Maryland | 1-34582 | 27-0950358 | ||
(State or other jurisdiction | (Commission File No.) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
100 Liberty Street | ||
Warren, Pennsylvania | 16,365 | |
(Address of principal executive office) | (Zip code) |
Exhibit No. | Description | ||
99.1 | Press release dated April 22, 2016 |
NORTHWEST BANCSHARES, INC. | ||||
DATE: | April 25, 2016 | By: | /s/ William W. Harvey, Jr. | |
William W. Harvey, Jr. | ||||
Chief Financial Officer |
Contact: | William J. Wagner, President and Chief Executive Officer (814) 726-2140 |
William W. Harvey, Jr., Senior Executive Vice President and Chief Financial Officer (814) 726-2140 |
March 31, 2016 | December 31, 2015 | March 31, 2015 | |||||||
Assets | |||||||||
Cash and cash equivalents | $ | 86,151 | 92,263 | 83,970 | |||||
Interest-earning deposits in other financial institutions | 74,850 | 74,510 | 212,496 | ||||||
Federal funds sold and other short-term investments | 2,320 | 635 | 635 | ||||||
Marketable securities available-for-sale (amortized cost of $772,768, $868,956 and $906,028, respectively) | 783,940 | 874,405 | 916,423 | ||||||
Marketable securities held-to-maturity (fair value of $28,611, $32,552 and $92,989, respectively) | 27,764 | 31,689 | 90,825 | ||||||
Total cash, interest-earning deposits and marketable securities | 975,025 | 1,073,502 | 1,304,349 | ||||||
Residential mortgage loans held for sale | 8,952 | — | — | ||||||
Residential mortgage loans | 2,761,411 | 2,750,564 | 2,543,870 | ||||||
Home equity loans | 1,169,821 | 1,187,106 | 1,055,739 | ||||||
Consumer loans | 525,537 | 510,617 | 239,956 | ||||||
Commercial real estate loans | 2,360,863 | 2,351,434 | 1,856,574 | ||||||
Commercial loans | 467,418 | 422,400 | 368,725 | ||||||
Total loans receivable | 7,294,002 | 7,222,121 | 6,064,864 | ||||||
Allowance for loan losses | (62,278 | ) | (62,672 | ) | (67,298 | ) | |||
Loans receivable, net | 7,231,724 | 7,159,449 | 5,997,566 | ||||||
Federal Home Loan Bank stock, at cost | 35,539 | 40,903 | 36,292 | ||||||
Accrued interest receivable | 21,712 | 21,072 | 19,753 | ||||||
Real estate owned, net | 6,834 | 8,725 | 15,346 | ||||||
Premises and Equipment, net | 153,000 | 154,351 | 142,481 | ||||||
Bank owned life insurance | 168,511 | 168,509 | 145,275 | ||||||
Goodwill | 261,736 | 261,736 | 175,498 | ||||||
Other intangible assets | 8,398 | 8,982 | 3,027 | ||||||
Other assets | 53,809 | 54,670 | 50,772 | ||||||
Total assets | $ | 8,916,288 | 8,951,899 | 7,890,359 | |||||
Liabilities and Shareholders’ equity | |||||||||
Liabilities | |||||||||
Noninterest-bearing demand deposits | $ | 1,179,950 | 1,177,256 | 944,937 | |||||
Interest-bearing demand deposits | 1,121,779 | 1,080,086 | 898,945 | ||||||
Money market deposit accounts | 1,295,138 | 1,274,504 | 1,151,971 | ||||||
Savings deposits | 1,433,788 | 1,386,017 | 1,257,446 | ||||||
Time deposits | 1,639,406 | 1,694,718 | 1,428,768 | ||||||
Total deposits | 6,670,061 | 6,612,581 | 5,682,067 | ||||||
Borrowed funds | 857,754 | 975,007 | 943,842 | ||||||
Advances by borrowers for taxes and insurance | 38,719 | 33,735 | 34,998 | ||||||
Accrued interest payable | 1,894 | 1,993 | 1,336 | ||||||
Other liabilities | 66,059 | 54,207 | 57,506 | ||||||
Junior subordinated debentures | 111,213 | 111,213 | 103,094 | ||||||
Total liabilities | 7,745,700 | 7,788,736 | 6,822,843 | ||||||
