Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-13695 | |
Entity Registrant Name | COMMUNITY BANK SYSTEM, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1213679 | |
Entity Address, Address Line One | 5790 Widewaters Parkway | |
Entity Address, City or Town | DeWitt | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 13214 | |
City Area Code | 315 | |
Local Phone Number | 445-2282 | |
Title of 12(b) Security | Common Stock, $1.00 par value per share | |
Trading Symbol | CBU | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,771,156 | |
Entity Central Index Key | 0000723188 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash and cash equivalents | $ 338,381 | $ 190,962 |
Available-for-sale investment securities, includes pledged securities that can be sold or repledged of $393,453 and $598,873, respectively (cost of $3,287,497 and $3,301,607, respectively) | 2,863,864 | 2,919,992 |
Held-to-maturity securities (fair value of $1,131,615 and $1,121,816, respectively) | 1,217,472 | 1,172,174 |
Equity and other securities (cost of $69,892 and $72,275, respectively) | 70,778 | 73,146 |
Loans | 9,883,500 | 9,704,598 |
Allowance for credit losses | (70,091) | (66,669) |
Loans, net of allowance for credit losses | 9,813,409 | 9,637,929 |
Goodwill | 849,790 | 845,396 |
Core deposit intangibles, net | 7,248 | 8,159 |
Other intangibles, net | 47,401 | 44,432 |
Goodwill and intangible assets, net | 904,439 | 897,987 |
Premises and equipment, net | 170,974 | 173,418 |
Accrued interest and fees receivable | 53,762 | 54,534 |
Other assets | 425,591 | 435,611 |
Total assets | 15,858,670 | 15,555,753 |
Liabilities: | ||
Noninterest-bearing deposits | 3,554,686 | 3,638,527 |
Interest-bearing deposits | 9,797,336 | 9,289,594 |
Total deposits | 13,352,022 | 12,928,121 |
Overnight borrowings | 0 | 53,000 |
Securities sold under agreement to repurchase, short-term | 287,241 | 304,595 |
Other Federal Home Loan Bank borrowings | 395,122 | 407,603 |
Accrued interest and other liabilities | 167,330 | 164,497 |
Total liabilities | 14,201,715 | 13,857,816 |
Commitments and contingencies (See Note J) | ||
Shareholders' equity: | ||
Preferred stock, $1.00 par value, 500,000 shares authorized, 0 shares issued | 0 | 0 |
Common stock, $1.00 par value, 75,000,000 shares authorized; 54,540,107 and 54,372,292 shares issued, respectively | 54,540 | 54,372 |
Additional paid-in capital | 1,063,508 | 1,060,289 |
Retained earnings | 1,205,994 | 1,188,869 |
Accumulated other comprehensive loss | (583,816) | (556,892) |
Treasury stock, at cost (1,775,546 shares, including 100,870 shares held by deferred compensation arrangements at March 31, 2024 and 1,045,232 shares including 120,556 shares held by deferred compensation arrangements at December 31, 2023) | (89,027) | (55,592) |
Deferred compensation arrangements (100,870 and 120,556 shares, respectively) | 5,756 | 6,891 |
Total shareholders' equity | 1,656,955 | 1,697,937 |
Total liabilities and shareholders' equity | $ 15,858,670 | $ 15,555,753 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Available-for-sale investment securities, pledged amount | $ 393,453 | $ 598,873 |
Amortized Cost | 3,287,497 | 3,301,607 |
Held-to-maturity securities | 1,131,615 | 1,121,816 |
Amortized cost | $ 69,892 | $ 72,275 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 54,540,107 | 54,372,292 |
Treasury stock, shares at cost | 1,775,546 | 1,045,232 |
Shares held by deferred compensation arrangements | 100,870 | 120,556 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Interest and fees on loans | $ 127,498 | $ 100,362 |
Interest and dividends on taxable investments | 21,902 | 21,938 |
Interest and dividends on nontaxable investments | 3,259 | 3,582 |
Total interest income | 152,659 | 125,882 |
Interest expense: | ||
Interest on deposits | 36,785 | 9,928 |
Interest on borrowings | 8,884 | 4,924 |
Total interest expense | 45,669 | 14,852 |
Net interest income | 106,990 | 111,030 |
Provision for credit losses | 6,148 | 3,500 |
Net interest income after provision for credit losses | 100,842 | 107,530 |
Noninterest revenues: | ||
Deposit service fees | 14,251 | 12,896 |
Mortgage banking | 345 | 275 |
Other banking services | 3,656 | 3,260 |
Employee benefit services | 31,698 | 29,384 |
Insurance services | 11,109 | 11,522 |
Wealth management services | 9,210 | 8,245 |
Loss on sales of investment securities | 0 | (52,329) |
Gain on debt extinguishment | 0 | 242 |
Unrealized gain on equity securities | 16 | 0 |
Total noninterest revenues | 70,285 | 13,495 |
Noninterest expenses: | ||
Salaries and employee benefits | 73,063 | 71,487 |
Data processing and communications | 14,348 | 13,129 |
Occupancy and equipment | 11,362 | 11,024 |
Amortization of intangible assets | 3,576 | 3,667 |
Legal and professional fees | 4,341 | 5,201 |
Business development and marketing | 3,045 | 2,901 |
Litigation accrual | 119 | 0 |
Acquisition expenses | 35 | 57 |
Other expenses | 8,195 | 6,586 |
Total noninterest expenses | 118,084 | 114,052 |
Income before income taxes | 53,043 | 6,973 |
Income taxes | 12,171 | 1,175 |
Net income | $ 40,872 | $ 5,798 |
Basic earnings per share(in dollar per share) | $ 0.77 | $ 0.11 |
Diluted earnings per share(in dollar per share) | $ 0.76 | $ 0.11 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Pension and other post-retirement obligations: | |||
Amortization of actuarial losses (gains) included in net periodic pension cost, gross | $ 290 | $ (549) | |
Tax effect | (71) | 134 | |
Amortization of actuarial losses (gains) included in net periodic pension cost, net | 219 | (415) | |
Amortization of prior service cost included in net periodic pension cost, gross | 160 | 160 | |
Tax effect | (39) | (39) | |
Amortization of prior service cost included in net periodic pension cost, net | 121 | 121 | |
Other comprehensive income (loss) related to pension and other post-retirement obligations, net of taxes | 340 | (294) | |
Net unrealized (losses) gains on investment securities: | |||
Net unrealized holding (losses) gains on investment securities, gross | (36,066) | 91,260 | |
Tax effect | 8,802 | (22,227) | |
Net unrealized holding (losses) gains on investment securities, net | (27,264) | 69,033 | |
Reclassification adjustment for net losses included in net income, gross | 0 | 52,329 | |
Tax effect | 0 | (12,714) | |
Reclassification adjustment for net losses included in net income, net | 0 | 39,615 | |
Other comprehensive (loss) gain related to unrealized (losses) gains on investment securities, net of taxes | (27,264) | 108,648 | |
Other comprehensive (loss) income, net of tax | (26,924) | 108,354 | |
Net income | 40,872 | 5,798 | |
Comprehensive income | 13,948 | $ 114,152 | |
Accumulated Other Comprehensive Loss by Component: | |||
Unrecognized prior service cost and net actuarial losses on pension and other post-retirement obligations | (35,668) | $ (36,118) | |
Tax effect | 8,804 | 8,914 | |
Net unrecognized prior service cost and net actuarial losses on pension and other post-retirement obligations | (26,864) | (27,204) | |
Unrealized loss on investment securities | (735,056) | (698,990) | |
Tax effect | 178,104 | 169,302 | |
Net unrealized loss on investment securities | (556,952) | (529,688) | |
Accumulated other comprehensive loss | $ (583,816) | $ (556,892) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Treasury Stock | Deferred Compensation Arrangements | Total |
Balance at Dec. 31, 2022 | $ 54,190 | $ 1,050,231 | $ 1,152,452 | $ (686,439) | $ (26,485) | $ 7,756 | $ 1,551,705 |
Balance (in shares) at Dec. 31, 2022 | 53,737,249 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 5,798 | 5,798 | |||||
Other comprehensive loss, net of tax | 108,354 | 108,354 | |||||
Dividends declared: | |||||||
Common | (23,723) | (23,723) | |||||
Common stock activity under employee stock plans | $ 170 | 343 | 513 | ||||
Common stock activity under employee stock plans (in shares) | 169,333 | ||||||
Stock-based compensation | 2,272 | 2,272 | |||||
Distribution of stock under deferred compensation arrangements | (44) | 1,126 | (1,082) | 0 | |||
Distribution of stock under deferred compensation arrangements (in shares) | 19,264 | ||||||
Treasury stock purchased | (10,966) | 60 | (10,906) | ||||
Treasury stock purchased (in shares) | (200,929) | ||||||
Balance at Mar. 31, 2023 | $ 54,360 | 1,052,802 | 1,134,527 | (578,085) | (36,325) | 6,734 | 1,634,013 |
Balance (in shares) at Mar. 31, 2023 | 53,724,917 | ||||||
Balance at Dec. 31, 2023 | $ 54,372 | 1,060,289 | 1,188,869 | (556,892) | (55,592) | 6,891 | 1,697,937 |
Balance (in shares) at Dec. 31, 2023 | 53,327,060 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 40,872 | 40,872 | |||||
Other comprehensive loss, net of tax | (26,924) | (26,924) | |||||
Dividends declared: | |||||||
Common | (23,747) | (23,747) | |||||
Common stock activity under employee stock plans | $ 168 | 788 | 956 | ||||
Common stock activity under employee stock plans (in shares) | 167,815 | ||||||
Stock-based compensation | 2,378 | 2,378 | |||||
Distribution of stock under deferred compensation arrangements | 53 | 1,082 | (1,135) | 0 | |||
Distribution of stock under deferred compensation arrangements (in shares) | 20,769 | ||||||
Treasury stock purchased | (34,517) | (34,517) | |||||
Treasury stock purchased (in shares) | (751,083) | ||||||
Balance at Mar. 31, 2024 | $ 54,540 | $ 1,063,508 | $ 1,205,994 | $ (583,816) | $ (89,027) | $ 5,756 | $ 1,656,955 |
Balance (in shares) at Mar. 31, 2024 | 52,764,561 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividends declared: | ||
Dividends declared per common share (in dollars per share) | $ 0.45 | $ 0.44 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net income | $ 40,872 | $ 5,798 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,280 | 3,304 |
Amortization of intangible assets | 3,576 | 3,667 |
Net amortization on securities, loans and borrowings | 2,195 | 508 |
Stock-based compensation | 2,378 | 2,272 |
Gain on debt extinguishment | 0 | (242) |
Provision for credit losses | 6,148 | 3,500 |
Amortization of mortgage servicing rights | 188 | 233 |
Loss on sales of investment securities | 0 | 52,329 |
Unrealized gain on equity securities | (16) | 0 |
Income from bank-owned life insurance policies | (613) | (587) |
Net gain on sale of assets | (873) | (399) |
Change in other assets and liabilities | 22,758 | 6,991 |
Net cash provided by operating activities | 79,893 | 77,374 |
Investing activities: | ||
Proceeds from maturities, calls, and paydowns of available-for-sale investment securities | 16,177 | 20,543 |
Proceeds from maturities, calls, and paydowns of held-to-maturity investment securities | 498 | 10 |
Proceeds from maturities and redemptions of equity and other investment securities, net | 2,671 | 32,148 |
Proceeds from sales of available-for-sale investment securities | 0 | 733,789 |
Purchases of held-to-maturity investment securities | (38,448) | (3,310) |
Purchases of equity and other securities | (287) | (3,319) |
Net increase in loans | (187,949) | (179,292) |
Cash paid for acquisitions | (5,995) | (2,061) |
Proceeds from sales of premises, equipment and other assets | 1,216 | 1,634 |
Purchases of premises and equipment | (2,559) | (4,070) |
Net cash (used in) provided by investing activities | (214,676) | 596,072 |
Financing activities: | ||
Net increase in deposits | 423,901 | 98,364 |
Net decrease in overnight borrowings | (53,000) | (710,000) |
Net decrease in securities sold under agreement to repurchase, short-term | (17,354) | (42,045) |
Payments on and maturities of other Federal Home Loan Bank borrowings | (12,511) | (2,215) |
Redemption of subordinated notes payable | 0 | (3,000) |
Proceeds from the issuance of common stock | 956 | 513 |
Purchases of treasury stock | (34,517) | (10,966) |
Increase in deferred compensation arrangements | 0 | 60 |
Cash dividends paid | (24,028) | (23,708) |
Withholding taxes paid on share-based compensation | (1,245) | (1,047) |
Net cash provided by (used in) financing activities | 282,202 | (694,044) |
Change in cash and cash equivalents | 147,419 | (20,598) |
Cash and cash equivalents at beginning of period | 190,962 | 209,896 |
Cash and cash equivalents at end of period | 338,381 | 189,298 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 44,997 | 14,815 |
Cash paid for income taxes | 3,362 | 1,065 |
Supplemental disclosures of noncash financing and investing activities: | ||
Dividends declared and unpaid | 23,887 | 23,778 |
Transfers from loans to other real estate | 693 | 18 |
Transfers from premises and equipment, net to other assets | 0 | 1,443 |
Acquisitions: | ||
Fair value of assets acquired, excluding acquired cash and intangibles | 32 | 32 |
Fair value of liabilities assumed | 999 | 9 |
Contingent consideration in exchange for acquired assets | $ 3,066 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE A: BASIS OF PRESENTATION The interim financial data as of and for the three months ended March 31, 2024 is unaudited; however, in the opinion of Community Bank System, Inc. (the “Company”), the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the results for the interim periods in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and Article 10 of Regulation S-X. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Company’s unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Mar. 31, 2024 | |
ACQUISITIONS | |
ACQUISITIONS | NOTE B: ACQUISITIONS Subsequent Period Acquisition On April 1, 2024, the Company, through its subsidiary OneGroup NY, Inc. (“OneGroup”), completed the acquisition of a New York based insurance agency for $4.2 million in cash plus contingent consideration with an estimated fair value of $1.0 million at acquisition date. The effects of the acquisition will be included in the consolidated financial statements from that date. Current and Prior Period Acquisitions On February 1, 2024, the Company, through its subsidiary Benefit Plans Administrative Services, LLC (“BPA”), completed the acquisition of certain assets of Creative Plan Designs Limited (“CPD”), a financial services company that provides employee benefit plan design, administration and consulting services. Total consideration was $5.9 million in cash plus contingent consideration with an estimated fair value of $3.0 million at acquisition date. The effects of the acquired assets are included in the consolidated financial statements from that date. Revenues and direct expenses included in the consolidated statement of income for the three months ended March 31, 2024 were immaterial. The acquisition of CPD includes contingent consideration arrangements that require additional consideration to be paid by the Company based on the future revenue levels of CPD over approximately three year During 2023, the Company, through its subsidiaries OneGroup, OneGroup Wealth Partners, Inc. (“Wealth Partners”) and Benefit Plans Administrative Services, Inc. (“BPAS”), completed the acquisition of certain assets of financial services companies. The acquired companies provide insurance, wealth management and benefit plan recordkeeping services and are headquartered in New York, Pennsylvania, and Florida. Total aggregate consideration for these acquisitions was $8.1 million, including $6.7 million in cash and $1.4 million in contingent consideration arrangements. The contingent consideration arrangements are based on achieving certain levels of retained revenue over a period ranging from two five years On March 1, 2023, the Company, through its subsidiary Community Bank, N.A. (“CBNA”), completed the acquisition of certain assets of Axiom Realty Group, which includes Axiom Capital Corp., Axiom Realty Management, LLC and Axiom Realty Advisors, LLC (collectively referred to as “Axiom”), a commercial real estate finance and advisory firm, for $1.8 million in cash. The Company recorded a $1.2 million customer list intangible and recognized $0.6 million of goodwill in conjunction with the acquisition. The effects of the acquired assets have been included in the consolidated financial statements since that date. Revenues of approximately $0.6 million and $0.1 million and direct expenses of approximately $0.7 million and $0.2 million were included in the consolidated statements of income for the three months ended March 31, 2024 and 2023, respectively. The assets and liabilities assumed in the acquisitions were recorded at their estimated fair values based on management’s best estimates using information available at the dates of the acquisitions, and are subject to adjustment based on updated information not available at the time of the acquisitions. During the first quarter of 2024, an additional cash consideration payment of $0.1 million was made associated with a 2023 acquisition based upon the receipt of new information resulting in a $0.1 million increase to the carrying value of other intangibles and had no impact on the carrying value of goodwill. The Axiom acquisition generally expanded the Company’s lending presence nationwide. The OneGroup and Wealth Partners acquisitions generally expanded the Company’s insurance and wealth management presence in New York, Florida and Pennsylvania. The BPAS and BPA acquisitions generally expanded the Company’s employee benefit services presence in New York. Management expects that the Company will benefit from greater geographic diversity and the advantages of other synergistic business development opportunities. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed after considering the measurement period adjustments described above: 2024 2023 (000s omitted) CPD Axiom Other (1) Total Consideration: Cash $ 5,861 $ 1,819 $ 6,832 $ 8,651 Contingent consideration 3,066 0 1,450 1,450 Total net consideration 8,927 1,819 8,282 10,101 Recognized amounts of identifiable assets acquired and liabilities assumed: Premises and equipment, net 6 25 41 66 Other assets 26 2 175 177 Other intangibles 5,500 1,176 5,064 6,240 Other liabilities (999) (9) (9) (18) Total identifiable assets, net 4,533 1,194 5,271 6,465 Goodwill $ 4,394 $ 625 $ 3,011 $ 3,636 (1) Includes amounts for all OneGroup, Wealth Partners and BPAS acquisitions completed in 2023. The other intangibles related to the CPD acquisition are being amortized using an accelerated method over an estimated useful life of twelve years. The other intangibles related to the OneGroup, Wealth Partners and BPAS acquisitions completed in 2023 and the Axiom acquisition are being amortized using an accelerated method over an estimated useful life of eight years. The goodwill, which is not amortized for book purposes, was assigned to the Employee Benefit Services segment for the CPD acquisition and the BPAS acquisition completed in 2023, the Insurance segment for the OneGroup acquisitions completed in 2023, the Wealth Management segment for the Wealth Partners acquisition completed in 2023, and the Banking and Corporate segment for the Axiom acquisition. Goodwill arising from all of the acquisitions completed in the first quarter of 2024 and 2023 is deductible for tax purposes. Direct costs related to the acquisitions were expensed as incurred. Merger and acquisition integration-related expenses were immaterial during both the three months ended March 31, 2024 and 2023 and have been separately stated in the consolidated statements of income. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
ACCOUNTING POLICIES | |
ACCOUNTING POLICIES | NOTE C: ACCOUNTING POLICIES The accounting policies of the Company, as applied in the consolidated interim financial statements presented herein, are substantially the same as those followed on an annual basis as presented on pages 84 through 97 of the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024 except as noted below. Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2024, $30.2 million of accounts receivable, including $8.7 million of unbilled fee revenue, and $3.6 million of unearned revenue, was recorded in the consolidated statements of condition. As of December 31, 2023, $41.7 million of accounts receivable, including $8.1 million of unbilled fee revenue, and $0.8 million of unearned revenue, was recorded in the consolidated statements of condition. Segment Information Effective January 1, 2024, the Company changed its determination of reportable segments and reportable measure of segment profit or loss in connection with the appointment of the Company’s new President and Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”), and changes in the information the CODM regularly reviews and uses to allocate resources and assess performance. The appointment of the Company’s new President and Chief Executive Officer followed the retirement of the Company’s former President and Chief Executive Officer, who previously served as the Company’s CODM until December 31, 2023. The change in determination of reportable segments was also driven by a change in the disaggregation of segment information that management believes would be useful to readers of the financial statements and to also align its reportable segments with financial information communicated to external parties, the Board of Directors and the business leaders who regularly meet with the CODM that also review this information at the same level of disaggregation. The change in reportable measure of segment profit or loss aligns with a change in the measurement principles of the internal reporting package used by the CODM to allocate resources and assess performance, which is presented on an operating basis excluding certain items considered non-core to the underlying business. Effective January 1, 2024, the Company has identified (1) Banking and Corporate; (2) Employee Benefit Services; (3) Insurance; and (4) Wealth Management as its reportable segments and determined that operating income before income taxes is the reportable measure of segment profit or loss that the CODM regularly reviews and uses to allocate resources and assess performance. The Company’s insurance services revenue and wealth management services revenue are reported separately in the Insurance reportable segment and Wealth Management reportable segment, respectively. The prior period has been recast to conform to the new current period presentation. See Note L for more detail on segment information. Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period’s presentation. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures New Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2024 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE D: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities as of March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (000’s omitted) Cost Gains Losses Value Cost Gains Losses Value Available-for-Sale Portfolio: U.S. Treasury and agency securities $ 2,382,653 $ 0 $ 327,136 $ 2,055,517 $ 2,381,168 $ 0 $ 300,385 $ 2,080,783 Obligations of state and political subdivisions 496,983 630 37,464 460,149 502,879 1,469 29,985 474,363 Government agency mortgage-backed securities 391,020 46 58,587 332,479 400,062 76 51,612 348,526 Corporate debt securities 8,000 0 560 7,440 8,000 0 606 7,394 Government agency collateralized mortgage obligations 8,841 0 562 8,279 9,498 0 572 8,926 Total available-for-sale portfolio $ 3,287,497 $ 676 $ 424,309 $ 2,863,864 $ 3,301,607 $ 1,545 $ 383,160 $ 2,919,992 Held-to-Maturity Portfolio: U.S. Treasury and agency securities $ 1,116,458 $ 0 $ 85,460 $ 1,030,998 $ 1,109,101 $ 0 $ 50,866 $ 1,058,235 Government agency mortgage-backed securities 101,014 477 874 100,617 63,073 688 180 63,581 Total held-to-maturity portfolio $ 1,217,472 $ 477 $ 86,334 $ 1,131,615 $ 1,172,174 $ 688 $ 51,046 $ 1,121,816 Equity and Other Securities: Equity securities, at fair value $ 252 $ 136 $ 0 $ 388 $ 251 $ 121 $ 0 $ 372 Federal Home Loan Bank common stock 29,866 0 0 29,866 32,526 0 0 32,526 Federal Reserve Bank common stock 33,568 0 0 33,568 33,568 0 0 33,568 Other equity securities, at adjusted cost 6,206 750 0 6,956 5,930 750 0 6,680 Total equity and other securities $ 69,892 $ 886 $ 0 $ 70,778 $ 72,275 $ 871 $ 0 $ 73,146 Included in the Company’s investment securities portfolio is Federal Reserve Bank (“FRB”) common stock with a carrying value of $33.6 million at both March 31, 2024 and December 31, 2023. The investment in FRB stock represents approximately half of the total required subscription, and the remaining half is unpaid and remains subject to call by the FRB. A summary of investment securities that have been in a continuous unrealized loss position is as follows: As of March 31, 2024 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (000’s omitted) Value Losses Value Losses Value Losses Available-for-Sale Portfolio: U.S. Treasury and agency securities $ 0 $ 0 $ 2,055,517 $ 327,136 $ 2,055,517 $ 327,136 Obligations of state and political subdivisions 85,364 1,635 313,287 35,829 398,651 37,464 Government agency mortgage-backed securities 2,642 41 326,890 58,546 329,532 58,587 Corporate debt securities 0 0 7,440 560 7,440 560 Government agency collateralized mortgage obligations 0 0 8,262 562 8,262 562 Total available-for-sale investment portfolio $ 88,006 $ 1,676 $ 2,711,396 $ 422,633 $ 2,799,402 $ 424,309 Held-to-Maturity Portfolio: U.S Treasury and agency securities $ 527,314 $ 28,776 $ 503,684 $ 56,684 $ 1,030,998 $ 85,460 Government agency mortgage-backed securities 68,342 832 1,367 42 69,709 874 Total held-to-maturity portfolio $ 595,656 $ 29,608 $ 505,051 $ 56,726 $ 1,100,707 $ 86,334 As of December 31, 2023 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (000’s omitted) Value Losses Value Losses Value Losses Available-for-Sale Portfolio: U.S. Treasury and agency securities $ 0 $ 0 $ 2,080,783 $ 300,385 $ 2,080,783 $ 300,385 Obligations of state and political subdivisions 63,541 878 287,191 29,107 350,732 29,985 Government agency mortgage-backed securities 8,586 55 336,266 51,557 344,852 51,612 Corporate debt securities 0 0 7,394 606 7,394 606 Government agency collateralized mortgage obligations 0 0 8,907 572 8,907 572 Total available-for-sale investment portfolio $ 72,127 $ 933 $ 2,720,541 $ 382,227 $ 2,792,668 $ 383,160 Held-to-Maturity Portfolio: U.S Treasury and agency securities $ 536,885 $ 15,953 $ 521,350 $ 34,913 $ 1,058,235 $ 50,866 Government agency mortgage-backed securities 18,951 158 1,393 22 20,344 180 Total held-to-maturity portfolio $ 555,836 $ 16,111 $ 522,743 $ 34,935 $ 1,078,579 $ 51,046 The unrealized losses reported pertaining to available-for-sale securities issued by the U.S. government and its sponsored entities include treasuries, agencies, and mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, which are currently rated AAA by Moody’s Investor Services, AA+ by Standard & Poor’s and are guaranteed by the U.S. government. The majority of the obligations of state and political subdivisions carry a credit rating of A or better. Additionally, a portion of the obligations of state and political subdivisions carry a secondary level of credit enhancement. The Company holds two corporate debt securities in an unrealized loss position and, based on an analysis of the financial position of the issuers including financial performance, liquidity and regulatory capital ratios, the issuers of the securities show a remote risk of default. Timely interest payments continue to be made on the securities. The unrealized losses in the portfolios are primarily attributable to changes in interest rates. As such, management does not believe any individual unrealized loss as of March 31, 2024 represents credit losses and no unrealized losses have been recognized in the provision for credit losses. Accordingly, there is no allowance for credit losses on the Company’s available-for-sale portfolio as of March 31, 2024. Accrued interest receivable on available-for-sale debt securities, included in accrued interest and fees receivable on the consolidated statements of condition, totaled $11.6 million at March 31, 2024 Securities classified as held-to-maturity are included under the Current Expected Credit Loss (“CECL”) methodology. Calculation of expected credit loss under CECL is done on a collective (“pooled”) basis, with assets grouped when similar risk characteristics exist. The Company notes that at March 31, 2024 all securities in the held-to-maturity classification are U.S. Treasury securities and government agency mortgage-backed securities; therefore, they share the same risk characteristics and can be evaluated on a collective basis. The expected credit loss on these securities is evaluated based on historical credit losses of this security type and the expected possibility of default in the future, and these securities are guaranteed by the U.S. government. U.S. Treasury securities and government agency mortgage-backed securities often receive the highest credit rating by rating agencies and the Company has concluded that the possibility of default is considered remote. The U.S. Treasury securities and government agency mortgage-backed securities held by the Company in the held-to-maturity category carry an AA+ rating from Standard & Poor’s, AAA from Moody’s Investor Services, and AA+ from Fitch. The Company concludes that the long history with no credit losses for these securities (adjusted for current conditions and reasonable and supportable forecasts) indicates an expectation that nonpayment of the amortized cost basis is zero. Management has concluded that the prepayment risk associated with these securities is insignificant and it is expected to recover the recorded investment. Accordingly, there is no allowance for credit losses on the Company’s held-to-maturity debt portfolio as of March 31, 2024. Accrued interest receivable on held-to-maturity debt securities, included in accrued interest and fees receivable on the consolidated statements of condition, totaled $3.3 million at March 31,2024 and is excluded from the estimate of credit losses. The Company has the intent and ability to hold the securities to maturity. The amortized cost and estimated fair value of debt securities at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, including government agency mortgage-backed securities and government agency collateralized mortgage obligations, are shown separately. Held-to-Maturity Available-for-Sale Amortized Fair Amortized Fair (000’s omitted) Cost Value Cost Value Due in one year or less $ 0 $ 0 $ 14,764 $ 14,603 Due after one through five years 0 0 1,682,697 1,517,578 Due after five years through ten years 556,091 527,314 492,385 438,082 Due after ten years 560,367 503,684 697,790 552,843 Subtotal 1,116,458 1,030,998 2,887,636 2,523,106 Government agency mortgage-backed securities 101,014 100,617 391,020 332,479 Government agency collateralized mortgage obligations 0 0 8,841 8,279 Total $ 1,217,472 $ 1,131,615 $ 3,287,497 $ 2,863,864 Investment securities with a carrying value of $2.76 billion and $2.14 billion at March 31, 2024 and December 31, 2023, respectively, were pledged to collateralize certain deposits and borrowings. Securities pledged to collateralize certain deposits and borrowings included $393.5 million and $598.9 million of U.S. Treasury securities that were pledged as collateral for securities sold under agreement to repurchase at March 31, 2024 and December 31, 2023, respectively. All securities sold under agreement to repurchase as of March 31, 2024 and December 31, 2023 have an overnight and continuous maturity. During the first quarter of 2023, the Company sold $786.1 million in book value of available-for-sale U.S. Treasury and agency securities, recognizing $52.3 million of gross realized losses. The sales were completed in January and February 2023 as part of a strategic balance sheet repositioning and were unrelated to the negative developments in the banking industry that occurred in March 2023. The proceeds from these sales of $733.8 million were redeployed entirely towards paying off existing overnight borrowings. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2024 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | NOTE E: LOANS AND ALLOWANCE FOR CREDIT LOSSES The segments of the Company’s loan portfolio are summarized as follows: March 31, December 31, (000’s omitted) 2024 2023 CRE – multifamily $ 658,278 $ 619,794 CRE – owner occupied 777,302 752,774 CRE – non-owner occupied 1,750,038 1,711,198 Commercial & industrial and other business loans 1,034,581 1,000,630 Consumer mortgage 3,317,467 3,285,018 Consumer indirect 1,716,028 1,703,440 Consumer direct 183,750 185,229 Home equity 446,056 446,515 Gross loans, including deferred origination costs 9,883,500 9,704,598 Allowance for credit losses (70,091) (66,669) Loans, net of allowance for credit losses $ 9,813,409 $ 9,637,929 The following table presents the aging of the amortized cost basis of the Company’s past due loans by segment as of March 31, 2024 and December 31, 2023: Past Due 90+ Days Past (000’s omitted) 30 – 89 Due and Total March 31, 2024 Days Still Accruing Nonaccrual Past Due Current Total Loans CRE – multifamily $ 0 $ 0 $ 0 $ 0 $ 658,278 $ 658,278 CRE – owner occupied 1,602 0 1,536 3,138 774,164 777,302 CRE – non-owner occupied 247 0 13,368 13,615 1,736,423 1,750,038 Commercial & industrial and other business loans 1,402 0 647 2,049 1,032,532 1,034,581 Consumer mortgage 17,265 3,115 27,066 47,446 3,270,021 3,317,467 Consumer indirect 16,604 865 0 17,469 1,698,559 1,716,028 Consumer direct 1,163 72 21 1,256 182,494 183,750 Home equity 3,848 502 2,266 6,616 439,440 446,056 Total $ 42,131 $ 4,554 $ 44,904 $ 91,589 $ 9,791,911 $ 9,883,500 Past Due 90+ Days Past (000’s omitted) 30 – 89 Due and Total December 31, 2023 Days Still Accruing Nonaccrual Past Due Current Total Loans CRE – multifamily $ 0 $ 0 $ 0 $ 0 $ 619,794 $ 619,794 CRE – owner occupied 1,477 0 1,953 3,430 749,344 752,774 CRE – non-owner occupied 2,311 0 17,964 20,275 1,690,923 1,711,198 Commercial & industrial and other business loans 880 0 336 1,216 999,414 1,000,630 Consumer mortgage 18,434 4,559 26,043 49,036 3,235,982 3,285,018 Consumer indirect 20,215 776 0 20,991 1,682,449 1,703,440 Consumer direct 1,579 135 23 1,737 183,492 185,229 Home equity 3,546 416 2,368 6,330 440,185 446,515 Total $ 48,442 $ 5,886 $ 48,687 $ 103,015 $ 9,601,583 $ 9,704,598 No interest income on nonaccrual loans was recognized during the three months ended March 31, 2024 and 2023. An immaterial amount of accrued interest was written off on nonaccrual loans by reversing interest income. The Company uses several credit quality indicators to assess credit risk in an ongoing manner. The Company’s primary credit quality indicator for its business lending portfolio is an internal credit risk rating system that categorizes loans as “pass”, “special mention”, “substandard”, or “doubtful”. Credit risk ratings are applied to loans individually based on a case-by-case evaluation. In general, the following are the definitions of the Company’s credit quality indicators: Pass The condition of the borrower and the performance of the loans are satisfactory or better. Special Mention The condition of the borrower has deteriorated and the loan has potential weaknesses, although the loan performs as agreed. Loss may be incurred at some future date if conditions deteriorate further. Substandard The condition of the borrower has significantly deteriorated and the loan has a well-defined weakness or weaknesses. The performance of the loan could further deteriorate and incur loss if deficiencies are not corrected. Doubtful The condition of the borrower has deteriorated to the point that collection of the balance is improbable based on current facts and conditions and loss is likely. The following tables show the amount of business lending loans by credit quality category at March 31, 2024 and December 31, 2023: Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted March 31, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total CRE – multifamily: Risk rating Pass $ 4,033 $ 90,550 $ 145,314 $ 54,120 $ 19,298 $ 148,210 $ 27,281 $ 120,765 $ 609,571 Special mention 0 13,175 7,298 0 64 5,322 0 8,258 34,117 Substandard 0 0 0 504 0 1,825 149 12,112 14,590 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – multifamily $ 4,033 $ 103,725 $ 152,612 $ 54,624 $ 19,362 $ 155,357 $ 27,430 $ 141,135 $ 658,278 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 CRE – owner occupied: Risk rating Pass $ 24,861 $ 57,943 $ 86,027 $ 56,267 $ 45,668 $ 262,877 $ 27,624 $ 172,799 $ 734,066 Special mention 0 3,193 2,328 2,130 627 13,392 706 2,797 25,173 Substandard 0 874 2,672 895 1,496 6,890 367 4,869 18,063 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – owner occupied $ 24,861 $ 62,010 $ 91,027 $ 59,292 $ 47,791 $ 283,159 $ 28,697 $ 180,465 $ 777,302 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 CRE – non-owner occupied: Risk rating Pass $ 46,146 $ 142,425 $ 253,828 $ 109,985 $ 85,180 $ 321,511 $ 393,412 $ 268,762 $ 1,621,249 Special mention 160 41 819 15,879 1,292 31,513 18,976 5,781 74,461 Substandard 0 947 135 157 303 24,366 100 27,354 53,362 Doubtful 0 0 0 966 0 0 0 0 966 Total CRE – non-owner occupied $ 46,306 $ 143,413 $ 254,782 $ 126,987 $ 86,775 $ 377,390 $ 412,488 $ 301,897 $ 1,750,038 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial & industrial and other business loans: Risk rating Pass $ 49,198 $ 127,095 $ 126,984 $ 85,922 $ 31,062 $ 126,058 $ 361,048 $ 58,138 $ 965,505 Special mention 579 14,812 2,134 2,101 1,412 4,416 16,650 2,250 44,354 Substandard 14 36 944 597 392 912 15,766 6,061 24,722 Doubtful 0 0 0 0 0 0 0 0 0 Total commercial & industrial and other business loans $ 49,791 $ 141,943 $ 130,062 $ 88,620 $ 32,866 $ 131,386 $ 393,464 $ 66,449 $ 1,034,581 Current period gross charge-offs $ 0 $ 64 $ 0 $ 0 $ 0 $ 0 $ 195 $ 2 $ 261 Total business lending: Risk rating Pass $ 124,238 $ 418,013 $ 612,153 $ 306,294 $ 181,208 $ 858,656 $ 809,365 $ 620,464 $ 3,930,391 Special mention 739 31,221 12,579 20,110 3,395 54,643 36,332 19,086 178,105 Substandard 14 1,857 3,751 2,153 2,191 33,993 16,382 50,396 110,737 Doubtful 0 0 0 966 0 0 0 0 966 Total business lending $ 124,991 $ 451,091 $ 628,483 $ 329,523 $ 186,794 $ 947,292 $ 862,079 $ 689,946 $ 4,220,199 Current period gross charge-offs $ 0 $ 64 $ 0 $ 0 $ 0 $ 0 $ 195 $ 2 $ 261 Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted December 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total CRE – multifamily: Risk rating Pass $ 90,888 $ 145,337 $ 52,058 $ 19,982 $ 41,992 $ 112,287 $ 3,237 $ 106,580 $ 572,361 Special mention 13,175 7,317 0 65 0 3,522 0 8,289 32,368 Substandard 0 959 0 0 551 1,293 150 12,112 15,065 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – multifamily $ 104,063 $ 153,613 $ 52,058 $ 20,047 $ 42,543 $ 117,102 $ 3,387 $ 126,981 $ 619,794 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 CRE – owner occupied: Risk rating Pass $ 58,544 $ 89,616 $ 58,798 $ 46,465 $ 80,361 $ 192,345 $ 28,023 $ 158,652 $ 712,804 Special mention 3,258 2,384 649 639 1,472 11,962 743 6,064 27,171 Substandard 880 108 922 1,480 514 7,531 941 423 12,799 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – owner occupied $ 62,682 $ 92,108 $ 60,369 $ 48,584 $ 82,347 $ 211,838 $ 29,707 $ 165,139 $ 752,774 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 19 $ 0 $ 19 CRE – non-owner occupied: Risk rating Pass $ 143,106 $ 255,699 $ 111,306 $ 86,560 $ 60,646 $ 275,458 $ 387,559 $ 265,348 $ 1,585,682 Special mention 42 827 16,109 1,311 109 29,648 18,806 3,506 70,358 Substandard 947 136 1,123 2,996 1,248 20,578 100 27,542 54,670 Doubtful 0 0 0 488 0 0 0 0 488 Total CRE – non-owner occupied $ 144,095 $ 256,662 $ 128,538 $ 91,355 $ 62,003 $ 325,684 $ 406,465 $ 296,396 $ 1,711,198 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial & industrial and other business loans: Risk rating Pass $ 146,627 $ 133,529 $ 94,764 $ 34,572 $ 34,714 $ 99,525 $ 337,388 $ 55,222 $ 936,341 Special mention 15,306 2,071 1,491 1,557 2,553 1,854 16,341 8,045 49,218 Substandard 38 800 558 477 323 1,305 10,800 770 15,071 Doubtful 0 0 0 0 0 0 0 0 0 Total commercial & industrial and other business loans $ 161,971 $ 136,400 $ 96,813 $ 36,606 $ 37,590 $ 102,684 $ 364,529 $ 64,037 $ 1,000,630 Current period gross charge-offs $ 0 $ 160 $ 0 $ 0 $ 0 $ 36 $ 569 $ 0 $ 765 Total business lending: Risk rating Pass $ 439,165 $ 624,181 $ 316,926 $ 187,579 $ 217,713 $ 679,615 $ 756,207 $ 585,802 $ 3,807,188 Special mention 31,781 12,599 18,249 3,572 4,134 46,986 35,890 25,904 179,115 Substandard 1,865 2,003 2,603 4,953 2,636 30,707 11,991 40,847 97,605 Doubtful 0 0 0 488 0 0 0 0 488 Total business lending $ 472,811 $ 638,783 $ 337,778 $ 196,592 $ 224,483 $ 757,308 $ 804,088 $ 652,553 $ 4,084,396 Current period gross charge-offs $ 0 $ 160 $ 0 $ 0 $ 0 $ 36 $ 588 $ 0 $ 784 All other loans are underwritten and structured using standardized criteria and characteristics, primarily payment performance, and are monitored collectively on a monthly basis. These are typically loans to individuals in the consumer categories and are delineated as either performing or nonperforming. Performing loans include loans classified as current as well as those classified as 30 - 89 days past due. Nonperforming loans include 90+ days past due and still accruing and nonaccrual loans. The following tables detail the balances in all other loan categories at March 31, 2024 and December 31, 2023: Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted March 31, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Consumer mortgage: FICO AB (1) Performing $ 64,407 $ 349,747 $ 347,072 $ 448,044 $ 195,758 $ 740,946 $ 0 $ 93,588 $ 2,239,562 Nonperforming 0 0 435 599 599 5,037 0 191 6,861 Total FICO AB 64,407 349,747 347,507 448,643 196,357 745,983 0 93,779 2,246,423 FICO CDE (2) Performing 27,228 148,818 146,921 162,313 100,186 390,278 37,639 34,341 1,047,724 Nonperforming 0 559 2,843 1,837 2,253 14,418 360 1,050 23,320 Total FICO CDE 27,228 149,377 149,764 164,150 102,439 404,696 37,999 35,391 1,071,044 Total consumer mortgage $ 91,635 $ 499,124 $ 497,271 $ 612,793 $ 298,796 $ 1,150,679 $ 37,999 $ 129,170 $ 3,317,467 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 93 $ 0 $ 0 $ 93 Consumer indirect: Performing $ 163,183 $ 640,930 $ 524,062 $ 240,137 $ 60,246 $ 86,605 $ 0 $ 0 $ 1,715,163 Nonperforming 0 240 289 78 19 239 0 0 865 Total consumer indirect $ 163,183 $ 641,170 $ 524,351 $ 240,215 $ 60,265 $ 86,844 $ 0 $ 0 $ 1,716,028 Current period gross charge-offs $ 0 $ 943 $ 1,282 $ 393 $ 175 $ 267 $ 0 $ 0 $ 3,060 Consumer direct: Performing $ 22,640 $ 69,889 $ 46,515 $ 22,634 $ 6,682 $ 8,574 $ 6,722 $ 1 $ 183,657 Nonperforming 0 26 17 0 0 25 25 0 93 Total consumer direct $ 22,640 $ 69,915 $ 46,532 $ 22,634 $ 6,682 $ 8,599 $ 6,747 $ 1 $ 183,750 Current period gross charge-offs $ 0 $ 274 $ 254 $ 227 $ 17 $ 41 $ 60 $ 0 $ 873 Home equity: Performing $ 11,042 $ 59,649 $ 61,180 $ 61,104 $ 30,104 $ 66,718 $ 125,865 $ 27,626 $ 443,288 Nonperforming 0 225 176 38 357 683 908 381 2,768 Total home equity $ 11,042 $ 59,874 $ 61,356 $ 61,142 $ 30,461 $ 67,401 $ 126,773 $ 28,007 $ 446,056 Current period gross charge-offs $ 0 $ 0 $ 23 $ 0 $ 0 $ 0 $ 0 $ 0 $ 23 (1) (2) Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted December 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Consumer mortgage: FICO AB (1) Performing $ 354,967 $ 353,185 $ 456,871 $ 199,429 $ 157,159 $ 606,591 $ 0 $ 86,067 $ 2,214,269 Nonperforming 0 371 764 605 279 5,187 0 195 7,401 Total FICO AB 354,967 353,556 457,635 200,034 157,438 611,778 0 86,262 2,221,670 FICO CDE (2) Performing 148,443 150,585 164,839 103,003 71,710 331,839 39,630 30,098 1,040,147 Nonperforming 53 2,629 2,477 1,629 1,785 13,201 367 1,060 23,201 Total FICO CDE 148,496 153,214 167,316 104,632 73,495 345,040 39,997 31,158 1,063,348 Total consumer mortgage $ 503,463 $ 506,770 $ 624,951 $ 304,666 $ 230,933 $ 956,818 $ 39,997 $ 117,420 $ 3,285,018 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 85 $ 584 $ 0 $ 0 $ 669 Consumer indirect: Performing $ 681,824 $ 572,799 $ 273,035 $ 71,428 $ 45,203 $ 58,375 $ 0 $ 0 $ 1,702,664 Nonperforming 84 443 101 42 19 87 0 0 776 Total consumer indirect $ 681,908 $ 573,242 $ 273,136 $ 71,470 $ 45,222 $ 58,462 $ 0 $ 0 $ 1,703,440 Current period gross charge-offs $ 926 $ 3,595 $ 1,969 $ 1,171 $ 570 $ 1,121 $ 0 $ 0 $ 9,352 Consumer direct: Performing $ 80,169 $ 52,826 $ 26,617 $ 8,282 $ 4,604 $ 5,697 $ 6,875 $ 1 $ 185,071 Nonperforming 33 41 47 0 2 23 12 0 158 Total consumer direct $ 80,202 $ 52,867 $ 26,664 $ 8,282 $ 4,606 $ 5,720 $ 6,887 $ 1 $ 185,229 Current period gross charge-offs $ 206 $ 813 $ 450 $ 110 $ 110 $ 159 $ 161 $ 0 $ 2,009 Home equity: Performing $ 61,065 $ 62,801 $ 63,102 $ 31,094 $ 25,721 $ 44,832 $ 126,939 $ 28,177 $ 443,731 Nonperforming 0 162 10 253 260 533 1,053 513 2,784 Total home equity $ 61,065 $ 62,963 $ 63,112 $ 31,347 $ 25,981 $ 45,365 $ 127,992 $ 28,690 $ 446,515 Current period gross charge-offs $ 0 $ 0 $ 0 $ 64 $ 0 $ 44 $ 11 $ 0 $ 119 (1) (2) Business lending loans greater than $0.5 million that are on nonaccrual are individually assessed and, if necessary, a specific allocation of the allowance for credit losses is provided. A summary of individually assessed business loans as of March 31, 2024 and December 31, 2023 follows: March 31, December 31, (000’s omitted) 2024 2023 Loans with allowance allocation $ 10,189 $ 3,484 Loans without allowance allocation 4,322 15,750 Carrying balance 14,511 19,234 Contractual balance 14,645 19,249 Specifically allocated allowance 965 470 The average carrying balance of individually assessed loans was $14.5 million and $3.1 million for the three months ended March 31, 2024 and 2023, respectively. No interest income was recognized on individually assessed loans for the three months ended March 31, 2024 and 2023. Occasionally, the Company modifies loans to borrowers experiencing financial difficulty by providing principal forgiveness, term extension, payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company provides multiple types of modifications on one loan. Typically, one type of modification, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness, may be granted. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The estimate of allowance for credit losses includes historical losses from loans that were modified due to borrower financial difficulty, therefore a charge to the allowance for credit losses is generally not recorded upon modification. The following table presents the amortized cost basis of loans at March 31, 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented below. The Company did not have any modifications to borrowers experiencing financial difficulty other than term extensions. During the three months ended March 31, 2023, the amount of loans that were modified to borrowers experiencing financial difficulty was immaterial. Three Months Ended March 31, 2024 Total Class of Term Financing (000s omitted except for percentages) Extension Receivable CRE – owner occupied $ 353 0.05 % CRE – non-owner occupied 224 0.01 % Commercial & industrial and other business loans 108 0.00 % Total $ 685 0.01 % The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last 12 months. March 31, 2024 90+ Days Past Past Due 30 – Due and Still Non- (000s omitted) Current 89 Days Accruing Accrual Total CRE – owner occupied $ 1,686 $ 0 $ 0 $ 0 $ 1,686 CRE – non-owner occupied 886 0 0 0 886 Commercial & industrial and other business loans 108 0 0 0 108 Consumer mortgage 0 0 0 279 279 Home equity 31 0 0 0 31 Total $ 2,711 $ 0 $ 0 $ 279 $ 2,990 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three months ended March 31, 2024: Three Months Ended March 31, 2024 Weighted-Average Term Extension (Years) CRE – owner occupied 1.7 CRE – non-owner occupied 8.5 Commercial & industrial and other business loans 3.8 Total 4.2 There were no loans modified to borrowers with financial difficulty that had a payment default subsequent to modification during the three months ended March 31, 2024 and 2023. Allowance for Credit Losses The following presents by loan segment the activity in the allowance for credit losses during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Beginning Charge- Ending (000’s omitted) balance offs Recoveries Provision balance Business lending $ 26,854 $ (261) $ 39 $ 2,739 $ 29,371 Consumer mortgage 15,333 (93) 3 (753) 14,490 Consumer indirect 18,585 (3,060) 1,209 3,560 20,294 Consumer direct 3,269 (873) 215 744 3,355 Home equity 1,628 (23) 3 (27) 1,581 Unallocated 1,000 0 0 0 1,000 Allowance for credit losses – loans 66,669 (4,310) 1,469 6,263 70,091 Liabilities for off-balance-sheet credit exposures 913 0 0 (115) 798 Total allowance for credit losses $ 67,582 $ (4,310) $ 1,469 $ 6,148 $ 70,889 Three Months Ended March 31, 2023 Beginning Charge- Ending (000’s omitted) balance offs Recoveries Provision balance Business lending $ 23,297 $ (175) $ 172 $ 1,933 $ 25,227 Consumer mortgage 14,343 (19) 7 (53) 14,278 Consumer indirect 17,852 (2,531) 1,347 1,379 18,047 Consumer direct 2,973 (505) 187 375 3,030 Home equity 1,594 0 6 (12) 1,588 Unallocated 1,000 0 0 0 1,000 Allowance for credit losses – loans 61,059 (3,230) 1,719 3,622 63,170 Liabilities for off-balance-sheet credit exposures 1,123 0 0 (122) 1,001 Total allowance for credit losses $ 62,182 $ (3,230) $ 1,719 $ 3,500 $ 64,171 The allowance for credit losses increased to $70.1 million at March 31, 2024 compared to $66.7 million at December 31, 2023 and $63.2 million at March 31, 2023, reflective of an increase in loans outstanding, a stable economic forecast and an increase in the qualitative assessment of future uncertainty primarily concerning the business lending and consumer indirect portfolios. Accrued interest receivable on loans, included in accrued interest and fees receivable on the consolidated statements of condition, totaled $34.4 million at March 31, 2024, and is excluded from the estimate of credit losses and amortized cost basis of loans. Under ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) , also referred to as CECL, the Company utilizes the historical loss rate on its loan portfolio as the initial basis for the estimate of credit losses using the cumulative loss, vintage loss and line loss methods, which is derived from the Company’s historical loss experience. Adjustments to historical loss experience were made for differences in current loan-specific risk characteristics and to