We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Glacier Bancorp Inc | NASDAQ:GBCI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.96 | 33.00 | 65.00 | 0 | 00:00:00 |
Montana | 81-0519541 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||||||||
49 Commons Loop | Kalispell, | Montana | 59901 | ||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||
(406) | 756-4200 | ||||||||||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value | GBCI | The New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1 | ||||||||
Item 1A | ||||||||
Item 1B | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
PART II | ||||||||
Item 5 | ||||||||
Item 6 | ||||||||
Item 7 | ||||||||
Item 7A | ||||||||
Item 8 | ||||||||
Item 9 | ||||||||
Item 9A | ||||||||
Item 9B | ||||||||
Item 9C | ||||||||
PART III | ||||||||
Item 10 | ||||||||
Item 11 | ||||||||
Item 12 | ||||||||
Item 13 | ||||||||
Item 14 | ||||||||
PART IV | ||||||||
Item 15 | ||||||||
Item 16 | ||||||||
SIGNATURES |
ACL – allowance for credit losses | GAAP – accounting principles generally accepted in the | ||||
ALCO – Asset Liability Committee | United States of America | ||||
AMLA – Anti-Money Laundering Act of 2020 | GDP - Gross domestic product | ||||
ARRC – Alternative Reference Rates Committee | Ginnie Mae – Government National Mortgage Association | ||||
ASC – Accounting Standards CodificationTM | GLBA – Gramm-Leach-Bliley Financial Services | ||||
ASU – Accounting Standards Update | Modernization Act of 1999 | ||||
ATM – automated teller machine | Heritage – Heritage Bancorp and its subsidiary, Heritage Bank of Nevada | ||||
Bank – Glacier Bank | HTM - Held-to-maturity | ||||
Basel III – third installment of the Basel Accords | Interest rate locks – residential real estate derivatives for commitments | ||||
BHCA – Bank Holding Company Act of 1956, as amended | Interstate Act – Riegle-Neal Interstate Banking and Branching | ||||
Board – Glacier Bancorp, Inc.’s Board of Directors | Efficiency Act of 1994 | ||||
bp or bps – basis point(s) | IRS – Internal Revenue Service | ||||
BSA – Bank Secrecy Act | KBW NASDAQ Regional Banking Index - KBW Regional | ||||
CARES Act - Coronavirus Aid, Relief, and Economic Security Act | Banking Index | ||||
CDE – Certified Development Entity | LIBOR – London Interbank Offered Rate | ||||
CDFI Fund – Community Development Financial Institutions Fund | LIHTC – Low-Income Housing Tax Credit | ||||
CEO – Chief Executive Officer | MT Division of Banking – Montana Department of Administration’s | ||||
CECL – current expected credit losses | Division of Banking and Financial Institutions | ||||
CFO – Chief Financial Officer | NII – net interest income | ||||
CFPB – Consumer Financial Protection Bureau | NMTC – New Markets Tax Credits | ||||
Collegiate – Columbine Capital Corp. and its subsidiary, | NOW – negotiable order of withdrawal | ||||
Collegiate Peaks Bank | NRSRO – Nationally Recognized Statistical Rating Organizations | ||||
Company – Glacier Bancorp, Inc. | NYSE - The New York Stock Exchange | ||||
COSO – Committee of Sponsoring Organizations of the | OCI – other comprehensive income | ||||
Treadway Commission | OREO – other real estate owned | ||||
COVID-19 – coronavirus disease of 2019 | Patriot Act – Uniting and Strengthening America by Providing Appropriate | ||||
CRA – Community Reinvestment Act of 1977 | Tools Required to Intercept and Obstruct Terrorism Act of 2001 | ||||
DDA – demand deposit account | PCAOB – Public Company Accounting Oversight Board (United States) | ||||
DIF – federal Deposit Insurance Fund | PCD – purchased credit-deteriorated | ||||
Dodd-Frank Act – Dodd-Frank Wall Street Reform and | PPP – Paycheck Protection Program | ||||
Consumer Protection Act of 2010 | Proxy Statement – the 2022 Annual Meeting Proxy Statement | ||||
EAP – Employee Assistance Program | Repurchase agreements – securities sold under agreements | ||||
EGRRC Act – Economic Growth, Regulatory Relief, and Consumer | to repurchase | ||||
Protection Act | ROU – right-of-use | ||||
ESG – Environmental, social and governance matters | S&P – Standard and Poor’s | ||||
Fannie Mae – Federal National Mortgage Association | SBA – United States Small Business Administration | ||||
FASB – Financial Accounting Standards Board | SBAZ – State Bank Corp. and its subsidiary, State Bank of Arizona | ||||
FDIC – Federal Deposit Insurance Corporation | SEC – United States Securities and Exchange Commission | ||||
FHLB – Federal Home Loan Bank | SERP – Supplemental Executive Retirement Plan | ||||
Final Rules – final rules implemented by the federal banking | SOFR – Secured Overnight Financing Rate | ||||
agencies that amended regulatory risk-based capital rules | SOX Act – Sarbanes-Oxley Act of 2002 | ||||
FNB – FNB Bancorp and its subsidiary, The First National Bank | Tax Act – The Tax Cuts and Jobs Act | ||||
of Layton | TBA – to-be-announced | ||||
FRB – Federal Reserve Bank | TDR – troubled debt restructuring | ||||
Freddie Mac – Federal Home Loan Mortgage Corporation | VIE – variable interest entity | ||||
FSB – Inter-Mountain Bancorp., Inc., and its subsidiary, | |||||
First Security Bank | |||||
(Dollars in thousands) | Date | Total Assets | Gross Loans | Total Deposits | |||||||||||||||||||
Altabancorp and its wholly-owned subsidiary, Altabank collectively, "Alta") | October 1, 2021 | $ | 4,131,662 | 1,902,321 | 3,273,819 | ||||||||||||||||||
State Bank Corp. and its wholly-owned subsidiary, State Bank of Arizona (collectively, "SBAZ") | February 29, 2020 | 745,420 | 451,702 | 603,289 | |||||||||||||||||||
Heritage Bancorp and its wholly-owned subsidiary, Heritage Bank of Nevada (collectively, "Heritage") | July 31, 2019 | 977,944 | 615,279 | 722,220 | |||||||||||||||||||
FNB Bancorp and its wholly-owned subsidiary, The First National Bank of Layton (collectively, "FNB") | April 30, 2019 | 379,155 | 245,485 | 274,646 | |||||||||||||||||||
Inter-Mountain Bancorp., Inc. and its wholly-owned subsidiary, First Security Bank (collectively, “FSB”) | February 28, 2018 | 1,109,684 | 627,767 | 877,586 | |||||||||||||||||||
Columbine Capital Corp., and its wholly-owned subsidiary, Collegiate Peaks Bank (collectively, “Collegiate”) | January 31, 2018 | 551,198 | 354,252 | 437,171 | |||||||||||||||||||
TFB Bancorp, Inc. and its subsidiary, The Foothills Bank | April 30, 2017 | 385,839 | 292,529 | 296,760 |
Number of Locations | Number of Counties Served | Percent of Deposits | |||||||||||||||
Montana | 72 | 18 | 26.8 | % | |||||||||||||
Idaho | 29 | 10 | 8.0 | % | |||||||||||||
Utah | 39 | 8 | 0.1 | % | |||||||||||||
Washington | 16 | 6 | 5.2 | % | |||||||||||||
Wyoming | 19 | 10 | 14.4 | % | |||||||||||||
Colorado | 26 | 13 | 1.7 | % | |||||||||||||
Arizona | 16 | 7 | 0.7 | % | |||||||||||||
Nevada | 7 | 3 | 5.6 | % | |||||||||||||
Total | 224 | 75 |
(Dollars in thousands) | Properties Leased | Properties Owned | Net Book Value | ||||||||||||||
Montana | 11 | 61 | $ | 115,288 | |||||||||||||
Utah | 6 | 33 | 60,800 | ||||||||||||||
Idaho | 6 | 23 | 39,157 | ||||||||||||||
Colorado | 5 | 21 | 30,734 | ||||||||||||||
Wyoming | 4 | 15 | 16,486 | ||||||||||||||
Arizona | 6 | 10 | 15,491 | ||||||||||||||
Nevada | 1 | 6 | 10,871 | ||||||||||||||
Washington | 6 | 10 | 5,122 | ||||||||||||||
Total | 45 | 179 | $ | 293,949 |
Period Ending | |||||||||||||||||||||||||||||||||||
12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | ||||||||||||||||||||||||||||||
Glacier Bancorp, Inc. | 100.00 | 113.20 | 116.68 | 140.11 | 145.48 | 183.96 | |||||||||||||||||||||||||||||
Russell 2000 Index | 100.00 | 114.65 | 102.02 | 128.06 | 153.62 | 176.39 | |||||||||||||||||||||||||||||
KBW Regional Banking Index | 100.00 | 101.75 | 83.95 | 103.94 | 94.89 | 129.65 |
Year ended December 31, 2017 | |||||||||||||||||
(Dollars in thousands, except per share data) | GAAP | Tax Act Adjustment | Non-GAAP | ||||||||||||||
Federal and state income tax expense | $ | 64,625 | (19,699) | 44,926 | |||||||||||||
Net income | $ | 116,377 | 19,699 | 136,076 | |||||||||||||
Basic earnings per share | $ | 1.50 | 0.25 | 1.75 | |||||||||||||
Diluted earnings per share | $ | 1.50 | 0.25 | 1.75 | |||||||||||||
Return on average assets | 1.20 | % | 0.21 | % | 1.41 | % | |||||||||||
Return on average equity | 9.80 | % | 1.66 | % | 11.46 | % | |||||||||||
Dividend payout ratio | 76.00 | % | (10.86 | %) | 65.14 | % | |||||||||||
Effective income tax rate | 35.70 | % | (10.88 | %) | 24.82 | % |
December 31, | Compounded Annual Growth Rate | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2021 | 2020 | 2019 | 2018 | 2017 | 1-Year | 5-Year | ||||||||||||||||||||||||||||||||||
Selected Statements of Financial Condition Information | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 25,940,645 | $ | 18,504,206 | $ | 13,683,999 | $ | 12,115,484 | $ | 9,706,349 | 40.2 | % | 21.7 | % | |||||||||||||||||||||||||||
Debt securities | 10,370,013 | 5,527,650 | 2,799,863 | 2,869,578 | 2,426,556 | 87.6 | % | 33.7 | % | ||||||||||||||||||||||||||||||||
Loans receivable, net | 13,259,366 | 10,964,453 | 9,388,320 | 8,156,310 | 6,448,256 | 20.9 | % | 15.5 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses | (172,665) | (158,243) | (124,490) | (131,239) | (129,568) | 9.1 | % | 5.9 | % | ||||||||||||||||||||||||||||||||
Goodwill and intangibles | 1,037,652 | 569,522 | 519,704 | 338,828 | 191,995 | 82.2 | % | 40.1 | % | ||||||||||||||||||||||||||||||||
Deposits | 21,337,249 | 14,797,529 | 10,776,457 | 9,493,767 | 7,579,747 | 44.2 | % | 23.0 | % | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | — | — | 38,611 | 440,175 | 353,995 | — | % | (100.0) | % | ||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and other borrowed funds | 1,064,888 | 1,037,651 | 598,644 | 410,859 | 370,797 | 2.6 | % | 23.5 | % | ||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,177,622 | 2,307,041 | 1,960,733 | 1,515,854 | 1,199,057 | 37.7 | % | 21.5 | % | ||||||||||||||||||||||||||||||||
Equity per share | 28.71 | 24.18 | 21.25 | 17.93 | 15.37 | 18.7 | % | 13.3 | % | ||||||||||||||||||||||||||||||||
Equity as a percentage of total assets | 12.3 | % | 12.5 % | 14.3 | % | 12.5 | % | 12.4 | % | (1.8) | % | (0.2) | % |
Years ended December 31, | Compounded Annual Growth Rate | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2021 | 2020 | 2019 | 2018 | 2017 | 1-Year | 5-Year | ||||||||||||||||||||||||||||||||||
Summary Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 681,074 | $ | 627,064 | $ | 546,177 | $ | 468,996 | $ | 375,022 | 8.6 | % | 12.7 % | ||||||||||||||||||||||||||||
Interest expense | 18,558 | 27,315 | 42,773 | 35,531 | 29,864 | (32.1) | % | (9.1) | % | ||||||||||||||||||||||||||||||||
Net interest income | 662,516 | 599,749 | 503,404 | 433,465 | 345,158 | 10.5 | % | 13.9 | % | ||||||||||||||||||||||||||||||||
Provision for credit losses | 23,076 | 39,765 | 57 | 9,953 | 10,824 | (42.0) | % | 16.3 | % | ||||||||||||||||||||||||||||||||
Non-interest income | 144,820 | 172,867 | 130,774 | 118,824 | 112,239 | (16.2) | % | 5.2 | % | ||||||||||||||||||||||||||||||||
Non-interest expense | 434,822 | 404,811 | 374,927 | 320,127 | 265,571 | 7.4 | % | 10.4 | % | ||||||||||||||||||||||||||||||||
Income before income taxes | 349,438 | 328,040 | 259,194 | 222,209 | 181,002 | 6.5 | % | 14.1 | % | ||||||||||||||||||||||||||||||||
Federal and state income tax expense 1 | 64,681 | 61,640 | 48,650 | 40,331 | 44,926 | 4.9 | % | 7.6 | % | ||||||||||||||||||||||||||||||||
Net income 1 | $ | 284,757 | $ | 266,400 | $ | 210,544 | $ | 181,878 | $ | 136,076 | 6.9 | % | 15.9 | % | |||||||||||||||||||||||||||
Basic earnings per share 1 | $ | 2.87 | $ | 2.81 | $ | 2.39 | $ | 2.18 | $ | 1.75 | 2.1 | % | 10.4 | % | |||||||||||||||||||||||||||
Diluted earnings per share 1 | $ | 2.86 | $ | 2.81 | $ | 2.38 | $ | 2.17 | $ | 1.75 | 1.8 | % | 10.3 | % | |||||||||||||||||||||||||||
Dividends declared per share | $ | 1.37 | $ | 1.33 | $ | 1.31 | $ | 1.31 | $ | 1.14 | 3.0 | % | 3.7 | % |
At or for the Years ended December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Selected Ratios and Other Data | ||||||||||||||||||||||||||||||||
Return on average assets 1 | 1.33 | % | 1.62 | % | 1.64 | % | 1.59 | % | 1.41 | % | ||||||||||||||||||||||
Return on average equity 1 | 11.08 | % | 12.15 | % | 12.01 | % | 12.56 | % | 11.46 | % | ||||||||||||||||||||||
Dividend payout ratio 1 | 47.74 | % | 47.33 | % | 54.81 | % | 60.09 | % | 65.14 | % | ||||||||||||||||||||||
Average equity to average asset ratio | 11.99 | % | 13.35 | % | 13.69 | % | 12.67 | % | 12.27 | % | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | 14.21 | % | 14.63 | % | 14.95 | % | 14.70 | % | 15.64 | % | ||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 12.49 | % | 12.42 | % | 13.76 | % | 13.37 | % | 14.39 | % | ||||||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) | 12.49 | % | 12.42 | % | 12.58 | % | 12.10 | % | 12.81 | % | ||||||||||||||||||||||
Tier 1 capital (to average assets) | 8.64 | % | 9.12 | % | 11.65 | % | 11.35 | % | 11.90 | % | ||||||||||||||||||||||
Net interest margin on average earning assets (tax-equivalent) | 3.42 | % | 4.09 | % | 4.39 | % | 4.21 | % | 4.12 | % | ||||||||||||||||||||||
Efficiency ratio 2 | 51.35 | % | 49.97 | % | 57.78 | % | 54.73 | % | 53.94 | % | ||||||||||||||||||||||
Allowance for credit losses as a percent of loans | 1.29 | % | 1.42 | % | 1.31 | % | 1.58 | % | 1.97 | % | ||||||||||||||||||||||
Allowance for credit losses as a percent of nonperforming loans | 255 | % | 470 | % | 385 | % | 266 | % | 255 | % | ||||||||||||||||||||||
Non-performing assets as a percentage of subsidiary assets | 0.26 | % | 0.19 | % | 0.27 | % | 0.47 | % | 0.68 | % | ||||||||||||||||||||||
Non-performing assets | $ | 67,691 | 35,433 | 37,437 | 56,750 | 65,179 | ||||||||||||||||||||||||||
Loans originated and acquired | $ | 8,551,419 | 7,934,881 | 4,607,536 | 4,301,678 | 3,629,493 | ||||||||||||||||||||||||||
Number of full time equivalent employees | 3,436 | 2,970 | 2,826 | 2,623 | 2,278 | |||||||||||||||||||||||||||
Number of locations | 224 | 193 | 181 | 167 | 145 |
At or for the Years ended | |||||||||||
(Dollars in thousands, except per share and market data) | December 31, 2021 | December 31, 2020 | |||||||||
