
Junior subordinated debt securities | 54,468 | 54,453 |
Carrying Value | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 67,397 | |
LIABILITIES | ||
Derivative financial liabilities | 67,397 | 83,449 |
Carrying Value | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 15,288 | 21,368 |
Carrying Value | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 83,449 | |
Carrying Value | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 6 | 5 |
Carrying Value | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 2 | |
Fair Value Measurements | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 244,152 | 210,009 |
Securities | 998,708 | 1,002,778 |
Loans held for sale | 81 | 16 |
Portfolio loans, net | 6,883,297 | 6,815,167 |
Collateral receivable | 4,901 | 6,307 |
Securities held in a deferred compensation plan | 7,790 | 8,087 |
Mortgage servicing rights | 9,335 | 9,994 |
LIABILITIES | ||
Deposits | 7,132,944 | 7,194,225 |
Collateral payable | 55,301 | 65,065 |
Short-term borrowings | 495,000 | 370,000 |
Long-term borrowings | 14,162 | 14,174 |
Junior subordinated debt securities | 54,468 | 54,453 |
Fair Value Measurements | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 67,397 | |
LIABILITIES | ||
Derivative financial liabilities | 67,397 | 83,449 |
Fair Value Measurements | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 15,288 | 21,368 |
Fair Value Measurements | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 83,449 | |
Fair Value Measurements | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 6 | 5 |
Fair Value Measurements | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 2 | |
Fair Value Measurements | Level 1 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 244,152 | 210,009 |
Securities | 134,657 | 132,647 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Collateral receivable | 4,901 | 6,307 |
Securities held in a deferred compensation plan | 7,790 | 8,087 |
Mortgage servicing rights | 0 | 0 |
LIABILITIES | ||
Deposits | 5,977,856 | 6,285,377 |
Collateral payable | 55,301 | 65,065 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Junior subordinated debt securities | 0 | 0 |
Fair Value Measurements | Level 1 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements | Level 1 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements | Level 1 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements | Level 1 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements | Level 1 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements | Level 2 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 0 | 0 |
Securities | 864,051 | 870,131 |
Loans held for sale | 81 | 16 |
Portfolio loans, net | 0 | 0 |
Collateral receivable | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
LIABILITIES | ||
Deposits | 1,155,088 | 908,848 |
Collateral payable | 0 | 0 |
Short-term borrowings | 495,000 | 370,000 |
Long-term borrowings | 14,162 | 14,174 |
Junior subordinated debt securities | 54,468 | 54,453 |
Fair Value Measurements | Level 2 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 67,397 | |
LIABILITIES | ||
Derivative financial liabilities | 67,397 | 83,449 |
Fair Value Measurements | Level 2 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 15,288 | 21,368 |
Fair Value Measurements | Level 2 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 83,449 | |
Fair Value Measurements | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements | Level 2 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements | Level 3 | ||
ASSETS | ||
Cash and due from banks, including interest-bearing deposits | 0 | 0 |
Securities | 0 | |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 6,883,297 | 6,815,167 |
Collateral receivable | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Mortgage servicing rights | 9,335 | 9,994 |
LIABILITIES | ||
Deposits | 0 | 0 |
Collateral payable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Junior subordinated debt securities | 0 | 0 |
Fair Value Measurements | Level 3 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements | Level 3 | Interest rate swaps - cash flow hedge | ||
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements | Level 3 | Interest rate swaps - commercial loans | ||
ASSETS | ||
Derivative financial assets | 0 | |
Fair Value Measurements | Level 3 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | $ 6 | 5 |
Fair Value Measurements | Level 3 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | $ 2 |
Securities - Fair Values of Mar
Securities - Fair Values of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 997,702 | $ 1,001,784 |
Marketable equity securities | 1,006 | 994 |
Total Securities | $ 998,708 | $ 1,002,778 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,085,963 | $ 1,104,105 |
Gross Unrealized Gains | 687 | 261 |
Gross Unrealized Losses | (88,948) | (102,582) |
Fair Value | 997,702 | 1,001,784 |
Interest receivable | 3,300 | 3,700 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 145,139 | 145,416 |
Gross Unrealized Gains | 19 | 0 |
Gross Unrealized Losses | (11,454) | (13,721) |
Fair Value | 133,704 | 131,695 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 43,445 | 43,479 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,350) | (1,668) |
Fair Value | 42,095 | 41,811 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 479,804 | 482,039 |
Gross Unrealized Gains | 309 | 203 |
Gross Unrealized Losses | (47,374) | (53,835) |
Fair Value | 432,739 | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 48,273 | 49,418 |
Gross Unrealized Gains | 5 | 3 |
Gross Unrealized Losses | (7,108) | (7,834) |
Fair Value | 41,170 | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 338,646 | 352,465 |
Gross Unrealized Gains | 115 | 0 |
Gross Unrealized Losses | (21,662) | (25,152) |
Fair Value | 317,099 | 327,313 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 500 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 30,656 | 30,788 |
Gross Unrealized Gains | 239 | 55 |
Gross Unrealized Losses | 0 | (372) |
Fair Value | $ 30,895 | $ 30,471 |
Securities - Fair Value and Age
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands | Mar. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 33 | 116 |
Fair Value, Less Than 12 Months | $ 232,123 | $ 663,656 |
Unrealized Losses, Less Than 12 Months | $ (6,273) | $ (46,120) |
Number of Securities, 12 Months or More | security | 94 | 31 |
Fair Value, 12 Months or More | $ 694,891 | $ 308,067 |
Unrealized Losses, 12 Months or More | $ (82,675) | $ (56,462) |
Number of Securities, Total | security | 127 | 147 |
Fair Value, Total | $ 927,014 | $ 971,723 |
Unrealized Losses, Total | $ (88,948) | $ (102,582) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 1 | 6 |
Fair Value, Less Than 12 Months | $ 9,413 | $ 57,057 |
Unrealized Losses, Less Than 12 Months | $ (112) | $ (3,363) |
Number of Securities, 12 Months or More | security | 12 | 8 |
Fair Value, 12 Months or More | $ 114,151 | $ 74,638 |
Unrealized Losses, 12 Months or More | $ (11,342) | $ (10,358) |
Number of Securities, Total | security | 13 | 14 |
Fair Value, Total | $ 123,564 | $ 131,695 |
Unrealized Losses, Total | $ (11,454) | $ (13,721) |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 4 | 6 |
Fair Value, Less Than 12 Months | $ 27,382 | $ 41,811 |
Unrealized Losses, Less Than 12 Months | $ (618) | $ (1,668) |
Number of Securities, 12 Months or More | security | 2 | 0 |