address current period delinquencies, charge-off rates, risk ratings, lack of loan level data through an entire economic cycle, changes in loan sizes and underwriting standards as well as the addition of acquired loans which were not underwritten by the Company. The Company considered historical losses immediately prior, through and following the Great Recession compared to the historical period used for modeling to adjust the historical information to account for longer-term expectations for loan credit performance. Under CECL, the Company is required to consider future economic conditions to determine current expected credit losses. Management selected an eight-quarter reasonable and supportable forecast period with a four-quarter reversion to the historical mean to use as part of the economic forecast, and utilizes a two-quarter lag adjustment for economic factors that are not dependent on collateral values, and no lag for factors that utilize collateral values. Management determined that these qualitative adjustments were needed to adjust historical information for expected losses and to reflect changes as a result of current conditions. For qualitative macroeconomic adjustments, the Company uses third party forecasted economic data scenarios utilizing a base scenario and two alternative scenarios that are weighted, with forecasts available as of March 31, 2024. These forecasts were factored into the qualitative portion of the calculation of the estimated credit losses and include the impact of a decline in residential real estate and vehicle prices as well as inflation. The scenarios utilized forecast stable unemployment levels, modest GDP and real household income growth, offset by some declines in auto, housing and commercial real estate prices. Management developed expected loss estimates considering factors for segments as outlined below: ● Business lending – non real estate: The Company selected projected unemployment and GDP as indicators of forecasted losses related to business lending and utilize both factors in an even weight for the calculation. The Company also considered delinquencies, risk rating changes, recent charge-off history and acquired loans as part of the review of estimated losses. ● Business lending – real estate: The Company selected projected unemployment and commercial real estate values as indicators of forecasted losses related to commercial real estate loans and utilize both factors in an even weight for the calculation. The Company also considered the factors noted in business lending – non real estate. ● Consumer mortgages and home equity: The Company selected projected unemployment and residential real estate values as indicators of forecasted losses related to mortgage lending and utilize both factors in an even weight for the calculation. In addition, current delinquencies, charge-offs and acquired loans were considered. ● Consumer indirect: The Company selected projected unemployment and vehicle valuation indices as indicators of forecasted losses related to indirect lending and utilize both factors in an even weight for the calculation. In addition, current delinquencies, charge-offs and acquired loans were considered. ● Consumer direct: The Company selected projected unemployment and inflation-adjusted household income as indicators of forecasted losses related to consumer direct lending and utilize both factors in an even weight for the calculation. In addition, current delinquencies, charge-offs and acquired loans were considered. At March 31, 2024, loans with a carrying amount of approximately $4.44 billion were pledged for the availability to secure certain borrowings with the FHLB and FRB. There were $394.4 million of borrowings outstanding under these arrangements at March 31, 2024. At March 31, 2024 and December 31, 2023, there were foreclosures in process of $5.2 million and $5.8 million, respectively. During the three months ended March 31, 2024, the Company did not purchase any loans, while the Company sold |
GOODWILL AND IDENTIFIABLE INTAN
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | NOTE F: GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows: March 31, 2024 December 31, 2023 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying (000’s omitted) Amount Amortization Amount Amount Amortization Amount Amortizing intangible assets: Core deposit intangibles $ 77,373 $ (70,125) $ 7,248 $ 77,373 $ (69,214) $ 8,159 Other intangibles 131,553 (84,152) 47,401 125,919 (81,487) 44,432 Total amortizing intangibles $ 208,926 $ (154,277) $ 54,649 $ 203,292 $ (150,701) $ 52,591 The estimated aggregate amortization expense for each of the five succeeding fiscal years ended December 31 is as follows: (000’s omitted) Apr - Dec 2024 $ 9,940 2025 11,604 2026 10,216 2027 4,564 2028 3,434 Thereafter 14,891 Total $ 54,649 Shown below are the components of the Company’s goodwill at December 31, 2023 and March 31, 2024: (000’s omitted) December 31, 2023 Additions March 31, 2024 Goodwill $ 845,396 $ 4,394 $ 849,790 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2024 | |
BORROWINGS | |
BORROWINGS | NOTE G: BORROWINGS During January 2024, the Company secured $300.0 million in short-term borrowings through the Bank Term Funding Program at the Federal Reserve at a rate of 4.87% , to fund expected net loan growth. These short-term borrowings matured during March 2024 and the Bank Term Funding Program has ceased making new loans as of March 11, 2024. |
BENEFIT PLANS
BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2024 | |
BENEFIT PLANS | |
BENEFIT PLANS | NOTE H: BENEFIT PLANS The Company provides a qualified defined benefit pension to eligible employees and retirees, other post-retirement health and life insurance benefits to certain retirees, an unfunded supplemental pension plan for certain key executives, and an unfunded stock balance plan for certain of its nonemployee directors. The Company accrues for the estimated cost of these benefits through charges to expense during the years that employees earn these benefits. The service cost component of net periodic benefit income is included in the salaries and employee benefits line of the consolidated statements of income, while the other components of net periodic benefit income are included in other expenses. The Company made a million contribution to its defined benefit pension plan in the first quarter of 2024. The Company did The post-retirement benefits component of net periodic benefit cost for the three months ended March 31, 2024 and 2023 is immaterial. The pension benefits component of net periodic benefit cost for the three months ended March 31, 2024 and 2023 is as follows: Pension Benefits Three Months Ended March 31, (000’s omitted) 2024 2023 Service cost $ 1,173 $ 1,108 Interest cost 1,898 1,890 Expected return on plan assets (4,600) (4,020) Amortization of unrecognized net loss (gain) 283 (555) Amortization of prior service cost 205 205 Net periodic benefit $ (1,041) $ (1,372) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | NOTE I: EARNINGS PER SHARE The two class method is used in the calculations of basic and diluted earnings per share. Under the two class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared and participation rights in undistributed earnings. The Company has determined that all of its outstanding non-vested stock awards are participating securities as of March 31, 2024. Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period. Diluted earnings per share are based on the weighted-average of the shares outstanding and the assumed exercise of stock options during the year. The dilutive effect of options is calculated using the treasury stock method of accounting. The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period. At March 31, 2024 and 2023, weighted-average anti-dilutive stock options outstanding were immaterial. The following is a reconciliation of basic to diluted earnings per share for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (000’s omitted, except per share data) 2024 2023 Net income $ 40,872 $ 5,798 Income attributable to unvested stock-based compensation awards (111) (17) Income available to common shareholders $ 40,761 $ 5,781 Weighted-average common shares outstanding – basic 53,228 53,843 Basic earnings per share $ 0.77 $ 0.11 Net income $ 40,872 $ 5,798 Income attributable to unvested stock-based compensation awards (111) (17) Income available to common shareholders $ 40,761 $ 5,781 Weighted-average common shares outstanding – basic 53,228 53,843 Assumed exercise of stock options 93 207 Weighted-average common shares outstanding – diluted 53,321 54,050 Diluted earnings per share $ 0.76 $ 0.11 Stock Repurchase Program At its December 2023 meeting, the Board of Directors of the Company (the “Board”) approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,697,000 shares of the Company’s common stock, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2024. Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities. The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion. There were 750,000 shares of treasury stock purchases made under this authorization during the first quarter of 2024 with an average price paid per share of $45.95. At its December 2022 meeting, the Board approved a stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,697,000 shares of the Company’s common stock, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2023. There were 607,161 shares of treasury stock purchases made under this authorization during 2023 with an average price paid per share of $49.44, including 200,000 shares of treasury stock purchases made under this authorization during the first quarter of 2023 with an average price paid per share of $54.53. |
COMMITMENTS, CONTINGENT LIABILI
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS | |
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS | NOTE J: COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments consist primarily of commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee. These commitments consist principally of unused commercial and consumer credit lines. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of an underlying contract with a third party. The credit risks associated with commitments to extend credit and standby letters of credit are essentially the same as that involved with extending loans to customers and are subject to the Company’s normal credit policies. Collateral may be obtained based on management’s assessment of the customer’s creditworthiness. The fair value of the standby letters of credit is immaterial for disclosure. The contract amounts of commitments and contingencies are as follows: March 31, December 31, (000’s omitted) 2024 2023 Commitments to extend credit $ 1,550,998 $ 1,494,549 Standby letters of credit 64,901 61,352 Total $ 1,615,899 $ 1,555,901 On November 16, 2023, the FDIC issued a final rulemaking that implemented a special assessment to recover the uninsured deposit losses from bank failures that occurred during 2023. The final rule anticipates collecting the special assessment over eight quarterly assessment periods beginning in 2024 at an annual rate of approximately 13.4 basis points of uninsured deposits that exceeded $5.0 billion as of December 31, 2022. The FDIC has indicated that the amount of the special assessment will be adjusted as their loss estimates change. The Company accrued $1.5 million of expense related to the FDIC special assessment in 2023. During the three months ended March 31, 2024, the Company accrued an additional $0.4 million associated with an expected increase to the FDIC special assessment based on the receipt of new information. Total FDIC insurance expense was $2.6 million and $2.1 million for the three months ended March 31, 2024 and 2023, respectively. Legal Contingencies On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with pending or threatened legal proceedings or other matters in which claims for monetary damages are asserted. For those matters where it is probable that the Company will incur losses and the amounts of the losses are reasonably estimable, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses that are reasonably possible for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to the Company and involves elements of judgment and significant uncertainties. The Company recorded a loss contingency in 2023 related to the anticipated settlement, following mediation, of a threatened collective and class action asserted against CBNA on behalf of certain nonexempt branch employees, regarding unpaid wages under the Fair Labor Standards Act and applicable state labor laws. On February 5, 2024, following a mediation held on February 1, 2024, the Company agreed to a settlement in the amount of $5.8 million. A settlement agreement has been executed by the parties and the terms of the settlement have been approved by the Court. The Company recorded a |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE | |
FAIR VALUE | NOTE K: FAIR VALUE Accounting standards establish a framework for measuring fair value and require certain disclosures about such fair value instruments. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. exit price). Inputs used to measure fair value are classified into the following hierarchy: ● Level 1 - Quoted prices in active markets for identical assets or liabilities. ● Level 2 - Quoted prices in active markets for similar assets or liabilities, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. ● Level 3 - Significant valuation assumptions not readily observable in a market. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis. There were no transfers between any March 31, 2024 Total Fair (000’s omitted) Level 1 Level 2 Level 3 Value Available-for-sale investment securities: U.S. Treasury and agency securities $ 1,995,421 $ 60,096 $ 0 $ 2,055,517 Obligations of state and political subdivisions 0 460,149 0 460,149 Government agency mortgage-backed securities 0 332,479 0 332,479 Corporate debt securities 0 7,440 0 7,440 Government agency collateralized mortgage obligations 0 8,279 0 8,279 Total available-for-sale investment securities 1,995,421 868,443 0 2,863,864 Equity securities 388 0 0 388 Mortgage loans held for sale 0 88 0 88 Commitments to originate real estate loans for sale 0 0 32 32 Forward sales commitments 0 37 0 37 Total $ 1,995,809 $ 868,568 $ 32 $ 2,864,409 December 31, 2023 Total Fair (000’s omitted) Level 1 Level 2 Level 3 Value Available-for-sale investment securities: U.S. Treasury and agency securities $ 2,019,089 $ 61,694 $ 0 $ 2,080,783 Obligations of state and political subdivisions 0 474,363 0 474,363 Government agency mortgage-backed securities 0 348,526 0 348,526 Corporate debt securities 0 7,394 0 7,394 Government agency collateralized mortgage obligations 0 8,926 0 8,926 Total available-for-sale investment securities 2,019,089 900,903 0 2,919,992 Equity securities 372 0 0 372 Mortgage loans held for sale 0 414 0 414 Commitments to originate real estate loans for sale 0 0 2 2 Forward sales commitments 0 6 0 6 Total $ 2,019,461 $ 901,323 $ 2 $ 2,920,786 The valuation techniques used to measure fair value for the items in the table above are as follows: ● Available-for-sale investment securities and equity securities – The fair values of available-for-sale investment securities are based upon quoted prices, if available. If quoted prices are not available, fair values are measured using quoted market prices for similar securities or model-based valuation techniques. Level 1 securities include U.S. Treasury obligations and marketable equity securities that are traded by dealers or brokers in active over-the-counter markets. Level 2 securities include U.S. agency securities, mortgage-backed securities issued by government-sponsored entities, municipal securities and corporate debt securities that are valued by reference to prices for similar securities or through model-based techniques in which all significant inputs, such as reported trades, trade execution data, interest rate swap yield curves, market prepayment speeds, credit information, market spreads, and security’s terms and conditions, are observable. See Note D for further disclosure of the fair value of investment securities. ● Mortgage loans held for sale – The Company has elected to value loans held for sale at fair value in order to more closely match the gains and losses associated with loans held for sale with the gains and losses on forward sales contracts. Accordingly, the impact on the valuation will be recognized in the Company’s consolidated statements of income. All mortgage loans held for sale are current and in performing status. The fair value of mortgage loans held for sale is determined using quoted secondary-market prices of loans with similar characteristics and, as such, has been classified as a Level 2 valuation. The unpaid principal value of mortgage loans held for sale was approximately $0.1 million at March 31, 2024 and $0.4 million at December 31, 2023. Mortgage loans held for sale are included in other assets in the consolidated statements of condition. The unrealized gain on mortgage loans held for sale was recognized in mortgage banking revenues in the consolidated statements of income and is immaterial. ● Forward sales commitments – The Company enters into forward sales commitments to sell certain residential real estate loans. Such commitments are considered to be derivative financial instruments and, therefore, are carried at estimated fair value in the other asset or other liability section of the consolidated statements of condition. The fair value of these forward sales commitments is primarily measured by obtaining pricing from certain government-sponsored entities and reflects the underlying price the entity would pay the Company for an immediate sale on these mortgages. As such, these instruments are classified as Level 2 in the fair value hierarchy. ● Commitments to originate real estate loans for sale – The Company enters into various commitments to originate residential real estate loans for sale. Such commitments are considered to be derivative financial instruments and, therefore, are carried at estimated fair value in the other asset or other liability section of the consolidated statements of condition. The estimated fair value of these commitments is determined using quoted secondary market prices obtained from certain government-sponsored entities. Additionally, accounting guidance requires the expected net future cash flows related to the associated servicing of the loan to be included in the fair value measurement of the derivative. The expected net future cash flows are based on a valuation model that calculates the present value of estimated net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income. Such assumptions include estimates of the cost of servicing loans, appropriate discount rate and prepayment speeds. The determination of expected net cash flows is considered a significant unobservable input contributing to the Level 3 classification of commitments to originate real estate loans for sale. The changes in Level 3 assets measured at fair value on a recurring basis are immaterial. The fair value information of assets and liabilities measured on a non-recurring basis presented below is not as of the period-end, but rather as of the date the fair value adjustment was recorded closest to the date presented. March 31, 2024 December 31, 2023 Total Fair Total Fair (000’s omitted) Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 Value Individually assessed loans $ 0 $ 0 $ 9,224 $ 9,224 $ 0 $ 0 $ 3,014 $ 3,014 Other real estate owned 0 0 1,742 1,742 0 0 1,159 1,159 Mortgage servicing rights 0 0 76 76 0 0 162 162 Contingent consideration 0 0 (8,216) (8,216) 0 0 (5,150) (5,150) Total $ 0 $ 0 $ 2,826 $ 2,826 $ 0 $ 0 $ (815) $ (815) Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, adjusted for non-observable inputs. Thus, the resulting nonrecurring fair value measurements are generally classified as Level 3. Estimates of fair value used for other collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and, therefore, such valuations classify as Level 3. Other real estate owned (“OREO”) is valued at the time the loan is foreclosed upon and the asset is transferred to OREO. The value is based primarily on third party appraisals, less estimated costs to sell. The appraisals are sometimes further discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the customer and customer’s business. Such discounts are significant, ranging from 9.0% to 73.8% at March 31, 2024 and result in a Level 3 classification of the inputs for determining fair value. OREO is reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified above. The Company recovers the carrying value of OREO through the sale of the property. The ability to affect future sales prices is subject to market conditions and factors beyond the Company’s control and may impact the estimated fair value of a property. Originated mortgage servicing rights are recorded at their fair value at the time of sale of the underlying loan, and are amortized in proportion to and over the estimated period of net servicing income. The fair value of mortgage servicing rights is based on a valuation model incorporating inputs that market participants would use in estimating future net servicing income. Such inputs include estimates of the cost of servicing loans, appropriate discount rate and prepayment speeds and are considered to be unobservable and contribute to the Level 3 classification of mortgage servicing rights. In accordance with GAAP, the Company must record impairment charges, on a nonrecurring basis, when the carrying value of a stratum exceeds its estimated fair value. Impairment is recognized through a valuation allowance. There is a valuation allowance of approximately The Company has recorded contingent consideration liabilities that arise from acquisition activity. The contingent consideration is recorded at fair value at the date of acquisition. The valuation of contingent consideration is calculated using an income approach method, which provides an estimation of the fair value of an asset or liability based on future cash flows over a discrete projection period, discounted to present value using an appropriate rate of return. The assumptions used in the valuation calculation are based on significant unobservable inputs, therefore such valuations classify as Level 3. The contingent consideration related to the FBD acquisition completed in 2021 was revalued at December 31, 2023. The remaining contingent consideration accrual was adjusted to the maximum potential amount of $2.7 million, using a potential probability of achievement of The first of the two required payments were made on the TGA contingent consideration in the third quarter of 2023 in the amount of $2.4 million, based on actual retained revenue results. The remaining contingent consideration liability related to the TGA acquisition was revalued at December 31, 2023 for an adjusted fair value of $1.0 million. The Company determines fair values based on quoted market values, where available, estimates of present values, or other valuation techniques. Those techniques are significantly affected by the assumptions used, including, but not limited to, the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in immediate settlement of the instrument. The significant unobservable inputs used in the determination of fair value of assets classified as Level 3 on a recurring or non-recurring basis are as follows: Significant Unobservable Fair Value at Input Range (000’s omitted, except per loan data) March 31, 2024 Valuation Technique Significant Unobservable Inputs (Weighted Average) Individually assessed loans $ 9,224 Fair value of collateral Estimated cost of disposal/market adjustment 27.2 % Other real estate owned 1,742 Fair value of collateral Estimated cost of disposal/market adjustment 9.0% - 73.8% (58.8%) Commitments to originate real estate loans for sale 32 Discounted cash flow Embedded servicing value 1.0 % Mortgage servicing rights 76 Discounted cash flow Weighted average constant prepayment rate 5.0% - 14.4% (5.2%) Weighted average discount rate 5.0% - 5.2% (5.2%) Adequate compensation $ 7/loan Contingent consideration (8,216) Discounted cash flow Discount rate 6.7% - 19.1% (12.1%) Probability of achievement 82.0% - 100.0% (94.1%) Significant Unobservable Fair Value at Input Range (000's omitted, except per loan data) December 31, 2023 Valuation Technique Significant Unobservable Inputs (Weighted Average) Individually assessed loans $ 3,014 Fair value of collateral Estimated cost of disposal/market adjustment 27.2 % Other real estate owned 1,159 Fair value of collateral Estimated cost of disposal/market adjustment 9.0% - 73.8% (45.8%) Commitments to originate real estate loans for sale 2 Discounted cash flow Embedded servicing value 1.0 % Mortgage servicing rights 162 Discounted cash flow Weighted average constant prepayment rate 4.2% - 5.1% (4.2%) Weighted average discount rate 4.6% - 5.0% (4.9%) Adequate compensation $ 7/loan Contingent