Operating results | |||||||||||
Net income | $ | 284,757 | 266,400 | ||||||||
Basic earnings per share | $ | 2.87 | 2.81 | ||||||||
Diluted earnings per share | $ | 2.86 | 2.81 | ||||||||
Dividends declared per share | $ | 1.37 | 1.33 | ||||||||
Market value per share | |||||||||||
Closing | $ | 56.70 | 46.01 | ||||||||
High | $ | 67.35 | 47.05 | ||||||||
Low | $ | 44.55 | 26.66 | ||||||||
Selected ratios and other data | |||||||||||
Number of common stock shares outstanding | 110,687,533 | 95,426,364 | |||||||||
Average outstanding shares - basic | 99,313,255 | 94,883,864 | |||||||||
Average outstanding shares - diluted | 99,398,250 | 94,932,353 | |||||||||
Return on average assets (annualized) | 1.33 | % | 1.62 | % | |||||||
Return on average equity (annualized) | 11.08 | % | 12.15 | % | |||||||
Efficiency ratio | 51.35 | % | 49.97 | % | |||||||
Dividend payout ratio | 47.74 | % | 47.33 | % | |||||||
Loan to deposit ratio | 63.24 | % | 76.29 | % | |||||||
Number of full time equivalent employees | 3,436 | 2,970 | |||||||||
Number of locations | 224 | 193 | |||||||||
Number of ATMs | 273 | 250 |
(Dollars in thousands) | Alta October 1, 2021 | SBAZ February 29, 2020 | |||||||||
Total assets | $ | 4,131,662 | $ | 745,420 | |||||||
Cash and cash equivalents | 1,622,727 | 57,434 | |||||||||
Debt securities | 6,658 | 142,174 | |||||||||
Loans receivable | 1,902,321 | 451,702 | |||||||||
Non-interest bearing deposits | 1,201,464 | 141,620 | |||||||||
Interest bearing deposits | 2,072,355 | 461,669 | |||||||||
Borrowings | — | 10,904 |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Cash and cash equivalents | $ | 437,686 | $ | 633,142 | $ | (195,456) | (31 | %) | |||||||||||||||
Debt securities, available-for-sale | 9,170,849 | 5,337,814 | 3,833,035 | 72 | % | ||||||||||||||||||
Debt securities, held-to-maturity | 1,199,164 | 189,836 | 1,009,328 | 532 | % | ||||||||||||||||||
Total debt securities | 10,370,013 | 5,527,650 | 4,842,363 | 88 | % | ||||||||||||||||||
Loans receivable | |||||||||||||||||||||||
Residential real estate | 1,051,883 | 802,508 | 249,375 | 31 | % | ||||||||||||||||||
Commercial real estate | 8,630,831 | 6,315,895 | 2,314,936 | 37 | % | ||||||||||||||||||
Other commercial | 2,664,190 | 3,054,817 | (390,627) | (13 | %) | ||||||||||||||||||
Home equity | 736,288 | 636,405 | 99,883 | 16 | % | ||||||||||||||||||
Other consumer | 348,839 | 313,071 | 35,768 | 11 | % | ||||||||||||||||||
Loans receivable | 13,432,031 | 11,122,696 | 2,309,335 | 21 | % | ||||||||||||||||||
Allowance for credit losses | (172,665) | (158,243) | (14,422) | 9 | % | ||||||||||||||||||
Loans receivable, net | 13,259,366 | 10,964,453 | 2,294,913 | 21 | % | ||||||||||||||||||
Other assets | 1,873,580 | 1,378,961 | 494,619 | 36 | % | ||||||||||||||||||
Total assets | $ | 25,940,645 | $ | 18,504,206 | $ | 7,436,439 | 40 | % |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Deposits | |||||||||||||||||||||||
Non-interest bearing deposits | $ | 7,779,288 | $ | 5,454,539 | $ | 2,324,749 | 43 | % | |||||||||||||||
NOW and DDA accounts | 5,301,832 | 3,698,559 | 1,603,273 | 43 | % | ||||||||||||||||||
Savings accounts | 3,180,046 | 2,000,174 | 1,179,872 | 59 | % | ||||||||||||||||||
Money market deposit accounts | 4,014,128 | 2,627,336 | 1,386,792 | 53 | % | ||||||||||||||||||
Certificate accounts | 1,036,077 | 978,779 | 57,298 | 6 | % | ||||||||||||||||||
Core deposits, total | 21,311,371 | 14,759,387 | 6,551,984 | 44 | % | ||||||||||||||||||
Wholesale deposits | 25,878 | 38,142 | (12,264) | (32 | %) | ||||||||||||||||||
Deposits, total | 21,337,249 | 14,797,529 | 6,539,720 | 44 | % | ||||||||||||||||||
Securities sold under agreements to repurchase | 1,020,794 | 1,004,583 | 16,211 | 2 | % | ||||||||||||||||||
Federal Home Loan Bank advances | — | — | — | — | % | ||||||||||||||||||
Other borrowed funds | 44,094 | 33,068 | 11,026 | 33 | % | ||||||||||||||||||
Subordinated debentures | 132,620 | 139,959 | (7,339) | (5 | %) | ||||||||||||||||||
Other liabilities | 228,266 | 222,026 | 6,240 | 3 | % | ||||||||||||||||||
Total liabilities | $ | 22,763,023 | $ | 16,197,165 | $ | 6,565,858 | 41 | % |
(Dollars in thousands, except per share data) | December 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Common equity | $ | 3,150,263 | $ | 2,163,951 | $ | 986,312 | 46 | % | |||||||||||||||
Accumulated other comprehensive income | 27,359 | 143,090 | (115,731) | (81 | %) | ||||||||||||||||||
Total stockholders’ equity | 3,177,622 | 2,307,041 | 870,581 | 38 | % | ||||||||||||||||||
Goodwill and core deposit intangible, net | (1,037,652) | (569,522) | (468,130) | 82 | % | ||||||||||||||||||
Tangible stockholders’ equity | $ | 2,139,970 | $ | 1,737,519 | $ | 402,451 | 23 | % | |||||||||||||||
Stockholders’ equity to total assets | 12.25 | % | 12.47 | % | (2 | %) | |||||||||||||||||
Tangible stockholders’ equity to total tangible assets | 8.59 | % | 9.69 | % | (11 | %) | |||||||||||||||||
Book value per common share | $ | 28.71 | $ | 24.18 | $ | 4.53 | 19 | % | |||||||||||||||
Tangible book value per common share | $ | 19.33 | $ | 18.21 | $ | 1.12 | 6 | % |
Years ended | $ Change | % Change | |||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Interest income | $ | 681,074 | $ | 627,064 | $ | 54,010 | 9 | % | |||||||||||||||
Interest expense | 18,558 | 27,315 | (8,757) | (32 | %) | ||||||||||||||||||
Total net interest income | 662,516 | 599,749 | 62,767 | 10 | % | ||||||||||||||||||
Non-interest income | |||||||||||||||||||||||
Service charges and other fees | 59,317 | 52,503 | 6,814 | 13 | % | ||||||||||||||||||
Miscellaneous loan fees and charges | 12,038 | 7,344 | 4,694 | 64 | % | ||||||||||||||||||
Gain on sale of loans | 63,063 | 99,450 | (36,387) | (37 | %) | ||||||||||||||||||
(Loss) gain on sale of investments | (638) | 1,139 | (1,777) | (156 | %) | ||||||||||||||||||
Other income | 11,040 | 12,431 | (1,391) | (11 | %) | ||||||||||||||||||
Total non-interest income | 144,820 | 172,867 | (28,047) | (16 | %) | ||||||||||||||||||
Total income | $ | 807,336 | $ | 772,616 | $ | 34,720 | 4 | % | |||||||||||||||
Net interest margin (tax-equivalent) | 3.42 | % | 4.09 | % |
Years ended | $ Change | % Change | |||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Compensation and employee benefits | $ | 270,644 | $ | 253,047 | $ | 17,597 | 7 | % | |||||||||||||||
Occupancy and equipment | 39,394 | 37,673 | 1,721 | 5 | % | ||||||||||||||||||
Advertising and promotions | 11,949 | 10,201 | 1,748 | 17 | % | ||||||||||||||||||
Data processing | 23,470 | 21,132 | 2,338 | 11 | % | ||||||||||||||||||
Other real estate owned and foreclosed assets | 236 | 923 | (687) | (74 | %) | ||||||||||||||||||
Regulatory assessments and insurance | 8,249 | 4,656 | 3,593 | 77 | % | ||||||||||||||||||
Core deposit intangibles amortization | 10,271 | 10,370 | (99) | (1 | %) | ||||||||||||||||||
Other expenses | 70,609 | 66,809 | 3,800 | 6 | % | ||||||||||||||||||
Total non-interest expense | $ | 434,822 | $ | 404,811 | $ | 30,011 | 7 | % |
(Dollars in thousands) | Provision for Credit Losses on Loans | Net Charge-Offs (Recoveries) | ACL as a Percent of Loans | Accruing Loans 30-89 Days Past Due as a Percent of Loans | Non-Performing Assets to Total Sub-sidiary Assets | ||||||||||||||||||||||||
Fourth quarter 2021 | $ | 19,301 | $ | 616 | 1.29 | % | 0.38 | % | 0.26 | % | |||||||||||||||||||
Third quarter 2021 | 2,313 | 152 | 1.36 | % | 0.23 | % | 0.24 | % | |||||||||||||||||||||
Second quarter 2021 | (5,723) | (725) | 1.35 | % | 0.11 | % | 0.26 | % | |||||||||||||||||||||
First quarter 2021 | 489 | 2,286 | 1.39 | % | 0.40 | % | 0.19 | % | |||||||||||||||||||||
Fourth quarter 2020 | (1,528) | 4,781 | 1.42 | % | 0.20 | % | 0.19 | % | |||||||||||||||||||||
Third quarter 2020 | 2,869 | 826 | 1.42 | % | 0.15 | % | 0.25 | % | |||||||||||||||||||||
Second quarter 2020 | 13,552 | 1,233 | 1.42 | % | 0.22 | % | 0.27 | % | |||||||||||||||||||||
First quarter 2020 | 22,744 | 813 | 1.49 | % | 0.41 | % | 0.26 | % |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Percent | Carrying Amount | Percent | |||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 1,346,749 | 13 | % | $ | 38,588 | 1 | % | |||||||||||||||
U.S. government sponsored enterprises | 240,693 | 2 | % | 9,781 | 1 | % | |||||||||||||||||
State and local governments | 488,858 | 5 | % | 1,416,683 | 26 | % | |||||||||||||||||
Corporate bonds | 180,752 | 2 | % | 349,098 | 6 | % | |||||||||||||||||
Residential mortgage-backed securities | 5,699,659 | 55 | % | 2,289,090 | 41 | % | |||||||||||||||||
Commercial mortgage-backed securities | 1,214,138 | 12 | % | 1,234,574 | 22 | % | |||||||||||||||||
Total available-for-sale | 9,170,849 | 89 | % | 5,337,814 | 97 | % | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
State and local governments | 1,199,164 | 11 | % | 189,836 | 3 | % | |||||||||||||||||
Total held-to-maturity | 1,199,164 | 11 | % | 189,836 | 3 | % | |||||||||||||||||
Total debt securities | $ | 10,370,013 | 100 | % | $ | 5,527,650 | 100 | % |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
S&P: AAA / Moody’s: Aaa | $ | 422,413 | 432,651 | 385,773 | 420,646 | ||||||||||||||||||
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3 | 1,138,804 | 1,172,765 | 1,015,634 | 1,080,972 | |||||||||||||||||||
S&P: A+, A, A- / Moody’s: A1, A2, A3 | 84,934 | 89,715 | 101,494 | 109,504 | |||||||||||||||||||
S&P: BBB+, BBB, BBB- / Moody’s: Baa1, Baa2, Baa3 | 92 | 96 | 3,217 | 3,230 | |||||||||||||||||||
Not rated by either entity | 14,335 | 14,514 | 5,481 | 5,547 | |||||||||||||||||||
Below investment grade | — | — | — | — | |||||||||||||||||||
Total | $ | 1,660,578 | 1,709,741 | 1,511,599 | 1,619,899 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
General obligation - unlimited | $ | 606,873 | 637,431 | 625,660 | 672,610 | ||||||||||||||||||
General obligation - limited | 108,487 | 113,320 | 121,886 | 129,250 | |||||||||||||||||||
Revenue | 929,166 | 941,894 | 745,908 | 798,188 | |||||||||||||||||||
Certificate of participation | 12,316 | 13,254 | 14,098 | 15,636 | |||||||||||||||||||
Other | 3,736 | 3,842 | 4,047 | 4,215 | |||||||||||||||||||
Total | $ | 1,660,578 | 1,709,741 | 1,511,599 | 1,619,899 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
New York | $ | 260,471 | 264,776 | 235,036 | 254,976 | ||||||||||||||||||
California | 151,137 | 160,023 | 148,564 | 166,311 | |||||||||||||||||||
Texas | 157,917 | 161,706 | 143,421 | 154,511 | |||||||||||||||||||
Michigan | 134,903 | 139,704 | 139,836 | 148,544 | |||||||||||||||||||
Washington | 115,834 | 119,806 | 99,699 | 106,012 | |||||||||||||||||||
All other states | 840,316 | 863,726 | 745,043 | 789,545 | |||||||||||||||||||
Total | $ | 1,660,578 | 1,709,741 | 1,511,599 | 1,619,899 |
One Year or Less | After One through Five Years | After Five through Ten Years | After Ten Years | Mortgage-Backed Securities 1 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency | $ | — | — | % | $ | 751,644 | 1.07 | % | $ | 577,201 | 1.20 | % | $ | 17,904 | 1.74 | % | $ | — | — | % | $ | 1,346,749 | 1.13 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | 764 | 0.95 | % | 195,209 | 1.22 | % | 44,720 | 1.08 | % | — | — | % | — | — | % | 240,693 | 1.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State and local governments | 8,909 | 2.11 | % | 69,126 | 2.55 | % | 190,653 | 3.66 | % | 220,170 | 3.23 | % | — | — | % | 488,858 | 3.28 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 45,151 | 3.20 | % | 130,550 | 3.26 | % | 4,024 | 4.00 | % | 1,027 | 0.46 | % | — | — | % | 180,752 | 3.24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 5,699,659 | 0.96 | % | 5,699,659 | 0.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 1,214,138 | 2.24 | % | 1,214,138 | 2.24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | 54,824 | 2.99 | % | 1,146,529 | 1.42 | % | 816,598 | 1.76 | % | 239,101 | 3.09 | % | 6,913,797 | 1.18 | % | 9,170,849 | 1.32 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and local governments | 1,432 | 2.65 | % | 29,286 | 2.45 | % | 91,688 | 2.65 | % | 1,076,758 | 2.75 | % | — | — | % | 1,199,164 | 2.73 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | 1,432 | 2.35 | % | 29,286 | 2.45 | % | 91,688 | 2.65 | % | 1,076,758 | 2.75 | % | — | — | % | 1,199,164 | 2.73 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities | $ | 56,256 | 2.98 | % | $ | 1,175,815 | 1.45 | % | $ | 908,286 | 1.85 | % | $ | 1,315,859 | 2.80 | % | $ | 6,913,797 | 1.18 | % | $ | 10,370,013 | 1.48 | % |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Residential real estate | $ | 1,051,883 | 8 | % | $ | 802,508 | 7 | % | |||||||||||||||
Commercial Real estate | 8,630,831 | 65 | % | 6,315,895 | 58 | % | |||||||||||||||||
Other commercial | 2,664,190 | 20 | % | 3,054,817 | 28 | % | |||||||||||||||||
Home equity | 736,288 | 6 | % | 636,405 | 6 | % | |||||||||||||||||
Other consumer | 348,839 | 2 | % | 313,071 | 3 | % | |||||||||||||||||
Loans receivable | 13,432,031 | 101 | % | 11,122,696 | 102 | % | |||||||||||||||||
ACL | (172,665) | (1 | %) | (158,243) | (2 | %) | |||||||||||||||||
Loans receivable, net | $ | 13,259,366 | 100 | % | $ | 10,964,453 | 100 | % |
(Dollars in thousands) | Residential Real Estate | Commercial | Consumer and Other | Total | |||||||||||||||||||
Variable rate maturing or repricing | |||||||||||||||||||||||
In one year or less | $ | 134,964 | 2,024,656 | 349,990 | 2,509,610 | ||||||||||||||||||
After one through five years | 264,274 | 3,400,714 | 308,519 | 3,973,507 | |||||||||||||||||||
After five through fifteen years | 54,690 | 307,012 | 2,696 | 364,398 | |||||||||||||||||||
Thereafter | — | — | — | — | |||||||||||||||||||
Fixed rate maturing | |||||||||||||||||||||||
In one year or less | 393,335 | 1,970,227 | 117,442 | 2,481,004 | |||||||||||||||||||
After one through five years | 148,519 | 2,617,605 | 209,046 | 2,975,170 | |||||||||||||||||||
After five through fifteen years | 52,878 | 933,679 | 56,454 | 1,043,011 | |||||||||||||||||||
Thereafter | 3,223 | 41,128 | 40,980 | 85,331 | |||||||||||||||||||
Total | $ | 1,051,883 | 11,295,021 | 1,085,127 | 13,432,031 |
At or for the Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Other real estate owned and foreclosed assets | $ | 18 | 1,744 | 5,142 | |||||||||||||
