QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Page No. | ||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||
(in thousands, except share and per share data) | (Unaudited) | (Audited) | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and due from banks, including interest-bearing deposits of $ | $ | $ | |||||||||||||||
Securities, at fair value | |||||||||||||||||
Loans held for sale | |||||||||||||||||
Portfolio loans, net of unearned income | |||||||||||||||||
Allowance for credit losses | ( | ( | |||||||||||||||
Portfolio loans, net | |||||||||||||||||
Bank owned life insurance | |||||||||||||||||
Premises and equipment, net | |||||||||||||||||
Federal Home Loan Bank and other restricted stock, at cost | |||||||||||||||||
Goodwill | |||||||||||||||||
Other intangible assets, net | |||||||||||||||||
Other assets | |||||||||||||||||
Total Assets | $ | $ | |||||||||||||||
LIABILITIES | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand | $ | $ | |||||||||||||||
Interest-bearing demand | |||||||||||||||||
Money market | |||||||||||||||||
Savings | |||||||||||||||||
Certificates of deposit | |||||||||||||||||
Total Deposits | |||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||
Short-term borrowings | |||||||||||||||||
Long-term borrowings | |||||||||||||||||
Junior subordinated debt securities | |||||||||||||||||
Other liabilities | |||||||||||||||||
Total Liabilities | |||||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||
Common stock ($ Authorized— Issued— Outstanding— | |||||||||||||||||
Additional paid-in capital | |||||||||||||||||
Retained earnings | |||||||||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||||||||
Treasury stock — | ( | ( | |||||||||||||||
Total Shareholders’ Equity | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||||||||||||||||||||||
Loans, including fees | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||||||
Taxable | |||||||||||||||||||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||||||||
Total Interest and Dividend Income | |||||||||||||||||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||||
Borrowings and junior subordinated debt securities | |||||||||||||||||||||||||||||||||||
Total Interest Expense | |||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | |||||||||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | |||||||||||||||||||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||||||
Net gain on sale of securities | |||||||||||||||||||||||||||||||||||
Debit and credit card | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||||||||||||||
Wealth management | |||||||||||||||||||||||||||||||||||
Mortgage banking | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total Noninterest Income | |||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | |||||||||||||||||||||||||||||||||||
Data processing and information technology | |||||||||||||||||||||||||||||||||||
Occupancy | |||||||||||||||||||||||||||||||||||
Furniture, equipment and software | |||||||||||||||||||||||||||||||||||
Professional services and legal | |||||||||||||||||||||||||||||||||||
Other taxes | |||||||||||||||||||||||||||||||||||
Marketing | |||||||||||||||||||||||||||||||||||
FDIC insurance | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total Noninterest Expense | |||||||||||||||||||||||||||||||||||
Income Before Taxes | |||||||||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Earnings per share—basic | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Earnings per share—diluted | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Dividends declared per share | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Comprehensive (Loss) Income | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Net income for the three months ended September 30, 2021 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued for restricted stock awards ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income for the three months ended September 30, 2022 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of S&T stock ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Net income for the nine months ended September 30, 2021 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued for restricted stock awards ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income for the nine months ended September 30, 2022 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued for restricted stock awards ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of S&T Stock ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Nine months ended September 30, | |||||||||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net Cash Provided by Operating Activities | $ | $ | |||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Purchases of securities | ( | ( | |||||||||||||||
