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 October 24, 2016 |
NORTHWEST BANCSHARES, INC. | ||||
DATE: | October 24, 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 |
September 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||
Assets | |||||||||
Cash and cash equivalents | $ | 107,604 | 92,263 | 91,406 | |||||
Interest-earning deposits in other financial institutions | 210,723 | 74,510 | 3,206 | ||||||
Federal funds sold and other short-term investments | 2,239 | 635 | 1,013 | ||||||
Marketable securities available-for-sale (amortized cost of $879,141, $868,956 and $965,965, respectively) | 890,688 | 874,405 | 976,677 | ||||||
Marketable securities held-to-maturity (fair value of $23,249, $32,552 and $48,511, respectively) | 22,584 | 31,689 | 47,299 | ||||||
Total cash, interest-earning deposits and marketable securities | 1,233,838 | 1,073,502 | 1,119,601 | ||||||
Residential mortgage loans held for sale | 30,355 | — | — | ||||||
Residential mortgage loans | 2,788,658 | 2,740,892 | 2,712,537 | ||||||
Home equity loans | 1,349,105 | 1,187,106 | 1,203,190 | ||||||
Consumer loans | 628,512 | 520,289 | 494,714 | ||||||
Commercial real estate loans | 2,464,681 | 2,351,434 | 2,330,864 | ||||||
Commercial loans | 537,255 | 422,400 | 410,308 | ||||||
Total loans receivable | 7,798,566 | 7,222,121 | 7,151,613 | ||||||
Allowance for loan losses | (63,246 | ) | (62,672 | ) | (60,547 | ) | |||
Loans receivable, net | 7,735,320 | 7,159,449 | 7,091,066 | ||||||
Federal Home Loan Bank stock, at cost | 7,660 | 40,903 | 40,115 | ||||||
Accrued interest receivable | 21,591 | 21,072 | 22,098 | ||||||
Real estate owned, net | 4,841 | 8,725 | 10,391 | ||||||
Premises and Equipment, net | 167,596 | 154,351 | 153,841 | ||||||
Bank owned life insurance | 170,172 | 168,509 | 167,258 | ||||||
Goodwill | 307,711 | 261,736 | 261,319 | ||||||
Other intangible assets | 33,901 | 8,982 | 9,712 | ||||||
Other assets | 31,977 | 54,670 | 59,507 | ||||||
Total assets | $ | 9,714,607 | 8,951,899 | 8,934,908 | |||||
Liabilities and Shareholders’ equity | |||||||||
Liabilities | |||||||||
Noninterest-bearing demand deposits | $ | 1,496,574 | 1,177,256 | 1,127,864 | |||||
Interest-bearing demand deposits | 1,446,971 | 1,080,086 | 1,097,969 | ||||||
Money market deposit accounts | 1,896,272 | 1,274,504 | 1,277,878 | ||||||
Savings deposits | 1,671,539 | 1,386,017 | 1,378,958 | ||||||
Time deposits | 1,691,447 | 1,694,718 | 1,762,073 | ||||||
Total deposits | 8,202,803 | 6,612,581 | 6,644,742 | ||||||
Borrowed funds | 135,891 | 975,007 | 927,219 | ||||||
Advances by borrowers for taxes and insurance | 21,616 | 33,735 | 18,216 | ||||||
Accrued interest payable | 682 | 1,993 | 1,816 | ||||||
Other liabilities | 79,599 | 54,207 | 62,246 | ||||||
Junior subordinated debentures | 111,213 | 111,213 | 119,332 | ||||||
Total liabilities | 8,551,804 | 7,788,736 | 7,773,571 | ||||||
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, 101,268,648 shares, 101,871,737 shares and 101,725,112 issued and outstanding, respectively | 1,013 | 1,019 | 1,017 | ||||||
Paid-in-capital | 711,974 | 717,603 | 714,730 | ||||||
Retained earnings | 469,459 | 489,292 | 487,048 | ||||||
Unallocated common stock of Employee Stock Ownership Plan | — | (20,216 | ) | (21,398 | ) | ||||
Accumulated other comprehensive loss | (19,643 | ) | (24,535 | ) | (20,060 | ) | |||
Total shareholders’ equity | 1,162,803 | 1,163,163 | 1,161,337 | ||||||
Total liabilities and shareholders’ equity | $ | 9,714,607 | 8,951,899 | 8,934,908 | |||||
Equity to assets | 11.97 | % | 12.99 | % | 13.00 | % | |||
Tangible common equity to assets | 8.76 | % | 10.28 | % | 10.31 | % | |||
Book value per share | $ | 11.48 | 11.42 | 11.42 | |||||
Tangible book value per share | $ | 8.11 | 8.76 | 8.78 | |||||
Closing market price per share | $ | 15.71 | 13.39 | 13.00 | |||||
Full time equivalent employees | 2,268 | 2,186 | 2,209 | ||||||
Number of banking offices | 176 | 181 | 182 |
