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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 | The New York Stock Exchange |
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 | ||
ALCO – Asset Liability Committee | ||
Alta - Altabancorp, and its subsidiary, Altabank | ||
ASC – Accounting Standards CodificationTM | ||
ASU – Accounting Standards Update | ||
ATM – automated teller machine | ||
Bank – Glacier Bank | ||
BTFP - Bank Term Funding Program of the Federal Reserve Bank | ||
CARES Act – Coronavirus Aid, Relief, and Economic Security Act | ||
CDE – Certified Development Entity | ||
CDFI Fund – Community Development Financial Institutions Fund | ||
CECL – current expected credit losses | ||
CEO – Chief Executive Officer | ||
CFO – Chief Financial Officer | ||
Company – Glacier Bancorp, Inc. | ||
COVID-19 – coronavirus disease of 2019 | ||
DDA – demand deposit account | ||
Fannie Mae – Federal National Mortgage Association | ||
FASB – Financial Accounting Standards Board | ||
FDIC – Federal Deposit Insurance Corporation | ||
FHLB – Federal Home Loan Bank | ||
Final Rules – final rules implemented by the federal banking agencies that established a new comprehensive regulatory capital framework | ||
FRB – Federal Reserve Bank | ||
Freddie Mac – Federal Home Loan Mortgage Corporation | ||
GAAP – accounting principles generally accepted in the United States of America | ||
GDP – gross domestic product | ||
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 | ||
MBFD - Modifications to borrowers experiencing financial difficulty | ||
NMTC – New Markets Tax Credit | ||
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 | ||
ROU – right-of-use | ||
S&P – Standard and Poor’s | ||
SBA – United States Small Business Administration | ||
SEC – United States Securities and Exchange Commission | ||
TBA – to-be-announced | ||
TDR – troubled debt restructuring | ||
VIE – variable interest entity |
(Dollars in thousands, except per share data) | March 31, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Cash on hand and in banks | $ | 290,960 | 300,194 | ||||||||
Interest bearing cash deposits | 1,238,574 | 101,801 | |||||||||
Cash and cash equivalents | 1,529,534 | 401,995 | |||||||||
Debt securities, available-for-sale | 5,198,313 | 5,307,307 | |||||||||
Debt securities, held-to-maturity | 3,664,393 | 3,715,052 | |||||||||
Total debt securities | 8,862,706 | 9,022,359 | |||||||||
Loans held for sale, at fair value | 14,461 | 12,314 | |||||||||
Loans receivable | 15,518,612 | 15,246,812 | |||||||||
Allowance for credit losses | (186,604) | (182,283) | |||||||||
Loans receivable, net | 15,332,008 | 15,064,529 | |||||||||
Premises and equipment, net | 399,740 | 398,100 | |||||||||
Other real estate owned and foreclosed assets | 31 | 32 | |||||||||
Accrued interest receivable | 90,642 | 83,538 | |||||||||
Deferred tax asset | 172,453 | 193,187 | |||||||||
Core deposit intangible, net | 39,152 | 41,601 | |||||||||
Goodwill | 985,393 | 985,393 | |||||||||
Non-marketable equity securities | 23,414 | 82,015 | |||||||||
Bank-owned life insurance | 168,235 | 169,068 | |||||||||
Other assets | 184,665 | 181,244 | |||||||||
Total assets | $ | 27,802,434 | 26,635,375 | ||||||||
Liabilities | |||||||||||
Non-interest bearing deposits | $ | 7,001,241 | 7,690,751 | ||||||||
Interest bearing deposits | 13,147,067 | 12,915,804 | |||||||||
Securities sold under agreements to repurchase | 1,191,323 | 945,916 | |||||||||
Federal Home Loan Bank advances | 335,000 | 1,800,000 | |||||||||
FRB Bank Term Funding | 2,740,000 | — | |||||||||
Other borrowed funds | 76,185 | 77,293 | |||||||||
Subordinated debentures | 132,822 | 132,782 | |||||||||
Accrued interest payable | 8,968 | 4,331 | |||||||||
Other liabilities | 242,924 | 225,193 | |||||||||
Total liabilities | 24,875,530 | 23,792,070 | |||||||||
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, 234,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively | 1,109 | 1,108 | |||||||||
Paid-in capital | 2,344,514 | 2,344,005 | |||||||||
Retained earnings - substantially restricted | 991,509 | 966,984 | |||||||||
Accumulated other comprehensive loss | (410,228) | (468,792) | |||||||||
Total stockholders’ equity | 2,926,904 | 2,843,305 | |||||||||
Total liabilities and stockholders’ equity | $ | 27,802,434 | 26,635,375 | ||||||||
Number of common stock shares issued and outstanding | 110,868,713 | 110,777,780 |
Three Months ended | |||||||||||
(Dollars in thousands, except per share data) | March 31, 2023 | March 31, 2022 | |||||||||
Interest Income | |||||||||||
Investment securities | $ | 43,642 | 38,654 | ||||||||
Residential real estate loans | 15,838 | 15,515 | |||||||||
Commercial loans | 155,682 | 124,556 | |||||||||
Consumer and other loans | 16,726 | 11,791 | |||||||||
Total interest income | 231,888 | 190,516 | |||||||||
Interest Expense | |||||||||||
Deposits | 12,545 | 3,464 | |||||||||
Securities sold under agreements to repurchase | 4,606 | 393 | |||||||||
Federal Home Loan Bank advances | 23,605 | 12 | |||||||||
FRB Bank Term Funding | 3,032 | — | |||||||||
Other borrowed funds | 496 | 220 | |||||||||
Subordinated debentures | 1,412 | 872 | |||||||||
Total interest expense | 45,696 | 4,961 | |||||||||
Net Interest Income | 186,192 | 185,555 | |||||||||
Provision for credit losses | 5,470 | 7,031 | |||||||||
Net interest income after provision for credit losses | 180,722 | 178,524 | |||||||||
Non-Interest Income | |||||||||||
Service charges and other fees | 17,771 | 17,111 | |||||||||
Miscellaneous loan fees and charges | 3,967 | 3,555 | |||||||||
Gain on sale of loans | 2,400 | 9,015 | |||||||||
(Loss) gain on sale of debt securities | (114) | 446 | |||||||||
Other income | 3,871 | 3,436 | |||||||||
Total non-interest income | 27,895 | 33,563 | |||||||||
Non-Interest Expense | |||||||||||
Compensation and employee benefits | 81,477 | 79,074 | |||||||||
Occupancy and equipment | 11,665 | 10,964 | |||||||||
Advertising and promotions | 4,235 | 3,232 | |||||||||
Data processing | 8,109 | 7,475 | |||||||||
Other real estate owned and foreclosed assets | 12 | — | |||||||||
Regulatory assessments and insurance | 4,903 | 3,055 | |||||||||
Core deposit intangibles amortization | 2,449 | 2,664 | |||||||||
Other expenses | 22,132 | 23,844 | |||||||||
Total non-interest expense | 134,982 | 130,308 | |||||||||
Income Before Income Taxes | 73,635 | 81,779 | |||||||||
Federal and state income tax expense | 12,424 | 13,984 | |||||||||
Net Income | $ | 61,211 | 67,795 | ||||||||
Basic earnings per share | $ | 0.55 | 0.61 | ||||||||
Diluted earnings per share | $ | 0.55 | 0.61 | ||||||||
Dividends declared per share | $ | 0.33 | 0.33 | ||||||||
Average outstanding shares - basic | 110,824,648 | 110,724,655 | |||||||||
Average outstanding shares - diluted | 110,881,708 | 110,800,001 |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Net Income | $ | 61,211 | 67,795 | ||||||||
Other Comprehensive (Loss) Income, Net of Tax | |||||||||||
Available-For-Sale and Transferred Securities: | |||||||||||
Unrealized gain (losses) on available-for-sale securities | 77,466 | (369,724) | |||||||||
Reclassification adjustment for losses (gains) included in net income | 31 | (678) | |||||||||
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity | 1,881 | (782) | |||||||||
Tax effect | (20,059) | 93,798 | |||||||||
Net of tax amount | 59,319 | (277,386) | |||||||||
Cash Flow Hedge: | |||||||||||
Unrealized (losses) gains on derivatives used for cash flow hedges | (36) | 2,967 | |||||||||
Reclassification adjustment for gains included in net income | (974) | — | |||||||||
Tax effect | 255 | (749) | |||||||||
Net of tax amount | (755) | 2,218 | |||||||||
Total other comprehensive income (loss), net of tax | 58,564 | (275,168) | |||||||||
Total Comprehensive (Loss) Income | $ | 119,775 | (207,373) |
(Dollars in thousands, except per share data) | Common Stock | Paid-in Capital | Retained Earnings- Substantially Restricted | Accumulated Other Compre- hensive (Loss) Income | |||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | 110,687,533 | $ | 1,107 | 2,338,814 | 810,342 | 27,359 | 3,177,622 | ||||||||||||||||||||||||||||
Net income | — | — | — | 67,795 | — | 67,795 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (275,168) | (275,168) | |||||||||||||||||||||||||||||
Cash dividends declared ($0.33 per share) | — | — | — | (36,648) | — | (36,648) | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans | 75,783 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes | — | — | 592 | — | — | 592 | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | 110,763,316 | $ | 1,108 | 2,339,405 | 841,489 | (247,809) | 2,934,193 | ||||||||||||||||||||||||||||
Balance at January 1, 2023 | 110,777,780 | $ | 1,108 | 2,344,005 | 966,984 | (468,792) | 2,843,305 | ||||||||||||||||||||||||||||
Net income | — | — | — | 61,211 | — | 61,211 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | 58,564 | 58,564 | |||||||||||||||||||||||||||||
Cash dividends declared ($0.33 per share) | — | — | — | (36,686) | — | (36,686) | |||||||||||||||||||||||||||||
Stock issuances under stock incentive plans | 90,933 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation and related taxes | — | — | 510 | — | — | 510 | |||||||||||||||||||||||||||||
Balance at March 31, 2023 | 110,868,713 | $ | 1,109 | 2,344,514 | 991,509 | (410,228) | 2,926,904 |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Operating Activities | |||||||||||
Net income | $ | 61,211 | 67,795 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 5,470 | 7,031 | |||||||||
Net amortization of debt securities | 3,098 | 10,573 | |||||||||
Net amortization of purchase accounting adjustments and deferred loan fees and costs | (554) | 7,937 | |||||||||
Origination of loans held for sale | (79,714) | (305,269) | |||||||||
Proceeds from loans held for sale | 115,825 | 326,767 | |||||||||
Gain on sale of loans | (2,400) | (9,015) | |||||||||
Loss (gain) on sale of debt securities | 114 | (446) | |||||||||