Fair Value, 12 Months or More | $ 14,713 | $ 0 |
Unrealized Losses, 12 Months or More | $ (732) | $ 0 |
Number of Securities, Total | security | 6 | 6 |
Fair Value, Total | $ 42,095 | $ 41,811 |
Unrealized Losses, Total | $ (1,350) | $ (1,668) |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 16 | 47 |
Fair Value, Less Than 12 Months | $ 130,667 | $ 296,509 |
Unrealized Losses, Less Than 12 Months | $ (3,867) | $ (28,153) |
Number of Securities, 12 Months or More | security | 43 | 13 |
Fair Value, 12 Months or More | $ 283,266 | $ 112,902 |
Unrealized Losses, 12 Months or More | $ (43,507) | $ (25,682) |
Number of Securities, Total | security | 59 | 60 |
Fair Value, Total | $ 413,933 | $ 409,411 |
Unrealized Losses, Total | $ (47,374) | $ (53,835) |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 3 | 25 |
Fair Value, Less Than 12 Months | $ 1,487 | $ 7,143 |
Unrealized Losses, Less Than 12 Months | $ (69) | $ (589) |
Number of Securities, 12 Months or More | security | 12 | 3 |
Fair Value, 12 Months or More | $ 39,280 | $ 34,223 |
Unrealized Losses, 12 Months or More | $ (7,039) | $ (7,245) |
Number of Securities, Total | security | 15 | 28 |
Fair Value, Total | $ 40,767 | $ 41,366 |
Unrealized Losses, Total | $ (7,108) | $ (7,834) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 9 | 30 |
Fair Value, Less Than 12 Months | $ 63,174 | $ 241,009 |
Unrealized Losses, Less Than 12 Months | $ (1,607) | $ (11,975) |
Number of Securities, 12 Months or More | security | 25 | 7 |
Fair Value, 12 Months or More | $ 243,481 | $ 86,304 |
Unrealized Losses, 12 Months or More | $ (20,055) | $ (13,177) |
Number of Securities, Total | security | 34 | 37 |
Fair Value, Total | $ 306,655 | $ 327,313 |
Unrealized Losses, Total | $ (21,662) | $ (25,152) |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 0 | 2 |
Fair Value, Less Than 12 Months | $ 0 | $ 20,127 |
Unrealized Losses, Less Than 12 Months | $ 0 | $ (372) |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 0 | 2 |
Fair Value, Total | $ 0 | $ 20,127 |
Unrealized Losses, Total | $ 0 | $ (372) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | Mar. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of debt securities in unrealized loss position | security | 127 | 147 |
Available-for-sale debt securities | $ 997,702 | $ 1,001,784 |
Asset Pledged as Collateral without Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 18,300 | 17,900 |
Asset Pledged as Collateral with Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | $ 212,300 | $ 251,500 |
Securities - Unrealized Gains (
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Gains | $ 687 | $ 261 |
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Losses | (88,948) | (102,582) |
Total unrealized gains/(losses) on debt securities available-for-sale, Net Unrealized Gains/(Losses) | (88,261) | (102,321) |
Income tax (expense) benefit, Gross Unrealized Gains | (147) | (56) |
Income tax (expense) benefit, Gross Unrealized Losses | 19,005 | 21,915 |
Income tax (expense) benefit, Net Unrealized Gains/(Losses) | 18,858 | 21,859 |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Gross Unrealized Gains | 540 | 205 |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Gross Unrealized Losses | (69,943) | (80,667) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss), Net Unrealized Gains/(Losses) | $ (69,403) | $ (80,462) |
Securities - Contractual Maturi
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 9,988 | |
Due after one year through five years | 159,631 | |
Due after five years through ten years | 38,147 | |
Due after ten years | 11,474 | |
Available-for-Sale Debt Securities With Maturities, Amortized Cost | 219,240 | |
Amortized Cost | 1,085,963 | $ 1,104,105 |
Fair Value | ||
Due in one year or less | 9,827 | |
Due after one year through five years | 149,422 | |
Due after five years through ten years | 35,922 | |
Due after ten years | 11,523 | |
Available-for-Sale Debt Securities With Maturities, Fair Value | 206,694 | |
Total Available-for-Sale Debt Securities, Fair Value | 997,702 | 1,001,784 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 479,804 | |
Amortized Cost | 479,804 | 482,039 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 432,739 | |
Total Available-for-Sale Debt Securities, Fair Value | 432,739 | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 48,273 | |
Amortized Cost | 48,273 | 49,418 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 41,170 | |
Total Available-for-Sale Debt Securities, Fair Value | 41,170 | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Fixed Maturities | 338,646 | |
Amortized Cost | 338,646 | 352,465 |
Fair Value | ||
Available-for-Sale Debt Securities With Fixed Maturities | 317,099 | |
Total Available-for-Sale Debt Securities, Fair Value | $ 317,099 | $ 327,313 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Unearned income | $ 7.4 | $ 7.5 |
Purchase accounting fair value adjustments | $ 4.4 | $ 4.7 |
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | |
Number of troubled debt restructuring loans returned to accruing status | loan | 1 | |
Reclassified to accruing status | $ 0.2 | |
Number of commitments to lend additional funds on TDRs | loan | 16 | |
Commitments to lend additional funds on TDRs | $ 0.4 | |
Default | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of defaulted TDRs that were restructured within the last twelve months prior to defaulting | loan | 0 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Composition of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 7,251,064 | $ 7,183,969 |
Loans held for sale | 81 | 16 |
Total Loans | 7,251,145 | 7,183,985 |
Interest receivable | 29,700 | 28,300 |
Commercial Loans | Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,523,434 | 2,538,839 |
Commercial Loans | Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,493,519 | 1,510,392 |
Commercial Loans | Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 376,855 | 381,963 |
Business Banking | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,261,842 | 1,205,944 |
Consumer Loans | Consumer real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,475,575 | 1,421,953 |
Consumer Loans | Other consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 119,839 | $ 124,878 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Amortized Cost of Loans to Borrowers, Modified (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 16,702 |
% of Portfolio Segment | 0.23% |
Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 16,506 |
Term Extension and Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 196 |
Commercial Loans | Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 15,849 |
% of Portfolio Segment | 0.63% |
Commercial Loans | Commercial real estate | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 15,849 |
Commercial Loans | Commercial real estate | Term Extension and Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 0 |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 594 |
% of Portfolio Segment | 0.04% |
Commercial Loans | Commercial and industrial | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 594 |
Commercial Loans | Commercial and industrial | Term Extension and Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | 0 |
Consumer Loans | Consumer real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 259 |
% of Portfolio Segment | 0.02% |