Shareholders’ equity | |||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued | — | — | — | ||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 101,848,509 shares, 101,871,737 shares and 94,553,350 issued and outstanding, respectively | 1,018 | 1,019 | 946 | ||||||
Paid-in-capital | 718,027 | 717,603 | 624,584 | ||||||
Retained earnings | 492,316 | 489,292 | 484,774 | ||||||
Unallocated common stock of Employee Stock Ownership Plan | (19,815 | ) | (20,216 | ) | (21,565 | ) | |||
Accumulated other comprehensive loss | (20,958 | ) | (24,535 | ) | (21,223 | ) | |||
Total shareholders’ equity | 1,170,588 | 1,163,163 | 1,067,516 | ||||||
Total liabilities and shareholders’ equity | $ | 8,916,288 | 8,951,899 | 7,890,359 | |||||
Equity to assets | 13.13 | % | 12.99 | % | 13.53 | % | |||
Tangible common equity to assets | 10.41 | % | 10.28 | % | 11.53 | % | |||
Book value per share | $ | 11.49 | 11.42 | 11.29 | |||||
Tangible book value per share | $ | 8.84 | 8.76 | 9.40 | |||||
Closing market price per share | $ | 13.51 | 13.39 | 11.85 | |||||
Full time equivalent employees | 2,152 | 2,186 | 2,041 | ||||||
Number of banking offices | 181 | 181 | 161 |
Quarter ended | |||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||
Interest income: | |||||||||||||||
Loans receivable | $ | 80,781 | 80,882 | 76,087 | 70,985 | 70,711 | |||||||||
Mortgage-backed securities | 2,229 | 2,301 | 2,230 | 2,058 | 2,234 | ||||||||||
Taxable investment securities | 1,038 | 1,108 | 1,689 | 1,129 | 1,045 | ||||||||||
Tax-free investment securities | 724 | 836 | 986 | 1,143 | 1,348 | ||||||||||
FHLB dividends | 467 | 499 | 451 | 475 | 1,403 | ||||||||||
Interest-earning deposits | 59 | 13 | 99 | 180 | 139 | ||||||||||
Total interest income | 85,298 | 85,639 | 81,542 | 75,970 | 76,880 | ||||||||||
Interest expense: | |||||||||||||||
Deposits | 6,088 | 6,435 | 6,163 | 5,691 | 5,766 | ||||||||||
Borrowed funds | 7,658 | 8,051 | 7,987 | 8,101 | 8,133 | ||||||||||
Total interest expense | 13,746 | 14,486 | 14,150 | 13,792 | 13,899 | ||||||||||
Net interest income | 71,552 | 71,153 | 67,392 | 62,178 | 62,981 | ||||||||||
Provision for loan losses | 1,660 | 4,595 | 3,167 | 1,050 | 900 | ||||||||||
Net interest income after provision for loan losses | 69,892 | 66,558 | 64,225 | 61,128 | 62,081 | ||||||||||
Noninterest income: | |||||||||||||||
Gain on sale of investments | 127 | 116 | 260 | 566 | 95 | ||||||||||
Service charges and fees | 10,065 | 10,530 | 9,945 | 9,228 | 8,659 | ||||||||||
Trust and other financial services income | 3,261 | 3,410 | 3,062 | 3,094 | 2,776 | ||||||||||
Insurance commission income | 2,714 | 2,490 | 2,398 | 2,210 | 2,428 | ||||||||||
Gain/ loss on real estate owned, net | 249 | (156 | ) | (246 | ) | (541 | ) | (1,046 | ) | ||||||
Income from bank owned life insurance | 1,595 | 1,251 | 1,166 | 1,008 | 913 | ||||||||||
Mortgage banking income | 218 | 208 | 267 | 218 | 240 | ||||||||||
Other operating income | 1,219 | 1,697 | 837 | 742 | 560 | ||||||||||
Total noninterest income | 19,448 | 19,546 | 17,689 | 16,525 | 14,625 | ||||||||||
Noninterest expense: | |||||||||||||||
Compensation and employee benefits | 33,033 | 32,003 | 31,000 | 28,920 | 27,895 | ||||||||||
Premises and occupancy costs | 6,537 | 6,403 | 6,072 | 5,899 | 6,267 | ||||||||||
Office operations | 3,460 | 3,252 | 3,268 | 2,905 | 2,912 | ||||||||||