Proceeds from maturities, prepayments and calls of securities | |||||||||||||||||
Proceeds from sales of securities | |||||||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | |||||||||||||||||
Purchases of Federal Home Loan Bank stock | ( | ( | |||||||||||||||
Net (increase) decrease in loans | ( | ||||||||||||||||
Proceeds from sale of portfolio loans | |||||||||||||||||
Purchases of premises and equipment | ( | ( | |||||||||||||||
Proceeds from the sale of premises and equipment | |||||||||||||||||
Proceeds from life insurance settlement | |||||||||||||||||
Net Cash (Used in) Provided by Investing Activities | ( | ||||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net (decrease) increase in core deposits | ( | ||||||||||||||||
Net (decrease) in certificates of deposit | ( | ( | |||||||||||||||
Net (decrease) increase in securities sold under repurchase agreements | ( | ||||||||||||||||
Net increase (decrease) in short-term borrowings | ( | ||||||||||||||||
Repayments on long-term borrowings | ( | ( | |||||||||||||||
Repurchase of shares for taxes on restricted stock | ( | ( | |||||||||||||||
Cash dividends paid to common shareholders | ( | ( | |||||||||||||||
Repurchase of common stock | ( | ||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | ( | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | $ | |||||||||||||||
Supplemental Disclosures | |||||||||||||||||
Loans transferred to held for sale | $ | $ | |||||||||||||||
Cash paid for interest | $ | $ | |||||||||||||||
Cash paid for income taxes, net of refunds | $ | $ | |||||||||||||||
Transfers of loans to other real estate owned | $ | $ | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Numerator for Earnings per Share—Basic and Diluted: | |||||||||||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Less: Income allocated to participating shares | |||||||||||||||||||||||||||||||||||
Net Income Allocated to Shareholders | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Denominator for Earnings per Share - Basic and Diluted: | |||||||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding—Basic | |||||||||||||||||||||||||||||||||||
Add: Average participating shares outstanding | |||||||||||||||||||||||||||||||||||
Denominator for Two-Class Method—Diluted | |||||||||||||||||||||||||||||||||||
Earnings per share—basic | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Earnings per share—diluted | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares |
September 30, 2022 | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Corporate obligations | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Total Available-for-sale Debt Securities | |||||||||||||||||||||||
Marketable equity securities | |||||||||||||||||||||||
Total Securities | |||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | |||||||||||||||||||||||
Forward sale contracts - mortgage loans | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | $ | $ | $ | $ | |||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Interest rate swaps - cash flow hedge | |||||||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Corporate obligations | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Total Available-for-sale Debt Securities | |||||||||||||||||||||||
Marketable equity securities | |||||||||||||||||||||||
Total Securities | |||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward sale contracts - mortgage loans | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | $ | $ | $ | $ | |||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
December 31, 2021 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) (2) | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Loans individually evaluated | $ | Collateral method | Appraisal adjustment | - | |||||||||||||||||||||||||||||||
Other real estate owned | Collateral method | Appraisal adjustment | |||||||||||||||||||||||||||||||||
Total Assets | $ | ||||||||||||||||||||||||||||||||||
(1) Weighted averages for loans individually evaluated were weighted by loan amounts. (2) Weighted averages for other real estate owned were weighted by OREO balances. |
Carrying Value(1) | Fair Value Measurements at September 30, 2022 | ||||||||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Portfolio loans, net | |||||||||||||||||||||||||||||
