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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 | 01:00:00 |
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 | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | |||||
Part I. Financial Information | |||||
Item 1 – Financial Statements | |||||
ACL or allowance – allowance for credit losses
|
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ALCO – Asset Liability Committee
|
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Alta - Altabancorp, and its subsidiary, Altabank
|
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ASC – Accounting Standards CodificationTM
|
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ASU – Accounting Standards Update
|
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ATM – automated teller machine
|
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Bank – Glacier Bank
|
||
CARES Act – Coronavirus Aid, Relief, and Economic Security Act
|
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CDE – Certified Development Entity
|
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CDFI Fund – Community Development Financial Institutions Fund
|
||
CECL – current expected credit losses
|
||
CEO – Chief Executive Officer
|
||
CFO – Chief Financial Officer
|
||
Company – Glacier Bancorp, Inc.
|
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COVID-19 – coronavirus disease of 2019
|
||
DDA – demand deposit account
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Fannie Mae – Federal National Mortgage Association
|
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FASB – Financial Accounting Standards Board
|
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FDIC – Federal Deposit Insurance Corporation
|
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FHLB – Federal Home Loan Bank
|
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Final Rules – final rules implemented by the federal banking agencies that established a
new comprehensive regulatory capital framework
|
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FRB – Federal Reserve Bank
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Freddie Mac – Federal Home Loan Mortgage Corporation
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GAAP – accounting principles generally accepted in the United States of America
|
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GDP – gross domestic product
|
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Ginnie Mae – Government National Mortgage Association
|
||
Interest rate locks - residential real estate derivatives for commitments
|
||
LIBOR – London Interbank Offered Rate
|
||
LIHTC – Low Income Housing Tax Credit
|
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NMTC – New Markets Tax Credit
|
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NOW – negotiable order of withdrawal
|
||
NRSRO – Nationally Recognized Statistical Rating Organizations
|
||
OCI – other comprehensive income
|
||
OREO – other real estate owned
|
||
PCD – purchased credit-deteriorated
|
||
PPP – Paycheck Protection Program
|
||
Repurchase agreements – securities sold under agreements to repurchase
|
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ROU – right-of-use
|
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S&P – Standard and Poor’s
|
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SBA – United States Small Business Administration
|
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SEC – United States Securities and Exchange Commission
|
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TBA – to-be-announced
|
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TDR – troubled debt restructuring
|
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VIE – variable interest entity
|
(Dollars in thousands, except per share data) |
June 30,
2021 |
December 31,
2020 |
|||||||||
Assets | |||||||||||
Cash on hand and in banks | $ | 272,363 | 227,108 | ||||||||
Interest bearing cash deposits | 648,844 | 406,034 | |||||||||
Cash and cash equivalents | 921,207 | 633,142 | |||||||||
Debt securities, available-for-sale | 6,147,143 | 5,337,814 | |||||||||
Debt securities, held-to-maturity | 1,024,730 | 189,836 | |||||||||
Total debt securities | 7,171,873 | 5,527,650 | |||||||||
Loans held for sale, at fair value | 98,410 | 166,572 | |||||||||
Loans receivable | 11,238,048 | 11,122,696 | |||||||||
Allowance for credit losses | (151,448) | (158,243) | |||||||||
Loans receivable, net | 11,086,600 | 10,964,453 | |||||||||
Premises and equipment, net | 315,573 | 325,335 | |||||||||
Other real estate owned | 771 | 1,744 | |||||||||
Accrued interest receivable | 70,452 | 75,497 | |||||||||
Core deposit intangible, net | 50,533 | 55,509 | |||||||||
Goodwill | 514,013 | 514,013 | |||||||||
Non-marketable equity securities | 10,019 | 10,023 | |||||||||
Bank-owned life insurance | 123,035 | 123,763 | |||||||||
Other assets | 125,547 | 106,505 | |||||||||
Total assets | $ | 20,488,033 | 18,504,206 | ||||||||
Liabilities | |||||||||||
Non-interest bearing deposits | $ | 6,307,794 | 5,454,539 | ||||||||
Interest bearing deposits | 10,453,098 | 9,342,990 | |||||||||
Securities sold under agreements to repurchase | 995,201 | 1,004,583 | |||||||||
Other borrowed funds | 33,556 | 33,068 | |||||||||
Subordinated debentures | 132,540 | 139,959 | |||||||||
Accrued interest payable | 2,433 | 3,305 | |||||||||
Deferred tax liability | 6,463 | 23,860 | |||||||||
Other liabilities | 202,993 | 194,861 | |||||||||
Total liabilities | 18,134,078 | 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
|
955 | 954 | |||||||||
Paid-in capital | 1,496,488 | 1,495,053 | |||||||||
Retained earnings - substantially restricted | 766,070 | 667,944 | |||||||||
Accumulated other comprehensive income | 90,442 | 143,090 | |||||||||
Total stockholders’ equity | 2,353,955 | 2,307,041 | |||||||||
Total liabilities and stockholders’ equity | $ | 20,488,033 | 18,504,206 | ||||||||
Number of common stock shares issued and outstanding | 95,507,234 | 95,426,364 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands, except per share data) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Interest Income | |||||||||||||||||||||||
Investment securities | $ | 28,730 | 25,833 | 56,036 | 46,847 | ||||||||||||||||||
Residential real estate loans | 9,541 | 12,098 | 19,687 | 23,624 | |||||||||||||||||||
Commercial loans | 110,829 | 106,343 | 224,370 | 205,027 | |||||||||||||||||||
Consumer and other loans | 10,856 | 11,130 | 21,415 | 22,771 | |||||||||||||||||||
Total interest income | 159,956 | 155,404 | 321,508 | 298,269 | |||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Deposits | 2,804 | 4,587 | 5,818 | 10,168 | |||||||||||||||||||
Securities sold under agreements to repurchase | 651 | 908 | 1,340 | 1,897 | |||||||||||||||||||
Federal Home Loan Bank advances | — | 268 | — | 614 | |||||||||||||||||||
Other borrowed funds
|
177 | 172 | 351 | 300 | |||||||||||||||||||
Subordinated debentures | 855 | 1,250 | 1,718 | 2,702 | |||||||||||||||||||
Total interest expense | 4,487 | 7,185 | 9,227 | 15,681 | |||||||||||||||||||
Net Interest Income | 155,469 | 148,219 | 312,281 | 282,588 | |||||||||||||||||||
Provision for credit losses | (5,653) | 16,929 | (5,605) | 36,114 | |||||||||||||||||||
Net interest income after provision for credit losses | 161,122 | 131,290 | 317,886 | 246,474 | |||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||
Service charges and other fees | 13,795 | 11,366 | 26,587 | 25,386 | |||||||||||||||||||
Miscellaneous loan fees and charges | 2,923 | 1,682 | 5,701 | 2,967 | |||||||||||||||||||
Gain on sale of loans | 16,106 | 25,858 | 37,730 | 37,720 | |||||||||||||||||||
(Loss) gain on sale of debt securities | (61) | 128 | 223 | 991 | |||||||||||||||||||
Other income | 2,759 | 2,190 | 5,402 | 7,432 | |||||||||||||||||||
Total non-interest income | 35,522 | 41,224 | 75,643 | 74,496 | |||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||
Compensation and employee benefits | 64,109 | 57,981 | 126,577 | 117,641 | |||||||||||||||||||
Occupancy and equipment | 9,208 | 9,357 | 18,723 | 18,576 | |||||||||||||||||||
Advertising and promotions | 2,906 | 2,138 | 5,277 | 4,625 | |||||||||||||||||||
Data processing | 5,661 | 5,042 | 10,867 | 10,324 | |||||||||||||||||||
Other real estate owned | 48 | 75 | 60 | 187 | |||||||||||||||||||
Regulatory assessments and insurance | 1,702 | 1,037 | 3,581 | 2,127 | |||||||||||||||||||
Core deposit intangibles amortization | 2,488 | 2,613 | 4,976 | 5,146 | |||||||||||||||||||
Other expenses | 13,960 | 16,521 | 26,606 | 31,625 | |||||||||||||||||||
Total non-interest expense | 100,082 | 94,764 | 196,667 | 190,251 | |||||||||||||||||||
Income Before Income Taxes | 96,562 | 77,750 | 196,862 | 130,719 | |||||||||||||||||||
Federal and state income tax expense | 18,935 | 14,306 | 38,433 | 23,936 | |||||||||||||||||||
Net Income | $ | 77,627 | 63,444 | 158,429 | 106,783 | ||||||||||||||||||
Basic earnings per share | $ | 0.81 | 0.67 | 1.66 | 1.13 | ||||||||||||||||||
Diluted earnings per share | $ | 0.81 | 0.66 | 1.66 | 1.13 | ||||||||||||||||||
Dividends declared per share | $ | 0.32 | 0.29 | 0.63 | 0.58 | ||||||||||||||||||
Average outstanding shares - basic | 95,505,877 | 95,405,493 | 95,485,839 | 94,346,582 | |||||||||||||||||||
Average outstanding shares - diluted | 95,580,904 | 95,430,403 | 95,565,591 | 94,395,930 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Net Income | $ | 77,627 | 63,444 | 158,429 | 106,783 | ||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||||||
Available-For-Sale and Transferred Securities: | |||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities
|
15,073 | 41,014 | (69,670) | 121,569 | |||||||||||||||||||
Reclassification adjustment for gains included in net income
|
(46) | (128) | (372) | (990) | |||||||||||||||||||
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity
|
(803) | — | (858) | — | |||||||||||||||||||
Tax effect | (3,595) | (10,360) | 17,916 | (30,555) | |||||||||||||||||||
Net of tax amount | 10,629 | 30,526 | (52,984) | 90,024 | |||||||||||||||||||
Cash Flow Hedge: | |||||||||||||||||||||||
Unrealized (losses) gains on derivatives used for cash flow hedges
|
(144) | (456) | 449 | (456) | |||||||||||||||||||
Tax effect | 37 | 115 | (113) | 115 | |||||||||||||||||||
Net of tax amount | (107) | (341) | 336 | (341) | |||||||||||||||||||
Total other comprehensive income (loss), net of tax
|
10,522 | 30,185 | (52,648) | 89,683 | |||||||||||||||||||
Total Comprehensive Income | $ | 88,149 | 93,629 | 105,781 | 196,466 |
(Dollars in thousands, except per share data) | Common Stock | Paid-in Capital |
Retained
Earnings Substantially Restricted |
Accumulated
Other Compre- hensive Income |
|||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | 95,408,274 | $ | 954 | 1,491,651 | 544,315 | 99,724 | 2,136,644 | ||||||||||||||||||||||||||||