Collections expense | 676 | 1,252 | 624 | 603 | 768 | ||||||||||
Processing expenses | 8,414 | 8,057 | 8,126 | 7,392 | 7,205 | ||||||||||
Marketing expenses | 1,891 | 1,642 | 1,691 | 3,190 | 1,976 | ||||||||||
Federal deposit insurance premiums | 1,503 | 1,299 | 1,177 | 1,286 | 1,347 | ||||||||||
Professional services | 1,833 | 1,933 | 1,529 | 1,652 | 1,792 | ||||||||||
Amortization of intangible assets | 675 | 729 | 422 | 269 | 268 | ||||||||||
Real estate owned expense | 311 | 393 | 471 | 514 | 692 | ||||||||||
Restructuring/ acquisition expense | 635 | 1,347 | 7,590 | 467 | 347 | ||||||||||
Other expense | 4,307 | 2,917 | 1,834 | 2,038 | 2,242 | ||||||||||
Total noninterest expense | 63,275 | 61,227 | 63,804 | 55,135 | 53,711 | ||||||||||
Income before income taxes | 26,065 | 24,877 | 18,110 | 22,518 | 22,995 | ||||||||||
Income tax expense | 8,081 | 8,684 | 5,238 | 7,213 | 6,825 | ||||||||||
Net income | $ | 17,984 | 16,193 | 12,872 | 15,305 | 16,170 | |||||||||
Basic earnings per share | $ | 0.18 | 0.16 | 0.14 | 0.17 | 0.18 | |||||||||
Diluted earnings per share | $ | 0.18 | 0.16 | 0.13 | 0.17 | 0.18 | |||||||||
Weighted average common shares outstanding - basic | 98,889,744 | 98,741,393 | 95,256,807 | 91,538,172 | 91,634,064 | ||||||||||
Weighted average common shares outstanding - diluted | 99,380,009 | 99,500,056 | 95,825,798 | 91,998,005 | 91,902,071 | ||||||||||
Annualized return on average equity | 6.21 | % | 5.83 | % | 4.54 | % | 5.77 | % | 6.17 | % | |||||
Annualized return on average assets | 0.81 | % | 0.77 | % | 0.59 | % | 0.78 | % | 0.83 | % | |||||
Annualized return on tangible common equity | 8.03 | % | 7.20 | % | 5.72 | % | 6.90 | % | 7.38 | % | |||||
Efficiency ratio * | 68.09 | % | 65.22 | % | 65.58 | % | 69.12 | % | 68.42 | % | |||||
Annualized noninterest expense to average assets * | 2.80 | % | 2.63 | % | 2.57 | % | 2.77 | % | 2.73 | % |
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||
Nonaccrual loans current: | |||||||||||||||
Residential mortgage loans | $ | 1,678 | 1,393 | 1,900 | 1,655 | 1,322 | |||||||||
Home equity loans | 1,118 | 1,108 | 1,471 | 1,345 | 1,910 | ||||||||||
Consumer loans | 190 | 140 | 251 | 171 | 114 | ||||||||||
Commercial real estate loans | 19,350 | 14,018 | 19,602 | 8,596 | 18,465 | ||||||||||
Commercial loans | 5,923 | 4,604 | 4,877 | 5,096 | 9,429 | ||||||||||
Total nonaccrual loans current | $ | 28,259 | 21,263 | 28,101 | 16,863 | 31,240 | |||||||||
Nonaccrual loans delinquent 30 days to 59 days: | |||||||||||||||
Residential mortgage loans | $ | 1,600 | 430 | — | — | 951 | |||||||||
Home equity loans | 119 | 375 | 392 | 49 | 380 | ||||||||||
Consumer loans | 164 | 97 | 155 | 77 | 92 | ||||||||||
Commercial real estate loans | 3,371 | 2,192 | 359 | 867 | 3,907 | ||||||||||
Commercial loans | 4 | 322 | 131 | 186 | 144 | ||||||||||
Total nonaccrual loans delinquent 30 days to 59 days | $ | 5,258 | 3,416 | 1,037 | 1,179 | 5,474 | |||||||||
Nonaccrual loans delinquent 60 days to 89 days: | |||||||||||||||
Residential mortgage loans | $ | 721 | 2,139 | 1,097 | 1,197 | 1,892 | |||||||||
Home equity loans | 504 | 389 | 260 | 472 | 507 | ||||||||||
Consumer loans | 182 | 315 | 156 | 191 | 129 | ||||||||||
Commercial real estate loans | 109 | 762 | 416 | 504 | 1,045 | ||||||||||
Commercial loans | 57 | 110 | 11 | 119 | 107 | ||||||||||