Accruing loans 90 days or more past due | 17,141 | 1,725 | 1,412 | ||||||||||||||
Non-accrual loans | 50,532 | 31,964 | 30,883 | ||||||||||||||
Total non-performing assets | $ | 67,691 | 35,433 | 37,437 | |||||||||||||
Non-performing assets as a percentage of subsidiary assets | 0.26 | % | 0.19 | % | 0.27 | % | |||||||||||
ACL as a percentage of non-performing loans | 255 | % | 470 | % | 385 | % | |||||||||||
Accruing loans 30-89 days past due | $ | 50,566 | 22,721 | 23,192 | |||||||||||||
Accruing troubled debt restructurings | $ | 34,591 | 42,003 | 34,055 | |||||||||||||
Non-accrual troubled debt restructurings | $ | 2,627 | 3,507 | 3,346 | |||||||||||||
U.S. government guarantees included in non-performing assets | $ | 4,028 | 3,011 | 1,786 | |||||||||||||
Interest income 1 | $ | 2,422 | 1,545 | 1,603 |
Years ended | |||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Balance at beginning of period | $ | 1,744 | 5,142 | ||||||||
Acquisitions | — | 307 | |||||||||
Additions | 1,482 | 2,076 | |||||||||
Capital improvements | — | 145 | |||||||||
Write-downs | (120) | (451) | |||||||||
Sales | (3,088) | (5,475) | |||||||||
Balance at end of period | $ | 18 | 1,744 |
Years ended | |||||||||||
(Dollars in thousands) | Dec 31, 2021 | Dec 31, 2020 | |||||||||
PPP interest income | 45,405 | 38,180 | |||||||||
Deferred compensation on originating PPP loans | 6,735 | 8,850 | |||||||||
Total PPP income impact | 52,140 | 47,030 |
(Dollars in thousands) | Dec 31, 2021 | Dec 31, 2020 | |||||||||
PPP Round 1 loans | $ | 32,348 | 909,173 | ||||||||
PPP Round 2 loans | 136,329 | — | |||||||||
Total PPP loans | 168,677 | 909,173 | |||||||||
Net remaining fees - Round 1 | 269 | 17,605 | |||||||||
Net remaining fees - Round 2 | 4,808 | — | |||||||||
Total net remaining fees | $ | 5,077 | 17,605 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | ACL | Percent of Loans in Category | ACL | Percent of Loans in Category | |||||||||||||||||||
Residential real estate | $ | 16,458 | 8 | % | $ | 9,604 | 7 | % | |||||||||||||||
Commercial real estate | 117,901 | 64 | % | 86,999 | 57 | % | |||||||||||||||||
Other commercial | 24,703 | 20 | % | 49,133 | 27 | % | |||||||||||||||||
Home equity | 8,566 | 5 | % | 8,182 | 6 | % | |||||||||||||||||
Other consumer | 5,037 | 3 | % | 4,325 | 3 | % | |||||||||||||||||
Total | $ | 172,665 | 100 | % | $ | 158,243 | 100 | % |
At or for the Years ended | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | % of Average Loans | December 31, 2020 | % of Average Loans | December 31, 2019 | % of Average Loans | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 158,243 | 124,490 | 131,239 | |||||||||||||||||||||||||||||||
Impact of adopting CECL | — | 3,720 | — | ||||||||||||||||||||||||||||||||
Acquisitions | 371 | 49 | — | ||||||||||||||||||||||||||||||||
Provision for credit losses | 16,380 | 37,637 | 57 | ||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | |||||||||||||||||||||||||||||||||||
Residential real estate | 337 | 0.04 | % | 40 | — | % | (357) | (0.04) | % | ||||||||||||||||||||||||||
Commercial real estate | 1,597 | 0.02 | % | (2,403) | (0.04) | % | (248) | — | % | ||||||||||||||||||||||||||
Other commercial | (1,048) | (0.04) | % | (3,049) | (0.10) | % | (2,008) | (0.10) | % | ||||||||||||||||||||||||||
Home equity | 198 | 0.03 | % | (128) | (0.02) | % | (11) | — | % | ||||||||||||||||||||||||||
Other consumer | (3,413) | (1.03) | % | (2,113) | (0.69) | % | (4,182) | (1.44) | % | ||||||||||||||||||||||||||
Net Charge-offs | (2,329) | (0.02) | % | (7,653) | (0.07) | % | (6,806) | (0.08) | % | ||||||||||||||||||||||||||
Balance at end of period | $ | 172,665 | $ | 158,243 | $ | 124,490 | |||||||||||||||||||||||||||||
ACL as a percentage of total loans | 1.29 | % | 1.42 | % | 1.31 | % | |||||||||||||||||||||||||||||
Non-accrual loans as a percentage of total loans | 0.38 | % | 0.29 | % | 0.32 | % | |||||||||||||||||||||||||||||
ACL as percentage of non-accrual loans | 341.69 | % | 495.07 | % | 403.10 | % |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Custom and owner occupied construction | $ | 263,758 | $ | 157,529 | $ | 106,229 | 67 | % | |||||||||||||||
Pre-sold and spec construction | 257,568 | 148,845 | 108,723 | 73 | % | ||||||||||||||||||
Total residential construction | 521,326 | 306,374 | 214,952 | 70 | % | ||||||||||||||||||
Land development | 185,200 | 102,930 | 82,270 | 80 | % | ||||||||||||||||||
Consumer land or lots | 173,305 | 123,747 | 49,558 | 40 | % | ||||||||||||||||||
Unimproved land | 81,064 | 59,500 | 21,564 | 36 | % | ||||||||||||||||||
Developed lots for operative builders | 41,840 | 30,449 | 11,391 | 37 | % | ||||||||||||||||||
Commercial lots | 99,418 | 60,499 | 38,919 | 64 | % | ||||||||||||||||||
Other construction | 762,970 | 555,375 | 207,595 | 37 | % | ||||||||||||||||||
Total land, lot, and other construction | 1,343,797 | 932,500 | 411,297 | 44 | % | ||||||||||||||||||
Owner occupied | 2,645,841 | 1,945,686 | 700,155 | 36 | % | ||||||||||||||||||
Non-owner occupied | 3,056,658 | 2,290,512 | 766,146 | 33 | % | ||||||||||||||||||
Total commercial real estate | 5,702,499 | 4,236,198 | 1,466,301 | 35 | % | ||||||||||||||||||
Commercial and industrial | 1,463,022 | 1,850,197 | (387,175) | (21 | %) | ||||||||||||||||||
Agriculture | 751,185 | 721,490 | 29,695 | 4 | % | ||||||||||||||||||
1st lien | 1,393,267 | 1,228,867 | 164,400 | 13 | % | ||||||||||||||||||
Junior lien | 34,830 | 41,641 | (6,811) | (16 | %) | ||||||||||||||||||
Total 1-4 family | 1,428,097 | 1,270,508 | 157,589 | 12 | % | ||||||||||||||||||
Multifamily residential | 545,001 | 391,895 | 153,106 | 39 | % | ||||||||||||||||||
Home equity lines of credit | 761,990 | 657,626 | 104,364 | 16 | % | ||||||||||||||||||
Other consumer | 207,513 | 190,186 | 17,327 | 9 | % | ||||||||||||||||||
Total consumer | 969,503 | 847,812 | 121,691 | 14 | % | ||||||||||||||||||
States and political subdivisions | 615,251 | 575,647 | 39,604 | 7 | % | ||||||||||||||||||
Other | 153,147 | 156,647 | (3,500) | (2 | %) | ||||||||||||||||||
Total loans receivable, including loans held for sale | 13,492,828 | 11,289,268 | 2,203,560 | 20 | % | ||||||||||||||||||
Less loans held for sale 1 | (60,797) | (166,572) | 105,775 | (64 | %) | ||||||||||||||||||
Total loans receivable | $ | 13,432,031 | $ | 11,122,696 | $ | 2,309,335 | 21 | % |
Non-performing Assets, by Loan Type | Non- Accrual Loans | Accruing Loans 90 Days or More Past Due | OREO | ||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||
Custom and owner occupied construction | $ | 237 | 247 | 237 | — | — | |||||||||||||||||||||||
Total residential construction | 237 | 247 | 237 | — | — | ||||||||||||||||||||||||
Land development | 250 | 342 | 250 | — | — | ||||||||||||||||||||||||
Consumer land or lots | 309 | 201 | 176 | 133 | — | ||||||||||||||||||||||||
Unimproved land | 124 | 294 | 124 | — | — | ||||||||||||||||||||||||
Commercial lots | — | 368 | — | — | — | ||||||||||||||||||||||||
Other construction | 12,884 | — | — | 12,884 | — | ||||||||||||||||||||||||
Total land, lot and other construction | 13,567 | 1,205 | 550 | 13,017 | — | ||||||||||||||||||||||||
Owner occupied | 3,918 | 6,725 | 3,918 | — | — | ||||||||||||||||||||||||
Non-owner occupied | 6,063 | 4,796 | 5,848 | 215 | — | ||||||||||||||||||||||||
Total commercial real estate | 9,981 | 11,521 | 9,766 | 215 | — | ||||||||||||||||||||||||
Commercial and industrial | 3,066 | 6,689 | 2,517 | 549 | — | ||||||||||||||||||||||||
Agriculture | 29,151 | 6,313 | 26,323 | 2,828 | — | ||||||||||||||||||||||||
1st lien | 2,870 | 5,353 | 2,612 | 258 | — | ||||||||||||||||||||||||
Junior lien | 136 | 301 | 136 | — | — | ||||||||||||||||||||||||
Total 1-4 family | 3,006 | 5,654 | 2,748 | 258 | — | ||||||||||||||||||||||||
Multifamily residential | 6,548 | — | 6,548 | — | — | ||||||||||||||||||||||||
Home equity lines of credit | 1,563 | 2,939 | 1,522 | 41 | — | ||||||||||||||||||||||||
Other consumer | 460 | 572 | 321 | 121 | 18 | ||||||||||||||||||||||||
Total consumer | 2,023 | 3,511 | 1,843 | 162 | 18 | ||||||||||||||||||||||||
Other | 112 | 293 | — | 112 | — | ||||||||||||||||||||||||
Total | $ | 67,691 | 35,433 | 50,532 | 17,141 | 18 |
Accruing 30-89 Days Delinquent Loans, by Loan Type | |||||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
Custom and owner occupied construction | $ | 1,243 | $ | 788 | $ | 455 | 58 | % | |||||||||||||||
Pre-sold and spec construction | 443 | — | 443 | n/m | |||||||||||||||||||
Total residential construction | 1,686 | 788 | 898 | 114 | % | ||||||||||||||||||
Land development | — | 202 | (202) | (100 | %) | ||||||||||||||||||
Consumer land or lots | 149 | 71 | 78 | 110 | % | ||||||||||||||||||
Unimproved land | 305 | 357 | (52) | (15 | %) | ||||||||||||||||||
Developed lots for operative builders | — | 306 | (306) | (100 | %) | ||||||||||||||||||
Other construction | 30,788 | — | 30,788 | n/m | |||||||||||||||||||
Total land, lot and other construction | 31,242 | 936 | 30,306 | 3,238 | % | ||||||||||||||||||
Owner occupied | 1,739 | 3,432 | (1,693) | (49 | %) | ||||||||||||||||||
Non-owner occupied | 1,558 | 149 | 1,409 | 946 | % | ||||||||||||||||||
Total commercial real estate | 3,297 | 3,581 | (284) | (8 | %) | ||||||||||||||||||
Commercial and industrial | 4,732 | 1,814 | 2,918 | 161 | % | ||||||||||||||||||
Agriculture | 459 | 1,553 | (1,094) | (70 | %) | ||||||||||||||||||
1st lien | 2,197 | 6,677 | (4,480) | (67 | %) | ||||||||||||||||||
Junior lien | 87 | 55 | 32 | 58 | % | ||||||||||||||||||
Total 1-4 family | 2,284 | 6,732 | (4,448) | (66 | %) | ||||||||||||||||||
Home equity lines of credit | 1,994 | 2,840 | (846) | (30 | %) | ||||||||||||||||||
Other consumer | 1,681 | 1,054 | 627 | 59 | % | ||||||||||||||||||
Total consumer | 3,675 | 3,894 | (219) | (6 | %) | ||||||||||||||||||
States and political subdivisions | 1,733 | 2,358 | (625) | (27 | %) | ||||||||||||||||||
Other | 1,458 | 1,065 | 393 | 37 | % | ||||||||||||||||||
Total | $ | 50,566 | $ | 22,721 | $ | 27,845 | 123 | % |
Net Charge-Offs (Recoveries), Years ended, By Loan Type | Charge-Offs | Recoveries | |||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2021 | |||||||||||||||||||
Custom and owner occupied construction | $ | — | (9) | — | — | ||||||||||||||||||
Pre-sold and spec construction | (15) | (24) | — | 15 | |||||||||||||||||||
Total residential construction | (15) | (33) | — | 15 | |||||||||||||||||||
Land development | (233) | (106) | — | 233 | |||||||||||||||||||
Consumer land or lots | (165) | (221) | 3 | 168 | |||||||||||||||||||
Unimproved land | (241) | (489) | — | 241 | |||||||||||||||||||
Commercial lots | — | (55) | — | — | |||||||||||||||||||
Total land, lot and other construction | (639) | (871) | 3 | 642 | |||||||||||||||||||
Owner occupied | (423) | (168) | 117 | 540 | |||||||||||||||||||
Non-owner occupied | (357) | 3,030 | 148 | 505 | |||||||||||||||||||
Total commercial real estate | (780) | 2,862 | 265 | 1,045 | |||||||||||||||||||
Commercial and industrial | 41 | 1,533 | 988 | 947 | |||||||||||||||||||
Agriculture | (20) | 337 | 12 | 32 | |||||||||||||||||||
1st lien | (331) | 69 | 42 | 373 | |||||||||||||||||||
Junior lien | (650) | (211) | — | 650 | |||||||||||||||||||
Total 1-4 family | (981) | (142) | 42 | 1,023 | |||||||||||||||||||
Multifamily residential | (40) | (244) | — | 40 | |||||||||||||||||||
Home equity lines of credit | (621) | 101 | 41 | 662 | |||||||||||||||||||
Other consumer | 236 | 307 | 532 | 296 | |||||||||||||||||||
Total consumer | (385) | 408 | 573 | 958 | |||||||||||||||||||
Other | 5,148 | 3,803 | 9,711 | 4,563 | |||||||||||||||||||
Total | $ | 2,329 | 7,653 | 11,594 | 9,265 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Non-interest bearing deposits | $ | 7,779,288 | 36 | % | $ | 5,454,539 | 37 | % | |||||||||||||||
NOW and DDA accounts | 5,301,832 | 25 | % | 3,698,559 | 25 | % | |||||||||||||||||
Savings accounts | 3,180,046 | 15 | % | 2,000,174 | 13 | % | |||||||||||||||||
Money market deposit accounts | 4,014,128 | 19 | % | 2,627,336 | 18 | % | |||||||||||||||||
Certificate accounts | 1,036,077 | 5 | % | 978,779 | 7 | % | |||||||||||||||||
Wholesale deposits | 25,878 | — | % | 38,142 | — | % | |||||||||||||||||
Total interest bearing deposits | 13,557,961 | 64 | % | 9,342,990 | 63 | % | |||||||||||||||||
Total deposits | $ | 21,337,249 | 100 | % | $ | 14,797,529 | 100 | % |
(Dollars in thousands) | Certificates of Deposit | ||||
Within three months | $ | 70,280 | |||
Three months to six months | 55,390 | ||||
Seven months to twelve months | 72,861 | ||||
Over twelve months | 105,434 | ||||
Total | $ | 303,965 |
At or for the Years ended | |||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Repurchase agreements | |||||||||||
Amount outstanding at end of period | $ | 1,020,794 | 1,004,583 | ||||||||
Weighted interest rate on outstanding amount | 0.19 | % | 0.33 | % | |||||||
Maximum outstanding at any month end | $ | 1,040,939 | 1,004,583 | ||||||||
Average balance | $ | 994,968 | 783,100 | ||||||||
Weighted-average interest rate | 0.23 | % | 0.46 | % | |||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
FHLB advances | |||||||||||
Borrowing capacity | $ | 2,995,622 | 2,446,759 | ||||||||
Amount utilized | — | — | |||||||||
Letters of credit | (1,631) | (1,498) | |||||||||
Amount available | $ | 2,993,991 | 2,445,261 | ||||||||
FRB discount window | |||||||||||
Borrowing capacity | $ | 1,450,908 | 1,269,778 | ||||||||
Amount utilized | — | — | |||||||||
Amount available | $ | 1,450,908 | 1,269,778 | ||||||||
Unsecured lines of credit available | $ | 635,000 | 635,000 | ||||||||
Unencumbered debt securities | |||||||||||
U.S. government and federal agency | $ | 1,346,749 | 38,588 | ||||||||
U.S. government sponsored enterprises | 240,693 | 9,781 | |||||||||
State and local governments | 796,323 | 185,680 | |||||||||
Corporate bonds | 180,752 | 99,764 | |||||||||
Residential mortgage-backed securities | 4,094,713 | 1,994,927 | |||||||||
Commercial mortgage-backed securities | 1,023,131 | 1,028,944 | |||||||||
Total unencumbered debt securities | $ | 7,682,361 | 3,357,684 |
Total Capital (To Risk-Weighted Assets) | Tier 1 Capital (To Risk-Weighted Assets) | Common Equity Tier 1 (To Risk-Weighted Assets) | Leverage Ratio/ Tier 1 Capital (To Average Assets) | ||||||||||||||||||||