Net income | — | — | — | 63,444 | — | 63,444 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 30,185 | 30,185 | |||||||||||||||||||||||||||||
Cash dividends declared ($0.29 per share)
|
— | — | — | (27,724) | — | (27,724) | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans
|
787 | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes
|
— | — | 1,166 | — | — | 1,166 | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 95,409,061 | $ | 954 | 1,492,817 | 580,035 | 129,909 | 2,203,715 | ||||||||||||||||||||||||||||
Balance at April 1, 2021 | 95,501,819 | $ | 955 | 1,495,438 | 719,072 | 79,920 | 2,295,385 | ||||||||||||||||||||||||||||
Net income | — | — | — | 77,627 | — | 77,627 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 10,522 | 10,522 | |||||||||||||||||||||||||||||
Cash dividends declared ( $0.32 per share)
|
— | — | — | (30,629) | — | (30,629) | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans
|
5,415 | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes
|
— | — | 1,050 | — | — | 1,050 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 95,507,234 | $ | 955 | 1,496,488 | 766,070 | 90,442 | 2,353,955 |
(Dollars in thousands, except per share data) | Common Stock | Paid-in Capital |
Retained
Earnings Substantially Restricted |
Accumulated
Other Compre- hensive Income |
|||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 92,289,750 | $ | 923 | 1,378,534 | 541,050 | 40,226 | 1,960,733 | ||||||||||||||||||||||||||||
Net income | — | — | — | 106,783 | — | 106,783 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 89,683 | 89,683 | |||||||||||||||||||||||||||||
Cash dividends declared ($0.58 per share)
|
— | — | — | (55,451) | — | (55,451) | |||||||||||||||||||||||||||||
Stock issued in connection with acquisitions
|
3,007,044 | 30 | 112,103 | — | — | 112,133 | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans
|
112,267 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes
|
— | — | 2,181 | — | — | 2,181 | |||||||||||||||||||||||||||||
Cumulative-effect of accounting changes
|
— | — | — | (12,347) | — | (12,347) | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 95,409,061 | $ | 954 | 1,492,817 | 580,035 | 129,909 | 2,203,715 | ||||||||||||||||||||||||||||
Balance at January 1, 2021 | 95,426,364 | $ | 954 | 1,495,053 | 667,944 | 143,090 | 2,307,041 | ||||||||||||||||||||||||||||
Net income | — | — | — | 158,429 | — | 158,429 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (52,648) | (52,648) | |||||||||||||||||||||||||||||
Cash dividends declared ( $0.63 per share)
|
— | — | — | (60,303) | — | (60,303) | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans
|
80,870 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes
|
— | — | 1,436 | — | — | 1,436 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 95,507,234 | $ | 955 | 1,496,488 | 766,070 | 90,442 | 2,353,955 |
Six Months ended | |||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
|||||||||
Operating Activities | |||||||||||
Net income | $ | 158,429 | 106,783 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | (5,605) | 36,114 | |||||||||
Net amortization of debt securities | 19,615 | 6,831 | |||||||||
Net amortization of purchase accounting adjustments
and deferred loan fees and costs |
4,113 | 33,329 | |||||||||
Origination of loans held for sale | (827,653) | (847,288) | |||||||||
Proceeds from loans held for sale | 976,517 | 849,626 | |||||||||
Gain on sale of loans | (37,730) | (37,720) | |||||||||
Gain on sale of debt securities | (223) | (991) | |||||||||
Bank-owned life insurance income, net | (1,352) | (1,356) | |||||||||
Stock-based compensation, net of tax benefits | 2,408 | 1,994 | |||||||||
Depreciation and amortization of premises and equipment | 10,446 | 9,907 | |||||||||
Gain on sale and write-downs of other real estate owned, net | (247) | (169) | |||||||||
Amortization of core deposit intangibles | 4,976 | 5,146 | |||||||||
Amortization of investments in variable interest entities | 6,474 | 4,973 | |||||||||
Net decrease (increase) in accrued interest receivable | 5,045 | (19,529) | |||||||||
Net increase in other assets | (13,239) | (15,048) | |||||||||
Net decrease in accrued interest payable | (11,017) | (602) | |||||||||
Net (decrease) increase in other liabilities | (872) | 5,174 | |||||||||
Net cash provided by operating activities | 290,085 | 137,174 | |||||||||
Investing Activities | |||||||||||
Maturities, prepayments and calls of available-for-sale debt securities | 611,077 | 341,724 | |||||||||
Purchases of available-for-sale debt securities | (2,351,093) | (1,042,423) | |||||||||
Maturities, prepayments and calls of held-to-maturity debt securities | 6,360 | 20,250 | |||||||||
Principal collected on loans | 3,281,147 | 1,835,968 | |||||||||
Loan originations | (3,446,582) | (3,371,733) | |||||||||
Net disposals (additions) to premises and equipment | 1,435 | (4,861) | |||||||||
Proceeds from sale of other real estate owned | 2,679 | 1,523 | |||||||||
Proceeds from redemption of non-marketable equity securities | 3 | 75,049 | |||||||||
Purchases of non-marketable equity securities | — | (71,398) | |||||||||
Proceeds from bank-owned life insurance | 2,112 | — | |||||||||
Investments in variable interest entities | (10,711) | (7,321) | |||||||||
Net cash received from acquisitions | — | 43,713 | |||||||||
Net cash used in investing activities | (1,903,573) | (2,179,509) |
Six Months ended | |||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
|||||||||
Financing Activities | |||||||||||
Net increase in deposits | $ | 1,963,419 | 2,001,950 | ||||||||
Net (decrease) increase in securities sold under agreements to repurchase | (9,382) | 304,154 | |||||||||
Net decrease in short-term Federal Home Loan Bank advances | — | (30,000) | |||||||||
Proceeds from long-term Federal Home Loan Bank advances | — | 30,000 | |||||||||
Repayments of long-term Federal Home Loan Bank advances | — | (631) | |||||||||
Net (increase) decrease in other borrowed funds | (7,012) | 43 | |||||||||
Cash dividends paid | (44,142) | (46,324) | |||||||||
Tax withholding payments for stock-based compensation | (1,495) | (1,003) | |||||||||
Proceeds from stock option exercises | 165 | 795 | |||||||||
Net cash provided by financing activities | 1,901,553 | 2,258,984 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 288,065 | 216,649 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 633,142 | 330,961 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 921,207 | 547,610 | ||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash paid during the period for interest | $ | 10,099 | 16,282 | ||||||||
Cash paid during the period for income taxes | 49,663 | 8,550 | |||||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||||||||||
Transfer of debt securities from available-for-sale to held-to-maturity | $ | 844,020 | — | ||||||||
Sale and refinancing of other real estate owned | $ | — | 215 | ||||||||
Transfer of loans to other real estate owned | 1,459 | 791 | |||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | 720 | 5,253 | |||||||||
Dividends declared during the period but not paid | 30,697 | 27,785 | |||||||||
Acquisitions | |||||||||||
Fair value of common stock shares issued | — | 112,133 | |||||||||
Cash consideration | — | 13,721 | |||||||||
Fair value of assets acquired | — | 745,420 | |||||||||
Liabilities assumed | — | 619,566 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Provision for credit loss loans | $ | (5,723) | 13,552 | (5,234) | 36,296 | ||||||||||||||||||
Provision for credit losses unfunded | 70 | 3,377 | (371) | (182) | |||||||||||||||||||
Total provision for credit losses | $ | (5,653) | 16,929 | (5,605) | 36,114 |
June 30, 2021 | |||||||||||||||||||||||
(Dollars in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
|||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 34,544 | 243 | (306) | 34,481 | ||||||||||||||||||
U.S. government sponsored enterprises | 48,303 | 11 | (298) | 48,016 | |||||||||||||||||||
State and local governments | 504,524 | 32,164 | (141) | 536,547 | |||||||||||||||||||
Corporate bonds | 249,058 | 8,824 | (4) | 257,878 | |||||||||||||||||||
Residential mortgage-backed securities | 4,139,439 | 14,819 | (14,673) | 4,139,585 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,093,676 | 40,991 | (4,031) | 1,130,636 | |||||||||||||||||||
Total available-for-sale | $ | 6,069,544 | 97,052 | (19,453) | 6,147,143 | ||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
State and local governments | $ | 1,024,730 | 22,542 | (259) | 1,047,013 | ||||||||||||||||||
Total held-to-maturity | $ | 1,024,730 | 22,542 | (259) | 1,047,013 |
December 31, 2020 | |||||||||||||||||||||||
(Dollars in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
|||||||||||||||||||
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 |
June 30, 2021 | |||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due within one year | $ | 77,093 | 78,370 | 1,924 | 1,956 | ||||||||||||||||||
Due after one year through five years | 236,705 | 247,063 | 26,870 | 28,562 | |||||||||||||||||||
Due after five years through ten years | 266,078 | 274,949 | 86,095 | 91,222 | |||||||||||||||||||
Due after ten years | 256,553 | 276,540 | 909,841 | 925,273 | |||||||||||||||||||
836,429 | 876,922 | 1,024,730 | 1,047,013 | ||||||||||||||||||||
Mortgage-backed securities 1
|
5,233,115 | 5,270,221 | — | — | |||||||||||||||||||
Total | $ | 6,069,544 | 6,147,143 | 1,024,730 | 1,047,013 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
Proceeds from sales and calls of debt securities | $ | 22,361 | 37,711 | 76,697 | 114,784 | ||||||||||||||||||
Gross realized gains 1
|
69 | 142 | 438 | 1,104 | |||||||||||||||||||
Gross realized losses 1
|
(23) | (14) | (66) | (114) | |||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Proceeds from calls of debt securities | 2,230 | — | 6,360 | 20,250 | |||||||||||||||||||
Gross realized gains 1
|
— | — | — | 1 | |||||||||||||||||||
Gross realized losses 1
|
(107) | — | (149) | — |
June 30, 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
|
23 | $ | 8,991 | (47) | 6,789 | (259) | 15,780 | (306) | |||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
3 | 45,234 | (298) | — | — | 45,234 | (298) | ||||||||||||||||||||||||||||||||||
State and local governments | 11 | 17,169 | (141) | — | — | 17,169 | (141) | ||||||||||||||||||||||||||||||||||
Corporate bonds | 1 | 10,005 | (4) | — | — | 10,005 | (4) | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
92 | 2,903,724 | (14,673) | — | — | 2,903,724 | (14,673) | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities
|
18 | 236,994 | (4,031) | — | — | 236,994 | (4,031) | ||||||||||||||||||||||||||||||||||
Total available-for-sale
|
148 | $ | 3,222,117 | (19,194) | 6,789 | (259) | 3,228,906 | (19,453) | |||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||||||
State and local governments | 61 | $ | 79,147 | (259) | — | — | 79,147 | (259) | |||||||||||||||||||||||||||||||||