Total nonaccrual loans delinquent 60 days to 89 days | $ | 1,573 | 3,715 | 1,940 | 2,483 | 3,680 | |||||||||
Nonaccrual loans delinquent 90 days or more: | |||||||||||||||
Residential mortgage loans | $ | 14,301 | 15,810 | 16,510 | 16,125 | 15,068 | |||||||||
Home equity loans | 5,922 | 5,650 | 4,546 | 4,616 | 5,646 | ||||||||||
Consumer loans | 2,360 | 2,900 | 3,132 | 2,199 | 2,045 | ||||||||||
Commercial real estate loans | 13,165 | 16,449 | 10,565 | 12,673 | 8,233 | ||||||||||
Commercial loans | 3,314 | 2,459 | 2,074 | 1,858 | 1,921 | ||||||||||
Total nonaccrual loans delinquent 90 days or more | $ | 39,062 | 43,268 | 36,827 | 37,471 | 32,913 | |||||||||
Total nonaccrual loans | $ | 74,152 | 71,662 | 67,905 | 57,996 | 73,307 | |||||||||
Total nonaccrual loans | $ | 74,152 | 71,662 | 67,905 | 57,996 | 73,307 | |||||||||
Loans 90 days past maturity and still accruing | 894 | 1,334 | 680 | 385 | 310 | ||||||||||
Nonperforming loans | 75,046 | 72,996 | 68,585 | 58,381 | 73,617 | ||||||||||
Real estate owned, net | 6,834 | 8,725 | 10,391 | 13,864 | 15,346 | ||||||||||
Nonperforming assets | $ | 81,880 | 81,721 | 78,976 | 72,245 | 88,963 | |||||||||
Nonaccrual troubled debt restructuring * | $ | 17,699 | 21,118 | 23,184 | 15,443 | 19,843 | |||||||||
Accruing troubled debt restructuring | 30,549 | 29,997 | 26,154 | 40,741 | 40,802 | ||||||||||
Total troubled debt restructuring | $ | 48,248 | 51,115 | 49,338 | 56,184 | 60,645 | |||||||||
Nonperforming loans to total loans | 1.03 | % | 1.01 | % | 0.96 | % | 0.95 | % | 1.21 | % | |||||
Nonperforming assets to total assets | 0.92 | % | 0.91 | % | 0.88 | % | 0.92 | % | 1.13 | % | |||||
Allowance for loan losses to total loans | 0.85 | % | 0.87 | % | 0.85 | % | 0.96 | % | 1.11 | % | |||||
Allowance for loan losses to nonperforming loans | 82.99 | % | 85.86 | % | 94.54 | % | 101.16 | % | 91.42 | % |
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||
Direct exposure to oil and gas extraction: | |||||||||||||||
Outstanding balance | $ | 13,764 | 16,619 | 17,209 | 17,990 | 18,417 | |||||||||
Commitments | 18,450 | 19,576 | 20,127 | 20,511 | 21,181 | ||||||||||
Impaired | 1,127 | 1,127 | 1,127 | — | — | ||||||||||
Reserve | 1,157 | 1,190 | 1,313 | 274 | 208 | ||||||||||
Indirect exposure: * | |||||||||||||||
Outstanding balance | 54,465 | 56,659 | 57,805 | 72,416 | 66,386 | ||||||||||
Commitments | 58,522 | 68,659 | 79,226 | 99,661 | 102,252 | ||||||||||
Impaired | — | — | — | 217 | 219 | ||||||||||
Reserve | 195 | 34 | 150 | 103 | 69 | ||||||||||
Total exposure: | |||||||||||||||
Outstanding balance | 68,229 | 73,278 | 75,014 | 90,406 | 84,803 | ||||||||||
Commitments | 76,972 | 88,235 | 99,353 | 120,172 | 123,433 | ||||||||||
Impaired | 1,127 | 1,127 | 1,127 | 217 | 219 | ||||||||||
Reserve | 1,352 | 1,224 | 1,463 | 377 | 277 |
At March 13, 2016 | Pass | Special mention * | Substandard ** | Doubtful | Loss | Recorded investment in loans receivable | |||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,755,325 | — | 13,721 | — | 1,317 | 2,770,363 | ||||||||||||
Home equity loans | 1,161,382 | — | 8,439 | — | — | 1,169,821 | |||||||||||||
Consumer loans | 523,333 | — | 2,204 | — | — | 525,537 | |||||||||||||
Total Personal Banking | 4,440,040 | — | 24,364 | — | 1,317 | 4,465,721 | |||||||||||||
Business Banking: | |||||||||||||||||||