Collateral receivable | |||||||||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Interest rate swaps - commercial loans | |||||||||||||||||||||||||||||
Forward sale contracts | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Collateral payable | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||||||||
Junior subordinated debt securities | |||||||||||||||||||||||||||||
Interest rate swaps - commercial loans | |||||||||||||||||||||||||||||
Interest rate swaps - cash flow hedge | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets |
Carrying Value(1) | Fair Value Measurements at December 31, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Portfolio loans, net | |||||||||||||||||||||||||||||
Collateral receivable | |||||||||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Forward sale contracts | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||||||||
Junior subordinated debt securities | |||||||||||||||||||||||||||||
Interest rate swaps - commercial loans | |||||||||||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Available-for-sale debt securities | $ | $ | |||||||||||||||
Marketable equity securities | |||||||||||||||||
Total Securities | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Available-for-Sale Debt Securities (1) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Losses | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains | |||||||||||||||||||||||||||||
Total unrealized gains (losses) on available-for-sale debt securities | $ | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | $ | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||
September 30, 2022 | |||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | |||||||||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Available-for-Sale Debt Securities With Fixed Maturities | |||||||||||
Debt Securities without a single maturity date | |||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||
Corporate obligations | |||||||||||
Total Available-for-Sale Debt Securities | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Marketable Equity Securities | |||||||||||||||||||||||
Net market gains (losses) recognized | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Less: Net gains recognized for equity securities sold | |||||||||||||||||||||||
Unrealized Gains (Losses) on Equity Securities Still Held | $ | ( | $ | $ | ( | $ |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Commercial | |||||||||||
Commercial real estate | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Commercial construction | |||||||||||
Total Commercial Loans | |||||||||||
Consumer | |||||||||||
Consumer real estate | |||||||||||
Other consumer | |||||||||||
Total Consumer Loans | |||||||||||
Total Portfolio Loans | |||||||||||
Loans held for sale | |||||||||||
Total Loans (1) | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accruing TDRs | Nonaccruing TDRs | Total TDRs | Accruing TDRs | Nonaccruing TDRs | Total TDRs | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | |||||||||||||||||||||||
(dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | |||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Commercial industrial | ||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||
Business banking | ||||||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | |||||||||||||||||||||||
(dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | |||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Commercial industrial | ||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||
Business banking | ||||||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2) | Total Pre-Modification Outstanding Recorded Investment(2) | |||||||||||||||||||||||
(dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | |||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Commercial industrial | ||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||
Business banking | ||||||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Number of Contracts | Type of Modification | Total Post-Modification Outstanding Recorded Investment(2,3) | Total Pre-Modification Outstanding Recorded Investment(2,3) | |||||||||||||||||||||||
(dollars in thousands) | Bankruptcy(1) | Other | Extend Maturity | Modify Rate | Modify Payments | |||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Commercial industrial | ||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||