Glacier Bank actual regulatory ratios | 13.53 | % | 12.56 | % | 12.56 | % | 8.70 | % | |||||||||||||||
Minimum capital requirements | 8.00 | % | 6.00 | % | 4.50 | % | 4.00 | % | |||||||||||||||
Minimum capital requirements plus capital conservation buffer | 10.50 | % | 8.50 | % | 7.00 | % | N/A | ||||||||||||||||
Well capitalized requirements | 10.00 | % | 8.00 | % | 6.50 | % | 5.00 | % |
(Dollars in thousands) | New Markets Tax Credits | Low-Income Housing Tax Credits | Debt Securities Tax Credits | Total | |||||||||||||||||||
2022 | $ | 6,674 | 12,926 | 674 | 20,274 | ||||||||||||||||||
2023 | 6,078 | 15,653 | 631 | 22,362 | |||||||||||||||||||
2024 | 4,482 | 15,878 | 594 | 20,954 | |||||||||||||||||||
2025 | 2,736 | 15,760 | 451 | 18,947 | |||||||||||||||||||
2026 | 2,016 | 15,619 | 219 | 17,854 | |||||||||||||||||||
Thereafter | 2,016 | 53,926 | 233 | 56,175 | |||||||||||||||||||
$ | 24,002 | 129,762 | 2,802 | 156,566 |
Years ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest and Dividends | Average Yield/ Rate | Average Balance | Interest and Dividends | Average Yield/ Rate | Average Balance | Interest and Dividends | Average Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans | $ | 910,300 | $ | 43,300 | 4.76 | % | $ | 1,006,001 | $ | 46,392 | 4.61 | % | $ | 965,553 | $ | 46,899 | 4.86 | % | |||||||||||||||||||||||||||||||||||
Commercial loans 1 | 9,900,056 | 476,678 | 4.81 | % | 9,057,210 | 441,762 | 4.88 | % | 7,084,753 | 373,888 | 5.28 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer and other loans | 993,082 | 44,614 | 4.49 | % | 948,379 | 44,559 | 4.70 | % | 881,726 | 44,667 | 5.07 | % | |||||||||||||||||||||||||||||||||||||||||
Total loans 2 | 11,803,438 | 564,592 | 4.78 | % | 11,011,590 | 532,713 | 4.84 | % | 8,932,032 | 465,454 | 5.21 | % | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt investment securities 3 | 1,584,313 | 59,713 | 3.77 | % | 1,306,640 | 52,201 | 4.00 | % | 917,454 | 38,195 | 4.16 | % | |||||||||||||||||||||||||||||||||||||||||
Taxable investment securities 4 | 6,512,202 | 75,553 | 1.16 | % | 2,746,855 | 59,027 | 2.15 | % | 1,935,215 | 56,258 | 2.91 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets | 19,899,953 | 699,858 | 3.52 | % | 15,065,085 | 643,941 | 4.27 | % | 11,784,701 | 559,907 | 4.75 | % | |||||||||||||||||||||||||||||||||||||||||
Goodwill and intangibles | 683,000 | 564,603 | 410,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-earning assets | 850,742 | 784,075 | 611,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 21,433,695 | $ | 16,413,763 | $ | 12,807,050 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 6,544,843 | $ | — | — | % | $ | 4,772,386 | $ | — | — | % | $ | 3,323,641 | $ | — | — | % | |||||||||||||||||||||||||||||||||||
NOW and DDA accounts | 4,325,071 | 2,737 | 0.06 | % | 3,094,675 | 2,849 | 0.09 | % | 2,447,037 | 4,196 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||
Savings accounts | 2,493,174 | 771 | 0.03 | % | 1,737,272 | 742 | 0.04 | % | 1,420,682 | 1,022 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | 3,144,507 | 3,914 | 0.12 | % | 2,356,508 | 5,077 | 0.22 | % | 1,787,149 | 5,385 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||
Certificate accounts | 976,894 | 4,643 | 0.48 | % | 986,126 | 8,568 | 0.87 | % | 923,840 | 9,257 | 1.00 | % | |||||||||||||||||||||||||||||||||||||||||
Wholesale deposits 5 | 31,103 | 70 | 0.22 | % | 78,283 | 384 | 0.49 | % | 137,442 | 3,420 | 2.49 | % | |||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | 994,968 | 2,302 | 0.23 | % | 783,101 | 3,601 | 0.94 | % | 470,351 | 3,694 | 0.79 | % | |||||||||||||||||||||||||||||||||||||||||
FHLB advances | — | — | — | % | 79,277 | 733 | 0.91 | % | 265,712 | 9,023 | 3.35 | % | |||||||||||||||||||||||||||||||||||||||||
Subordinated debentures and other borrowed funds | 166,386 | 4,121 | 2.48 | % | 172,104 | 5,361 | 3.11 | % | 154,891 | 6,776 | 4.37 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 18,676,946 | 18,558 | 0.10 | % | 14,059,732 | 27,315 | 0.19 | % | 10,930,745 | 42,773 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||
Other liabilities | 186,068 | 162,079 | 123,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 18,863,014 | 14,221,811 | 11,053,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 993 | 949 | 883 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in capital | 1,708,271 | 1,474,359 | 1,208,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 772,300 | 604,796 | 510,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | 89,117 | 111,848 | 33,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 2,570,681 | 2,191,952 | 1,753,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 21,433,695 | $ | 16,413,763 | $ | 12,807,050 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (tax-equivalent) | $ | 681,300 | $ | 616,626 | $ | 517,134 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (tax-equivalent) | 3.42 | % | 4.08 | % | 4.36 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.42 | % | 4.09 | % | 4.39 | % |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||
2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to: | Increase (Decrease) Due to: | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||
Residential real estate loans | $ | (4,413) | 1,321 | (3,092) | 1,964 | (2,471) | (507) | ||||||||||||||||||||||||||||
Commercial loans (tax-equivalent) | 39,791 | (4,874) | 34,917 | 105,403 | (37,528) | 67,875 | |||||||||||||||||||||||||||||
Consumer and other loans | 1,972 | (1,917) | 55 | 3,508 | (3,616) | (108) | |||||||||||||||||||||||||||||
Investment securities (tax-equivalent) | 110,940 | (86,900) | 24,040 | 39,760 | (22,987) | 16,773 | |||||||||||||||||||||||||||||
Total interest income | 148,290 | (92,370) | 55,920 | 150,635 | (66,602) | 84,033 | |||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||
NOW and DDA accounts | 1,122 | (1,233) | (111) | 1,125 | (2,471) | (1,346) | |||||||||||||||||||||||||||||
Savings accounts | 319 | (290) | 29 | 231 | (511) | (280) | |||||||||||||||||||||||||||||
Money market deposit accounts | 1,679 | (2,843) | (1,164) | 1,735 | (2,043) | (308) | |||||||||||||||||||||||||||||
Certificate accounts | (103) | (3,821) | (3,924) | 651 | (1,340) | (689) | |||||||||||||||||||||||||||||
Wholesale deposits | (232) | (83) | (315) | (1,467) | (1,570) | (3,037) | |||||||||||||||||||||||||||||
Repurchase agreements | 962 | (2,260) | (1,298) | 2,473 | (2,565) | (92) | |||||||||||||||||||||||||||||
FHLB advances | (733) | — | (733) | (6,324) | (1,966) | (8,290) | |||||||||||||||||||||||||||||
Repurchase agreements and other borrowed funds | (193) | (1,048) | (1,241) | 773 | (2,189) | (1,416) | |||||||||||||||||||||||||||||
Total interest expense | 2,821 | (11,578) | (8,757) | (803) | (14,655) | (15,458) | |||||||||||||||||||||||||||||
Net interest income (tax-equivalent) | $ | 145,469 | (80,792) | 64,677 | 151,438 | (51,947) | 99,491 |
Estimated Sensitivity | ||||||||||||||
Rate Scenarios | One Year | Two Years | ||||||||||||
-100 bps Rate shock | (5.87 | %) | (8.33 | %) | ||||||||||
+100 bps Rate shock | 4.87 | % | 7.35 | % | ||||||||||
+200 bps Rate shock | 8.82 | % | 13.41 | % | ||||||||||
+200 bps Rate ramp | 4.63 | % | 9.18 | % | ||||||||||
+300 bps Rate shock | 9.39 | % | 16.05 | % | ||||||||||
+400 bps Rate shock | 5.56 | % | 14.20 | % | ||||||||||
+400 bps Rate ramp | 5.25 | % | 10.14 | % |
(Dollars in thousands, except per share data) | December 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash on hand and in banks | $ | 198,087 | 227,108 | ||||||||
Interest bearing cash deposits | 239,599 | 406,034 | |||||||||
Cash and cash equivalents | 437,686 | 633,142 | |||||||||
Debt securities, available-for-sale | 9,170,849 | 5,337,814 | |||||||||
Debt securities, held-to-maturity | 1,199,164 | 189,836 | |||||||||
Total debt securities | 10,370,013 | 5,527,650 | |||||||||
Loans held for sale, at fair value | 60,797 | 166,572 | |||||||||
Loans receivable | 13,432,031 | 11,122,696 | |||||||||
Allowance for credit losses | (172,665) | (158,243) | |||||||||
Loans receivable, net | 13,259,366 | 10,964,453 | |||||||||
Premises and equipment, net | 372,597 | 325,335 | |||||||||
Other real estate owned and foreclosed assets | 18 | 1,744 | |||||||||
Accrued interest receivable | 76,673 | 75,497 | |||||||||
Deferred tax asset | 27,693 | — | |||||||||
Core deposit intangible, net | 52,259 | 55,509 | |||||||||
Goodwill | 985,393 | 514,013 | |||||||||
Non-marketable equity securities | 10,020 | 10,023 | |||||||||
Bank-owned life insurance | 167,671 | 123,763 | |||||||||
Other assets | 120,459 | 106,505 | |||||||||
Total assets | $ | 25,940,645 | 18,504,206 | ||||||||
Liabilities | |||||||||||
Non-interest bearing deposits | $ | 7,779,288 | 5,454,539 | ||||||||
Interest bearing deposits | 13,557,961 | 9,342,990 | |||||||||
Securities sold under agreements to repurchase | 1,020,794 | 1,004,583 | |||||||||
Other borrowed funds | 44,094 | 33,068 | |||||||||
Subordinated debentures | 132,620 | 139,959 | |||||||||
Accrued interest payable | 2,409 | 3,305 | |||||||||
Deferred tax liability | — | 23,860 | |||||||||
Other liabilities | 225,857 | 194,861 | |||||||||
Total liabilities | 22,763,023 | 16,197,165 | |||||||||
Commitments and Contingent Liabilities | — | — | |||||||||
Stockholders’ Equity | |||||||||||
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding | — | — | |||||||||
Common stock, $0.01 par value per share, 117,187,500 shares authorized | 1,107 | 954 | |||||||||
Paid-in capital | 2,338,814 | 1,495,053 | |||||||||
Retained earnings - substantially restricted | 810,342 | 667,944 | |||||||||
Accumulated other comprehensive income | 27,359 | 143,090 | |||||||||
Total stockholders’ equity | 3,177,622 | 2,307,041 | |||||||||
Total liabilities and stockholders’ equity | $ | 25,940,645 | 18,504,206 | ||||||||
Number of common stock shares issued and outstanding | 110,687,533 | 95,426,364 |
Years ended | |||||||||||||||||
(Dollars in thousands, except per share data) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Interest Income | |||||||||||||||||
Investment securities | $ | 122,099 | 99,616 | 85,504 | |||||||||||||
Residential real estate loans | 43,300 | 46,392 | 46,899 | ||||||||||||||
Commercial loans | 471,061 | 436,497 | 369,107 | ||||||||||||||
Consumer and other loans | 44,614 | 44,559 | 44,667 | ||||||||||||||
Total interest income | 681,074 | 627,064 | 546,177 | ||||||||||||||
Interest Expense | |||||||||||||||||
Deposits | 12,135 | 17,620 | 23,280 | ||||||||||||||
Securities sold under agreements to repurchase | 2,303 | 3,601 | 3,694 | ||||||||||||||
Federal Home Loan Bank advances | — | 733 | 9,023 | ||||||||||||||
Other borrowed funds | 713 | 646 | 215 | ||||||||||||||
Subordinated debentures | 3,407 | 4,715 | 6,561 | ||||||||||||||
Total interest expense | 18,558 | 27,315 | 42,773 | ||||||||||||||
Net Interest Income | 662,516 | 599,749 | 503,404 | ||||||||||||||
Provision for credit losses | 23,076 | 39,765 | 57 | ||||||||||||||
Net interest income after provision for credit losses | 639,440 | 559,984 | 503,347 | ||||||||||||||
Non-Interest Income | |||||||||||||||||
Service charges and other fees | 59,317 | 52,503 | 67,934 | ||||||||||||||
Miscellaneous loan fees and charges | 12,038 | 7,344 | 5,313 | ||||||||||||||
Gain on sale of loans | 63,063 | 99,450 | 34,064 | ||||||||||||||
(Loss) gain on sale of debt securities | (638) | 1,139 | 14,415 | ||||||||||||||
Other income | 11,040 | 12,431 | 9,048 | ||||||||||||||
Total non-interest income | 144,820 | 172,867 | 130,774 | ||||||||||||||
Non-Interest Expense | |||||||||||||||||
Compensation and employee benefits | 270,644 | 253,047 | 222,753 | ||||||||||||||
Occupancy and equipment | 39,394 | 37,673 | 34,497 | ||||||||||||||
Advertising and promotions | 11,949 | 10,201 | 10,621 | ||||||||||||||
Data processing | 23,470 | 21,132 | 17,392 | ||||||||||||||
Other real estate owned and foreclosed assets | 236 | 923 | 1,105 | ||||||||||||||
Regulatory assessments and insurance | 8,249 | 4,656 | 3,771 | ||||||||||||||
Loss on termination of hedging activities | — | — | 13,528 | ||||||||||||||
Core deposit intangible amortization | 10,271 | 10,370 | 8,485 | ||||||||||||||
Other expenses | 70,609 | 66,809 | 62,775 | ||||||||||||||
Total non-interest expense | 434,822 | 404,811 | 374,927 | ||||||||||||||
Income Before Income Taxes | 349,438 | 328,040 | 259,194 | ||||||||||||||
Federal and state income tax expense | 64,681 | 61,640 | 48,650 | ||||||||||||||
Net Income | $ | 284,757 | 266,400 | 210,544 | |||||||||||||
Basic earnings per share | $ | 2.87 | 2.81 | 2.39 | |||||||||||||
Diluted earnings per share | $ | 2.86 | 2.81 | 2.38 | |||||||||||||
Dividends declared per share | $ | 1.37 | 1.33 | 1.31 | |||||||||||||
Average outstanding shares - basic | 99,313,255 | 94,883,864 | 88,255,290 | ||||||||||||||
Average outstanding shares - diluted | 99,398,250 | 94,932,353 | 88,385,775 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Net Income | $ | 284,757 | 266,400 | 210,544 | |||||||||||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||
Available-For-Sale and Transferred Securities: | |||||||||||||||||
Unrealized (losses) gains on available-for-sale securities | (151,426) | 139,208 | 77,158 | ||||||||||||||
Reclassification adjustment for losses included in net income | (790) | (1,138) | (14,423) | ||||||||||||||
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity | (3,551) | — | — | ||||||||||||||
Tax effect | 39,362 | (34,853) | (15,896) | ||||||||||||||
Net of tax amount | (116,405) | 103,217 | 46,839 | ||||||||||||||
Cash Flow Hedge: | |||||||||||||||||
Unrealized gains (losses) on derivatives used for cash flow hedges | 901 | (472) | (7,047) | ||||||||||||||
Reclassification adjustment for gains (losses) included in net income | — | — | 10,816 | ||||||||||||||
Tax effect | (227) | 119 | (955) | ||||||||||||||
Net of tax amount | 674 | (353) | 2,814 | ||||||||||||||
Total other comprehensive (loss) income, net of tax | (115,731) | 102,864 | 49,653 | ||||||||||||||
Total Comprehensive Income | $ | 169,026 | 369,264 | 260,197 |