Total held-to-maturity | 61 | $ | 79,147 | (259) | — | — | 79,147 | (259) |
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) |
June 30,
2021 |
December 31,
2020 |
|||||||||
Held-to-maturity | |||||||||||
S&P: AAA / Moody’s: Aaa
|
$ | 272,177 | 39,022 | ||||||||
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3
|
710,835 | 123,664 | |||||||||
S&P: A+, A, A- / Moody’s: A1, A2, A3
|
40,139 | 27,150 | |||||||||
Not rated by either entity
|
1,579 | — | |||||||||
Total held-to-maturity
|
$ | 1,024,730 | 189,836 |
(Dollars in thousands) |
June 30,
2021 |
December 31,
2020 |
|||||||||
Residential real estate | $ | 734,838 | 802,508 | ||||||||
Commercial real estate | 6,584,322 | 6,315,895 | |||||||||
Other commercial | 2,932,419 | 3,054,817 | |||||||||
Home equity | 648,800 | 636,405 | |||||||||
Other consumer | 337,669 | 313,071 | |||||||||
Loans receivable | 11,238,048 | 11,122,696 | |||||||||
Allowance for credit losses | (151,448) | (158,243) | |||||||||
Loans receivable, net | $ | 11,086,600 | 10,964,453 | ||||||||
Net deferred origination (fees) costs included in loans receivable | $ | (35,391) | (26,709) | ||||||||
Net purchase accounting (discounts) premiums included in loans receivable | $ | (13,774) | (17,091) | ||||||||
Accrued interest receivable on loans | $ | 47,184 | 53,538 |
Three Months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 156,446 | 9,018 | 95,251 | 39,385 | 8,068 | 4,724 | ||||||||||||||||||||||||||||
Provision for credit losses | (5,723) | 884 | 1,269 | (8,319) | (278) | 721 | |||||||||||||||||||||||||||||
Charge-offs | (1,700) | — | (41) | (351) | — | (1,308) | |||||||||||||||||||||||||||||
Recoveries | 2,425 | 241 | 118 | 1,268 | 47 | 751 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 151,448 | 10,143 | 96,597 | 31,983 | 7,837 | 4,888 |
Three Months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 150,190 | 9,315 | 70,848 | 56,409 | 7,934 | 5,684 | ||||||||||||||||||||||||||||
Provision for credit losses | 13,552 | 662 | 18,309 | (6,974) | 2,174 | (619) | |||||||||||||||||||||||||||||
Charge-offs | (2,668) | (1) | (150) | (1,088) | (193) | (1,236) | |||||||||||||||||||||||||||||
Recoveries | 1,435 | 10 | 97 | 491 | 47 | 790 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 162,509 | 9,986 | 89,104 | 48,838 | 9,962 | 4,619 |
Six Months ended June 30, 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 | ||||||||||||||||||||||||||||
Provision for credit losses | (5,234) | 302 | 8,732 | (15,584) | (367) | 1,683 | |||||||||||||||||||||||||||||
Charge-offs | (5,946) | (38) | (41) | (3,113) | (45) | (2,709) | |||||||||||||||||||||||||||||
Recoveries | 4,385 | 275 | 907 | 1,547 | 67 | 1,589 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 151,448 | 10,143 | 96,597 | 31,983 | 7,837 | 4,888 |
Six Months ended June 30, 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 | 36,296 | (3,707) | 8,876 | 27,159 | 1,666 | 2,302 | |||||||||||||||||||||||||||||
Charge-offs | (5,235) | (21) | (180) | (1,873) | (194) | (2,967) | |||||||||||||||||||||||||||||
Recoveries | 3,189 | 19 | 330 | 1,182 | 153 | 1,505 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 162,509 | 9,986 | 89,104 | 48,838 | 9,962 | 4,619 |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total |
Residential
Real Estate |
Commercial
Real Estate |
Other
Commercial |
Home
Equity |
Other
Consumer |
|||||||||||||||||||||||||||||
Accruing loans 30-59 days past due | $ | 8,677 | — | 3,230 | 1,940 | 1,808 | 1,699 | ||||||||||||||||||||||||||||
Accruing loans 60-89 days past due | 3,399 | 233 | 518 | 2,299 | 163 | 186 | |||||||||||||||||||||||||||||
Accruing loans 90 days or more past due
|
4,220 | 338 | 2,349 | 1,234 | 155 | 144 | |||||||||||||||||||||||||||||
Non-accrual loans with no ACL | 46,843 | 2,888 | 10,648 | 30,164 | 2,617 | 526 | |||||||||||||||||||||||||||||
Non-accrual loans with ACL | 1,207 | 295 | 462 | 343 | 50 | 57 | |||||||||||||||||||||||||||||
Total past due and
non-accrual loans
|
64,346 | 3,754 | 17,207 | 35,980 | 4,793 | 2,612 | |||||||||||||||||||||||||||||
Current loans receivable | 11,173,702 | 731,084 | 6,567,115 | 2,896,439 | 644,007 | 335,057 | |||||||||||||||||||||||||||||
Total loans receivable | $ | 11,238,048 | 734,838 | 6,584,322 | 2,932,419 | 648,800 | 337,669 |
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 |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total |
Residential
Real Estate |
Commercial
Real Estate |
Other
Commercial |
Home
Equity |
Other
Consumer |
|||||||||||||||||||||||||||||
Business assets | $ | 27,208 | — | 30 | 27,178 | — | — | ||||||||||||||||||||||||||||
Residential real estate | 6,727 | 3,126 | 807 | 137 | 2,480 | 177 | |||||||||||||||||||||||||||||
Other real estate | 24,830 | 651 | 21,313 | 2,340 | 187 | 339 | |||||||||||||||||||||||||||||
Other | 20,345 | — | — | 19,976 | — | 369 | |||||||||||||||||||||||||||||
Total | $ | 79,110 | 3,777 | 22,150 | 49,631 | 2,667 | 885 |
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 |
Three Months ended June 30, 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 | 3 | — | 1 | 2 | — | — | |||||||||||||||||||||||||||||
Pre-modification recorded balance
|
$ | 615 | — | 99 | 516 | — | — | ||||||||||||||||||||||||||||
Post-modification recorded balance
|
$ | 615 | — | 99 | 516 | — | — | ||||||||||||||||||||||||||||
TDRs that subsequently defaulted
|
|||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Recorded balance | $ | — | — | — | — | — | — |
Three Months ended June 30, 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 | 8 | 1 | 3 | 3 | 1 | — | |||||||||||||||||||||||||||||
Pre-modification recorded balance
|
$ | 1,672 | 210 | 1,263 | 160 | 39 | — | ||||||||||||||||||||||||||||
Post-modification recorded balance
|
$ | 1,672 | 210 | 1,263 | 160 | 39 | — | ||||||||||||||||||||||||||||
TDRs that subsequently defaulted
|
|||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Recorded balance | $ | — | — | — | — | — | — |
Six Months ended June 30, 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 | 10 | 1 | 5 | 3 | — | 1 | |||||||||||||||||||||||||||||
Pre-modification recorded balance
|
$ | 2,368 | 210 | 1,473 | 554 | — | 131 | ||||||||||||||||||||||||||||
Post-modification recorded balance
|
$ | 2,368 | 210 | 1,473 | 554 | — | 131 | ||||||||||||||||||||||||||||
TDRs that subsequently defaulted
|
|||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Recorded balance | $ | — | — | — | — | — | — |
Six Months ended June 30, 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 | 13 | 1 | 6 | 5 | 1 | — | |||||||||||||||||||||||||||||
Pre-modification recorded balance
|
$ | 8,940 | 210 | 8,120 | 571 | 39 | — | ||||||||||||||||||||||||||||
Post-modification recorded balance
|
$ | 8,940 | 210 | 8,120 | 571 | 39 | — | ||||||||||||||||||||||||||||
TDRs that subsequently defaulted
|
|||||||||||||||||||||||||||||||||||
Number of loans | 1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||
Recorded balance | $ | 106 | — | 106 | — | — | — |
June 30, 2021 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Pass | Special Mention | Substandard |
Doubtful/
Loss |
||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Term loans by origination year
|
|||||||||||||||||||||||||||||
2021 (year-to-date) | $ | 1,021,389 | 1,020,590 | — | 799 | — | |||||||||||||||||||||||
2020 | 1,345,598 | 1,341,472 | — | 4,126 | — | ||||||||||||||||||||||||
2019 | 960,097 | 948,682 | — | 11,415 | — | ||||||||||||||||||||||||
2018 | 797,895 | 757,454 | — | 40,441 | — | ||||||||||||||||||||||||
2017 | 585,881 | 556,345 | — | 29,536 | — | ||||||||||||||||||||||||
Prior | 1,741,920 | 1,691,966 | — | 49,868 | 86 | ||||||||||||||||||||||||
Revolving loans | 131,542 | 128,806 | — | 2,735 | 1 | ||||||||||||||||||||||||
Total | $ | 6,584,322 | 6,445,315 | — | 138,920 | 87 | |||||||||||||||||||||||
Other commercial loans 1
|
|||||||||||||||||||||||||||||
Term loans by origination year
|
|||||||||||||||||||||||||||||
2021 (year-to-date) | $ | 766,841 | 765,356 | — | 1,485 | — | |||||||||||||||||||||||
2020 | 613,476 | 591,994 | — | 21,481 | 1 | ||||||||||||||||||||||||
2019 | 266,759 | 258,482 | — | 8,274 | 3 | ||||||||||||||||||||||||
2018 | 201,000 | 194,842 | — | 6,157 | 1 | ||||||||||||||||||||||||
2017 | 226,830 | 225,041 | — | 1,786 | 3 | ||||||||||||||||||||||||
Prior | 357,769 | 341,707 | — | 15,511 | 551 | ||||||||||||||||||||||||
Revolving loans | 499,744 | 471,791 | — | 27,936 | 17 | ||||||||||||||||||||||||
Total | $ | 2,932,419 | 2,849,213 | — | 82,630 | 576 |
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 |
June 30, 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 (year-to-date) | $ | 121,489 | 121,489 | — | — | ||||||||||||||||||
2020 | 205,741 | 205,741 | — | — | |||||||||||||||||||
2019 | 101,077 | 101,077 | — | — | |||||||||||||||||||
2018 | 67,729 | 67,445 | 52 | 232 | |||||||||||||||||||
2017 | 58,675 | 58,495 | — | 180 | |||||||||||||||||||
Prior | 177,776 | 174,486 | 181 | 3,109 | |||||||||||||||||||
Revolving loans | 2,351 | 2,351 | — | — | |||||||||||||||||||
Total | $ | 734,838 | 731,084 | 233 | 3,521 | ||||||||||||||||||
Home equity loans | |||||||||||||||||||||||
Term loans by origination year
|
|||||||||||||||||||||||
2021 (year-to-date) | $ | 47 | 47 | — | — | ||||||||||||||||||
2020 | 69 | 69 | — | — | |||||||||||||||||||
2019 | 607 | 573 | — | 34 | |||||||||||||||||||
2018 | 1,093 | 1,093 | — | — | |||||||||||||||||||
2017 | 852 | 827 | — | 25 | |||||||||||||||||||
Prior | 11,616 | 11,068 | 24 | 524 | |||||||||||||||||||
Revolving loans | 634,516 | 630,330 | 1,947 | 2,239 | |||||||||||||||||||
Total | $ | 648,800 | 644,007 | 1,971 | 2,822 | ||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||
Term loans by origination year
|
|||||||||||||||||||||||
2021 (year-to-date) | $ | 98,287 | 98,258 | 29 | — | ||||||||||||||||||
2020 | 100,652 | 100,363 | 247 | 42 | |||||||||||||||||||
2019 | 48,832 | 48,485 | 104 | 243 | |||||||||||||||||||
2018 | 27,480 | 27,170 | 99 | 211 | |||||||||||||||||||
2017 | 11,159 | 11,115 | 37 | 7 | |||||||||||||||||||
Prior | 22,098 | 20,568 | 1,308 | 222 | |||||||||||||||||||
Revolving loans | 29,161 | 29,098 | 61 | 2 | |||||||||||||||||||
Total | $ | 337,669 | 335,057 | 1,885 | 727 |
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 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) |
Finance
Leases |
Operating
Leases |
Finance
Leases |
Operating
Leases |
|||||||||||||||||||
ROU assets | $ | 5,999 | 5,999 | ||||||||||||||||||||
Accumulated depreciation | (396) | (273) | |||||||||||||||||||||
Net ROU assets | $ | 5,603 | 45,273 | 5,726 | 46,820 | ||||||||||||||||||
Lease liabilities | $ | 5,837 | 48,296 | 5,891 | 49,675 | ||||||||||||||||||
Weighted-average remaining lease term | 23 years | 17 years | 24 years | 17 years | |||||||||||||||||||
Weighted-average discount rate | 2.6 | % | 3.4 | % | 2.6 | % | 3.4 | % |
June 30, 2021 | |||||||||||
(Dollars in thousands) |
Finance