consideration (5,150) Discounted cash flow Discount rate 6.7% - 6.9% (6.9%) Probability of achievement 100% The significant unobservable inputs used in the determination of the fair value of assets classified as Level 3 have an inherent measurement uncertainty that, if changed, could result in higher or lower fair value measurements of these assets as of the reporting date. The weighted average of the estimated cost of disposal/market adjustment for individually assessed loans was calculated by dividing the total of the book value of the collateral of the individually assessed loans classified as Level 3 by the total of the fair value of the collateral of the individually assessed loans classified as Level 3. The weighted average of the estimated cost of disposal/market adjustment for other real estate owned was calculated by dividing the total of the differences between the appraisal values of the real estate and the book values of the real estate divided by the totals of the appraisal values of the real estate. The weighted average of the constant prepayment rate for mortgage servicing rights was calculated by adding the constant prepayment rates used in each loan pool weighted by the balance in each loan pool. The weighted average of the discount rate for mortgage servicing rights was calculated by adding the discount rates used in each loan pool weighted by the balance in each loan pool. The weighted average of the discount rate for the contingent consideration was calculated by adding the discount rates used for the calculation of the fair value of each payment of contingent consideration, weighted by the amount of the payment as part of the total fair value of contingent consideration. The weighted average of the probability of achievement was determined by calculating the proportion of the probability-weighted payment of the total maximum payment, weighted by the amount of the payment as part of the total fair value of contingent consideration. Certain financial instruments and all nonfinancial instruments are excluded from fair value disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying amounts and estimated fair values of the Company’s other financial instruments that are not accounted for at fair value at March 31, 2024 and December 31, 2023 are presented below. The table presented below excludes other financial instruments for which the carrying value approximates fair value including cash and cash equivalents, accrued interest receivable and accrued interest payable. March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair (000’s omitted) Value Value Value Value Financial assets: Net loans $ 9,813,409 $ 9,366,599 $ 9,637,929 $ 9,293,902 Held-to-maturity securities 1,217,472 1,131,615 1,172,174 1,121,816 Financial liabilities: Deposits 13,352,022 13,326,950 12,928,121 12,907,605 Overnight borrowings 0 0 53,000 53,000 Securities sold under agreement to repurchase, short-term 287,241 287,241 304,595 304,595 Other Federal Home Loan Bank borrowings 395,122 391,311 407,603 410,385 The following is a further description of the principal valuation methods used by the Company to estimate the fair values of its financial instruments. Loans have been classified as a Level 3 valuation. Fair values for variable rate loans that reprice frequently are based on carrying values. Fair values for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Held-to-maturity U.S. Treasury and agency securities have been classified as a Level 1 valuation. The fair values of held-to-maturity U.S. Treasury and agency investment securities are based upon quoted prices, if available. If quoted prices are not available, fair values are measured using quoted market prices for similar securities or model-based valuation techniques. Held-to-maturity government agency mortgage-backed securities have been classified as a Level 2 valuation. The fair values of held-to-maturity government agency mortgage-backed securities are based on current market rates for similar products. Deposits have been classified as a Level 2 valuation. The fair value of demand deposits, interest-bearing checking deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date. The fair value of time deposit obligations are based on current market rates for similar securities. Borrowings have been classified as a Level 2 valuation. The fair value of overnight borrowings and securities sold under agreement to repurchase, short-term, is the amount payable on demand at the reporting date. Fair values for other FHLB borrowings are estimated using discounted cash flows and interest rates currently being offered on similar securities. Other financial assets and liabilities – Cash and cash equivalents have been classified as a Level 1 valuation, while accrued interest receivable and accrued interest payable have been classified as a Level 2 valuation. The fair values of each approximate the respective carrying values because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | NOTE L: SEGMENT INFORMATION Operating segments are components of an enterprise, which are evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM is the President and Chief Executive Officer of the Company. Effective January 1, 2024, the Company has identified (1) Banking and Corporate; (2) Employee Benefit Services; (3) Insurance; and (4) Wealth Management as its reportable segments and determined that operating income before income taxes is the reportable measure of segment profit or loss that the CODM regularly reviews and uses to allocate resources and assess performance. See Note C for further detail on the factors used to identify the Company’s reportable segments and reportable measure of segment profit or loss. CBNA operates the Banking and Corporate segment that provides a wide array of lending and depository-related products and services to individuals, businesses, and governmental units with branch locations in Upstate New York as well as Northeastern Pennsylvania, Vermont and Western Massachusetts. In addition to these general intermediation services, the Banking and Corporate segment provides treasury management solutions and payment processing services. The Banking and Corporate segment also includes certain corporate overhead-related expenses. The Employee Benefit Services segment, which includes the operating subsidiaries of Benefit Plans Administrative Services, LLC, BPAS Actuarial and Pension Services, LLC, BPAS Trust Company of Puerto Rico, Fringe Benefits Design of Minnesota, Inc. (“FBD”), Northeast Retirement Services, LLC (“NRS”), Global Trust Company, Inc. (“GTC”), and Hand Benefits & Trust Company, provides employee benefit trust, collective investment fund, retirement plan and health savings account administration, fund administration, transfer agency, actuarial, and health and welfare consulting services. The Insurance segment is comprised of personal and commercial lines of insurance and other risk management products and services provided by OneGroup NY, Inc. The Wealth Management segment is comprised of wealth management services including trust services provided by the Nottingham Trust division within the Bank, broker-dealer and investment advisory services provided by Community Investment Services, Inc., The Carta Group, Inc. and OneGroup Wealth Partners, Inc. as well as asset management services provided by Nottingham Advisors, Inc. The accounting policies used in the disclosure of business segments are the same as those described in the summary of significant accounting policies (See Note A, Summary of Significant Accounting Policies of the most recent Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024) except as follows. Operating noninterest revenues exclude certain items considered non-core to the underlying business including realized and unrealized gains or losses on investment securities and gains or losses on debt extinguishment. Operating noninterest expenses also exclude certain items considered non-core to the underlying business including amortization of intangible assets, acquisition expenses, acquisition-related contingent consideration adjustments, litigation accrual and restructuring expenses. Both operating noninterest revenues and operating noninterest expenses include certain intersegment activity associated with transactions between the segments and are eliminated in consolidation. Segment assets include certain segment cash balances held as deposits with CBNA and are eliminated in consolidation. Information about reportable segments and reconciliation of the information to the consolidated financial statements follows: Banking and Employee Wealth (000’s omitted) Corporate Benefit Services Insurance Management Total Three Months Ended March 31, 2024 Net interest income $ 106,214 $ 623 $ 27 $ 126 $ 106,990 Provision for credit losses 6,148 0 0 0 6,148 Operating noninterest revenues 18,185 32,570 11,127 9,636 71,518 Operating noninterest expenses 78,227 20,333 10,123 6,920 115,603 Operating income before income taxes $ 40,024 $ 12,860 $ 1,031 $ 2,842 $ 56,757 Assets $ 15,632,930 $ 254,668 $ 64,337 $ 35,138 $ 15,987,073 Goodwill $ 732,598 $ 89,778 $ 23,979 $ 3,435 $ 849,790 Core deposit intangibles & Other intangibles, net $ 8,143 $ 30,792 $ 13,757 $ 1,957 $ 54,649 Reconciliation of total segment operating income before income taxes to total consolidated income before income taxes: Total segment operating income before income taxes $ 40,024 $ 12,860 $ 1,031 $ 2,842 $ 56,757 Unrealized gain on equity securities 16 0 0 0 16 Amortization of intangible assets (973) (1,725) (673) (205) (3,576) Acquisition expenses 0 (35) 0 0 (35) Litigation accrual 0 0 (119) 0 (119) Total consolidated income before income taxes $ 53,043 Reconciliation of total segment operating noninterest revenues to total consolidated noninterest revenues: Total segment operating noninterest revenues $ 71,518 Elimination of intersegment revenues (1,249) Unrealized gain on equity securities 16 Total consolidated noninterest revenues $ 70,285 Reconciliation of total segment operating noninterest expenses to total consolidated noninterest expenses: Total segment operating noninterest expenses $ 115,603 Elimination of intersegment expenses (1,249) Amortization of intangible assets 3,576 Acquisition expenses 35 Litigation accrual 119 Total consolidated noninterest expenses $ 118,084 Reconciliation of total segment assets to total consolidated assets: Total segment assets $ 15,987,073 Elimination of intersegment cash and deposits (128,403) Total consolidated assets $ 15,858,670 Banking and Employee Wealth (000's omitted) Corporate Benefit Services Insurance Management Total Three Months Ended March 31, 2023 Net interest income $ 110,682 $ 254 $ 35 $ 59 $ 111,030 Provision for credit losses 3,500 0 0 0 3,500 Operating noninterest revenues 16,445 30,187 11,548 8,637 66,817 Operating noninterest expenses 78,413 18,274 8,781 6,095 111,563 Operating income before income taxes $ 45,214 $ 12,167 $ 2,802 $ 2,601 $ 62,784 Assets $ 15,045,902 $ 229,091 $ 61,244 $ 29,123 $ 15,365,360 Goodwill $ 733,064 $ 85,384 $ 21,990 $ 2,498 $ 842,936 Core deposit intangibles & Other intangibles, net $ 11,629 $ 31,778 $ 13,040 $ 1,531 $ 57,978 Reconciliation of total segment operating income before income taxes to total consolidated income before income taxes: Total segment operating income before income taxes $ 45,214 $ 12,167 $ 2,802 $ 2,601 $ 62,784 Loss on sales of investment securities (52,329) 0 0 0 (52,329) Gain on debt extinguishment 242 0 0 0 242 Amortization of intangible assets (1,206) (1,633) (630) (198) (3,667) Acquisition expenses (17) 0 (40) 0 (57) Total consolidated income before income taxes $ 6,973 Reconciliation of total segment operating noninterest revenues to total consolidated noninterest revenues: Total segment operating noninterest revenues $ 66,817 Elimination of intersegment revenues (1,235) Loss on sales of investment securities (52,329) Gain on debt extinguishment 242 Total consolidated noninterest revenues $ 13,495 Reconciliation of total segment operating noninterest expenses to total consolidated noninterest expenses: Total segment operating noninterest expenses $ 111,563 Elimination of intersegment expenses (1,235) Amortization of intangible assets 3,667 Acquisition expenses 57 Total consolidated noninterest expenses $ 114,052 Reconciliation of total segment assets to total consolidated assets: Total segment assets $ 15,365,360 Elimination of intersegment cash and deposits (109,407) Total consolidated assets $ 15,255,953 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
ACCOUNTING POLICIES | |
Contract Balances | Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2024, $30.2 million of accounts receivable, including $8.7 million of unbilled fee revenue, and $3.6 million of unearned revenue, was recorded in the consolidated statements of condition. As of December 31, 2023, $41.7 million of accounts receivable, including $8.1 million of unbilled fee revenue, and $0.8 million of unearned revenue, was recorded in the consolidated statements of condition. |
Segment Information | Segment Information Effective January 1, 2024, the Company changed its determination of reportable segments and reportable measure of segment profit or loss in connection with the appointment of the Company’s new President and Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”), and changes in the information the CODM regularly reviews and uses to allocate resources and assess performance. The appointment of the Company’s new President and Chief Executive Officer followed the retirement of the Company’s former President and Chief Executive Officer, who previously served as the Company’s CODM until December 31, 2023. The change in determination of reportable segments was also driven by a change in the disaggregation of segment information that management believes would be useful to readers of the financial statements and to also align its reportable segments with financial information communicated to external parties, the Board of Directors and the business leaders who regularly meet with the CODM that also review this information at the same level of disaggregation. The change in reportable measure of segment profit or loss aligns with a change in the measurement principles of the internal reporting package used by the CODM to allocate resources and assess performance, which is presented on an operating basis excluding certain items considered non-core to the underlying business. Effective January 1, 2024, the Company has identified (1) Banking and Corporate; (2) Employee Benefit Services; (3) Insurance; and (4) Wealth Management as its reportable segments and determined that operating income before income taxes is the reportable measure of segment profit or loss that the CODM regularly reviews and uses to allocate resources and assess performance. The Company’s insurance services revenue and wealth management services revenue are reported separately in the Insurance reportable segment and Wealth Management reportable segment, respectively. The prior period has been recast to conform to the new current period presentation. See Note L for more detail on segment information. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period’s presentation. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures |
New Accounting Pronouncements | New Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
ACQUISITIONS | |
Summary of the estimated fair value of assets acquired and liabilities | 2024 2023 (000s omitted) CPD Axiom Other (1) Total Consideration: Cash $ 5,861 $ 1,819 $ 6,832 $ 8,651 Contingent consideration 3,066 0 1,450 1,450 Total net consideration 8,927 1,819 8,282 10,101 Recognized amounts of identifiable assets acquired and liabilities assumed: Premises and equipment, net 6 25 41 66 Other assets 26 2 175 177 Other intangibles 5,500 1,176 5,064 6,240 Other liabilities (999) (9) (9) (18) Total identifiable assets, net 4,533 1,194 5,271 6,465 Goodwill $ 4,394 $ 625 $ 3,011 $ 3,636 (1) Includes amounts for all OneGroup, Wealth Partners and BPAS acquisitions completed in 2023. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
INVESTMENT SECURITIES | |
Schedule of amortized cost and estimated fair value of investment securities | March 31, 2024 December 31, 2023 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (000’s omitted) Cost Gains Losses Value Cost Gains Losses Value Available-for-Sale Portfolio: U.S. Treasury and agency securities $ 2,382,653 $ 0 $ 327,136 $ 2,055,517 $ 2,381,168 $ 0 $ 300,385 $ 2,080,783 Obligations of state and political subdivisions 496,983 630 37,464 460,149 502,879 1,469 29,985 474,363 Government agency mortgage-backed securities 391,020 46 58,587 332,479 400,062 76 51,612 348,526 Corporate debt securities 8,000 0 560 7,440 8,000 0 606 7,394 Government agency collateralized mortgage obligations 8,841 0 562 8,279 9,498 0 572 8,926 Total available-for-sale portfolio $ 3,287,497 $ 676 $ 424,309 $ 2,863,864 $ 3,301,607 $ 1,545 $ 383,160 $ 2,919,992 Held-to-Maturity Portfolio: U.S. Treasury and agency securities $ 1,116,458 $ 0 $ 85,460 $ 1,030,998 $ 1,109,101 $ 0 $ 50,866 $ 1,058,235 Government agency mortgage-backed securities 101,014 477 874 100,617 63,073 688 180 63,581 Total held-to-maturity portfolio $ 1,217,472 $ 477 $ 86,334 $ 1,131,615 $ 1,172,174 $ 688 $ 51,046 $ 1,121,816 Equity and Other Securities: Equity securities, at fair value $ 252 $ 136 $ 0 $ 388 $ 251 $ 121 $ 0 $ 372 Federal Home Loan Bank common stock 29,866 0 0 29,866 32,526 0 0 32,526 Federal Reserve Bank common stock 33,568 0 0 33,568 33,568 0 0 33,568 Other equity securities, at adjusted cost 6,206 750 0 6,956 5,930 750 0 6,680 Total equity and other securities $ 69,892 $ 886 $ 0 $ 70,778 $ 72,275 $ 871 $ 0 $ 73,146 |
Schedule of investment securities that have been in a continuous unrealized loss position | As of March 31, 2024 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (000’s omitted) Value Losses Value Losses Value Losses Available-for-Sale Portfolio: U.S. Treasury and agency securities $ 0 $ 0 $ 2,055,517 $ 327,136 $ 2,055,517 $ 327,136 Obligations of state and political subdivisions 85,364 1,635 313,287 35,829 398,651 37,464 Government agency mortgage-backed securities 2,642 41 326,890 58,546 329,532 58,587 Corporate debt securities 0 0 7,440 560 7,440 560 Government agency collateralized mortgage obligations 0 0 8,262 562 8,262 562 Total available-for-sale investment portfolio $ 88,006 $ 1,676 $ 2,711,396 $ 422,633 $ 2,799,402 $ 424,309 Held-to-Maturity Portfolio: U.S Treasury and agency securities $ 527,314 $ 28,776 $ 503,684 $ 56,684 $ 1,030,998 $ 85,460 Government agency mortgage-backed securities 68,342 832 1,367 42 69,709 874 Total held-to-maturity portfolio $ 595,656 $ 29,608 $ 505,051 $ 56,726 $ 1,100,707 $ 86,334 As of December 31, 2023 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (000’s omitted) Value Losses Value Losses Value Losses Available-for-Sale Portfolio: U.S. Treasury and agency securities $ 0 $ 0 $ 2,080,783 $ 300,385 $ 2,080,783 $ 300,385 Obligations of state and political subdivisions 63,541 878 287,191 29,107 350,732 29,985 Government agency mortgage-backed securities 8,586 55 336,266 51,557 344,852 51,612 Corporate debt securities 0 0 7,394 606 7,394 606 Government agency collateralized mortgage obligations 0 0 8,907 572 8,907 572 Total available-for-sale investment portfolio $ 72,127 $ 933 $ 2,720,541 $ 382,227 $ 2,792,668 $ 383,160 Held-to-Maturity Portfolio: U.S Treasury and agency securities $ 536,885 $ 15,953 $ 521,350 $ 34,913 $ 1,058,235 $ 50,866 Government agency mortgage-backed securities 18,951 158 1,393 22 20,344 180 Total held-to-maturity portfolio $ 555,836 $ 16,111 $ 522,743 $ 34,935 $ 1,078,579 $ 51,046 |
Schedule of amortized cost and estimated fair value of debt securities by contractual maturity | Held-to-Maturity Available-for-Sale Amortized Fair Amortized Fair (000’s omitted) Cost Value Cost Value Due in one year or less $ 0 $ 0 $ 14,764 $ 14,603 Due after one through five years 0 0 1,682,697 1,517,578 Due after five years through ten years 556,091 527,314 492,385 438,082 Due after ten years 560,367 503,684 697,790 552,843 Subtotal 1,116,458 1,030,998 2,887,636 2,523,106 Government agency mortgage-backed securities 101,014 100,617 391,020 332,479 Government agency collateralized mortgage obligations 0 0 8,841 8,279 Total $ 1,217,472 $ 1,131,615 $ 3,287,497 $ 2,863,864 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Schedule of segments of the company's loan portfolio | March 31, December 31, (000’s omitted) 2024 2023 CRE – multifamily $ 658,278 $ 619,794 CRE – owner occupied 777,302 752,774 CRE – non-owner occupied 1,750,038 1,711,198 Commercial & industrial and other business loans 1,034,581 1,000,630 Consumer mortgage 3,317,467 3,285,018 Consumer indirect 1,716,028 1,703,440 Consumer direct 183,750 185,229 Home equity 446,056 446,515 Gross loans, including deferred origination costs 9,883,500 9,704,598 Allowance for credit losses (70,091) (66,669) Loans, net of allowance for credit losses $ 9,813,409 $ 9,637,929 |
Schedule of aging of the amortized cost basis | The following table presents the aging of the amortized cost basis of the Company’s past due loans by segment as of March 31, 2024 and December 31, 2023: Past Due 90+ Days Past (000’s omitted) 30 – 89 Due and Total March 31, 2024 Days Still Accruing Nonaccrual Past Due Current Total Loans CRE – multifamily $ 0 $ 0 $ 0 $ 0 $ 658,278 $ 658,278 CRE – owner occupied 1,602 0 1,536 3,138 774,164 777,302 CRE – non-owner occupied 247 0 13,368 13,615 1,736,423 1,750,038 Commercial & industrial and other business loans 1,402 0 647 2,049 1,032,532 1,034,581 Consumer mortgage 17,265 3,115 27,066 47,446 3,270,021 3,317,467 Consumer indirect 16,604 865 0 17,469 1,698,559 1,716,028 Consumer direct 1,163 72 21 1,256 182,494 183,750 Home equity 3,848 502 2,266 6,616 439,440 446,056 Total $ 42,131 $ 4,554 $ 44,904 $ 91,589 $ 9,791,911 $ 9,883,500 Past Due 90+ Days Past (000’s omitted) 30 – 89 Due and Total December 31, 2023 Days Still Accruing Nonaccrual Past Due Current Total Loans CRE – multifamily $ 0 $ 0 $ 0 $ 0 $ 619,794 $ 619,794 CRE – owner occupied 1,477 0 1,953 3,430 749,344 752,774 CRE – non-owner occupied 2,311 0 17,964 20,275 1,690,923 1,711,198 Commercial & industrial and other business loans 880 0 336 1,216 999,414 1,000,630 Consumer mortgage 18,434 4,559 26,043 49,036 3,235,982 3,285,018 Consumer indirect 20,215 776 0 20,991 1,682,449 1,703,440 Consumer direct 1,579 135 23 1,737 183,492 185,229 Home equity 3,546 416 2,368 6,330 440,185 446,515 Total $ 48,442 $ 5,886 $ 48,687 $ 103,015 $ 9,601,583 $ 9,704,598 |
Schedule of individually assessed loans | March 31, December 31, (000’s omitted) 2024 2023 Loans with allowance allocation $ 10,189 $ 3,484 Loans without allowance allocation 4,322 15,750 Carrying balance 14,511 19,234 Contractual balance 14,645 19,249 Specifically allocated allowance 965 470 |
Schedule of allowance for loan losses by class | The following presents by loan segment the activity in the allowance for credit losses during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Beginning Charge- Ending (000’s omitted) balance offs Recoveries Provision balance Business lending $ 26,854 $ (261) $ 39 $ 2,739 $ 29,371 Consumer mortgage 15,333 (93) 3 (753) 14,490 Consumer indirect 18,585 (3,060) 1,209 3,560 20,294 Consumer direct 3,269 (873) 215 744 3,355 Home equity 1,628 (23) 3 (27) 1,581 Unallocated 1,000 0 0 0 1,000 Allowance for credit losses – loans 66,669 (4,310) 1,469 6,263 70,091 Liabilities for off-balance-sheet credit exposures 913 0 0 (115) 798 Total allowance for credit losses $ 67,582 $ (4,310) $ 1,469 $ 6,148 $ 70,889 Three Months Ended March 31, 2023 Beginning Charge- Ending (000’s omitted) balance offs Recoveries Provision balance Business lending $ 23,297 $ (175) $ 172 $ 1,933 $ 25,227 Consumer mortgage 14,343 (19) 7 (53) 14,278 Consumer indirect 17,852 (2,531) 1,347 1,379 18,047 Consumer direct 2,973 (505) 187 375 3,030 Home equity 1,594 0 6 (12) 1,588 Unallocated 1,000 0 0 0 1,000 Allowance for credit losses – loans 61,059 (3,230) 1,719 3,622 63,170 Liabilities for off-balance-sheet credit exposures 1,123 0 0 (122) 1,001 Total allowance for credit losses $ 62,182 $ (3,230) $ 1,719 $ 3,500 $ 64,171 |
Schedule of amortized cost basis of each class of financing receivable | Three Months Ended March 31, 2024 Total Class of Term Financing (000s omitted except for percentages) Extension Receivable CRE – owner occupied $ 353 0.05 % CRE – non-owner occupied 224 0.01 % Commercial & industrial and other business loans 108 0.00 % Total $ 685 0.01 % |
Schedule of performance of modified loans | March 31, 2024 90+ Days Past Past Due 30 – Due and Still Non- (000s omitted) Current 89 Days Accruing Accrual Total CRE – owner occupied $ 1,686 $ 0 $ 0 $ 0 $ 1,686 CRE – non-owner occupied 886 0 0 0 886 Commercial & industrial and other business loans 108 0 0 0 108 Consumer mortgage 0 0 0 279 279 Home equity 31 0 0 0 31 Total $ 2,711 $ 0 $ 0 $ 279 $ 2,990 |
Schedule of finance receivable modified past due | Three Months Ended March 31, 2024 Weighted-Average Term Extension (Years) CRE – owner occupied 1.7 CRE – non-owner occupied 8.5 Commercial & industrial and other business loans 3.8 Total 4.2 |