Commercial real estate loans | 2,167,110 | 63,695 | 130,043 | 15 | — | 2,360,863 | |||||||||||||
Commercial loans | 409,994 | 16,425 | 39,887 | 1,112 | — | 467,418 | |||||||||||||
Total Business Banking | 2,577,104 | 80,120 | 169,930 | 1,127 | — | 2,828,281 | |||||||||||||
Total loans | $ | 7,017,144 | 80,120 | 194,294 | 1,127 | 1,317 | 7,294,002 | ||||||||||||
At December 31, 2015 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,725,492 | — | 14,060 | — | 1,340 | 2,740,892 | ||||||||||||
Home equity loans | 1,178,735 | — | 8,371 | — | — | 1,187,106 | |||||||||||||
Consumer loans | 517,746 | — | 2,543 | — | — | 520,289 | |||||||||||||
Total Personal Banking | 4,421,973 | — | 24,974 | — | 1,340 | 4,448,287 | |||||||||||||
Business Banking: | |||||||||||||||||||
Commercial real estate loans | 2,170,951 | 53,390 | 126,978 | 115 | — | 2,351,434 | |||||||||||||
Commercial loans | 359,403 | 23,730 | 38,157 | 1,110 | — | 422,400 | |||||||||||||
Total Business Banking | 2,530,354 | 77,120 | 165,135 | 1,225 | — | 2,773,834 | |||||||||||||
Total loans | $ | 6,952,327 | 77,120 | 190,109 | 1,225 | 1,340 | 7,222,121 | ||||||||||||
At September 30, 2015 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,699,670 | — | 11,512 | — | 1,355 | 2,712,537 | ||||||||||||
Home equity loans | 1,198,779 | — | 4,411 | — | — | 1,203,190 | |||||||||||||
Consumer loans | 492,023 | — | 2,691 | — | — | 494,714 | |||||||||||||
Total Personal Banking | 4,390,472 | — | 18,614 | — | 1,355 | 4,410,441 | |||||||||||||
Business Banking: | |||||||||||||||||||
Commercial real estate loans | 2,154,439 | 33,339 | 143,086 | — | — | 2,330,864 | |||||||||||||
Commercial loans | 353,366 | 19,364 | 37,413 | 165 | — | 410,308 | |||||||||||||
Total Business Banking | 2,507,805 | 52,703 | 180,499 | 165 | — | 2,741,172 | |||||||||||||
Total loans | $ | 6,898,277 | 52,703 | 199,113 | 165 | 1,355 | 7,151,613 | ||||||||||||
At June 30, 2015 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,584,438 | — | 11,362 | — | 1,370 | 2,597,170 | ||||||||||||
Home equity loans | 1,051,213 | — | 4,616 | — | — | 1,055,829 | |||||||||||||
Consumer loans | 250,648 | — | 1,743 | — | — | 252,391 | |||||||||||||
Total Personal Banking | 3,886,299 | — | 17,721 | — | 1,370 | 3,905,390 | |||||||||||||
Business Banking: | |||||||||||||||||||
Commercial real estate loans | 1,688,449 | 37,497 | 133,797 | — | — | 1,859,743 | |||||||||||||
Commercial loans | 301,467 | 19,793 | 38,262 | 2 | — | 359,524 | |||||||||||||
Total Business Banking | 1,989,916 | 57,290 | 172,059 | 2 | — | 2,219,267 | |||||||||||||
Total loans | $ | 5,876,215 | 57,290 | 189,780 | 2 | 1,370 | 6,124,657 | ||||||||||||
At March 31, 2015 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,531,595 | — | 10,851 | — | 1,424 | 2,543,870 | ||||||||||||
Home equity loans | 1,050,092 | — | 5,647 | — | — | 1,055,739 | |||||||||||||
Consumer loans | 238,381 | — | 1,575 | — | — | 239,956 | |||||||||||||
Total Personal Banking | 3,820,068 | — | 18,073 | — | 1,424 | 3,839,565 | |||||||||||||
Business Banking: | |||||||||||||||||||
Commercial real estate loans | 1,671,331 | 43,874 | 141,369 | — | — | 1,856,574 | |||||||||||||
Commercial loans | 305,632 | 22,651 | 31,243 | 9,199 | — | 368,725 | |||||||||||||
Total Business Banking | 1,976,963 | 66,525 | 172,612 | 9,199 | — | 2,225,299 | |||||||||||||