Bank-owned life insurance income, net | (961) | (893) | |||||||||
Stock-based compensation, net of tax benefits | 1,740 | 1,774 | |||||||||
Depreciation and amortization of premises and equipment | 6,812 | 5,940 | |||||||||
Gain on sale and write-downs of other real estate owned, net | (1) | — | |||||||||
Amortization of core deposit intangibles | 2,449 | 2,664 | |||||||||
Amortization of investments in variable interest entities | 5,633 | 4,689 | |||||||||
Net increase in accrued interest receivable | (7,105) | (4,794) | |||||||||
Net increase in other assets | (4,118) | (23,707) | |||||||||
Net increase (decrease) in accrued interest payable | 4,637 | (125) | |||||||||
Net decrease in other liabilities | (13,957) | (12,563) | |||||||||
Net cash provided by operating activities | 98,179 | 78,358 | |||||||||
Investing Activities | |||||||||||
Sales of available-for-sale debt securities | 29,972 | — | |||||||||
Maturities, prepayments and calls of available-for-sale debt securities | 153,048 | 394,802 | |||||||||
Purchases of available-for-sale debt securities | — | (348,330) | |||||||||
Maturities, prepayments and calls of held-to-maturity debt securities | 50,918 | 32,048 | |||||||||
Purchases of held-to-maturity debt securities | — | (201,742) | |||||||||
Principal collected on loans | 750,400 | 1,557,786 | |||||||||
Loan originations | (1,059,597) | (1,868,784) | |||||||||
Net additions to premises and equipment | (8,161) | (3,864) | |||||||||
Proceeds from sale of other real estate owned | 10 | 20 | |||||||||
Proceeds from redemption of non-marketable equity securities | 559,201 | 16,036 | |||||||||
Purchases of non-marketable equity securities | (500,600) | (19,200) | |||||||||
Proceeds from bank-owned life insurance | 1,787 | 1,303 | |||||||||
Investments in variable interest entities | (6,844) | (16,358) | |||||||||
Net cash used in investing activities | (29,866) | (456,283) |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Financing Activities | |||||||||||
Net (decrease) increase in deposits | $ | (458,062) | 360,893 | ||||||||
Net (decrease) increase in securities sold under agreements to repurchase | 245,407 | (62,315) | |||||||||
Net increase (decrease) in short-term Federal Home Loan Bank advances | (1,465,000) | 80,000 | |||||||||
Proceeds from long-term FRB Bank Term Funding advances | 2,740,000 | — | |||||||||
Net (decrease) increase in other borrowed funds | (1,108) | 11,132 | |||||||||
Cash dividends paid | (292) | (11,295) | |||||||||
Tax withholding payments for stock-based compensation | (1,719) | (1,371) | |||||||||
Net cash provided by financing activities | 1,059,226 | 377,044 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | 1,127,539 | (881) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 401,995 | 437,686 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,529,534 | 436,805 | ||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash paid during the period for interest | $ | 41,059 | 5,087 | ||||||||
Cash paid during the period for income taxes | — | 1,229 | |||||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||||||||||
Transfer of debt securities from available-for-sale to held-to-maturity | $ | — | 2,154,475 | ||||||||
Transfer of loans to other real estate owned | 8 | 45 | |||||||||
Right-of-use assets obtained in exchange for new lease liabilities | 276 | 2,291 | |||||||||
Dividends declared during the period but not paid | 36,686 | 36,643 | |||||||||
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Provision for credit loss loans | $ | 6,260 | 4,344 | ||||||||
Provision for credit loss unfunded | (790) | 2,687 | |||||||||
Total provision for credit losses | $ | 5,470 | 7,031 |
March 31, 2023 | |||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 486,250 | 20 | (36,042) | 450,228 | ||||||||||||||||||
U.S. government sponsored enterprises | 320,614 | — | (27,982) | 292,632 | |||||||||||||||||||
State and local governments | 105,171 | 696 | (3,189) | 102,678 | |||||||||||||||||||
Corporate bonds | 27,049 | — | (927) | 26,122 | |||||||||||||||||||
Residential mortgage-backed securities | 3,572,207 | 7 | (392,646) | 3,179,568 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,232,322 | 1,305 | (86,542) | 1,147,085 | |||||||||||||||||||
Total available-for-sale | $ | 5,743,613 | 2,028 | (547,328) | 5,198,313 | ||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
U.S. government and federal agency | 848,741 | — | (72,382) | 776,359 | |||||||||||||||||||
State and local governments | 1,675,146 | 2,468 | (208,847) | 1,468,767 | |||||||||||||||||||
Residential mortgage-backed securities | 1,140,506 | — | (92,879) | 1,047,627 | |||||||||||||||||||
Total held-to-maturity | 3,664,393 | 2,468 | (374,108) | 3,292,753 | |||||||||||||||||||
Total debt securities | 9,408,006 | 4,496 | (921,436) | 8,491,066 |
December 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. government and federal agency | $ | 487,320 | 23 | (42,616) | 444,727 | ||||||||||||||||||
U.S. government sponsored enterprises | 320,157 | — | (32,793) | 287,364 | |||||||||||||||||||
State and local governments | 137,033 | 709 | (4,749) | 132,993 | |||||||||||||||||||
Corporate bonds | 27,101 | — | (992) | 26,109 | |||||||||||||||||||
Residential mortgage-backed securities | 3,706,427 | 6 | (439,092) | 3,267,341 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,252,065 | 347 | (103,639) | 1,148,773 | |||||||||||||||||||
Total available-for-sale | $ | 5,930,103 | 1,085 | (623,881) | 5,307,307 | ||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
U.S. government and federal agency | 846,046 | — | (83,796) | 762,250 | |||||||||||||||||||
State and local governments | 1,682,640 | 1,045 | (248,233) | 1,435,452 | |||||||||||||||||||
Residential mortgage-backed securities | 1,186,366 | — | (109,276) | 1,077,090 | |||||||||||||||||||
Total held-to-maturity | 3,715,052 | 1,045 | (441,305) | 3,274,792 | |||||||||||||||||||
Total debt securities | $ | 9,645,155 | 2,130 | (1,065,186) | 8,582,099 |
March 31, 2023 | |||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due within one year | $ | 1,895 | 1,884 | 2,834 | 2,828 | ||||||||||||||||||
Due after one year through five years | 852,614 | 788,517 | 778,384 | 717,869 | |||||||||||||||||||
Due after five years through ten years | 40,945 | 39,565 | 307,011 | 286,156 | |||||||||||||||||||
Due after ten years | 43,630 | 41,694 | 1,435,658 | 1,238,273 | |||||||||||||||||||
939,084 | 871,660 | 2,523,887 | 2,245,126 | ||||||||||||||||||||
Mortgage-backed securities 1 | 4,804,529 | 4,326,653 | 1,140,506 | 1,047,627 | |||||||||||||||||||
Total | $ | 5,743,613 | 5,198,313 | 3,664,393 | 3,292,753 |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Available-for-sale | |||||||||||
Proceeds from sales and calls of debt securities | $ | 31,279 | 53,120 | ||||||||
Gross realized gains 1 | 145 | 693 | |||||||||
Gross realized losses 1 | (176) | (15) | |||||||||
Held-to-maturity | |||||||||||
Proceeds from calls of debt securities | 4,635 | 12,975 | |||||||||
Gross realized gains 1 | 8 | 15 | |||||||||
Gross realized losses 1 | (91) | (247) |
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
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 | 56 | $ | 3,616 | (55) | 441,707 | (35,987) | 445,323 | (36,042) | |||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | 14 | — | — | 292,633 | (27,982) | 292,633 | (27,982) | ||||||||||||||||||||||||||||||||||
State and local governments | 97 | 13,974 | (225) | 61,829 | (2,964) | 75,803 | (3,189) | ||||||||||||||||||||||||||||||||||
Corporate bonds | 5 | 11,864 | (221) | 13,350 | (706) | 25,214 | (927) | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 428 | 20,139 | (528) | 3,159,113 | (392,118) | 3,179,252 | (392,646) | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 155 | 235,155 | (6,526) | 853,535 | (80,016) | 1,088,690 | (86,542) | ||||||||||||||||||||||||||||||||||
Total available-for-sale | 755 | $ | 284,748 | (7,555) | 4,822,167 | (539,773) | 5,106,915 | (547,328) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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 | 56 | $ | 4,150 | (64) | 435,375 | (42,552) | 439,525 | (42,616) | |||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | 14 | — | — | 287,364 | (32,793) | 287,364 | (32,793) | ||||||||||||||||||||||||||||||||||
State and local governments | 121 | 71,512 | (2,109) | 20,753 | (2,640) | 92,265 | (4,749) | ||||||||||||||||||||||||||||||||||
Corporate bonds | 5 | 25,146 | (992) | — | — | 25,146 | (992) | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 441 | 301,548 | (24,581) | 2,965,512 | (414,511) | 3,267,060 | (439,092) | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 157 | 673,102 | (41,984) | 435,176 | (61,655) | 1,108,278 | (103,639) | ||||||||||||||||||||||||||||||||||
Total available-for-sale | 794 | $ | 1,075,458 | (69,730) | 4,144,180 | (554,151) | 5,219,638 | (623,881) |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Municipal bonds held-to-maturity | |||||||||||
S&P: AAA / Moody’s: Aaa | $ | 427,447 | 430,542 | ||||||||
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3 | 1,196,794 | 1,206,441 | |||||||||
S&P: A+, A, A- / Moody’s: A1, A2, A3 | 39,262 | 37,162 | |||||||||
Not rated by either entity | 11,643 | 8,495 | |||||||||
Total municipal bonds held-to-maturity | $ | 1,675,146 | 1,682,640 |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Residential real estate | $ | 1,508,403 | 1,446,008 | ||||||||
Commercial real estate | 9,992,019 | 9,797,047 | |||||||||
Other commercial | 2,804,104 | 2,799,668 | |||||||||
Home equity | 829,844 | 822,232 | |||||||||
Other consumer | 384,242 | 381,857 | |||||||||
Loans receivable | 15,518,612 | 15,246,812 | |||||||||
Allowance for credit losses | (186,604) | (182,283) | |||||||||
Loans receivable, net | $ | 15,332,008 | 15,064,529 | ||||||||
Net deferred origination (fees) costs included in loans receivable | $ | (25,349) | (25,882) | ||||||||