Quarter ended | |||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | |||||||||||
Interest income: | |||||||||||||||
Loans receivable | $ | 82,435 | 82,645 | 80,781 | 80,882 | 76,087 | |||||||||
Mortgage-backed securities | 2,030 | 2,115 | 2,229 | 2,301 | 2,230 | ||||||||||
Taxable investment securities | 627 | 756 | 1,038 | 1,108 | 1,238 | ||||||||||
Tax-free investment securities | 676 | 707 | 724 | 836 | 986 | ||||||||||
FHLB dividends | 218 | 401 | 467 | 499 | 451 | ||||||||||
Interest-earning deposits | 114 | 70 | 59 | 13 | 99 | ||||||||||
Total interest income | 86,100 | 86,694 | 85,298 | 85,639 | 81,091 | ||||||||||
Interest expense: | |||||||||||||||
Deposits | 5,653 | 5,865 | 6,088 | 6,435 | 6,163 | ||||||||||
Borrowed funds | 1,801 | 4,143 | 7,658 | 8,051 | 7,987 | ||||||||||
Total interest expense | 7,454 | 10,008 | 13,746 | 14,486 | 14,150 | ||||||||||
Net interest income | 78,646 | 76,686 | 71,552 | 71,153 | 66,941 | ||||||||||
Provision for loan losses | 5,538 | 4,199 | 1,660 | 4,595 | 3,167 | ||||||||||
Net interest income after provision for loan losses | 73,108 | 72,487 | 69,892 | 66,558 | 63,774 | ||||||||||
Noninterest income: | |||||||||||||||
Gain on sale of investments | 58 | 227 | 127 | 116 | 260 | ||||||||||
Service charges and fees | 11,012 | 10,630 | 10,065 | 10,530 | 9,945 | ||||||||||
Trust and other financial services income | 3,434 | 3,277 | 3,261 | 3,410 | 3,062 | ||||||||||
Insurance commission income | 2,541 | 2,768 | 2,714 | 2,490 | 2,398 | ||||||||||
Gain/ (loss) on real estate owned, net | (563 | ) | 111 | 249 | (156 | ) | (246 | ) | |||||||
Income from bank owned life insurance | 1,380 | 1,105 | 1,595 | 1,251 | 1,166 | ||||||||||
Mortgage banking income | 1,886 | 446 | 218 | 208 | 267 | ||||||||||
Other operating income | 1,070 | 1,711 | 1,219 | 1,697 | 1,288 | ||||||||||
Total noninterest income | 20,818 | 20,275 | 19,448 | 19,546 | 18,140 | ||||||||||
Noninterest expense: | |||||||||||||||
Compensation and employee benefits | 39,474 | 34,349 | 33,033 | 32,003 | 31,000 | ||||||||||
Premises and occupancy costs | 6,094 | 6,275 | 6,537 | 6,403 | 6,072 | ||||||||||
Office operations | 3,700 | 3,343 | 3,460 | 3,252 | 3,268 | ||||||||||
Collections expense | 589 | 729 | 676 | 1,252 | 624 | ||||||||||
Processing expenses | 8,844 | 8,172 | 8,414 | 8,057 | 8,126 | ||||||||||
Marketing expenses | 2,239 | 2,541 | 1,891 | 1,642 | 1,691 | ||||||||||
Federal deposit insurance premiums | 984 | 1,442 | 1,503 | 1,299 | 1,177 | ||||||||||
Professional services | 1,815 | 2,129 | 1,833 | 1,933 | 1,529 | ||||||||||
Amortization of intangible assets | 1,068 | 710 | 675 | 729 | 422 | ||||||||||
Real estate owned expense | 206 | 295 | 311 | 393 | 471 | ||||||||||
Restructuring/ acquisition expense | 7,183 | 3,386 | 635 | 1,347 | 7,590 | ||||||||||
FHLB prepayment penalty | — | 36,978 | — | — | — | ||||||||||
Other expense | 2,836 | 2,912 | 4,307 | 2,917 | 1,834 | ||||||||||
Total noninterest expense | 75,032 | 103,261 | 63,275 | 61,227 | 63,804 | ||||||||||
Income/(loss) before income taxes | 18,894 | (10,499 | ) | 26,065 | 24,877 | 18,110 | |||||||||
Income tax expense/ (benefit) | 4,697 | (3,491 | ) | 8,081 | 8,684 | 5,238 | |||||||||
Net income/ (loss) | $ | 14,197 | (7,008 | ) | 17,984 | 16,193 | 12,872 | ||||||||
Basic earnings/ (loss) per share | $ | 0.14 | (0.07 | ) | 0.18 | 0.16 | 0.14 | ||||||||
Diluted earnings/ (loss) per share | $ | 0.14 | (0.07 | ) | 0.18 | 0.16 | 0.13 | ||||||||
Weighted average common shares outstanding - basic | 99,587,630 | 99,177,609 | 98,889,744 | 98,741,393 | 95,256,807 | ||||||||||
Weighted average common shares outstanding - diluted | 101,053,340 | 100,243,442 | 99,380,009 | 99,500,056 | 95,825,798 | ||||||||||
Annualized return on average equity | 4.89 | % | (2.44 | )% | 6.21 | % | 5.55 | % | 4.54 | % | |||||
Annualized return on average assets | 0.63 | % | (0.32 | )% | 0.81 | % | 0.73 | % | 0.59 | % | |||||
Annualized return on tangible common equity | 6.88 | % | (3.18 | )% | 8.03 | % | 7.20 | % | 5.72 | % | |||||