Consumer Loans | Consumer real estate | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 63 |
Consumer Loans | Consumer real estate | Term Extension and Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified in period | $ 196 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Financial Impact of Modifications (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Commercial Loans | Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 6 months |
Weighted-Average Interest Rate Reduction | 0% |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 72 months |
Weighted-Average Interest Rate Reduction | 0% |
Consumer Loans | Consumer real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 168 months |
Weighted-Average Interest Rate Reduction | 2% |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Aging Analysis of Modifications (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | $ 16,702 |
Commercial Loans | Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 15,849 |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 594 |
Consumer Loans | Consumer real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 259 |
Accrual | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 16,639 |
Accrual | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | 60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | 90+ Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Commercial Loans | Commercial real estate | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 15,849 |
Accrual | Commercial Loans | Commercial real estate | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Commercial Loans | Commercial real estate | 60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Commercial Loans | Commercial real estate | 90+ Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Commercial Loans | Commercial and industrial | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 594 |
Accrual | Commercial Loans | Commercial and industrial | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Commercial Loans | Commercial and industrial | 60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Commercial Loans | Commercial and industrial | 90+ Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Consumer Loans | Consumer real estate | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 196 |
Accrual | Consumer Loans | Consumer real estate | 30-59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Consumer Loans | Consumer real estate | 60-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Accrual | Consumer Loans | Consumer real estate | 90+ Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Nonaccrual | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 63 |
Nonaccrual | Commercial Loans | Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Nonaccrual | Commercial Loans | Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | 0 |
Nonaccrual | Consumer Loans | Consumer real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, modified, after 12 months | $ 63 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Restructured Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | $ 1,878 | |
Commercial real estate | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Commercial and industrial | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Commercial construction | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Business banking | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Consumer real estate | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 1,878 | |
Other consumer | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | $ 0 | |
Total TDRs | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | $ 11,785 | |
Total TDRs | Commercial real estate | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Total TDRs | Commercial and industrial | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 626 | |
Total TDRs | Commercial construction | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 1,655 | |
Total TDRs | Business banking | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 1,525 | |
Total TDRs | Consumer real estate | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 7,966 | |
Total TDRs | Other consumer | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 13 | |
Accruing TDRs | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 8,891 | |
Accruing TDRs | Commercial real estate | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Accruing TDRs | Commercial and industrial | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 626 | |
Accruing TDRs | Commercial construction | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 1,655 | |
Accruing TDRs | Business banking | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 438 | |
Accruing TDRs | Consumer real estate | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 6,168 | |
Accruing TDRs | Other consumer | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 4 | |
Nonaccruing TDRs | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 2,894 | |
Nonaccruing TDRs | Commercial real estate | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Nonaccruing TDRs | Commercial and industrial | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Nonaccruing TDRs | Commercial construction | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 0 | |
Nonaccruing TDRs | Business banking | Commercial Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 1,087 | |
Nonaccruing TDRs | Consumer real estate | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | 1,798 | |
Nonaccruing TDRs | Other consumer | Consumer Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured loans | $ 9 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Restructured Loans by Type of Concession (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | loan | 7 |
Pre-Modification Outstanding Recorded Investment | $ 1,928 |
Post-Modification Outstanding Recorded Investment | 1,878 |
Bankruptcy | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 766 |
Other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 1,112 |
Modify Rate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Modify Payments | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Commercial real estate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Commercial real estate | Bankruptcy | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial real estate | Other | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial real estate | Term Extension | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial real estate | Modify Rate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial real estate | Modify Payments | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Commercial and industrial | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Commercial and industrial | Bankruptcy | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial and industrial | Other | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial and industrial | Term Extension | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial and industrial | Modify Rate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial and industrial | Modify Payments | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Commercial construction | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Commercial construction | Bankruptcy | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial construction | Other | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial construction | Term Extension | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial construction | Modify Rate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Commercial construction | Modify Payments | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Business banking | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Business banking | Bankruptcy | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Business banking | Other | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Business banking | Term Extension | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Business banking | Modify Rate | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Business banking | Modify Payments | Commercial Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Consumer real estate | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | loan | 7 |