Net purchase accounting (discounts) premiums included in loans receivable | $ | (16,811) | (17,832) | ||||||||
Accrued interest receivable on loans | $ | 58,053 | 54,971 |
Three Months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 182,283 | 19,683 | 125,816 | 21,454 | 10,759 | 4,571 | ||||||||||||||||||||||||||||
Provision for credit losses | 6,260 | 293 | 4,704 | (121) | (230) | 1,614 | |||||||||||||||||||||||||||||
Charge-offs | (3,293) | (5) | (347) | (772) | (4) | (2,165) | |||||||||||||||||||||||||||||
Recoveries | 1,354 | 3 | 80 | 603 | 45 | 623 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 186,604 | 19,974 | 130,253 | 21,164 | 10,570 | 4,643 |
Three Months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 172,665 | 16,458 | 117,901 | 24,703 | 8,566 | 5,037 | ||||||||||||||||||||||||||||
Provision for credit losses | 4,344 | (249) | 3,927 | (1,003) | 559 | 1,110 | |||||||||||||||||||||||||||||
Charge-offs | (2,694) | — | — | (799) | — | (1,895) | |||||||||||||||||||||||||||||
Recoveries | 1,844 | 18 | 344 | 981 | 48 | 453 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 176,159 | 16,227 | 122,172 | 23,882 | 9,173 | 4,705 |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Accruing loans 30-59 days past due | $ | 17,031 | 4,338 | 3,842 | 3,559 | 2,354 | 2,938 | ||||||||||||||||||||||||||||
Accruing loans 60-89 days past due | 7,962 | 140 | 5,432 | 988 | 751 | 651 | |||||||||||||||||||||||||||||
Accruing loans 90 days or more past due | 3,545 | 54 | 2,623 | 475 | 194 | 199 | |||||||||||||||||||||||||||||
Non-accrual loans with no ACL | 28,153 | 2,036 | 21,966 | 2,109 | 1,227 | 815 | |||||||||||||||||||||||||||||
Non-accrual loans with ACL | 250 | — | — | 69 | — | 181 | |||||||||||||||||||||||||||||
Total past due and non-accrual loans | 56,941 | 6,568 | 33,863 | 7,200 | 4,526 | 4,784 | |||||||||||||||||||||||||||||
Current loans receivable | 15,461,671 | 1,501,835 | 9,958,156 | 2,796,904 | 825,318 | 379,458 | |||||||||||||||||||||||||||||
Total loans receivable | $ | 15,518,612 | 1,508,403 | 9,992,019 | 2,804,104 | 829,844 | 384,242 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Accruing loans 30-59 days past due | $ | 16,331 | 2,796 | 5,462 | 4,192 | 754 | 3,127 | ||||||||||||||||||||||||||||
Accruing loans 60-89 days past due | 4,636 | 142 | 2,865 | 297 | 529 | 803 | |||||||||||||||||||||||||||||
Accruing loans 90 days or more past due | 1,559 | 215 | 472 | 542 | 138 | 192 | |||||||||||||||||||||||||||||
Non-accrual loans with no ACL | 31,036 | 2,236 | 22,943 | 3,790 | 1,234 | 833 | |||||||||||||||||||||||||||||
Non-accrual loans with ACL | 115 | — | — | 56 | — | 59 | |||||||||||||||||||||||||||||
Total past due and non-accrual loans | 53,677 | 5,389 | 31,742 | 8,877 | 2,655 | 5,014 | |||||||||||||||||||||||||||||
Current loans receivable | 15,193,135 | 1,440,619 | 9,765,305 | 2,790,791 | 819,577 | 376,843 | |||||||||||||||||||||||||||||
Total loans receivable | $ | 15,246,812 | 1,446,008 | 9,797,047 | 2,799,668 | 822,232 | 381,857 |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Business assets | $ | 3,290 | — | 21 | 3,269 | — | — | ||||||||||||||||||||||||||||
Residential real estate | 3,661 | 2,214 | 91 | 49 | 1,195 | 112 | |||||||||||||||||||||||||||||
Other real estate | 34,262 | 45 | 33,922 | 201 | 70 | 24 | |||||||||||||||||||||||||||||
Other | 810 | — | — | 31 | — | 779 | |||||||||||||||||||||||||||||
Total | $ | 42,023 | 2,259 | 34,034 | 3,550 | 1,265 | 915 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Residential Real Estate | Commercial Real Estate | Other Commercial | Home Equity | Other Consumer | |||||||||||||||||||||||||||||
Business assets | $ | 3,172 | — | 32 | 3,140 | — | — | ||||||||||||||||||||||||||||
Residential real estate | 5,061 | 2,407 | 990 | 318 | 1,201 | 145 | |||||||||||||||||||||||||||||
Other real estate | 33,125 | 49 | 32,333 | 300 | 75 | 368 | |||||||||||||||||||||||||||||
Other | 1,155 | — | — | 530 | — | 625 | |||||||||||||||||||||||||||||
Total | $ | 42,513 | 2,456 | 33,355 | 4,288 | 1,276 | 1,138 |
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Term Extension | Principal Forgiveness | Combination - Term Extension and Interest Rate Reduction | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost Basis | % of Total Class of Financing Receivable | Amortized Cost Basis | % of Total Class of Financing Receivable | Amortized Cost Basis | % of Total Class of Financing Receivable | Total | ||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 4,981 | — | % | $ | — | — | % | $ | 35 | — | % | $ | 5,016 | |||||||||||||||||||||||||||
Other commercial | 1,568 | 0.1 | % | — | — | % | 25 | — | % | $ | 1,593 | ||||||||||||||||||||||||||||||
Other consumer | 18 | — | % | 10 | — | % | — | — | % | $ | 28 | ||||||||||||||||||||||||||||||
Total | $ | 6,567 | $ | 10 | $ | 60 | $ | 6,637 |
Weighted Average Interest Rate Reduction | Weighted Average Term Extension | Principal Forgiveness | |||||||||||||||
Commercial real estate | 2.11% | 10 months | — | ||||||||||||||
Other commercial | —% | 6 months | — | ||||||||||||||
Other consumer | —% | 8 months | $10 thousand |
(Dollars in thousands) | Total | Current | 30-89 Days Past Due | 90 Days or More Past Due | |||||||||||||||||||
Commercial real estate | $ | 5,016 | 1,446 | 3,570 | — | ||||||||||||||||||
Other commercial | 1,593 | 1,379 | 193 | 21 | |||||||||||||||||||
Other consumer | 28 | 28 | — | — | |||||||||||||||||||
Total | $ | 6,637 | 2,853 | 3,763 | 21 |
Three Months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
(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 | $ | 87 | 31 | — | 56 | — | — | ||||||||||||||||||||||||||||
Post-modification recorded balance | $ | 87 | 31 | — | 56 | — | — | ||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Charge-Offs | Total | Pass | Special Mention | Substandard | Doubtful/ Loss | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||||||||
2023 (year-to-date) | $ | — | 461,073 | 461,073 | — | — | — | ||||||||||||||||||||||||||||
2022 | 300 | 2,541,603 | 2,534,386 | — | 6,912 | 305 | |||||||||||||||||||||||||||||
2021 | — | 2,406,658 | 2,403,479 | — | 3,179 | — | |||||||||||||||||||||||||||||
2020 | — | 1,228,836 | 1,224,116 | — | 4,720 | — | |||||||||||||||||||||||||||||
2019 | — | 728,604 | 693,522 | — | 35,082 | — | |||||||||||||||||||||||||||||
Prior | 47 | 2,394,798 | 2,316,087 | 1,412 | 77,268 | 31 | |||||||||||||||||||||||||||||
Revolving loans | — | 230,447 | 230,209 | — | 237 | 1 | |||||||||||||||||||||||||||||
Total | $ | 347 | 9,992,019 | 9,862,872 | 1,412 | 127,398 | 337 | ||||||||||||||||||||||||||||
Other commercial loans | |||||||||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||||||||
2023 (year-to-date) | $ | 755 | 60,778 | 60,004 | — | 774 | — | ||||||||||||||||||||||||||||
2022 | — | 628,411 | 626,914 | 17 | 1,479 | 1 | |||||||||||||||||||||||||||||
2021 | — | 567,517 | 564,433 | — | 2,123 | 961 | |||||||||||||||||||||||||||||
2020 | 2 | 292,021 | 288,377 | — | 3,641 | 3 | |||||||||||||||||||||||||||||
2019 | — | 183,443 | 178,084 | — | 5,357 | 2 | |||||||||||||||||||||||||||||
Prior | 15 | 524,802 | 516,219 | 108 | 8,434 | 41 | |||||||||||||||||||||||||||||
Revolving loans | — | 547,132 | 543,827 | — | 3,305 | — | |||||||||||||||||||||||||||||
Total | $ | 772 | 2,804,104 | 2,777,858 | 125 | 25,113 | 1,008 |
December 31, 2022 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Total | Pass | Special Mention | Substandard | Doubtful/ Loss | ||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2022 | 2,584,831 | 2,578,558 | — | 6,273 | — | ||||||||||||||||||||||||
2021 | 2,457,790 | 2,454,696 | — | 3,094 | — | ||||||||||||||||||||||||
2020 | 1,274,852 | 1,269,254 | — | 5,598 | — | ||||||||||||||||||||||||
2019 | 744,634 | 709,246 | — | 35,388 | — | ||||||||||||||||||||||||
2018 | 658,268 | 634,316 | — | 23,952 | — | ||||||||||||||||||||||||
Prior | 1,851,965 | 1,787,941 | 1,416 | 62,576 | 32 | ||||||||||||||||||||||||
Revolving loans | 224,707 | 224,629 | — | 78 | — | ||||||||||||||||||||||||
Total | 9,797,047 | 9,658,640 | 1,416 | 136,959 | 32 | ||||||||||||||||||||||||
Other commercial loans | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2022 | 603,393 | 599,498 | 371 | 3,469 | 55 | ||||||||||||||||||||||||
2021 | 573,273 | 569,542 | — | 2,707 | 1,024 | ||||||||||||||||||||||||
2020 | 308,555 | 304,179 | — | 4,373 | 3 | ||||||||||||||||||||||||
2019 | 191,498 | 185,748 | — | 5,748 | 2 | ||||||||||||||||||||||||
2018 | 140,122 | 135,727 | — | 4,394 | 1 | ||||||||||||||||||||||||
Prior | 404,319 | 398,523 | 114 | 5,322 | 360 | ||||||||||||||||||||||||
Revolving loans | 578,508 | 567,770 | — | 10,604 | 134 | ||||||||||||||||||||||||
Total | 2,799,668 | 2,760,987 | 485 | 36,617 | 1,579 |
March 31, 2023 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Charge-Offs | 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 | |||||||||||||||||||||||||||||
2023 (year-to-date) | $ | — | 34,038 | 34,038 | — | — | |||||||||||||||||||||||
2022 | 5 | 594,723 | 592,734 | 1,989 | — | ||||||||||||||||||||||||
2021 | — | 540,013 | 539,632 | 381 | — | ||||||||||||||||||||||||
2020 | — | 112,360 | 112,360 | — | — | ||||||||||||||||||||||||
2019 | — | 44,792 | 44,000 | 792 | — | ||||||||||||||||||||||||
Prior | — | 179,783 | 176,377 | 1,316 | 2,090 | ||||||||||||||||||||||||
Revolving loans | — | 2,694 | 2,694 | — | — | ||||||||||||||||||||||||
Total | $ | 5 | 1,508,403 | 1,501,835 | 4,478 | 2,090 | |||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2023 (year-to-date) | $ | — | — | — | — | — | |||||||||||||||||||||||
2022 | — | 61 | 61 | — | — | ||||||||||||||||||||||||
2021 | — | 80 | 80 | — | — | ||||||||||||||||||||||||
2020 | — | 26 | 26 | — | — | ||||||||||||||||||||||||
2019 | — | 221 | 191 | — | 30 | ||||||||||||||||||||||||
Prior | — | 7,196 | 6,893 | 135 | 168 | ||||||||||||||||||||||||
Revolving loans | 4 | 822,260 | 818,067 | 2,970 | 1,223 | ||||||||||||||||||||||||
Total | $ | 4 | 829,844 | 825,318 | 3,105 | 1,421 | |||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||||||||