Leases |
Operating
Leases |
|||||||||
Maturing within one year | $ | 263 | 4,742 | ||||||||
Maturing one year through two years | 269 | 4,214 | |||||||||
Maturing two years through three years | 275 | 3,938 | |||||||||
Maturing three years through four years | 283 | 3,895 | |||||||||
Maturing four years through five years | 289 | 3,792 | |||||||||
Thereafter | 6,591 | 45,582 | |||||||||
Total lease payments | 7,970 | 66,163 | |||||||||
Present value of lease payments | |||||||||||
Short-term | 114 | 3,176 | |||||||||
Long-term | 5,723 | 45,120 | |||||||||
Total present value of lease payments | 5,837 | 48,296 | |||||||||
Difference between lease payments and present value of lease payments | $ | 2,133 | 17,867 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Finance lease cost | |||||||||||||||||||||||
Amortization of ROU assets | $ | 62 | 58 | 123 | 115 | ||||||||||||||||||
Interest on lease liabilities | 38 | 40 | 75 | 81 | |||||||||||||||||||
Operating lease cost | 1,302 | 1,191 | 2,581 | 2,299 | |||||||||||||||||||
Short-term lease cost | 82 | 88 | 168 | 178 | |||||||||||||||||||
Variable lease cost | 234 | 328 | 495 | 713 | |||||||||||||||||||
Sublease income | (10) | (1) | (21) | (3) | |||||||||||||||||||
Total lease expense | $ | 1,708 | 1,704 | 3,421 | 3,383 |
Three Months ended | |||||||||||||||||||||||
June 30, 2021 | June 30, 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 | $ | 38 | 786 | 40 | 673 | ||||||||||||||||||
Financing cash flows | 27 | N/A | 21 | N/A |
Six Months ended | |||||||||||||||||||||||
June 30, 2021 | June 30, 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 | $ | 75 | 1,566 | 81 | 1,288 | ||||||||||||||||||
Financing cash flows | 54 | N/A | 44 | N/A |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Net carrying value at beginning of period | $ | 514,013 | 513,355 | 514,013 | 456,418 | ||||||||||||||||||
Acquisitions and adjustments | — | — | — | 56,937 | |||||||||||||||||||
Net carrying value at end of period | $ | 514,013 | 513,355 | 514,013 | 513,355 |
(Dollars in thousands) |
June 30,
2021 |
December 31,
2020 |
|||||||||||||||
Carrying value at beginning of period | $ | 8,976 | 1,618 | ||||||||||||||
Additions | 3,351 | 8,298 | |||||||||||||||
Amortization | (821) | (940) | |||||||||||||||
Carrying value at end of period | $ | 11,506 | 8,976 | ||||||||||||||
Principal balances of loans serviced for others | $ | 1,506,310 | 1,269,080 | ||||||||||||||
Fair value of servicing rights | $ | 15,182 | 12,087 |
(Dollars in thousands) |
June 30,
2021 |
December 31,
2020 |
|||||||||
Assets | |||||||||||
Loans receivable | $ | 108,717 | 90,183 | ||||||||
Accrued interest receivable | 574 | 410 | |||||||||
Other assets | 39,989 | 40,282 | |||||||||
Total assets | $ | 149,280 | 130,875 | ||||||||
Liabilities | |||||||||||
Other borrowed funds | $ | 27,719 | 27,176 | ||||||||
Accrued interest payable | 149 | 53 | |||||||||
Other liabilities | 51 | 171 | |||||||||
Total liabilities | $ | 27,919 | 27,400 |
(Dollars in thousands) | Amount | ||||
Years ending December 31, | |||||
2021 | $ | 15,277 | |||
2022 | 28,037 | ||||
2023 | 14,448 | ||||
2024 | 1,610 | ||||
2025 | 232 | ||||
Thereafter | 904 | ||||
Total | $ | 60,508 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Amortization expense
|
$ | 2,400 | 1,988 | 4,726 | 3,830 | ||||||||||||||||||
Tax credits and other tax benefits recognized
|
3,182 | 2,678 | 6,277 | 5,163 |
Overnight and Continuous | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
December 31,
2020 |
|||||||||||||||||||||||||||||||||
State and local governments | $ | 146,295 | 787,016 | ||||||||||||||||||||||||||||||||
Corporate bonds | 160,070 | 217,567 | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 676,954 | — | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 11,882 | — | |||||||||||||||||||||||||||||||||
Total | $ | 995,201 | 1,004,583 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Amount of loss recognized in OCI
|
$ | (144) | (456) | 449 | (456) | ||||||||||||||||||
Three Months ended | Six Months ended | |||||||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
||||||||||||||||||||||
Consulting and outside services | $ | 2,744 | 2,319 | 4,915 | 4,554 | |||||||||||||||||||||
Loan expenses | 1,755 | 1,125 | 3,379 | 1,989 | ||||||||||||||||||||||
Telephone | 1,339 | 1,313 | 2,714 | 2,551 | ||||||||||||||||||||||
VIE amortization and other expenses | 1,143 | 1,045 | 2,674 | 1,886 | ||||||||||||||||||||||
Debit card expenses | 970 | 1,197 | 2,292 | 2,290 | ||||||||||||||||||||||
Business development | 1,048 | 923 | 1,870 | 1,971 | ||||||||||||||||||||||
Postage | 874 | 833 | 1,835 | 1,628 | ||||||||||||||||||||||
Printing and supplies | 823 | 924 | 1,613 | 1,827 | ||||||||||||||||||||||
Employee expenses | 753 | 644 | 1,184 | 1,687 | ||||||||||||||||||||||
Mergers and acquisition expenses | 1,078 | 3,728 | 1,182 | 6,519 | ||||||||||||||||||||||
Legal fees | 636 | 386 | 792 | 819 | ||||||||||||||||||||||
Checking and operating expenses | 598 | 551 | 754 | 908 | ||||||||||||||||||||||
Accounting and audit fees | 238 | 550 | 693 | 998 | ||||||||||||||||||||||
(Gain) loss on dispositions of fixed assets | (1,045) | 66 | (1,398) | 125 | ||||||||||||||||||||||
Other | 1,006 | 917 | 2,107 | 1,873 | ||||||||||||||||||||||
Total other expenses | $ | 13,960 | 16,521 | 26,606 | 31,625 |
(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, 2020 | $ | 40,226 | — | 40,226 | |||||||||||||
Other comprehensive income before reclassifications | 90,763 | (341) | 90,422 | ||||||||||||||
Reclassification adjustments for gains included in net income | (739) | — | (739) | ||||||||||||||
Net current period other comprehensive income (loss) | 90,024 | (341) | 89,683 | ||||||||||||||
Balance at June 30, 2020 | $ | 130,250 | (341) | 129,909 | |||||||||||||
Balance at January 1, 2021 | $ | 143,443 | (353) | 143,090 | |||||||||||||
Other comprehensive (loss) income before reclassifications | (52,064) | 336 | (51,728) | ||||||||||||||
Reclassification adjustments for gains and transfers included in net income | (278) | — | (278) | ||||||||||||||
Reclassification adjustments for amortization included in net income for transferred securities | (642) | — | (642) | ||||||||||||||
Net current period other comprehensive income (loss) | (52,984) | 336 | (52,648) | ||||||||||||||
Balance at June 30, 2021 | $ | 90,459 | (17) | 90,442 |
Three Months ended | Six Months ended | ||||||||||||||||||||||
(Dollars in thousands, except per share data) |
June 30,
2021 |
June 30,
2020 |
June 30,
2021 |
June 30,
2020 |
|||||||||||||||||||
Net income available to common stockholders, basic and diluted
|
$ | 77,627 | 63,444 | 158,429 | 106,783 | ||||||||||||||||||
Average outstanding shares - basic | 95,505,877 | 95,405,493 | 95,485,839 | 94,346,582 | |||||||||||||||||||
Add: dilutive restricted stock units and stock options
|
75,027 | 24,910 | 79,752 | 49,348 | |||||||||||||||||||
Average outstanding shares - diluted | 95,580,904 | 95,430,403 | 95,565,591 | 94,395,930 | |||||||||||||||||||
Basic earnings per share | $ | 0.81 | 0.67 | 1.66 | 1.13 | ||||||||||||||||||
Diluted earnings per share | $ | 0.81 | 0.66 | 1.66 | 1.13 | ||||||||||||||||||
Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1
|
— | 143,938 | — | 121,533 |
Fair Value Measurements
At the End of the Reporting Period Using |
|||||||||||||||||||||||
(Dollars in thousands) |
Fair Value
June 30, 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 | $ | 34,481 | — | 34,481 | — | ||||||||||||||||||
U.S. government sponsored enterprises | 48,016 | — | 48,016 | — | |||||||||||||||||||
State and local governments | 536,547 | — | 536,547 | — | |||||||||||||||||||
Corporate bonds | 257,878 | — | 257,878 | — | |||||||||||||||||||
Residential mortgage-backed securities | 4,139,585 | — | 4,139,585 | — | |||||||||||||||||||
Commercial mortgage-backed securities | 1,130,636 | — | 1,130,636 | — | |||||||||||||||||||
Loans held for sale, at fair value | 98,410 | — | 98,410 | — | |||||||||||||||||||
Interest rate caps | 566 | — | 566 | — | |||||||||||||||||||
Interest rate locks | 5,577 | — | 5,577 | — | |||||||||||||||||||
Total assets measured at fair value
on a recurring basis
|
$ | 6,251,696 | — | 6,251,696 | — | ||||||||||||||||||
TBA hedge | $ | 319 | — | 319 | — | ||||||||||||||||||
Total liabilities measured at fair value on a recurring basis
|
$ | 319 | — | 319 | — |
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
June 30, 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 | 15,428 | — | — | 15,428 | |||||||||||||||||||
Total assets measured at fair value
on a non-recurring basis
|
$ | 15,428 | — | — | 15,428 |
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
June 30, 2021
|
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||
(Dollars in thousands) | Valuation Technique | Unobservable Input |
Range
(Weighted-Average) 1
|
||||||||||||||||||||
Collateral-dependent
impaired loans, net of ACL
|
$ | 1,751 | Cost approach | Selling costs |
10.0% - 10.0% (10.0%)
|
||||||||||||||||||
13,677 | Sales comparison approach | Selling costs |
10.0% - 5.0% (5.1%)
|
||||||||||||||||||||
Adjustment to comparables |
10.0% - 5.0% (5.4%)
|
||||||||||||||||||||||
$ | 15,428 |
Fair Value December 31, 2020 | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||
(Dollars in thousands) | 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
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
June 30, 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 | $ | 921,207 | 921,207 | — | — | ||||||||||||||||||
Debt securities, held-to-maturity | 1,024,730 | — | 1,047,013 | — | |||||||||||||||||||
Loans receivable, net of ACL | 11,086,600 | — | — | 11,349,564 | |||||||||||||||||||
Total financial assets | $ | 13,032,537 | 921,207 | 1,047,013 | 11,349,564 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Term deposits | $ | 939,563 | — | 942,998 | — | ||||||||||||||||||
Repurchase agreements and
other borrowed funds
|
1,028,757 | — | 1,028,757 | — | |||||||||||||||||||
Subordinated debentures | 132,540 | — | 127,765 | — | |||||||||||||||||||
Total financial liabilities | $ | 2,100,860 | — | 2,099,520 | — |
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 | — |
At or for the Three Months ended | At or for the Six Months ended | ||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share and market data)
|
Jun 30,
2021 |
Mar 31,
2021 |
Jun 30,
2020 |
Jun 30,
2021 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||
Operating results | |||||||||||||||||||||||||||||||||||
Net income | $ | 77,627 | 80,802 | 63,444 | 158,429 | 106,783 | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.81 | 0.85 | 0.67 | 1.66 | 1.13 | |||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.81 | 0.85 | 0.66 | 1.66 | 1.13 | |||||||||||||||||||||||||||||
Dividends declared per share | $ | 0.32 | 0.31 | 0.29 | 0.63 | 0.58 | |||||||||||||||||||||||||||||
Market value per share | |||||||||||||||||||||||||||||||||||