Total loans | $ | 5,797,031 | 66,525 | 190,685 | 9,199 | 1,424 | 6,064,864 |
March 31, 2016 | * | December 31, 2015 | * | September 30, 2015 | * | June 30, 2015 | * | March 31, 2015 | * | ||||||||||||||||||||||||||||||||||||||||
(Number of loans and dollar amount of loans) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans delinquent 30 days to 59 days: | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 323 | $ | 24,494 | 0.9 | % | 349 | $ | 25,943 | 0.9 | % | 75 | $ | 3,644 | 0.1 | % | 64 | $ | 3,250 | 0.1 | % | 336 | 25,586 | 1.0 | % | |||||||||||||||||||||||||
Home equity loans | 132 | 5,351 | 0.5 | % | 173 | 5,806 | 0.5 | % | 149 | 5,770 | 0.5 | % | 112 | 3,768 | 0.4 | % | 128 | 3,737 | 0.4 | % | |||||||||||||||||||||||||||||
Consumer loans | 895 | 5,511 | 1.0 | % | 1,234 | 7,101 | 1.4 | % | 1,214 | 6,324 | 1.3 | % | 1,103 | 5,116 | 2.0 | % | 912 | 4,374 | 1.8 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 51 | 27,474 | 1.2 | % | 48 | 24,877 | 1.1 | % | 55 | 7,463 | 0.3 | % | 39 | 3,788 | 0.2 | % | 50 | 5,497 | 0.3 | % | |||||||||||||||||||||||||||||
Commercial loans | 26 | 3,133 | 0.7 | % | 31 | 2,868 | 0.7 | % | 21 | 1,379 | 0.3 | % | 21 | 1,363 | 0.4 | % | 36 | 1,480 | 0.4 | % | |||||||||||||||||||||||||||||
Total loans delinquent 30 days to 59 days | 1,427 | $ | 65,963 | 0.9 | % | 1,835 | $ | 66,595 | 0.9 | % | 1,514 | $ | 24,580 | 0.3 | % | 1,339 | $ | 17,285 | 0.3 | % | 1,462 | 40,674 | 0.7 | % | |||||||||||||||||||||||||
Loans delinquent 60 days to 89 days: | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 21 | $ | 1,358 | — | % | 100 | $ | 7,790 | 0.3 | % | 83 | $ | 5,193 | 0.2 | % | 70 | $ | 5,815 | 0.2 | % | 40 | 3,397 | 0.1 | % | |||||||||||||||||||||||||
Home equity loans | 36 | 1,256 | 0.1 | % | 50 | 2,478 | 0.2 | % | 52 | 1,716 | 0.1 | % | 39 | 2,090 | 0.2 | % | 34 | 1,404 | 0.1 | % | |||||||||||||||||||||||||||||
Consumer loans | 379 | 1,803 | 0.3 | % | 521 | 2,521 | 0.5 | % | 512 | 2,593 | 0.5 | % | 442 | 1,767 | 0.7 | % | 352 | 1,515 | 0.6 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 11 | 1,081 | — | % | 21 | 8,228 | 0.3 | % | 28 | 8,368 | 0.4 | % | 30 | 4,919 | 0.3 | % | 21 | 2,351 | 0.1 | % | |||||||||||||||||||||||||||||
Commercial loans | 7 | 375 | 0.1 | % | 7 | 598 | 0.1 | % | 8 | 401 | 0.1 | % | 7 | 159 | — | % | 5 | 136 | — | % | |||||||||||||||||||||||||||||
Total loans delinquent 60 days to 89 days | 454 | $ | 5,873 | 0.1 | % | 699 | $ | 21,615 | 0.3 | % | 683 | $ | 18,271 | 0.3 | % | 588 | $ | 14,750 | 0.2 | % | 452 | 8,803 | 0.1 | % | |||||||||||||||||||||||||
Loans delinquent 90 days or more: ** | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 183 | $ | 14,673 | 0.5 | % | 215 | $ | 16,350 | 0.6 | % | 204 | $ | 17,209 | 0.6 | % | 203 | $ | 16,125 | 0.6 | % | 193 | 15,068 | 0.6 | % | |||||||||||||||||||||||||
Home equity loans | 120 | 6,200 | 0.5 | % | 143 | 6,112 | 0.5 | % | 136 | 5,554 | 0.5 | % | 104 | 4,616 | 0.4 | % | 123 | 5,646 | 0.5 | % | |||||||||||||||||||||||||||||
Consumer loans | 557 | 2,386 | 0.5 | % | 523 | 2,926 | 0.6 | % | 570 | 3,156 | 0.6 | % | 440 | 2,199 | 0.9 | % | 440 | 2,045 | 0.9 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 106 | 15,442 | 0.7 | % | 113 | 19,031 | 0.8 | % | 95 | 14,898 | 0.6 | % | 76 | 12,673 | 0.7 | % | 84 | 8,233 | 0.4 | % | |||||||||||||||||||||||||||||