Business lending | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Schedule of loans by credit quality indicator | Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted March 31, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total CRE – multifamily: Risk rating Pass $ 4,033 $ 90,550 $ 145,314 $ 54,120 $ 19,298 $ 148,210 $ 27,281 $ 120,765 $ 609,571 Special mention 0 13,175 7,298 0 64 5,322 0 8,258 34,117 Substandard 0 0 0 504 0 1,825 149 12,112 14,590 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – multifamily $ 4,033 $ 103,725 $ 152,612 $ 54,624 $ 19,362 $ 155,357 $ 27,430 $ 141,135 $ 658,278 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 CRE – owner occupied: Risk rating Pass $ 24,861 $ 57,943 $ 86,027 $ 56,267 $ 45,668 $ 262,877 $ 27,624 $ 172,799 $ 734,066 Special mention 0 3,193 2,328 2,130 627 13,392 706 2,797 25,173 Substandard 0 874 2,672 895 1,496 6,890 367 4,869 18,063 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – owner occupied $ 24,861 $ 62,010 $ 91,027 $ 59,292 $ 47,791 $ 283,159 $ 28,697 $ 180,465 $ 777,302 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 CRE – non-owner occupied: Risk rating Pass $ 46,146 $ 142,425 $ 253,828 $ 109,985 $ 85,180 $ 321,511 $ 393,412 $ 268,762 $ 1,621,249 Special mention 160 41 819 15,879 1,292 31,513 18,976 5,781 74,461 Substandard 0 947 135 157 303 24,366 100 27,354 53,362 Doubtful 0 0 0 966 0 0 0 0 966 Total CRE – non-owner occupied $ 46,306 $ 143,413 $ 254,782 $ 126,987 $ 86,775 $ 377,390 $ 412,488 $ 301,897 $ 1,750,038 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial & industrial and other business loans: Risk rating Pass $ 49,198 $ 127,095 $ 126,984 $ 85,922 $ 31,062 $ 126,058 $ 361,048 $ 58,138 $ 965,505 Special mention 579 14,812 2,134 2,101 1,412 4,416 16,650 2,250 44,354 Substandard 14 36 944 597 392 912 15,766 6,061 24,722 Doubtful 0 0 0 0 0 0 0 0 0 Total commercial & industrial and other business loans $ 49,791 $ 141,943 $ 130,062 $ 88,620 $ 32,866 $ 131,386 $ 393,464 $ 66,449 $ 1,034,581 Current period gross charge-offs $ 0 $ 64 $ 0 $ 0 $ 0 $ 0 $ 195 $ 2 $ 261 Total business lending: Risk rating Pass $ 124,238 $ 418,013 $ 612,153 $ 306,294 $ 181,208 $ 858,656 $ 809,365 $ 620,464 $ 3,930,391 Special mention 739 31,221 12,579 20,110 3,395 54,643 36,332 19,086 178,105 Substandard 14 1,857 3,751 2,153 2,191 33,993 16,382 50,396 110,737 Doubtful 0 0 0 966 0 0 0 0 966 Total business lending $ 124,991 $ 451,091 $ 628,483 $ 329,523 $ 186,794 $ 947,292 $ 862,079 $ 689,946 $ 4,220,199 Current period gross charge-offs $ 0 $ 64 $ 0 $ 0 $ 0 $ 0 $ 195 $ 2 $ 261 Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted December 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total CRE – multifamily: Risk rating Pass $ 90,888 $ 145,337 $ 52,058 $ 19,982 $ 41,992 $ 112,287 $ 3,237 $ 106,580 $ 572,361 Special mention 13,175 7,317 0 65 0 3,522 0 8,289 32,368 Substandard 0 959 0 0 551 1,293 150 12,112 15,065 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – multifamily $ 104,063 $ 153,613 $ 52,058 $ 20,047 $ 42,543 $ 117,102 $ 3,387 $ 126,981 $ 619,794 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 CRE – owner occupied: Risk rating Pass $ 58,544 $ 89,616 $ 58,798 $ 46,465 $ 80,361 $ 192,345 $ 28,023 $ 158,652 $ 712,804 Special mention 3,258 2,384 649 639 1,472 11,962 743 6,064 27,171 Substandard 880 108 922 1,480 514 7,531 941 423 12,799 Doubtful 0 0 0 0 0 0 0 0 0 Total CRE – owner occupied $ 62,682 $ 92,108 $ 60,369 $ 48,584 $ 82,347 $ 211,838 $ 29,707 $ 165,139 $ 752,774 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 19 $ 0 $ 19 CRE – non-owner occupied: Risk rating Pass $ 143,106 $ 255,699 $ 111,306 $ 86,560 $ 60,646 $ 275,458 $ 387,559 $ 265,348 $ 1,585,682 Special mention 42 827 16,109 1,311 109 29,648 18,806 3,506 70,358 Substandard 947 136 1,123 2,996 1,248 20,578 100 27,542 54,670 Doubtful 0 0 0 488 0 0 0 0 488 Total CRE – non-owner occupied $ 144,095 $ 256,662 $ 128,538 $ 91,355 $ 62,003 $ 325,684 $ 406,465 $ 296,396 $ 1,711,198 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial & industrial and other business loans: Risk rating Pass $ 146,627 $ 133,529 $ 94,764 $ 34,572 $ 34,714 $ 99,525 $ 337,388 $ 55,222 $ 936,341 Special mention 15,306 2,071 1,491 1,557 2,553 1,854 16,341 8,045 49,218 Substandard 38 800 558 477 323 1,305 10,800 770 15,071 Doubtful 0 0 0 0 0 0 0 0 0 Total commercial & industrial and other business loans $ 161,971 $ 136,400 $ 96,813 $ 36,606 $ 37,590 $ 102,684 $ 364,529 $ 64,037 $ 1,000,630 Current period gross charge-offs $ 0 $ 160 $ 0 $ 0 $ 0 $ 36 $ 569 $ 0 $ 765 Total business lending: Risk rating Pass $ 439,165 $ 624,181 $ 316,926 $ 187,579 $ 217,713 $ 679,615 $ 756,207 $ 585,802 $ 3,807,188 Special mention 31,781 12,599 18,249 3,572 4,134 46,986 35,890 25,904 179,115 Substandard 1,865 2,003 2,603 4,953 2,636 30,707 11,991 40,847 97,605 Doubtful 0 0 0 488 0 0 0 0 488 Total business lending $ 472,811 $ 638,783 $ 337,778 $ 196,592 $ 224,483 $ 757,308 $ 804,088 $ 652,553 $ 4,084,396 Current period gross charge-offs $ 0 $ 160 $ 0 $ 0 $ 0 $ 36 $ 588 $ 0 $ 784 |
All Other Loans | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Schedule of loans by credit quality indicator | Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted March 31, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Consumer mortgage: FICO AB (1) Performing $ 64,407 $ 349,747 $ 347,072 $ 448,044 $ 195,758 $ 740,946 $ 0 $ 93,588 $ 2,239,562 Nonperforming 0 0 435 599 599 5,037 0 191 6,861 Total FICO AB 64,407 349,747 347,507 448,643 196,357 745,983 0 93,779 2,246,423 FICO CDE (2) Performing 27,228 148,818 146,921 162,313 100,186 390,278 37,639 34,341 1,047,724 Nonperforming 0 559 2,843 1,837 2,253 14,418 360 1,050 23,320 Total FICO CDE 27,228 149,377 149,764 164,150 102,439 404,696 37,999 35,391 1,071,044 Total consumer mortgage $ 91,635 $ 499,124 $ 497,271 $ 612,793 $ 298,796 $ 1,150,679 $ 37,999 $ 129,170 $ 3,317,467 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 93 $ 0 $ 0 $ 93 Consumer indirect: Performing $ 163,183 $ 640,930 $ 524,062 $ 240,137 $ 60,246 $ 86,605 $ 0 $ 0 $ 1,715,163 Nonperforming 0 240 289 78 19 239 0 0 865 Total consumer indirect $ 163,183 $ 641,170 $ 524,351 $ 240,215 $ 60,265 $ 86,844 $ 0 $ 0 $ 1,716,028 Current period gross charge-offs $ 0 $ 943 $ 1,282 $ 393 $ 175 $ 267 $ 0 $ 0 $ 3,060 Consumer direct: Performing $ 22,640 $ 69,889 $ 46,515 $ 22,634 $ 6,682 $ 8,574 $ 6,722 $ 1 $ 183,657 Nonperforming 0 26 17 0 0 25 25 0 93 Total consumer direct $ 22,640 $ 69,915 $ 46,532 $ 22,634 $ 6,682 $ 8,599 $ 6,747 $ 1 $ 183,750 Current period gross charge-offs $ 0 $ 274 $ 254 $ 227 $ 17 $ 41 $ 60 $ 0 $ 873 Home equity: Performing $ 11,042 $ 59,649 $ 61,180 $ 61,104 $ 30,104 $ 66,718 $ 125,865 $ 27,626 $ 443,288 Nonperforming 0 225 176 38 357 683 908 381 2,768 Total home equity $ 11,042 $ 59,874 $ 61,356 $ 61,142 $ 30,461 $ 67,401 $ 126,773 $ 28,007 $ 446,056 Current period gross charge-offs $ 0 $ 0 $ 23 $ 0 $ 0 $ 0 $ 0 $ 0 $ 23 (1) (2) Revolving Revolving Loans Loans (000’s omitted) Term Loans Amortized Cost Basis by Origination Year Amortized Converted December 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Consumer mortgage: FICO AB (1) Performing $ 354,967 $ 353,185 $ 456,871 $ 199,429 $ 157,159 $ 606,591 $ 0 $ 86,067 $ 2,214,269 Nonperforming 0 371 764 605 279 5,187 0 195 7,401 Total FICO AB 354,967 353,556 457,635 200,034 157,438 611,778 0 86,262 2,221,670 FICO CDE (2) Performing 148,443 150,585 164,839 103,003 71,710 331,839 39,630 30,098 1,040,147 Nonperforming 53 2,629 2,477 1,629 1,785 13,201 367 1,060 23,201 Total FICO CDE 148,496 153,214 167,316 104,632 73,495 345,040 39,997 31,158 1,063,348 Total consumer mortgage $ 503,463 $ 506,770 $ 624,951 $ 304,666 $ 230,933 $ 956,818 $ 39,997 $ 117,420 $ 3,285,018 Current period gross charge-offs $ 0 $ 0 $ 0 $ 0 $ 85 $ 584 $ 0 $ 0 $ 669 Consumer indirect: Performing $ 681,824 $ 572,799 $ 273,035 $ 71,428 $ 45,203 $ 58,375 $ 0 $ 0 $ 1,702,664 Nonperforming 84 443 101 42 19 87 0 0 776 Total consumer indirect $ 681,908 $ 573,242 $ 273,136 $ 71,470 $ 45,222 $ 58,462 $ 0 $ 0 $ 1,703,440 Current period gross charge-offs $ 926 $ 3,595 $ 1,969 $ 1,171 $ 570 $ 1,121 $ 0 $ 0 $ 9,352 Consumer direct: Performing $ 80,169 $ 52,826 $ 26,617 $ 8,282 $ 4,604 $ 5,697 $ 6,875 $ 1 $ 185,071 Nonperforming 33 41 47 0 2 23 12 0 158 Total consumer direct $ 80,202 $ 52,867 $ 26,664 $ 8,282 $ 4,606 $ 5,720 $ 6,887 $ 1 $ 185,229 Current period gross charge-offs $ 206 $ 813 $ 450 $ 110 $ 110 $ 159 $ 161 $ 0 $ 2,009 Home equity: Performing $ 61,065 $ 62,801 $ 63,102 $ 31,094 $ 25,721 $ 44,832 $ 126,939 $ 28,177 $ 443,731 Nonperforming 0 162 10 253 260 533 1,053 513 2,784 Total home equity $ 61,065 $ 62,963 $ 63,112 $ 31,347 $ 25,981 $ 45,365 $ 127,992 $ 28,690 $ 446,515 Current period gross charge-offs $ 0 $ 0 $ 0 $ 64 $ 0 $ 44 $ 11 $ 0 $ 119 (1) (2) |
GOODWILL AND IDENTIFIABLE INT_2
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | |
Schedule of gross carrying amount and accumulated amortization for each type of identifiable intangible asset | March 31, 2024 December 31, 2023 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying (000’s omitted) Amount Amortization Amount Amount Amortization Amount Amortizing intangible assets: Core deposit intangibles $ 77,373 $ (70,125) $ 7,248 $ 77,373 $ (69,214) $ 8,159 Other intangibles 131,553 (84,152) 47,401 125,919 (81,487) 44,432 Total amortizing intangibles $ 208,926 $ (154,277) $ 54,649 $ 203,292 $ (150,701) $ 52,591 |
Schedule of estimated aggregate amortization expense for each of five succeeding fiscal years | The estimated aggregate amortization expense for each of the five succeeding fiscal years ended December 31 is as follows: (000’s omitted) Apr - Dec 2024 $ 9,940 2025 11,604 2026 10,216 2027 4,564 2028 3,434 Thereafter 14,891 Total $ 54,649 |
Schedule of components of goodwill | (000’s omitted) December 31, 2023 Additions March 31, 2024 Goodwill $ 845,396 $ 4,394 $ 849,790 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
BENEFIT PLANS | |
Schedule of net periodic benefit cost | Pension Benefits Three Months Ended March 31, (000’s omitted) 2024 2023 Service cost $ 1,173 $ 1,108 Interest cost 1,898 1,890 Expected return on plan assets (4,600) (4,020) Amortization of unrecognized net loss (gain) 283 (555) Amortization of prior service cost 205 205 Net periodic benefit $ (1,041) $ (1,372) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE | |
Schedule of reconciliation of basic to diluted earnings per share | The following is a reconciliation of basic to diluted earnings per share for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (000’s omitted, except per share data) 2024 2023 Net income $ 40,872 $ 5,798 Income attributable to unvested stock-based compensation awards (111) (17) Income available to common shareholders $ 40,761 $ 5,781 Weighted-average common shares outstanding – basic 53,228 53,843 Basic earnings per share $ 0.77 $ 0.11 Net income $ 40,872 $ 5,798 Income attributable to unvested stock-based compensation awards (111) (17) Income available to common shareholders $ 40,761 $ 5,781 Weighted-average common shares outstanding – basic 53,228 53,843 Assumed exercise of stock options 93 207 Weighted-average common shares outstanding – diluted 53,321 54,050 Diluted earnings per share $ 0.76 $ 0.11 |
COMMITMENTS, CONTINGENT LIABI_2
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS | |
Schedule of the contract amounts of commitments and contingencies | March 31, December 31, (000’s omitted) 2024 2023 Commitments to extend credit $ 1,550,998 $ 1,494,549 Standby letters of credit 64,901 61,352 Total $ 1,615,899 $ 1,555,901 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE | |
Schedule of fair value measured on a recurring basis | March 31, 2024 Total Fair (000’s omitted) Level 1 Level 2 Level 3 Value Available-for-sale investment securities: U.S. Treasury and agency securities $ 1,995,421 $ 60,096 $ 0 $ 2,055,517 Obligations of state and political subdivisions 0 460,149 0 460,149 Government agency mortgage-backed securities 0 332,479 0 332,479 Corporate debt securities 0 7,440 0 7,440 Government agency collateralized mortgage obligations 0 8,279 0 8,279 Total available-for-sale investment securities 1,995,421 868,443 0 2,863,864 Equity securities 388 0 0 388 Mortgage loans held for sale 0 88 0 88 Commitments to originate real estate loans for sale 0 0 32 32 Forward sales commitments 0 37 0 37 Total $ 1,995,809 $ 868,568 $ 32 $ 2,864,409 December 31, 2023 Total Fair (000’s omitted) Level 1 Level 2 Level 3 Value Available-for-sale investment securities: U.S. Treasury and agency securities $ 2,019,089 $ 61,694 $ 0 $ 2,080,783 Obligations of state and political subdivisions 0 474,363 0 474,363 Government agency mortgage-backed securities 0 348,526 0 348,526 Corporate debt securities 0 7,394 0 7,394 Government agency collateralized mortgage obligations 0 8,926 0 8,926 Total available-for-sale investment securities 2,019,089 900,903 0 2,919,992 Equity securities 372 0 0 372 Mortgage loans held for sale 0 414 0 414 Commitments to originate real estate loans for sale 0 0 2 2 Forward sales commitments 0 6 0 6 Total $ 2,019,461 $ 901,323 $ 2 $ 2,920,786 |
Schedule of assets and liabilities measured on a non-recurring basis | March 31, 2024 December 31, 2023 Total Fair Total Fair (000’s omitted) Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 Value Individually assessed loans $ 0 $ 0 $ 9,224 $ 9,224 $ 0 $ 0 $ 3,014 $ 3,014 Other real estate owned 0 0 1,742 1,742 0 0 1,159 1,159 Mortgage servicing rights 0 0 76 76 0 0 162 162 Contingent consideration 0 0 (8,216) (8,216) 0 0 (5,150) (5,150) Total $ 0 $ 0 $ 2,826 $ 2,826 $ 0 $ 0 $ (815) $ (815) |
Schedule of significant unobservable inputs, fair value valuation techniques | Significant Unobservable Fair Value at Input Range (000’s omitted, except per loan data) March 31, 2024 Valuation Technique Significant Unobservable Inputs (Weighted Average) Individually assessed loans $ 9,224 Fair value of collateral Estimated cost of disposal/market adjustment 27.2 % Other real estate owned 1,742 Fair value of collateral Estimated cost of disposal/market adjustment 9.0% - 73.8% (58.8%) Commitments to originate real estate loans for sale 32 Discounted cash flow Embedded servicing value 1.0 % Mortgage servicing rights 76 Discounted cash flow Weighted average constant prepayment rate 5.0% - 14.4% (5.2%) Weighted average discount rate 5.0% - 5.2% (5.2%) Adequate compensation $ 7/loan Contingent consideration (8,216) Discounted cash flow Discount rate 6.7% - 19.1% (12.1%) Probability of achievement 82.0% - 100.0% (94.1%) Significant Unobservable Fair Value at Input Range (000's omitted, except per loan data) December 31, 2023 Valuation Technique Significant Unobservable Inputs (Weighted Average) Individually assessed loans $ 3,014 Fair value of collateral Estimated cost of disposal/market adjustment 27.2 % Other real estate owned 1,159 Fair value of collateral Estimated cost of disposal/market adjustment 9.0% - 73.8% (45.8%) Commitments to originate real estate loans for sale 2 Discounted cash flow Embedded servicing value 1.0 % Mortgage servicing rights 162 Discounted cash flow Weighted average constant prepayment rate 4.2% - 5.1% (4.2%) Weighted average discount rate 4.6% - 5.0% (4.9%) Adequate compensation $ 7/loan Contingent consideration (5,150) Discounted cash flow Discount rate 6.7% - 6.9% (6.9%) Probability of achievement 100% |
Schedule of carrying amounts and estimated fair values of other financial instruments | March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair (000’s omitted) Value Value Value Value Financial assets: Net loans $ 9,813,409 $ 9,366,599 $ 9,637,929 $ 9,293,902 Held-to-maturity securities 1,217,472 1,131,615 1,172,174 1,121,816 Financial liabilities: Deposits 13,352,022 13,326,950 12,928,121 12,907,605 Overnight borrowings 0 0 53,000 53,000 Securities sold under agreement to repurchase, short-term 287,241 287,241 304,595 304,595 Other Federal Home Loan Bank borrowings 395,122 391,311 407,603 410,385 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SEGMENT INFORMATION | |
Schedule of segment reporting information by segment | Banking and Employee Wealth (000’s omitted) Corporate Benefit Services Insurance Management Total Three Months Ended March 31, 2024 Net interest income $ 106,214 $ 623 $ 27 $ 126 $ 106,990 Provision for credit losses 6,148 0 0 0 6,148 Operating noninterest revenues 18,185 32,570 11,127 9,636 71,518 Operating noninterest expenses 78,227 20,333 10,123 6,920 115,603 Operating income before income taxes $ 40,024 $ 12,860 $ 1,031 $ 2,842 $ 56,757 Assets $ 15,632,930 $ 254,668 $ 64,337 $ 35,138 $ 15,987,073 Goodwill $ 732,598 $ 89,778 $ 23,979 $ 3,435 $ 849,790 Core deposit intangibles & Other intangibles, net $ 8,143 $ 30,792 $ 13,757 $ 1,957 $ 54,649 Reconciliation of total segment operating income before income taxes to total consolidated income before income taxes: Total segment operating income before income taxes $ 40,024 $ 12,860 $ 1,031 $ 2,842 $ 56,757 Unrealized gain on equity securities 16 0 0 0 16 Amortization of intangible assets (973) (1,725) (673) (205) (3,576) Acquisition expenses 0 (35) 0 0 (35) Litigation accrual 0 0 (119) 0 (119) Total consolidated income before income taxes $ 53,043 Reconciliation of total segment operating noninterest revenues to total consolidated noninterest revenues: Total segment operating noninterest revenues $ 71,518 Elimination of intersegment revenues (1,249) Unrealized gain on equity securities 16 Total consolidated noninterest revenues $ 70,285 Reconciliation of total segment operating noninterest expenses to total consolidated noninterest expenses: Total segment operating noninterest expenses $ 115,603 Elimination of intersegment expenses (1,249) Amortization of intangible assets 3,576 Acquisition expenses 35 Litigation accrual 119 Total consolidated noninterest expenses $ 118,084 Reconciliation of total segment assets to total consolidated assets: Total segment assets $ 15,987,073 Elimination of intersegment cash and deposits (128,403) Total consolidated assets $ 15,858,670 Banking and Employee Wealth (000's omitted) Corporate Benefit Services Insurance Management Total Three Months Ended March 31, 2023 Net interest income $ 110,682 $ 254 $ 35 $ 59 $ 111,030 Provision for credit losses 3,500 0 0 0 3,500 Operating noninterest revenues 16,445 30,187 11,548 8,637 66,817 Operating noninterest expenses 78,413 18,274 8,781 6,095 111,563 Operating income before income taxes $ 45,214 $ 12,167 $ 2,802 $ 2,601 $ 62,784 Assets $ 15,045,902 $ 229,091 $ 61,244 $ 29,123 $ 15,365,360 Goodwill $ 733,064 $ 85,384 $ 21,990 $ 2,498 $ 842,936 Core deposit intangibles & Other intangibles, net $ 11,629 $ 31,778 $ 13,040 $ 1,531 $ 57,978 Reconciliation of total segment operating income before income taxes to total consolidated income before income taxes: Total segment operating income before income taxes $ 45,214 $ 12,167 $ 2,802 $ 2,601 $ 62,784 Loss on sales of investment securities (52,329) 0 0 0 (52,329) Gain on debt extinguishment 242 0 0 0 242 Amortization of intangible assets (1,206) (1,633) (630) (198) (3,667) Acquisition expenses (17) 0 (40) 0 (57) Total consolidated income before income taxes $ 6,973 Reconciliation of total segment operating noninterest revenues to total consolidated noninterest revenues: Total segment operating noninterest revenues $ 66,817 Elimination of intersegment revenues (1,235) Loss on sales of investment securities (52,329) Gain on debt extinguishment 242 Total consolidated noninterest revenues $ 13,495 Reconciliation of total segment operating noninterest expenses to total consolidated noninterest expenses: Total segment operating noninterest expenses $ 111,563 Elimination of intersegment expenses (1,235) Amortization of intangible assets 3,667 Acquisition expenses 57 Total consolidated noninterest expenses $ 114,052 Reconciliation of total segment assets to total consolidated assets: Total segment assets $ 15,365,360 Elimination of intersegment cash and deposits (109,407) Total consolidated assets $ 15,255,953 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Apr. 01, 2024 USD ($) | Feb. 01, 2024 USD ($) installment | Mar. 01, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Acquisitions | ||||||
Number of installments of contingent consideration payments | installment | 4 | |||||
Goodwill | $ 849,790 | $ 842,936 | $ 845,396 | |||
Estimated amount | $ 1,500 | |||||
Cash consideration | 100 | |||||
Carrying value of other intangibles | 100 | |||||
Certain assets Of creative plan design limited | ||||||
Acquisitions | ||||||
Total consideration | $ 5,900 | |||||
Term of revenue target for contingent consideration arrangements | 3 years | |||||
Fair value of contingent consideration at acquisition date | $ 3,000 | |||||
Certain assets Of creative plan design limited | Measurement input discount rate | Minimum | Level 3 | ||||||
Acquisitions | ||||||
Contingent consideration, measurement input | 15.1 | |||||
Certain assets Of creative plan design limited | Measurement input discount rate | Maximum | Level 3 | ||||||
Acquisitions | ||||||
Contingent consideration, measurement input | 19.1 | |||||
Certain assets Of creative plan design limited | Measurement input revenue multiple | Level 3 | ||||||
Acquisitions | ||||||
Contingent consideration, measurement input | 82 | |||||
Certain assets Of creative plan design limited | ||||||
Acquisitions | ||||||
Purchase price of acquisition | 8,927 | |||||
Minimum contingent consideration liability that could be paid | $ 0 | |||||
Maximum contingent consideration liability that could be paid | 2,000 | |||||
Fair value of the contingent consideration | $ 3,000 | |||||
Other intangibles | 5,500 | |||||
Goodwill | $ 4,394 | |||||
Certain assets Of creative plan design limited | Other Intangible Assets | ||||||
Acquisitions | ||||||
Estimated useful life of other intangibles | 12 years | |||||
Certain assets of six financial services companies | ||||||
Acquisitions | ||||||
Purchase price of acquisition | 8,100 | |||||
Purchase price in cash | 6,700 | |||||
Aggregate consideration in contingent consideration arrangements | 1,400 | |||||
Assets acquired | 5,100 | |||||
Other intangibles | 4,900 | |||||
Goodwill | $ 3,000 | |||||
Certain assets of six financial services companies | Minimum | ||||||
Acquisitions | ||||||
Term of revenue target for contingent consideration arrangements | 2 years | |||||
Certain assets of six financial services companies | Maximum | ||||||
Acquisitions | ||||||
Term of revenue target for contingent consideration arrangements | 5 years | |||||
Axiom | ||||||
Acquisitions | ||||||
Purchase price of acquisition | $ 1,819 | |||||
Purchase price in cash | $ 1,800 | |||||
Other intangibles | 1,200 | 1,176 | ||||
Goodwill | $ 600 | $ 625 | ||||
Revenue | $ 600 | 100 | ||||
Direct expenses | $ 700 | $ 200 | ||||
Acquisitions 2023 | Other Intangible Assets | ||||||
Acquisitions | ||||||
Estimated useful life of other intangibles | 8 years | |||||
Subsequent events | New York Based Insurance Agency | ||||||
Acquisitions | ||||||
Purchase price in cash | 4,200 | |||||
Aggregate consideration in contingent consideration arrangements | $ 1,000 |
ACQUISITIONS - Estimated fair v
ACQUISITIONS - Estimated fair value of assets acquired and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 01, 2023 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Goodwill | $ 849,790 | $ 845,396 | $ 842,936 | |
Certain assets Of creative plan design limited | ||||
Consideration : | ||||
Cash | 5,861 | |||
Contingent consideration | 3,066 | |||
Total net consideration | 8,927 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Premises and equipment, net | 6 | |||
Other assets | 26 | |||
Other intangibles | 5,500 | |||
Other liabilities | (999) | |||
Total identifiable assets, net | 4,533 | |||
Goodwill | $ 4,394 | |||
Axiom | ||||
Consideration : | ||||
Cash | 1,819 | |||
Contingent consideration | 0 | |||
Total net consideration | 1,819 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Premises and equipment, net | 25 | |||
Other assets | 2 | |||
Other intangibles | 1,176 | $ 1,200 | ||
Other liabilities | (9) | |||
Total identifiable assets, net | 1,194 | |||
Goodwill | 625 | $ 600 | ||
Other | ||||
Consideration : | ||||
Cash | 6,832 | |||
Contingent consideration | 1,450 | |||
Total net consideration | 8,282 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Premises and equipment, net | 41 | |||
Other assets | 175 | |||
Other intangibles | 5,064 | |||
Other liabilities | (9) | |||
Total identifiable assets, net | 5,271 | |||
Goodwill | 3,011 | |||
Total | ||||
Consideration : | ||||
Cash | 8,651 | |||
Contingent consideration | 1,450 | |||
Total net consideration | 10,101 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Premises and equipment, net | 66 | |||
Other assets | 177 | |||
Other intangibles | 6,240 | |||
Other liabilities | (18) | |||
Total identifiable assets, net | 6,465 | |||
Goodwill | $ 3,636 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Contract Balances | ||
Accounts receivable | $ 30.2 | $ 41.7 |