Pre-Modification Outstanding Recorded Investment | $ 1,928 |
Post-Modification Outstanding Recorded Investment | 1,878 |
Consumer real estate | Bankruptcy | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 766 |
Consumer real estate | Other | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Consumer real estate | Term Extension | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 1,112 |
Consumer real estate | Modify Rate | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Consumer real estate | Modify Payments | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Other consumer | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | loan | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 |
Other consumer | Bankruptcy | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Other consumer | Other | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Other consumer | Term Extension | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Other consumer | Modify Rate | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | 0 |
Other consumer | Modify Payments | Consumer Loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Nonperforming Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Nonperforming Assets | |||
Nonaccrual Loans | $ 24,644 | $ 19,052 | $ 66,291 |
OREO | 3,076 | 3,065 | |
Total Nonperforming Assets | $ 27,720 | $ 22,117 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Loan Balances by Year of Origination and Internally Assigned Risk Rating (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Total Loan Balance | |||
Current fiscal year | $ 217,628 | $ 1,271,764 | |
Year two | 1,274,343 | 1,214,107 | |
Year three | 1,192,510 | 586,544 | |
Year four | 561,326 | 725,517 | |
Year five | 710,480 | 449,759 | |
More than five years | 1,898,077 | 1,528,088 | |
Revolving | 1,370,146 | 1,381,517 | |
Revolving-Term | 26,554 | 26,673 | |
Total | 7,251,064 | 7,183,969 | |
Current Period Gross Charge-offs | |||
2023 | 189 | ||
2022 | 76 | ||
2021 | 103 | ||
2020 | 3 | ||
2019 | 3,499 | ||
2018 and Prior | 475 | ||
Revolving | 25 | ||
Revolving-Term | 89 | ||
Total | 4,459 | $ 982 | |
Pass | |||
Total Loan Balance | |||
Current fiscal year | 217,628 | 1,271,177 | |
Year two | 1,269,599 | 1,177,280 | |
Year three | 1,160,139 | 581,879 | |
Year four | 553,664 | 677,616 | |
Year five | 650,630 | 406,053 | |
More than five years | 1,637,906 | 1,313,942 | |
Revolving | 1,318,455 | 1,348,200 | |
Revolving-Term | 23,411 | 23,596 | |
Total | 6,831,432 | 6,799,743 | |
Special mention | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 4,325 | 36,547 | |
Year three | 32,145 | 146 | |
Year four | 3,152 | 26,394 | |
Year five | 39,614 | 24,765 | |
More than five years | 150,445 | 113,071 | |
Revolving | 31,969 | 20,073 | |
Revolving-Term | 95 | 95 | |
Total | 261,745 | 221,091 | |
Substandard | |||
Total Loan Balance | |||
Current fiscal year | 0 | 587 | |
Year two | 419 | 280 | |
Year three | 226 | 4,519 | |
Year four | 4,510 | 21,507 | |
Year five | 20,236 | 18,941 | |
More than five years | 107,983 | 101,043 | |
Revolving | 17,263 | 13,244 | |
Revolving-Term | 3,048 | 2,982 | |
Total | 153,685 | 163,103 | |
Doubtful | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 1,743 | 32 | |
Revolving | 2,459 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 4,202 | 32 | |
Commercial Loans | Commercial real estate | |||
Total Loan Balance | |||
Current fiscal year | 59,710 | 292,732 | |
Year two | 264,611 | 360,423 | |
Year three | 379,447 | 269,049 | |
Year four | 260,669 | 449,493 | |
Year five | 447,544 | 261,941 | |
More than five years | 1,090,170 | 883,535 | |
Revolving | 21,283 | 21,666 | |
Revolving-Term | 0 | 0 | |
Total | 2,523,434 | 2,538,839 | |
Current Period Gross Charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 0 | 0 | |
Commercial Loans | Commercial and industrial | |||
Total Loan Balance | |||
Current fiscal year | 27,936 | 253,696 | |
Year two | 254,391 | 289,448 | |
Year three | 266,690 | 88,544 | |
Year four | 84,058 | 73,998 | |
Year five | 68,548 | 65,911 | |
More than five years | 206,540 | 147,273 | |
Revolving | 585,356 | 591,522 | |
Revolving-Term | 0 | 0 | |
Total | 1,493,519 | 1,510,392 | |
Current Period Gross Charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 3,412 | ||
2018 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 3,412 | 0 | |
Commercial Loans | Commercial construction | |||
Total Loan Balance | |||
Current fiscal year | 5,249 | 120,655 | |
Year two | 142,639 | 170,691 | |
Year three | 159,422 | 40,762 | |
Year four | 25,115 | 14,442 | |
Year five | 11,856 | 3,953 | |
More than five years | 6,589 | 4,176 | |
Revolving | 25,985 | 27,284 | |
Revolving-Term | 0 | 0 | |
Total | 376,855 | 381,963 | |
Current Period Gross Charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 0 | 0 | |
Commercial Loans | Business banking | |||
Total Loan Balance | |||
Current fiscal year | 68,827 | 287,679 | |
Year two | 282,559 | 233,723 | |
Year three | 230,679 | 91,149 | |
Year four | 95,954 | 109,731 | |
Year five | 107,457 | 84,889 | |
More than five years | 369,624 | 292,211 | |
Revolving | 105,467 | 105,271 | |
Revolving-Term | 1,275 | 1,291 | |
Total | 1,261,842 | 1,205,944 | |
Current Period Gross Charge-offs | |||
2023 | 0 | ||
2022 | 67 | ||
2021 | 43 | ||
2020 | 0 | ||
2019 | 70 | ||
2018 and Prior | 447 | ||
Revolving | 25 | ||
Revolving-Term | 0 | ||
Total | 652 | 606 | |
Commercial Loans | Pass | Commercial real estate | |||
Total Loan Balance | |||
Current fiscal year | 59,710 | 292,732 | |
Year two | 264,611 | 360,423 | |
Year three | 379,447 | 267,743 | |
Year four | 258,879 | 422,872 | |
Year five | 409,858 | 227,006 | |
More than five years | 873,354 | 704,600 | |
Revolving | 21,283 | 21,666 | |
Revolving-Term | 0 | 0 | |
Total | 2,267,142 | 2,297,042 | |
Commercial Loans | Pass | Commercial and industrial | |||
Total Loan Balance | |||
Current fiscal year | 27,936 | 253,324 | |
Year two | 249,713 | 264,012 | |
Year three | 241,929 | 88,544 | |
Year four | 81,722 | 63,190 | |
Year five | 58,291 | 62,874 | |
More than five years | 193,317 | 138,250 | |
Revolving | 535,107 | 559,777 | |
Revolving-Term | 0 | 0 | |
Total | 1,388,015 | 1,429,971 | |
Commercial Loans | Pass | Commercial construction | |||
Total Loan Balance | |||
Current fiscal year | 5,249 | 120,655 | |
Year two | 142,639 | 159,737 | |
Year three | 153,978 | 40,762 | |
Year four | 25,115 | 6,338 | |
Year five | 3,703 | 3,953 | |
More than five years | 4,728 | 2,297 | |
Revolving | 25,985 | 27,284 | |
Revolving-Term | 0 | 0 | |
Total | 361,397 | 361,026 | |