Commercial loans | 34 | 3,456 | 0.7 | % | 25 | 2,599 | 0.6 | % | 23 | 2,319 | 0.6 | % | 13 | 1,858 | 0.5 | % | 16 | 1,921 | 0.5 | % | |||||||||||||||||||||||||||||
Total loans delinquent 90 days or more | 1,000 | $ | 42,157 | 0.6 | % | 1,019 | $ | 47,018 | 0.7 | % | 1,028 | $ | 43,136 | 0.6 | % | 836 | $ | 37,471 | 0.6 | % | 856 | 32,913 | 0.5 | % | |||||||||||||||||||||||||
Total loans delinquent | 2,881 | $ | 113,993 | 1.6 | % | 3,553 | $ | 135,228 | 1.9 | % | 3,225 | $ | 85,987 | 1.2 | % | 2,763 | $ | 69,506 | 1.1 | % | 2,770 | 82,390 | 1.4 | % |
Quarter ended | |||||||||||||||
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||
Beginning balance | $ | 62,672 | 60,547 | 59,057 | 67,298 | 67,518 | |||||||||
Provision | 1,660 | 4,595 | 3,167 | 1,050 | 900 | ||||||||||
Charge-offs residential mortgage | (564 | ) | (171 | ) | (342 | ) | (278 | ) | (335 | ) | |||||
Charge-offs home equity | (984 | ) | (1,097 | ) | (443 | ) | (542 | ) | (342 | ) | |||||
Charge-offs consumer | (2,403 | ) | (2,561 | ) | (2,014 | ) | (1,759 | ) | (1,940 | ) | |||||
Charge-offs commercial real estate | (897 | ) | (1,216 | ) | (558 | ) | (3,439 | ) | (1,113 | ) | |||||
Charge-offs commercial | (117 | ) | (508 | ) | (595 | ) | (6,356 | ) | (724 | ) | |||||
Recoveries | 2,911 | 3,083 | 2,275 | 3,083 | 3,334 | ||||||||||
Ending balance | $ | 62,278 | 62,672 | 60,547 | 59,057 | 67,298 | |||||||||
Net charge-offs to average loans, annualized | 0.11 | % | 0.14 | % | 0.10 | % | 0.61 | % | 0.07 | % |
Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Avg. Yield/ Cost (i) | Average Balance | Interest | Avg. Yield/ Cost (i) | Average Balance | Interest | Avg. Yield/ Cost (i) | Average Balance | Interest | Avg. Yield/ Cost (i) | Average Balance | Interest | Avg. Yield/ Cost (i) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2,739,787 | 29,786 | 4.35 | % | $ | 2,710,811 | 29,227 | 4.31 | % | $ | 2,632,199 | 29,060 | 4.42 | % | $ | 2,546,712 | 28,395 | 4.46 | % | $ | 2,512,202 | 28,255 | 4.50 | % | ||||||||||||||||||||||||
Home equity loans | 1,177,406 | 12,642 | 4.32 | % | 1,193,433 | 12,753 | 4.24 | % | 1,114,931 | 12,208 | 4.34 | % | 1,054,508 | 11,402 | 4.34 | % | 1,059,128 | 11,473 | 4.39 | % | |||||||||||||||||||||||||||||
Consumer loans | 510,091 | 8,219 | 6.48 | % | 500,175 | 8,805 | 6.98 | % | 364,378 | 7,146 | 7.78 | % | 245,832 | 6,529 | 10.65 | % | 239,927 | 6,290 | 10.63 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 2,349,748 | 25,993 | 4.38 | % | 2,331,769 | 25,972 | 4.36 | % | 2,100,463 | 24,061 | 4.48 | % | 1,859,790 | 21,257 | 4.52 | % | 1,799,324 | 20,927 | 4.65 | % | |||||||||||||||||||||||||||||
Commercial loans | 441,977 | 4,723 | 4.23 | % | 412,415 | 4,671 | 4.43 | % | 372,693 | 4,108 | 4.31 | % | 367,069 | 3,862 | 4.16 | % | 408,669 | 4,237 | 4.15 | % | |||||||||||||||||||||||||||||
Total loans receivable (a) (b) (d) | 7,219,009 | 81,363 | 4.53 | % | 7,148,603 | 81,428 | 4.52 | % | 6,584,664 | 76,583 | 4.66 | % | 6,073,911 | 71,445 | 4.72 | % | 6,019,250 | 71,182 | 4.80 | % | |||||||||||||||||||||||||||||
Mortgage-backed securities (c) | 488,294 | 2,229 | 1.83 | % | 519,736 | 2,301 | 1.77 | % | 498,757 | 2,230 | 1.79 | % | 477,800 | 2,058 | 1.72 | % | 506,778 | 2,234 | 1.76 | % | |||||||||||||||||||||||||||||
Investment securities (c) (d) | 387,460 | 2,151 | 2.22 | % | 427,363 | 2,394 | 2.24 | % | 482,666 | 2,754 | 2.28 | % | 482,670 | 2,887 | 2.39 | % | 486,078 | 3,119 | 2.57 | % | |||||||||||||||||||||||||||||