Unbilled fee revenue | 8.7 | 8.1 |
Unearned revenue | $ 3.6 | $ 0.8 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized cost and estimated fair value of investment securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Available-for-Sale Portfolio: | ||
Amortized Cost | $ 3,287,497 | $ 3,301,607 |
Gross Unrealized Gains | 676 | 1,545 |
Gross Unrealized Losses | 424,309 | 383,160 |
Fair Value | 2,863,864 | 2,919,992 |
Held-to-Maturity Portfolio: | ||
Amortized Cost | 1,217,472 | 1,172,174 |
Gross Unrealized Gains | 477 | 688 |
Gross Unrealized Losses | 86,334 | 51,046 |
Fair Value | 1,131,615 | 1,121,816 |
Equity securities, at fair value | ||
Amortized Cost | 252 | 251 |
Gross Unrealized Gains | 136 | 121 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 388 | 372 |
Equity and other Securities: | ||
Amortized cost | 69,892 | 72,275 |
Gross Unrealized Gains | 886 | 871 |
Gross Unrealized Losses | 0 | 0 |
Equity and other securities | 70,778 | 73,146 |
U.S. Treasury and agency securities | ||
Available-for-Sale Portfolio: | ||
Amortized Cost | 2,382,653 | 2,381,168 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 327,136 | 300,385 |
Fair Value | 2,055,517 | 2,080,783 |
Held-to-Maturity Portfolio: | ||
Amortized Cost | 1,116,458 | 1,109,101 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 85,460 | 50,866 |
Fair Value | 1,030,998 | 1,058,235 |
Obligations of state and political subdivisions | ||
Available-for-Sale Portfolio: | ||
Amortized Cost | 496,983 | 502,879 |
Gross Unrealized Gains | 630 | 1,469 |
Gross Unrealized Losses | 37,464 | 29,985 |
Fair Value | 460,149 | 474,363 |
Government agency mortgage-backed securities | ||
Available-for-Sale Portfolio: | ||
Amortized Cost | 391,020 | 400,062 |
Gross Unrealized Gains | 46 | 76 |
Gross Unrealized Losses | 58,587 | 51,612 |
Fair Value | 332,479 | 348,526 |
Held-to-Maturity Portfolio: | ||
Amortized Cost | 101,014 | 63,073 |
Gross Unrealized Gains | 477 | 688 |
Gross Unrealized Losses | 874 | 180 |
Fair Value | 100,617 | 63,581 |
Corporate debt securities | ||
Available-for-Sale Portfolio: | ||
Amortized Cost | 8,000 | 8,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 560 | 606 |
Fair Value | 7,440 | 7,394 |
Government agency collateralized mortgage obligations | ||
Available-for-Sale Portfolio: | ||
Amortized Cost | 8,841 | 9,498 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 562 | 572 |
Fair Value | 8,279 | 8,926 |
Held-to-Maturity Portfolio: | ||
Amortized Cost | 0 | |
Fair Value | 0 | |
Federal Home Loan Bank Common Stock | ||
Other equity securities, at adjusted cost | ||
Amortized Cost | 29,866 | 32,526 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 29,866 | 32,526 |
Federal Reserve Bank Common Stock | ||
Other equity securities, at adjusted cost | ||
Amortized Cost | 33,568 | 33,568 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 33,568 | 33,568 |
Other Equity Securities | ||
Other equity securities, at adjusted cost | ||
Amortized Cost | 6,206 | 5,930 |
Gross Unrealized Gains | 750 | 750 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 6,956 | $ 6,680 |
INVESTMENT SECURITIES - Investm
INVESTMENT SECURITIES - Investment securities in a continuous unrealized loss position (Details) $ in Thousands | Mar. 31, 2024 USD ($) position | Dec. 31, 2023 USD ($) |
Available-for-Sale Securities, in Unrealized Loss Position, Fair Value | ||
Less than 12 months | $ 88,006 | $ 72,127 |
12 months or longer | 2,711,396 | 2,720,541 |
Total | 2,799,402 | 2,792,668 |
Available-for-Sale Securities, in Unrealized Loss Position, Gross Unrealized Losses | ||
Less than 12 months | 1,676 | 933 |
12 months or longer | 422,633 | 382,227 |
Total | 424,309 | 383,160 |
Fair Value | ||
Less than 12 Months | 595,656 | 555,836 |
12 Months or Longer | 505,051 | 522,743 |
Total | 1,100,707 | 1,078,579 |
Gross Unrealized Losses | ||
Less than 12 Months | 29,608 | 16,111 |
12 Months or Longer | 56,726 | 34,935 |
Total | 86,334 | 51,046 |
Available-for-sale, allowance for credit losses | 0 | |
Accrued interest receivable on available-for-sale debt securities | $ 11,600 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | |
U.S. Treasury and agency securities | ||
Available-for-Sale Securities, in Unrealized Loss Position, Fair Value | ||
Less than 12 months | $ 0 | 0 |
12 months or longer | 2,055,517 | 2,080,783 |
Total | 2,055,517 | 2,080,783 |
Available-for-Sale Securities, in Unrealized Loss Position, Gross Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 327,136 | 300,385 |
Total | 327,136 | 300,385 |
Fair Value | ||
Less than 12 Months | 527,314 | 536,885 |
12 Months or Longer | 503,684 | 521,350 |
Total | 1,030,998 | 1,058,235 |
Gross Unrealized Losses | ||
Less than 12 Months | 28,776 | 15,953 |
12 Months or Longer | 56,684 | 34,913 |
Total | 85,460 | 50,866 |
Obligations of state and political subdivisions | ||
Available-for-Sale Securities, in Unrealized Loss Position, Fair Value | ||
Less than 12 months | 85,364 | 63,541 |
12 months or longer | 313,287 | 287,191 |
Total | 398,651 | 350,732 |
Available-for-Sale Securities, in Unrealized Loss Position, Gross Unrealized Losses | ||
Less than 12 months | 1,635 | 878 |
12 months or longer | 35,829 | 29,107 |
Total | 37,464 | 29,985 |
Government agency mortgage-backed securities | ||
Available-for-Sale Securities, in Unrealized Loss Position, Fair Value | ||
Less than 12 months | 2,642 | 8,586 |
12 months or longer | 326,890 | 336,266 |
Total | 329,532 | 344,852 |
Available-for-Sale Securities, in Unrealized Loss Position, Gross Unrealized Losses | ||
Less than 12 months | 41 | 55 |
12 months or longer | 58,546 | 51,557 |
Total | 58,587 | 51,612 |
Fair Value | ||
Less than 12 Months | 68,342 | |
12 Months or Longer | 1,367 | |
Total | 69,709 | |
Gross Unrealized Losses | ||
Less than 12 Months | 832 | |
12 Months or Longer | 42 | |
Total | $ 874 | |
Corporate debt securities | ||
Available-for-Sale Securities in Unrealized Loss Positions, Number of Positions | ||
Total | position | 2 | |
Available-for-Sale Securities, in Unrealized Loss Position, Fair Value | ||
Less than 12 months | $ 0 | 0 |
12 months or longer | 7,440 | 7,394 |
Total | 7,440 | 7,394 |
Available-for-Sale Securities, in Unrealized Loss Position, Gross Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 560 | 606 |
Total | 560 | 606 |
Government agency collateralized mortgage obligations | ||
Available-for-Sale Securities, in Unrealized Loss Position, Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 8,262 | 8,907 |
Total | 8,262 | 8,907 |
Available-for-Sale Securities, in Unrealized Loss Position, Gross Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 562 | 572 |
Total | $ 562 | 572 |
Fair Value | ||
Less than 12 Months | 18,951 | |
12 Months or Longer | 1,393 | |
Total | 20,344 | |
Gross Unrealized Losses | ||
Less than 12 Months | 158 | |
12 Months or Longer | 22 | |
Total | $ 180 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Held-to-Maturity, Amortized Cost | ||
Due in one year or less | $ 0 | |
Due after one through five years | 0 | |
Due after five years through ten years | 556,091 | |
Due after ten years | 560,367 | |
Subtotal | 1,116,458 | |
Total - Amortized Cost | 1,217,472 | $ 1,172,174 |
Held-to-Maturity, Fair Value | ||
Due in one year or less | 0 | |
Due after one through five years | 0 | |
Due after five years through ten years | 527,314 | |
Due after ten years | 503,684 | |
Subtotal | 1,030,998 | |
Fair Value | 1,131,615 | 1,121,816 |
Available-for-Sale, Amortized Cost | ||
Due in one year or less | 14,764 | |
Due after one through five years | 1,682,697 | |
Due after five years through ten years | 492,385 | |
Due after ten years | 697,790 | |
Subtotal | 2,887,636 | |
Amortized Cost | 3,287,497 | 3,301,607 |
Fair Value | 2,863,864 | 2,919,992 |
Available-for-Sale, Fair Value | ||
Due in one year or less | 14,603 | |
Due after one through five years | 1,517,578 | |
Due after five years through ten years | 438,082 | |
Due after ten years | 552,843 | |
Subtotal | 2,523,106 | |
Government agency mortgage-backed securities | ||
Held-to-Maturity, Amortized Cost | ||
Total - Amortized Cost | 101,014 | 63,073 |
Held-to-Maturity, Fair Value | ||
Fair Value | 100,617 | 63,581 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 391,020 | 400,062 |
Fair Value | 332,479 | 348,526 |
Government agency collateralized mortgage obligations | ||
Held-to-Maturity, Amortized Cost | ||
Total - Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Fair Value | 0 | |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 8,841 | 9,498 |
Fair Value | 8,279 | 8,926 |
U.S. Treasury and agency securities | ||
Held-to-Maturity, Amortized Cost | ||
Total - Amortized Cost | 1,116,458 | 1,109,101 |
Held-to-Maturity, Fair Value | ||
Fair Value | 1,030,998 | 1,058,235 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 2,382,653 | 2,381,168 |
Fair Value | $ 2,055,517 | $ 2,080,783 |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investment Securities Pledged as Collateral | |||
Accrued interest and fees receivable | $ 3,300 | ||
Investment securities pledged to collateralize certain deposits and borrowings | 2,760,000 | $ 2,140,000 | |
Gross realized losses | 0 | $ (52,329) | |
Proceeds from sales of securities | 0 | 733,789 | |
U.S. Treasury and agency securities | |||
Investment Securities Pledged as Collateral | |||
Book value of available-for-sale | 786,100 | ||
Gross realized losses | 52,300 | ||
Proceeds from sales of securities | $ 733,800 | ||
U.S. Treasury and agency securities | Securities Sold under Agreements to Repurchase | |||
Investment Securities Pledged as Collateral | |||
Investment securities pledged to collateralize certain deposits and borrowings | $ 393,500 | $ 598,900 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loan Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans receivable, net | ||||
Loans | $ 9,883,500 | $ 9,704,598 | ||
Allowance for credit losses | (70,091) | (66,669) | ||
Loans, net of allowance for credit losses | 9,813,409 | 9,637,929 | ||
CRE - multifamily | ||||
Loans receivable, net | ||||
Loans | 658,278 | 619,794 | ||
CRE - owner occupied | ||||
Loans receivable, net | ||||
Loans | 777,302 | 752,774 | ||
CRE - non-owner occupied | ||||
Loans receivable, net | ||||
Loans | 1,750,038 | 1,711,198 | ||
Commercial & industrial and other business loans | ||||
Loans receivable, net | ||||
Loans | 1,034,581 | 1,000,630 | ||
Business lending | ||||
Loans receivable, net | ||||
Loans | 4,220,199 | 4,084,396 | ||
Consumer mortgage | ||||
Loans receivable, net | ||||
Loans | 3,317,467 | 3,285,018 | ||
Consumer indirect | ||||
Loans receivable, net | ||||
Loans | 1,716,028 | 1,703,440 | ||
Consumer direct | ||||
Loans receivable, net | ||||
Loans | 183,750 | 185,229 | ||
Home equity | ||||
Loans receivable, net | ||||
Loans | 446,056 | 446,515 | ||
Commercial Portfolio Segment | CRE - multifamily | ||||
Loans receivable, net | ||||
Loans | 658,278 | 619,794 | ||
Commercial Portfolio Segment | CRE - owner occupied | ||||
Loans receivable, net | ||||
Loans | 777,302 | 752,774 | ||
Commercial Portfolio Segment | CRE - non-owner occupied | ||||
Loans receivable, net | ||||
Loans | 1,750,038 | 1,711,198 | ||
Commercial Portfolio Segment | Commercial & industrial and other business loans | ||||
Loans receivable, net | ||||
Loans | 1,034,581 | 1,000,630 | ||
Commercial Portfolio Segment | Business lending | ||||
Loans receivable, net | ||||
Allowance for credit losses | (29,371) | (26,854) | $ (25,227) | $ (23,297) |
Residential Portfolio Segment | Consumer mortgage | ||||
Loans receivable, net | ||||
Loans | 3,317,467 | 3,285,018 | ||
Allowance for credit losses | (14,490) | (15,333) | (14,278) | (14,343) |
Residential Portfolio Segment | Home equity | ||||
Loans receivable, net | ||||
Allowance for credit losses | (1,581) | (1,628) | (1,588) | (1,594) |
Consumer Portfolio Segment | Consumer indirect | ||||
Loans receivable, net | ||||
Loans | 1,716,028 | 1,703,440 | ||
Allowance for credit losses | (20,294) | (18,585) | (18,047) | (17,852) |
Consumer Portfolio Segment | Consumer direct | ||||
Loans receivable, net | ||||
Loans | 183,750 | 185,229 | ||
Allowance for credit losses | (3,355) | (3,269) | (3,030) | (2,973) |
Consumer Portfolio Segment | Home equity | ||||
Loans receivable, net | ||||
Loans | 446,056 | 446,515 | ||
Allowances For Credit Losses | ||||
Loans receivable, net | ||||
Allowance for credit losses | $ (70,091) | $ (66,669) | $ (63,170) | $ (61,059) |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality By Past Due Status (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Aged analysis of the company's loans | |||
Total Loans | $ 9,883,500 | $ 9,704,598 | |
Interest income on nonaccrual loans | 0 | $ 0 | |
Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 9,883,500 | 9,704,598 | |
Nonaccrual | 44,904 | 48,687 | |
Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 42,131 | 48,442 | |
Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 4,554 | 5,886 | |
Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 91,589 | 103,015 | |
Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 9,791,911 | 9,601,583 | |
CRE - multifamily | |||
Aged analysis of the company's loans | |||
Total Loans | 658,278 | 619,794 | |
CRE - owner occupied | |||
Aged analysis of the company's loans | |||
Total Loans | 777,302 | 752,774 | |
CRE - non-owner occupied | |||
Aged analysis of the company's loans | |||
Total Loans | 1,750,038 | 1,711,198 | |
Nonaccrual | 13,368 | ||
CRE - non-owner occupied | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 247 | ||
CRE - non-owner occupied | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
CRE - non-owner occupied | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 13,615 | ||
CRE - non-owner occupied | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 1,736,423 | ||
Commercial & industrial and other business loans | |||
Aged analysis of the company's loans | |||
Total Loans | 1,034,581 | 1,000,630 | |
Nonaccrual | 647 | ||
Commercial & industrial and other business loans | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 1,402 | ||
Commercial & industrial and other business loans | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Commercial & industrial and other business loans | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 2,049 | ||
Commercial & industrial and other business loans | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 1,032,532 | ||
Business lending | |||
Aged analysis of the company's loans | |||
Total Loans | 4,220,199 | 4,084,396 | |
Consumer mortgage | |||
Aged analysis of the company's loans | |||
Total Loans | 3,317,467 | 3,285,018 | |
Nonaccrual | 27,066 | ||
Consumer mortgage | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 17,265 | ||
Consumer mortgage | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 3,115 | ||
Consumer mortgage | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 47,446 | ||
Consumer mortgage | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 3,270,021 | ||
Consumer indirect | |||
Aged analysis of the company's loans | |||
Total Loans | 1,716,028 | 1,703,440 | |
Consumer direct | |||
Aged analysis of the company's loans | |||
Total Loans | 183,750 | 185,229 | |
Home equity | |||
Aged analysis of the company's loans | |||
Total Loans | 446,056 | 446,515 | |
Commercial Portfolio Segment | CRE - multifamily | |||
Aged analysis of the company's loans | |||
Total Loans | 658,278 | 619,794 | |
Commercial Portfolio Segment | CRE - multifamily | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 658,278 | ||
Nonaccrual | 0 | ||
Commercial Portfolio Segment | CRE - multifamily | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Commercial Portfolio Segment | CRE - multifamily | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Commercial Portfolio Segment | CRE - multifamily | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Commercial Portfolio Segment | CRE - multifamily | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 658,278 | ||
Commercial Portfolio Segment | CRE - owner occupied | |||
Aged analysis of the company's loans | |||
Total Loans | 777,302 | 752,774 | |
Commercial Portfolio Segment | CRE - non-owner occupied | |||
Aged analysis of the company's loans | |||
Total Loans | 1,750,038 | 1,711,198 | |
Commercial Portfolio Segment | Commercial & industrial and other business loans | |||
Aged analysis of the company's loans | |||
Total Loans | 1,034,581 | 1,000,630 | |
Commercial Portfolio Segment | Business lending | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 619,794 | ||
Nonaccrual | 0 | ||
Commercial Portfolio Segment | Business lending | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Commercial Portfolio Segment | Business lending | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Commercial Portfolio Segment | Business lending | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Commercial Portfolio Segment | Business lending | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 619,794 | ||
Residential Portfolio Segment | CRE - owner occupied | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 777,302 | 752,774 | |
Nonaccrual | 1,536 | 1,953 | |
Residential Portfolio Segment | CRE - owner occupied | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 1,602 | 1,477 | |
Residential Portfolio Segment | CRE - owner occupied | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | 0 | |
Residential Portfolio Segment | CRE - owner occupied | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 3,138 | 3,430 | |
Residential Portfolio Segment | CRE - owner occupied | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 774,164 | 749,344 | |
Residential Portfolio Segment | Consumer mortgage | |||
Aged analysis of the company's loans | |||
Total Loans | 3,317,467 | 3,285,018 | |
Residential Portfolio Segment | Consumer mortgage | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 3,285,018 | ||
Nonaccrual | 26,043 | ||
Residential Portfolio Segment | Consumer mortgage | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 18,434 | ||
Residential Portfolio Segment | Consumer mortgage | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 4,559 | ||
Residential Portfolio Segment | Consumer mortgage | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 49,036 | ||
Residential Portfolio Segment | Consumer mortgage | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 3,235,982 | ||
Residential Portfolio Segment | Home equity | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 446,056 | 446,515 | |
Nonaccrual | 2,266 | 2,368 | |
Residential Portfolio Segment | Home equity | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 3,848 | 3,546 | |
Residential Portfolio Segment | Home equity | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 502 | 416 | |
Residential Portfolio Segment | Home equity | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 6,616 | 6,330 | |
Residential Portfolio Segment | Home equity | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 439,440 | 440,185 | |
Consumer Portfolio Segment | CRE - non-owner occupied | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 1,711,198 | ||
Nonaccrual | 17,964 | ||
Consumer Portfolio Segment | CRE - non-owner occupied | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 2,311 | ||
Consumer Portfolio Segment | CRE - non-owner occupied | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Consumer Portfolio Segment | CRE - non-owner occupied | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 20,275 | ||
Consumer Portfolio Segment | CRE - non-owner occupied | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 1,690,923 | ||
Consumer Portfolio Segment | Commercial & industrial and other business loans | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 1,000,630 | ||
Nonaccrual | 336 | ||
Consumer Portfolio Segment | Commercial & industrial and other business loans | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 880 | ||
Consumer Portfolio Segment | Commercial & industrial and other business loans | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 0 | ||
Consumer Portfolio Segment | Commercial & industrial and other business loans | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 1,216 | ||
Consumer Portfolio Segment | Commercial & industrial and other business loans | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 999,414 | ||
Consumer Portfolio Segment | Consumer indirect | |||
Aged analysis of the company's loans | |||
Total Loans | 1,716,028 | 1,703,440 | |
Consumer Portfolio Segment | Consumer indirect | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 1,716,028 | 1,703,440 | |
Nonaccrual | 0 | 0 | |
Consumer Portfolio Segment | Consumer indirect | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 16,604 | 20,215 | |
Consumer Portfolio Segment | Consumer indirect | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 865 | 776 | |
Consumer Portfolio Segment | Consumer indirect | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 17,469 | 20,991 | |
Consumer Portfolio Segment | Consumer indirect | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 1,698,559 | 1,682,449 | |
Consumer Portfolio Segment | Consumer direct | |||
Aged analysis of the company's loans | |||
Total Loans | 183,750 | 185,229 | |
Consumer Portfolio Segment | Consumer direct | Legacy Loan | |||
Aged analysis of the company's loans | |||
Total Loans | 183,750 | 185,229 | |
Nonaccrual | 21 | 23 | |
Consumer Portfolio Segment | Consumer direct | Legacy Loan | Past Due 30 - 89 Days | |||
Aged analysis of the company's loans | |||
Total Loans | 1,163 | 1,579 | |
Consumer Portfolio Segment | Consumer direct | Legacy Loan | 90+ Days Past Due and Still Accruing | |||
Aged analysis of the company's loans | |||
Total Loans | 72 | 135 | |
Consumer Portfolio Segment | Consumer direct | Legacy Loan | Financial Asset, Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 1,256 | 1,737 | |
Consumer Portfolio Segment | Consumer direct | Legacy Loan | Financial Asset, Not Past Due | |||
Aged analysis of the company's loans | |||
Total Loans | 182,494 | 183,492 | |
Consumer Portfolio Segment | Home equity | |||
Aged analysis of the company's loans | |||
Total Loans | $ 446,056 | $ 446,515 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Amount of Business Lending Loans by Credit Quality Categories (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Provision for credit losses | $ 6,148 | $ 3,500 | |
Total Loans | 9,883,500 | $ 9,704,598 | |
Year One writeoff | 0 | ||
Year Two writeoff | 160 | ||
Year Three writeoff | 0 | ||
Year Four writeoff | 0 | ||
Year Five writeoff | 0 | ||
Prior | 36 | ||
Revolving Loans Amortized Cost Basis | 588 | ||
Revolving Loans Converted to Term | 0 | ||
Total Loans | 784 | ||
Legacy Loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 9,883,500 | 9,704,598 | |
Business lending | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 124,991 | 472,811 | |
2022 | 451,091 | 638,783 | |
2021 | 628,483 | 337,778 | |
2020 | 329,523 | 196,592 | |
2019 | 186,794 | 224,483 | |
Prior | 947,292 | 757,308 | |
Revolving Loans Amortized Cost Basis | 862,079 | 804,088 | |
Revolving Loans Converted to Term | 689,946 | 652,553 | |
Total Loans | 4,220,199 | 4,084,396 | |
Year One writeoff | 0 | ||
Year Two writeoff | 64 | ||
Year Three writeoff | 0 | ||
Year Four writeoff | 0 | ||
Year Five writeoff | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 195 | ||
Revolving Loans Converted to Term | 2 | ||
Total Loans | 261 | ||
Business lending | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 124,238 | 439,165 | |
2022 | 418,013 | 624,181 | |
2021 | 612,153 | 316,926 | |
2020 | 306,294 | 187,579 | |
2019 | 181,208 | 217,713 | |
Prior | 858,656 | 679,615 | |
Revolving Loans Amortized Cost Basis | 809,365 | 756,207 | |
Revolving Loans Converted to Term | 620,464 | 585,802 | |
Total Loans | 3,930,391 | 3,807,188 | |
Business lending | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 739 | 31,781 | |
2022 | 31,221 | 12,599 | |
2021 | 12,579 | 18,249 | |
2020 | 20,110 | 3,572 | |
2019 | 3,395 | 4,134 | |
Prior | 54,643 | 46,986 | |
Revolving Loans Amortized Cost Basis | 36,332 | 35,890 | |
Revolving Loans Converted to Term | 19,086 | 25,904 | |
Total Loans | 178,105 | 179,115 | |
Business lending | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 14 | 1,865 | |
2022 | 1,857 | 2,003 | |
2021 | 3,751 | 2,603 | |
2020 | 2,153 | 4,953 | |
2019 | 2,191 | 2,636 | |
Prior | 33,993 | 30,707 | |
Revolving Loans Amortized Cost Basis | 16,382 | 11,991 | |
Revolving Loans Converted to Term | 50,396 | 40,847 | |
Total Loans | 110,737 | 97,605 | |
Business lending | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 966 | 488 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 966 | 488 | |
CRE - multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 4,033 | 104,063 | |
2022 | 103,725 | 153,613 | |
2021 | 152,612 | 52,058 | |
2020 | 54,624 | 20,047 | |
2019 | 19,362 | 42,543 | |
Prior | 155,357 | 117,102 | |
Revolving Loans Amortized Cost Basis | 27,430 | 3,387 | |
Revolving Loans Converted to Term | 141,135 | 126,981 | |
Total Loans | 658,278 | 619,794 | |