Commercial Loans | Pass | Business banking | |||
Total Loan Balance | |||
Current fiscal year | 68,827 | 287,520 | |
Year two | 282,541 | 233,499 | |
Year three | 228,739 | 87,926 | |
Year four | 92,571 | 107,819 | |
Year five | 104,156 | 80,549 | |
More than five years | 351,271 | 276,843 | |
Revolving | 104,495 | 104,354 | |
Revolving-Term | 631 | 645 | |
Total | 1,233,231 | 1,179,155 | |
Commercial Loans | Special mention | Commercial real estate | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 497 | 13,187 | |
Year five | 26,721 | 20,090 | |
More than five years | 135,007 | 101,112 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 162,225 | 134,389 | |
Commercial Loans | Special mention | Commercial and industrial | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 4,325 | 25,436 | |
Year three | 24,761 | 0 | |
Year four | 2,336 | 5,103 | |
Year five | 4,740 | 1,885 | |
More than five years | 8,156 | 7,132 | |
Revolving | 31,111 | 19,280 | |
Revolving-Term | 0 | 0 | |
Total | 75,429 | 58,836 | |
Commercial Loans | Special mention | Commercial construction | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 10,954 | |
Year three | 5,444 | 0 | |
Year four | 0 | 8,104 | |
Year five | 8,153 | 0 | |
More than five years | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 13,597 | 19,058 | |
Commercial Loans | Special mention | Business banking | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 157 | |
Year three | 1,940 | 146 | |
Year four | 319 | 0 | |
Year five | 0 | 2,790 | |
More than five years | 6,415 | 3,945 | |
Revolving | 858 | 793 | |
Revolving-Term | 95 | 95 | |
Total | 9,627 | 7,926 | |
Commercial Loans | Substandard | Commercial real estate | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 1,306 | |
Year four | 1,293 | 13,434 | |
Year five | 10,965 | 14,845 | |
More than five years | 81,391 | 77,823 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 93,649 | 107,408 | |
Commercial Loans | Substandard | Commercial and industrial | |||
Total Loan Balance | |||
Current fiscal year | 0 | 372 | |
Year two | 353 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 5,705 | |
Year five | 5,517 | 1,152 | |
More than five years | 3,742 | 1,891 | |
Revolving | 16,679 | 12,465 | |
Revolving-Term | 0 | 0 | |
Total | 26,291 | 21,585 | |
Commercial Loans | Substandard | Commercial construction | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 1,861 | 1,879 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 1,861 | 1,879 | |
Commercial Loans | Substandard | Business banking | |||
Total Loan Balance | |||
Current fiscal year | 0 | 159 | |
Year two | 18 | 67 | |
Year three | 3,077 | ||
Year four | 3,064 | 1,912 | |
Year five | 3,301 | 1,550 | |
More than five years | 11,938 | 11,391 | |
Revolving | 114 | 124 | |
Revolving-Term | 549 | 551 | |
Total | 18,984 | 18,831 | |
Commercial Loans | Doubtful | Commercial real estate | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 418 | 0 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 418 | 0 | |
Commercial Loans | Doubtful | Commercial and industrial | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 1,325 | 0 | |
Revolving | 2,459 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 3,784 | 0 | |
Commercial Loans | Doubtful | Commercial construction | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 0 | 0 | |
Commercial Loans | Doubtful | Business banking | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 0 | 32 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 0 | 32 | |
Consumer Loans | Consumer real estate | |||
Total Loan Balance | |||
Current fiscal year | 51,356 | 296,948 | |
Year two | 313,616 | 149,003 | |
Year three | 146,669 | 91,613 | |
Year four | 90,738 | 74,583 | |
Year five | 72,474 | 32,031 | |
More than five years | 223,812 | 200,169 | |
Revolving | 553,379 | 553,649 | |
Revolving-Term | 23,531 | 23,957 | |
Total | 1,475,575 | 1,421,953 | |
Current Period Gross Charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 3 | ||
2019 | 0 | ||
2018 and Prior | 25 | ||
Revolving | 0 | ||
Revolving-Term | 49 | ||
Total | 77 | 78 | |
Consumer Loans | Other consumer | |||
Total Loan Balance | |||
Current fiscal year | 4,550 | 20,054 | |
Year two | 16,527 | 10,819 | |
Year three | 9,603 | 5,427 | |
Year four | 4,792 | 3,270 | |
Year five | 2,601 | 1,034 | |
More than five years | 1,342 | 724 | |
Revolving | 78,676 | 82,125 | |
Revolving-Term | 1,748 | 1,425 | |
Total | 119,839 | 124,878 | |
Current Period Gross Charge-offs | |||
2023 | 189 | ||
2022 | 9 | ||
2021 | 60 | ||
2020 | 0 | ||
2019 | 17 | ||
2018 and Prior | 3 | ||
Revolving | 0 | ||
Revolving-Term | 40 | ||
Total | 318 | $ 298 | |
Consumer Loans | Pass | Consumer real estate | |||
Total Loan Balance | |||
Current fiscal year | 51,356 | 296,900 | |
Year two | 313,568 | 148,790 | |
Year three | 146,465 | 91,477 | |
Year four | 90,586 | 74,155 | |
Year five | 72,047 | 30,658 | |
More than five years | 213,915 | 191,228 | |
Revolving | 552,909 | 552,994 | |
Revolving-Term | 21,043 | 21,547 | |
Total | 1,461,889 | 1,407,749 | |
Consumer Loans | Pass | Other consumer | |||
Total Loan Balance | |||
Current fiscal year | 4,550 | 20,046 | |
Year two | 16,527 | 10,819 | |
Year three | 9,581 | 5,427 | |
Year four | 4,791 | 3,242 | |
Year five | 2,575 | 1,013 | |
More than five years | 1,321 | 724 | |
Revolving | 78,676 | 82,125 | |
Revolving-Term | 1,737 | 1,404 | |
Total | 119,758 | 124,800 | |
Consumer Loans | Special mention | Consumer real estate | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 867 | 882 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 867 | 882 | |
Consumer Loans | Special mention | Other consumer | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 0 | 0 | |
Consumer Loans | Substandard | Consumer real estate | |||
Total Loan Balance | |||
Current fiscal year | 0 | 48 | |
Year two | 48 | 213 | |
Year three | 204 | 136 | |
Year four | 152 | 428 | |
Year five | 427 | 1,373 | |
More than five years | 9,030 | 8,059 | |
Revolving | 470 | 655 | |
Revolving-Term | 2,488 | 2,410 | |
Total | 12,819 | 13,322 | |
Consumer Loans | Substandard | Other consumer | |||
Total Loan Balance | |||
Current fiscal year | 0 | 8 | |
Year two | 0 | 0 | |
Year three | 22 | 0 | |
Year four | 1 | 28 | |
Year five | 26 | 21 | |
More than five years | 21 | 0 | |
Revolving | 0 | 0 | |
Revolving-Term | 11 | 21 | |
Total | 81 | 78 | |
Consumer Loans | Doubtful | Consumer real estate | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | 0 | 0 | |
Consumer Loans | Doubtful | Other consumer | |||
Total Loan Balance | |||
Current fiscal year | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
More than five years | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving-Term | 0 | 0 | |
Total | $ 0 | $ 0 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Loan Balances by Year of Origination and Performing and Nonperforming Status (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 217,628 | $ 1,271,764 |
Year two | 1,274,343 | 1,214,107 |
Year three | 1,192,510 | 586,544 |
Year four | 561,326 | 725,517 |
Year five | 710,480 | 449,759 |
More than five years | 1,898,077 | 1,528,088 |
Revolving | 1,370,146 | 1,381,517 |
Revolving-Term | 26,554 | 26,673 |
Total | 7,251,064 | 7,183,969 |
Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 217,628 | 1,271,764 |
Year two | 1,274,170 | 1,213,905 |
Year three | 1,192,365 | 585,892 |
Year four | 561,096 | 724,629 |
Year five | 709,654 | 448,121 |