Efficiency ratio * | 67.14 | % | 64.14 | % | 68.09 | % | 65.22 | % | 65.58 | % | |||||
Annualized noninterest expense to average assets * | 2.94 | % | 2.82 | % | 2.80 | % | 2.63 | % | 2.57 | % |
Nine months ended September 30, | ||||||
2016 | 2015 | |||||
Interest income: | ||||||
Loans receivable | $ | 245,861 | 217,783 | |||
Mortgage-backed securities | 6,374 | 6,522 | ||||
Taxable investment securities | 2,421 | 3,412 | ||||
Tax-free investment securities | 2,107 | 3,477 | ||||
FHLB dividends | 1,086 | 2,329 | ||||
Interest-earning deposits | 243 | 418 | ||||
Total interest income | 258,092 | 233,941 | ||||
Interest expense: | ||||||
Deposits | 17,606 | 17,620 | ||||
Borrowed funds | 13,602 | 24,221 | ||||
Total interest expense | 31,208 | 41,841 | ||||
Net interest income | 226,884 | 192,100 | ||||
Provision for loan losses | 11,397 | 5,117 | ||||
Net interest income after provision for loan losses | 215,487 | 186,983 | ||||
Noninterest income: | ||||||
Gain on sale of investments | 412 | 921 | ||||
Service charges and fees | 31,707 | 27,832 | ||||
Trust and other financial services income | 9,972 | 8,932 | ||||
Insurance commission income | 8,023 | 7,036 | ||||
Loss on real estate owned, net | (203 | ) | (1,833 | ) | ||
Income from bank owned life insurance | 4,080 | 3,087 | ||||
Mortgage banking income | 2,550 | 725 | ||||
Other operating income | 4,000 | 2,590 | ||||
Total noninterest income | 60,541 | 49,290 | ||||
Noninterest expense: | ||||||
Compensation and employee benefits | 106,856 | 87,815 | ||||
Premises and occupancy costs | 18,906 | 18,238 | ||||
Office operations | 10,503 | 9,085 | ||||
Collections expense | 1,994 | 1,995 | ||||
Processing expenses | 25,430 | 22,723 | ||||
Marketing expenses | 6,671 | 6,857 | ||||
Federal deposit insurance premiums | 3,929 | 3,810 | ||||
Professional services | 5,777 | 4,973 | ||||
Amortization of intangible assets | 2,453 | 959 | ||||
Real estate owned expense | 812 | 1,677 | ||||
Restructuring/ acquisition expense | 11,204 | 8,404 | ||||
FHLB prepayment penalty | 36,978 | — | ||||
Other expense | 10,055 | 6,114 | ||||
Total noninterest expense | 241,568 | 172,650 | ||||
Income before income taxes | 34,460 | 63,623 | ||||
Income tax expense | 9,287 | 19,276 | ||||
Net income | $ | 25,173 | 44,347 | |||
Basic earnings per share | $ | 0.25 | 0.48 | |||
Diluted earnings per share | $ | 0.25 | 0.48 | |||
Weighted average common shares outstanding - basic | 99,219,560 | 92,822,720 | ||||
Weighted average common shares outstanding - diluted | 100,228,503 | 93,256,099 | ||||
Annualized return on average equity | 2.90 | % | 5.47 | % | ||
Annualized return on average assets | 0.38 | % | 0.73 | % | ||
Annualized return on tangible common equity | 4.09 | % | 6.64 | % | ||
Efficiency ratio * | 66.43 | % | 67.64 | % | ||
Annualized noninterest expense to average assets * | 2.85 | % | 2.69 | % |
Quarter ended September 30, | Nine months ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Operating results (non-GAAP): | ||||||||||||
Net interest income | $ | 78,646 | 66,941 | 226,884 | 192,100 | |||||||
Provision for loan losses | 5,538 | 3,167 | 11,397 | 5,117 | ||||||||
Noninterest income | 20,818 | 18,140 | 60,541 | 49,290 | ||||||||
Noninterest expense | 62,712 | 56,214 | 188,249 | 164,246 | ||||||||
Income taxes | 8,710 | 7,844 | 28,598 | 22,128 | ||||||||
Net operating income (non-GAAP) | $ | 22,504 | 17,856 | 59,181 | 49,899 | |||||||
Diluted earnings per share (non-GAAP) | $ | 0.22 | 0.19 | 0.59 | 0.54 | |||||||
Average equity | $ | 1,156,137 | 1,125,305 | 1,158,346 | 1,084,126 | |||||||
Average assets | 9,028,886 | 8,614,119 | 8,940,648 | 8,125,431 | ||||||||
Annualized ROE (non-GAAP) | 7.74 | % | 6.30 | % | 6.82 | % | 6.15 | % | ||||
Annualized ROA (non-GAAP) | 0.99 | % | 0.82 | % | 0.88 | % | 0.82 | % | ||||
Reconciliation of net operating income to net income: | ||||||||||||
Net operating income (non-GAAP) | $ | 22,504 | 17,856 | 59,181 | 49,899 | |||||||
Nonoperating expenses, net of tax: | ||||||||||||