(Dollars in thousands, except per share data) | Common Stock | Paid-in Capital | Retained Earnings Substantially Restricted | Accumulated Other Comp-rehensive Income (Loss) | |||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | 84,521,692 | $ | 845 | 1,051,253 | 473,183 | (9,427) | 1,515,854 | ||||||||||||||||||||||||||||
Net income | — | — | — | 210,544 | — | 210,544 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 49,653 | 49,653 | |||||||||||||||||||||||||||||
Cash dividends declared ($1.31 per share) | — | — | — | (117,563) | — | (117,563) | |||||||||||||||||||||||||||||
Stock issued in connection with acquisitions | 7,519,617 | 75 | 316,463 | — | — | 316,538 | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans | 248,441 | 3 | (3) | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes | — | — | 10,821 | — | — | 10,821 | |||||||||||||||||||||||||||||
Cumulative-effect of accounting changes | — | — | — | (25,114) | — | (25,114) | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 92,289,750 | $ | 923 | 1,378,534 | 541,050 | 40,226 | 1,960,733 | ||||||||||||||||||||||||||||
Net income | — | — | — | 266,400 | — | 266,400 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 102,864 | 102,864 | |||||||||||||||||||||||||||||
Cash dividends declared ($1.33 per share) | — | — | — | (127,159) | — | (127,159) | |||||||||||||||||||||||||||||
Stock issued in connection with acquisitions | 3,007,044 | 30 | 112,103 | — | — | 112,133 | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans | 129,570 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes | — | — | 4,417 | — | — | 4,417 | |||||||||||||||||||||||||||||
Cumulative-effect of accounting changes | — | — | — | (12,347) | — | (12,347) | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 95,426,364 | $ | 954 | 1,495,053 | 667,944 | 143,090 | 2,307,041 | ||||||||||||||||||||||||||||
Net income | — | — | — | 284,757 | — | 284,757 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (115,731) | (115,731) | |||||||||||||||||||||||||||||
Cash dividends declared ($1.37 per share) | — | — | — | (142,359) | — | (142,359) | |||||||||||||||||||||||||||||
Stock issued in connection with acquisitions | 15,173,482 | 152 | 839,701 | — | — | 839,853 | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans | 87,687 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes | — | — | 4,061 | — | — | 4,061 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 110,687,533 | $ | 1,107 | 2,338,814 | 810,342 | 27,359 | 3,177,622 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 284,757 | 266,400 | 210,544 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | 23,076 | 39,765 | 57 | ||||||||||||||
Net amortization of debt securities | 47,299 | 16,893 | 12,985 | ||||||||||||||
Net amortization of purchase accounting adjustments and deferred loan fees and costs | (17,881) | (57,627) | (3,712) | ||||||||||||||
Amortization of debt modification costs | — | — | 4,630 | ||||||||||||||
Origination of loans held for sale | (1,550,787) | (2,070,843) | (983,988) | ||||||||||||||
Proceeds from loans held for sale | 1,797,566 | 2,093,549 | 985,345 | ||||||||||||||
Gain on sale of loans | (63,063) | (99,450) | (34,064) | ||||||||||||||
Loss (gain) on sale of debt securities | 638 | (1,139) | (14,415) | ||||||||||||||
Bank-owned life insurance income, net | (2,873) | (2,724) | (2,245) | ||||||||||||||
Stock-based compensation, net of tax benefits | 4,349 | 3,629 | 7,475 | ||||||||||||||
Depreciation and amortization of premises and equipment | 21,768 | 20,420 | 18,592 | ||||||||||||||
(Gain) loss on sale and write-downs of other real estate owned, net | (105) | 139 | 73 | ||||||||||||||
Deferred tax benefit | (9,095) | (6,863) | (356) | ||||||||||||||
Amortization of core deposit intangibles | 10,271 | 10,370 | 8,485 | ||||||||||||||
Amortization of investments in variable interest entities | 13,457 | 11,282 | 9,700 | ||||||||||||||
Net decrease (increase) in accrued interest receivable | 5,118 | (17,663) | 1,899 | ||||||||||||||
Net decrease (increase) in other assets | 8,188 | (20,926) | 5,078 | ||||||||||||||
Net (decrease) increase in accrued interest payable | (1,222) | (1,507) | 312 | ||||||||||||||
Net increase in other liabilities | 588 | 5,840 | 254 | ||||||||||||||
Net cash provided by operating activities | 572,049 | 189,545 | 226,649 | ||||||||||||||
Investing Activities | |||||||||||||||||
Sales of available-for-sale debt securities | — | — | 712,113 | ||||||||||||||
Maturities, prepayments and calls of available-for-sale debt securities | 1,453,049 | 758,879 | 711,838 | ||||||||||||||
Purchases of available-for-sale debt securities | (6,315,164) | (3,254,912) | (1,224,231) | ||||||||||||||
Maturities, prepayments and calls of held-to-maturity debt securities | 48,955 | 32,735 | 58,750 | ||||||||||||||
Purchases of held-to-maturity debt securities | (222,695) | — | — | ||||||||||||||
Principal collected on loans | 6,529,504 | 4,732,941 | 3,250,220 | ||||||||||||||
Loan originations | (7,000,632) | (5,864,038) | (3,623,548) | ||||||||||||||
Net additions to premises and equipment | (9,436) | (11,717) | (16,398) | ||||||||||||||
Proceeds from sale of other real estate owned | 3,313 | 5,572 | 4,670 | ||||||||||||||
Proceeds from redemption of non-marketable equity securities | 4,218 | 76,618 | 118,516 | ||||||||||||||
Purchases of non-marketable equity securities | (2) | (71,399) | (97,597) | ||||||||||||||
Proceeds from bank-owned life insurance | 2,112 | — | — | ||||||||||||||
Investments in variable interest entities | (22,640) | (12,088) | (16,348) | ||||||||||||||
Net cash received from acquisitions | 1,622,717 | 43,713 | 79,333 | ||||||||||||||
Net cash used in investing activities | (3,906,701) | (3,563,696) | (42,682) |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Financing Activities | |||||||||||||||||
Net increase in deposits | $ | 3,266,304 | 3,418,199 | 285,856 | |||||||||||||
Net increase in securities sold under agreements to repurchase | 16,211 | 427,510 | 172,264 | ||||||||||||||
Net decrease in short-term Federal Home Loan Bank advances | — | (30,000) | (255,000) | ||||||||||||||
Proceeds from long-term Federal Home Loan Bank advances | — | 30,000 | — | ||||||||||||||
Repayments of long-term Federal Home Loan Bank advances | — | (38,589) | (151,160) | ||||||||||||||
Net increase in other borrowed funds | 3,526 | 564 | 14,109 | ||||||||||||||
Cash dividends paid | (145,557) | (131,263) | (124,468) | ||||||||||||||
Tax withholding payments for stock-based compensation | (1,553) | (1,082) | (1,293) | ||||||||||||||
Proceeds from stock option exercises | 265 | 993 | 2,896 | ||||||||||||||
Net cash provided by (used in) financing activities | 3,139,196 | 3,676,332 | (56,796) | ||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (195,456) | 302,181 | 127,171 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 633,142 | 330,961 | 203,790 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 437,686 | 633,142 | 330,961 | |||||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||||
Cash paid during the period for interest | $ | 19,779 | 28,822 | 42,461 | |||||||||||||
Cash paid during the period for income taxes | 67,306 | 63,021 | 36,817 | ||||||||||||||
Supplemental Disclosure of Non-Cash Investing Activities | |||||||||||||||||
Transfer of debt securities from held-to-maturity to available-for-sale | $ | 844,020 | — | — | |||||||||||||
Sale and refinancing of other real estate owned | — | 215 | 7 | ||||||||||||||
Transfer of loans to other real estate owned | 1,482 | 2,076 | 2,349 | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | 801 | 7,406 | 9,948 | ||||||||||||||
Dividends declared during the period but not paid | 11,352 | 14,572 | 18,686 | ||||||||||||||
Acquisitions | |||||||||||||||||
Fair value of common stock shares issued | 839,853 | 112,133 | 316,538 | ||||||||||||||
Cash consideration | 9 | 13,721 | 16,424 | ||||||||||||||
Fair value of assets acquired | 4,131,662 | 745,420 | 1,357,099 | ||||||||||||||
Liabilities assumed | 3,291,800 | 619,566 | 1,024,137 |
Year ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Provision for credit loss loans | 16,380 | 37,637 | 57 | ||||||||||||||
Provision for credit loss unfunded | 6,696 | 2,128 | — | ||||||||||||||
Total provision for credit losses | 23,076 | 39,765 | 57 |
December 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 1,356,171 | 174 | (9,596) | 1,346,749 | ||||||||||||||||||
U.S. government sponsored enterprises | 241,687 | 2 | (996) | 240,693 | |||||||||||||||||||
State and local governments | 461,414 | 27,567 | (123) | 488,858 | |||||||||||||||||||
Corporate bonds | 175,697 | 5,072 | (17) | 180,752 | |||||||||||||||||||
Residential mortgage-backed securities | 5,744,505 | 9,420 | (54,266) | 5,699,659 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,195,949 | 25,882 | (7,693) | 1,214,138 | |||||||||||||||||||
Total available-for-sale | 9,175,423 | 68,117 | (72,691) | 9,170,849 | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
State and local governments | 1,199,164 | 22,878 | (1,159) | 1,220,883 | |||||||||||||||||||
Total held-to-maturity | 1,199,164 | 22,878 | (1,159) | 1,220,883 | |||||||||||||||||||
Total debt securities | $ | 10,374,587 | 90,995 | (73,850) | 10,391,732 |
December 31, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 38,568 | 287 | (267) | 38,588 | ||||||||||||||||||
U.S. government sponsored enterprises | 9,747 | 34 | — | 9,781 | |||||||||||||||||||
State and local governments | 1,321,763 | 94,974 | (54) | 1,416,683 | |||||||||||||||||||
Corporate bonds | 336,867 | 12,239 | (8) | 349,098 | |||||||||||||||||||
Residential mortgage-backed securities | 2,261,463 | 27,631 | (4) | 2,289,090 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,177,458 | 57,575 | (459) | 1,234,574 | |||||||||||||||||||
Total available-for-sale | 5,145,866 | 192,740 | (792) | 5,337,814 | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
State and local governments | 189,836 | 13,380 | — | 203,216 | |||||||||||||||||||
Total held-to-maturity | 189,836 | 13,380 | — | 203,216 | |||||||||||||||||||
Total debt securities | $ | 5,335,702 | 206,120 | (792) | 5,541,030 |
December 31, 2021 | |||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due within one year | $ | 54,460 | 54,824 | 1,432 | 1,445 | ||||||||||||||||||
Due after one year through five years | 1,143,487 | 1,146,529 | 29,286 | 30,932 | |||||||||||||||||||
Due after five years through ten years | 815,328 | 816,598 | 91,688 | 96,253 | |||||||||||||||||||
Due after ten years | 221,694 | 239,101 | 1,076,758 | 1,092,253 | |||||||||||||||||||
2,234,969 | 2,257,052 | 1,199,164 | 1,220,883 | ||||||||||||||||||||
Mortgage-backed securities 1 | 6,940,454 | 6,913,797 | — | — | |||||||||||||||||||
Total | $ | 9,175,423 | 9,170,849 | 1,199,164 | 1,220,883 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Available-for-sale | |||||||||||||||||
Proceeds from sales and calls of debt securities | $ | 188,431 | 240,521 | 928,710 | |||||||||||||
Gross realized gains 1 | 984 | 1,400 | 18,936 | ||||||||||||||
Gross realized losses 1 | (194) | (262) | (4,513) | ||||||||||||||
Held-to-maturity | |||||||||||||||||
Proceeds from calls of debt securities | 48,475 | 32,735 | 58,750 | ||||||||||||||
Gross realized gains 1 | 3 | 1 | 2 | ||||||||||||||
Gross realized losses 1 | (1,431) | — | (10) |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency | 50 | $ | 1,329,399 | (9,344) | 5,457 | (252) | 1,334,856 | (9,596) | |||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | 11 | 239,928 | (996) | — | — | 239,928 | (996) | ||||||||||||||||||||||||||||||||||
State and local governments | 10 | 11,080 | (83) | 1,760 | (40) | 12,840 | (123) | ||||||||||||||||||||||||||||||||||
Corporate bonds | 3 | 12,483 | (17) | — | — | 12,483 | (17) | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 151 | 5,335,632 | (53,434) | 53,045 | (832) | 5,388,677 | (54,266) | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 38 | 302,784 | (3,316) | 126,798 | (4,377) | 429,582 | (7,693) | ||||||||||||||||||||||||||||||||||
Total available-for-sale | 263 | $ | 7,231,306 | (67,190) | 187,060 | (5,501) | 7,418,366 | (72,691) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency | 18 | $ | 13,814 | (258) | 726 | (9) | 14,540 | (267) | |||||||||||||||||||||||||||||||||
State and local governments | 6 | 3,121 | (54) | — | — | 3,121 | (54) | ||||||||||||||||||||||||||||||||||
Corporate bonds | 3 | 5,500 | (8) | — | — | 5,500 | (8) | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 14 | 2,354 | (4) | 27 | — | 2,381 | (4) | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 5 | 120,741 | (459) | — | — | 120,741 | (459) | ||||||||||||||||||||||||||||||||||
Total available-for-sale | 46 | $ | 145,530 | (783) | 753 | (9) | 146,283 | (792) |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Held-to-maturity | |||||||||||
S&P: AAA / Moody’s: Aaa | $ | 316,899 | 39,022 | ||||||||
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3 | 841,616 | 123,664 | |||||||||
S&P: A+, A, A- / Moody’s: A1, A2, A3 | 39,078 | 27,150 | |||||||||
Not rated by either entity | 1,571 | — | |||||||||
Total held-to-maturity | $ | 1,199,164 | 189,836 |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Residential real estate | $ | 1,051,883 | 802,508 | ||||||||
Commercial real estate | 8,630,831 | 6,315,895 | |||||||||
Other commercial | 2,664,190 | 3,054,817 | |||||||||
Home equity | 736,288 | 636,405 | |||||||||
Other consumer | 348,839 | 313,071 | |||||||||
Loans receivable | 13,432,031 | 11,122,696 | |||||||||
Allowance for credit losses | (172,665) | (158,243) | |||||||||
Loans receivable, net | $ | 13,259,366 | 10,964,453 | ||||||||
Net deferred origination (fees) costs included in loans receivable | $ | (21,667) | (26,709) | ||||||||
Net purchase accounting (discounts) premiums included in loans receivable | $ | (25,166) | (17,091) | ||||||||
Accrued interest receivable on loans | $ | 49,133 | 53,538 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 158,243 | 9,604 | 86,999 | 49,133 | 8,182 | 4,325 | ||||||||||||||||||||||||||||
Acquisitions | 371 | — | 309 | 62 | — | — | |||||||||||||||||||||||||||||