More than five years | 1,880,304 | 1,513,912 |
Revolving | 1,365,672 | 1,380,980 |
Revolving-Term | 25,531 | 25,714 |
Total | 7,226,420 | 7,164,917 |
Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 173 | 202 |
Year three | 145 | 652 |
Year four | 230 | 888 |
Year five | 826 | 1,638 |
More than five years | 17,773 | 14,176 |
Revolving | 4,474 | 537 |
Revolving-Term | 1,023 | 959 |
Total | 24,644 | 19,052 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 59,710 | 292,732 |
Year two | 264,611 | 360,423 |
Year three | 379,447 | 269,049 |
Year four | 260,669 | 449,493 |
Year five | 447,544 | 261,941 |
More than five years | 1,090,170 | 883,535 |
Revolving | 21,283 | 21,666 |
Revolving-Term | 0 | 0 |
Total | 2,523,434 | 2,538,839 |
Commercial Loans | Commercial real estate | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 59,710 | 292,732 |
Year two | 264,611 | 360,423 |
Year three | 379,447 | 269,049 |
Year four | 260,669 | 449,493 |
Year five | 447,544 | 261,941 |
More than five years | 1,082,745 | 876,435 |
Revolving | 21,283 | 21,666 |
Revolving-Term | 0 | 0 |
Total | 2,516,009 | 2,531,739 |
Commercial Loans | Commercial real estate | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 7,425 | 7,100 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 7,425 | 7,100 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 27,936 | 253,696 |
Year two | 254,391 | 289,448 |
Year three | 266,690 | 88,544 |
Year four | 84,058 | 73,998 |
Year five | 68,548 | 65,911 |
More than five years | 206,540 | 147,273 |
Revolving | 585,356 | 591,522 |
Revolving-Term | 0 | 0 |
Total | 1,493,519 | 1,510,392 |
Commercial Loans | Commercial and industrial | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 27,936 | 253,696 |
Year two | 254,391 | 289,448 |
Year three | 266,690 | 88,544 |
Year four | 84,058 | 73,998 |
Year five | 68,548 | 65,858 |
More than five years | 203,695 | 147,273 |
Revolving | 581,126 | 591,292 |
Revolving-Term | 0 | 0 |
Total | 1,486,444 | 1,510,109 |
Commercial Loans | Commercial and industrial | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 53 |
More than five years | 2,845 | 0 |
Revolving | 4,230 | 230 |
Revolving-Term | 0 | 0 |
Total | 7,075 | 283 |
Commercial Loans | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,249 | 120,655 |
Year two | 142,639 | 170,691 |
Year three | 159,422 | 40,762 |
Year four | 25,115 | 14,442 |
Year five | 11,856 | 3,953 |
More than five years | 6,589 | 4,176 |
Revolving | 25,985 | 27,284 |
Revolving-Term | 0 | 0 |
Total | 376,855 | 381,963 |
Commercial Loans | Commercial construction | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,249 | 120,655 |
Year two | 142,639 | 170,691 |
Year three | 159,422 | 40,762 |
Year four | 25,115 | 14,442 |
Year five | 11,856 | 3,953 |
More than five years | 6,205 | 3,792 |
Revolving | 25,985 | 27,284 |
Revolving-Term | 0 | 0 |
Total | 376,471 | 381,579 |
Commercial Loans | Commercial construction | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
More than five years | 384 | 384 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 0 |
Total | 384 | 384 |
Commercial Loans | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 68,827 | 287,679 |
Year two | 282,559 | 233,723 |
Year three | 230,679 | 91,149 |
Year four | 95,954 | 109,731 |
Year five | 107,457 | 84,889 |
More than five years | 369,624 | 292,211 |
Revolving | 105,467 | 105,271 |
Revolving-Term | 1,275 | 1,291 |
Total | 1,261,842 | 1,205,944 |
Commercial Loans | Business banking | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 68,827 | 287,679 |
Year two | 282,559 | 233,656 |
Year three | 230,679 | 91,149 |
Year four | 95,938 | 109,479 |
Year five | 107,271 | 83,689 |
More than five years | 366,007 | 289,435 |
Revolving | 105,467 | 105,172 |
Revolving-Term | 1,179 | 1,195 |
Total | 1,257,927 | 1,201,454 |
Commercial Loans | Business banking | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 0 | 67 |
Year three | 0 | 0 |
Year four | 16 | 252 |
Year five | 186 | 1,200 |
More than five years | 3,617 | 2,776 |
Revolving | 0 | 99 |
Revolving-Term | 96 | 96 |
Total | 3,915 | 4,490 |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 51,356 | 296,948 |
Year two | 313,616 | 149,003 |
Year three | 146,669 | 91,613 |
Year four | 90,738 | 74,583 |
Year five | 72,474 | 32,031 |
More than five years | 223,812 | 200,169 |
Revolving | 553,379 | 553,649 |
Revolving-Term | 23,531 | 23,957 |
Total | 1,475,575 | 1,421,953 |
Consumer Loans | Consumer real estate | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 51,356 | 296,948 |
Year two | 313,451 | 148,868 |
Year three | 146,543 | 91,085 |
Year four | 90,682 | 73,947 |
Year five | 71,834 | 31,646 |
More than five years | 220,441 | 196,384 |
Revolving | 553,135 | 553,441 |
Revolving-Term | 22,604 | 23,108 |
Total | 1,470,046 | 1,415,427 |
Consumer Loans | Consumer real estate | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 165 | 135 |
Year three | 126 | 528 |
Year four | 56 | 636 |
Year five | 640 | 385 |
More than five years | 3,371 | 3,785 |
Revolving | 244 | 208 |
Revolving-Term | 927 | 849 |
Total | 5,529 | 6,526 |
Consumer Loans | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,550 | 20,054 |
Year two | 16,527 | 10,819 |
Year three | 9,603 | 5,427 |
Year four | 4,792 | 3,270 |
Year five | 2,601 | 1,034 |
More than five years | 1,342 | 724 |
Revolving | 78,676 | 82,125 |
Revolving-Term | 1,748 | 1,425 |
Total | 119,839 | 124,878 |
Consumer Loans | Other consumer | Accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,550 | 20,054 |
Year two | 16,519 | 10,819 |
Year three | 9,584 | 5,303 |
Year four | 4,634 | 3,270 |
Year five | 2,601 | 1,034 |
More than five years | 1,211 | 593 |
Revolving | 78,676 | 82,125 |
Revolving-Term | 1,748 | 1,411 |
Total | 119,523 | 124,609 |
Consumer Loans | Other consumer | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Year two | 8 | 0 |
Year three | 19 | 124 |
Year four | 158 | 0 |
Year five | 0 | 0 |
More than five years | 131 | 131 |
Revolving | 0 | 0 |
Revolving-Term | 0 | 14 |
Total | $ 316 | $ 269 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 7,251,064 | $ 7,183,969 | |
Nonaccrual | 24,644 | 19,052 | $ 66,291 |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,216,334 | 7,144,576 | |
Total Past Due Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 34,730 | 39,393 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,259 | 18,093 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,827 | 2,248 | |
Commercial Loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,523,434 | 2,538,839 | |
Nonaccrual | 7,425 | 7,100 | 31,488 |
Commercial Loans | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,493,519 | 1,510,392 | |
Nonaccrual | 7,075 | 283 | 15,239 |
Commercial Loans | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 376,855 | 381,963 | |
Nonaccrual | 384 | 384 | 2,471 |
Commercial Loans | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,261,842 | 1,205,944 | |
Nonaccrual | 3,915 | 4,490 | 9,641 |
Commercial Loans | Current | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,514,689 | 2,523,315 | |
Commercial Loans | Current | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,486,444 | 1,505,805 | |
Commercial Loans | Current | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 376,471 | 381,579 | |
Commercial Loans | Current | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,255,124 | 1,199,586 | |