FHLB stock (g) | 37,098 | 467 | 5.06 | % | 38,651 | 499 | 5.12 | % | 39,552 | 451 | 4.52 | % | 35,608 | 475 | 5.35 | % | 36,139 | 363 | 4.07 | % | |||||||||||||||||||||||||||||
Other interest-earning deposits | 43,578 | 59 | 0.54 | % | 40,410 | 13 | 0.13 | % | 162,041 | 99 | 0.24 | % | 272,691 | 180 | 0.26 | % | 246,296 | 139 | 0.23 | % | |||||||||||||||||||||||||||||
Total interest-earning assets | 8,175,439 | 86,269 | 4.24 | % | 8,174,763 | 86,635 | 4.20 | % | 7,767,680 | 82,117 | 4.24 | % | 7,342,680 | 77,045 | 4.21 | % | 7,294,541 | 77,037 | 4.28 | % | |||||||||||||||||||||||||||||
Noninterest earning assets (e) | 735,562 | 747,317 | 846,439 | 529,528 | 595,425 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,911,001 | $ | 8,922,080 | $ | 8,614,119 | $ | 7,872,208 | $ | 7,889,966 | |||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 1,405,800 | 865 | 0.25 | % | $ | 1,378,377 | 871 | 0.25 | % | $ | 1,324,620 | 865 | 0.26 | % | $ | 1,263,785 | 838 | 0.27 | % | $ | 1,231,745 | 813 | 0.27 | % | ||||||||||||||||||||||||
Interest-bearing demand deposits | 1,093,839 | 156 | 0.06 | % | 1,083,524 | 157 | 0.06 | % | 1,022,585 | 149 | 0.06 | % | 920,071 | 131 | 0.06 | % | 878,230 | 131 | 0.06 | % | |||||||||||||||||||||||||||||
Money market deposit accounts | 1,288,535 | 865 | 0.27 | % | 1,279,181 | 873 | 0.27 | % | 1,217,122 | 825 | 0.27 | % | 1,147,017 | 759 | 0.27 | % | 1,165,159 | 765 | 0.27 | % | |||||||||||||||||||||||||||||
Time deposits | 1,664,322 | 4,202 | 1.02 | % | 1,720,895 | 4,534 | 1.05 | % | 1,577,159 | 4,324 | 1.09 | % | 1,409,740 | 3,963 | 1.13 | % | 1,452,476 | 4,057 | 1.13 | % | |||||||||||||||||||||||||||||
Borrowed funds (f) | 899,439 | 6,539 | 2.92 | % | 906,574 | 6,730 | 2.95 | % | 906,410 | 6,713 | 2.94 | % | 929,744 | 6,929 | 2.99 | % | 960,812 | 6,975 | 2.94 | % | |||||||||||||||||||||||||||||
Junior subordinated debentures | 111,213 | 1,119 | 3.98 | % | 116,626 | 1,321 | 4.43 | % | 111,213 | 1,274 | 4.48 | % | 103,094 | 1,172 | 4.50 | % | 103,094 | 1,158 | 4.49 | % | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,463,148 | 13,746 | 0.86 | % | 6,485,177 | 14,486 | 0.89 | % | 6,159,109 | 14,150 | 0.91 | % | 5,773,451 | 13,792 | 0.96 | % | 5,791,516 | 13,899 | 0.97 | % | |||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (h) | 1,161,151 | 1,145,276 | 1,054,270 | 957,912 | 914,025 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 122,667 | 133,323 | 275,435 | 77,075 | 121,121 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 7,746,966 | 7,763,776 | 7,488,814 | 6,808,438 | 6,826,662 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,164,035 | 1,158,304 | 1,125,305 | 1,063,770 | 1,063,304 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,911,001 | $ | 8,922,080 | $ | 8,614,119 | $ | 7,872,208 | $ | 7,889,966 | |||||||||||||||||||||||||||||||||||||||
Net interest income/ Interest rate spread | 72,523 | 3.38 | % | 72,149 | 3.31 | % | 67,967 | 3.33 | % | 63,253 | 3.25 | % | 63,138 | 3.31 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets/ Net interest margin | $ | 1,712,291 | 3.57 | % | $ | 1,689,586 | 3.53 | % | $ | 1,608,571 | 3.50 | % | $ | 1,569,229 | 3.45 | % | $ | 1,503,025 | 3.51 | % | |||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.26X | 1.26X | 1.26X | 1.27X | 1.26X |