Restructuring/ acquisition expenses | (4,638 | ) | (4,984 | ) | (6,098 | ) | (5,522 | ) | ||||
Stock-based compensation expense - ESOP | (3,669 | ) | — | (3,669 | ) | — | ||||||
FHLB prepayment penalty | — | — | (24,241 | ) | — | |||||||
Net income/ (loss) (GAAP) | $ | 14,197 | 12,872 | 25,173 | 44,377 | |||||||
Diluted earnings per share (GAAP) | $ | 0.14 | 0.13 | 0.25 | 0.48 | |||||||
Annualized ROE (GAAP) | 4.89 | % | 4.54 | % | 2.90 | % | 5.47 | % | ||||
Annualized ROA (GAAP) | 0.63 | % | 0.59 | % | 0.38 | % | 0.73 | % |
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||
Nonaccrual loans current: | |||||||||||||||
Residential mortgage loans | $ | 3,063 | 2,017 | 1,678 | 1,393 | 1,900 | |||||||||
Home equity loans | 1,446 | 1,092 | 1,118 | 1,108 | 1,471 | ||||||||||
Consumer loans | 464 | 277 | 190 | 140 | 251 | ||||||||||
Commercial real estate loans | 19,246 | 17,456 | 19,350 | 14,018 | 19,602 | ||||||||||
Commercial loans | 7,299 | 4,462 | 5,923 | 4,604 | 4,877 | ||||||||||
Total nonaccrual loans current | $ | 31,518 | 25,304 | 28,259 | 21,263 | 28,101 | |||||||||
Nonaccrual loans delinquent 30 days to 59 days: | |||||||||||||||
Residential mortgage loans | $ | 344 | — | 1,600 | 430 | — | |||||||||
Home equity loans | 315 | 49 | 119 | 375 | 392 | ||||||||||
Consumer loans | 211 | 95 | 164 | 97 | 155 | ||||||||||
Commercial real estate loans | 514 | 151 | 3,371 | 2,192 | 359 | ||||||||||
Commercial loans | 185 | 16 | 4 | 322 | 131 | ||||||||||
Total nonaccrual loans delinquent 30 days to 59 days | $ | 1,569 | 311 | 5,258 | 3,416 | 1,037 | |||||||||
Nonaccrual loans delinquent 60 days to 89 days: | |||||||||||||||
Residential mortgage loans | $ | 1,270 | 1,524 | 721 | 2,139 | 1,097 | |||||||||
Home equity loans | 465 | 366 | 504 | 389 | 260 | ||||||||||
Consumer loans | 250 | 157 | 182 | 315 | 156 | ||||||||||
Commercial real estate loans | 151 | 6,513 | 109 | 762 | 416 | ||||||||||
Commercial loans | 319 | 1,748 | 57 | 110 | 11 | ||||||||||
Total nonaccrual loans delinquent 60 days to 89 days | $ | 2,455 | 10,308 | 1,573 | 3,715 | 1,940 | |||||||||
Nonaccrual loans delinquent 90 days or more: | |||||||||||||||
Residential mortgage loans | $ | 13,242 | 14,829 | 14,301 | 15,810 | 16,510 | |||||||||
Home equity loans | 5,874 | 5,226 | 5,922 | 5,650 | 4,546 | ||||||||||
Consumer loans | 3,354 | 2,374 | 2,360 | 2,900 | 3,132 | ||||||||||
Commercial real estate loans | 22,155 | 12,960 | 13,165 | 16,449 | 10,565 | ||||||||||
Commercial loans | 6,105 | 4,566 | 3,314 | 2,459 | 2,074 | ||||||||||
Total nonaccrual loans delinquent 90 days or more | $ | 50,730 | 39,955 | 39,062 | 43,268 | 36,827 | |||||||||
Total nonaccrual loans | $ | 86,272 | 75,878 | 74,152 | 71,662 | 67,905 | |||||||||
Total nonaccrual loans | $ | 86,272 | 75,878 | 74,152 | 71,662 | 67,905 | |||||||||
Loans 90 days past maturity and still accruing | 103 | 472 | 894 | 1,334 | 680 | ||||||||||
Nonperforming loans | 86,375 | 76,350 | 75,046 | 72,996 | 68,585 | ||||||||||
Real estate owned, net | 4,841 | 4,950 | 6,834 | 8,725 | 10,391 | ||||||||||
Nonperforming assets | $ | 91,216 | 81,300 | 81,880 | 81,721 | 78,976 | |||||||||
Nonaccrual troubled debt restructuring * | $ | 17,374 | 18,098 | 17,699 | 21,118 | 23,184 | |||||||||
Accruing troubled debt restructuring | 29,221 | 31,015 | 30,549 | 29,997 | 26,154 | ||||||||||
Total troubled debt restructuring | $ | 46,595 | 49,113 | 48,248 | 51,115 | 49,338 | |||||||||
Nonperforming loans to total loans | 1.11 | % | 1.05 | % | 1.03 | % | 1.01 | % | 0.96 | % | |||||
Nonperforming assets to total assets | 0.94 | % | 0.91 | % | 0.92 | % | 0.91 | % | 0.88 | % | |||||
Allowance for loan losses to total loans | 0.81 | % | 0.83 | % | 0.85 | % | 0.87 | % | 0.85 | % | |||||
Allowance for loan losses to nonperforming loans | 73.22 | % | 79.61 | % | 82.99 | % | 85.86 | % | 94.54 | % |
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||
Direct exposure to oil and gas extraction: | |||||||||||||||