Provision for credit losses | 16,380 | 6,517 | 28,996 | (23,444) | 186 | 4,125 | |||||||||||||||||||||||||||||
Charge-offs | (11,594) | (38) | (279) | (4,826) | (45) | (6,406) | |||||||||||||||||||||||||||||
Recoveries | 9,265 | 375 | 1,876 | 3,778 | 243 | 2,993 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 172,665 | 16,458 | 117,901 | 24,703 | 8,566 | 5,037 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 124,490 | 10,111 | 69,496 | 36,129 | 4,937 | 3,817 | ||||||||||||||||||||||||||||
Impact of adopting CECL | 3,720 | 3,584 | 10,533 | (13,759) | 3,400 | (38) | |||||||||||||||||||||||||||||
Acquisitions | 49 | — | 49 | — | — | — | |||||||||||||||||||||||||||||
Provision for credit losses | 37,637 | (4,131) | 9,324 | 29,812 | (27) | 2,659 | |||||||||||||||||||||||||||||
Charge-offs | (13,808) | (21) | (3,497) | (4,860) | (384) | (5,046) | |||||||||||||||||||||||||||||
Recoveries | 6,155 | 61 | 1,094 | 1,811 | 256 | 2,933 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 158,243 | 9,604 | 86,999 | 49,133 | 8,182 | 4,325 |
Year ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 131,239 | 10,631 | 72,448 | 38,160 | 5,811 | 4,189 | ||||||||||||||||||||||||||||
Provision for credit losses | 57 | (163) | (2,704) | (23) | (863) | 3,810 | |||||||||||||||||||||||||||||
Charge-offs | (15,178) | (608) | (2,460) | (4,189) | (90) | (7,831) | |||||||||||||||||||||||||||||
Recoveries | 8,372 | 251 | 2,212 | 2,181 | 79 | 3,649 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 124,490 | 10,111 | 69,496 | 36,129 | 4,937 | 3,817 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Accruing loans 30-59 days past due | $ | 38,081 | 2,132 | 26,063 | 5,464 | 1,582 | 2,840 | ||||||||||||||||||||||||||||
Accruing loans 60-89 days past due | 12,485 | 457 | 9,537 | 1,652 | 512 | 327 | |||||||||||||||||||||||||||||
Accruing loans 90 days or more past due | 17,141 | 223 | 15,345 | 1,383 | 57 | 133 | |||||||||||||||||||||||||||||
Non-accrual loans with no ACL | 28,961 | 2,162 | 20,040 | 4,563 | 1,712 | 484 | |||||||||||||||||||||||||||||
Non-accrual loans with ACL | 21,571 | 255 | 448 | 20,765 | 99 | 4 | |||||||||||||||||||||||||||||
Total past due and non-accrual loans | 118,239 | 5,229 | 71,433 | 33,827 | 3,962 | 3,788 | |||||||||||||||||||||||||||||
Current loans receivable | 13,313,792 | 1,046,654 | 8,559,398 | 2,630,363 | 732,326 | 345,051 | |||||||||||||||||||||||||||||
Total loans receivable | $ | 13,432,031 | 1,051,883 | 8,630,831 | 2,664,190 | 736,288 | 348,839 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Accruing loans 30-59 days past due | $ | 17,123 | 6,058 | 3,854 | 4,039 | 2,130 | 1,042 | ||||||||||||||||||||||||||||
Accruing loans 60-89 days past due | 5,598 | 584 | 2,299 | 809 | 756 | 1,150 | |||||||||||||||||||||||||||||
Accruing loans 90 days or more past due | 1,725 | 934 | 231 | 293 | 135 | 132 | |||||||||||||||||||||||||||||
Non-accrual loans with no ACL | 29,532 | 3,129 | 14,030 | 9,231 | 2,664 | 478 | |||||||||||||||||||||||||||||
Non-accrual loans with ACL | 2,432 | 274 | 1,787 | 278 | 49 | 44 | |||||||||||||||||||||||||||||
Total past due and non-accrual loans | 56,410 | 10,979 | 22,201 | 14,650 | 5,734 | 2,846 | |||||||||||||||||||||||||||||
Current loans receivable | 11,066,286 | 791,529 | 6,293,694 | 3,040,167 | 630,671 | 310,225 | |||||||||||||||||||||||||||||
Total loans receivable | $ | 11,122,696 | 802,508 | 6,315,895 | 3,054,817 | 636,405 | 313,071 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Business assets | $ | 25,182 | — | 57 | 25,125 | — | — | ||||||||||||||||||||||||||||
Residential real estate | 4,625 | 2,369 | 280 | 115 | 1,694 | 167 | |||||||||||||||||||||||||||||
Other real estate | 32,093 | 48 | 30,996 | 597 | 116 | 336 | |||||||||||||||||||||||||||||
Other | 1,525 | — | — | 1,241 | — | 284 | |||||||||||||||||||||||||||||
Total | $ | 63,425 | 2,417 | 31,333 | 27,078 | 1,810 | 787 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Business assets | $ | 4,325 | — | 37 | 4,288 | — | — | ||||||||||||||||||||||||||||
Residential real estate | 7,148 | 3,338 | 1,043 | 198 | 2,513 | 56 | |||||||||||||||||||||||||||||
Other real estate | 16,127 | 64 | 14,738 | 1,086 | 200 | 39 | |||||||||||||||||||||||||||||
Other | 36,855 | — | — | 36,469 | — | 386 | |||||||||||||||||||||||||||||
Total | $ | 64,455 | 3,402 | 15,818 | 42,041 | 2,713 | 481 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
TDRs that occurred during the period | |||||||||||||||||||||||||||||||||||
Number of loans | 12 | 1 | 5 | 3 | 1 | 2 | |||||||||||||||||||||||||||||
Pre-modification recorded balance | $ | 2,442 | 210 | 1,473 | 554 | 54 | 151 | ||||||||||||||||||||||||||||
Post-modification recorded balance | $ | 2,442 | 210 | 1,473 | 554 | 54 | 151 | ||||||||||||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
TDRs that occurred during the period | |||||||||||||||||||||||||||||||||||
Number of loans | 16 | 1 | 10 | 4 | 1 | — | |||||||||||||||||||||||||||||
Pre-modification recorded balance | $ | 14,945 | 210 | 13,392 | 1,304 | 39 | — | ||||||||||||||||||||||||||||
Post-modification recorded balance | $ | 14,945 | 210 | 13,392 | 1,304 | 39 | — | ||||||||||||||||||||||||||||
TDRs that subsequently defaulted | |||||||||||||||||||||||||||||||||||
Number of loans | 1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||
Recorded balance | $ | 145 | — | 145 | — | — | — |
Year ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
TDRs that occurred during the period | |||||||||||||||||||||||||||||||||||
Number of loans | 18 | 1 | 6 | 6 | 2 | 3 | |||||||||||||||||||||||||||||
Pre-modification recorded balance | $ | 18,508 | 117 | 8,524 | 9,382 | 214 | 271 | ||||||||||||||||||||||||||||
Post-modification recorded balance | $ | 18,476 | 123 | 8,524 | 9,364 | 214 | 251 | ||||||||||||||||||||||||||||
TDRs that subsequently defaulted | |||||||||||||||||||||||||||||||||||
Number of loans | 1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||
Recorded balance | $ | 106 | — | 106 | — | — | — |
December 31, 2021 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Pass | Special Mention | Substandard | Doubtful/ Loss | ||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2021 | $ | 2,679,564 | 2,677,540 | — | 2,024 | — | |||||||||||||||||||||||
2020 | 1,512,845 | 1,499,895 | — | 12,950 | — | ||||||||||||||||||||||||
2019 | 952,039 | 919,091 | — | 32,948 | — | ||||||||||||||||||||||||
2018 | 808,275 | 788,292 | — | 19,983 | — | ||||||||||||||||||||||||
2017 | 665,733 | 624,018 | — | 41,715 | — | ||||||||||||||||||||||||
Prior | 1,677,875 | 1,621,819 | — | 56,030 | 26 | ||||||||||||||||||||||||
Revolving loans | 334,500 | 332,696 | — | 1,803 | 1 | ||||||||||||||||||||||||
Total | $ | 8,630,831 | 8,463,351 | — | 167,453 | 27 | |||||||||||||||||||||||
Other commercial loans 1 | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2021 | $ | 751,151 | 746,709 | — | 4,442 | — | |||||||||||||||||||||||
2020 | 429,500 | 420,547 | — | 8,952 | 1 | ||||||||||||||||||||||||
2019 | 235,591 | 226,614 | — | 8,974 | 3 | ||||||||||||||||||||||||
2018 | 188,009 | 179,679 | — | 8,329 | 1 | ||||||||||||||||||||||||
2017 | 209,287 | 207,509 | — | 1,775 | 3 | ||||||||||||||||||||||||
Prior | 312,852 | 297,926 | — | 14,275 | 651 | ||||||||||||||||||||||||
Revolving loans | 537,800 | 507,258 | — | 30,526 | 16 | ||||||||||||||||||||||||
Total | $ | 2,664,190 | 2,586,242 | — | 77,273 | 675 |
December 31, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Pass | Special Mention | Substandard | Doubtful/ Loss | ||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2020 | $ | 1,496,094 | 1,490,947 | — | 5,147 | — | |||||||||||||||||||||||
2019 | 1,077,461 | 1,069,503 | — | 7,958 | — | ||||||||||||||||||||||||
2018 | 914,506 | 874,673 | — | 39,833 | — | ||||||||||||||||||||||||
2017 | 723,448 | 696,371 | — | 27,077 | — | ||||||||||||||||||||||||
2016 | 496,275 | 481,392 | — | 14,883 | — | ||||||||||||||||||||||||
Prior | 1,488,281 | 1,450,596 | — | 37,574 | 111 | ||||||||||||||||||||||||
Revolving loans | 119,830 | 116,548 | — | 3,282 | — | ||||||||||||||||||||||||
Total | $ | 6,315,895 | 6,180,030 | — | 135,754 | 111 | |||||||||||||||||||||||
Other commercial loans 1 | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2020 | $ | 1,366,664 | 1,341,316 | 19,564 | 5,784 | — | |||||||||||||||||||||||
2019 | 304,430 | 284,981 | 12,582 | 6,864 | 3 | ||||||||||||||||||||||||
2018 | 241,222 | 234,988 | — | 6,233 | 1 | ||||||||||||||||||||||||
2017 | 269,857 | 264,651 | — | 5,114 | 92 | ||||||||||||||||||||||||
2016 | 179,225 | 177,164 | — | 2,056 | 5 | ||||||||||||||||||||||||
Prior | 218,306 | 206,431 | — | 11,329 | 546 | ||||||||||||||||||||||||
Revolving loans | 475,113 | 467,929 | 54 | 7,112 | 18 | ||||||||||||||||||||||||
Total | $ | 3,054,817 | 2,977,460 | 32,200 | 44,492 | 665 |
December 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Total | Performing | 30-89 Days Past Due | Non-Accrual and 90 Days or More Past Due | |||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2021 | $ | 427,814 | 427,318 | 496 | — | ||||||||||||||||||
2020 | 179,395 | 178,016 | 1,232 | 147 | |||||||||||||||||||
2019 | 66,543 | 66,470 | — | 73 | |||||||||||||||||||
2018 | 51,095 | 50,816 | — | 279 | |||||||||||||||||||
2017 | 42,181 | 42,005 | — | 176 | |||||||||||||||||||
Prior | 146,299 | 143,473 | 861 | 1,965 | |||||||||||||||||||
Revolving loans | 138,556 | 138,556 | — | — | |||||||||||||||||||
Total | $ | 1,051,883 | 1,046,654 | 2,589 | 2,640 | ||||||||||||||||||
Home equity loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2021 | $ | 871 | 871 | — | — | ||||||||||||||||||
2020 | 303 | 303 | — | — | |||||||||||||||||||
2019 | 1,293 | 1,260 | — | 33 | |||||||||||||||||||
2018 | 1,329 | 1,328 | — | 1 | |||||||||||||||||||
2017 | 886 | 886 | — | — | |||||||||||||||||||
Prior | 11,494 | 10,589 | 576 | 329 | |||||||||||||||||||
Revolving loans | 720,112 | 717,089 | 1,518 | 1,505 | |||||||||||||||||||
Total | $ | 736,288 | 732,326 | 2,094 | 1,868 | ||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2021 | $ | 151,407 | 150,910 | 469 | 28 | ||||||||||||||||||
2020 | 80,531 | 80,072 | 443 | 16 | |||||||||||||||||||
2019 | 37,036 | 36,647 | 187 | 202 | |||||||||||||||||||
2018 | 19,563 | 19,268 | 144 | 151 | |||||||||||||||||||
2017 | 8,591 | 8,506 | 78 | 7 | |||||||||||||||||||
Prior | 17,763 | 15,968 | 1,589 | 206 | |||||||||||||||||||
Revolving loans | 33,948 | 33,680 | 257 | 11 | |||||||||||||||||||
Total | $ | 348,839 | 345,051 | 3,167 | 621 |
December 31, 2020 | |||||||||||||||||||||||
(Dollars in thousands) | Total | Performing | 30-89 Days Past Due | Non-Accrual and 90 Days or More Past Due | |||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2020 | $ | 208,679 | 207,432 | 1,247 | — | ||||||||||||||||||
2019 | 181,924 | 179,915 | 2,009 | — | |||||||||||||||||||
2018 | 100,273 | 99,135 | 556 | 582 | |||||||||||||||||||
2017 | 76,394 | 75,527 | 867 | — | |||||||||||||||||||
2016 | 53,819 | 52,905 | 87 | 827 | |||||||||||||||||||
Prior | 179,085 | 174,281 | 1,876 | 2,928 | |||||||||||||||||||
Revolving loans | 2,334 | 2,334 | — | — | |||||||||||||||||||
Total | $ | 802,508 | 791,529 | 6,642 | 4,337 | ||||||||||||||||||
Home equity loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2020 | $ | 89 | 89 | — | — | ||||||||||||||||||
2019 | 807 | 771 | — | 36 | |||||||||||||||||||
2018 | 1,782 | 1,782 | — | — | |||||||||||||||||||
2017 | 1,452 | 1,426 | 26 | — | |||||||||||||||||||
2016 | 1,016 | 1,016 | — | — | |||||||||||||||||||
Prior | 14,025 | 13,042 | 463 | 520 | |||||||||||||||||||
Revolving loans | 617,234 | 612,545 | 2,397 | 2,292 | |||||||||||||||||||
Total | $ | 636,405 | 630,671 | 2,886 | 2,848 | ||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2020 | $ | 131,302 | 131,098 | 158 | 46 | ||||||||||||||||||
2019 | 66,327 | 65,921 | 170 | 236 | |||||||||||||||||||
2018 | 42,827 | 42,557 | 212 | 58 | |||||||||||||||||||
2017 | 16,287 | 16,202 | 38 | 47 | |||||||||||||||||||
2016 | 10,519 | 10,409 | 48 | 62 | |||||||||||||||||||
Prior | 18,692 | 17,334 | 1,155 | 203 | |||||||||||||||||||
Revolving loans | 27,117 | 26,704 | 411 | 2 | |||||||||||||||||||
Total | $ | 313,071 | 310,225 | 2,192 | 654 |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Land | $ | 75,110 | 56,842 | ||||||||
Buildings and construction in progress | 292,371 | 259,389 | |||||||||
Furniture, fixtures and equipment | 113,650 | 102,749 | |||||||||
Leasehold improvements | 14,935 | 13,364 | |||||||||
Accumulated depreciation | (173,647) | (159,555) | |||||||||
Net premises and equipment, excluding ROU assets | 322,419 | 272,789 | |||||||||
ROU assets | 50,178 | 52,546 | |||||||||
Net premises and equipment | $ | 372,597 | 325,335 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Finance Leases | Operating Leases | Finance Leases | Operating Leases | |||||||||||||||||||
ROU assets | $ | 5,995 | 5,999 | ||||||||||||||||||||
Accumulated depreciation | (516) | (273) | |||||||||||||||||||||
$ | 5,479 | 44,699 | 5,726 | 46,820 | |||||||||||||||||||
$ | 5,781 | 47,901 | 5,891 | 49,675 | |||||||||||||||||||
Weighted-average remaining lease term | 23 years | 16 years | 24 years | 17 years | |||||||||||||||||||
Weighted-average discount rate | 2.6 | % | 3.4 | % | 2.6 | % | 3.4 | % |
December 31, 2021 | |||||||||||
(Dollars in thousands) | Finance Leases | Operating Leases | |||||||||
Maturing within one year | $ | 266 | 5,355 | ||||||||
Maturing one year through two years | 272 | 4,329 | |||||||||
Maturing two years through three years | 280 | 3,982 | |||||||||
Maturing three years through four years | 285 | 3,859 | |||||||||
Maturing four years through five years | 292 | 3,753 | |||||||||
Thereafter | 6,443 | 43,694 | |||||||||
Total lease payments | 7,838 | 64,972 | |||||||||
Present value of lease payments | |||||||||||
Short-term | 118 | 1,455 | |||||||||
Long-term | 5,663 | 46,446 | |||||||||
Total present value of lease payments | 5,781 | 47,901 | |||||||||
Difference between lease payments and present value of lease payments | $ | 2,057 | 17,071 |
Year ended | |||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Finance lease cost | |||||||||||
Amortization of ROU assets | 245 | 235 | |||||||||
Interest on lease liabilities | 151 | 159 | |||||||||