Closing | $ | 55.08 | 57.08 | 35.29 | 55.08 | 35.29 | |||||||||||||||||||||||||||||
High | $ | 63.05 | 67.35 | 46.54 | 67.35 | 46.54 | |||||||||||||||||||||||||||||
Low | $ | 52.99 | 44.55 | 30.30 | 44.55 | 26.66 | |||||||||||||||||||||||||||||
Selected ratios and other data | |||||||||||||||||||||||||||||||||||
Number of common stock shares outstanding
|
95,507,234 | 95,501,819 | 95,409,061 | 95,507,234 | 95,409,061 | ||||||||||||||||||||||||||||||
Average outstanding shares - basic | 95,505,877 | 95,465,801 | 95,405,493 | 95,485,839 | 94,346,582 | ||||||||||||||||||||||||||||||
Average outstanding shares - diluted | 95,580,904 | 95,546,922 | 95,430,403 | 95,565,591 | 94,395,930 | ||||||||||||||||||||||||||||||
Return on average assets (annualized) | 1.55 | % | 1.73 | % | 1.57 | % | 1.64 | % | 1.42 | % | |||||||||||||||||||||||||
Return on average equity (annualized) | 13.25 | % | 14.12 | % | 11.68 | % | 13.68 | % | 10.15 | % | |||||||||||||||||||||||||
Efficiency ratio | 49.92 | % | 46.75 | % | 47.54 | % | 48.31 | % | 50.86 | % | |||||||||||||||||||||||||
Dividend payout ratio | 39.51 | % | 36.47 | % | 43.28 | % | 37.95 | % | 51.33 | % | |||||||||||||||||||||||||
Loan to deposit ratio | 67.64 | % | 70.72 | % | 86.45 | % | 67.64 | % | 86.45 | % | |||||||||||||||||||||||||
Number of full time equivalent employees
|
2,987 | 2,994 | 2,954 | 2,987 | 2,954 | ||||||||||||||||||||||||||||||
Number of locations | 194 | 193 | 192 | 194 | 192 | ||||||||||||||||||||||||||||||
Number of ATMs | 250 | 250 | 251 | 250 | 251 |
$ Change from | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 921,207 | 878,450 | 633,142 | 547,610 | 42,757 | 288,065 | 373,597 | |||||||||||||||||||||||||||||||||
Debt securities, available-for-sale
|
6,147,143 | 5,853,315 | 5,337,814 | 3,533,950 | 293,828 | 809,329 | 2,613,193 | ||||||||||||||||||||||||||||||||||
Debt securities, held-to-maturity
|
1,024,730 | 588,751 | 189,836 | 203,275 | 435,979 | 834,894 | 821,455 | ||||||||||||||||||||||||||||||||||
Total debt securities
|
7,171,873 | 6,442,066 | 5,527,650 | 3,737,225 | 729,807 | 1,644,223 | 3,434,648 | ||||||||||||||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||||||||||||||
Residential real estate | 734,838 | 745,097 | 802,508 | 903,198 | (10,259) | (67,670) | (168,360) | ||||||||||||||||||||||||||||||||||
Commercial real estate
|
6,584,322 | 6,474,701 | 6,315,895 | 6,047,692 | 109,621 | 268,427 | 536,630 | ||||||||||||||||||||||||||||||||||
Other commercial | 2,932,419 | 3,100,584 | 3,054,817 | 3,547,249 | (168,165) | (122,398) | (614,830) | ||||||||||||||||||||||||||||||||||
Home equity | 648,800 | 625,369 | 636,405 | 654,392 | 23,431 | 12,395 | (5,592) | ||||||||||||||||||||||||||||||||||
Other consumer | 337,669 | 324,178 | 313,071 | 300,847 | 13,491 | 24,598 | 36,822 | ||||||||||||||||||||||||||||||||||
Loans receivable | 11,238,048 | 11,269,929 | 11,122,696 | 11,453,378 | (31,881) | 115,352 | (215,330) | ||||||||||||||||||||||||||||||||||
Allowance for credit losses
|
(151,448) | (156,446) | (158,243) | (162,509) | 4,998 | 6,795 | 11,061 | ||||||||||||||||||||||||||||||||||
Loans receivable, net
|
11,086,600 | 11,113,483 | 10,964,453 | 11,290,869 | (26,883) | 122,147 | (204,269) | ||||||||||||||||||||||||||||||||||
Other assets | 1,308,353 | 1,336,553 | 1,378,961 | 1,330,944 | (28,200) | (70,608) | (22,591) | ||||||||||||||||||||||||||||||||||
Total assets | $ | 20,488,033 | 19,770,552 | 18,504,206 | 16,906,648 | 717,481 | 1,983,827 | 3,581,385 |
$ Change from | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits
|
$ | 6,307,794 | 6,040,440 | 5,454,539 | 5,043,704 | 267,354 | 853,255 | 1,264,090 | |||||||||||||||||||||||||||||||||
NOW and DDA accounts
|
4,151,264 | 4,035,455 | 3,698,559 | 3,113,863 | 115,809 | 452,705 | 1,037,401 | ||||||||||||||||||||||||||||||||||
Savings accounts
|
2,346,129 | 2,206,592 | 2,000,174 | 1,756,503 | 139,537 | 345,955 | 589,626 | ||||||||||||||||||||||||||||||||||
Money market deposit accounts
|
2,990,021 | 2,817,708 | 2,627,336 | 2,403,641 | 172,313 | 362,685 | 586,380 | ||||||||||||||||||||||||||||||||||
Certificate accounts
|
939,563 | 965,986 | 978,779 | 995,536 | (26,423) | (39,216) | (55,973) | ||||||||||||||||||||||||||||||||||
Core deposits, total
|
16,734,771 | 16,066,181 | 14,759,387 | 13,313,247 | 668,590 | 1,975,384 | 3,421,524 | ||||||||||||||||||||||||||||||||||
Wholesale deposits
|
26,121 | 38,143 | 38,142 | 68,285 | (12,022) | (12,021) | (42,164) | ||||||||||||||||||||||||||||||||||
Deposits, total
|
16,760,892 | 16,104,324 | 14,797,529 | 13,381,532 | 656,568 | 1,963,363 | 3,379,360 | ||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase
|
995,201 | 996,878 | 1,004,583 | 881,227 | (1,677) | (9,382) | 113,974 | ||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances
|
— | — | — | 37,963 | — | — | (37,963) | ||||||||||||||||||||||||||||||||||
Other borrowed funds | 33,556 | 33,452 | 33,068 | 32,546 | 104 | 488 | 1,010 | ||||||||||||||||||||||||||||||||||
Subordinated debentures | 132,540 | 132,499 | 139,959 | 139,917 | 41 | (7,419) | (7,377) | ||||||||||||||||||||||||||||||||||
Other liabilities | 211,889 | 208,014 | 222,026 | 229,748 | 3,875 | (10,137) | (17,859) | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | 18,134,078 | 17,475,167 | 16,197,165 | 14,702,933 | 658,911 | 1,936,913 | 3,431,145 |
$ Change from | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data)
|
Jun 30,
2021 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||||||
Common equity | $ | 2,263,513 | 2,215,465 | 2,163,951 | 2,073,806 | 48,048 | 99,562 | 189,707 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income
|
90,442 | 79,920 | 143,090 | 129,909 | 10,522 | (52,648) | (39,467) | ||||||||||||||||||||||||||||||||||
Total stockholders’ equity
|
2,353,955 | 2,295,385 | 2,307,041 | 2,203,715 | 58,570 | 46,914 | 150,240 | ||||||||||||||||||||||||||||||||||
Goodwill and core deposit intangible, net
|
(564,546) | (567,034) | (569,522) | (574,088) | 2,488 | 4,976 | 9,542 | ||||||||||||||||||||||||||||||||||
Tangible stockholders’ equity
|
$ | 1,789,409 | 1,728,351 | 1,737,519 | 1,629,627 | 61,058 | 51,890 | 159,782 |
Stockholders’ equity to total assets
|
11.49 | % | 11.61 | % | 12.47 | % | 13.03 | % | |||||||||||||||||||||||||||||||||
Tangible stockholders’ equity to total tangible assets
|
8.98 | % | 9.00 | % | 9.69 | % | 9.98 | % | |||||||||||||||||||||||||||||||||
Book value per common share
|
$ | 24.65 | 24.03 | 24.18 | 23.10 | 0.62 | 0.47 | 1.55 | |||||||||||||||||||||||||||||||||
Tangible book value per common share
|
$ | 18.74 | 18.10 | 18.21 | 17.08 | 0.64 | 0.53 | 1.66 |
Three Months ended | $ Change from | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Jun 30,
2020 |
Mar 31,
2021 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 159,956 | 161,552 | 155,404 | (1,596) | 4,552 | |||||||||||||||||||||||||||||||||||
Interest expense | 4,487 | 4,740 | 7,185 | (253) | (2,698) | ||||||||||||||||||||||||||||||||||||
Total net interest income | 155,469 | 156,812 | 148,219 | (1,343) | 7,250 | ||||||||||||||||||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||||||||||||||||||||
Service charges and other fees
|
13,795 | 12,792 | 11,366 | 1,003 | 2,429 | ||||||||||||||||||||||||||||||||||||
Miscellaneous loan fees and charges
|
2,923 | 2,778 | 1,682 | 145 | 1,241 | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans | 16,106 | 21,624 | 25,858 | (5,518) | (9,752) | ||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of investments | (61) | 284 | 128 | (345) | (189) | ||||||||||||||||||||||||||||||||||||
Other income | 2,759 | 2,643 | 2,190 | 116 | 569 | ||||||||||||||||||||||||||||||||||||
Total non-interest income
|
35,522 | 40,121 | 41,224 | (4,599) | (5,702) | ||||||||||||||||||||||||||||||||||||
Total income | $ | 190,991 | 196,933 | 189,443 | (5,942) | 1,548 | |||||||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent)
|
3.44 | % | 3.74 | % | 4.12 | % | |||||||||||||||||||||||||||||||||||
Three Months ended | $ Change from | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Jun 30,
2020 |
Mar 31,
2021 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||||||||
Compensation and employee benefits
|
$ | 64,109 | 62,468 | 57,981 | 1,641 | 6,128 | |||||||||||||||||||||||||||||||||||
Occupancy and equipment | 9,208 | 9,515 | 9,357 | (307) | (149) | ||||||||||||||||||||||||||||||||||||
Advertising and promotions | 2,906 | 2,371 | 2,138 | 535 | 768 | ||||||||||||||||||||||||||||||||||||
Data processing | 5,661 | 5,206 | 5,042 | 455 | 619 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | 48 | 12 | 75 | 36 | (27) | ||||||||||||||||||||||||||||||||||||
Regulatory assessments and insurance
|
1,702 | 1,879 | 1,037 | (177) | 665 | ||||||||||||||||||||||||||||||||||||
Core deposit intangibles amortization
|
2,488 | 2,488 | 2,613 | — | (125) | ||||||||||||||||||||||||||||||||||||
Other expenses | 13,960 | 12,646 | 16,521 | 1,314 | (2,561) | ||||||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 100,082 | 96,585 | 94,764 | 3,497 | 5,318 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Provision for Credit Losses on Loans |
Net (Recoveries)
Charge-Offs |
Allowance for
Credit Losses 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 |
||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
Fourth quarter 2019 | — | 1,045 | 1.31 | % | 0.24 | % | 0.27 | % | |||||||||||||||||||||
Third quarter 2019 | — | 3,519 | 1.32 | % | 0.31 | % | 0.40 | % |
Six Months ended | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Jun 30,
2020 |
$ Change | % Change | |||||||||||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||||||||||||||
Interest income | $ | 321,508 | 298,269 | 23,239 | 8 | % | |||||||||||||||||||||||||||||
Interest expense | 9,227 | 15,681 | (6,454) | (41) | % | ||||||||||||||||||||||||||||||
Total net interest income | 312,281 | 282,588 | 29,693 | 11 | % | ||||||||||||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||||||||||||||
Service charges and other fees
|
26,587 | 25,386 | 1,201 | 5 | % | ||||||||||||||||||||||||||||||
Miscellaneous loan fees and charges
|
5,701 | 2,967 | 2,734 | 92 | % | ||||||||||||||||||||||||||||||
Gain on sale of loans | 37,730 | 37,720 | 10 | — | % | ||||||||||||||||||||||||||||||
(Loss) gain on sale of debt securities | 223 | 991 | (768) | (77) | % | ||||||||||||||||||||||||||||||
Other income | 5,402 | 7,432 | (2,030) | (27) | % | ||||||||||||||||||||||||||||||
Total non-interest income
|
75,643 | 74,496 | 1,147 | 2 | % | ||||||||||||||||||||||||||||||
Total income | $ | 387,924 | 357,084 | 30,840 | 9 | % | |||||||||||||||||||||||||||||
Net interest margin (tax-equivalent)
|
3.58 | % | 4.23 | % | |||||||||||||||||||||||||||||||
Six Months ended | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Jun 30,
2020 |
$ Change | % Change | |||||||||||||||||||||||||||||||
Compensation and employee benefits
|
$ | 126,577 | $ | 117,641 | $ | 8,936 | 8 | % | |||||||||||||||||||||||||||