Business banking | ||||||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (3) Excludes |
Nonperforming Assets | |||||||||||||||||
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Nonperforming Assets | |||||||||||||||||
Nonaccrual loans | $ | $ | |||||||||||||||
Nonaccrual TDRs | |||||||||||||||||
Total Nonaccrual Loans | |||||||||||||||||
OREO | |||||||||||||||||
Total Nonperforming Assets | $ | $ | |||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non - performing | Total Past Due Loans | Total Loans | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non - performing | Total Past Due Loans | Total Loans | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||
Total(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(1) We had |
September 30, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Interest Income Recognized on Nonaccrual(1) | ||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||
Business banking | ||||||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2021 | ||||||||||||||||||||||||||
(dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Interest Income Recognized on Nonaccrual(1) | ||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Commercial construction | ( | |||||||||||||||||||||||||
Business banking | ||||||||||||||||||||||||||
Consumer real estate | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||||||||
Type of Collateral | |||||||||||||||||||||||
(dollars in thousands) | Real Estate | Business Assets | Investment/Cash | Other | |||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||
Business banking | |||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
Type of Collateral | |||||||||||||||||||||||
(dollars in thousands) | Real Estate | Business Assets | Investment/Cash | Other | |||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||
Business banking | |||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans(1) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net (Charge-offs)/ Recoveries | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments. |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans(1) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans(1) | ( | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments. |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking(1) | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans(1) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments. |
September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts - commercial loans | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Interest rate lock commitments - mortgage loans | |||||||||||||||||||||||||||||||||||
Forward sales contracts - mortgage loans | |||||||||||||||||||||||||||||||||||
Total Derivatives Not Designated as Hedging Instruments | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Total Derivatives | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Gross amounts recognized | $ | $ | $ | $ | |||||||||||||||||||
Gross amounts offset | ( | ( | ( | ||||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | |||||||||||||||||||||||
Netting adjustments (1) | ( | ( | |||||||||||||||||||||
Cash collateral (2) | ( | ( | ( | ||||||||||||||||||||
Net Amount | $ | $ | $ | $ | |||||||||||||||||||
(1) Netting adjustments represents the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.. | |||||||||||||||||||||||
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. |
Amount of Loss Recognized in Other Comprehensive Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ |
Amount of Loss Recognized in Other Comprehensive Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts—commercial loans | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Interest rate lock commitments—mortgage loans | ( | ( | |||||||||||||||||||||||||||||||||
Forward sale contracts—mortgage loans | ( | ( | |||||||||||||||||||||||||||||||||
Total Derivatives Gain (Loss) | $ | $ | ( | $ | ( | $ | ( |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||
Commitments to extend credit | $ | $ | |||||||||||||||
Standby letters of credit | |||||||||||||||||