Operating lease cost | 5,668 | 4,807 | |||||||||
Short-term lease cost | 353 | 331 | |||||||||
Variable lease cost | 1,018 | 1,270 | |||||||||
Sublease income | (42) | (12) | |||||||||
Total lease expense | 7,393 | 6,790 |
Year ended | |||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | Finance Leases | Operating Leases | Finance Leases | Operating Leases | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||
Operating cash flows | $ | 151 | 3,381 | 159 | 2,742 | ||||||||||||||||||
Financing cash flows | 110 | N/A | 93 | N/A |
At or for the Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Gross carrying value | $ | 95,120 | 88,099 | 85,506 | |||||||||||||
Accumulated amortization | (42,861) | (32,590) | (22,220) | ||||||||||||||
Net carrying value | $ | 52,259 | 55,509 | 63,286 | |||||||||||||
Aggregate amortization expense | $ | 10,271 | 10,370 | 8,485 | |||||||||||||
Estimated amortization expense for the years ending December 31, | |||||||||||||||||
2022 | $ | 10,658 | |||||||||||||||
2023 | 9,731 | ||||||||||||||||
2024 | 8,815 | ||||||||||||||||
2025 | 7,611 | ||||||||||||||||
2026 | 6,561 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Net carrying value at beginning of period | $ | 514,013 | 456,418 | 289,586 | |||||||||||||
Acquisitions and adjustments | 471,380 | 57,595 | 166,832 | ||||||||||||||
Net carrying value at end of period | $ | 985,393 | 514,013 | 456,418 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Carrying value at beginning of period | $ | 8,976 | 1,618 | 1,545 | |||||||||||||
Acquisitions | 1,354 | — | — | ||||||||||||||
Additions | 4,435 | 8,298 | 325 | ||||||||||||||
Amortization | (1,926) | (940) | (252) | ||||||||||||||
Carrying value at end of period | $ | 12,839 | 8,976 | 1,618 | |||||||||||||
Principal balances of loans serviced for others | $ | 1,639,058 | 1,269,080 | 185,897 | |||||||||||||
Fair value of servicing rights | $ | 16,938 | 12,087 | 1,763 |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Loans receivable | $ | 121,625 | 90,183 | ||||||||
Accrued interest receivable | 519 | 410 | |||||||||
Other assets | 41,363 | 40,282 | |||||||||
Total assets | $ | 163,507 | 130,875 | ||||||||
Liabilities | |||||||||||
Other borrowed funds | $ | 38,313 | 27,176 | ||||||||
Accrued interest payable | 117 | 53 | |||||||||
Other liabilities | 164 | 171 | |||||||||
Total liabilities | $ | 38,594 | 27,400 |
(Dollars in thousands) | Amount | ||||
Years ending December 31, | |||||
2022 | $ | 31,725 | |||
2023 | 26,726 | ||||
2024 | 8,927 | ||||
2025 | 299 | ||||
2026 | 333 | ||||
Thereafter | 854 | ||||
Total | $ | 68,864 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Amortization expense | $ | 8,671 | 7,656 | 6,289 | |||||||||||||
Tax credits and other tax benefits recognized | 12,264 | 10,382 | 8,547 |
(Dollars in thousands) | Amount | ||||
Years ending December 31, | |||||
2022 | $ | 717,501 | |||
2023 | 145,828 | ||||
2024 | 58,130 | ||||
2025 | 69,448 | ||||
2026 | 43,465 | ||||
Thereafter | 1,705 | ||||
$ | 1,036,077 |
December 31, 2021 | December 31, 2020 | ||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||
(Dollars in thousands) | Overnight and Continuous | ||||||||||
State and local governments | $ | — | 787,016 | ||||||||
Corporate bonds | — | 217,567 | |||||||||
Residential mortgage-backed securities | 1,020,794 | — | |||||||||
Total | $ | 1,020,794 | 1,004,583 |
December 31, 2021 | Rate Structure | Maturity Date | |||||||||||||||||||||
(Dollars in thousands) | Balance | Rate | |||||||||||||||||||||
Subordinated debentures owed to trust subsidiaries | |||||||||||||||||||||||
First Company Statutory Trust 2001 | $ | 3,521 | 3.432 | % | 3 month LIBOR plus 3.30% | 07/31/2031 | |||||||||||||||||
First Company Statutory Trust 2003 | 2,587 | 3.470 | % | 3 month LIBOR plus 3.25% | 03/26/2033 | ||||||||||||||||||
Glacier Capital Trust II | 46,393 | 2.874 | % | 3 month LIBOR plus 2.75% | 04/07/2034 | ||||||||||||||||||
Citizens (ID) Statutory Trust I | 5,155 | 2.866 | % | 3 month LIBOR plus 2.65% | 06/17/2034 | ||||||||||||||||||
Glacier Capital Trust III | 36,083 | 1.414 | % | 3 month LIBOR plus 1.29% | 04/07/2036 | ||||||||||||||||||
Glacier Capital Trust IV | 30,928 | 1.773 | % | 3 month LIBOR plus 1.57% | 09/15/2036 | ||||||||||||||||||
Bank of the San Juans Bancorporation Trust I | 2,041 | 1.991 | % | 3 month LIBOR plus 1.82% | 03/01/2037 | ||||||||||||||||||
FNB (UT) Statutory Trust I | 4,124 | 3.320 | % | 3 month LIBOR plus 3.10% | 06/26/2033 | ||||||||||||||||||
FNB (UT) Statutory Trust II | 1,788 | 1.923 | % | 3 month LIBOR plus 1.72% | 12/15/2036 | ||||||||||||||||||
Total subordinated debentures owed to trust subsidiaries | $ | 132,620 | |||||||||||||||||||||
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Amount of gain (loss) recognized in OCI | $ | 901 | (472) | (7,047) | |||||||||||||
Amount of loss reclassified from OCI to interest expense | — | — | (10,816) |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Actual | Required for Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Regulations | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,432,364 | 14.21 | % | $ | 1,369,157 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Glacier Bank | 2,312,775 | 13.53 | % | 1,367,488 | 8.00 | % | $ | 1,709,361 | 10.00 | % | |||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Consolidated | 2,136,749 | 12.49 | % | 1,026,868 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Glacier Bank | 2,147,660 | 12.56 | % | 1,025,616 | 6.00 | % | 1,367,488 | 8.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Consolidated | 2,136,749 | 12.49 | % | 770,151 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Glacier Bank | 2,147,660 | 12.56 | % | 769,212 | 4.50 | % | 1,111,084 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||
Consolidated | 2,136,749 | 8.64 | % | 989,712 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Glacier Bank | 2,147,660 | 8.70 | % | 987,680 | 4.00 | % | 1,234,601 | 5.00 | % |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Actual | Required for Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Regulations | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,900,621 | 14.63 | % | $ | 1,039,094 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Glacier Bank | 1,824,269 | 14.06 | % | 1,038,148 | 8.00 | % | $ | 1,297,686 | 10.00 | % | |||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Consolidated | 1,613,066 | 12.42 | % | 779,321 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Glacier Bank | 1,674,714 | 12.91 | % | 778,611 | 6.00 | % | 1,038,148 | 8.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||
Consolidated | 1,613,066 | 12.42 | % | 584,491 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Glacier Bank | 1,674,714 | 12.91 | % | 583,959 | 4.50 | % | 843,496 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||
Consolidated | 1,613,066 | 9.12 | % | 707,823 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Glacier Bank | 1,674,714 | 9.56 | % | 700,529 | 4.00 | % | 875,662 | 5.00 | % |
Restricted Stock Units | Weighted- Average Grant Date Fair Value | ||||||||||
Non-vested at December 31, 2020 | 188,894 | $ | 42.81 | ||||||||
Granted | 148,539 | 52.01 | |||||||||
Vested | (104,037) | 43.59 | |||||||||
Forfeited | (7,328) | 47.97 | |||||||||
Non-vested at December 31, 2021 | 226,068 | 48.33 |
Stock Options | Weighted- Average Exercise Price | ||||||||||
Outstanding at December 31, 2020 | 27,037 | $ | 23.81 | ||||||||
Exercised | (11,867) | 22.35 | |||||||||
Forfeited | — | — | |||||||||
Outstanding at December 31, 2021 | 15,170 | 24.96 | |||||||||
Exercisable at December 31, 2021 | 15,170 | 24.96 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Consulting and outside services | $ | 11,297 | 11,324 | 8,276 | |||||||||||||
Mergers and acquisition expenses | 9,830 | 7,812 | 8,503 | ||||||||||||||
Loan expenses | 7,438 | 4,905 | 4,140 | ||||||||||||||
VIE amortization and other expenses | 6,323 | 4,893 | 4,341 | ||||||||||||||
Debit card expenses | 5,722 | 4,947 | 5,968 | ||||||||||||||
Telephone | 5,631 | 5,199 | 4,827 | ||||||||||||||
Business development | 5,250 | 4,645 | 4,446 | ||||||||||||||
Postage | 3,681 | 3,347 | 3,437 | ||||||||||||||
Employee expenses | 3,527 | 2,924 | 5,138 | ||||||||||||||
Printing and supplies | 3,334 | 3,579 | 3,256 | ||||||||||||||
Checking and operating expenses | 2,020 | 4,944 | 1,757 | ||||||||||||||
Accounting and audit fees | 1,538 | 1,895 | 1,712 | ||||||||||||||
Legal fees | 1,391 | 1,658 | 1,245 | ||||||||||||||
(Gain) loss on dispositions of fixed assets | (950) | 166 | 686 | ||||||||||||||
Other | 4,577 | 4,571 | 5,043 | ||||||||||||||
Total other expenses | $ | 70,609 | 66,809 | 62,775 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 51,180 | 47,775 | 34,461 | |||||||||||||
State | 22,596 | 20,728 | 14,545 | ||||||||||||||
Total current income tax expense | 73,776 | 68,503 | 49,006 | ||||||||||||||
Deferred 1 | |||||||||||||||||
Federal | (7,151) | (5,396) | (279) | ||||||||||||||
State | (1,944) | (1,467) | (77) | ||||||||||||||
Total deferred income tax benefit expense | (9,095) | (6,863) | (356) | ||||||||||||||
Total income tax expense | $ | 64,681 | 61,640 | 48,650 |
Years ended | |||||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State taxes, net of federal income tax benefit | 4.7 | % | 4.6 | % | 4.4 | % | |||||||||||
Tax-exempt interest income | (4.2 | %) | (4.0 | %) | (3.7 | %) | |||||||||||
Tax credits | (4.8 | %) | (4.2 | %) | (4.5 | %) | |||||||||||
Other, net | 1.8 | % | 1.4 | % | 1.6 | % | |||||||||||
Effective income tax rate | 18.5 | % | 18.8 | % | 18.8 | % |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Deferred tax assets | |||||||||||
Allowance for credit losses | $ | 49,375 | 44,040 | ||||||||
Operating lease liabilities | 12,103 | 12,551 | |||||||||
Employee benefits | 10,868 | 9,309 | |||||||||
Deferred compensation | 8,002 | 7,638 | |||||||||
Acquisition fair market value adjustments | 6,891 | 4,398 | |||||||||
Net operating loss carryforwards | 1,569 | 1,884 | |||||||||
Available-for-sale debt securities | 1,156 | — | |||||||||
Other | 2,787 | 2,262 | |||||||||
Total gross deferred tax assets | 92,751 | 82,082 | |||||||||
Deferred tax liabilities | |||||||||||
Depreciation of premises and equipment | (15,749) | (14,654) | |||||||||
Operating lease ROU assets | (11,293) | (11,830) | |||||||||
Transferred debt securities | (10,299) | — | |||||||||
Intangibles | (9,760) | (14,671) | |||||||||
Deferred loan costs | (9,264) | (8,940) | |||||||||
Mortgage servicing rights | (3,244) | (2,268) | |||||||||
Available-for-sale debt securities | — | (48,505) | |||||||||
Other | (5,449) | (5,074) | |||||||||
Total gross deferred tax liabilities | (65,058) | (105,942) | |||||||||
Net deferred tax asset (liability) | $ | 27,693 | (23,860) |
Years ended December 31, | |||||
Federal | 2010, 2011, 2012, 2013, 2016, 2017, 2018, 2019, and 2020 | ||||
Colorado | 2010, 2011, 2012, 2016, 2017, 2018, 2019, and 2020 | ||||
Arizona & California | 2016, 2017, 2018, 2019, and 2020 | ||||
Montana, Idaho, Utah, & North Dakota | 2017, 2018, 2019, and 2020 | ||||
Alabama, Alaska, Arkansas, Connecticut, Florida, Georgia, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Wisconsin | 2019 and 2020 | ||||
Iowa, Illinois, Kansas, Maryland, Mississippi, North Carolina, Ohio, Oregon | 2020 | ||||
(Dollars in thousands) | Gains (Losses) on Available-For-Sale and Transferred Debt Securities | (Losses) Gains on Derivatives Used for Cash Flow Hedges | Total | ||||||||||||||
Balance at January 1, 2019 | $ | (6,613) | (2,814) | (9,427) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 57,607 | (5,261) | 52,346 | ||||||||||||||
Reclassification adjustments for losses included in net income | (10,768) | 8,075 | (2,693) | ||||||||||||||
Net current period other comprehensive income | 46,839 | 2,814 | 49,653 | ||||||||||||||
Balance at December 31, 2019 | $ | 40,226 | — | 40,226 | |||||||||||||
Other comprehensive income (loss) before reclassifications | 104,067 | (353) | 103,714 | ||||||||||||||
Reclassification adjustments for gains included in net income (loss) | (850) | — | (850) | ||||||||||||||
Net current period other comprehensive income (loss) | 103,217 | (353) | 102,864 | ||||||||||||||
Balance at December 31, 2020 | $ | 143,443 | (353) | 143,090 | |||||||||||||
Other comprehensive (loss) income before reclassifications | (113,161) | 674 | (112,487) | ||||||||||||||
Reclassification adjustments for gains and transfers included in net income | (590) | — | (590) | ||||||||||||||
Reclassifications adjustments for amortization included in net income for transferred securities | (2,654) | — | (2,654) | ||||||||||||||
Net current period other comprehensive (loss) income | (116,405) | 674 | (115,731) | ||||||||||||||
Balance at December 31, 2021 | $ | 27,038 | 321 | 27,359 |
Years ended | |||||||||||||||||
(Dollars in thousands, except per share data) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Net income available to common stockholders, basic and diluted | $ | 284,757 | 266,400 | 210,544 | |||||||||||||
Average outstanding shares - basic | 99,313,255 | 94,883,864 | 88,255,290 | ||||||||||||||
Add: dilutive restricted stock units and stock options | 84,995 | 48,489 | 130,485 | ||||||||||||||
Average outstanding shares - diluted | 99,398,250 | 94,932,353 | 88,385,775 | ||||||||||||||
Basic earnings per share | $ | 2.87 | 2.81 | 2.39 | |||||||||||||
Diluted earnings per share | $ | 2.86 | 2.81 | 2.38 | |||||||||||||
Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1 | 194 | 88,240 | — |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash on hand and in banks | $ | 27,945 | 41,451 | ||||||||
Interest bearing cash deposits | 91,361 | 43,975 | |||||||||
Cash and cash equivalents | 119,306 | 85,426 | |||||||||
Other assets | 22,218 | 11,823 | |||||||||
Investment in subsidiaries | 3,188,210 | 2,369,040 | |||||||||
Total assets | $ | 3,329,734 | 2,466,289 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Dividends payable | $ | 11,520 | 14,717 | ||||||||
Subordinated debentures | 132,620 | 139,959 | |||||||||
Other liabilities | 7,972 | 4,572 | |||||||||
Total liabilities | 152,112 | 159,248 | |||||||||