Occupancy and equipment | 18,723 | 18,576 | 147 | 1 | % | ||||||||||||||||||||||||||||||
Advertising and promotions | 5,277 | 4,625 | 652 | 14 | % | ||||||||||||||||||||||||||||||
Data processing | 10,867 | 10,324 | 543 | 5 | % | ||||||||||||||||||||||||||||||
Other real estate owned | 60 | 187 | (127) | (68) | % | ||||||||||||||||||||||||||||||
Regulatory assessments and insurance
|
3,581 | 2,127 | 1,454 | 68 | % | ||||||||||||||||||||||||||||||
Core deposit intangibles amortization
|
4,976 | 5,146 | (170) | (3) | % | ||||||||||||||||||||||||||||||
Other expenses | 26,606 | 31,625 | (5,019) | (16) | % | ||||||||||||||||||||||||||||||
Total non-interest expense | $ | 196,667 | $ | 190,251 | $ | 6,416 | 3 | % | |||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Percent | Carrying Amount | Percent | Carrying Amount | Percent | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
U.S. government and federal agency | $ | 34,481 | 1 | % | $ | 38,588 | 1 | % | $ | 42,235 | 1 | % | |||||||||||||||||||||||
U.S. government sponsored enterprises | 48,016 | 1 | % | 9,781 | 1 | % | 10,863 | 1 | % | ||||||||||||||||||||||||||
State and local governments | 536,547 | 7 | % | 1,416,683 | 26 | % | 1,277,552 | 34 | % | ||||||||||||||||||||||||||
Corporate bonds | 257,878 | 4 | % | 349,098 | 6 | % | 388,375 | 10 | % | ||||||||||||||||||||||||||
Residential mortgage-backed securities | 4,139,585 | 57 | % | 2,289,090 | 41 | % | 857,641 | 23 | % | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,130,636 | 16 | % | 1,234,574 | 22 | % | 957,284 | 26 | % | ||||||||||||||||||||||||||
Total available-for-sale
|
6,147,143 | 86 | % | 5,337,814 | 97 | % | 3,533,950 | 95 | % | ||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
State and local governments | 1,024,730 | 14 | % | 189,836 | 3 | % | 203,275 | 5 | % | ||||||||||||||||||||||||||
Total held-to-maturity | 1,024,730 | 14 | % | 189,836 | 3 | % | 203,275 | 5 | % | ||||||||||||||||||||||||||
Total debt securities | $ | 7,171,873 | 100 | % | $ | 5,527,650 | 100 | % | $ | 3,737,225 | 100 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) |
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||||||||
S&P: AAA / Moody’s: Aaa
|
$ | 388,187 | 400,508 | 385,773 | 420,646 | ||||||||||||||||||
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3
|
1,033,438 | 1,069,604 | 1,015,634 | 1,080,972 | |||||||||||||||||||
S&P: A+, A, A- / Moody’s: A1, A2, A3
|
92,239 | 97,819 | 101,494 | 109,504 | |||||||||||||||||||
S&P: BBB+, BBB, BBB- / Moody’s: Baa1, Baa2, Baa3 | 3,217 | 3,221 | 3,217 | 3,230 | |||||||||||||||||||
Not rated by either entity
|
12,173 | 12,408 | 5,481 | 5,547 | |||||||||||||||||||
Below investment grade
|
— | — | — | — | |||||||||||||||||||
Total
|
$ | 1,529,254 | 1,583,560 | 1,511,599 | 1,619,899 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) |
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||||||||
General obligation - unlimited
|
$ | 613,619 | 648,289 | 625,660 | 672,610 | ||||||||||||||||||
General obligation - limited
|
117,516 | 122,746 | 121,886 | 129,250 | |||||||||||||||||||
Revenue | 781,808 | 795,056 | 745,908 | 798,188 | |||||||||||||||||||
Certificate of participation
|
12,545 | 13,577 | 14,098 | 15,636 | |||||||||||||||||||
Other
|
3,766 | 3,892 | 4,047 | 4,215 | |||||||||||||||||||
Total
|
$ | 1,529,254 | 1,583,560 | 1,511,599 | 1,619,899 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) |
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||||||||
New York | $ | 246,803 | 252,461 | 235,036 | 254,976 | ||||||||||||||||||
Texas | 141,524 | 145,625 | 143,421 | 154,511 | |||||||||||||||||||
Michigan | 134,792 | 140,286 | 139,836 | 148,544 | |||||||||||||||||||
California | 153,323 | 162,721 | 148,564 | 166,311 | |||||||||||||||||||
Washington | 100,072 | 104,779 | 99,699 | 106,012 | |||||||||||||||||||
All other states
|
752,740 | 777,688 | 745,043 | 789,545 | |||||||||||||||||||
Total
|
$ | 1,529,254 | 1,583,560 | 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
|
$ | 42 | 1.28 | % | $ | 2,637 | 1.58 | % | $ | 11,498 | 1.35 | % | $ | 20,304 | 1.74 | % | $ | — | — | % | $ | 34,481 | 1.60 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
2,516 | 0.96 | % | 266 | 0.93 | % | 45,234 | 1.08 | % | — | — | % | — | — | % | 48,016 | 1.08 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State and local governments
|
14,890 | 2.24 | % | 52,346 | 2.52 | % | 214,134 | 3.66 | % | 255,177 | 3.24 | % | — | — | % | 536,547 | 3.31 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds
|
60,922 | 3.44 | % | 191,814 | 3.24 | % | 4,083 | 4.00 | % | 1,059 | 1.00 | % | — | — | % | 257,878 | 3.29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
— | — | % | — | — | % | — | — | % | — | — | % | 4,139,585 | 1.01 | % | 4,139,585 | 1.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities
|
— | — | % | — | — | % | — | — | % | — | — | % | 1,130,636 | 2.40 | % | 1,130,636 | 2.40 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale
|
78,370 | 3.13 | % | 247,063 | 3.07 | % | 274,949 | 3.13 | % | 276,540 | 3.11 | % | 5,270,221 | 1.30 | % | 6,147,143 | 1.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and local governments
|
1,924 | 2.22 | % | 26,870 | 2.55 | % | 86,095 | 2.63 | % | 909,841 | 2.84 | % | — | — | % | 1,024,730 | 2.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity
|
1,924 | 2.22 | % | 26,870 | 2.55 | % | 86,095 | 2.63 | % | 909,841 | 2.84 | % | — | — | % | 1,024,730 | 2.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt
securities
|
$ | 80,294 | 3.11 | % | $ | 273,933 | 3.02 | % | $ | 361,044 | 3.01 | % | $ | 1,186,381 | 2.90 | % | $ | 5,270,221 | 1.30 | % | $ | 7,171,873 | 1.73 | % |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||
Residential real estate | $ | 734,838 | 7 | % | $ | 802,508 | 7 | % | $ | 903,198 | 8 | % | |||||||||||||||||||||||
Commercial real estate | 6,584,322 | 59 | % | 6,315,895 | 58 | % | 6,047,692 | 54 | % | ||||||||||||||||||||||||||
Other commercial | 2,932,419 | 26 | % | 3,054,817 | 28 | % | 3,547,249 | 31 | % | ||||||||||||||||||||||||||
Home equity | 648,800 | 6 | % | 636,405 | 6 | % | 654,392 | 6 | % | ||||||||||||||||||||||||||
Other consumer | 337,669 | 3 | % | 313,071 | 3 | % | 300,847 | 3 | % | ||||||||||||||||||||||||||
Loans receivable | 11,238,048 | 101 | % | 11,122,696 | 102 | % | 11,453,378 | 102 | % | ||||||||||||||||||||||||||
Allowance for credit losses | (151,448) | (1) | % | (158,243) | (2) | % | (162,509) | (2) | % | ||||||||||||||||||||||||||
Loans receivable, net | $ | 11,086,600 | 100 | % | $ | 10,964,453 | 100 | % | $ | 11,290,869 | 100 | % |
At or for the Six Months ended | At or for the Three Months ended | At or for the Year ended | At or for the Six Months ended | ||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
March 31,
2021 |
December 31,
2020 |
June 30,
2020 |
|||||||||||||||||||
Other real estate owned | $ | 771 | 2,965 | 1,744 | 4,743 | ||||||||||||||||||
Accruing loans 90 days or more past due | |||||||||||||||||||||||
Residential real estate | 338 | 188 | 934 | 206 | |||||||||||||||||||
Commercial real estate | 2,349 | 2,319 | 231 | 3,110 | |||||||||||||||||||
Other commercial | 1,234 | 961 | 293 | 2,519 | |||||||||||||||||||
Home equity | 155 | 26 | 135 | 98 | |||||||||||||||||||
Other consumer | 144 | 239 | 132 | 138 | |||||||||||||||||||
Total | 4,220 | 3,733 | 1,725 | 6,071 | |||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||
Residential real estate | 3,183 | 3,276 | 3,403 | 4,243 | |||||||||||||||||||
Commercial real estate | 11,110 | 13,935 | 15,817 | 19,682 | |||||||||||||||||||
Other commercial | 30,507 | 8,823 | 9,509 | 3,086 | |||||||||||||||||||
Home equity | 2,667 | 2,805 | 2,713 | 433 | |||||||||||||||||||
Other consumer | 583 | 1,048 | 522 | 7,713 | |||||||||||||||||||
Total | 48,050 | 29,887 | 31,964 | 35,157 | |||||||||||||||||||
Total non-performing assets | $ | 53,041 | 36,585 | 35,433 | 45,971 | ||||||||||||||||||
Non-performing assets as a percentage of subsidiary assets
|
0.26 | % | 0.19 | % | 0.19 | % | 0.27 | % | |||||||||||||||
ACL as a percentage of non-performing loans
|
290 | % | 465 | % | 470 | % | 394 | % | |||||||||||||||
Accruing loans 30-89 days past due | $ | 12,076 | 44,616 | 22,721 | 25,225 | ||||||||||||||||||
Accruing troubled debt restructurings | $ | 37,667 | 41,345 | 42,003 | 41,759 | ||||||||||||||||||
Non-accrual troubled debt restructurings | $ | 3,179 | 4,702 | 3,507 | 8,204 | ||||||||||||||||||
U.S. government guarantees included in non-performing assets
|
$ | 4,186 | 2,778 | 3,011 | 3,305 | ||||||||||||||||||
Interest income 1
|
$ | 1,144 | 357 | 1,545 | 851 |
At or for the Six Months ended | At or for the Three Months ended | At or for the Year ended | At or for the Six Months ended | ||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
March 31,
2021 |
December 31,
2020 |
June 30,
2020 |
|||||||||||||||||||
Balance at beginning of period | $ | 1,744 | 1,744 | 5,142 | 5,142 | ||||||||||||||||||
Acquisitions | — | — | 307 | 307 | |||||||||||||||||||
Additions | 1,459 | 1,397 | 2,076 | 791 | |||||||||||||||||||
Capital improvements | — | — | 145 | 72 | |||||||||||||||||||
Write-downs | — | — | (451) | (60) | |||||||||||||||||||
Sales | (2,432) | (176) | (5,475) | (1,509) | |||||||||||||||||||
Balance at end of period | $ | 771 | 2,965 | 1,744 | 4,743 |
Three Months ended | Six Months ended | ||||||||||||||||||||||||||||
(Dollars in thousands) | June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||
PPP interest income | $ | 10,328 | 13,523 | 7,304 | 23,851 | 7,304 | |||||||||||||||||||||||
Deferred compensation on originating PPP loans | 1,522 | 5,213 | 8,412 | 6,735 | 8,412 | ||||||||||||||||||||||||
Total PPP income impact | $ | 11,850 | 18,736 | 15,716 | 30,586 | 15,716 |
(Dollars in thousands) | June 30, 2021 | March 31, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||||||
PPP Round 1 loans | $ | 176,498 | 489,208 | 909,173 | 1,426,746 | ||||||||||||||||||
PPP Round 2 loans | 518,107 | 486,583 | — | — | |||||||||||||||||||
Total PPP loans | $ | 694,605 | 975,791 | 909,173 | 1,426,746 | ||||||||||||||||||
Net remaining fees - Round 1 | $ | 1,313 | 6,244 | 17,605 | 40,590 | ||||||||||||||||||
Net remaining fees - Round 2 | 22,694 | 21,890 | — | — | |||||||||||||||||||
Total net remaining fees | $ | 24,007 | 28,134 | 17,605 | 40,590 |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ACL |
Percent of ACL in
Category |
Percent of
Loans in Category |
ACL |
Percent of ACL in
Category |
Percent
of Loans in Category |
ACL |
Percent of ACL in
Category |
Percent
of Loans in Category |
||||||||||||||||||||||||||||||||||||||||||||
Residential real estate
|
$ | 10,143 | 7 | % | 7 | % | $ | 9,604 | 6 | % | 7 | % | $ | 9,986 | 6 | % | 8 | % | |||||||||||||||||||||||||||||||||||
Commercial real estate
|
96,597 | 64 | % | 58 | % | 86,999 | 55 | % | 57 | % | 89,104 | 55 | % | 53 | % | ||||||||||||||||||||||||||||||||||||||
Other commercial | 31,983 | 21 | % | 26 | % | 49,133 | 31 | % | 27 | % | 48,838 | 30 | % | 31 | % | ||||||||||||||||||||||||||||||||||||||
Home equity | 7,837 | 5 | % | 6 | % | 8,182 | 5 | % | 6 | % | 9,962 | 6 | % | 6 | % | ||||||||||||||||||||||||||||||||||||||
Other consumer | 4,888 | 3 | % | 3 | % | 4,325 | 3 | % | 3 | % | 4,619 | 3 | % | 2 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 151,448 | 100 | % | 100 | % | $ | 158,243 | 100 | % | 100 | % | $ | 162,509 | 100 | % | 100 | % |
At or for the Six Months ended | At or for the Three Months ended | At or for the Year ended | At or for the Six Months ended | ||||||||||||||||||||
(Dollars in thousands) |
June 30,
2021 |
March 31,
2021 |
December 31,
2020 |
June 30,
2020 |
|||||||||||||||||||
Balance at beginning of period | $ | 158,243 | 158,243 | 124,490 | 124,490 | ||||||||||||||||||
Impact of adopting CECL | — | — | 3,720 | 3,720 | |||||||||||||||||||
Acquisitions | — | — | 49 | 49 | |||||||||||||||||||
Provision for credit losses | (5,234) | 489 | 37,637 | 36,296 | |||||||||||||||||||
Charge-offs | |||||||||||||||||||||||
Residential real estate | (38) | (38) | (21) | (21) | |||||||||||||||||||
Commercial real estate | (41) | — | (3,497) | (180) | |||||||||||||||||||
Other commercial | (3,113) | (2,762) | (4,860) | (1,873) | |||||||||||||||||||
Home equity | (45) | (45) | (384) | (194) | |||||||||||||||||||
Other consumer | (2,709) | (1,401) | (5,046) | (2,967) | |||||||||||||||||||
Total charge-offs | (5,946) | (4,246) | (13,808) | (5,235) | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Residential real estate | 275 | 34 | 61 | 19 | |||||||||||||||||||
Commercial real estate | 907 | 789 | 1,094 | 330 | |||||||||||||||||||
Other commercial | 1,547 | 279 | 1,811 | 1,182 | |||||||||||||||||||
Home equity | 67 | 20 | 256 | 153 | |||||||||||||||||||
Other consumer | 1,589 | 838 | 2,933 | 1,505 | |||||||||||||||||||
Total recoveries | 4,385 | 1,960 | 6,155 | 3,189 | |||||||||||||||||||
Net charge-offs | (1,561) | (2,286) | (7,653) | (2,046) | |||||||||||||||||||
Balance at end of period | $ | 151,448 | 156,446 | 158,243 | 162,509 | ||||||||||||||||||
ACL as a percentage of total loans
|
1.35 | % | 1.39 | % | 1.42 | % | 1.42 | % | |||||||||||||||
Net charge-offs as a percentage of total loans | 0.01 | % | 0.02 | % | 0.07 | % | 0.02 | % |
Loans Receivable, by Loan Type | % Change from | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||||||
Custom and owner occupied construction
|
$ | 158,405 | $ | 153,226 | $ | 157,529 | $ | 177,172 | 3 | % | 1 | % | (11) | % | |||||||||||||||||||||||||||
Pre-sold and spec construction
|
163,740 | 154,312 | 148,845 | 161,964 | 6 | % | 10 | % | 1 | % | |||||||||||||||||||||||||||||||
Total residential construction
|
322,145 | 307,538 | 306,374 | 339,136 | 5 | % | 5 | % | (5) | % | |||||||||||||||||||||||||||||||
Land development | 111,736 | 103,960 | 102,930 | 94,667 | 7 | % | 9 | % | 18 | % | |||||||||||||||||||||||||||||||
Consumer land or lots | 138,292 | 133,409 | 123,747 | 120,015 | 4 | % | 12 | % | 15 | % | |||||||||||||||||||||||||||||||
Unimproved land | 63,469 | 62,002 | 59,500 | 63,459 | 2 | % | 7 | % | — | % | |||||||||||||||||||||||||||||||
Developed lots for operative builders
|
27,143 | 27,310 | 30,449 | 26,647 | (1) | % | (11) | % | 2 | % | |||||||||||||||||||||||||||||||
Commercial lots | 64,664 | 61,289 | 60,499 | 60,563 | 6 | % | 7 | % | 7 | % | |||||||||||||||||||||||||||||||
Other construction | 554,548 | 604,326 | 555,375 | 477,922 | (8) | % | — | % | 16 | % | |||||||||||||||||||||||||||||||
Total land, lot, and other construction
|
959,852 | 992,296 | 932,500 | 843,273 | (3) | % | 3 | % | 14 | % | |||||||||||||||||||||||||||||||
Owner occupied | 2,019,860 | 1,973,309 | 1,945,686 | 1,855,994 | 2 | % | 4 | % | 9 | % | |||||||||||||||||||||||||||||||
Non-owner occupied | 2,436,672 | 2,372,644 | 2,290,512 | 2,238,586 | 3 | % | 6 | % | 9 | % | |||||||||||||||||||||||||||||||
Total commercial real estate
|
4,456,532 | 4,345,953 | 4,236,198 | 4,094,580 | 3 | % | 5 | % | 9 | % | |||||||||||||||||||||||||||||||
Commercial and industrial | 1,654,237 | 1,883,438 | 1,850,197 | 2,342,081 | (12) | % | (11) | % | (29) | % | |||||||||||||||||||||||||||||||
Agriculture | 746,678 | 728,579 | 721,490 | 714,227 | 2 | % | 3 | % | 5 | % | |||||||||||||||||||||||||||||||
1st lien | 1,105,579 | 1,130,339 | 1,228,867 | 1,227,514 | (2) | % | (10) | % | (10) | % | |||||||||||||||||||||||||||||||
Junior lien | 38,029 | 35,230 | 41,641 | 47,121 | 8 | % | (9) | % | (19) | % | |||||||||||||||||||||||||||||||
Total 1-4 family | 1,143,608 | 1,165,569 | 1,270,508 | 1,274,635 | (2) | % | (10) | % | (10) | % | |||||||||||||||||||||||||||||||
Multifamily residential | 398,499 | 380,172 | 391,895 | 343,870 | 5 | % | 2 | % | 16 | % | |||||||||||||||||||||||||||||||
Home equity lines of credit | 693,135 | 664,800 | 657,626 | 655,492 | 4 | % | 5 | % | 6 | % | |||||||||||||||||||||||||||||||
Other consumer | 201,336 | 191,152 | 190,186 | 181,402 | 5 | % | 6 | % | 11 | % | |||||||||||||||||||||||||||||||
Total consumer | 894,471 | 855,952 | 847,812 | 836,894 | 5 | % | 6 | % | 7 | % | |||||||||||||||||||||||||||||||
States and political subdivisions | 631,199 | 546,086 | 575,647 | 581,673 | 16 | % | 10 | % | 9 | % | |||||||||||||||||||||||||||||||
Other | 129,237 | 183,077 | 156,647 | 198,354 | (29) | % | (17) | % | (35) | % | |||||||||||||||||||||||||||||||
Total loans receivable, including loans held for sale
|
11,336,458 | 11,388,660 | 11,289,268 | 11,568,723 | — | % | — | % | (2) | % | |||||||||||||||||||||||||||||||
Less loans held for sale 1
|
(98,410) | (118,731) | (166,572) | (115,345) | (17) | % | (41) | % | (15) | % | |||||||||||||||||||||||||||||||
Total loans receivable | $ | 11,238,048 | $ | 11,269,929 | $ | 11,122,696 | $ | 11,453,378 | — | % | 1 | % | (2) | % |
Non-performing Assets, by Loan Type |
Non-
Accrual Loans |
Accruing
Loans 90 Days or More Past Due |
OREO | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
Jun 30,
2021 |
Jun 30,
2021 |
Jun 30,
2021 |
||||||||||||||||||||||||||||||||||
Custom and owner occupied construction
|
$ | 243 | 246 | 247 | 440 | 243 | — | — | |||||||||||||||||||||||||||||||||
Land development | 279 | 330 | 342 | 659 | 31 | — | 248 | ||||||||||||||||||||||||||||||||||
Consumer land or lots | 190 | 325 | 201 | 427 | 190 | — | — | ||||||||||||||||||||||||||||||||||
Unimproved land | 178 | 243 | 294 | 663 | 178 | — | — | ||||||||||||||||||||||||||||||||||
Commercial lots | 368 | 368 | 368 | 529 | — | — | 368 | ||||||||||||||||||||||||||||||||||
Total land, lot and other construction
|
1,015 | 1,266 | 1,205 | 2,278 | 399 | — | 616 | ||||||||||||||||||||||||||||||||||
Owner occupied | 3,747 | 5,272 | 6,725 | 9,424 | 3,716 | 31 | — | ||||||||||||||||||||||||||||||||||
Non-owner occupied | 1,892 | 4,615 | 4,796 | 5,482 | 1,892 | — | — | ||||||||||||||||||||||||||||||||||
Total commercial real estate
|
5,639 | 9,887 | 11,521 | 14,906 | 5,608 | 31 | — | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 6,046 | 6,100 | 6,689 | 5,039 | 5,419 | 597 | 30 | ||||||||||||||||||||||||||||||||||
Agriculture | 31,742 | 8,392 | 6,313 | 11,087 | 28,787 | 2,955 | — | ||||||||||||||||||||||||||||||||||
1st lien | 4,186 | 4,303 | 5,353 | 7,634 | 3,754 | 432 | — | ||||||||||||||||||||||||||||||||||
Junior lien | 272 | 290 | 301 | 746 | 247 | 25 | — | ||||||||||||||||||||||||||||||||||
Total 1-4 family | 4,458 | 4,593 | 5,654 | 8,380 | 4,001 | 457 | — | ||||||||||||||||||||||||||||||||||
Multifamily residential | — | — | — | 92 | — | — | — | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 2,653 | 3,614 | 2,939 | 3,048 | 2,529 | 36 | 88 | ||||||||||||||||||||||||||||||||||
Other consumer | 542 | 1,017 | 572 | 412 | 406 | 99 | 37 | ||||||||||||||||||||||||||||||||||
Total consumer | 3,195 | 4,631 | 3,511 | 3,460 | 2,935 | 135 | 125 | ||||||||||||||||||||||||||||||||||
Other | 703 | 1,470 | 293 | 289 | 658 | 45 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 53,041 | 36,585 | 35,433 | 45,971 | 48,050 | 4,220 | 771 |
Accruing 30-89 Days Delinquent
Loans, by Loan Type |
% Change from | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
||||||||||||||||||||||||||||||||||
Custom and owner occupied construction
|
$ | — | $ | 963 | $ | 788 | $ | — | (100) | % | (100) | % | n/m | ||||||||||||||||||||||||||||
Pre-sold and spec construction | 70 | — | — | — | n/m | n/m | n/m | ||||||||||||||||||||||||||||||||||
Total residential construction
|
70 | 963 | 788 | — | (93) | % | (91) | % | n/m | ||||||||||||||||||||||||||||||||
Land development | — | — | 202 | — | n/m | (100) | % | n/m | |||||||||||||||||||||||||||||||||
Consumer land or lots | — | 215 | 71 | 248 | (100) | % | (100) | % | (100) | % | |||||||||||||||||||||||||||||||
Unimproved land | 307 | 334 | 357 | 411 | (8) | % | (14) | % | (25) | % | |||||||||||||||||||||||||||||||
Developed lots for operative builders
|
— | — | 306 | — | n/m | (100) | % | n/m | |||||||||||||||||||||||||||||||||
Commercial lots | — | — | — | 153 | n/m | n/m | (100) | ||||||||||||||||||||||||||||||||||
Other construction | — | 1,520 | — | — | (100) | % | n/m | n/m | |||||||||||||||||||||||||||||||||
Total land, lot and other construction
|
307 | 2,069 | 936 | 812 | (85) | % | (67) | % | (62) | % | |||||||||||||||||||||||||||||||
Owner occupied | 2,243 | 1,784 | 3,432 | 1,512 | 26 | % | (35) | % | 48 | % | |||||||||||||||||||||||||||||||
Non-owner occupied | 574 | 2,407 | 149 | 966 | (76) | % | 285 | % | (41) | % | |||||||||||||||||||||||||||||||
Total commercial real estate
|
2,817 | 4,191 | 3,581 | 2,478 | (33) | % | (21) | % | 14 | % | |||||||||||||||||||||||||||||||
Commercial and industrial | 2,947 | 2,063 | 1,814 | 4,127 | 43 | % | 62 | % | (29) | % | |||||||||||||||||||||||||||||||
Agriculture | 837 | 25,458 | 1,553 | 12,084 | (97) | % | (46) | % | (93) | % | |||||||||||||||||||||||||||||||
1st lien | 736 | 5,984 | 6,677 | 656 | (88) | % | (89) | % | 12 | % | |||||||||||||||||||||||||||||||
Junior lien | 106 | 18 | 55 | 160 | 489 | % | 93 | % | (34) | % | |||||||||||||||||||||||||||||||
Total 1-4 family | 842 | 6,002 | 6,732 | 816 | (86) | % | (87) | % | 3 | % | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,942 | 1,223 | 2,840 | 3,330 | 59 | % | (32) | % | (42) | % | |||||||||||||||||||||||||||||||
Other consumer | 919 | 519 | 1,054 | 739 | 77 | % | (13) | % | 24 | % | |||||||||||||||||||||||||||||||
Total consumer | 2,861 | 1,742 | 3,894 | 4,069 | 64 | % | (27) | % | (30) | % | |||||||||||||||||||||||||||||||
States and political subdivisions | — | 375 | 2,358 | 124 | (100) | % | (100) | % | (100) | ||||||||||||||||||||||||||||||||
Other | 1,395 | 1,753 | 1,065 | 715 | (20) | % | 31 | % | 95 | % | |||||||||||||||||||||||||||||||
Total | $ | 12,076 | $ | 44,616 | $ | 22,721 | $ | 25,225 | (73) | % | (47) | % | (52) | % |
Net Charge-Offs (Recoveries),
Year-to-Date Period Ending, By Loan Type |