Year One writeoff | 0 | 0 | |
Year Two writeoff | 0 | 0 | |
Year Three writeoff | 0 | 0 | |
Year Four writeoff | 0 | 0 | |
Year Five writeoff | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 0 | 0 | |
CRE - multifamily | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 4,033 | 90,888 | |
2022 | 90,550 | 145,337 | |
2021 | 145,314 | 52,058 | |
2020 | 54,120 | 19,982 | |
2019 | 19,298 | 41,992 | |
Prior | 148,210 | 112,287 | |
Revolving Loans Amortized Cost Basis | 27,281 | 3,237 | |
Revolving Loans Converted to Term | 120,765 | 106,580 | |
Total Loans | 609,571 | 572,361 | |
CRE - multifamily | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 13,175 | |
2022 | 13,175 | 7,317 | |
2021 | 7,298 | 0 | |
2020 | 0 | 65 | |
2019 | 64 | 0 | |
Prior | 5,322 | 3,522 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 8,258 | 8,289 | |
Total Loans | 34,117 | 32,368 | |
CRE - multifamily | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 959 | |
2021 | 0 | 0 | |
2020 | 504 | 0 | |
2019 | 0 | 551 | |
Prior | 1,825 | 1,293 | |
Revolving Loans Amortized Cost Basis | 149 | 150 | |
Revolving Loans Converted to Term | 12,112 | 12,112 | |
Total Loans | 14,590 | 15,065 | |
CRE - multifamily | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 0 | 0 | |
CRE - owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 24,861 | 62,682 | |
2022 | 62,010 | 92,108 | |
2021 | 91,027 | 60,369 | |
2020 | 59,292 | 48,584 | |
2019 | 47,791 | 82,347 | |
Prior | 283,159 | 211,838 | |
Revolving Loans Amortized Cost Basis | 28,697 | 29,707 | |
Revolving Loans Converted to Term | 180,465 | 165,139 | |
Total Loans | 777,302 | 752,774 | |
Year One writeoff | 0 | 0 | |
Year Two writeoff | 0 | 0 | |
Year Three writeoff | 0 | 0 | |
Year Four writeoff | 0 | 0 | |
Year Five writeoff | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 19 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 0 | 19 | |
CRE - owner occupied | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 24,861 | 58,544 | |
2022 | 57,943 | 89,616 | |
2021 | 86,027 | 58,798 | |
2020 | 56,267 | 46,465 | |
2019 | 45,668 | 80,361 | |
Prior | 262,877 | 192,345 | |
Revolving Loans Amortized Cost Basis | 27,624 | 28,023 | |
Revolving Loans Converted to Term | 172,799 | 158,652 | |
Total Loans | 734,066 | 712,804 | |
CRE - owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 3,258 | |
2022 | 3,193 | 2,384 | |
2021 | 2,328 | 649 | |
2020 | 2,130 | 639 | |
2019 | 627 | 1,472 | |
Prior | 13,392 | 11,962 | |
Revolving Loans Amortized Cost Basis | 706 | 743 | |
Revolving Loans Converted to Term | 2,797 | 6,064 | |
Total Loans | 25,173 | 27,171 | |
CRE - owner occupied | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 880 | |
2022 | 874 | 108 | |
2021 | 2,672 | 922 | |
2020 | 895 | 1,480 | |
2019 | 1,496 | 514 | |
Prior | 6,890 | 7,531 | |
Revolving Loans Amortized Cost Basis | 367 | 941 | |
Revolving Loans Converted to Term | 4,869 | 423 | |
Total Loans | 18,063 | 12,799 | |
CRE - owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 0 | 0 | |
CRE - non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 46,306 | 144,095 | |
2022 | 143,413 | 256,662 | |
2021 | 254,782 | 128,538 | |
2020 | 126,987 | 91,355 | |
2019 | 86,775 | 62,003 | |
Prior | 377,390 | 325,684 | |
Revolving Loans Amortized Cost Basis | 412,488 | 406,465 | |
Revolving Loans Converted to Term | 301,897 | 296,396 | |
Total Loans | 1,750,038 | 1,711,198 | |
Year One writeoff | 0 | 0 | |
Year Two writeoff | 0 | 0 | |
Year Three writeoff | 0 | 0 | |
Year Four writeoff | 0 | 0 | |
Year Five writeoff | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 0 | 0 | |
CRE - non-owner occupied | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 46,146 | 143,106 | |
2022 | 142,425 | 255,699 | |
2021 | 253,828 | 111,306 | |
2020 | 109,985 | 86,560 | |
2019 | 85,180 | 60,646 | |
Prior | 321,511 | 275,458 | |
Revolving Loans Amortized Cost Basis | 393,412 | 387,559 | |
Revolving Loans Converted to Term | 268,762 | 265,348 | |
Total Loans | 1,621,249 | 1,585,682 | |
CRE - non-owner occupied | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 160 | 42 | |
2022 | 41 | 827 | |
2021 | 819 | 16,109 | |
2020 | 15,879 | 1,311 | |
2019 | 1,292 | 109 | |
Prior | 31,513 | 29,648 | |
Revolving Loans Amortized Cost Basis | 18,976 | 18,806 | |
Revolving Loans Converted to Term | 5,781 | 3,506 | |
Total Loans | 74,461 | 70,358 | |
CRE - non-owner occupied | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 947 | |
2022 | 947 | 136 | |
2021 | 135 | 1,123 | |
2020 | 157 | 2,996 | |
2019 | 303 | 1,248 | |
Prior | 24,366 | 20,578 | |
Revolving Loans Amortized Cost Basis | 100 | 100 | |
Revolving Loans Converted to Term | 27,354 | 27,542 | |
Total Loans | 53,362 | 54,670 | |
CRE - non-owner occupied | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 966 | 488 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 966 | 488 | |
Commercial & industrial and other business loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 49,791 | 161,971 | |
2022 | 141,943 | 136,400 | |
2021 | 130,062 | 96,813 | |
2020 | 88,620 | 36,606 | |
2019 | 32,866 | 37,590 | |
Prior | 131,386 | 102,684 | |
Revolving Loans Amortized Cost Basis | 393,464 | 364,529 | |
Revolving Loans Converted to Term | 66,449 | 64,037 | |
Total Loans | 1,034,581 | 1,000,630 | |
Year One writeoff | 0 | 0 | |
Year Two writeoff | 64 | 160 | |
Year Three writeoff | 0 | 0 | |
Year Four writeoff | 0 | 0 | |
Year Five writeoff | 0 | 0 | |
Prior | 0 | 36 | |
Revolving Loans Amortized Cost Basis | 195 | 569 | |
Revolving Loans Converted to Term | 2 | 0 | |
Total Loans | 261 | 765 | |
Commercial & industrial and other business loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 49,198 | 146,627 | |
2022 | 127,095 | 133,529 | |
2021 | 126,984 | 94,764 | |
2020 | 85,922 | 34,572 | |
2019 | 31,062 | 34,714 | |
Prior | 126,058 | 99,525 | |
Revolving Loans Amortized Cost Basis | 361,048 | 337,388 | |
Revolving Loans Converted to Term | 58,138 | 55,222 | |
Total Loans | 965,505 | 936,341 | |
Commercial & industrial and other business loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 579 | 15,306 | |
2022 | 14,812 | 2,071 | |
2021 | 2,134 | 1,491 | |
2020 | 2,101 | 1,557 | |
2019 | 1,412 | 2,553 | |
Prior | 4,416 | 1,854 | |
Revolving Loans Amortized Cost Basis | 16,650 | 16,341 | |
Revolving Loans Converted to Term | 2,250 | 8,045 | |
Total Loans | 44,354 | 49,218 | |
Commercial & industrial and other business loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 14 | 38 | |
2022 | 36 | 800 | |
2021 | 944 | 558 | |
2020 | 597 | 477 | |
2019 | 392 | 323 | |
Prior | 912 | 1,305 | |
Revolving Loans Amortized Cost Basis | 15,766 | 10,800 | |
Revolving Loans Converted to Term | 6,061 | 770 | |
Total Loans | 24,722 | 15,071 | |
Commercial & industrial and other business loans | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 0 | 0 | |
Consumer mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 91,635 | 503,463 | |
2022 | 499,124 | 506,770 | |
2021 | 497,271 | 624,951 | |
2020 | 612,793 | 304,666 | |
2019 | 298,796 | 230,933 | |
Prior | 1,150,679 | 956,818 | |
Revolving Loans Amortized Cost Basis | 37,999 | 39,997 | |
Revolving Loans Converted to Term | 129,170 | 117,420 | |
Total Loans | 3,317,467 | 3,285,018 | |
Year One writeoff | 0 | 0 | |
Year Two writeoff | 0 | 0 | |
Year Three writeoff | 0 | 0 | |
Year Four writeoff | 0 | ||
Year Five writeoff | 0 | 85 | |
Prior | 93 | 584 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 93 | 669 | |
Consumer mortgage | FICO AB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 64,407 | 354,967 | |
2022 | 349,747 | 353,556 | |
2021 | 347,507 | 457,635 | |
2020 | 448,643 | 200,034 | |
2019 | 196,357 | 157,438 | |
Prior | 745,983 | 611,778 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 93,779 | 86,262 | |
Total Loans | 2,246,423 | 2,221,670 | |
Consumer mortgage | FICO AB | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 64,407 | 354,967 | |
2022 | 349,747 | 353,185 | |
2021 | 347,072 | 456,871 | |
2020 | 448,044 | 199,429 | |
2019 | 195,758 | 157,159 | |
Prior | 740,946 | 606,591 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 93,588 | 86,067 | |
Total Loans | 2,239,562 | 2,214,269 | |
Consumer mortgage | FICO AB | Nonperforming | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 371 | |
2021 | 435 | 764 | |
2020 | 599 | 605 | |
2019 | 599 | 279 | |
Prior | 5,037 | 5,187 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 191 | 195 | |
Total Loans | 6,861 | 7,401 | |
Consumer mortgage | FICO CDE | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 27,228 | 148,496 | |
2022 | 149,377 | 153,214 | |
2021 | 149,764 | 167,316 | |
2020 | 164,150 | 104,632 | |
2019 | 102,439 | 73,495 | |
Prior | 404,696 | 345,040 | |
Revolving Loans Amortized Cost Basis | 37,999 | 39,997 | |
Revolving Loans Converted to Term | 35,391 | 31,158 | |
Total Loans | 1,071,044 | 1,063,348 | |
Consumer mortgage | FICO CDE | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 27,228 | 148,443 | |
2022 | 148,818 | 150,585 | |
2021 | 146,921 | 164,839 | |
2020 | 162,313 | 103,003 | |
2019 | 100,186 | 71,710 | |
Prior | 390,278 | 331,839 | |
Revolving Loans Amortized Cost Basis | 37,639 | 39,630 | |
Revolving Loans Converted to Term | 34,341 | 30,098 | |
Total Loans | 1,047,724 | 1,040,147 | |
Consumer mortgage | FICO CDE | Nonperforming | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 53 | |
2022 | 559 | 2,629 | |
2021 | 2,843 | 2,477 | |
2020 | 1,837 | 1,629 | |
2019 | 2,253 | 1,785 | |
Prior | 14,418 | 13,201 | |
Revolving Loans Amortized Cost Basis | 360 | 367 | |
Revolving Loans Converted to Term | 1,050 | 1,060 | |
Total Loans | 23,320 | 23,201 | |
Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 163,183 | 681,908 | |
2022 | 641,170 | 573,242 | |
2021 | 524,351 | 273,136 | |
2020 | 240,215 | 71,470 | |
2019 | 60,265 | 45,222 | |
Prior | 86,844 | 58,462 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 1,716,028 | 1,703,440 | |
Year One writeoff | 0 | 926 | |
Year Two writeoff | 943 | 3,595 | |
Year Three writeoff | 1,282 | 1,969 | |
Year Four writeoff | 393 | 1,171 | |
Year Five writeoff | 175 | 570 | |
Prior | 267 | 1,121 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 3,060 | 9,352 | |
Consumer indirect | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 163,183 | 681,824 | |
2022 | 640,930 | 572,799 | |
2021 | 524,062 | 273,035 | |
2020 | 240,137 | 71,428 | |
2019 | 60,246 | 45,203 | |
Prior | 86,605 | 58,375 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 1,715,163 | 1,702,664 | |
Consumer indirect | Nonperforming | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 84 | |
2022 | 240 | 443 | |
2021 | 289 | 101 | |
2020 | 78 | 42 | |
2019 | 19 | 19 | |
Prior | 239 | 87 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 865 | 776 | |
Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 22,640 | 80,202 | |
2022 | 69,915 | 52,867 | |
2021 | 46,532 | 26,664 | |
2020 | 22,634 | 8,282 | |
2019 | 6,682 | 4,606 | |
Prior | 8,599 | 5,720 | |
Revolving Loans Amortized Cost Basis | 6,747 | 6,887 | |
Revolving Loans Converted to Term | 1 | 1 | |
Total Loans | 183,750 | 185,229 | |
Year One writeoff | 0 | 206 | |
Year Two writeoff | 274 | 813 | |
Year Three writeoff | 254 | 450 | |
Year Four writeoff | 227 | 110 | |
Year Five writeoff | 17 | 110 | |
Prior | 41 | 159 | |
Revolving Loans Amortized Cost Basis | 60 | 161 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 873 | 2,009 | |
Consumer direct | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 22,640 | 80,169 | |
2022 | 69,889 | 52,826 | |
2021 | 46,515 | 26,617 | |
2020 | 22,634 | 8,282 | |
2019 | 6,682 | 4,604 | |
Prior | 8,574 | 5,697 | |
Revolving Loans Amortized Cost Basis | 6,722 | 6,875 | |
Revolving Loans Converted to Term | 1 | 1 | |
Total Loans | 183,657 | 185,071 | |
Consumer direct | Nonperforming | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 33 | |
2022 | 26 | 41 | |
2021 | 17 | 47 | |
2020 | 0 | 0 | |
2019 | 0 | 2 | |
Prior | 25 | 23 | |
Revolving Loans Amortized Cost Basis | 25 | 12 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 93 | 158 | |
Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 11,042 | 61,065 | |
2022 | 59,874 | 62,963 | |
2021 | 61,356 | 63,112 | |
2020 | 61,142 | 31,347 | |
2019 | 30,461 | 25,981 | |
Prior | 67,401 | 45,365 | |
Revolving Loans Amortized Cost Basis | 126,773 | 127,992 | |
Revolving Loans Converted to Term | 28,007 | 28,690 | |
Total Loans | 446,056 | 446,515 | |
Year One writeoff | 0 | 0 | |
Year Two writeoff | 0 | 0 | |
Year Three writeoff | 23 | 0 | |
Year Four writeoff | 0 | 64 | |
Year Five writeoff | 0 | 0 | |
Prior | 0 | 44 | |
Revolving Loans Amortized Cost Basis | 0 | 11 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total Loans | 23 | 119 | |
Home equity | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 11,042 | 61,065 | |
2022 | 59,649 | 62,801 | |
2021 | 61,180 | 63,102 | |
2020 | 61,104 | 31,094 | |
2019 | 30,104 | 25,721 | |
Prior | 66,718 | 44,832 | |
Revolving Loans Amortized Cost Basis | 125,865 | 126,939 | |
Revolving Loans Converted to Term | 27,626 | 28,177 | |
Total Loans | 443,288 | 443,731 | |
Home equity | Nonperforming | |||
Financing Receivable, Recorded Investment [Line Items] | |||
2023 | 0 | 0 | |
2022 | 225 | 162 | |
2021 | 176 | 10 | |
2020 | 38 | 253 | |
2019 | 357 | 260 | |
Prior | 683 | 533 | |
Revolving Loans Amortized Cost Basis | 908 | 1,053 | |
Revolving Loans Converted to Term | 381 | 513 | |
Total Loans | $ 2,768 | $ 2,784 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Summary of Impaired Loans, Excluding Purchased Impaired (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Impaired loans | |||
Loans with allowance allocation | $ 10,189 | $ 3,484 | |
Loans without allowance allocation | 4,322 | 15,750 | |
Carrying balance | 14,511 | 19,234 | |
Contractual balance | 14,645 | 19,249 | |
Specifically allocated allowance | 965 | $ 470 | |
Average carrying balance of individually assessed loans | 14,500 | $ 3,100 | |
Interest income on individually assessed loans | 0 | $ 0 | |
Minimum | |||
Impaired loans | |||
Threshold balance of loans individually evaluated for impairment | $ 500 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Performance of Loan Modifications (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 2,990 |
Total Class of Financing Receivable (in percent) | 0.01% |
Financial Asset, Not Past Due | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 2,711 |
Past Due 30 - 89 Days | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
90+ Days Past Due and Still Accruing | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Non-Accrual | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 279 |
Term Extension | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 685 |
Commercial Portfolio Segment | CRE - owner occupied | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 1,686 |
Total Class of Financing Receivable (in percent) | 0.05% |
Commercial Portfolio Segment | CRE - owner occupied | Financial Asset, Not Past Due | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 1,686 |
Commercial Portfolio Segment | CRE - owner occupied | Past Due 30 - 89 Days | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | CRE - owner occupied | 90+ Days Past Due and Still Accruing | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | CRE - owner occupied | Non-Accrual | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | CRE - owner occupied | Term Extension | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 353 |
Commercial Portfolio Segment | CRE - non-owner occupied | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 886 |
Total Class of Financing Receivable (in percent) | 0.01% |
Commercial Portfolio Segment | CRE - non-owner occupied | Financial Asset, Not Past Due | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 886 |
Commercial Portfolio Segment | CRE - non-owner occupied | Past Due 30 - 89 Days | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | CRE - non-owner occupied | 90+ Days Past Due and Still Accruing | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | CRE - non-owner occupied | Non-Accrual | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | CRE - non-owner occupied | Term Extension | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 224 |
Commercial Portfolio Segment | Commercial & industrial and other business loans | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 108 |
Total Class of Financing Receivable (in percent) | 0% |
Commercial Portfolio Segment | Commercial & industrial and other business loans | Financial Asset, Not Past Due | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 108 |
Commercial Portfolio Segment | Commercial & industrial and other business loans | Past Due 30 - 89 Days | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | Commercial & industrial and other business loans | 90+ Days Past Due and Still Accruing | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | Commercial & industrial and other business loans | Non-Accrual | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Commercial Portfolio Segment | Commercial & industrial and other business loans | Term Extension | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 108 |
Consumer Portfolio Segment | Consumer mortgage | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 279 |
Consumer Portfolio Segment | Consumer mortgage | Financial Asset, Not Past Due | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Consumer Portfolio Segment | Consumer mortgage | Past Due 30 - 89 Days | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Consumer Portfolio Segment | Consumer mortgage | 90+ Days Past Due and Still Accruing | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Consumer Portfolio Segment | Consumer mortgage | Non-Accrual | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 279 |
Residential Portfolio Segment | Home equity | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 31 |
Residential Portfolio Segment | Home equity | Financial Asset, Not Past Due | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 31 |
Residential Portfolio Segment | Home equity | Past Due 30 - 89 Days | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Residential Portfolio Segment | Home equity | 90+ Days Past Due and Still Accruing | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | 0 |
Residential Portfolio Segment | Home equity | Non-Accrual | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Loan modifications amount | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Weighted-Average Term Extension (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||
Loans that had payment default subsequent to modification | $ 0 | $ 0 |
Term Extension | ||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||
Weighted-Average Term Extension (Years) | 4 years 2 months 12 days | |
Commercial Portfolio Segment | CRE - owner occupied | Term Extension | ||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||
Weighted-Average Term Extension (Years) | 1 year 8 months 12 days | |
Commercial Portfolio Segment | Commercial & industrial and other business loans | Term Extension | ||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||
Weighted-Average Term Extension (Years) | 3 years 9 months 18 days | |
Consumer Portfolio Segment | CRE - non-owner occupied | Term Extension | ||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||
Weighted-Average Term Extension (Years) | 8 years 6 months |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for credit loss - loans | |||
Beginning balance | $ 66,669 | ||
Charge-offs | $ (784) | ||
Ending balance | 70,091 | 66,669 | |
Accrued interest receivable on loans | 34,400 | ||
Amount pledged | 9,813,409 | 9,637,929 | |
Amounts outstanding | 394,400 | ||
Foreclosures in progress | 5,200 | 5,800 | |
Sale of secondary market eligible residential consumer mortgage loans | 1,200 | ||
Provision | 6,148 | $ 3,500 | |
Liabilities for off-balance-sheet | |||
Beginning balance | 913 | 1,123 | 1,123 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (115) | (122) | |
Ending balance | 798 | 1,001 | 913 |
Assets pledged as collateral | Borrowings from FHLB and FRB | |||
Allowance for credit loss - loans | |||
Amount pledged | 4,440,000 | ||
Elmira Savings Bank ("Elmira") | |||
Allowance for credit loss - loans | |||
Beginning balance | 66,700 | ||
Ending balance | 70,100 | 63,200 | 66,700 |
Commercial Loan | |||
Allowance for credit loss - loans | |||
Charge-offs | (261) | ||
Consumer indirect | |||
Allowance for credit loss - loans | |||
Charge-offs | (3,060) | (9,352) | |
Consumer direct | |||
Allowance for credit loss - loans | |||
Charge-offs | (873) | (2,009) | |
Home equity | |||
Allowance for credit loss - loans | |||
Charge-offs | (23) | (119) | |
Consumer mortgage | |||
Allowance for credit loss - loans | |||
Charge-offs | (93) | (669) | |
Commercial Portfolio Segment | Commercial Loan | |||
Allowance for credit loss - loans | |||
Beginning balance | 26,854 | 23,297 | 23,297 |
Charge-offs | (261) | (175) | |
Recoveries | 39 | 172 | |
Provision | 2,739 | 1,933 | |
Ending balance | 29,371 | 25,227 | 26,854 |
Residential Portfolio Segment | Home equity | |||
Allowance for credit loss - loans | |||
Beginning balance | 1,628 | 1,594 | 1,594 |
Charge-offs | (23) | 0 | |
Recoveries | 3 | 6 | |
Provision | (27) | (12) | |
Ending balance | 1,581 | 1,588 | 1,628 |
Residential Portfolio Segment | Consumer mortgage | |||
Allowance for credit loss - loans | |||
Beginning balance | 15,333 | 14,343 | 14,343 |
Charge-offs | (93) | (19) | |
Recoveries | 3 | 7 | |
Provision | (753) | (53) | |
Ending balance | 14,490 | 14,278 | 15,333 |
Consumer Portfolio Segment | Consumer indirect | |||
Allowance for credit loss - loans | |||
Beginning balance | 18,585 | 17,852 | 17,852 |
Charge-offs | (3,060) | (2,531) | |
Recoveries | 1,209 | 1,347 | |
Provision | 3,560 | 1,379 | |
Ending balance | 20,294 | 18,047 | 18,585 |
Consumer Portfolio Segment | Consumer direct | |||
Allowance for credit loss - loans | |||
Beginning balance | 3,269 | 2,973 | 2,973 |
Charge-offs | (873) | (505) | |
Recoveries | 215 | 187 | |
Provision | 744 | 375 | |
Ending balance | 3,355 | 3,030 | 3,269 |
Unallocated | |||
Allowance for credit loss - loans | |||
Beginning balance | 1,000 | 1,000 | 1,000 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 0 | 0 | |
Ending balance | 1,000 | 1,000 | 1,000 |
Allowances For Credit Losses [Member] | |||
Allowance for credit loss - loans | |||
Beginning balance | 66,669 | 61,059 | 61,059 |
Charge-offs | (4,310) | (3,230) | |
Recoveries | 1,469 | 1,719 | |
Provision | 6,263 | 3,622 | |
Ending balance | 70,091 | 63,170 | 66,669 |
Total Allowances For Credit Losses [Member] | |||
Allowance for credit loss | |||
Beginning balance | 67,582 | 62,182 | 62,182 |
Charge-offs | (4,310) | (3,230) | |
Recoveries | 1,469 | 1,719 | |
Provision | 6,148 | 3,500 | |
Ending balance | $ 70,889 | $ 64,171 | $ 67,582 |
GOODWILL AND IDENTIFIABLE INT_3
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Identifiable Intangible Assets | ||
Gross Carrying Amount | $ 208,926 | $ 203,292 |
Accumulated Amortization | (154,277) | (150,701) |
Net Carrying Amount | 54,649 | 52,591 |
Estimated aggregate amortization expense for each of five succeeding fiscal years | ||
Apr - Dec 2024 | 9,940 | |
2025 | 11,604 | |
2026 | 10,216 | |
2027 | 4,564 | |
2028 | 3,434 | |
Thereafter | 14,891 | |
Net Carrying Amount | 54,649 | 52,591 |
Components of goodwill | ||
Goodwill, beginning of period | 845,396 | |
Goodwill, additions | 4,394 | |
Goodwill, end of period | 849,790 | |
Core deposit intangibles | ||
Identifiable Intangible Assets | ||
Gross Carrying Amount | 77,373 | 77,373 |
Accumulated Amortization | (70,125) | (69,214) |
Net Carrying Amount | 7,248 | 8,159 |
Estimated aggregate amortization expense for each of five succeeding fiscal years | ||
Net Carrying Amount | 7,248 | 8,159 |
Other intangibles | ||
Identifiable Intangible Assets | ||
Gross Carrying Amount | 131,553 | 125,919 |
Accumulated Amortization | (84,152) | (81,487) |
Net Carrying Amount | 47,401 | 44,432 |
Estimated aggregate amortization expense for each of five succeeding fiscal years | ||
Net Carrying Amount | $ 47,401 | $ 44,432 |
BORROWINGS (Details)
BORROWINGS (Details) - Short-Term Debt - Bank Term Funding Program $ in Millions | Jan. 31, 2024 USD ($) |
BORROWINGS | |
Amount secured | $ 300 |
Federal Reserve rate (in percent) | 4.87% |
BENEFIT PLANS (Details)
BENEFIT PLANS (Details) - Pension Benefits - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Plans | ||
Contribution made to defined benefit pension plan by employer | $ 4,000 | $ 0 |
Net periodic benefit cost | ||
Service cost | 1,173 | 1,108 |
Interest cost | 1,898 | 1,890 |
Expected return on plan assets | (4,600) | (4,020) |
Amortization of unrecognized net loss (gain) | 283 | (555) |
Amortization of prior service cost | 205 | 205 |
Net periodic benefit | $ (1,041) | $ (1,372) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Basic earnings per share | ||||
Net Income (Loss) | $ 40,872 | $ 5,798 | ||
Income attributable to unvested stock-based compensation awards | (111) | (17) | ||