2023 (year-to-date) | $ | 2,011 | 40,877 | 39,490 | 1,359 | 28 | |||||||||||||||||||||||
2022 | 13 | 131,626 | 130,497 | 875 | 254 | ||||||||||||||||||||||||
2021 | 47 | 85,679 | 84,915 | 675 | 89 | ||||||||||||||||||||||||
2020 | 34 | 44,976 | 44,746 | 180 | 50 | ||||||||||||||||||||||||
2019 | 25 | 17,849 | 17,487 | 205 | 157 | ||||||||||||||||||||||||
Prior | 35 | 24,027 | 23,266 | 154 | 607 | ||||||||||||||||||||||||
Revolving loans | — | 39,208 | 39,057 | 141 | 10 | ||||||||||||||||||||||||
Total | $ | 2,165 | 384,242 | 379,458 | 3,589 | 1,195 |
December 31, 2022 | |||||||||||||||||||||||
(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 | |||||||||||||||||||||||
2022 | 543,469 | 543,023 | 446 | — | |||||||||||||||||||
2021 | 552,748 | 551,756 | 992 | — | |||||||||||||||||||
2020 | 116,810 | 116,543 | 136 | 131 | |||||||||||||||||||
2019 | 45,055 | 44,604 | 451 | — | |||||||||||||||||||
2018 | 37,252 | 36,993 | — | 259 | |||||||||||||||||||
Prior | 149,292 | 146,318 | 913 | 2,061 | |||||||||||||||||||
Revolving loans | 1,382 | 1,382 | — | — | |||||||||||||||||||
Total | 1,446,008 | 1,440,619 | 2,938 | 2,451 | |||||||||||||||||||
Home equity loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2022 | 60 | 60 | — | — | |||||||||||||||||||
2021 | 77 | 77 | — | — | |||||||||||||||||||
2020 | 82 | 82 | — | — | |||||||||||||||||||
2019 | 225 | 195 | — | 30 | |||||||||||||||||||
2018 | 594 | 594 | — | — | |||||||||||||||||||
Prior | 7,165 | 6,868 | 131 | 166 | |||||||||||||||||||
Revolving loans | 814,029 | 811,701 | 1,152 | 1,176 | |||||||||||||||||||
Total | 822,232 | 819,577 | 1,283 | 1,372 | |||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||
Term loans by origination year | |||||||||||||||||||||||
2022 | 152,685 | 149,702 | 2,825 | 158 | |||||||||||||||||||
2021 | 94,210 | 93,749 | 421 | 40 | |||||||||||||||||||
2020 | 49,257 | 48,990 | 212 | 55 | |||||||||||||||||||
2019 | 20,432 | 20,166 | 96 | 170 | |||||||||||||||||||
2018 | 10,598 | 9,970 | 91 | 537 | |||||||||||||||||||
Prior | 16,014 | 15,786 | 106 | 122 | |||||||||||||||||||
Revolving loans | 38,661 | 38,480 | 179 | 2 | |||||||||||||||||||
Total | 381,857 | 376,843 | 3,930 | 1,084 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(Dollars in thousands) | Finance Leases | Operating Leases | Finance Leases | Operating Leases | |||||||||||||||||||
ROU assets | $ | 30,254 | 30,254 | ||||||||||||||||||||
Accumulated depreciation | (3,786) | (2,760) | |||||||||||||||||||||
$ | 26,468 | 42,931 | 27,494 | 43,551 | |||||||||||||||||||
$ | 26,899 | 46,171 | 28,204 | 46,579 | |||||||||||||||||||
Weighted-average remaining lease term | 12 years | 16 years | 12 years | 17 years | |||||||||||||||||||
Weighted-average discount rate | 3.6 | % | 3.6 | % | 3.6 | % | 3.6 | % |
March 31, 2023 | |||||||||||
(Dollars in thousands) | Finance Leases | Operating Leases | |||||||||
Maturing within one year | $ | 4,483 | 4,737 | ||||||||
Maturing one year through two years | 4,424 | 4,692 | |||||||||
Maturing two years through three years | 4,432 | 4,520 | |||||||||
Maturing three years through four years | 4,442 | 4,353 | |||||||||
Maturing four years through five years | 3,482 | 3,956 | |||||||||
Thereafter | 11,569 | 41,659 | |||||||||
Total lease payments | 32,832 | 63,917 | |||||||||
Present value of lease payments | |||||||||||
Short-term | 3,574 | 3,181 | |||||||||
Long-term | 23,325 | 42,990 | |||||||||
Total present value of lease payments | 26,899 | 46,171 | |||||||||
Difference between lease payments and present value of lease payments | $ | 5,933 | 17,746 |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Finance lease cost | |||||||||||
Amortization of ROU assets | $ | 1,026 | 78 | ||||||||
Interest on lease liabilities | 244 | 46 | |||||||||
Operating lease cost | 1,496 | 1,496 | |||||||||
Short-term lease cost | 205 | 105 | |||||||||
Variable lease cost | 443 | 307 | |||||||||
Sublease income | (13) | (12) | |||||||||
Total lease expense | $ | 3,401 | 2,020 |
Three Months ended | |||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
(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 | $ | 244 | 926 | 46 | 1,025 | ||||||||||||||||||
Financing cash flows | 861 | N/A | 39 | N/A |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Net carrying value at beginning of period | $ | 985,393 | 985,393 | ||||||||
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Carrying value at beginning of period | $ | 13,488 | 12,839 | ||||||||
Additions | 101 | 2,461 | |||||||||
Amortization | (313) | (1,812) | |||||||||
Carrying value at end of period | $ | 13,276 | 13,488 | ||||||||
Principal balances of loans serviced for others | $ | 1,641,897 | 1,661,294 | ||||||||
Fair value of servicing rights | $ | 19,665 | 19,716 |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Loans receivable | $ | 135,194 | 134,603 | ||||||||
Accrued interest receivable | 491 | 370 | |||||||||
Other assets | 49,753 | 48,136 | |||||||||
Total assets | $ | 185,438 | 183,109 | ||||||||
Liabilities | |||||||||||
Other borrowed funds | $ | 49,286 | 49,089 | ||||||||
Accrued interest payable | 270 | 274 | |||||||||
Other liabilities | 75 | 179 | |||||||||
Total liabilities | $ | 49,631 | 49,542 |
(Dollars in thousands) | Amount | ||||
Years ending December 31, | |||||
2023 | $ | 27,231 | |||
2024 | 47,624 | ||||
2025 | 17,401 | ||||
2026 | 7,241 | ||||
2027 | 381 | ||||
Thereafter | 2,649 | ||||
Total | $ | 102,527 |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Amortization expense | $ | 3,949 | 2,995 | ||||||||
Tax credits and other tax benefits recognized | 5,283 | 3,996 |
Overnight and Continuous | |||||||||||
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Residential mortgage-backed securities | $ | 1,191,323 | 945,916 | ||||||||
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Amount of (loss) gain recognized in OCI | $ | (36) | 2,967 | ||||||||
Amount of gain reclassified from OCI to net income | 974 | — |
Three Months ended | ||||||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | ||||||||||||
Consulting and outside services | $ | 4,081 | 3,143 | |||||||||||
Debit card expenses | 2,965 | 1,804 | ||||||||||||
VIE amortization and other expenses | 2,528 | 2,544 | ||||||||||||
Loan expenses | 1,707 | 1,823 | ||||||||||||
Telephone | 1,579 | 1,594 | ||||||||||||
Business development | 1,361 | 1,081 | ||||||||||||
Employee expenses | 1,295 | 1,088 | ||||||||||||
Postage | 1,118 | 995 | ||||||||||||
Accounting and audit fees | 1,024 | 671 | ||||||||||||
Printing and supplies | 844 | 1,050 | ||||||||||||
Checking and operating expenses | 666 | 352 | ||||||||||||
Mergers and acquisition expenses | 352 | 6,207 | ||||||||||||
Legal fees | 325 | 448 | ||||||||||||
Gain on dispositions of fixed assets | (15) | (310) | ||||||||||||
Other | 2,302 | 1,354 | ||||||||||||
Total other expenses | $ | 22,132 | 23,844 |
(Dollars in thousands) | (Losses) Gains on Available-For-Sale and Transferred Debt Securities | (Losses) Gains on Derivatives Used for Cash Flow Hedges | Total | ||||||||||||||
Balance at January 1, 2022 | $ | 27,038 | 321 | 27,359 | |||||||||||||
Other comprehensive (loss) income before reclassifications | (276,295) | 2,218 | (274,077) | ||||||||||||||
Reclassification adjustments for gains and transfers included in net income | (507) | — | (507) | ||||||||||||||
Reclassification adjustments for amortization included in net income for transferred securities | (584) | — | (584) | ||||||||||||||
Net current period other comprehensive (loss) income | (277,386) | 2,218 | (275,168) | ||||||||||||||
Balance at March 31, 2022 | $ | (250,348) | 2,539 | (247,809) | |||||||||||||
Balance at January 1, 2023 | $ | (474,338) | 5,546 | (468,792) | |||||||||||||
Other comprehensive (loss) income before reclassifications | 57,890 | (27) | 57,863 | ||||||||||||||
Reclassification adjustments for gains and transfers included in net income | 24 | (728) | (704) | ||||||||||||||
Reclassification adjustments for amortization included in net income for transferred securities | 1,405 | — | 1,405 | ||||||||||||||
Net current period other comprehensive (loss) income | 59,319 | (755) | 58,564 | ||||||||||||||
Balance at March 31, 2023 | $ | (415,019) | 4,791 | (410,228) |
Three Months ended | |||||||||||
(Dollars in thousands, except per share data) | March 31, 2023 | March 31, 2022 | |||||||||
Net income available to common stockholders, basic and diluted | $ | 61,211 | 67,795 | ||||||||
Average outstanding shares - basic | 110,824,648 | 110,724,655 | |||||||||
Add: dilutive restricted stock units and stock options | 57,060 | 75,346 | |||||||||
Average outstanding shares - diluted | 110,881,708 | 110,800,001 | |||||||||
Basic earnings per share | $ | 0.55 | 0.61 | ||||||||
Diluted earnings per share | $ | 0.55 | 0.61 | ||||||||
Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1 | 205,974 | 4,934 |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value March 31, 2023 | 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 | $ | 450,228 | — | 450,228 | — | ||||||||||||||||||
U.S. government sponsored enterprises | 292,632 | — | 292,632 | — | |||||||||||||||||||
State and local governments | 102,678 | — | 102,678 | — | |||||||||||||||||||
Corporate bonds | 26,122 | — | 26,122 | — | |||||||||||||||||||
Residential mortgage-backed securities | 3,179,568 | — | 3,179,568 | — | |||||||||||||||||||
Commercial mortgage-backed securities | 1,147,085 | — | 1,147,085 | — | |||||||||||||||||||
Loans held for sale, at fair value | 14,461 | — | 14,461 | — | |||||||||||||||||||
Interest rate caps | 6,705 | — | 6,705 | — | |||||||||||||||||||
Interest rate locks | 732 | — | 732 | — | |||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 5,220,211 | — | 5,220,211 | — | ||||||||||||||||||
TBA hedge | $ | 170 | — | 170 | — | ||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 170 | — | 170 | — |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value December 31, 2022 | 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 | $ | 444,727 | — | 444,727 | — | ||||||||||||||||||