Outstanding balance | $ | 13,109 | 12,844 | 13,764 | 16,619 | 17,209 | |||||||||
Commitments | 16,511 | 16,542 | 18,450 | 19,576 | 20,127 | ||||||||||
Impaired | 558 | 561 | 564 | 564 | 564 | ||||||||||
Reserve | 511 | 548 | 594 | 626 | 749 | ||||||||||
Indirect exposure: * | |||||||||||||||
Outstanding balance | 44,781 | 58,399 | 54,465 | 56,659 | 57,805 | ||||||||||
Commitments | 48,927 | 62,581 | 58,522 | 68,659 | 79,226 | ||||||||||
Impaired | 761 | 611 | — | — | — | ||||||||||
Reserve | 237 | 220 | 195 | 34 | 150 | ||||||||||
Total exposure: | |||||||||||||||
Outstanding balance | 57,890 | 71,243 | 68,229 | 73,278 | 75,014 | ||||||||||
Commitments | 65,438 | 79,123 | 76,972 | 88,235 | 99,353 | ||||||||||
Impaired | 1,319 | 1,172 | 564 | 564 | 564 | ||||||||||
Reserve | 748 | 768 | 789 | 660 | 899 |
At September 30, 2016 | Pass | Special mention * | Substandard ** | Doubtful | Loss | Loans receivable | |||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,800,420 | — | 18,593 | — | — | 2,819,013 | ||||||||||||
Home equity loans | 1,338,643 | — | 10,462 | — | — | 1,349,105 | |||||||||||||
Consumer loans | 624,885 | — | 3,627 | — | — | 628,512 | |||||||||||||
Total Personal Banking | 4,763,948 | — | 32,682 | — | — | 4,796,630 | |||||||||||||
Commercial Banking: | |||||||||||||||||||
Commercial real estate loans | 2,265,816 | 61,763 | 137,088 | 14 | — | 2,464,681 | |||||||||||||
Commercial loans | 479,321 | 14,707 | 40,326 | 2,901 | — | 537,255 | |||||||||||||
Total Commercial Banking | 2,745,137 | 76,470 | 177,414 | 2,915 | — | 3,001,936 | |||||||||||||
Total loans | $ | 7,509,085 | 76,470 | 210,096 | 2,915 | — | 7,798,566 | ||||||||||||
At June 30, 2016 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,741,101 | — | 16,497 | — | — | 2,757,598 | ||||||||||||
Home equity loans | 1,153,010 | — | 9,164 | — | — | 1,162,174 | |||||||||||||
Consumer loans | 544,174 | — | 2,376 | — | — | 546,550 | |||||||||||||
Total Personal Banking | 4,438,285 | — | 28,037 | — | — | 4,466,322 | |||||||||||||
Commercial Banking: | |||||||||||||||||||
Commercial real estate loans | 2,170,583 | 63,351 | 129,428 | 14 | — | 2,363,376 | |||||||||||||
Commercial loans | 408,178 | 15,435 | 38,546 | 3,064 | — | 465,223 | |||||||||||||
Total Commercial Banking | 2,578,761 | 78,786 | 167,974 | 3,078 | — | 2,828,599 | |||||||||||||
Total loans | $ | 7,017,046 | 78,786 | 196,011 | 3,078 | — | 7,294,921 | ||||||||||||
At March 31, 2016 | |||||||||||||||||||
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 | |||||||||||||
Commercial 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 Commercial 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 | |||||||||||||
Commercial 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 Commercial 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 | |||||||||||||
Commercial 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 Commercial 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 |
September 30, 2016 | * | June 30, 2016 | * | March 31, 2016 | * | December 31, 2015 | * | September 30, 2015 | * | ||||||||||||||||||||||||||||||||||||||||
(Number of loans and dollar amount of loans) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans delinquent 30 days to 59 days: | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 74 | $ | 3,380 | 0.1 | % | 72 | $ | 3,353 | 0.1 | % | 323 | $ | 24,494 | 0.9 | % | 349 | $ | 25,943 | 0.9 | % | 75 | 3,644 | 0.1 | % | |||||||||||||||||||||||||
Home equity loans | 164 | 4,984 | 0.4 | % | 128 | 4,988 | 0.4 | % | 132 | 5,351 | 0.5 | % | 173 | 5,806 | 0.5 | % | 149 | 5,770 | 0.5 | % | |||||||||||||||||||||||||||||
Consumer loans | 1,269 | 7,583 | 1.2 | % | 1,144 | 6,725 | 1.2 | % | 895 | 5,511 | 1.0 | % | 1,234 | 7,101 | 1.4 | % | 1,214 | 6,324 | 1.3 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 28 | 3,855 | 0.2 | % | 34 | 4,828 | 0.2 | % | 51 | 27,474 | 1.2 | % | 48 | 24,877 | 1.1 | % | 55 | 7,463 | 0.3 | % | |||||||||||||||||||||||||||||
Commercial loans | 26 | 1,493 | 0.3 | % | 15 | 533 | 0.1 | % | 26 | 3,133 | 0.7 | % | 31 | 2,868 | 0.7 | % | 21 | 1,379 | 0.3 | % | |||||||||||||||||||||||||||||
Total loans delinquent 30 days to 59 days | 1,561 | $ | 21,295 | 0.3 | % | 1,393 | $ | 20,427 | 0.3 | % | 1,427 | $ | 65,963 | 0.9 | % | 1,835 | $ | 66,595 | 0.9 | % | 1,514 | 24,580 | 0.3 | % | |||||||||||||||||||||||||
Loans delinquent 60 days to 89 days: | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 76 | $ | 6,174 | 0.2 | % | 74 | $ | 5,633 | 0.2 | % | 21 | $ | 1,358 | — | % | 100 | $ | 7,790 | 0.3 | % | 83 | 5,193 | 0.2 | % | |||||||||||||||||||||||||
Home equity loans | 41 | 1,145 | 0.1 | % | 42 | 1,435 | 0.1 | % | 36 | 1,256 | 0.1 | % | 50 | 2,478 | 0.2 | % | 52 | 1,716 | 0.1 | % | |||||||||||||||||||||||||||||
Consumer loans | 532 | 2,673 | 0.4 | % | 514 | 2,247 | 0.4 | % | 379 | 1,803 | 0.3 | % | 521 | 2,521 | 0.5 | % | 512 | 2,593 | 0.5 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 13 | 1,102 | — | % | 16 | 8,765 | 0.4 | % | 11 | 1,081 | — | % | 21 | 8,228 | 0.3 | % | 28 | 8,368 | 0.4 | % | |||||||||||||||||||||||||||||
Commercial loans | 9 | 594 | 0.1 | % | 23 | 2,429 | 0.5 | % | 7 | 375 | 0.1 | % | 7 | 598 | 0.1 | % | 8 | 401 | 0.1 | % | |||||||||||||||||||||||||||||
Total loans delinquent 60 days to 89 days | 671 | $ | 11,688 | 0.1 | % | 669 | $ | 20,509 | 0.3 | % | 454 | $ | 5,873 | 0.1 | % | 699 | $ | 21,615 | 0.3 | % | 683 | 18,271 | 0.3 | % | |||||||||||||||||||||||||
Loans delinquent 90 days or more: ** | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 168 | $ | 13,478 | 0.5 | % | 176 | $ | 15,046 | 0.5 | % | 183 | $ | 14,673 | 0.5 | % | 215 | $ | 16,350 | 0.6 | % | 204 | 17,209 | 0.6 | % | |||||||||||||||||||||||||
Home equity loans | 137 | 6,022 | 0.4 | % | 124 | 5,422 | 0.5 | % | 120 | 6,200 | 0.5 | % | 143 | 6,112 | 0.5 | % | 136 | 5,554 | 0.5 | % | |||||||||||||||||||||||||||||
Consumer loans | 757 | 3,372 | 0.5 | % | 440 | 2,399 | 0.4 | % | 557 | 2,386 | 0.5 | % | 523 | 2,926 | 0.6 | % | 570 | 3,156 | 0.6 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 106 | 24,533 | 1.0 | % | 107 | 15,244 | 0.6 | % | 106 | 15,442 | 0.7 | % | 113 | 19,031 | 0.8 | % | 95 | 14,898 | 0.6 | % | |||||||||||||||||||||||||||||
Commercial loans | 28 | 6,249 | 1.2 | % | 32 | 4,709 | 1.0 | % | 34 | 3,456 | 0.7 | % | 25 | 2,599 | 0.6 | % | 23 | 2,319 | 0.6 | % | |||||||||||||||||||||||||||||
Total loans delinquent 90 days or more | 1,196 | $ | 53,654 | 0.7 | % | 879 | $ | 42,820 | 0.6 | % | 1,000 | $ | 42,157 | 0.6 | % | 1,019 | $ | 47,018 | 0.7 | % | 1,028 | 43,136 | 0.6 | % | |||||||||||||||||||||||||
Total loans delinquent | 3,428 | $ | 86,637 | 1.1 | % | 2,941 | $ | 83,756 | 1.1 | % | 2,881 | $ | 113,993 | 1.6 | % | 3,553 | $ | 135,228 | 1.9 | % | 3,225 | 85,987 | 1.2 | % |
Quarter ended | |||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||
Beginning balance | $ | 60,781 | 62,278 | 62,672 | 60,547 | 59,057 | |||||||||
Provision | 5,538 | 4,199 | 1,660 | 4,595 | 3,167 | ||||||||||
Charge-offs residential mortgage | (354 | ) | (1,852 | ) | (564 | ) | (171 | ) | (342 | ) | |||||
Charge-offs home equity | (288 | ) | (946 | ) | (984 | ) | (1,097 | ) | (443 | ) | |||||
Charge-offs consumer | (2,701 | ) | (2,332 | ) | (2,403 | ) | (2,561 | ) | (2,014 | ) | |||||
Charge-offs commercial real estate | (789 | ) | (1,731 | ) | (897 | ) | (1,216 | ) | (558 | ) | |||||
Charge-offs commercial | (708 | ) | (903 | ) | (117 | ) | (508 | ) | (595 | ) | |||||
Recoveries | 1,767 | 2,068 | 2,911 | 3,083 | 2,275 | ||||||||||
Ending balance | $ | 63,246 | 60,781 | 62,278 | 62,672 | 60,547 | |||||||||
Net charge-offs to average loans, annualized | 0.17 | % | 0.31 | % | 0.11 | % | 0.14 | % | 0.10 | % |
Nine months ended September 30, | ||||||
2016 | 2015 | |||||
Beginning balance | $ | 62,672 | 67,518 | |||
Provision | 11,397 | 5,117 | ||||
Charge-offs residential mortgage | (2,770 | ) | (955 | ) | ||
Charge-offs home equity | (2,218 | ) | (1,327 | ) | ||
Charge-offs consumer | (7,436 | ) | (5,713 | ) | ||
Charge-offs commercial real estate | (3,417 | ) | (5,110 | ) | ||
Charge-offs commercial | (1,728 | ) | (7,675 | ) | ||
Recoveries | 6,746 | 8,692 | ||||
Ending balance | $ | 63,246 | 60,547 | |||
Net charge-offs to average loans, annualized | 0.20 | % | 0.26 | % |
Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2,739,099 | 29,304 | 4.28 | % | $ | 2,751,601 | 30,228 | 4.39 | % | $ | 2,739,787 | 29,786 | 4.35 | % | $ | 2,710,811 | 29,227 | 4.31 | % | $ | 2,632,199 | 29,060 | 4.42 | % | ||||||||||||||||||||||||
Home equity loans | 1,192,929 | 12,884 | 4.30 | % | 1,163,900 | 12,701 | 4.39 | % | 1,177,406 | 12,642 | 4.32 | % | 1,193,433 | 12,753 | 4.24 | % | 1,114,931 | 12,208 | 4.34 | % | |||||||||||||||||||||||||||||
Consumer loans | 554,954 | 8,931 | 6.40 | % | 522,745 | 8,697 | 6.69 | % | 510,091 | 8,219 | 6.48 | % | 500,175 | 8,805 | 6.98 | % | 364,378 | 7,146 | 7.78 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 2,394,001 | 26,683 | 4.36 | % | 2,356,994 | 26,691 | 4.48 | % | 2,349,748 | 25,993 | 4.38 | % | 2,331,769 | 25,972 | 4.36 | % | 2,100,463 | 24,061 | 4.48 | % | |||||||||||||||||||||||||||||
Commercial loans | 476,715 | 5,193 | 4.26 | % | 461,808 | 4,902 | 4.20 | % | 441,977 | 4,723 | 4.23 | % | 412,415 | 4,671 | 4.43 | % | 372,693 | 4,108 | 4.31 | % | |||||||||||||||||||||||||||||
Total loans receivable (a) (b) (d) | 7,357,698 | 82,995 | 4.49 | % | 7,257,048 | 83,219 | 4.61 | % | 7,219,009 | 81,363 | 4.53 | % | 7,148,603 | 81,428 | 4.52 | % | 6,584,664 | 76,583 | 4.66 | % | |||||||||||||||||||||||||||||
Mortgage-backed securities (c) | 440,966 | 2,030 | 1.84 | % | 458,398 | 2,115 | 1.85 | % | 488,294 | 2,229 | 1.83 | % | 519,736 | 2,301 | 1.77 | % | 498,757 | 2,230 | 1.79 | % | |||||||||||||||||||||||||||||
Investment securities (c) (d) | 275,718 | 1,667 | 2.42 | % | 313,647 | 1,844 | 2.35 | % | 387,460 | 2,151 | 2.22 | % | 427,363 | 2,394 | 2.24 | % | 482,666 | 2,754 | 2.28 | % | |||||||||||||||||||||||||||||
FHLB stock | 27,761 | 218 | 3.12 | % | 33,302 | 401 | 4.84 | % | 37,098 | 467 | 5.06 | % | 38,651 | 499 | 5.12 | % | 39,552 | 451 | 4.52 | % | |||||||||||||||||||||||||||||
Other interest-earning deposits | 91,243 | 114 | 0.49 | % | 63,950 | 70 | 0.43 | % | 43,578 | 59 | 0.54 | % | 40,410 | 13 | 0.13 | % | 162,041 | 99 | 0.24 | % | |||||||||||||||||||||||||||||
Total interest-earning assets | 8,193,386 | 87,024 | 4.23 | % | 8,126,345 | 87,649 | 4.34 | % | 8,175,439 | 86,269 | 4.24 | % | 8,174,763 | 86,635 | 4.20 | % | 7,767,680 | 82,117 | 4.24 | % | |||||||||||||||||||||||||||||
Noninterest earning assets (e) | 835,500 | 755,713 | 735,562 | 747,317 | 846,439 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,028,886 | $ | 8,882,058 | $ | 8,911,001 | $ | 8,922,080 | $ | 8,614,119 | |||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 1,485,763 | 744 | 0.20 | % | $ | 1,440,886 | 837 | 0.23 | % | $ | 1,405,800 | 865 | 0.25 | % | $ | 1,378,377 | 871 | 0.25 | % | $ | 1,324,620 | 865 | 0.26 | % | ||||||||||||||||||||||||
Interest-bearing demand deposits | 1,179,557 | 78 | 0.03 | % | 1,130,122 | 144 | 0.05 | % | 1,093,839 | 156 | 0.06 | % | 1,083,524 | 157 | 0.06 | % | 1,022,585 | 149 | 0.06 | % | |||||||||||||||||||||||||||||
Money market deposit accounts | 1,418,779 | 826 | 0.23 | % | 1,294,381 | 829 | 0.26 | % | 1,288,535 | 865 | 0.27 | % | 1,279,181 | 873 | 0.27 | % | 1,217,122 | 825 | 0.27 | % | |||||||||||||||||||||||||||||
Time deposits | 1,597,542 | 4,005 | 1.00 | % | 1,616,260 | 4,055 | 1.01 | % | 1,664,322 | 4,202 | 1.02 | % | 1,720,895 | 4,534 | 1.05 | % | 1,577,159 | 4,324 | 1.09 | % | |||||||||||||||||||||||||||||
Borrowed funds (f) | 560,407 | 657 | 0.47 | % | 772,225 | 3,017 | 1.57 | % | 899,439 | 6,539 | 2.92 | % | 906,574 | 6,730 | 2.95 | % | 906,410 | 6,713 | 2.94 | % | |||||||||||||||||||||||||||||
Junior subordinated debentures | 111,213 | 1,144 | 4.03 | % | 111,213 | 1,126 | 4.01 | % | 111,213 | 1,119 | 3.98 | % | 116,626 | 1,321 | 4.43 | % | 111,213 | 1,274 | 4.48 | % | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,353,261 | 7,454 | 0.47 | % | 6,365,087 | 10,008 | 0.63 | % | 6,463,148 | 13,746 | 0.86 | % | 6,485,177 | 14,486 | 0.89 | % | 6,159,109 | 14,150 | 0.91 | % | |||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | 1,243,474 | 1,184,786 | 1,161,151 | 1,145,276 | 1,054,270 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 276,014 | 177,300 | 122,667 | 133,323 | 275,435 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 7,872,749 | 7,727,173 | 7,746,966 | 7,763,776 | 7,488,814 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,156,137 | 1,154,885 | 1,164,035 | 1,158,304 | 1,125,305 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,028,886 | $ | 8,882,058 | $ | 8,911,001 | $ | 8,922,080 | $ | 8,614,119 | |||||||||||||||||||||||||||||||||||||||
Net interest income/ Interest rate spread | 79,570 | 3.76 | % | 77,641 | 3.71 | % | 72,523 | 3.38 | % | 72,149 | 3.31 | % | 67,967 | 3.33 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets/ Net interest margin | $ | 1,840,125 | 3.88 | % | $ | 1,761,258 | 3.82 | % | $ | 1,712,291 | 3.57 | % | $ | 1,689,586 | 3.53 | % | $ | 1,608,571 | 3.50 | % | |||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.29X | 1.28X | 1.26X | 1.26X | 1.26X |
Nine months ended September 30, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | ||||||||||||||
Assets: | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Residential mortgage loans | $ | 2,743,480 | 89,317 | 4.34 | % | $ | 2,564,143 | 85,710 | 4.46 | % | |||||||||
Home equity loans | 1,178,133 | 38,229 | 4.33 | % | 1,076,385 | 35,083 | 4.36 | % | |||||||||||
Consumer loans | 529,356 | 25,848 | 6.52 | % | 283,835 | 19,965 | 9.40 | % | |||||||||||
Commercial real estate loans | 2,367,014 | 79,367 | 4.41 | % | 1,921,007 | 66,245 | 4.55 | % | |||||||||||
Commercial loans | 460,228 | 14,817 | 4.23 | % | 382,679 | 12,207 | 4.21 | % | |||||||||||
Loans receivable (a) (b) (d) | 7,278,211 | 247,578 | 4.54 | % | 6,228,049 | 219,210 | 4.71 | % | |||||||||||
Mortgage-backed securities (c) | 462,474 | 6,374 | 1.84 | % | 494,416 | 6,522 | 1.76 | % | |||||||||||
Investment securities (c) (d) | 325,427 | 5,662 | 2.32 | % | 483,792 | 8,761 | 2.41 | % | |||||||||||
FHLB stock (i) | 32,702 | 1,086 | 4.44 | % | 37,112 | 2,329 | 4.64 | % | |||||||||||
Other interest-earning deposits | 57,996 | 243 | 0.55 | % | 217,232 | 418 | 0.25 | % | |||||||||||
Total interest-earning assets | 8,156,810 | 260,943 | 4.27 | % | 7,460,601 | 237,240 | 4.23 | % | |||||||||||
Noninterest earning assets (e) | 783,838 | 664,830 | |||||||||||||||||
Total assets | $ | 8,940,648 | $ | 8,125,431 | |||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Savings deposits | $ | 1,444,302 | 2,446 | 0.23 | % | $ | 1,273,724 | 2,516 | 0.26 | % | |||||||||
Interest-bearing demand deposits | 1,134,669 | 378 | 0.04 | % | 1,025,896 | 411 | 0.06 | % | |||||||||||
Money market deposit accounts | 1,334,158 | 2,520 | 0.25 | % | 1,176,446 | 2,349 | 0.27 | % | |||||||||||
Time deposits | 1,625,936 | 12,262 | 1.01 | % | 1,395,165 | 12,344 | 1.11 | % | |||||||||||
Borrowed funds (f) | 743,353 | 10,213 | 1.84 | % | 932,123 | 20,617 | 2.96 | % | |||||||||||
Junior subordinated debentures | 111,213 | 3,389 | 4.00 | % | 105,800 | 3,604 | 4.49 | % | |||||||||||
Total interest-bearing liabilities | 6,393,631 | 31,208 | 0.65 | % | 5,909,154 | 41,841 | 0.95 | % | |||||||||||
Noninterest-bearing demand deposits (g) | 1,196,737 | 975,904 | |||||||||||||||||
Noninterest bearing liabilities | 191,934 | 156,247 | |||||||||||||||||
Total liabilities | 7,782,302 | 7,041,305 | |||||||||||||||||
Shareholders’ equity | 1,158,346 | 1,084,126 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,940,648 | $ | 8,125,431 | |||||||||||||||
Net interest income/ Interest rate spread | 229,735 | 3.62 | % | 195,399 | 3.28 | % | |||||||||||||
Net interest-earning assets/ Net interest margin | $ | 1,763,179 | 3.76 | % | $ | 1,551,447 | 3.47 | % | |||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.28X | 1.26X |