Charge-Offs | Recoveries | |||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Jun 30,
2021 |
Mar 31,
2021 |
Dec 31,
2020 |
Jun 30,
2020 |
Jun 30,
2021 |
Jun 30,
2021 |
|||||||||||||||||||||||||||||
Custom and owner occupied construction
|
$ | — | — | (9) | — | — | — | ||||||||||||||||||||||||||||
Pre-sold and spec construction | (8) | (7) | (24) | (12) | — | 8 | |||||||||||||||||||||||||||||
Total residential construction | (8) | (7) | (33) | (12) | — | 8 | |||||||||||||||||||||||||||||
Land development | (77) | (75) | (106) | (50) | — | 77 | |||||||||||||||||||||||||||||
Consumer land or lots | (164) | (141) | (221) | (17) | 3 | 167 | |||||||||||||||||||||||||||||
Unimproved land | (21) | (21) | (489) | (287) | — | 21 | |||||||||||||||||||||||||||||
Commercial lots | — | — | (55) | (3) | — | — | |||||||||||||||||||||||||||||
Total land, lot and other construction
|
(262) | (237) | (871) | (357) | 3 | 265 | |||||||||||||||||||||||||||||
Owner occupied | (70) | (54) | (168) | (49) | 41 | 111 | |||||||||||||||||||||||||||||
Non-owner occupied | (503) | (505) | 3,030 | 115 | — | 503 | |||||||||||||||||||||||||||||
Total commercial real estate | (573) | (559) | 2,862 | 66 | 41 | 614 | |||||||||||||||||||||||||||||
Commercial and industrial | (218) | 80 | 1,533 | 576 | 262 | 480 | |||||||||||||||||||||||||||||
Agriculture | (6) | (1) | 337 | 33 | 4 | 10 | |||||||||||||||||||||||||||||
1st lien | (237) | 5 | 69 | — | 42 | 279 | |||||||||||||||||||||||||||||
Junior lien | (475) | (47) | (211) | (129) | — | 475 | |||||||||||||||||||||||||||||
Total 1-4 family | (712) | (42) | (142) | (129) | 42 | 754 | |||||||||||||||||||||||||||||
Multifamily residential | (40) | — | (244) | (43) | — | 40 | |||||||||||||||||||||||||||||
Home equity lines of credit | (23) | 25 | 101 | 24 | 41 | 64 | |||||||||||||||||||||||||||||
Other consumer | 74 | 46 | 307 | 161 | 241 | 167 | |||||||||||||||||||||||||||||
Total consumer | 51 | 71 | 408 | 185 | 282 | 231 | |||||||||||||||||||||||||||||
Other | 3,329 | 2,981 | 3,803 | 1,727 | 5,312 | 1,983 | |||||||||||||||||||||||||||||
Total | $ | 1,561 | 2,286 | 7,653 | 2,046 | 5,946 | 4,385 |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 6,307,794 | 38 | % | $ | 5,454,539 | 37 | % | $ | 5,043,704 | 38 | % | |||||||||||||||||||||||
NOW and DDA accounts | 4,151,264 | 25 | % | 3,698,559 | 25 | % | 3,113,863 | 23 | % | ||||||||||||||||||||||||||
Savings accounts | 2,346,129 | 14 | % | 2,000,174 | 13 | % | 1,756,503 | 13 | % | ||||||||||||||||||||||||||
Money market deposit accounts | 2,990,021 | 18 | % | 2,627,336 | 18 | % | 2,403,641 | 18 | % | ||||||||||||||||||||||||||
Certificate accounts | 939,563 | 5 | % | 978,779 | 7 | % | 995,536 | 7 | % | ||||||||||||||||||||||||||
Wholesale deposits | 26,121 | — | % | 38,142 | — | % | 68,285 | 1 | % | ||||||||||||||||||||||||||
Total interest bearing deposits | 10,453,098 | 62 | % | 9,342,990 | 63 | % | 8,337,828 | 62 | % | ||||||||||||||||||||||||||
Total deposits | $ | 16,760,892 | 100 | % | $ | 14,797,529 | 100 | % | $ | 13,381,532 | 100 | % |
At or for the Six Months ended | At or for the Year ended | ||||||||||
(Dollars in thousands) |
June 30,
2021 |
December 31,
2020 |
|||||||||
Repurchase agreements | |||||||||||
Amount outstanding at end of period | $ | 995,201 | 1,004,583 | ||||||||
Weighted interest rate on outstanding amount | 0.29 | % | 0.33 | % | |||||||
Maximum outstanding at any month-end | $ | 1,015,522 | 1,004,583 | ||||||||
Average balance | $ | 987,995 | 783,100 | ||||||||
Weighted-average interest rate | 0.27 | % | 0.46 | % | |||||||
(Dollars in thousands) |
June 30,
2021 |
December 31,
2020 |
|||||||||
FHLB advances | |||||||||||
Borrowing capacity | $ | 2,591,898 | 2,446,759 | ||||||||
Amount utilized | — | — | |||||||||
Letters of credit | (1,498) | (1,498) | |||||||||
Amount available | $ | 2,590,400 | 2,445,261 | ||||||||
FRB discount window | |||||||||||
Borrowing capacity | $ | 1,334,501 | 1,269,778 | ||||||||
Amount utilized | — | — | |||||||||
Amount available | $ | 1,334,501 | 1,269,778 | ||||||||
Unsecured lines of credit available | $ | 635,000 | 635,000 | ||||||||
Unencumbered debt securities | |||||||||||
U.S. government and federal agency | $ | 34,481 | 38,588 | ||||||||
U.S. government sponsored enterprises | 48,016 | 9,781 | |||||||||
State and local governments | 547,856 | 185,680 | |||||||||
Corporate bonds | 77,701 | 99,764 | |||||||||
Residential mortgage-backed securities | 3,066,594 | 1,994,927 | |||||||||
Commercial mortgage-backed securities | 927,409 | 1,028,944 | |||||||||
Total unencumbered debt securities | $ | 4,702,057 | 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
|
13.71 | % | 12.67 | % | 12.67 | % | 9.00 | % | |||||||||||||||
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 | % |
Six Months ended | |||||||||||
(Dollars in thousands) |
June 30,
2021 |
June 30,
2020 |
|||||||||
Income Before Income Taxes | $ | 196,862 | 130,719 | ||||||||
Federal and state income tax expense | 38,433 | 23,936 | |||||||||
Net Income | $ | 158,429 | 106,783 | ||||||||
Effective tax rate 1
|
19.5 | % | 18.3 | % | |||||||
Income from tax-exempt debt securities, municipal loans and leases | $ | 34,161 | 29,021 | ||||||||
Benefits from federal income tax credits | $ | 7,517 | 5,862 |
(Dollars in thousands) |
New
Markets Tax Credits |
Low-Income
Housing Tax Credits |
Debt
Securities Tax Credits |
Total | |||||||||||||||||||
2021 | $ | 6,617 | 10,307 | 763 | 17,687 | ||||||||||||||||||
2022 | 5,969 | 12,471 | 664 | 19,104 | |||||||||||||||||||
2023 | 5,373 | 13,810 | 631 | 19,814 | |||||||||||||||||||
2024 | 3,636 | 13,747 | 594 | 17,977 | |||||||||||||||||||
2025 | 1,890 | 13,588 | 451 | 15,929 | |||||||||||||||||||
Thereafter | 2,340 | 53,950 | 452 | 56,742 | |||||||||||||||||||
$ | 25,825 | 117,873 | 3,555 | 147,253 |
Three Months ended | Six Months ended | ||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2021 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Average
Balance |
Interest and
Dividends |
Average
Yield/ Rate |
Average
Balance |
Interest and
Dividends |
Average
Yield/ Rate |
|||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Residential real estate loans | $ | 825,467 | $ | 9,541 | 4.62 | % | $ | 859,073 | $ | 19,687 | 4.58 | % | |||||||||||||||||||||||
Commercial loans 1
|
9,520,603 | 112,226 | 4.73 | % | 9,466,763 | 227,154 | 4.84 | % | |||||||||||||||||||||||||||
Consumer and other loans | 964,415 | 10,856 | 4.51 | % | 957,116 | 21,415 | 4.51 | % | |||||||||||||||||||||||||||
Total loans 2
|
11,310,485 | 132,623 | 4.70 | % | 11,282,952 | 268,256 | 4.79 | % | |||||||||||||||||||||||||||
Tax-exempt investment securities 3
|
1,548,323 | 14,740 | 3.81 | % | 1,546,912 | 29,450 | 3.81 | % | |||||||||||||||||||||||||||
Taxable investment securities 4
|
5,810,800 | 17,251 | 1.19 | % | 5,265,398 | 33,102 | 1.26 | % | |||||||||||||||||||||||||||
Total earning assets | 18,669,608 | 164,614 | 3.54 | % | 18,095,262 | 330,808 | 3.69 | % | |||||||||||||||||||||||||||
Goodwill and intangibles | 565,749 | 566,979 | |||||||||||||||||||||||||||||||||
Non-earning assets | 804,897 | 823,973 | |||||||||||||||||||||||||||||||||
Total assets | $ | 20,040,254 | $ | 19,486,214 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 6,100,872 | $ | — | — | % | $ | 5,847,608 | $ | — | — | % | |||||||||||||||||||||||
NOW and DDA accounts | 4,073,819 | 600 | 0.06 | % | 3,953,009 | 1,170 | 0.06 | % | |||||||||||||||||||||||||||
Savings accounts | 2,295,334 | 141 | 0.02 | % | 2,194,485 | 279 | 0.03 | % | |||||||||||||||||||||||||||
Money market deposit accounts | 2,921,642 | 861 | 0.12 | % | 2,821,014 | 1,726 | 0.12 | % | |||||||||||||||||||||||||||
Certificate accounts | 955,694 | 1,181 | 0.50 | % | 963,595 | 2,603 | 0.54 | % | |||||||||||||||||||||||||||
Total core deposits | 16,347,361 | 2,783 | 0.07 | % | 15,779,711 | 5,778 | 0.07 | % | |||||||||||||||||||||||||||
Wholesale deposits 5
|
34,301 | 21 | 0.24 | % | 36,178 | 40 | 0.22 | % | |||||||||||||||||||||||||||
Repurchase agreements | 974,744 | 651 | 0.27 | % | 987,995 | 1,340 | 0.27 | % | |||||||||||||||||||||||||||
FHLB advances | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||
Subordinated debentures and other borrowed funds
|
166,002 | 1,032 | 2.49 | % | 165,917 | 2,069 | 2.51 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities
|
17,522,408 | 4,487 | 0.10 | % | 16,969,801 | 9,227 | 0.11 | % | |||||||||||||||||||||||||||
Other liabilities | 168,613 | 181,166 | |||||||||||||||||||||||||||||||||
Total liabilities | 17,691,021 | 17,150,967 | |||||||||||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Common stock | 955 | 955 | |||||||||||||||||||||||||||||||||
Paid-in capital | 1,495,886 | 1,495,514 | |||||||||||||||||||||||||||||||||
Retained earnings | 756,561 | 733,478 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income
|
95,831 | 105,300 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 2,349,233 | 2,335,247 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 20,040,254 | $ | 19,486,214 | |||||||||||||||||||||||||||||||
Net interest income (tax-equivalent) | $ | 160,127 | $ | 321,581 | |||||||||||||||||||||||||||||||
Net interest spread (tax-equivalent) | 3.44 | % | 3.58 | % | |||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.44 | % | 3.58 | % |
Six Months ended | |||||||||||||||||
2021 vs. 2020 | |||||||||||||||||
Increase (Decrease) Due to: | |||||||||||||||||
(Dollars in thousands) | Volume | Rate | Net | ||||||||||||||
Interest income | |||||||||||||||||
Residential real estate loans | $ | (3,616) | (321) | (3,937) | |||||||||||||
Commercial loans (tax-equivalent) | 21,728 | (2,162) | 19,566 | ||||||||||||||
Consumer and other loans | 230 | (1,586) | (1,356) | ||||||||||||||
Investment securities (tax-equivalent) | 54,569 | (44,175) | 10,394 | ||||||||||||||
Total interest income | 72,911 | (48,244) | 24,667 | ||||||||||||||
Interest expense | |||||||||||||||||
NOW and DDA accounts | 610 | (1,041) | (431) | ||||||||||||||
Savings accounts | 149 | (284) | (135) | ||||||||||||||
Money market deposit accounts | 845 | (1,983) | (1,138) | ||||||||||||||
Certificate accounts | (158) | (2,242) | (2,400) | ||||||||||||||
Wholesale deposits | (122) | (124) | (246) | ||||||||||||||
Repurchase agreements | 1,007 | (1,564) | (557) | ||||||||||||||
FHLB advances | (614) | — | (614) | ||||||||||||||
Subordinated debentures and other borrowed funds
|
(113) | (820) | (933) | ||||||||||||||
Total interest expense | 1,604 | (8,058) | (6,454) | ||||||||||||||
Net interest income (tax-equivalent) | $ | 71,307 | (40,186) | 31,121 |
GLACIER BANCORP, INC. | ||||||||
August 2, 2021 | /s/ Randall M. Chesler | |||||||
Randall M. Chesler | ||||||||
President and CEO | ||||||||
August 2, 2021 | /s/ Ron J. Copher | |||||||
Ron J. Copher | ||||||||
Executive Vice President and CFO |
1 Year Glacier Bancorp Chart |
1 Month Glacier Bancorp Chart |
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