Income available to common shareholders | $ 40,761 | $ 5,781 | ||
Weighted-average common shares outstanding - basic (in shares) | 53,228,000 | 53,843,000 | ||
Basic earnings per share(in dollar per share) | $ 0.77 | $ 0.11 | ||
Diluted earnings per share | ||||
Net Income (Loss) | $ 40,872 | $ 5,798 | ||
Income attributable to unvested stock-based compensation awards | (111) | (17) | ||
Income available to common shareholders | $ 40,761 | $ 5,781 | ||
Weighted-average common shares outstanding - basic (in shares) | 53,228,000 | 53,843,000 | ||
Assumed exercise of stock options (in shares) | 93,000 | 207,000 | ||
Weighted-average common shares outstanding - diluted (in shares) | 53,321,000 | 54,050,000 | ||
Diluted earnings per share(in dollar per share) | $ 0.76 | $ 0.11 | ||
Stock Repurchase Program | ||||
Number of common shares authorized to be repurchased (in shares) | 2,697,000 | 2,697,000 | ||
Number of common shares repurchased (in shares) | 750,000 | 200,000 | 607,161 | |
Average price per share repurchased | $ 45.95 | $ 54.53 | $ 49.44 |
COMMITMENTS, CONTINGENT LIABI_3
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Nov. 16, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Commitments and contingencies | |||||
Contract amount of commitments and contingencies | $ 1,615,899 | $ 1,555,901 | |||
Loss contingency accrual, payments | 5,800 | ||||
Basis points | 0.134% | ||||
Uninsured deposits | $ 5,000,000 | ||||
FDIC expenses | 400 | 1,500 | |||
Litigation accrual | 5,800 | ||||
Litigation accrual for the year | 0 | ||||
FDIC insurance expense | 2,600 | $ 2,100 | |||
Commitments to extend credit | |||||
Commitments and contingencies | |||||
Contract amount of commitments and contingencies | 1,550,998 | 1,494,549 | |||
Standby letters of credit | |||||
Commitments and contingencies | |||||
Contract amount of commitments and contingencies | $ 64,901 | $ 61,352 |
FAIR VALUE - Financial assets a
FAIR VALUE - Financial assets and liabilities accounted for at fair value on a recurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Available-for-sale investment securities | ||
Fair Value | $ 2,863,864 | $ 2,919,992 |
Equity securities | 388 | 372 |
Mortgage loans held for sale | 400 | |
Unpaid principal value of mortgage loans held for sale | 100 | |
Transfers between Level 1 and Level 2 | 0 | |
Transfers between Level 2 and Level 1 | 0 | |
Transfers in of level 3 | 0 | |
Transfers Out of level 3 | 0 | |
U.S. Treasury and agency securities | ||
Available-for-sale investment securities | ||
Fair Value | 2,055,517 | 2,080,783 |
Obligations of state and political subdivisions | ||
Available-for-sale investment securities | ||
Fair Value | 460,149 | 474,363 |
Government agency mortgage-backed securities | ||
Available-for-sale investment securities | ||
Fair Value | 332,479 | 348,526 |
Corporate debt securities | ||
Available-for-sale investment securities | ||
Fair Value | 7,440 | 7,394 |
Government agency collateralized mortgage obligations | ||
Available-for-sale investment securities | ||
Fair Value | 8,279 | 8,926 |
Recurring | ||
Available-for-sale investment securities | ||
Fair Value | 2,863,864 | 2,919,992 |
Equity securities | 388 | 372 |
Mortgage loans held for sale | 88 | 414 |
Total | 2,864,409 | 2,920,786 |
Recurring | Forward sales commitments | ||
Available-for-sale investment securities | ||
Derivative asset | 37 | 6 |
Recurring | Commitments to originate real estate loans for sale | ||
Available-for-sale investment securities | ||
Derivative asset | 32 | 2 |
Recurring | U.S. Treasury and agency securities | ||
Available-for-sale investment securities | ||
Fair Value | 2,055,517 | 2,080,783 |
Recurring | Obligations of state and political subdivisions | ||
Available-for-sale investment securities | ||
Fair Value | 460,149 | 474,363 |
Recurring | Government agency mortgage-backed securities | ||
Available-for-sale investment securities | ||
Fair Value | 332,479 | 348,526 |
Recurring | Corporate debt securities | ||
Available-for-sale investment securities | ||
Fair Value | 7,440 | 7,394 |
Recurring | Government agency collateralized mortgage obligations | ||
Available-for-sale investment securities | ||
Fair Value | 8,279 | 8,926 |
Recurring | Level 1 | ||
Available-for-sale investment securities | ||
Fair Value | 1,995,421 | 2,019,089 |
Equity securities | 388 | 372 |
Mortgage loans held for sale | 0 | 0 |
Total | 1,995,809 | 2,019,461 |
Recurring | Level 1 | Forward sales commitments | ||
Available-for-sale investment securities | ||
Derivative asset | 0 | 0 |
Recurring | Level 1 | Commitments to originate real estate loans for sale | ||
Available-for-sale investment securities | ||
Derivative asset | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and agency securities | ||
Available-for-sale investment securities | ||
Fair Value | 1,995,421 | 2,019,089 |
Recurring | Level 1 | Obligations of state and political subdivisions | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 1 | Government agency mortgage-backed securities | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 1 | Corporate debt securities | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 2 | ||
Available-for-sale investment securities | ||
Fair Value | 868,443 | 900,903 |
Equity securities | 0 | 0 |
Mortgage loans held for sale | 88 | 414 |
Total | 868,568 | 901,323 |
Recurring | Level 2 | Forward sales commitments | ||
Available-for-sale investment securities | ||
Derivative asset | 37 | 6 |
Recurring | Level 2 | Commitments to originate real estate loans for sale | ||
Available-for-sale investment securities | ||
Derivative asset | 0 | 0 |
Recurring | Level 2 | U.S. Treasury and agency securities | ||
Available-for-sale investment securities | ||
Fair Value | 60,096 | 61,694 |
Recurring | Level 2 | Obligations of state and political subdivisions | ||
Available-for-sale investment securities | ||
Fair Value | 460,149 | 474,363 |
Recurring | Level 2 | Government agency mortgage-backed securities | ||
Available-for-sale investment securities | ||
Fair Value | 332,479 | 348,526 |
Recurring | Level 2 | Corporate debt securities | ||
Available-for-sale investment securities | ||
Fair Value | 7,440 | 7,394 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | ||
Available-for-sale investment securities | ||
Fair Value | 8,279 | 8,926 |
Recurring | Level 3 | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total | 32 | 2 |
Recurring | Level 3 | Forward sales commitments | ||
Available-for-sale investment securities | ||
Derivative asset | 0 | 0 |
Recurring | Level 3 | Commitments to originate real estate loans for sale | ||
Available-for-sale investment securities | ||
Derivative asset | 32 | 2 |
Recurring | Level 3 | U.S. Treasury and agency securities | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 3 | Obligations of state and political subdivisions | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 3 | Government agency mortgage-backed securities | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 3 | Corporate debt securities | ||
Available-for-sale investment securities | ||
Fair Value | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | ||
Available-for-sale investment securities | ||
Fair Value | $ 0 | $ 0 |
FAIR VALUE - Assets and liabili
FAIR VALUE - Assets and liabilities measured on a non-recurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | |
Assets and Liabilities Measured on Nonrecurring Basis | |||
Valuation allowance | $ 470 | $ 965 | |
FBD | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Estimated probability of achievement | 100% | ||
TGA | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Acquisition-related contingent consideration adjustment | $ 1,000 | ||
Payment of contingent consideration | $ 2,400 | ||
Maximum | FBD | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Acquisition-related contingent consideration adjustment | 2,700 | ||
Mortgage servicing rights | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Valuation allowance | 1,200 | ||
Non-recurring | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Individually assessed loans | 3,014 | 9,224 | |
Other real estate owned | 1,159 | 1,742 | |
Mortgage servicing rights | 162 | 76 | |
Contingent consideration | (5,150) | (8,216) | |
Total | (815) | 2,826 | |
Non-recurring | Level 1 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Individually assessed loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Contingent consideration | 0 | 0 | |
Total | 0 | 0 | |
Non-recurring | Level 2 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Individually assessed loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Contingent consideration | 0 | 0 | |
Total | 0 | 0 | |
Non-recurring | Level 3 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Individually assessed loans | 3,014 | 9,224 | |
Other real estate owned | 1,159 | 1,742 | |
Mortgage servicing rights | 162 | 76 | |
Contingent consideration | (5,150) | (8,216) | |
Total | $ (815) | $ 2,826 |
FAIR VALUE - Significant unobse
FAIR VALUE - Significant unobservable inputs (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Minimum | Fair value of collateral | Estimated cost of disposal/market adjustment | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Other real estate owned, measurement input | 0.090 | |
Maximum | Fair value of collateral | Estimated cost of disposal/market adjustment | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Other real estate owned, measurement input | 0.738 | |
Level 3 | Estimated cost of disposal/market adjustment | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Individually assessed loans, Valuation Technique [Extensible List] | Fair value of collateral | Fair value of collateral |
Other real estate owned, valuation technique [Extensible List] | Fair value of collateral | Fair value of collateral |
Level 3 | Embedded servicing value | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Commitments to originate real estate loans for sale, Valuation Technique [Extensible List] | Discounted cash flow | Discounted cash flow |
Level 3 | Weighted average constant prepayment rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, Valuation Technique [Extensible List] | Discounted cash flow | Discounted cash flow |
Level 3 | Weighted average discount rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Contingent consideration, Valuation Technique [Extensible List] | Discounted cash flow | Discounted cash flow |
Level 3 | Fair value of collateral | Estimated cost of disposal/market adjustment | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Individually assessed loans | $ 9,224,000 | $ 3,014,000 |
Individually assessed loans, measurement input | 0.272 | 0.272 |
Individually assessed loans, Measurement Input [Extensible List] | Estimated cost of disposal/market adjustment | Estimated cost of disposal/market adjustment |
Other real estate owned | $ 1,742,000 | $ 1,159,000 |
Other real estate owned, measurement input [Extensible List] | Estimated cost of disposal/market adjustment | Estimated cost of disposal/market adjustment |
Level 3 | Discounted cash flow | Embedded servicing value | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Commitments to originate real estate loans for sale | $ 32,000 | $ 2,000 |
Commitments to originate real estate loans for sale, measurement input | 0.010 | 0.010 |
Level 3 | Discounted cash flow | Weighted average constant prepayment rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights | $ 76,000 | $ 162,000 |
Mortgage servicing rights, Measurement Input [Extensible List] | Weighted average constant prepayment rate | Weighted average constant prepayment rate |
Level 3 | Discounted cash flow | Weighted average discount rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, Measurement Input [Extensible List] | Weighted average discount rate | Weighted average discount rate |
Contingent consideration | $ (8,216,000) | $ (5,150,000) |
Level 3 | Discounted cash flow | Adequate compensation | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Business loans held for sale, measurement input | 7 | 7 |
Mortgage servicing rights, Measurement Input [Extensible List] | Adequate compensation | Adequate compensation |
Contingent consideration, Measurement Input [Extensible List] | Weighted average discount rate | Weighted average discount rate |
Level 3 | Discounted cash flow | Probability of achievement | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Contingent consideration, Measurement Input [Extensible List] | Probability of achievement | Probability of achievement |
Level 3 | Minimum | Fair value of collateral | Estimated cost of disposal/market adjustment | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Other real estate owned, measurement input | 0.090 | 0.090 |
Level 3 | Minimum | Discounted cash flow | Weighted average constant prepayment rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, measurement input | 0.050 | 0.042 |
Level 3 | Minimum | Discounted cash flow | Weighted average discount rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, measurement input | 0.050 | 0.046 |
Contingent consideration, measurement input | 0.067 | 0.067 |
Level 3 | Minimum | Discounted cash flow | Probability of achievement | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Contingent consideration, measurement input | 0.820 | 1 |
Level 3 | Maximum | Fair value of collateral | Estimated cost of disposal/market adjustment | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Other real estate owned, measurement input | 0.738 | 0.738 |
Level 3 | Maximum | Discounted cash flow | Weighted average constant prepayment rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, measurement input | 0.144 | 0.051 |
Level 3 | Maximum | Discounted cash flow | Weighted average discount rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, measurement input | 0.052 | 0.050 |
Contingent consideration, measurement input | 0.191 | 0.069 |
Level 3 | Maximum | Discounted cash flow | Probability of achievement | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Contingent consideration, measurement input | 1 | |
Level 3 | Weighted Average | Fair value of collateral | Estimated cost of disposal/market adjustment | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Other real estate owned, measurement input | (0.588) | (0.458) |
Level 3 | Weighted Average | Discounted cash flow | Weighted average constant prepayment rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, measurement input | (0.052) | (0.042) |
Level 3 | Weighted Average | Discounted cash flow | Weighted average discount rate | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Mortgage servicing rights, measurement input | (0.052) | (0.049) |
Contingent consideration, measurement input | (0.121) | (0.069) |
Level 3 | Weighted Average | Discounted cash flow | Probability of achievement | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Contingent consideration, measurement input | (0.941) | |
Commitments to originate real estate loans for sale | Level 3 | Discounted cash flow | Embedded servicing value | ||
Significant Unobservable Inputs used in determination of Fair Value of Assets Classified as Level 3 | ||
Commitments to originate real estate loans for sale, Measurement Input [Extensible List] | Embedded servicing value | Embedded servicing value |
FAIR VALUE - Carrying amounts a
FAIR VALUE - Carrying amounts and estimated fair values of other financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Held-to-maturity securities | $ 1,131,615 | $ 1,121,816 |
Carrying Value | ||
Financial assets: | ||
Net loans | 9,813,409 | 9,637,929 |
Held-to-maturity securities | 1,217,472 | 1,172,174 |
Financial liabilities: | ||
Deposits | 13,352,022 | 12,928,121 |
Overnight borrowings | 0 | 53,000 |
Securities sold under agreement to repurchase, short-term | 287,241 | 304,595 |
Other Federal Home Loan Bank borrowings | 395,122 | 407,603 |
Fair Value | ||
Financial assets: | ||
Net loans | 9,366,599 | 9,293,902 |
Held-to-maturity securities | 1,131,615 | 1,121,816 |
Financial liabilities: | ||
Deposits | 13,326,950 | 12,907,605 |
Overnight borrowings | 0 | 53,000 |
Securities sold under agreement to repurchase, short-term | 287,241 | 304,595 |
Other Federal Home Loan Bank borrowings | $ 391,311 | $ 410,385 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
SEGMENT INFORMATION | |||
Net interest income | $ 106,990 | $ 111,030 | |
Provision for credit losses | 6,148 | 3,500 | |
Operating noninterest revenues | 70,285 | 13,495 | |
Operating noninterest expenses | 118,084 | 114,052 | |
Operating income before income taxes | 53,043 | 6,973 | |
Assets | 15,858,670 | 15,255,953 | $ 15,555,753 |
Goodwill | 849,790 | 842,936 | $ 845,396 |
Core deposit intangibles & Other intangibles, net | 54,649 | 57,978 | |
Operating Segment | |||
SEGMENT INFORMATION | |||
Operating noninterest revenues | 71,518 | 66,817 | |
Operating noninterest expenses | 115,603 | 111,563 | |
Operating income before income taxes | 56,757 | 62,784 | |
Assets | 15,987,073 | 15,365,360 | |
Inter segment elimination | |||
SEGMENT INFORMATION | |||
Operating noninterest revenues | (1,249) | (1,235) | |
Operating noninterest expenses | (1,249) | (1,235) | |
Assets | (128,403) | (109,407) | |
Banking and Corporate | Operating Segment | |||
SEGMENT INFORMATION | |||
Net interest income | 106,214 | 110,682 | |
Provision for credit losses | 6,148 | 3,500 | |
Operating noninterest revenues | 18,185 | 16,445 | |
Operating noninterest expenses | 78,227 | 78,413 | |
Operating income before income taxes | 40,024 | 45,214 | |
Assets | 15,632,930 | 15,045,902 | |
Goodwill | 732,598 | 733,064 | |
Core deposit intangibles & Other intangibles, net | 8,143 | 11,629 | |
Employee Benefit Services | Operating Segment | |||
SEGMENT INFORMATION | |||
Net interest income | 623 | 254 | |
Provision for credit losses | 0 | 0 | |
Operating noninterest revenues | 32,570 | 30,187 | |
Operating noninterest expenses | 20,333 | 18,274 | |
Operating income before income taxes | 12,860 | 12,167 | |
Assets | 254,668 | 229,091 | |
Goodwill | 89,778 | 85,384 | |
Core deposit intangibles & Other intangibles, net | 30,792 | 31,778 | |
Insurance | Operating Segment | |||
SEGMENT INFORMATION | |||
Net interest income | 27 | 35 | |
Provision for credit losses | 0 | 0 | |
Operating noninterest revenues | 11,127 | 11,548 | |
Operating noninterest expenses | 10,123 | 8,781 | |
Operating income before income taxes | 1,031 | 2,802 | |
Assets | 64,337 | 61,244 | |
Goodwill | 23,979 | 21,990 | |
Core deposit intangibles & Other intangibles, net | 13,757 | 13,040 | |
Wealth Management | Operating Segment | |||
SEGMENT INFORMATION | |||
Net interest income | 126 | 59 | |
Provision for credit losses | 0 | 0 | |
Operating noninterest revenues | 9,636 | 8,637 | |
Operating noninterest expenses | 6,920 | 6,095 | |
Operating income before income taxes | 2,842 | 2,601 | |
Assets | 35,138 | 29,123 | |
Goodwill | 3,435 | 2,498 | |
Core deposit intangibles & Other intangibles, net | $ 1,957 | $ 1,531 |
SEGMENT INFORMATION - Reportabl
SEGMENT INFORMATION - Reportable segments information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | $ 53,043 | $ 6,973 |
Unrealized (loss) gain on equity securities | 16 | 0 |
Amortization of intangible assets | 3,576 | 3,667 |
Merger and acquisition integration related (recoveries) expenses | 35 | 57 |
Litigation accrual | 119 | 0 |
Operating Segment | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 56,757 | 62,784 |
Banking and Corporate | Operating Segment | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 40,024 | 45,214 |
Unrealized (loss) gain on equity securities | 16 | |
Amortization of intangible assets | 973 | 1,206 |
Merger and acquisition integration related (recoveries) expenses | 0 | 17 |
Litigation accrual | 0 | |
Employee Benefit Services | Operating Segment | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 12,860 | 12,167 |
Unrealized (loss) gain on equity securities | 0 | |
Amortization of intangible assets | 1,725 | 1,633 |
Merger and acquisition integration related (recoveries) expenses | 35 | 0 |
Litigation accrual | 0 | |
Insurance | Operating Segment | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 1,031 | 2,802 |
Unrealized (loss) gain on equity securities | 0 | |
Amortization of intangible assets | 673 | 630 |
Merger and acquisition integration related (recoveries) expenses | 0 | 40 |
Litigation accrual | 119 | |
Wealth Management | Operating Segment | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 2,842 | 2,601 |
Unrealized (loss) gain on equity securities | 0 | |
Amortization of intangible assets | 205 | 198 |
Merger and acquisition integration related (recoveries) expenses | 0 | $ 0 |
Litigation accrual | $ 0 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of total segment operating income before income taxes to total consolidated income before income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | $ 53,043 | $ 6,973 |
Unrealized (loss) gain on equity securities | 16 | 0 |
Amortization of intangible assets | (3,576) | (3,667) |
Acquisition expenses | (35) | (57) |
Litigation accrual | (119) | 0 |
Gross realized losses | 0 | (52,329) |
Gain on debt extinguishment | 0 | 242 |
Operating Segment | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 56,757 | 62,784 |
Operating Segment | Banking and Corporate | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 40,024 | 45,214 |
Unrealized (loss) gain on equity securities | 16 | |
Amortization of intangible assets | (973) | (1,206) |
Acquisition expenses | 0 | (17) |
Litigation accrual | 0 | |
Gross realized losses | (52,329) | |
Gain on debt extinguishment | 242 | |
Operating Segment | Employee Benefit Services | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 12,860 | 12,167 |
Unrealized (loss) gain on equity securities | 0 | |
Amortization of intangible assets | (1,725) | (1,633) |
Acquisition expenses | (35) | 0 |
Litigation accrual | 0 | |
Gross realized losses | 0 | |
Gain on debt extinguishment | 0 | |
Operating Segment | Insurance | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 1,031 | 2,802 |
Unrealized (loss) gain on equity securities | 0 | |
Amortization of intangible assets | (673) | (630) |
Acquisition expenses | 0 | (40) |
Litigation accrual | (119) | |
Gross realized losses | 0 | |
Gain on debt extinguishment | 0 | |
Operating Segment | Wealth Management | ||
Reconciliation of operating profit loss from segment to consolidated | ||
Operating income before income taxes | 2,842 | 2,601 |
Unrealized (loss) gain on equity securities | 0 | |
Amortization of intangible assets | (205) | (198) |
Acquisition expenses | 0 | 0 |
Litigation accrual | $ 0 | |
Gross realized losses | 0 | |
Gain on debt extinguishment | $ 0 |
SEGMENT INFORMATION - Reconci_2
SEGMENT INFORMATION - Reconciliation of total segment operating noninterest revenues to total consolidated noninterest revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Reconciling Item for Non Interest Revenues from Segment to Consolidated [Line Items] | ||
Operating noninterest revenues | $ 70,285 | $ 13,495 |
Unrealized (loss) gain on equity securities | 16 | 0 |
Gross realized losses | 0 | (52,329) |
Gain on debt extinguishment | 0 | (242) |
Operating Segment | ||
Segment Reporting, Reconciling Item for Non Interest Revenues from Segment to Consolidated [Line Items] | ||
Operating noninterest revenues | 71,518 | 66,817 |
Inter segment elimination | ||
Segment Reporting, Reconciling Item for Non Interest Revenues from Segment to Consolidated [Line Items] | ||
Operating noninterest revenues | $ (1,249) | $ (1,235) |
SEGMENT INFORMATION - Reconci_3
SEGMENT INFORMATION - Reconciliation of total segment operating noninterest expenses to total consolidated noninterest expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Reconciling Item for Non Interest Expenses from Segment to Consolidated [Line Items] | ||
Operating noninterest expenses | $ 118,084 | $ 114,052 |
Amortization of intangible assets | (3,576) | (3,667) |
Merger and acquisition integration related (recoveries) expenses | 35 | 57 |
Litigation accrual | (119) | 0 |
Operating Segment | ||
Segment Reporting, Reconciling Item for Non Interest Expenses from Segment to Consolidated [Line Items] | ||
Operating noninterest expenses | 115,603 | 111,563 |
Inter segment elimination | ||
Segment Reporting, Reconciling Item for Non Interest Expenses from Segment to Consolidated [Line Items] | ||
Operating noninterest expenses | $ (1,249) | $ (1,235) |
SEGMENT INFORMATION - Reconci_4
SEGMENT INFORMATION - Reconciliation of total segment assets to total consolidated assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Reconciliation of assets from segment to consolidated | |||
Assets | $ 15,858,670 | $ 15,555,753 | $ 15,255,953 |
Operating Segment | |||
Reconciliation of assets from segment to consolidated | |||
Assets | 15,987,073 | 15,365,360 | |
Inter segment elimination | |||
Reconciliation of assets from segment to consolidated | |||
Assets | $ (128,403) | $ (109,407) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 40,872 | $ 5,798 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | c) |