U.S. government sponsored enterprises | 287,364 | — | 287,364 | — | |||||||||||||||||||
State and local governments | 132,993 | — | 132,993 | — | |||||||||||||||||||
Corporate bonds | 26,109 | — | 26,109 | — | |||||||||||||||||||
Residential mortgage-backed securities | 3,267,341 | — | 3,267,341 | — | |||||||||||||||||||
Commercial mortgage-backed securities | 1,148,773 | — | 1,148,773 | — | |||||||||||||||||||
Loans held for sale, at fair value | 12,314 | — | 12,314 | — | |||||||||||||||||||
Interest rate caps | 7,757 | — | 7,757 | — | |||||||||||||||||||
Interest rate locks | 362 | — | 362 | — | |||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 5,327,740 | — | 5,327,740 | — | ||||||||||||||||||
TBA hedge | $ | 188 | — | 188 | — | ||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 188 | — | 188 | — |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value March 31, 2023 | 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 | $ | 1,439 | — | — | 1,439 | ||||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 1,439 | — | — | 1,439 |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value December 31, 2022 | 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 | $ | 1,360 | — | — | 1,360 | ||||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 1,360 | — | — | 1,360 |
Fair Value March 31, 2023 | 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 | $ | 1,363 | Cost approach | Selling costs | 10.0% - 10.0% (10.0%) | ||||||||||||||||||
76 | Sales comparison approach | Selling costs | 10.0% - 10.0% (10.0%) | ||||||||||||||||||||
$ | 1,439 |
Fair Value December 31, 2022 | 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 | $ | 1,329 | Cost approach | Selling costs | 10.0% - 10.0% (10.0%) | ||||||||||||||||||
31 | Sales comparison approach | Selling Costs | 10.0% - 10.0% (10.0%) | ||||||||||||||||||||
$ | 1,360 |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount March 31, 2023 | 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 | $ | 1,529,534 | 1,529,534 | — | — | ||||||||||||||||||
Debt securities, held-to-maturity | 3,664,393 | — | 3,292,753 | — | |||||||||||||||||||
Loans receivable, net of ACL | 15,332,008 | — | — | 15,063,785 | |||||||||||||||||||
Total financial assets | $ | 20,525,935 | 1,529,534 | 3,292,753 | 15,063,785 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Term deposits | $ | 1,155,494 | — | 1,156,303 | — | ||||||||||||||||||
FHLB advances | 335,000 | — | 335,000 | — | |||||||||||||||||||
FRB Bank Term Funding | 2,740,000 | 2,730,300 | |||||||||||||||||||||
Repurchase agreements and other borrowed funds | 1,267,508 | — | 1,267,508 | — | |||||||||||||||||||
Subordinated debentures | 132,822 | — | 113,358 | — | |||||||||||||||||||
Total financial liabilities | $ | 5,630,824 | — | 5,602,469 | — |
Fair Value Measurements At the End of the Reporting Period Using | |||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount December 31, 2022 | 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 | $ | 401,995 | 401,995 | — | — | ||||||||||||||||||
Debt securities, held-to-maturity | 3,715,052 | — | 3,274,792 | — | |||||||||||||||||||
Loans receivable, net of ACL | 15,064,529 | — | — | 14,806,354 | |||||||||||||||||||
Total financial assets | $ | 19,181,576 | 401,995 | 3,274,792 | 14,806,354 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Term deposits | $ | 880,589 | — | 874,850 | — | ||||||||||||||||||
FHLB advances | 1,800,000 | — | 1,799,936 | — | |||||||||||||||||||
Repurchase agreements and other borrowed funds | 1,023,209 | — | 1,023,209 | — | |||||||||||||||||||
Subordinated debentures | 132,782 | — | 122,549 | — | |||||||||||||||||||
Total financial liabilities | $ | 3,836,580 | — | 3,820,544 | — |
At or for the Three Months ended | |||||||||||||||||
(Dollars in thousands, except per share and market data) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||
Operating results | |||||||||||||||||
Net income | $ | 61,211 | 79,677 | 67,795 | |||||||||||||
Basic earnings per share | $ | 0.55 | 0.72 | 0.61 | |||||||||||||
Diluted earnings per share | $ | 0.55 | 0.72 | 0.61 | |||||||||||||
Dividends declared per share | $ | 0.33 | 0.33 | 0.33 | |||||||||||||
Market value per share | |||||||||||||||||
Closing | $ | 42.01 | 49.42 | 50.28 | |||||||||||||
High | $ | 50.03 | 59.70 | 60.69 | |||||||||||||
Low | $ | 37.07 | 48.64 | 49.61 | |||||||||||||
Selected ratios and other data | |||||||||||||||||
Number of common stock shares outstanding | 110,868,713 | 110,777,780 | 110,763,316 | ||||||||||||||
Average outstanding shares - basic | 110,824,648 | 110,773,084 | 110,724,655 | ||||||||||||||
Average outstanding shares - diluted | 110,881,708 | 110,872,127 | 110,800,001 | ||||||||||||||
Return on average assets (annualized) | 0.93 | % | 1.19 | % | 1.06 | % | |||||||||||
Return on average equity (annualized) | 8.54 | % | 11.35 | % | 8.97 | % | |||||||||||
Efficiency ratio | 60.39 | % | 53.18 | % | 57.11 | % | |||||||||||
Dividend payout ratio | 60.00 | % | 45.83 | % | 54.10 | % | |||||||||||
Loan to deposit ratio | 77.09 | % | 74.05 | % | 63.52 | % | |||||||||||
Number of full time equivalent employees | 3,390 | 3,390 | 3,439 | ||||||||||||||
Number of locations | 222 | 221 | 223 | ||||||||||||||
Number of ATMs | 263 | 265 | 273 |
$ Change from | |||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,529,534 | 401,995 | 436,805 | 1,127,539 | 1,092,729 | |||||||||||||||||||||||
Debt securities, available-for-sale | 5,198,313 | 5,307,307 | 6,535,763 | (108,994) | (1,337,450) | ||||||||||||||||||||||||
Debt securities, held-to-maturity | 3,664,393 | 3,715,052 | 3,576,941 | (50,659) | 87,452 | ||||||||||||||||||||||||
Total debt securities | 8,862,706 | 9,022,359 | 10,112,704 | (159,653) | (1,249,998) | ||||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
Residential real estate | 1,508,403 | 1,446,008 | 1,125,648 | 62,395 | 382,755 | ||||||||||||||||||||||||
Commercial real estate | 9,992,019 | 9,797,047 | 8,865,585 | 194,972 | 1,126,434 | ||||||||||||||||||||||||
Other commercial | 2,804,104 | 2,799,668 | 2,661,048 | 4,436 | 143,056 | ||||||||||||||||||||||||
Home equity | 829,844 | 822,232 | 715,963 | 7,612 | 113,881 | ||||||||||||||||||||||||
Other consumer | 384,242 | 381,857 | 362,775 | 2,385 | 21,467 | ||||||||||||||||||||||||
Loans receivable | 15,518,612 | 15,246,812 | 13,731,019 | 271,800 | 1,787,593 | ||||||||||||||||||||||||
Allowance for credit losses | (186,604) | (182,283) | (176,159) | (4,321) | (10,445) | ||||||||||||||||||||||||
Loans receivable, net | 15,332,008 | 15,064,529 | 13,554,860 | 267,479 | 1,777,148 | ||||||||||||||||||||||||
Other assets | 2,078,186 | 2,146,492 | 1,995,955 | (68,306) | 82,231 | ||||||||||||||||||||||||
Total assets | $ | 27,802,434 | 26,635,375 | 26,100,324 | 1,167,059 | 1,702,110 |
$ Change from | |||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 7,001,241 | 7,690,751 | 7,990,003 | (689,510) | (988,762) | |||||||||||||||||||||||
NOW and DDA accounts | 5,156,709 | 5,330,614 | 5,376,881 | (173,905) | (220,172) | ||||||||||||||||||||||||
Savings accounts | 2,985,351 | 3,200,321 | 3,287,521 | (214,970) | (302,170) | ||||||||||||||||||||||||
Money market deposit accounts | 3,429,123 | 3,472,281 | 4,044,655 | (43,158) | (615,532) | ||||||||||||||||||||||||
Certificate accounts | 1,155,494 | 880,589 | 995,147 | 274,905 | 160,347 | ||||||||||||||||||||||||
Core deposits, total | 19,727,918 | 20,574,556 | 21,694,207 | (846,638) | (1,966,289) | ||||||||||||||||||||||||
Wholesale deposits | 420,390 | 31,999 | 3,688 | 388,391 | 416,702 | ||||||||||||||||||||||||
Deposits, total | 20,148,308 | 20,606,555 | 21,697,895 | (458,247) | (1,549,587) | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,191,323 | 945,916 | 958,479 | 245,407 | 232,844 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 335,000 | 1,800,000 | 80,000 | (1,465,000) | 255,000 | ||||||||||||||||||||||||
FRB Bank Term Funding | 2,740,000 | — | — | 2,740,000 | 2,740,000 | ||||||||||||||||||||||||
Other borrowed funds | 76,185 | 77,293 | 57,258 | (1,108) | 18,927 | ||||||||||||||||||||||||
Subordinated debentures | 132,822 | 132,782 | 132,661 | 40 | 161 | ||||||||||||||||||||||||
Other liabilities | 251,892 | 229,524 | 239,838 | 22,368 | 12,054 | ||||||||||||||||||||||||
Total liabilities | $ | 24,875,530 | 23,792,070 | 23,166,131 | 1,083,460 | 1,709,399 |
$ Change from | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Common equity | $ | 3,337,132 | 3,312,097 | 3,182,002 | 25,035 | 155,130 | |||||||||||||||||||||||
Accumulated other comprehensive income | (410,228) | (468,792) | (247,809) | 58,564 | (162,419) | ||||||||||||||||||||||||
Total stockholders’ equity | 2,926,904 | 2,843,305 | 2,934,193 | 83,599 | (7,289) | ||||||||||||||||||||||||
Goodwill and core deposit intangible, net | (1,024,545) | (1,026,994) | (1,034,987) | 2,449 | 10,442 | ||||||||||||||||||||||||
Tangible stockholders’ equity | $ | 1,902,359 | 1,816,311 | 1,899,206 | 86,048 | 3,153 |
Stockholders’ equity to total assets | 10.53 | % | 10.67 | % | 11.24 | % | |||||||||||||||||||||||
Tangible stockholders’ equity to total tangible assets | 7.10 | % | 7.09 | % | 7.58 | % | |||||||||||||||||||||||
Book value per common share | $ | 26.40 | 25.67 | 26.49 | 0.73 | (0.09) | |||||||||||||||||||||||
Tangible book value per common share | $ | 17.16 | 16.40 | 17.15 | 0.76 | 0.01 |
Three Months ended | $ Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||||||||
Interest income | $ | 231,888 | 225,085 | 190,516 | 6,803 | 41,372 | |||||||||||||||||||||||
Interest expense | 45,696 | 21,026 | 4,961 | 24,670 | 40,735 | ||||||||||||||||||||||||
Total net interest income | 186,192 | 204,059 | 185,555 | (17,867) | 637 | ||||||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||||||||
Service charges and other fees | 17,771 | 18,734 | 17,111 | (963) | 660 | ||||||||||||||||||||||||
Miscellaneous loan fees and charges | 3,967 | 3,905 | 3,555 | 62 | 412 | ||||||||||||||||||||||||
Gain on sale of loans | 2,400 | 2,175 | 9,015 | 225 | (6,615) | ||||||||||||||||||||||||
(Loss) gain on sale of investments | (114) | 519 | 446 | (633) | (560) | ||||||||||||||||||||||||
Other income | 3,871 | 3,150 | 3,436 | 721 | 435 | ||||||||||||||||||||||||
Total non-interest income | 27,895 | 28,483 | 33,563 | (588) | (5,668) | ||||||||||||||||||||||||
Total income | $ | 214,087 | 232,542 | 219,118 | (18,455) | (5,031) | |||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.08 | % | 3.30 | % | 3.20 | % | |||||||||||||||||||||||
Three Months ended | $ Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Compensation and employee benefits | $ | 81,477 | 79,814 | 79,074 | 1,663 | 2,403 | |||||||||||||||||||||||
Occupancy and equipment | 11,665 | 10,734 | 10,964 | 931 | 701 | ||||||||||||||||||||||||
Advertising and promotions | 4,235 | 3,558 | 3,232 | 677 | 1,003 | ||||||||||||||||||||||||
Data processing | 8,109 | 8,079 | 7,475 | 30 | 634 | ||||||||||||||||||||||||
Other real estate owned | 12 | 5 | — | 7 | 12 | ||||||||||||||||||||||||
Regulatory assessments and insurance | 4,903 | 3,425 | 3,055 | 1,478 | 1,848 | ||||||||||||||||||||||||
Core deposit intangibles amortization | 2,449 | 2,664 | 2,664 | (215) | (215) | ||||||||||||||||||||||||
Other expenses | 22,132 | 20,700 | 23,844 | 1,432 | (1,712) | ||||||||||||||||||||||||
Total non-interest expense | $ | 134,982 | 128,979 | 130,308 | 6,003 | 4,674 | |||||||||||||||||||||||
(Dollars in thousands) | Provision for Credit Losses on Loans | Net Charge-Offs (Recoveries) | 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 | ||||||||||||||||||||||||
First quarter 2023 | $ | 6,260 | $ | 1,939 | 1.20 | % | 0.16 | % | 0.12 | % | |||||||||||||||||||
Fourth quarter 2022 | 6,060 | 1,968 | 1.20 | % | 0.14 | % | 0.12 | % | |||||||||||||||||||||
Third quarter 2022 | 8,382 | 3,154 | 1.20 | % | 0.07 | % | 0.13 | % | |||||||||||||||||||||
Second quarter 2022 | (1,353) | 1,843 | 1.20 | % | 0.12 | % | 0.16 | % | |||||||||||||||||||||
First quarter 2022 | 4,344 | 850 | 1.28 | % | 0.12 | % | 0.24 | % | |||||||||||||||||||||
Fourth quarter 2021 | 19,301 | 616 | 1.29 | % | 0.38 | % | 0.26 | % | |||||||||||||||||||||
Third quarter 2021 | 2,313 | 152 | 1.36 | % | 0.23 | % | 0.24 | % | |||||||||||||||||||||
Second quarter 2021 | (5,723) | (725) | 1.35 | % | 0.11 | % | 0.26 | % |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Percent | Carrying Amount | Percent | Carrying Amount | Percent | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
U.S. government and federal agency | $ | 450,228 | 5 | % | $ | 444,727 | 5 | % | $ | 465,760 | 5 | % | |||||||||||||||||||||||
U.S. government sponsored enterprises | 292,632 | 3 | % | 287,364 | 3 | % | 302,350 | 3 | % | ||||||||||||||||||||||||||
State and local governments | 102,678 | 1 | % | 132,993 | 1 | % | 463,041 | 5 | % | ||||||||||||||||||||||||||
Corporate bonds | 26,122 | 1 | % | 26,109 | 1 | % | 113,185 | 1 | % | ||||||||||||||||||||||||||
Residential mortgage-backed securities | 3,179,568 | 36 | % | 3,267,341 | 36 | % | 3,974,655 | 39 | % | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,147,085 | 13 | % | 1,148,773 | 13 | % | 1,216,772 | 12 | % | ||||||||||||||||||||||||||
Total available-for-sale | 5,198,313 | 59 | % | 5,307,307 | 59 | % | 6,535,763 | 65 | % | ||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
U.S. government and federal agency | 848,741 | 9 | % | 846,046 | 9 | % | 843,264 | 8 | % | ||||||||||||||||||||||||||
State and local governments | 1,675,146 | 19 | % | 1,682,640 | 19 | % | 1,385,516 | 14 | % | ||||||||||||||||||||||||||
Residential mortgage-backed securities | 1,140,506 | 13 | % | 1,186,366 | 13 | % | 1,348,161 | 13 | % | ||||||||||||||||||||||||||
Total held-to-maturity | 3,664,393 | 41 | % | 3,715,052 | 41 | % | 3,576,941 | 35 | % | ||||||||||||||||||||||||||
Total debt securities | $ | 8,862,706 | 100 | % | $ | 9,022,359 | 100 | % | $ | 10,112,704 | 100 | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
S&P: AAA / Moody’s: Aaa | $ | 446,471 | 397,032 | 456,074 | 395,371 | ||||||||||||||||||
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3 | 1,258,275 | 1,101,111 | 1,291,020 | 1,102,120 | |||||||||||||||||||
S&P: A+, A, A- / Moody’s: A1, A2, A3 | 57,399 | 56,950 | 58,045 | 56,865 | |||||||||||||||||||
S&P: BBB+, BBB, BBB- / Moody’s: Baa1, Baa2, Baa3 | — | — | — | — | |||||||||||||||||||
Not rated by either entity | 18,172 | 16,352 | 14,534 | 14,089 | |||||||||||||||||||
Total | $ | 1,780,317 | 1,571,445 | 1,819,673 | 1,568,445 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
General obligation - unlimited | $ | 399,353 | 374,215 | 421,698 | 389,762 | ||||||||||||||||||
General obligation - limited | 184,093 | 163,893 | 186,401 | 162,096 | |||||||||||||||||||
Revenue | 1,157,354 | 997,230 | 1,171,971 | 981,486 | |||||||||||||||||||
Certificate of participation | 36,788 | 33,450 | 36,864 | 32,464 | |||||||||||||||||||
Other | 2,729 | 2,657 | 2,739 | 2,637 | |||||||||||||||||||
Total | $ | 1,780,317 | 1,571,445 | 1,819,673 | 1,568,445 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
New York | $ | 378,704 | 332,467 | 382,529 | 324,651 | ||||||||||||||||||
Texas | 127,597 | 114,241 | 128,590 | 113,444 | |||||||||||||||||||
Michigan | 85,468 | 80,363 | 89,372 | 82,649 | |||||||||||||||||||
California | 116,246 | 105,063 | 117,284 | 102,804 | |||||||||||||||||||
Washington | 98,855 | 89,829 | 103,106 | 92,411 | |||||||||||||||||||
All other states | 973,447 | 849,482 | 998,792 | 852,486 | |||||||||||||||||||
Total | $ | 1,780,317 | 1,571,445 | 1,819,673 | 1,568,445 |
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 | $ | 24 | 3.82 | % | $ | 435,735 | 1.07 | % | $ | 3,791 | 3.86 | % | $ | 10,678 | 4.17 | % | $ | — | — | % | $ | 450,228 | 1.17 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | — | — | % | 292,632 | 1.29 | % | — | — | % | — | — | % | — | — | % | 292,632 | 1.29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State and local governments | 1,860 | 2.04 | % | 38,571 | 1.82 | % | 32,139 | 2.40 | % | 30,108 | 2.49 | % | — | — | % | 102,678 | 2.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | % | 21,579 | 3.61 | % | 3,635 | 4.00 | % | 908 | 0.46 | % | — | — | % | 26,122 | 3.56 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 3,179,568 | 1.22 | % | 3,179,568 | 1.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 1,147,085 | 2.57 | % | 1,147,085 | 2.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | 1,884 | 2.06 | % | 788,517 | 1.25 | % | 39,565 | 2.70 | % | 41,694 | 2.87 | % | 4,326,653 | 1.57 | % | 5,198,313 | 1.54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency | — | — | % | 711,654 | 1.61 | % | 137,087 | 1.66 | % | — | — | % | — | — | % | 848,741 | 1.62 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State and local governments | 2,834 | 2.47 | % | 66,730 | 2.90 | % | 169,924 | 3.12 | % | 1,435,658 | 2.47 | % | — | — | % | 1,675,146 | 2.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | — | % | — | — | % | — | — | % | — | — | % | 1,140,506 | 1.63 | % | 1,140,506 | 1.63 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | 2,834 | 2.47 | % | 778,384 | 1.72 | % | 307,011 | 2.47 | % | 1,435,658 | 2.47 | % | 1,140,506 | 1.63 | % | 3,664,393 | 2.05 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities | $ | 4,718 | 2.30 | % | $ | 1,566,901 | 1.48 | % | $ | 346,576 | 2.49 | % | $ | 1,477,352 | 2.48 | % | $ | 5,467,159 | 1.58 | % | $ | 8,862,706 | 1.74 | % |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||
Residential real estate | $ | 1,508,403 | 10 | % | $ | 1,446,008 | 9 | % | $ | 1,125,648 | 8 | % | |||||||||||||||||||||||
Commercial real estate | 9,992,019 | 65 | % | 9,797,047 | 65 | % | 8,865,585 | 65 | % | ||||||||||||||||||||||||||
Other commercial | 2,804,104 | 18 | % | 2,799,668 | 19 | % | 2,661,048 | 20 | % | ||||||||||||||||||||||||||
Home equity | 829,844 | 5 | % | 822,232 | 5 | % | 715,963 | 6 | % | ||||||||||||||||||||||||||
Other consumer | 384,242 | 3 | % | 381,857 | 3 | % | 362,775 | 2 | % | ||||||||||||||||||||||||||
Loans receivable | 15,518,612 | 101 | % | 15,246,812 | 101 | % | 13,731,019 | 101 | % | ||||||||||||||||||||||||||
Allowance for credit losses | (186,604) | (1) | % | (182,283) | (1) | % | (176,159) | (1) | % | ||||||||||||||||||||||||||
Loans receivable, net | $ | 15,332,008 | 100 | % | $ | 15,064,529 | 100 | % | $ | 13,554,860 | 100 | % |
At or for the Three Months ended | At or for the Year ended | At or for the Three Months ended | |||||||||||||||
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Other real estate owned and foreclosed assets | $ | 31 | 32 | 43 | |||||||||||||
Accruing loans 90 days or more past due | 3,545 | 1,559 | 4,510 | ||||||||||||||
Non-accrual loans | 28,403 | 31,151 | 57,923 | ||||||||||||||
Total non-performing assets | $ | 31,979 | 32,742 | 62,476 | |||||||||||||
Non-performing assets as a percentage of subsidiary assets | 0.12 | % | 0.12 | % | 0.24 | % | |||||||||||
ACL as a percentage of non-performing loans | 584 | % | 557 | % | 282 | % | |||||||||||
Accruing loans 30-89 days past due | $ | 24,993 | 20,967 | 16,080 | |||||||||||||
U.S. government guarantees included in non-performing assets | $ | 2,071 | 2,312 | 5,068 | |||||||||||||
Interest income 1 | $ | 353 | 1,450 | 648 |
At or for the Three Months ended | At or for the Year ended | At or for the Three Months ended | |||||||||||||||
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Balance at beginning of period | $ | 32 | 18 | 18 | |||||||||||||
Additions | 8 | 907 | 45 | ||||||||||||||
Sales | (9) | (893) | (20) | ||||||||||||||
Balance at end of period | $ | 31 | 32 | 43 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 19,974 | 11 | % | 10 | % | $ | 19,683 | 10 | % | 10 | % | $ | 16,227 | 9 | % | 8 | % | |||||||||||||||||||||||||||||||||||
Commercial real estate | 130,253 | 70 | % | 64 | % | 125,816 | 69 | % | 65 | % | 122,172 | 69 | % | 65 | % | ||||||||||||||||||||||||||||||||||||||
Other commercial | 21,164 | 11 | % | 18 | % | 21,454 | 12 | % | 18 | % | 23,882 | 14 | % | 19 | % | ||||||||||||||||||||||||||||||||||||||
Home equity | 10,570 | 6 | % | 5 | % | 10,759 | 6 | % | 5 | % | 9,173 | 5 | % | 5 | % | ||||||||||||||||||||||||||||||||||||||
Other consumer | 4,643 | 2 | % | 3 | % | 4,571 | 3 | % | 2 | % | 4,705 | 3 | % | 3 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 186,604 | 100 | % | 100 | % | $ | 182,283 | 100 | % | 100 | % | $ | 176,159 | 100 | % | 100 | % |
At or for the Three Months ended | At or for the Year ended | At or for the Three Months ended | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2023 | % of Average Loans | December 31, 2022 | % of Average Loans | March 31, 2022 | % of Average Loans | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 182,283 | 172,665 | 172,665 | |||||||||||||||||||||||||||||||
Provision for credit losses | 6,260 | 17,433 | 4,344 | ||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | |||||||||||||||||||||||||||||||||||
Residential real estate | (2) | — | % | 63 | — | % | 18 | — | % | ||||||||||||||||||||||||||
Commercial real estate | (267) | — | % | 684 | 0.01 | % | 344 | — | % | ||||||||||||||||||||||||||
Other commercial | (169) | (0.01) | % | (2,545) | (0.10) | % | 182 | 0.01 | % | ||||||||||||||||||||||||||
Home equity | 41 | — | % | 250 | 0.03 | % | 48 | 0.01 | % | ||||||||||||||||||||||||||
Other consumer | (1,542) | (0.40) | % | (6,267) | (1.70) | % | (1,442) | (0.41) | % | ||||||||||||||||||||||||||
Net charge-offs | (1,939) | (0.01) | % | (7,815) | (0.05) | % | (850) | (0.01) | % | ||||||||||||||||||||||||||
Balance at end of period | $ | 186,604 | 182,283 | 176,159 | |||||||||||||||||||||||||||||||
ACL as a percentage of total loans | 1.20 | % | 1.20 | % | 1.28 | % | |||||||||||||||||||||||||||||
Non-accrual loans as a percentage of total loans | 0.21 | % | 0.20 | % | 0.42 | % | |||||||||||||||||||||||||||||
ACL as a percentage of non-accrual loans | 656.99 | % | 585.16 | % | 304.13 | % |
Loans Receivable, by Loan Type | % Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Custom and owner occupied construction | $ | 295,604 | $ | 298,461 | $ | 265,579 | (1) | % | 11 | % | |||||||||||||||||||
Pre-sold and spec construction | 312,715 | 297,895 | 258,429 | 5 | % | 21 | % | ||||||||||||||||||||||
Total residential construction | 608,319 | 596,356 | 524,008 | 2 | % | 16 | % | ||||||||||||||||||||||
Land development | 230,823 | 219,842 | 180,270 | 5 | % | 28 | % | ||||||||||||||||||||||
Consumer land or lots | 187,498 | 206,604 | 184,217 | (9) | % | 2 | % | ||||||||||||||||||||||
Unimproved land | 104,811 | 104,662 | 90,498 | — | % | 16 | % | ||||||||||||||||||||||
Developed lots for operative builders | 69,896 | 60,987 | 61,276 | 15 | % | 14 | % | ||||||||||||||||||||||
Commercial lots | 91,780 | 93,952 | 98,403 | (2) | % | (7) | % | ||||||||||||||||||||||
Other construction | 965,244 | 938,406 | 833,218 | 3 | % | 16 | % | ||||||||||||||||||||||
Total land, lot, and other construction | 1,650,052 | 1,624,453 | 1,447,882 | 2 | % | 14 | % | ||||||||||||||||||||||
Owner occupied | 2,885,798 | 2,833,469 | 2,675,681 | 2 | % | 8 | % | ||||||||||||||||||||||
Non-owner occupied | 3,631,158 | 3,531,673 | 3,190,519 | 3 | % | 14 | % | ||||||||||||||||||||||
Total commercial real estate | 6,516,956 | 6,365,142 | 5,866,200 | 2 | % | 11 | % | ||||||||||||||||||||||
Commercial and industrial | 1,353,919 | 1,377,888 | 1,378,500 | (2) | % | (2) | % | ||||||||||||||||||||||
Agriculture | 715,863 | 735,553 | 731,248 | (3) | % | (2) | % | ||||||||||||||||||||||
1st lien | 1,864,294 | 1,808,502 | 1,466,279 | 3 | % | 27 | % | ||||||||||||||||||||||
Junior lien | 42,397 | 40,445 | 33,438 | 5 | % | 27 | % | ||||||||||||||||||||||
Total 1-4 family | 1,906,691 | 1,848,947 | 1,499,717 | 3 | % | 27 | % | ||||||||||||||||||||||
Multifamily residential | 649,148 | 622,185 | 545,483 | 4 | % | 19 | % | ||||||||||||||||||||||
Home equity lines of credit | 893,037 | 872,899 | 753,362 | 2 | % | 19 | % | ||||||||||||||||||||||
Other consumer | 224,125 | 220,035 | 207,827 | 2 | % | 8 | % | ||||||||||||||||||||||
Total consumer | 1,117,162 | 1,092,934 | 961,189 | 2 | % | 16 | % | ||||||||||||||||||||||
States and political subdivisions | 806,878 | 797,656 | 659,742 | 1 | % | 22 | % | ||||||||||||||||||||||
Other | 208,085 | 198,012 | 168,334 | 5 | % | 24 | % | ||||||||||||||||||||||
Total loans receivable, including loans held for sale | 15,533,073 | 15,259,126 | 13,782,303 | 2 | % | 13 | % | ||||||||||||||||||||||
Less loans held for sale 1 | (14,461) | (12,314) | (51,284) | 17 | % | (72) | % | ||||||||||||||||||||||
Total loans receivable | $ | 15,518,612 | $ | 15,246,812 | $ | 13,731,019 | 2 | % | 13 | % |
Non-performing Assets, by Loan Type | Non- Accrual Loans | Accruing Loans 90 Days or More Past Due | OREO | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Mar 31, 2023 | Mar 31, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||||||
Custom and owner occupied construction | $ | 220 | 224 | 233 | 220 | — | — | ||||||||||||||||||||||||||||
Pre-sold and spec construction | 1,548 | 389 | — | — | 1,548 | — | |||||||||||||||||||||||||||||
Total residential construction | 1,768 | 613 | 233 | 220 | 1,548 | — | |||||||||||||||||||||||||||||
Land development | 129 | 138 | 240 | 129 | — | — | |||||||||||||||||||||||||||||
Consumer land or lots | 112 | 278 | 160 | 112 | — | — | |||||||||||||||||||||||||||||
Unimproved land | 51 | 78 | 128 | 51 | — | — | |||||||||||||||||||||||||||||
Developed lots for operative builders | 607 | 251 | — | — | 607 | — | |||||||||||||||||||||||||||||
Commercial lots | 188 | — | — | 141 | 47 | — | |||||||||||||||||||||||||||||
Other construction | 12,884 | 12,884 | 12,884 | 12,884 | — | — | |||||||||||||||||||||||||||||
Total land, lot and other construction | 13,971 | 13,629 | 13,412 | 13,317 | 654 | — | |||||||||||||||||||||||||||||
Owner occupied | 2,682 | 2,076 | 3,508 | 2,424 | 258 | — | |||||||||||||||||||||||||||||
Non-owner occupied | 4,544 | 805 | 1,526 | 4,539 | 5 | — | |||||||||||||||||||||||||||||
Total commercial real estate | 7,226 | 2,881 | 5,034 | 6,963 | 263 | — | |||||||||||||||||||||||||||||
Commercial and industrial | 2,001 | 3,326 | 4,252 | 1,715 | 262 | 24 | |||||||||||||||||||||||||||||
Agriculture | 2,573 | 2,574 | 28,801 | 2,208 | 365 | — | |||||||||||||||||||||||||||||
1st lien | 2,015 | 2,678 | 2,015 | 1,950 | 65 | — | |||||||||||||||||||||||||||||
Junior lien | 111 | 166 | 301 | 105 | 6 | — | |||||||||||||||||||||||||||||
Total 1-4 family | 2,126 | 2,844 | 2,316 | 2,055 | 71 | — | |||||||||||||||||||||||||||||
Multifamily residential | — | 4,535 | 6,469 | — | — | — | |||||||||||||||||||||||||||||
Home equity lines of credit | 1,225 | 1,393 | 1,416 | 1,042 | 183 | — | |||||||||||||||||||||||||||||
Other consumer | 1,062 | 911 | 543 | 883 | 172 | 7 | |||||||||||||||||||||||||||||
Total consumer | 2,287 | 2,304 | 1,959 | 1,925 | 355 | 7 | |||||||||||||||||||||||||||||
Other | 27 | 36 | — | — | 27 | — | |||||||||||||||||||||||||||||
Total | $ | 31,979 | 32,742 | 62,476 | 28,403 | 3,545 | 31 |
Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Custom and owner occupied construction | $ | 1,624 | $ | 1,082 | $ | 703 | 50 | % | 131 | % | |||||||||||||||||||
Pre-sold and spec construction | — | 1,712 | — | (100) | % | n/m | |||||||||||||||||||||||
Total residential construction | 1,624 | 2,794 | 703 | (42) | % | 131 | % | ||||||||||||||||||||||
Land development | 946 | — | 317 | n/m | 198 | % | |||||||||||||||||||||||
Consumer land or lots | 668 | 442 | 28 | 51 | % | 2,286 | % | ||||||||||||||||||||||
Unimproved land | — | 120 | — | (100) | % | n/m | |||||||||||||||||||||||
Developed lots for operative builders | — | 958 | 142 | (100) | % | (100) | % | ||||||||||||||||||||||
Commercial lots | — | 47 | 54 | (100) | % | (100) | % | ||||||||||||||||||||||
Other construction | 5,264 | 209 | — | 2,419 | % | n/m | |||||||||||||||||||||||
Total land, lot and other construction | 6,878 | 1,776 | 541 | 287 | % | 1,171 | % | ||||||||||||||||||||||
Owner occupied | 1,783 | 3,478 | 3,778 | (49) | % | (53) | % | ||||||||||||||||||||||
Non-owner occupied | 429 | 496 | 266 | (14) | % | 61 | % | ||||||||||||||||||||||
Total commercial real estate | 2,212 | 3,974 | 4,044 | (44) | % | (45) | % | ||||||||||||||||||||||
Commercial and industrial | 3,677 | 3,439 | 3,275 | 7 | % | 12 | % | ||||||||||||||||||||||
Agriculture | 947 | 1,367 | 162 | (31) | % | 485 | % | ||||||||||||||||||||||
1st lien | 3,321 | 2,174 | 2,963 | 53 | % | 12 | % | ||||||||||||||||||||||
Junior lien | 385 | 190 | 78 | 103 | % | 394 | % | ||||||||||||||||||||||
Total 1-4 family | 3,706 | 2,364 | 3,041 | 57 | % | 22 | % | ||||||||||||||||||||||
Multifamily residential | 201 | 492 | — | (59) | % | n/m | |||||||||||||||||||||||
Home equity lines of credit | 2,804 | 1,182 | 1,315 | 137 | % | 113 | % | ||||||||||||||||||||||
Other consumer | 1,598 | 1,824 | 1,097 | (12) | % | 46 | % | ||||||||||||||||||||||
Total consumer | 4,402 | 3,006 | 2,412 | 46 | % | 83 | % | ||||||||||||||||||||||
States and political subdivisions | — | 28 | 21 | (100) | % | (100) | % | ||||||||||||||||||||||
Other | 1,346 | 1,727 | 1,881 | (22) | % | (28) | % | ||||||||||||||||||||||
Total | $ | 24,993 | $ | 20,967 | $ | 16,080 | 19 | % | 55 | % |
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type | Charge-Offs | Recoveries | |||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Mar 31, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||
Custom and owner occupied construction | $ | — | 17 | — | — | — | |||||||||||||||||||||||
Pre-sold and spec construction | $ | (4) | (15) | (4) | — | 4 | |||||||||||||||||||||||
Total residential construction | (4) | 2 | (4) | — | 4 | ||||||||||||||||||||||||
Land development | — | (34) | (21) | — | — | ||||||||||||||||||||||||
Consumer land or lots | — | (46) | (10) | — | — | ||||||||||||||||||||||||
Total land, lot and other construction | — | (80) | (31) | — | — | ||||||||||||||||||||||||
Owner occupied | (68) | 555 | (386) | — | 68 | ||||||||||||||||||||||||
Non-owner occupied | 298 | (242) | (2) | 300 | 2 | ||||||||||||||||||||||||
Total commercial real estate | 230 | 313 | (388) | 300 | 70 | ||||||||||||||||||||||||
Commercial and industrial | (382) | (70) | (449) | 24 | 406 | ||||||||||||||||||||||||
Agriculture | — | (7) | (2) | — | — | ||||||||||||||||||||||||
1st lien | 44 | (109) | (9) | 47 | 3 | ||||||||||||||||||||||||
Junior lien | (5) | (302) | (78) | — | 5 | ||||||||||||||||||||||||
Total 1-4 family | 39 | (411) | (87) | 47 | 8 | ||||||||||||||||||||||||
Multifamily residential | — | 136 | — | — | — | ||||||||||||||||||||||||
Home equity lines of credit | (39) | (91) | (5) | 4 | 43 | ||||||||||||||||||||||||
Other consumer | 125 | 451 | 55 | 160 | 35 | ||||||||||||||||||||||||
Total consumer | 86 | 360 | 50 | 164 | 78 | ||||||||||||||||||||||||
Other | 1,970 | 7,572 | 1,761 | 2,758 | 788 | ||||||||||||||||||||||||
Total | $ | 1,939 | 7,815 | 850 | 3,293 | 1,354 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 7,001,241 | 35 | % | $ | 7,690,751 | 37 | % | $ | 7,990,003 | 36 | % | |||||||||||||||||||||||
NOW and DDA accounts | 5,156,709 | 25 | % | 5,330,614 | 26 | % | 5,376,881 | 25 | % | ||||||||||||||||||||||||||
Savings accounts | 2,985,351 | 15 | % | 3,200,321 | 16 | % | 3,287,521 | 15 | % | ||||||||||||||||||||||||||
Money market deposit accounts | 3,429,123 | 17 | % | 3,472,281 | 17 | % | 4,044,655 | 19 | % | ||||||||||||||||||||||||||
Certificate accounts | 1,155,494 | 6 | % | 880,589 | 4 | % | 995,147 | 5 | % | ||||||||||||||||||||||||||
Wholesale deposits | 420,390 | 2 | % | 31,999 | — | % | 3,688 | — | % | ||||||||||||||||||||||||||
Total interest bearing deposits | 13,147,067 | 65 | % | 12,915,804 | 63 | % | 13,707,892 | 64 | % | ||||||||||||||||||||||||||
Total deposits | $ | 20,148,308 | 100 | % | $ | 20,606,555 | 100 | % | $ | 21,697,895 | 100 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
FHLB advances | |||||||||||
Borrowing capacity | $ | 3,939,638 | 4,358,079 | ||||||||
Amount utilized | (335,000) | (1,800,000) | |||||||||
Letters of credit | (2,075) | (2,075) | |||||||||
Amount available | $ | 3,602,563 | 2,556,004 | ||||||||
FRB discount window | |||||||||||
Borrowing capacity | $ | 1,641,990 | 1,680,117 | ||||||||
Amount utilized | — | — | |||||||||
Amount available | $ | 1,641,990 | 1,680,117 | ||||||||
FRB Bank Term Funding Program | |||||||||||
Borrowing capacity | $ | 3,575,755 | — | ||||||||
Amount utilized | (2,740,000) | — | |||||||||
Amount available | $ | 835,755 | $ | — | |||||||
Unsecured lines of credit available | $ | 805,000 | 805,000 | ||||||||
Unencumbered debt securities | |||||||||||
U.S. government and federal agency | $ | 393,683 | 811,311 | ||||||||
U.S. government sponsored enterprises | — | 286,480 | |||||||||
State and local governments | 1,777,824 | 1,513,164 | |||||||||
Corporate bonds | 26,122 | 26,109 | |||||||||
Residential mortgage-backed securities | 63,690 | 2,646,766 | |||||||||
Commercial mortgage-backed securities | 290,010 | 970,300 | |||||||||
Total unencumbered debt securities 1 | $ | 2,551,329 | 6,254,130 |
Total Capital (To Risk-Weighted Assets) | Tier 1 Capital (To Risk-Weighted Assets) | Common Equity Tier 1 (To Risk-Weighted Assets) | Leverage Ratio/ Tier 1 Capital (To Average Assets) | ||||||||||||||||||||
Glacier Bank actual regulatory ratios | 13.73 | % | 12.69 | % | 12.69 | % | 9.06 | % | |||||||||||||||
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 | % |
Three Months ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Income Before Income Taxes | $ | 73,635 | 81,779 | ||||||||
Federal and state income tax expense | 12,424 | 13,984 | |||||||||
Net Income | $ | 61,211 | 67,795 | ||||||||
Effective tax rate 1 | 16.9 | % | 17.1 | % | |||||||
Income from tax-exempt debt securities, municipal loans and leases | $ | 19,657 | 17,612 | ||||||||
Benefits from federal income tax credits | $ | 5,283 | 3,996 |
(Dollars in thousands) | New Markets Tax Credits | Low-Income Housing Tax Credits | Debt Securities Tax Credits | Total | |||||||||||||||||||
2024 | $ | 7,408 | 17,158 | 642 | 25,208 | ||||||||||||||||||
2025 | 5,812 | 22,144 | 602 | 28,558 | |||||||||||||||||||
2026 | 4,332 | 23,512 | 451 | 28,295 | |||||||||||||||||||
2027 | 3,612 | 23,577 | 219 | 27,408 | |||||||||||||||||||
2028 | 3,612 | 21,636 | 42 | 25,290 | |||||||||||||||||||
Thereafter | 1,596 | 88,340 | 190 | 90,126 | |||||||||||||||||||
$ | 26,372 | 196,367 | 2,146 | 224,885 |
Three Months ended | Three Months ended | ||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest and Dividends | Average Yield/ Rate | Average Balance | Interest and Dividends | Average Yield/ Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Residential real estate loans | $ | 1,493,938 | $ | 15,838 | 4.24 | % | $ | 1,140,224 | $ | 15,515 | 5.44 | % | |||||||||||||||||||||||
Commercial loans 1 | 12,655,551 | 157,456 | 5.05 | % | 11,318,767 | 125,919 | 4.51 | % | |||||||||||||||||||||||||||
Consumer and other loans | 1,207,315 | 16,726 | 5.62 | % | 1,075,102 | 11,791 | 4.45 | % | |||||||||||||||||||||||||||
Total loans 2 | 15,356,804 | 190,020 | 5.02 | % | 13,534,093 | 153,225 | 4.59 | % | |||||||||||||||||||||||||||
Tax-exempt investment securities 3, 4 | 1,761,533 | 16,030 | 3.64 | % | 1,723,125 | 15,664 | 3.64 | % | |||||||||||||||||||||||||||
Taxable investment securities 5 | 8,052,662 | 31,084 | 1.54 | % | 8,883,211 | 26,465 | 1.19 | % | |||||||||||||||||||||||||||
Total earning assets | 25,170,999 | 237,134 | 3.82 | % | 24,140,429 | 195,354 | 3.28 | % | |||||||||||||||||||||||||||
Goodwill and intangibles | 1,025,716 | 1,036,315 | |||||||||||||||||||||||||||||||||
Non-earning assets | 478,962 | 756,422 | |||||||||||||||||||||||||||||||||
Total assets | $ | 26,675,677 | $ | 25,933,166 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 7,274,228 | $ | — | — | % | $ | 7,859,706 | $ | — | — | % | |||||||||||||||||||||||
NOW and DDA accounts | 5,080,175 | 2,271 | 0.18 | % | 5,279,984 | 845 | 0.06 | % | |||||||||||||||||||||||||||
Savings accounts | 3,107,559 | 514 | 0.07 | % | 3,246,512 | 332 | 0.04 | % | |||||||||||||||||||||||||||
Money market deposit accounts | 3,468,953 | 5,834 | 0.68 | % | 4,030,795 | 1,381 | 0.14 | % | |||||||||||||||||||||||||||
Certificate accounts | 984,770 | 2,584 | 1.06 | % | 1,019,595 | 897 | 0.36 | % | |||||||||||||||||||||||||||
Total core deposits | 19,915,685 | 11,203 | 0.23 | % | 21,436,592 | 3,455 | 0.07 | % | |||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||||||||
Wholesale deposits 6 | 120,468 | 1,342 | 4.52 | % | 17,191 | 9 | 0.22 | % | |||||||||||||||||||||||||||
Repurchase agreements | 1,035,582 | 4,606 | 1.80 | % | 970,544 | 393 | 0.16 | % | |||||||||||||||||||||||||||
FHLB advances | 1,990,833 | 23,605 | 4.74 | % | 15,000 | 12 | 0.33 | % | |||||||||||||||||||||||||||
FRB Bank Term Funding | 280,944 | 3,032 | 4.32 | % | — | — | — | % | |||||||||||||||||||||||||||
Total short-term borrowings | 3,427,827 | 32,585 | 3.80 | % | 1,002,735 | 414 | 0.17 | % | |||||||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||||||||||||||
Subordinated debentures and other borrowed funds | 209,547 | 1,908 | 3.69 | % | 179,725 | 1,092 | 2.46 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 23,553,059 | 45,696 | 0.79 | % | 22,619,052 | 4,961 | 0.09 | % | |||||||||||||||||||||||||||
Other liabilities | 217,245 | 249,316 | |||||||||||||||||||||||||||||||||
Total liabilities | 23,770,304 | 22,868,368 | |||||||||||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,905,373 | 3,064,798 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,675,677 | $ | 25,933,166 | |||||||||||||||||||||||||||||||
Net interest income (tax-equivalent) | $ | 191,438 | $ | 190,393 | |||||||||||||||||||||||||||||||
Net interest spread (tax-equivalent) | 3.03 | % | 3.19 | % | |||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.08 | % | 3.20 | % |
Three Months ended | |||||||||||||||||
2023 vs. 2022 | |||||||||||||||||
Increase (Decrease) Due to: | |||||||||||||||||
(Dollars in thousands) | Volume | Rate | Net | ||||||||||||||
Interest income | |||||||||||||||||
Residential real estate loans | $ | 4,813 | (4,490) | 323 | |||||||||||||
Commercial loans (tax-equivalent) | 14,871 | 16,666 | 31,537 | ||||||||||||||
Consumer and other loans | 1,450 | 3,485 | 4,935 | ||||||||||||||
Investment securities (tax-equivalent) | (3,145) | 8,133 | 4,988 | ||||||||||||||
Total interest income | 17,989 | 23,794 | 41,783 | ||||||||||||||
Interest expense | |||||||||||||||||
NOW and DDA accounts | (32) | 1,457 | 1,425 | ||||||||||||||
Savings accounts | (14) | 197 | 183 | ||||||||||||||
Money market deposit accounts | (192) | 4,646 | 4,454 | ||||||||||||||
Certificate accounts | (31) | 1,717 | 1,686 | ||||||||||||||
Wholesale deposits | 56 | 1,277 | 1,333 | ||||||||||||||
Repurchase agreements | 27 | 4,186 | 4,213 | ||||||||||||||
FHLB advances | 1,633 | 21,960 | 23,593 | ||||||||||||||
FRB Bank Term Funding | 3,032 | — | 3,032 | ||||||||||||||
Subordinated debentures and other borrowed funds | 181 | 635 | 816 | ||||||||||||||
Total interest expense | 4,660 | 36,075 | 40,735 | ||||||||||||||
Net interest income (tax-equivalent) | $ | 13,329 | (12,281) | 1,048 |
Estimated Sensitivity | ||||||||||||||
Rate Scenarios | One Year | Two Years | ||||||||||||
-100 bps Rate shock | 3.87 | % | 2.48 | % | ||||||||||
+100 bps Rate shock | (3.19 | %) | (3.04 | %) | ||||||||||
+200 bps Rate shock | (6.23 | %) | (5.96 | %) | ||||||||||
+200 bps Rate ramp | (4.30 | %) | (6.82 | %) | ||||||||||
+300 bps Rate shock | (9.30 | %) | (8.91 | %) | ||||||||||
+400 bps Rate shock | (12.36 | %) | (11.87 | %) | ||||||||||
+400 bps Rate ramp | (4.32 | %) | (11.04 | %) |
GLACIER BANCORP, INC. | ||||||||
May 2, 2023 | /s/ Randall M. Chesler | |||||||
Randall M. Chesler | ||||||||
President and CEO | ||||||||
May 2, 2023 | /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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