Commercial Loans | Total Past Due Loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 8,745 | 15,524 | |
Commercial Loans | Total Past Due Loans | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 7,075 | 4,587 | |
Commercial Loans | Total Past Due Loans | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 384 | 384 | |
Commercial Loans | Total Past Due Loans | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 6,718 | 6,358 | |
Commercial Loans | 30-59 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 8,424 | |
Commercial Loans | 30-59 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 4,304 | |
Commercial Loans | 30-59 Days Past Due | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial Loans | 30-59 Days Past Due | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,714 | 1,583 | |
Commercial Loans | 60-89 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,320 | 0 | |
Commercial Loans | 60-89 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial Loans | 60-89 Days Past Due | Commercial construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Commercial Loans | 60-89 Days Past Due | Business banking | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 89 | 285 | |
Consumer Loans | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,475,575 | 1,421,953 | |
Nonaccrual | 5,529 | 6,526 | 7,294 |
Consumer Loans | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 119,839 | 124,878 | |
Nonaccrual | 316 | 269 | $ 158 |
Consumer Loans | Current | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,464,321 | 1,409,907 | |
Consumer Loans | Current | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 119,285 | 124,384 | |
Consumer Loans | Total Past Due Loans | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 11,254 | 12,046 | |
Consumer Loans | Total Past Due Loans | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 554 | 494 | |
Consumer Loans | 30-59 Days Past Due | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 4,383 | 3,617 | |
Consumer Loans | 30-59 Days Past Due | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 162 | 165 | |
Consumer Loans | 60-89 Days Past Due | Consumer real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,342 | 1,903 | |
Consumer Loans | 60-89 Days Past Due | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 76 | $ 60 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Loans on Nonaccrual Status and Loans Past Due 90 Days or More and Still Accruing (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | $ 19,052 | $ 66,291 |
End of Period Nonaccrual | 24,644 | 19,052 |
Nonaccrual With No Related Allowance | 5,442 | 6,582 |
Interest income recognized on nonaccrual | 201 | 1,385 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 7,100 | 31,488 |
End of Period Nonaccrual | 7,425 | 7,100 |
Nonaccrual With No Related Allowance | 5,442 | 5,649 |
Interest income recognized on nonaccrual | 1 | 580 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 283 | 15,239 |
End of Period Nonaccrual | 7,075 | 283 |
Nonaccrual With No Related Allowance | 0 | 0 |
Interest income recognized on nonaccrual | 0 | 148 |
Commercial Loans | Commercial construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 384 | 2,471 |
End of Period Nonaccrual | 384 | 384 |
Nonaccrual With No Related Allowance | 0 | 0 |
Interest income recognized on nonaccrual | 0 | 171 |
Commercial Loans | Business banking | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 4,490 | 9,641 |
End of Period Nonaccrual | 3,915 | 4,490 |
Nonaccrual With No Related Allowance | 0 | 933 |
Interest income recognized on nonaccrual | 108 | 228 |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 6,526 | 7,294 |
End of Period Nonaccrual | 5,529 | 6,526 |
Nonaccrual With No Related Allowance | 0 | 0 |
Interest income recognized on nonaccrual | 91 | 257 |
Consumer Loans | Other consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 269 | 158 |
End of Period Nonaccrual | 316 | 269 |
Nonaccrual With No Related Allowance | 0 | 0 |
Interest income recognized on nonaccrual | $ 1 | $ 1 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Collateral Dependent Loans by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 7,251,064 | $ 7,183,969 |
Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,442 | 8,125 |
Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,980 | 1,738 |
Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 154 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 2,523,434 | 2,538,839 |
Commercial Loans | Commercial real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,442 | 5,649 |
Commercial Loans | Commercial real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 595 | 0 |
Commercial Loans | Commercial real estate | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,493,519 | 1,510,392 |
Commercial Loans | Commercial and industrial | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial and industrial | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,385 | 626 |
Commercial Loans | Commercial and industrial | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial and industrial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 376,855 | 381,963 |
Commercial Loans | Commercial construction | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 1,655 |
Commercial Loans | Commercial construction | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial construction | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Commercial construction | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Business banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,261,842 | 1,205,944 |
Commercial Loans | Business banking | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 260 |
Commercial Loans | Business banking | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 1,112 |
Commercial Loans | Business banking | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Commercial Loans | Business banking | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 154 |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,475,575 | 1,421,953 |
Consumer Loans | Consumer real estate | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 561 |
Consumer Loans | Consumer real estate | Business Assets | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer Loans | Consumer real estate | Investment/Cash | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 0 | 0 |
Consumer Loans | Consumer real estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 0 | $ 0 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 101,340 | $ 98,576 |
Provision for credit losses on loans | 1,090 | (698) |
Charge-offs | (4,459) | (982) |
Recoveries | 9,574 | 3,019 |
Net Recoveries/(Charge-offs) | (5,115) | (2,037) |
Balance at End of Period | 108,113 | 99,915 |
Impact of adopting ASU 2022-02 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 568 | |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 41,428 | 50,700 |
Provision for credit losses on loans | (1,011) | (1,996) |
Charge-offs | 0 | 0 |
Recoveries | 9 | 199 |
Net Recoveries/(Charge-offs) | (9) | (199) |
Balance at End of Period | 40,426 | 48,903 |
Commercial Loans | Commercial real estate | Impact of adopting ASU 2022-02 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 25,710 | 19,727 |
Provision for credit losses on loans | (476) | (206) |
Charge-offs | (3,412) | 0 |
Recoveries | 9,400 | 2,716 |
Net Recoveries/(Charge-offs) | (5,988) | (2,716) |