Common stock | 1,107 | 954 | |||||||||
Paid-in capital | 2,338,814 | 1,495,053 | |||||||||
Retained earnings | 810,342 | 667,944 | |||||||||
Accumulated other comprehensive income | 27,359 | 143,090 | |||||||||
Total stockholders’ equity | 3,177,622 | 2,307,041 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,329,734 | 2,466,289 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Income | |||||||||||||||||
Dividends from subsidiaries | $ | 207,000 | 188,000 | 142,000 | |||||||||||||
Intercompany charges for services | 2,654 | 2,332 | 20,661 | ||||||||||||||
Other income | 500 | 954 | 513 | ||||||||||||||
Total income | 210,154 | 191,286 | 163,174 | ||||||||||||||
Expenses | |||||||||||||||||
Compensation and employee benefits | 6,516 | 5,646 | 25,806 | ||||||||||||||
Other operating expenses | 13,624 | 10,051 | 15,118 | ||||||||||||||
Total expenses | 20,140 | 15,697 | 40,924 | ||||||||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 190,014 | 175,589 | 122,250 | ||||||||||||||
Income tax benefit | 3,407 | 3,108 | 4,488 | ||||||||||||||
Income before equity in undistributed net income of subsidiaries | 193,421 | 178,697 | 126,738 | ||||||||||||||
Equity in undistributed net income of subsidiaries | 91,336 | 87,703 | 83,806 | ||||||||||||||
Net Income | $ | 284,757 | 266,400 | 210,544 | |||||||||||||
Comprehensive Income | $ | 169,026 | 369,264 | 260,197 |
Years ended | |||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 284,757 | 266,400 | 210,544 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Subsidiary income in excess of dividends distributed | (91,336) | (87,703) | (83,806) | ||||||||||||||
Stock-based compensation, net of tax benefits | 1,628 | 1,216 | 1,320 | ||||||||||||||
Net change in other assets and other liabilities | (7,245) | (7,222) | 1,854 | ||||||||||||||
Net cash provided by operating activities | 187,804 | 172,691 | 129,912 | ||||||||||||||
Investing Activities | |||||||||||||||||
Net additions of premises and equipment | (13) | (111) | (114) | ||||||||||||||
Proceeds from sale of marketable equity securities | 186 | — | 89 | ||||||||||||||
Equity received from (contributed to) subsidiaries | 248 | (13,638) | (13,485) | ||||||||||||||
Net cash provided by (used in) investing activities | 421 | (13,749) | (13,510) | ||||||||||||||
Financing Activities | |||||||||||||||||
Net decrease in other borrowed funds | (7,500) | — | — | ||||||||||||||
Cash dividends paid | (145,557) | (131,263) | (124,468) | ||||||||||||||
Tax withholding payments for stock-based compensation | (1,553) | (1,082) | (1,293) | ||||||||||||||
Proceeds from stock option exercises | 265 | 993 | 2,896 | ||||||||||||||
Net cash used in financing activities | (154,345) | (131,352) | (122,865) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 33,880 | 27,590 | (6,463) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 85,426 | 57,836 | 64,299 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 119,306 | 85,426 | 57,836 |
Quarters ended 2021 | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||
Interest income | $ | 161,552 | 159,956 | 166,741 | 192,825 | ||||||||||||||||||
Interest expense | 4,740 | 4,487 | 4,128 | 5,203 | |||||||||||||||||||
Net interest income | 156,812 | 155,469 | 162,613 | 187,622 | |||||||||||||||||||
Provision for credit losses | 48 | (5,653) | 725 | 27,956 | |||||||||||||||||||
Net interest income after provision for credit losses | 156,764 | 161,122 | 161,888 | 159,666 | |||||||||||||||||||
Non-interest income | 40,121 | 35,522 | 34,815 | 34,362 | |||||||||||||||||||
Non-interest expense | 96,585 | 100,082 | 104,108 | 134,047 | |||||||||||||||||||
Income before income taxes | 100,300 | 96,562 | 92,595 | 59,981 | |||||||||||||||||||
Federal and state income tax expense | 19,498 | 18,935 | 16,976 | 9,272 | |||||||||||||||||||
Net income | $ | 80,802 | 77,627 | 75,619 | 50,709 | ||||||||||||||||||
Basic earnings per share | $ | 0.85 | 0.81 | 0.79 | 0.46 | ||||||||||||||||||
Diluted earnings per share | $ | 0.85 | 0.81 | 0.79 | 0.46 |
Quarters ended 2020 | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||
Interest income | $ | 142,865 | 155,404 | 157,487 | 171,308 | ||||||||||||||||||
Interest expense | 8,496 | 7,185 | 6,084 | 5,550 | |||||||||||||||||||
Net interest income | 134,369 | 148,219 | 151,403 | 165,758 | |||||||||||||||||||
Provision for credit losses | 19,185 | 16,929 | 5,186 | (1,535) | |||||||||||||||||||
Net interest income after provision for credit losses | 115,184 | 131,290 | 146,217 | 167,293 | |||||||||||||||||||
Non-interest income | 33,272 | 41,224 | 53,667 | 44,704 | |||||||||||||||||||
Non-interest expense | 95,487 | 94,764 | 103,373 | 111,187 | |||||||||||||||||||
Income before income taxes | 52,969 | 77,750 | 96,511 | 100,810 | |||||||||||||||||||
Federal and state income tax expense | 9,630 | 14,306 | 18,754 | 18,950 | |||||||||||||||||||
Net income | $ | 43,339 | 63,444 | 77,757 | 81,860 | ||||||||||||||||||
Basic earnings per share | $ | 0.46 | 0.67 | 0.81 | 0.86 | ||||||||||||||||||
Diluted earnings per share | $ | 0.46 | 0.66 | 0.81 | 0.86 |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value December 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Debt securities, available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 1,346,749 | — | 1,346,749 | — | ||||||||||||||||||
U.S. government sponsored enterprises | 240,693 | — | 240,693 | — | |||||||||||||||||||
State and local governments | 488,858 | — | 488,858 | — | |||||||||||||||||||
Corporate bonds | 180,752 | — | 180,752 | — | |||||||||||||||||||
Residential mortgage-backed securities | 5,699,659 | — | 5,699,659 | — | |||||||||||||||||||
Commercial mortgage-backed securities | 1,214,138 | — | 1,214,138 | — | |||||||||||||||||||
Loans held for sale, at fair value | 60,797 | — | 60,797 | — | |||||||||||||||||||
Interest rate caps | 934 | — | 934 | — | |||||||||||||||||||
Interest rate locks | 3,008 | — | 3,008 | — | |||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 9,235,588 | — | 9,235,588 | — | ||||||||||||||||||
TBA hedge | $ | 80 | — | 80 | — | ||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 80 | — | 80 | — |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value December 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Debt securities, available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 38,588 | — | 38,588 | — | ||||||||||||||||||
U.S. government sponsored enterprises | 9,781 | — | 9,781 | — | |||||||||||||||||||
State and local governments | 1,416,683 | — | 1,416,683 | — | |||||||||||||||||||
Corporate bonds | 349,098 | — | 349,098 | — | |||||||||||||||||||
Residential mortgage-backed securities | 2,289,090 | — | 2,289,090 | — | |||||||||||||||||||
Commercial mortgage-backed securities | 1,234,574 | — | 1,234,574 | — | |||||||||||||||||||
Loans held for sale, at fair value | 166,572 | — | 166,572 | — | |||||||||||||||||||
Interest rate caps | 201 | — | 201 | — | |||||||||||||||||||
Interest rate locks | 8,605 | — | 8,605 | — | |||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 5,513,192 | — | 5,513,192 | — | ||||||||||||||||||
TBA hedge | $ | 2,056 | — | 2,056 | — | ||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 2,056 | — | 2,056 | — |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value December 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Collateral-dependent impaired loans, net of ACL | 22,036 | — | — | 22,036 | |||||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 22,036 | — | — | 22,036 |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value December 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Other real estate owned | $ | 564 | — | — | 564 | ||||||||||||||||||
Collateral-dependent impaired loans, net of ACL | 26,749 | — | — | 26,749 | |||||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 27,313 | — | — | 27,313 |
Fair Value | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | Valuation Technique | Unobservable Input | Range (Weighted- Average) 1 | |||||||||||||||||||
Collateral-dependent impaired loans, net of ACL | $ | 20,934 | Cost approach | Selling costs | 10.0% - 10.0% (10.0%) | ||||||||||||||||||
1,102 | Sales comparison approach | Selling costs | 5.0% - 10.0% (6.7%) | ||||||||||||||||||||
Adjustment to comparables | 0.0% - 10.0% (6.0%) | ||||||||||||||||||||||
$ | 22,036 |
Fair Value | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||
(Dollars in thousands) | December 31, 2020 | Valuation Technique | Unobservable Input | Range (Weighted- Average) 1 | |||||||||||||||||||
Other real estate owned | $ | 564 | Sales comparison approach | Selling costs | 8.0% - 10.0% (9.0%) | ||||||||||||||||||
Collateral-dependent impaired loans, net of ACL | $ | 144 | Cost approach | Selling costs | 10.0% - 10.0% (10.0%) | ||||||||||||||||||
25,309 | Sales comparison approach | Selling Costs | 10.0% - 10.0% (0.1%) | ||||||||||||||||||||
Adjustment to comparables | 0.0% - 100.0% (11.1%) | ||||||||||||||||||||||
1,296 | Combined approach | Selling costs | 10.0% - 10.0% (10.0%) | ||||||||||||||||||||
Discount rate | 8.0% - 8.0% (8.0%) | ||||||||||||||||||||||
$ | 26,749 |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount December 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 437,686 | 437,686 | — | — | ||||||||||||||||||
Debt securities, held-to-maturity | 1,199,164 | — | 1,220,883 | — | |||||||||||||||||||
Loans receivable, net of ACL | 13,259,366 | — | — | 13,422,898 | |||||||||||||||||||
Total financial assets | $ | 14,896,216 | 437,686 | 1,220,883 | 13,422,898 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Term deposits | $ | 1,036,077 | — | 1,040,100 | — | ||||||||||||||||||
Repurchase agreements and other borrowed funds | 1,064,888 | — | 1,064,888 | — | |||||||||||||||||||
Subordinated debentures | 132,620 | — | 131,513 | — | |||||||||||||||||||
Total financial liabilities | $ | 2,233,585 | — | 2,236,501 | — |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount December 31, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 633,142 | 633,142 | — | — | ||||||||||||||||||
Debt securities, held-to-maturity | 189,836 | — | 203,216 | — | |||||||||||||||||||
Loans receivable, net of ACL | 10,964,453 | — | — | 11,233,002 | |||||||||||||||||||
Total financial assets | $ | 11,787,431 | 633,142 | 203,216 | 11,233,002 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Term deposits | $ | 978,779 | — | 983,491 | — | ||||||||||||||||||
Repurchase agreements and other borrowed funds | 1,037,651 | — | 1,037,651 | — | |||||||||||||||||||
Subordinated debentures | 139,959 | — | 123,944 | — | |||||||||||||||||||
Total financial liabilities | $ | 2,156,389 | — | 2,145,086 | — |
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Unused lines of credit | $ | 4,271,583 | 2,957,259 | ||||||||
Letters of credit | 120,436 | 65,361 | |||||||||
Total outstanding commitments | $ | 4,392,019 | 3,022,620 |
(Dollars in thousands) | Alta October 1, 2021 | SBAZ February 29, 2020 | |||||||||
Fair value of consideration transferred | |||||||||||
Fair value of Company shares issued | $ | 839,853 | 112,133 | ||||||||
Cash consideration | 9 | 13,721 | |||||||||
Total fair value of consideration transferred | 839,862 | 125,854 | |||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||||
Identifiable assets acquired | |||||||||||
Cash and cash equivalents | 1,622,727 | 57,434 | |||||||||
Debt securities | 6,658 | 142,174 | |||||||||
Loans receivable, net of ACL | 1,901,950 | 451,653 | |||||||||
Core deposit intangible 1 | 7,021 | 2,593 | |||||||||
Accrued income and other assets | 121,926 | 33,971 | |||||||||
Total identifiable assets acquired | 3,660,282 | 687,825 | |||||||||
Liabilities assumed | |||||||||||
Deposits | 3,273,819 | 603,289 | |||||||||
Borrowings | — | 10,904 | |||||||||
Accrued expenses and other liabilities | 17,981 | 5,373 | |||||||||
Total liabilities assumed | 3,291,800 | 619,566 | |||||||||
Total identifiable net assets | 368,482 | 68,259 | |||||||||
Goodwill recognized | $ | 471,380 | 57,595 |
Year ended | |||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Net interest income and non-interest income | 886,370 | 898,761 | |||||||||
Net income | 296,940 | 309,902 |
Year ended | |||||||||||
(Dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||
Net interest income and non-interest income | 777,869 | 664,789 | |||||||||
Net income | 265,289 | 218,365 |
Exhibit No. | Description | |||||||
3(a) 1 | ||||||||
3(b) 1 | ||||||||
4(a) 1 | ||||||||
10(a) 1,2 | ||||||||
10(b) 1,2 | ||||||||
10(c) 1,2 | ||||||||
10(d) 1,2 | ||||||||
10(e) 1,2 | ||||||||
10(f) 1,2 | ||||||||
10(g) 1,2 | ||||||||
10(h) 1,2 | ||||||||
10(i) 1,2 | ||||||||
10(j) 1,2 | ||||||||
10(k) 1,2 | ||||||||
10(l) 1,2 | ||||||||
10(m) 1,2 | ||||||||
21 | Subsidiaries of the Company (See Item 1. Business, “General”) | |||||||
23 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 |
Exhibit No. | Description | |||||||
101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
GLACIER BANCORP, INC. | |||||||||||
By: /s/ Randall M. Chesler | |||||||||||
Randall M. Chesler | |||||||||||
President and CEO |
/s/ Randall M. Chesler | President, CEO, and Director | |||||||
Randall M. Chesler | (Principal Executive Officer) | |||||||
/s/ Ron J. Copher | Executive Vice President and CFO | |||||||
Ron J. Copher | (Principal Financial and Accounting Officer) | |||||||
Board of Directors | ||||||||
/s/ Craig A. Langel | Chairman | |||||||
Craig A. Langel | ||||||||
/s/ David C. Boyles | Director | |||||||
David C. Boyles | ||||||||
/s/ Robert A. Cashell, Jr. | Director | |||||||
Robert A. Cashell, Jr. | ||||||||
/s/ Sherry L. Cladouhos | Director | |||||||
Sherry L. Cladouhos | ||||||||
/s/ James M. English | Director | |||||||
James M. English | ||||||||
/s/ Annie M. Goodwin | Director | |||||||
Annie M. Goodwin | ||||||||
/s/ Kristen L. Heck | Director | |||||||
Kristen L. Heck | ||||||||
/s/ Michael B. Hormaechea | Director | |||||||
Michael B. Hormaechea | ||||||||
/s/ Douglas J. McBride | Director | |||||||
Douglas J. McBride | ||||||||
/s/ George R. Sutton | Director | |||||||
George R. Sutton | ||||||||
1 Year Glacier Bancorp Chart |
1 Month Glacier Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions