(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
PART I | FINANCIAL INFORMATION | |||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | ||||||||||
Marketable securities available-for-sale (amortized cost of $ | |||||||||||
Marketable securities held-to-maturity (fair value of $ | |||||||||||
Total cash and cash equivalents and marketable securities | |||||||||||
Loans held-for-sale | |||||||||||
Loans held for investment | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Loans receivable, net | |||||||||||
FHLB stock, at cost | |||||||||||
Accrued interest receivable | |||||||||||
Real estate owned, net | |||||||||||
Premises and equipment, net | |||||||||||
Bank-owned life insurance | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | ||||||||||
Liabilities and shareholders’ equity | |||||||||||
Liabilities: | |||||||||||
Noninterest-bearing demand deposits | $ | ||||||||||
Interest-bearing demand deposits | |||||||||||
Money market deposit accounts | |||||||||||
Savings deposits | |||||||||||
Time deposits | |||||||||||
Total deposits | |||||||||||
Borrowed funds | |||||||||||
Subordinated debt | |||||||||||
Junior subordinated debentures | |||||||||||
Advances by borrowers for taxes and insurance | |||||||||||
Accrued interest payable | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ |
Quarter ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Interest income: | |||||||||||
Loans receivable | $ | ||||||||||
Mortgage-backed securities | |||||||||||
Taxable investment securities | |||||||||||
Tax-free investment securities | |||||||||||
FHLB stock dividends | |||||||||||
Interest-earning deposits | |||||||||||
Total interest income | |||||||||||
Interest expense: | |||||||||||
Deposits | |||||||||||
Borrowed funds | |||||||||||
Total interest expense | |||||||||||
Net interest income | |||||||||||
Provision for credit losses - loans | ( | ||||||||||
Provision for credit losses - unfunded commitments | |||||||||||
Net interest income after provision for credit losses | |||||||||||
Noninterest income: | |||||||||||
Loss on sale of investments | ( | ||||||||||
Service charges and fees | |||||||||||
Trust and other financial services income | |||||||||||
Gain/(loss) on real estate owned, net | ( | ||||||||||
Income from bank-owned life insurance | |||||||||||
Mortgage banking income | |||||||||||
Other operating income | |||||||||||
Total noninterest income | |||||||||||
Noninterest expense: | |||||||||||
Compensation and employee benefits | |||||||||||
Premises and occupancy costs | |||||||||||
Office operations | |||||||||||
Collections expense | |||||||||||
Processing expenses | |||||||||||
Marketing expenses | |||||||||||
Federal deposit insurance premiums | |||||||||||
Professional services | |||||||||||
Amortization of intangible assets | |||||||||||
Real estate owned expense | |||||||||||
Merger, asset disposition and restructuring expense | |||||||||||
Other expenses | |||||||||||
Total noninterest expense | |||||||||||
Income before income taxes | |||||||||||
Federal and state income taxes expense | |||||||||||
Net income | $ | ||||||||||
Basic earnings per share | $ | ||||||||||
Diluted earnings per share | $ |
Quarter ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | ||||||||||
Other comprehensive income/(loss) net of tax: | |||||||||||
Net unrealized holding gains/(losses) on marketable securities: | |||||||||||
Unrealized holding gains/(losses), net of tax of ($ | ( | ||||||||||
Reclassification adjustment for gains/(losses) included in net income, net of tax of $ | ( | ||||||||||
Net unrealized holding gains/(losses) on marketable securities | ( | ||||||||||
Defined benefit plan: | |||||||||||
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $ | ( | ( | |||||||||
Other comprehensive income/(loss) | ( | ||||||||||
Total comprehensive income/(loss) | $ | ( |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Total shareholders’ equity | ||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2023 | Shares | Amount | |||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2022 | $ | ( | |||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of ($ | — | — | — | — | |||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | ( | — | ( | ||||||||||||||||||||||||||||||
Exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | ( | — | — | — | — | — | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Ending balance at March 31, 2023 | $ | ( |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | ||||||||||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2022 | Shares | Amount | |||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2021 | $ | ( | |||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Total comprehensive income/(loss) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation forfeited | ( | — | — | — | — | — | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Ending balance at March 31, 2022 | $ | ( |
Quarter ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | ||||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Net loss on sale of assets | |||||||||||
Mortgage banking activity | ( | ||||||||||
Net depreciation, amortization and accretion | |||||||||||
Decrease/(increase) in other assets | ( | ||||||||||
Decrease in other liabilities | ( | ( | |||||||||
Net amortization on marketable securities | |||||||||||
Noncash compensation expense related to stock benefit plans | |||||||||||
Noncash write-down of real estate owned | |||||||||||
Origination of loans held-for-sale | ( | ( | |||||||||
Proceeds from sale of loans held-for-sale | |||||||||||
Net cash provided by/(used in) operating activities | ( | ||||||||||
Investing activities: | |||||||||||
Purchase of marketable securities available-for-sale | ( | ||||||||||
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | |||||||||||
Proceeds from maturities and principal reductions of marketable securities available-for-sale | |||||||||||
Proceeds from bank-owned life insurance | |||||||||||
Loan originations | ( | ( | |||||||||
Loan purchases | ( | ||||||||||
Proceeds from loan maturities and principal reductions | |||||||||||
Net (redemptions)/proceeds of FHLB stock | ( | ||||||||||
Proceeds from sale of real estate owned | |||||||||||
Proceeds from sale of real estate owned for investment, net | |||||||||||
Disposals of premises and equipment, net | |||||||||||
Net cash used in investing activities | ( | ( |
Three months ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Financing activities: | |||||||||||
Net increase in deposits | $ | ||||||||||
Net increase/(decrease) in short-term borrowings | ( | ||||||||||
Increase/(decrease) in advances by borrowers for taxes and insurance | ( | ||||||||||
Cash dividends paid on common stock | ( | ( | |||||||||
Proceeds from stock options exercised | |||||||||||
Net cash provided by/(used in) financing activities | ( | ||||||||||
Net decrease in cash and cash equivalents | $ | ( | ( | ||||||||
Cash and cash equivalents at beginning of period | $ | ||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at end of period | $ | ||||||||||
Cash paid during the period for: | |||||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $ | $ | ||||||||||
Income taxes | |||||||||||
Non-cash activities: | |||||||||||
Loan foreclosures and repossessions | $ | ||||||||||
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by the U.S government and agencies: | |||||||||||||||||||||||
Due after one year through five years | $ | ( | |||||||||||||||||||||
Due after ten years | ( | ||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | ( | ||||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Municipal securities: | |||||||||||||||||||||||
Due within one year | |||||||||||||||||||||||
Due after one year through five years | ( | ||||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Due after ten years | ( | ||||||||||||||||||||||
Corporate debt issues: | |||||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | ( | ||||||||||||||||||||||
Variable rate pass-through | ( | ||||||||||||||||||||||
Fixed rate agency CMOs | ( | ||||||||||||||||||||||
Variable rate agency CMOs | ( | ||||||||||||||||||||||
Total residential mortgage-backed securities | ( | ||||||||||||||||||||||
Total marketable securities available-for-sale | $ | ( |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||||||||||
Due after one year through five years | $ | ( | |||||||||||||||||||||
Due after ten years | ( | ||||||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | ( | ||||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Municipal securities: | |||||||||||||||||||||||
Due within one year | ( | ||||||||||||||||||||||
Due after one year through five years | ( | ||||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Due after ten years | ( | ||||||||||||||||||||||
Corporate debt issues: | |||||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | ( | ||||||||||||||||||||||
Variable rate pass-through | ( | ||||||||||||||||||||||
Fixed rate agency CMOs | ( | ||||||||||||||||||||||
Variable rate agency CMOs | ( | ||||||||||||||||||||||
Total residential mortgage-backed securities | ( | ||||||||||||||||||||||
Total marketable securities available-for-sale | $ | ( |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | $ | ( | |||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | ( | ||||||||||||||||||||||
Variable rate pass-through | ( | ||||||||||||||||||||||
Fixed rate agency CMOs | ( | ||||||||||||||||||||||
Variable rate agency CMOs | ( | ||||||||||||||||||||||
Total residential mortgage-backed securities | ( | ||||||||||||||||||||||
Total marketable securities held-to-maturity | $ | ( |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | ||||||||||||||||||||
Debt issued by government-sponsored enterprises: | |||||||||||||||||||||||
Due after one year through five years | $ | ( | |||||||||||||||||||||
Due after five years through ten years | ( | ||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Fixed rate pass-through | ( | ||||||||||||||||||||||
Variable rate pass-through | ( | ||||||||||||||||||||||
Fixed rate agency CMOs | ( | ||||||||||||||||||||||
Variable rate agency CMOs | ( | ||||||||||||||||||||||
Total residential mortgage-backed securities | ( | ||||||||||||||||||||||
Total marketable securities held-to-maturity | $ | ( |
Amortized cost | Fair value | ||||||||||
Residential mortgage-backed securities: | |||||||||||
Due within one year | $ | ||||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Total residential mortgage-backed securities | $ | ||||||||||
Amortized cost | Fair value | ||||||||||
Residential mortgage-backed securities: | |||||||||||
Due after one year through five years | $ | ||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Total residential mortgage-backed securities | $ | ||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | ( | ( | ( | |||||||||||||||||||||||||||||||
Municipal securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate issues | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | ( | ( | ( |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | ( | ( | ( | |||||||||||||||||||||||||||||||
Corporate debt issues | ( | ( | |||||||||||||||||||||||||||||||||
Municipal securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities - agency | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | ( | ( | ( |
AA+ | Total | ||||||||||
Held-to-maturity securities (at amortized cost): | |||||||||||
Debt issued by the U.S. government-sponsored enterprises | $ | ||||||||||
Residential mortgage-backed securities | |||||||||||
Total marketable securities held-to-maturity | $ |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Originated (1) | Acquired (2) | Total | Originated (1) | Acquired (2) | Total | ||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans (3) | $ | ||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans (4) | |||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||||||||
Total loans receivable, gross | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Total loans receivable, net (5) | $ |
Balance as of March 31, 2023 | Current period provision | Charge-offs | Recoveries | ASU 2022-02 Adoption | Balance as of December 31, 2022 | ||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | ( | ( | ||||||||||||||||||||||||||||||||
Home equity loans | ( | ( | |||||||||||||||||||||||||||||||||
Vehicle loans | ( | ||||||||||||||||||||||||||||||||||
Consumer loans | ( | ||||||||||||||||||||||||||||||||||
Total Personal Banking | ( | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | ( | ||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | ( | ||||||||||||||||||||||||||||||||||
Commercial loans | ( | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | ( | ||||||||||||||||||||||||||||||||||
Total | $ | ( | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure (1) | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | ( | |||||||||||||||||||||||||||||||||
Home equity loans | ( | ||||||||||||||||||||||||||||||||||
Total Personal Banking | ( | ||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||
Commercial loans | ( | ||||||||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||||||||
Total off-balance sheet exposure | $ | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | Current period provision | Charge-offs | Recoveries | Balance as of December 31, 2021 | |||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | ( | |||||||||||||||||||||||||||
Home equity loans | ( | ||||||||||||||||||||||||||||
Vehicle loans | ( | ( | |||||||||||||||||||||||||||
Consumer loans | ( | ||||||||||||||||||||||||||||
Total Personal Banking | ( | ||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||
Commercial real estate loans | ( | ( | |||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||
Commercial loans | ( | ||||||||||||||||||||||||||||
Total Commercial Banking | ( | ( | |||||||||||||||||||||||||||
Total | $ | ( | ( | ||||||||||||||||||||||||||
Allowance for Credit Losses - off-balance sheet exposure | |||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||
Total off-balance sheet exposure | $ |
Total loans receivable | Allowance for credit losses | Nonaccrual loans | Loans 90 days past due and accruing | ||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||
Total | $ |
Total loans receivable | Allowance for credit losses | Nonaccrual loans (1) | Loans 90 days past due and accruing | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||||||||||||||
Total | $ |
March 31, 2023 | |||||||||||||||||||||||||||||
Nonaccrual loans at January 1, 2023 | Nonaccrual loans with an allowance | Nonaccrual loans with no allowance | Total nonaccrual loans at the end of the period | Loans 90 days past due and accruing | |||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||
Total | $ |
December 31, 2022 | |||||||||||||||||||||||||||||
Nonaccrual loans at January 1, 2022 | Nonaccrual loans with an allowance | Nonaccrual loans with no allowance | Total nonaccrual loans at the end of the period | Loans 90 days past due and accruing | |||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||
Total | $ |
Real estate | Equipment | Total | |||||||||||||||
Commercial Banking: | |||||||||||||||||
Commercial real estate loans | $ | ||||||||||||||||
Commercial loans | |||||||||||||||||
Total Commercial Banking | |||||||||||||||||
Total | $ |
Real estate | Equipment | Total | |||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||
Home equity loans | |||||||||||||||||
Total Personal Banking | |||||||||||||||||
Commercial Banking: | |||||||||||||||||
Commercial real estate loans | |||||||||||||||||
Commercial loans | |||||||||||||||||
Total Commercial Banking | |||||||||||||||||
Total | $ |
Term extension | Combination term extension and interest rate reduction | Total class of financing receivable | |||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | % | |||||||||||||||
Home equity loans | % | ||||||||||||||||
Consumer loans | % | ||||||||||||||||
Total Personal Banking | % | ||||||||||||||||
Commercial Banking: | |||||||||||||||||
Commercial real estate loans | % | ||||||||||||||||
Commercial loans | % | ||||||||||||||||
Total Commercial Banking | % | ||||||||||||||||
Total | $ | % |
Weighted-average interest rate reduction | Weighted-average term extension in months | ||||||||||
Personal Banking: | |||||||||||
Residential mortgage loans | % | ||||||||||
Home equity loans | % | ||||||||||
Consumer loans | % | ||||||||||
Total Personal Banking | % | ||||||||||
Commercial Banking: | |||||||||||
Commercial real estate loans | % | ||||||||||
Commercial loans | % | ||||||||||
Total Commercial Banking | % | ||||||||||
Total loans | % |
For the quarter ended March 31, 2022 | ||||||||||||||
Number of contracts | Amount | |||||||||||||
Beginning TDR balance: | $ | |||||||||||||
New TDRs | ||||||||||||||
Re-modified TDRs | ||||||||||||||
Net paydowns | ( | |||||||||||||
Charge-offs: | ||||||||||||||
Residential mortgage loans | ( | |||||||||||||
Paid-off loans: | ||||||||||||||
Residential mortgage loans | ( | |||||||||||||
Home equity loans | ( | |||||||||||||
Commercial real estate loans | ( | |||||||||||||
Ending TDR balance: | $ | |||||||||||||
Accruing TDRs | $ | |||||||||||||
Nonaccrual TDRs |
For the quarter ended March 31, 2022 | |||||||||||||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | ||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||
Commercial real estate loans | $ | ||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||
Total | $ |
Type of modification | |||||||||||||||||
Number of contracts | Maturity date | Total | |||||||||||||||
Commercial Banking: | |||||||||||||||||
Commercial real estate loans | $ | ||||||||||||||||
Total Commercial Banking | |||||||||||||||||
Total | $ |
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | |||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||
Commercial real estate loans | $ | |||||||||||||||||||||||||
Total Commercial Banking | ||||||||||||||||||||||||||
Total | $ |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ |
30-59 days delinquent | 60-89 days delinquent | 90 days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 days or greater delinquent and accruing | |||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | ||||||||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||||||||
Total Commercial Banking | |||||||||||||||||||||||||||||||||||||||||
Total originated loans | $ | ||||||||||||||||||||||||||||||||||||||||
YTD March 31, 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage current period charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity current period charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle current period charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loan current period charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate current period charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans - owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied current period charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans current period charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ |
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Revolving loans converted to term loans | Total loans receivable | |||||||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total vehicle loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Banking | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Amortizable intangible assets: | |||||||||||
Core deposit intangibles - gross | $ | ||||||||||
Less: accumulated amortization | ( | ( | |||||||||
Core deposit intangibles - net | $ | ||||||||||
Customer and Contract intangible assets - gross | $ | ||||||||||
Less: accumulated amortization | ( | ( | |||||||||
Customer and Contract intangible assets - net | |||||||||||
Total intangible assets - net | $ |
For the quarter ended March 31, 2023 | $ | ||||
For the quarter ended March 31, 2022 | |||||
For the year ending December 31, 2023 | |||||
For the year ending December 31, 2024 | |||||
For the year ending December 31, 2025 | |||||
For the year ending December 31, 2026 | |||||
For the year ending December 31, 2027 | |||||
Total | ||||||||
Balance at December 31, 2022 | $ | |||||||
Balance at March 31, 2023 | $ |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Amount | Average rate | Amount | Average rate | ||||||||||||||||||||
Term notes payable to the FHLB of Pittsburgh, due within one year | $ | % | $ | % | |||||||||||||||||||
Notes payable to the FHLB of Pittsburgh, due within one year | % | % | |||||||||||||||||||||
Collateralized borrowings, due within one year | % | % | |||||||||||||||||||||
Collateral received, due within one year | % | % | |||||||||||||||||||||
Total borrowed funds | $ | $ |
Maturity date | Interest rate | Capital debt securities | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Northwest Bancorp Capital Trust III | December 30, 2035 | 3-month LIBOR plus | $ | $ | |||||||||||||||||||||||||
Northwest Bancorp Statutory Trust IV | December 15, 2035 | 3-month LIBOR plus | |||||||||||||||||||||||||||
LNB Trust II | June 15, 2037 | 3-month LIBOR plus | |||||||||||||||||||||||||||
Union National Capital Trust I (1) | January 23, 2034 | 3-month LIBOR plus | |||||||||||||||||||||||||||
Union National Capital Trust II (1) | November 23, 2034 | 3-month LIBOR plus | |||||||||||||||||||||||||||
MFBC Statutory Trust I (1) | September 15, 2035 | 3-month LIBOR plus | |||||||||||||||||||||||||||
Universal Preferred Trust (1) | October 7, 2035 | 3-month LIBOR plus | |||||||||||||||||||||||||||
$ |
Quarter ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | ||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | |||||||||||
Net income available to common shareholders | $ | ||||||||||
Weighted average common shares outstanding | |||||||||||
Add: Participating shares outstanding | |||||||||||
Total weighted average common shares and dilutive potential shares | |||||||||||
Basic earnings per share | $ | ||||||||||
Diluted earnings per share | $ |
Quarter ended March 31, | |||||||||||||||||||||||
Pension benefits | Other post-retirement benefits | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Service cost | $ | ||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of prior service cost | ( | ( | |||||||||||||||||||||
Amortization of the net loss | |||||||||||||||||||||||
Net periodic cost | $ | ( |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||||||||
Loans receivable, net | |||||||||||||||||||||||||||||
Loans held-for-sale | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||||||||
Foreign exchange swaps | |||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||||||||
FHLB stock | |||||||||||||||||||||||||||||
Total financial assets | $ | ||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Savings and checking deposits | $ | ||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||
Subordinated debt | |||||||||||||||||||||||||||||
Junior subordinated debentures | |||||||||||||||||||||||||||||
Foreign exchange swaps | |||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||||||||
Total financial liabilities | $ |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||||||
Securities held-to-maturity | |||||||||||||||||||||||||||||
Loans receivable, net | |||||||||||||||||||||||||||||
Residential mortgage loans held-for-sale | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||||||||
FHLB stock | |||||||||||||||||||||||||||||
Total financial assets | $ | ||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Savings and checking accounts | $ | ||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||
Subordinated debt | |||||||||||||||||||||||||||||
Junior subordinated debentures | |||||||||||||||||||||||||||||
Foreign exchange swaps | |||||||||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||||||||
Total financial liabilities | $ |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | ||||||||||||||||||||||
Government-sponsored enterprises | |||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total debt securities | |||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
GNMA | |||||||||||||||||||||||
FNMA | |||||||||||||||||||||||
FHLMC | |||||||||||||||||||||||
Non-agency | |||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
GNMA | |||||||||||||||||||||||
FNMA | |||||||||||||||||||||||
FHLMC | |||||||||||||||||||||||
Total mortgage-backed securities | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Foreign exchange swaps | |||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||
Total assets | $ | ||||||||||||||||||||||
Foreign exchange swaps | |||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||
Total liabilities | $ |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | ||||||||||||||||||||||
Government-sponsored enterprises | |||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total debt securities | |||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
GNMA | |||||||||||||||||||||||
FNMA | |||||||||||||||||||||||
FHLMC | |||||||||||||||||||||||
Non-agency | |||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
GNMA | |||||||||||||||||||||||
FNMA | |||||||||||||||||||||||
FHLMC | |||||||||||||||||||||||
Total mortgage-backed securities | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||
Total assets | $ | ||||||||||||||||||||||
Foreign exchange swaps | $ | ||||||||||||||||||||||
Interest rate swaps not designated as hedging instruments | |||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||
Total liabilities | $ |
For the quarter ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Beginning balance January 1, | $ | ||||||||||
Interest rate lock commitments: | |||||||||||
Net activity | ( | ( | |||||||||
Ending balance | $ | ||||||||||
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Loans individually assessed | $ | ||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Real estate owned, net | |||||||||||||||||||||||
Total assets | $ |
Level 1 | Level 2 | Level 3 | Total assets at fair value | ||||||||||||||||||||
Loans individually assessed | $ | ||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Real estate owned, net | |||||||||||||||||||||||
Total assets | $ |
Fair value | Valuation techniques | Significant unobservable inputs | Range (weighted average) | ||||||||||||||||||||
Loans individually assessed | $ | Appraisal value (1) | Estimated cost to sell | ||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow | Annual service cost | $ | ||||||||||||||||||||
Prepayment rate | |||||||||||||||||||||||
Expected life (months) | 59.0 to 104.6 (78.3) | ||||||||||||||||||||||
Option adjusted spread | |||||||||||||||||||||||
Forward yield curve | |||||||||||||||||||||||
Real estate owned, net | Appraisal value (1) | Estimated cost to sell | |||||||||||||||||||||
Loans held for sale | Quoted prices for similar loans in active markets adjusted by an expected pull-through rate | Estimated pull-through rate |
Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||
At March 31, 2023 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | ||||||||||||||||||||||
Foreign exchange swap agreements | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||
Total Derivatives | $ | ||||||||||||||||||||||
At December 31, 2022 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap agreements | $ | ||||||||||||||||||||||
Foreign exchange swap agreements | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward commitments | |||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||
Total derivatives | $ |
For the quarter ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Non-hedging swap derivatives: | |||||||||||
(Decrease)/increase in other income | $ | ( | |||||||||
Increase in mortgage banking income |
For the quarter ended March 31, 2023 | |||||||||||||||||
Unrealized losses on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||
Balance as of December 31, 2022 | $ | ( | ( | ( | |||||||||||||
Other comprehensive income before reclassification adjustments (1) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | ( | ( | |||||||||||||||
Net other comprehensive income | ( | ||||||||||||||||
Balance as of March 31, 2023 | $ | ( | ( | ( |
For the quarter ended March 31, 2022 | |||||||||||||||||
Unrealized gains/(losses) on securities available-for-sale | Change in defined benefit pension plans | Total | |||||||||||||||
Balance as of December 31, 2021 | $ | ( | ( | ( | |||||||||||||
Other comprehensive loss before reclassification adjustments (3) | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (4) (5) | ( | ( | ( | ||||||||||||||
Net other comprehensive (loss)/income | ( | ( | ( | ||||||||||||||
Balance as of March 31, 2022 | $ | ( | ( | ( |
At March 31, 2023 | |||||||||||||||||||||||||||||||||||
Actual | Minimum capital requirements (1) | Well capitalized requirements | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,759,983 | 16.399 | % | $ | 1,126,866 | 10.500 | % | $ | 1,073,206 | 10.000 | % | |||||||||||||||||||||||
Northwest Bank | 1,468,316 | 13.695 | % | 1,125,772 | 10.500 | % | 1,072,164 | 10.000 | % | ||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,522,196 | 14.184 | % | 912,225 | 8.500 | % | 858,565 | 8.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,344,457 | 12.540 | % | 911,339 | 8.500 | % | 857,731 | 8.000 | % | ||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,396,806 | 13.015 | % | 751,244 | 7.000 | % | 697,584 | 6.500 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,344,457 | 12.540 | % | 750,515 | 7.000 | % | 696,907 | 6.500 | % | ||||||||||||||||||||||||||
Tier 1 capital (leverage) (to average assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,522,196 | 10.774 | % | 565,117 | 4.000 | % | 706,397 | 5.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,344,457 | 9.520 | % | 564,912 | 4.000 | % | 706,140 | 5.000 | % |
At December 31, 2022 | |||||||||||||||||||||||||||||||||||
Actual | Minimum capital requirements (1) | Well capitalized requirements | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,682,487 | 17.056 | % | $ | 1,035,786 | 10.500 | % | $ | 986,463 | 10.000 | % | |||||||||||||||||||||||
Northwest Bank | 1,551,084 | 15.738 | % | 1,034,819 | 10.500 | % | 985,542 | 10.000 | % | ||||||||||||||||||||||||||
Tier I capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,475,190 | 14.954 | % | 838,494 | 8.500 | % | 789,170 | 8.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,467,362 | 14.889 | % | 837,711 | 8.500 | % | 788,434 | 8.000 | % | ||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,350,125 | 13.687 | % | 690,524 | 7.000 | % | 641,201 | 6.500 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,467,362 | 14.889 | % | 689,879 | 7.000 | % | 640,602 | 6.500 | % | ||||||||||||||||||||||||||
Tier I capital (leverage) (to average assets) | |||||||||||||||||||||||||||||||||||
Northwest Bancshares, Inc. | 1,475,190 | 10.349 | % | 570,160 | 4.000 | % | 712,699 | 5.000 | % | ||||||||||||||||||||||||||
Northwest Bank | 1,467,362 | 10.296 | % | 570,047 | 4.000 | % | 712,558 | 5.000 | % |
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Loans 90 days or more past due: | |||||||||||
Residential mortgage loans | $ | 3,300 | 5,574 | ||||||||
Home equity loans | 2,190 | 2,257 | |||||||||
Vehicle loans | 2,622 | 2,471 | |||||||||
Other consumer loans | 657 | 608 | |||||||||
Commercial real estate loans | 7,804 | 7,589 | |||||||||
Commercial real estate - owner occupied | 206 | 278 | |||||||||
Commercial loans | 1,302 | 1,829 | |||||||||
Total loans 90 days or more past due | $ | 18,081 | 20,606 | ||||||||
Total real estate owned (REO) | $ | 524 | 413 | ||||||||
Total loans 90 days or more past due and REO | 18,605 | 21,019 | |||||||||
Total loans 90 days or more past due to net loans receivable | 0.16 | % | 0.19 | % | |||||||
Total loans 90 days or more past due and REO to total assets | 0.13 | % | 0.15 | % | |||||||
Nonperforming assets: | |||||||||||
Nonaccrual loans - loans 90 days or more past due | $ | 17,430 | 19,861 | ||||||||
Nonaccrual loans - loans less than 90 days past due | 61,179 | 61,375 | |||||||||
Loans 90 days or more past due still accruing | 652 | 744 | |||||||||
Total nonperforming loans | 79,261 | 81,980 | |||||||||
Total nonperforming assets | $ | 79,785 | 82,393 | ||||||||
Total nonaccrual loans to total loans | 0.71 | % | 0.74 | % |
Quarter ended March 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,493,617 | 32,009 | 3.66 | % | $ | 2,980,788 | 25,542 | 3.43 | % | |||||||||||||||||||||||||
Home equity loans | 1,284,425 | 16,134 | 5.09 | % | 1,293,986 | 11,472 | 3.60 | % | |||||||||||||||||||||||||||
Consumer loans | 2,123,672 | 20,794 | 3.97 | % | 1,799,037 | 14,907 | 3.36 | % | |||||||||||||||||||||||||||
Commercial real estate loans | 2,824,120 | 37,031 | 5.24 | % | 3,000,204 | 29,757 | 3.97 | % | |||||||||||||||||||||||||||
Commercial loans | 1,161,298 | 18,353 | 6.32 | % | 824,770 | 6,897 | 3.34 | % | |||||||||||||||||||||||||||
Loans receivable (a) (b) (d) (includes FTE adjustments of $576 and $401, respectively) | 10,887,132 | 124,321 | 4.63 | % | 9,898,785 | 88,575 | 3.63 | % | |||||||||||||||||||||||||||
Mortgage-backed securities (c) | 1,909,676 | 8,537 | 1.79 | % | 1,945,173 | 6,360 | 1.31 | % | |||||||||||||||||||||||||||
Investment securities (c) (d) (includes FTE adjustments of $216 and $189, respectively) | 384,717 | 1,761 | 1.83 | % | 373,694 | 1,540 | 1.65 | % | |||||||||||||||||||||||||||
FHLB stock, at cost | 39,631 | 690 | 7.06 | % | 13,870 | 81 | 2.38 | % | |||||||||||||||||||||||||||
Other interest-earning deposits | 30,774 | 423 | 5.50 | % | 1,218,960 | 467 | 0.15 | % | |||||||||||||||||||||||||||
Total interest-earning assets (includes FTE adjustments of $792 and $590, respectively) | 13,251,930 | 135,732 | 4.15 | % | 13,450,482 | 97,023 | 2.93 | % | |||||||||||||||||||||||||||
Noninterest-earning assets (e) | 869,566 | 973,092 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,121,496 | $ | 14,423,574 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings deposits (g) | $ | 2,198,988 | 690 | 0.13 | % | $ | 2,334,494 | 592 | 0.10 | % | |||||||||||||||||||||||||
Interest-bearing demand deposits (g) | 2,612,883 | 951 | 0.15 | % | 2,875,430 | 321 | 0.05 | % | |||||||||||||||||||||||||||
Money market deposit accounts (g) | 2,408,582 | 4,403 | 0.74 | % | 2,668,105 | 653 | 0.10 | % | |||||||||||||||||||||||||||
Time deposits (g) | 1,293,609 | 5,194 | 1.63 | % | 1,292,608 | 2,185 | 0.69 | % | |||||||||||||||||||||||||||
Borrowed funds (f) | 740,218 | 7,938 | 4.35 | % | 135,289 | 158 | 0.47 | % | |||||||||||||||||||||||||||
Subordinated debentures | 113,870 | 1,148 | 4.03 | % | 123,608 | 1,250 | 4.05 | % | |||||||||||||||||||||||||||
Junior subordinated debentures | 129,335 | 2,152 | 6.66 | % | 129,077 | 651 | 2.02 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,497,485 | 22,476 | 0.96 | % | 9,558,611 | 5,810 | 0.25 | % | |||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | 2,889,973 | 3,060,698 | |||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 235,213 | 203,537 | |||||||||||||||||||||||||||||||||
Total liabilities | 12,622,671 | 12,822,846 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,498,825 | 1,600,728 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,121,496 | $ | 14,423,574 | |||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | 113,256 | 3.19 | % | 91,213 | 2.68 | % | |||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | $ | 3,754,445 | 3.47 | % | $ | 3,891,871 | 2.75 | % | |||||||||||||||||||||||||||
Ratio of interest-earning assets to interest- bearing liabilities | 1.40X | 1.41X |
For the quarter ended March 31, 2023 vs. 2022 | |||||||||||||||||
Increase/(decrease) due to | Total increase/(decrease) | ||||||||||||||||
Rate | Volume | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable | $ | 24,460 | 11,286 | 35,746 | |||||||||||||
Mortgage-backed securities | 2,336 | (159) | 2,177 | ||||||||||||||
Investment securities | 171 | 50 | 221 | ||||||||||||||
FHLB stock, at cost | 162 | 447 | 609 | ||||||||||||||
Other interest-earning deposits | 16,286 | (16,330) | (44) | ||||||||||||||
Total interest-earning assets | 43,415 | (4,706) | 38,709 | ||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Savings deposits | 140 | (42) | 98 | ||||||||||||||
Interest-bearing demand deposits | 726 | (96) | 630 | ||||||||||||||
Money market deposit accounts | 4,224 | (474) | 3,750 | ||||||||||||||
Time deposits | 3,005 | 4 | 3,009 | ||||||||||||||
Borrowed funds | 1,294 | 6,486 | 7,780 | ||||||||||||||
Subordinated debt | (5) | (97) | (102) | ||||||||||||||
Junior subordinated debentures | 1,497 | 4 | 1,501 | ||||||||||||||
Total interest-bearing liabilities | 10,881 | 5,785 | 16,666 | ||||||||||||||
Net change in net interest income | $ | 32,534 | (10,491) | 22,043 |
Increase | Decrease | |||||||||||||||||||||||||||||||||||||
Parallel shift in interest rates over the next 12 months | 100 bps | 200 bps | 300 bps | 100 bps | 200 bps | 300 bps | ||||||||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net interest income | (1.4) | % | (3.0) | % | (4.7) | % | (1.4 | %) | (5.9 | %) | (11.0 | %) | ||||||||||||||||||||||||||
Projected percentage increase/(decrease) in net income | (3.4) | % | (7.1) | % | (11.3) | % | (3.8 | %) | (15.4 | %) | (28.5 | %) | ||||||||||||||||||||||||||
Projected increase/(decrease) in return on average equity | (3.2) | % | (6.8) | % | (10.8) | % | (3.7 | %) | (14.9 | %) | (27.6 | %) | ||||||||||||||||||||||||||
Projected increase/(decrease) in earnings per share | $ | (0.03) | $ | (0.07) | $ | (0.11) | $ | (0.04) | $ | (0.16) | $ | (0.29) | ||||||||||||||||||||||||||
Projected percentage increase/(decrease) in market value of equity | (8.3 | %) | (16.6 | %) | (26.8 | %) | (6.7 | %) | (11.0 | %) | (11.9 | %) |
Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL. |
NORTHWEST BANCSHARES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | May 5, 2023 | By: | /s/ Louis J. Torchio | ||||||||
Louis J. Torchio | |||||||||||
President and Chief Executive Officer | |||||||||||
(Duly Authorized Officer) | |||||||||||
Date: | May 5, 2023 | By: | /s/ Jeffrey J. Maddigan | ||||||||
Jeffrey J. Maddigan | |||||||||||
Executive Vice President, Finance, Accounting and Corporate Treasurer | |||||||||||
(Principal Accounting Officer) | |||||||||||
May 5, 2023 | /s/ Louis J. Torchio | |||||||
Date | Louis J. Torchio | |||||||
President and Chief Executive Officer |
May 5, 2023 | /s/ William W. Harvey, Jr. | |||||||
Date | William W. Harvey, Jr. | |||||||
Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer |
May 5, 2023 | /s/ Louis J. Torchio | |||||||
Date | Louis J. Torchio | |||||||
President and Chief Executive Officer | ||||||||
May 5, 2023 | /s/ William W. Harvey, Jr. | |||||||
Date | William W. Harvey, Jr. | |||||||
Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 1,402,805 | $ 1,431,728 |
Securities held-to-maturity | $ 750,345 | $ 751,384 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 127,065,400 | 127,028,848 |
Common stock, shares outstanding (in shares) | 127,065,400 | 127,028,848 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 33,679 | $ 28,287 |
Net unrealized holding gains/(losses) on marketable securities: | ||
Unrealized holding gains/(losses), net of tax of ($3,308) and $18,877, respectively | 13,017 | (64,783) |
Reclassification adjustment for gains/(losses) included in net income, net of tax of $0 and $0, respectively | 0 | (1) |
Net unrealized holding gains/(losses) on marketable securities | 13,017 | (64,784) |
Defined benefit plan: | ||
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $152 and $50, respectively | (382) | (131) |
Other comprehensive income/(loss) | 12,635 | (64,915) |
Total comprehensive income/(loss) | $ 46,314 | $ (36,628) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding gains (losses), tax | $ (3,308) | $ 18,877 |
Reclassification adjustment for gains included in net income, tax | 0 | 0 |
Reclassification adjustments for prior period service costs and net losses included in net income, tax | $ 152 | $ 50 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income (loss), tax | $ (3,157) | $ 18,927 |
Dividends paid, per share (in dollars per share) | $ 0.20 | $ 0.20 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 10,676 | $ 3,650 |
Basis of Presentation and Informational Disclosures |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Informational Disclosures | Basis of Presentation and Informational Disclosures Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 150 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and MutualFirst Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year’s reporting format. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated Statements of Income and Consolidated Statements of Cash Flows for the quarter ended March 31, 2022, to reclassify the provision for credit losses - unfunded commitments, previously presented in other expense, to provide additional transparency to financial statement users. The results of operations for the quarter ended are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other period. Stock-Based Compensation On March 15, 2023, the Company awarded employees 176,623 restricted stock units (“RSUs”) with a weighted average discounted grant date fair value of $11.28. The RSUs vest over a three-year period with the first vesting occurring one year from the grant date. The Company awarded directors 33,048 restricted stock awards (“RSAs”) with a grant date fair value of $12.80 which fully vest one-year from the grant date. Also, the Company awarded employees 176,623 performance share units (“PSUs”) with a discounted grant date fair value of $10.54. The number of PSUs earned will be based on attainment of certain performance criteria over a three-year period, with the actual number of shares issuable ranging between 0% and 150% of the number of PSUs granted. The PSUs have a three-year cliff vesting, from the date of grant, and any PSUs earned will be issued after the vesting period. During the quarter ended March 31, 2023, we awarded discretionary grants of 112,021 RSUs with a weighted average grant date fair value of $11.41. These shares vest over a or three years period with the first vesting occurring one year from the grant date. Stock-based compensation expense of $744,000 and $699,000 for the quarters ended March 31, 2023 and 2022, respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2023, there was compensation expense of $643,000 to be recognized for awarded but unvested stock options, $3.4 million for unvested restricted common shares, $4.3 million to be recognized for awarded but unvested RSUs, $470,000 to be recognized for awarded but unvested RSAs, and $2.7 million to be recognized for awarded but unvested PSUs. Income Taxes-Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. We had $473,000 of liability for unrecognized tax benefits as of both March 31, 2023 and December 31, 2022. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2022, 2021, 2020 and 2019. Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure.” This ASU eliminates the accounting guidance for troubled debt restructurings ("TDRs"), while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. This ASU also requires the disclosure of current period gross write-offs by year for origination for financing receivables. This guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those years, with early adoption permitted. This ASU is applied prospectively to modifications and write-offs beginning on the first day of the fiscal year of adoption. An entity may elect to adopt a modified retrospective transition method on the recognition and measurement of the TDR guidance. We adopted ASU 2022-02 using a modified retrospective transition approach related to the recognition and measurement of the TDR guidance and on a prospective basis for modification and write-offs. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required ASU 2022-02 disclosure for periods before the date of adoption (i.e. January 1, 2023). This change did not have a material effect on our consolidated financial statements.
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Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities The following table shows the portfolio of marketable securities available-for-sale at March 31, 2023 (in thousands):
The following table shows the portfolio of marketable securities available-for-sale at December 31, 2022 (in thousands):
The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2023 (in thousands):
The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2022 (in thousands):
The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at March 31, 2023 (in thousands):
The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at March 31, 2023 (in thousands):
The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2023 (in thousands):
The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2022 (in thousands):
The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of March 31, 2023, which were comprised of 632 individual securities, represents a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities and the corporate debt issues were all highly rated by major rating agencies and have no history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. The Company does not have the intent to sell these investment securities and it is more likely than not that we will not be required to sell these securities before their anticipated recovery, which may be at maturity. All of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2023. The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2023 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2023.
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Loans Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable | Loans Receivable The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2023 and December 31, 2022 (in thousands):
(1) Includes originated and loan pools purchased in an asset acquisition. (2) Includes loans subject to purchase accounting in a business combination. (3) Includes $6.4 million and $9.9 million of loans held-for-sale at March 31, 2023 and December 31, 2022, respectively. (4) Includes $619,000 and $0 of loans held-for-sale at March 31, 2023 and December 31, 2022, respectively. (5) Includes $78.3 million and $76.1 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2023 and December 31, 2022, respectively. The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2023 (in thousands):
(1) The table above has been revised to reflect the correct ending balance for total off-balance-sheet exposure at December 31, 2022. We evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2022 (in thousands):
During the quarter ended March 31, 2022, the Company purchased a $72.7 million small business equipment finance loan pool and a $138.1 million one- to four-family jumbo mortgage loan pool. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2023 (in thousands):
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2022, prior to the adoption of ASU 2022-02 (in thousands):
(1)Includes $29.2 million of nonaccrual TDRs. We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2023 (in thousands):
During the quarter ended March 31, 2023, we did not recognize interest income on nonaccrual loans. The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2022 (in thousands):
During the year ended December 31, 2022, we recognized $678,000 of interest income on nonaccrual and troubled debt restructuring loans. The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2023 (in thousands):
The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2022 (in thousands):
Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged off against the allowance for credit losses. In some cases, the Company provides multiple types of concessions to one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay, and/or an interset rate reduction. The following table presents the amortized cost basis of loans as of March 31, 2023 that were both experiencing financial difficulty and modified during the quarter ended March 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below.
The Company has committed to lend additional amounts totaling $31,000 to the borrowers included in the previous table. The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the quarter ended March 31, 2023:
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans modified since the adoption of ASU 2022-02 are current on their payments as of March 31, 2023. No loans modified since the adoption of ASU 2022-02 subsequently defaulted during the quarter ended March 31, 2023. The modifications to borrowers experiencing financial distress are included in their respective portfolio segment and the current loan balance and updated loan terms are run through their respective ACL models to arrive at the quantitative portion of the ACL. Subsequent performance of the loans will be measured by delinquency status and will be captured through our ACL models or our qualitative factor assessment, as deemed appropriate. If we no longer believe the loan demonstrates similar risks to their respective portfolio segment an individual assessment will be performed. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The following table provides a roll forward of troubled debt restructurings for the period indicated, prior to the adoption of ASU 2022-02 (dollars in thousands):
The following table provides information related to TDRs (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated, prior to the adoption of ASU 2022-02 (in thousands):
The following table provides information as of March 31, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2022, prior to the adoption of ASU 2022-02 (in thousands):
The following table provides information related to troubled debt restructurings modified within the previous twelve months of March 31, 2022 that subsequently defaulted, prior to the adoption of ASU 2022-02:
The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2023 (in thousands):
The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2022 (in thousands):
Credit Quality Indicators: For Commercial Banking we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: Special Mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future. For Personal Banking loans a pass risk rating is maintained until they are 90 days or greater past due, and risk rating reclassification is based primarily on past due status of the loan. The risk rating categories can generally be described by the following groupings: Pass — Loans classified as pass are homogeneous loans that are less than 90 days past due from the required payment date at month-end. Substandard — Loans classified as substandard are homogeneous loans that are greater than 90 days past due from the required payment date at month-end, or homogenous retail loans that are greater than 180 days past due from the required payment date at month-end that has been written down to the value of underlying collateral, less costs to sell. Doubtful — Loans classified as doubtful are homogeneous loans that are greater than 180 days past due from the required payment date at month-end and not written down to the value of underlying collateral. These loans are generally charged-off in the month in which the 180 day period elapses. The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of March 31, 2023 (in thousands):
For the quarter ended March 31, 2023, $4.9 million of revolving loans were converted to term loans. The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2022 (in thousands):
For the year ended December 31, 2022, $20.7 million of revolving loans were converted to term loans.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):
The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2023 and 2022, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands):
The following table provides information for the changes in the carrying amount of goodwill (in thousands):
We performed our annual goodwill impairment test as of June 30, 2022 in accordance with ASC 350, as updated by ASU 2017-04 (“Step 0”), and concluded that goodwill was not impaired. As of March 31, 2023, there were no events or changes in circumstances that would cause us to update that goodwill impairment test and we have concluded there is no impairment of goodwill.
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Borrowed Funds |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds | Borrowed Funds (a) Borrowings Borrowed funds at March 31, 2023 and December 31, 2022 are presented in the following table:
Borrowings from the Federal Home Loan Bank (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment. The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250.0 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. At March 31, 2023 and December 31, 2022, the balance of the revolving line of credit was $183.7 million and $51.3 million, respectively. At March 31, 2023 and December 31, 2022, collateralized borrowings due within one year were $83.3 million and $105.8 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At March 31, 2023 and December 31, 2022, collateral received was $18.7 million and $24.1 million, respectively. This represents collateral posted to us from our derivative counterparties. At March 31, 2023 and December 31, 2022, term notes payable to the FHLB of Pittsburgh due within one year were $403.0 million and $500.0 million, respectively. The March 31, 2023 total is made up of five advances: $3.0 million at 5.20% maturing April 3, 2023; $100.0 million at 5.27% maturing April 7, 2023; $100.0 million at 5.15% maturing April 14, 2023; $100.0 million at 5.15% maturing April 21, 2023; and $100.0 million at 5.13% maturing April 28, 2023. On September 9, 2020, the Company issued $125.0 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89% payable quarterly in arrears commencing on December 15, 2025. During the year-ended December 31, 2022 the Company repurchased $10.2 million of subordinated notes leaving $114.8 million of subordinated notes outstanding. The subordinated debt issuance costs of approximately $1.8 million are being amortized over five years on a straight-line basis into interest expense. At March 31, 2023 and December 31, 2022, subordinated debentures, net of issuance costs, were $113.9 million and $113.8 million, respectively. (b) Trust Preferred Securities The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I (“UNCT I”), a Delaware statutory business trust, Union National Capital Trust II (“UNCT II”), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the “Trusts”). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements. The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed.
(1) Net of discounts due to the fair value adjustment made at the time of acquisition. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing: •the interest on the debentures to no longer be deductible by the Company for federal income tax purposes; •the trusts to become subject to federal income tax or to certain other taxes or governmental charges; •the trusts to register as an investment company; or •the preferred securities to no longer qualify as Tier I capital. We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals.
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Guarantees |
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Mar. 31, 2023 | |
Guarantees [Abstract] | |
Guarantees | Guarantees We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At March 31, 2023, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $44.8 million, of which $31.2 million is fully collateralized. At March 31, 2023, we had a liability which represents deferred income of $917,000 related to the standby letters of credit. In addition, we maintain a $5.0 million unsecured line of credit with a correspondent bank for private label credit card facilities for certain existing commercial clients of the Bank, of which $1.1 million in notional value of credit cards have been issued. These issued credit cards had an outstanding balance of $125,000 at March 31, 2023. The clients of the Bank are responsible for repaying any balances due on these credit cards directly to the correspondent bank; however, if the customer fails to repay their balance, the Bank could be required to satisfy the obligation to correspondent bank and initiate collection from our customer as part of the existing credit facility of that customer.
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Earnings Per Share |
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Earnings Per Share | Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts):
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Pension and Other Post-Retirement Benefits |
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Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands):
Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2023.
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Disclosures About Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures About Fair Value of Financial Instruments | Disclosures About Fair Value of Financial Instruments We are required to disclose fair value information about financial instruments whether or not recognized in the Consolidated Statement of Financial Condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 - Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. • Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. • Level 3 - Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: ◦Quotes from brokers or other external sources that are not considered binding; ◦Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; and ◦Quotes and other information from brokers or other external sources where the inputs are not deemed observable. We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. The carrying amounts reported in the Consolidated Statement of Financial Condition approximate fair value for the following financial instruments: cash and cash equivalents, marketable securities available-for-sale, residential mortgage loans held-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, foreign exchange swaps, risk participation agreements, and accrued interest payable. Marketable Securities Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government obligations. Certain debt securities which were AAA rated at purchase do not have an active market and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as Level 2 securities if an active market for those assets or similar assets existed are included herein as Level 3 assets. Debt Securities — held-to-maturity - The fair value of debt securities held-to-maturity is determined in the same manner as debt securities available-for-sale. Loans Receivable Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Characteristics of comparable loans include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan including the approximate discount or market rate, which is not considered an exit price. Loans Held-for-Sale The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers. FHLB Stock Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. FHLB stock is recorded at cost. Deposit Liabilities The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity. Borrowed Funds Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of repurchase agreements approximates their fair value. Subordinated Debentures The fair value of our subordinated debentures is calculated using the discounted cash flows at rates observable for other similarly traded liabilities. Junior Subordinated Debentures The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest. Interest Rate Lock Commitments and Forward Commitments The fair value of interest rate lock commitments is based on the value of underlying loans held-for-sale which is based on quoted prices for similar loans in the secondary market. This value is then adjusted based on the probability of the loan closing (i.e., the “pull-through” amount, a significant unobservable input). The fair value of forward sale commitments is based on quoted prices from the secondary market based on the settlement date of the contracts. Interest Rate and Foreign Exchange Swap Agreements and Risk Participation Agreements The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the SOFR discount curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using SOFR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions we believe to be reasonable. Risk participation agreements are entered into when Northwest purchases a portion of a commercial loan that has an interest rate swap. Northwest assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower. Off-Balance Sheet Financial Instruments These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2023 and December 31, 2022, there was no significant unrealized appreciation or depreciation on these financial instruments. The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2023 (in thousands):
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2022 (in thousands):
Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2023 and December 31, 2022.
The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2022 (in thousands):
The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held-for-sale, loans individually assessed, real estate owned, and mortgage servicing rights. The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2023 (in thousands):
The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2022 (in thousands):
Individually Assessed Loans - A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2022 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3. Mortgage servicing rights - Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified as nonrecurring Level 3. Real Estate Owned - Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2023 (in thousands):
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.
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Derivative Financial Instruments |
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Derivative Financial Instruments | Derivative Financial Instruments We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements. Derivatives Not Designated as Hedging Instruments We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the consolidated statement of financial condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income. We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the consolidated statement of financial condition. Northwest sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income. We enter into risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands):
The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):
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Legal Proceedings |
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Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of March 31, 2023, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings. |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands):
(1)Consists of unrealized holding gains, net of tax of ($3,308). (2)Consists of realized gains, net of tax of $152. (3)Consists of unrealized holding losses, net of tax $18,877. (4)Consists of realized gains, net of tax $0. (5)Consists of realized gains, net of tax of $50.
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Basis of Presentation and Informational Disclosures (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 150 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and MutualFirst Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 updated, as required, for any new pronouncements or changes. |
Income Taxes - Uncertain Tax Positions | Income Taxes-Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. We had $473,000 of liability for unrecognized tax benefits as of both March 31, 2023 and December 31, 2022. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2022, 2021, 2020 and 2019.
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Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure.” This ASU eliminates the accounting guidance for troubled debt restructurings ("TDRs"), while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. This ASU also requires the disclosure of current period gross write-offs by year for origination for financing receivables. This guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those years, with early adoption permitted. This ASU is applied prospectively to modifications and write-offs beginning on the first day of the fiscal year of adoption. An entity may elect to adopt a modified retrospective transition method on the recognition and measurement of the TDR guidance. We adopted ASU 2022-02 using a modified retrospective transition approach related to the recognition and measurement of the TDR guidance and on a prospective basis for modification and write-offs. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required ASU 2022-02 disclosure for periods before the date of adoption (i.e. January 1, 2023). This change did not have a material effect on our consolidated financial statements.
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Marketable Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the portfolio of investment securities available-for-sale | The following table shows the portfolio of marketable securities available-for-sale at March 31, 2023 (in thousands):
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Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2023 (in thousands):
The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2022 (in thousands):
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Information regarding the issuers and the carrying values of the entity's mortgage-backed securities | The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at March 31, 2023 (in thousands):
The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at March 31, 2023 (in thousands):
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Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position | The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2023 (in thousands):
The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2022 (in thousands):
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Schedule of credit quality of held-to-maturity securities | The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2023 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2023.
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Loans Receivable (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of loans receivable | The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2023 and December 31, 2022 (in thousands):
(1) Includes originated and loan pools purchased in an asset acquisition. (2) Includes loans subject to purchase accounting in a business combination. (3) Includes $6.4 million and $9.9 million of loans held-for-sale at March 31, 2023 and December 31, 2022, respectively. (4) Includes $619,000 and $0 of loans held-for-sale at March 31, 2023 and December 31, 2022, respectively. (5) Includes $78.3 million and $76.1 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2023 and December 31, 2022, respectively.
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Schedule of the changes in the allowance for losses on loans receivable | The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2023 (in thousands):
(1) The table above has been revised to reflect the correct ending balance for total off-balance-sheet exposure at December 31, 2022. We evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2022 (in thousands):
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Schedule of loan portfolio by portfolio segment and by class of financing receivable | The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2023 (in thousands):
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2022, prior to the adoption of ASU 2022-02 (in thousands):
(1)Includes $29.2 million of nonaccrual TDRs.
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Schedule of the composition of nonaccrual loans by portfolio segment and by class of financing receivable | The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2023 (in thousands):
The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2022 (in thousands):
The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2023 (in thousands):
The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2022 (in thousands):
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Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | The following table presents the amortized cost basis of loans as of March 31, 2023 that were both experiencing financial difficulty and modified during the quarter ended March 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below.
The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the quarter ended March 31, 2023:
The following table provides a roll forward of troubled debt restructurings for the period indicated, prior to the adoption of ASU 2022-02 (dollars in thousands):
The following table provides information related to TDRs (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated, prior to the adoption of ASU 2022-02 (in thousands):
The following table provides information as of March 31, 2022 for TDRs (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2022, prior to the adoption of ASU 2022-02 (in thousands):
The following table provides information related to troubled debt restructurings modified within the previous twelve months of March 31, 2022 that subsequently defaulted, prior to the adoption of ASU 2022-02:
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Schedule of loan delinquencies | The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2023 (in thousands):
The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2022 (in thousands):
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Schedule of credit quality indicators | The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of March 31, 2023 (in thousands):
The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2022 (in thousands):
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets subject to amortization | The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):
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Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets | The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2023 and 2022, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands):
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Schedule of the changes in carrying amount of goodwill | The following table provides information for the changes in the carrying amount of goodwill (in thousands):
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Borrowed Funds (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of borrowed funds | Borrowed funds at March 31, 2023 and December 31, 2022 are presented in the following table:
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Schedule of capital debt securities and junior subordinated deferrable interest debentures | The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed.
(1) Net of discounts due to the fair value adjustment made at the time of acquisition.
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts):
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Pension and Other Post-Retirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net periodic costs for the defined benefit pension plans and the post retirement healthcare plans | The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands):
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Disclosures About Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition | The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2023 (in thousands):
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2022 (in thousands):
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Schedule of assets and liabilities measured at fair value on a recurring basis | The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2023 (in thousands):
The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2022 (in thousands):
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Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):
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Schedule of fair value measurement for nonrecurring assets | The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2023 (in thousands):
The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2022 (in thousands):
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Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements | The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2023 (in thousands):
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative instruments | The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands):
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Gain (loss) on derivative instruments | The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):
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Changes in Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the changes in accumulated other comprehensive income by component | The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands):
(1)Consists of unrealized holding gains, net of tax of ($3,308). (2)Consists of realized gains, net of tax of $152. (3)Consists of unrealized holding losses, net of tax $18,877. (4)Consists of realized gains, net of tax $0. (5)Consists of realized gains, net of tax of $50.
|
Marketable Securities - Available-for-sale, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Amortized cost | |
Due within one year | $ 33 |
Due after one year through five years | 33,776 |
Due after five years through ten years | 44,464 |
Due after ten years | 1,065,133 |
Total marketable securities available-for-sale | 1,143,406 |
Fair value | |
Due within one year | 32 |
Due after one year through five years | 31,288 |
Due after five years through ten years | 41,905 |
Due after ten years | 903,745 |
Total marketable securities available-for-sale | $ 976,970 |
Marketable Securities - Held To Maturity, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Amortized cost | |
Due after one year through five years | $ 20,514 |
Due after five years through ten years | 20,242 |
Due after ten years | 700,811 |
Total marketable securities held-to-maturity | 741,567 |
Fair value | |
Due after one year through five years | 17,902 |
Due after five years through ten years | 16,208 |
Due after ten years | 610,471 |
Total marketable securities held-to-maturity | $ 644,581 |
Loans Receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
contract
|
Dec. 31, 2022
USD ($)
|
|
Number of contracts | ||
Beginning balance | contract | 134 | |
New TDRs | contract | 0 | |
Re-modified TDRs | contract | 1 | |
Net paydowns | contract | 0 | |
Ending balance | contract | 130 | |
Amount | ||
Beginning TDR balance | $ 30,288 | |
New TDRs | 0 | |
Re-modified TDRs | 202 | |
Net paydowns | (1,030) | |
Ending TDR balance | 28,701 | |
Accruing TDRs | 12,686 | |
Non-accrual TDRs | $ 16,015 | $ 29,200 |
Residential mortgage loans | ||
Number of contracts | ||
Charge-offs: | contract | 1 | |
Paid-off loans: | contract | 1 | |
Amount | ||
Charge-offs: | $ (3) | |
Paid-off loans: | $ (201) | |
Home equity loans | ||
Number of contracts | ||
Paid-off loans: | contract | 1 | |
Amount | ||
Paid-off loans: | $ (64) | |
Commercial real estate loans | ||
Number of contracts | ||
Paid-off loans: | contract | 1 | |
Amount | ||
Paid-off loans: | $ (289) |
Loans Receivable - Troubled Debt Restructuring (Including Re-Modified TDRs) by Portfolio Segment and by Class of Financing Receivable (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
contract
| |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of contracts | contract | 1 |
Recorded investment at the time of modification | $ 330 |
Current recorded investment | 202 |
Current allowance | $ 11 |
Business Banking: | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of contracts | contract | 1 |
Recorded investment at the time of modification | $ 330 |
Current recorded investment | 202 |
Current allowance | $ 11 |
Business Banking: | Commercial real estate loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of contracts | contract | 1 |
Recorded investment at the time of modification | $ 330 |
Current recorded investment | 202 |
Current allowance | $ 11 |
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Amortizable intangible assets: | |||
Intangible asset - net | $ 7,651 | $ 8,560 | |
Estimated amortization expense | |||
Amortization expense | 909 | $ 1,183 | |
For the year ending December 31, 2023 | 3,270 | ||
For the year ending December 31, 2024 | 2,452 | ||
For the year ending December 31, 2025 | 1,662 | ||
For the year ending December 31, 2026 | 871 | ||
For the year ending December 31, 2027 | 305 | ||
Core deposits | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 74,899 | 74,899 | |
Less: accumulated amortization | (67,265) | (66,367) | |
Intangible asset - net | 7,634 | 8,532 | |
Customer and contract | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 12,775 | 12,775 | |
Less: accumulated amortization | (12,758) | (12,747) | |
Intangible asset - net | $ 17 | $ 28 |
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Changes in the carrying amount of goodwill | ||
Goodwill | $ 380,997 | $ 380,997 |
Borrowed Funds - Schedule of Borrowed Funds (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowed funds | $ 688,641 | $ 681,166 |
Collateralized borrowings, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 83,290 | $ 105,766 |
Average rate | 1.16% | 0.27% |
Collateral received, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 18,651 | $ 24,100 |
Average rate | 5.17% | 4.17% |
Federal Home Loan Bank of Pittsburgh | Term notes payable to the FHLB of Pittsburgh, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 403,000 | $ 500,000 |
Average rate | 5.17% | 4.55% |
Federal Home Loan Bank of Pittsburgh | Notes payable to the FHLB of Pittsburgh, due within one year | ||
Debt Instrument [Line Items] | ||
Borrowed funds | $ 183,700 | $ 51,300 |
Average rate | 5.15% | 4.45% |
Guarantees (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Credit Card | |
Guarantor Obligations [Line Items] | |
Derivative, notional amount | $ 1,100 |
Letter of credit | |
Guarantor Obligations [Line Items] | |
Maximum exposure collateralized | 44,800 |
Maximum potential amount of future payments | 31,200 |
Liability recognized for the obligations | 917,000 |
Letter of credit | Credit Card | |
Guarantor Obligations [Line Items] | |
Maximum exposure collateralized | 125 |
Maximum potential amount of future payments | $ 5,000 |
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Net income | $ 33,679 | $ 28,287 |
Less: Dividends and undistributed earnings allocated to participating securities | 146 | 177 |
Net income available to common shareholders basic | 33,533 | 28,110 |
Net income available to common shareholders diluted | $ 33,533 | $ 28,110 |
Weighted average common shares outstanding (in shares) | 126,498,512 | 125,861,738 |
Add: Participating shares outstanding (in shares) | 551,751 | 791,217 |
Total weighted average common shares and dilutive potential shares (in shares) | 127,050,263 | 126,652,955 |
Basic earnings per share (in dollars per share) | $ 0.27 | $ 0.22 |
Diluted earnings per share (in dollars per share) | $ 0.26 | $ 0.22 |
Pension and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Pension benefits | ||
Components of net periodic benefit cost | ||
Service cost | $ 1,560 | $ 2,599 |
Interest cost | 2,245 | 1,671 |
Expected return on plan assets | (3,479) | (3,864) |
Amortization of prior service cost | (564) | (564) |
Amortization of the net loss | 20 | 381 |
Net periodic cost | (218) | 223 |
Other post-retirement benefits | ||
Components of net periodic benefit cost | ||
Service cost | 0 | 0 |
Interest cost | 7 | 10 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 10 | 2 |
Net periodic cost | $ 17 | $ 12 |
Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Fair Value Disclosures [Abstract] | ||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 |
Disclosures About Fair Value of Financial Instruments - Reconciliation of all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 - Debt securities - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Balance at the beginning of the period | $ 559 | $ 1,684 |
Interest rate lock commitments: | ||
Net activity | (173) | (4) |
Balance at the end of the period | $ 386 | $ 1,680 |
Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
(Decrease)/increase in other income | ||
Non-hedging swap derivatives: | ||
(Decrease)/increase in other income | $ (202) | $ 61 |
Increase in mortgage banking income | ||
Non-hedging swap derivatives: | ||
(Decrease)/increase in other income | $ 174 | $ 418 |
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