Balance at End of Period | 31,297 | 22,237 |
Commercial Loans | Commercial and industrial | Impact of adopting ASU 2022-02 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 75 | |
Commercial Loans | Commercial construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 6,264 | 5,355 |
Provision for credit losses on loans | 412 | (27) |
Charge-offs | 0 | 0 |
Recoveries | 2 | 1 |
Net Recoveries/(Charge-offs) | (2) | (1) |
Balance at End of Period | 6,893 | 5,329 |
Commercial Loans | Commercial construction | Impact of adopting ASU 2022-02 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 215 | |
Commercial Loans | Business banking | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 12,547 | 11,338 |
Provision for credit losses on loans | 1,497 | 765 |
Charge-offs | (652) | (606) |
Recoveries | 37 | 0 |
Net Recoveries/(Charge-offs) | 615 | 606 |
Balance at End of Period | 13,680 | 11,497 |
Commercial Loans | Business banking | Impact of adopting ASU 2022-02 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 251 | |
Consumer Loans | Consumer real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 12,105 | 8,733 |
Provision for credit losses on loans | 488 | 426 |
Charge-offs | (77) | (78) |
Recoveries | 61 | 37 |
Net Recoveries/(Charge-offs) | 16 | 41 |
Balance at End of Period | 12,855 | 9,118 |
Consumer Loans | Consumer real estate | Impact of adopting ASU 2022-02 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 278 | |
Consumer Loans | Other consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 3,286 | 2,723 |
Provision for credit losses on loans | 180 | 340 |
Charge-offs | (318) | (298) |
Recoveries | 65 | 66 |
Net Recoveries/(Charge-offs) | 253 | 232 |
Balance at End of Period | 2,962 | $ 2,831 |
Consumer Loans | Other consumer | Impact of adopting ASU 2022-02 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ (251) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Assets (Included in Other Assets) | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Notional Amount | $ 959,487 | $ 976,963 |
Derivative financial assets | $ 67,403 | $ 83,456 |
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Notional Amount | $ 1,459,341 | $ 1,476,707 |
Derivative financial liabilities | 82,685 | 104,817 |
Interest rate swap contracts—commercial loans | ||
Derivative Assets (Included in Other Assets) | ||
Derivative financial assets | 67,397 | 83,449 |
Derivative Liabilities (Included in Other Liabilities) | ||
Derivative financial liabilities | 82,685 | 104,817 |
Designated as Hedging Instruments | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 0 | 0 |
Derivative financial assets | 0 | 0 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 500,000 | 500,000 |
Derivative financial liabilities | 15,288 | 21,368 |
Designated as Hedging Instruments | Cash Flow Hedge | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 0 | 0 |
Derivative financial assets | 0 | 0 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 500,000 | 500,000 |
Derivative financial liabilities | 15,288 | 21,368 |
Not Designated as Hedging Instruments | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 959,487 | 976,963 |
Derivative financial assets | 67,403 | 83,456 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 959,341 | 976,707 |
Derivative financial liabilities | 67,397 | 83,449 |
Not Designated as Hedging Instruments | Interest rate swap contracts—commercial loans | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 959,341 | 976,707 |
Derivative financial assets | 67,397 | 83,449 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 959,341 | 976,707 |
Derivative financial liabilities | 67,397 | 83,449 |
Not Designated as Hedging Instruments | Interest rate lock commitments | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 146 | 126 |
Derivative financial assets | 6 | 5 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Not Designated as Hedging Instruments | Forward sale contracts—mortgage loans | ||
Derivative Assets (Included in Other Assets) | ||
Notional Amount | 0 | 130 |
Derivative financial assets | 0 | 2 |
Derivative Liabilities (Included in Other Liabilities) | ||
Notional Amount | 0 | 0 |
Derivative financial liabilities | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [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 |
Derivative financial assets | $ 67,403 | $ 83,456 |
Derivative financial liabilities | 82,685 | 104,817 |
Interest rate swap contracts—commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts recognized | 67,397 | 83,449 |
Gross amounts recognized | 82,685 | 104,817 |
Gross amounts offset | 0 | 0 |
Gross amounts offset | 0 | 0 |
Derivative financial assets | 67,397 | 83,449 |
Derivative financial liabilities | 82,685 | 104,817 |
Gross amounts not offset, netting adjustment | (11,434) | (15,196) |
Gross amounts not offset, netting adjustment | (11,434) | (15,196) |
Gross amounts not offset, cash collateral | (55,301) | (65,065) |
Gross amounts not offset, cash collateral | (4,901) | (6,307) |
Net Amount | 662 | 3,188 |
Net Amount | $ 66,350 | $ 83,314 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | $ 4,782 | $ (2,044) |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | (1,849) | 107 |
Interest rate swap contracts - cash flow hedge | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | 4,782 | (2,044) |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | $ (1,849) | $ 107 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Designated as Hedging Instruments | Interest rate swap contracts—commercial loans | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Reclassified as an increase to interest income, next 12 months | $ 10.2 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | $ (1) | $ 39 |
Interest rate swap contracts—commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | 0 | 68 |
Interest rate lock commitments—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | 1 | (217) |
Forward sale contracts—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | $ (2) | $ 188 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 2,727,653 | $ 2,777,942 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 2,661,977 | 2,713,586 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 65,676 | $ 64,356 |
Commitments and Contingencies_2
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Balance at beginning of period | $ 8,196 | $ 5,189 |
Provision for credit losses | (168) | 186 |
Balance at end of period | $ 8,028 | $ 5,375 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pre-Tax Amount | ||
Change in net unrealized gains (losses) on available-for-sale debt securities | $ 14,060 | $ (48,261) |
Change in interest rate swap | 6,080 | (2,601) |
Adjustment to funded status of employee benefit plans | (475) | (12) |
Other Comprehensive Income (Loss) | 19,665 | (50,874) |
Tax Benefit | ||
Change in net unrealized gains (losses) on available-for-sale debt securities | (3,001) | 10,332 |
Change in interest rate swap | (1,298) | 557 |
Adjustment to funded status of employee benefit plans | 101 | 32 |
Other Comprehensive Income (Loss) | (4,198) | 10,921 |
Net of Tax Amount | ||
Change in net unrealized gains (losses) on available-for-sale debt securities | 11,059 | (37,929) |
Change in interest rate swap | 4,782 | (2,044) |
Adjustment to funded status of employee benefit plans | (374) | 20 |
Other Comprehensive Income (Loss) | $ 15,467 | $ (39,953) |