Total | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pre-Tax Amount | Tax Benefit | Net of Tax Amount | Pre-Tax Amount | Tax Benefit | Net of Tax Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized losses on available-for-sale debt securities | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Change in interest rate swap | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to funded status of employee benefit plans (1) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pre-Tax Amount | Tax Benefit | Net of Tax Amount | Pre-Tax Amount | Tax Benefit (Expense) | Net of Tax Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized losses on available-for-sale debt securities | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Change in interest rate swap | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to funded status of employee benefit plans (1) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Value of shares authorized to repurchase | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Remaining plan capacity at the beginning of the period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Total shares repurchased | |||||||||||||||||||||||||||||||||||
Average share price for the period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Total cost of repurchases | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Remaining plan capacity at the end of the period | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Net income | $ | 37,249 | $ | 27,598 | $ | 95,250 | $ | 87,866 | |||||||||||||||||||||||||||
Earnings per share - diluted | $ | 0.95 | $ | 0.70 | $ | 2.43 | $ | 2.24 | |||||||||||||||||||||||||||
Return on average assets | 1.64 | % | 1.15 | % | 1.38 | % | 1.26 | % | |||||||||||||||||||||||||||
Return on average shareholders' equity | 12.47 | % | 9.13 | % | 10.73 | % | 9.96 | % | |||||||||||||||||||||||||||
Return on average tangible shareholders' equity (non-GAAP) | 18.46 | % | 13.53 | % | 15.91 | % | 14.87 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Net income (annualized) | $ | 147,781 | $ | 109,492 | $ | 127,350 | $ | 117,477 | |||||||||||||||||||||||||||
Plus: amortization of intangibles (annualized), net of tax | 1,181 | 1,369 | 1,217 | 1,409 | |||||||||||||||||||||||||||||||
Net income before amortization of intangibles (annualized) | $ | 148,962 | $ | 110,861 | $ | 128,567 | $ | 118,886 | |||||||||||||||||||||||||||
Average shareholders' equity | $ | 1,185,162 | $ | 1,198,641 | $ | 1,186,427 | $ | 1,179,403 | |||||||||||||||||||||||||||
Less: average goodwill and other intangible assets, net of deferred tax liability | (378,154) | (379,443) | (378,454) | (379,788) | |||||||||||||||||||||||||||||||
Average tangible shareholders' equity | $ | 807,008 | $ | 819,198 | $ | 807,973 | $ | 799,615 | |||||||||||||||||||||||||||
Return on average tangible shareholders' equity (non-GAAP) | 18.46 | % | 13.53 | % | 15.91 | % | 14.87 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Total interest and dividend income per Condensed Consolidated Statements of Comprehensive Income (Loss) | $ | 89,835 | $ | 71,769 | $ | 237,543 | $ | 218,127 | |||||||||||||||||||||||||||
Adjustment to FTE basis | 521 | 557 | 1,520 | 1,806 | |||||||||||||||||||||||||||||||
Interest Income on an FTE Basis (Non-GAAP) | $ | 90,356 | $ | 72,326 | $ | 239,063 | $ | 219,933 | |||||||||||||||||||||||||||
Total interest and dividend income | $ | 89,835 | $ | 71,769 | $ | 237,543 | $ | 218,127 | |||||||||||||||||||||||||||
Total interest expense | 6,037 | 3,058 | 10,818 | 10,453 | |||||||||||||||||||||||||||||||
Net Interest Income per Condensed Consolidated Statements of Comprehensive Income (Loss) | 83,798 | 68,711 | 226,725 | 207,674 | |||||||||||||||||||||||||||||||
Adjustment to FTE basis | 521 | 557 | 1,520 | 1,806 | |||||||||||||||||||||||||||||||
Net Interest Income on an FTE Basis (Non-GAAP) | $ | 84,319 | $ | 69,268 | $ | 228,245 | $ | 209,480 | |||||||||||||||||||||||||||
Net interest margin | 4.02 | % | 3.11 | % | 3.56 | % | 3.22 | % | |||||||||||||||||||||||||||
Adjustment to FTE basis | 0.02 | % | 0.03 | % | 0.02 | % | 0.03 | % | |||||||||||||||||||||||||||
Net Interest Margin on an FTE Basis (Non-GAAP) | 4.04 | % | 3.14 | % | 3.58 | % | 3.25 | % |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 158,700 | $ | 813 | 2.05 | % | $ | 914,370 | $ | 374 | 0.16 | % | |||||||||||||||||
Securities, at fair value(1)(2) | 1,051,534 | 5,994 | 2.28 | % | 836,019 | 4,577 | 2.19 | % | |||||||||||||||||||||
Loans held for sale | 1,032 | 14 | 5.36 | % | 3,656 | 31 | 3.35 | % | |||||||||||||||||||||
Commercial real estate | 3,159,543 | 36,865 | 4.63 | % | 3,239,867 | 30,091 | 3.68 | % | |||||||||||||||||||||
Commercial and industrial | 1,704,271 | 21,896 | 5.10 | % | 1,744,684 | 18,329 | 4.17 | % | |||||||||||||||||||||
Commercial construction | 405,460 | 5,163 | 5.05 | % | 490,940 | 3,964 | 3.20 | % | |||||||||||||||||||||
Total Commercial Loans | 5,269,274 | 63,924 | 4.81 | % | 5,475,491 | 52,384 | 3.80 | % | |||||||||||||||||||||
Residential mortgage | 1,005,139 | 10,376 | 4.12 | % | 875,684 | 8,792 | 4.00 | % | |||||||||||||||||||||
Home equity | 629,827 | 6,891 | 4.34 | % | 547,984 | 4,612 | 3.34 | % | |||||||||||||||||||||
Installment and other consumer | 123,010 | 1,890 | 6.10 | % | 92,615 | 1,366 | 5.85 | % | |||||||||||||||||||||
Consumer construction | 40,975 | 358 | 3.47 | % | 13,626 | 126 | 3.66 | % | |||||||||||||||||||||
Total Consumer Loans | 1,798,951 | 19,515 | 4.31 | % | 1,529,909 | 14,896 | 3.87 | % | |||||||||||||||||||||
Total Portfolio Loans | 7,068,225 | 83,439 | 4.69 | % | 7,005,400 | 67,279 | 3.81 | % | |||||||||||||||||||||
Total Loans(1)(3) | 7,069,257 | 83,453 | 4.69 | % | 7,009,056 | 67,310 | 3.81 | % | |||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | 8,398 | 96 | 4.55 | % | 9,981 | 65 | 2.62 | % | |||||||||||||||||||||
Total Interest-earning Assets | 8,287,889 | 90,356 | 4.33 | % | 8,769,425 | 72,326 | 3.28 | % | |||||||||||||||||||||
Noninterest-earning assets | 721,480 | 724,759 | |||||||||||||||||||||||||||
Total Assets | $ | 9,009,369 | $ | 9,494,184 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Interest-bearing demand | $ | 872,302 | $ | 165 | 0.07 | % | $ | 962,139 | $ | 184 | 0.08 | % | |||||||||||||||||
Money market | 1,861,389 | 3,258 | 0.69 | % | 2,062,958 | 911 | 0.18 | % | |||||||||||||||||||||
Savings | 1,131,575 | 290 | 0.10 | % | 1,059,904 | 70 | 0.03 | % | |||||||||||||||||||||
Certificates of deposit | 962,898 | 1,484 | 0.61 | % | 1,240,345 | 1,274 | 0.41 | % | |||||||||||||||||||||
Total Interest-bearing Deposits | 4,828,164 | 5,197 | 0.43 | % | 5,325,346 | 2,439 | 0.18 | % | |||||||||||||||||||||
Securities sold under repurchase agreements | 12,668 | 3 | 0.10 | % | 71,054 | 18 | 0.10 | % | |||||||||||||||||||||
Short-term borrowings | 10,379 | 83 | 3.16 | % | — | — | — | % | |||||||||||||||||||||
Long-term borrowings | 17,278 | 98 | 2.25 | % | 22,841 | 114 | 1.99 | % | |||||||||||||||||||||
Junior subordinated debt securities | 54,428 | 656 | 4.78 | % | 64,118 | 487 | 3.01 | % | |||||||||||||||||||||
Total Borrowings | 94,753 | 840 | 3.52 | % | 158,012 | 619 | 1.56 | % | |||||||||||||||||||||
Total Interest-bearing Liabilities | 4,922,917 | 6,037 | 0.49 | % | 5,483,358 | 3,058 | 0.22 | % | |||||||||||||||||||||
Noninterest-bearing liabilities | 2,901,290 | 2,812,185 | |||||||||||||||||||||||||||
Shareholders' equity | 1,185,162 | 1,198,641 | |||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 9,009,369 | $ | 9,494,184 | |||||||||||||||||||||||||
Net Interest Income (1)(2) | $ | 84,319 | $ | 69,268 | |||||||||||||||||||||||||
Net Interest Margin (1)(2) | 4.04 | % | 3.14 | % |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 478,896 | $ | 2,146 | 0.60 | % | $ | 669,593 | $ | 613 | 0.12 | % | |||||||||||||||||
Securities, at fair value(1)(2) | 1,026,131 | 16,860 | 2.19 | % | 815,197 | 13,672 | 2.24 | % | |||||||||||||||||||||
Loans held for sale | 1,326 | 42 | 4.15 | % | 4,780 | 108 | 3.02 | % | |||||||||||||||||||||
Commercial real estate | 3,204,371 | 99,187 | 4.14 | % | 3,248,417 | 90,158 | 3.71 | % | |||||||||||||||||||||
Commercial and industrial | 1,700,923 | 56,843 | 4.47 | % | 1,863,447 | 57,509 | 4.13 | % | |||||||||||||||||||||
Commercial construction | 406,513 | 12,304 | 4.05 | % | 479,733 | 11,851 | 3.30 | % | |||||||||||||||||||||
Total Commercial Loans | 5,311,807 | 168,334 | 4.24 | % | 5,591,597 | 159,518 | 3.81 | % | |||||||||||||||||||||
Residential mortgage | 947,454 | 28,674 | 4.04 | % | 878,709 | 27,204 | 4.13 | % | |||||||||||||||||||||
Home equity | 598,595 | 16,995 | 3.80 | % | 538,931 | 14,085 | 3.49 | % | |||||||||||||||||||||
Installment and other consumer | 117,388 | 4,955 | 5.64 | % | 85,640 | 3,884 | 6.06 | % | |||||||||||||||||||||
Consumer construction | 31,407 | 801 | 3.41 | % | 14,257 | 525 | 4.92 | % | |||||||||||||||||||||
Total Consumer Loans | 1,694,844 | 51,425 | 4.05 | % | 1,517,538 | 45,698 | 4.02 | % | |||||||||||||||||||||
Total Portfolio Loans | 7,006,651 | 219,759 | 4.19 | % | 7,109,135 | 205,216 | 3.86 | % | |||||||||||||||||||||
Total Loans(1)(3) | 7,007,977 | 219,801 | 4.19 | % | 7,113,915 | 205,324 | 3.86 | % | |||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | 8,869 | 256 | 3.86 | % | 10,579 | 323 | 4.07 | % | |||||||||||||||||||||
Total Interest-earning Assets | 8,521,873 | 239,063 | 3.75 | % | 8,609,284 | 219,933 | 3.41 | % | |||||||||||||||||||||
Noninterest-earning assets | 706,640 | 728,314 | |||||||||||||||||||||||||||
Total Assets | $ | 9,228,513 | $ | 9,337,598 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Interest-bearing demand | $ | 945,733 | $ | 526 | 0.07 | % | $ | 952,297 | $ | 636 | 0.09 | % | |||||||||||||||||
Money market | 1,948,653 | 4,714 | 0.32 | % | 2,023,583 | 2,748 | 0.18 | % | |||||||||||||||||||||
Savings | 1,119,739 | 496 | 0.06 | % | 1,033,581 | 291 | 0.04 | % | |||||||||||||||||||||
Certificates of deposit | 1,011,228 | 3,105 | 0.41 | % | 1,291,666 | 4,896 | 0.51 | % | |||||||||||||||||||||
Total Interest-bearing Deposits | 5,025,353 | 8,841 | 0.24 | % | 5,301,126 | 8,572 | 0.22 | % | |||||||||||||||||||||
Securities sold under repurchase agreements | 47,912 | 36 | 0.10 | % | 67,872 | 60 | 0.12 | % | |||||||||||||||||||||
Short-term borrowings | 3,498 | 83 | 3.16 | % | 8,425 | 12 | 0.19 | % | |||||||||||||||||||||
Long-term borrowings | 20,535 | 316 | 2.06 | % | 23,139 | 346 | 2.00 | % | |||||||||||||||||||||
Junior subordinated debt securities | 54,413 | 1,542 | 3.79 | % | 64,103 | 1,463 | 3.05 | % | |||||||||||||||||||||
Total Borrowings | 126,358 | 1,977 | 2.09 | % | 163,539 | 1,882 | 1.54 | % | |||||||||||||||||||||
Total Interest-bearing Liabilities | 5,151,711 | 10,818 | 0.28 | % | 5,464,665 | 10,453 | 0.26 | % | |||||||||||||||||||||
Noninterest-bearing liabilities | 2,890,375 | 2,693,530 | |||||||||||||||||||||||||||
Shareholders' equity | 1,186,427 | 1,179,403 | |||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 9,228,513 | $ | 9,337,598 | |||||||||||||||||||||||||
Net Interest Income (1)(2) | $ | 228,245 | $ | 209,480 | |||||||||||||||||||||||||
Net Interest Margin (1)(2) | 3.58 | % | 3.25 | % |
Three Months Ended September 30, 2022 Compared to September 30, 2021 | Nine Months Ended September 30, 2022 Compared to September 30, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Volume (4) | Rate (4) | Total | Volume (4) | Rate (4) | Total | |||||||||||||||||
Interest earned on: | |||||||||||||||||||||||
Interest-bearing deposits with banks | $ | (309) | $ | 749 | $ | 440 | $ | (175) | $ | 1,707 | $ | 1,532 | |||||||||||
Securities, at fair value(1)(2) | 1,180 | 237 | 1,417 | 3,538 | (350) | 3,188 | |||||||||||||||||
Loans held for sale | (22) | 5 | (17) | (78) | 11 | (67) | |||||||||||||||||
Commercial real estate | (746) | 7,519 | 6,773 | (1,222) | 10,252 | 9,030 | |||||||||||||||||
Commercial and industrial | (425) | 3,993 | 3,568 | (5,016) | 4,350 | (666) | |||||||||||||||||
Commercial construction | (690) | 1,889 | 1,199 | (1,809) | 2,262 | 453 | |||||||||||||||||
Total Commercial Loans | (1,861) | 13,401 | 11,540 | (8,047) | 16,863 | 8,816 | |||||||||||||||||
Residential mortgage | 1,300 | 283 | 1,583 | 2,128 | (658) | 1,470 | |||||||||||||||||
Home equity | 689 | 1,590 | 2,279 | 1,559 | 1,351 | 2,910 | |||||||||||||||||
Installment and other consumer | 448 | 76 | 524 | 1,440 | (369) | 1,071 | |||||||||||||||||
Consumer construction | 252 | (19) | 233 | 631 | (356) | 276 | |||||||||||||||||
Total Consumer Loans | 2,689 | 1,930 | 4,619 | 5,759 | (32) | 5,727 | |||||||||||||||||
Total Portfolio Loans | 828 | 15,331 | 16,159 | (2,288) | 16,832 | 14,543 | |||||||||||||||||
Total Loans (1)(3) | 806 | 15,336 | 16,142 | (2,366) | 16,843 | 14,476 | |||||||||||||||||
Federal Home Loan Bank and other restricted stock | (10) | 41 | 31 | (52) | (14) | (66) | |||||||||||||||||
Change in Interest Earned on Interest-earning Assets | $ | 1,667 | $ | 16,363 | $ | 18,030 | $ | 945 | $ | 18,186 | $ | 19,131 | |||||||||||
Interest paid on: | |||||||||||||||||||||||
Interest-bearing demand | $ | (17) | $ | (2) | $ | (19) | $ | (4) | $ | (106) | $ | (110) | |||||||||||
Money market | (89) | 2,437 | 2,348 | (102) | 2,068 | 1,966 | |||||||||||||||||
Savings | 5 | 215 | 220 | 24 | 180 | 205 | |||||||||||||||||
Certificates of deposit | (285) | 495 | 210 | (1,063) | (729) | (1,792) | |||||||||||||||||
Total Interest-bearing Deposits | (386) | 3,145 | 2,759 | (1,145) | 1,414 | 269 | |||||||||||||||||
Securities sold under repurchase agreements | (15) | — | (15) | (18) | (6) | (24) | |||||||||||||||||
Short-term borrowings | 83 | — | 83 | (7) | 78 | 71 | |||||||||||||||||
Long-term borrowings | (28) | 12 | (16) | (39) | 9 | (30) | |||||||||||||||||
Junior subordinated debt securities | (74) | 242 | 168 | (221) | 300 | 79 | |||||||||||||||||
Total Borrowings | (34) | 254 | 220 | (285) | 381 | 96 | |||||||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | (420) | 3,399 | 2,979 | (1,430) | 1,795 | 365 | |||||||||||||||||
Change in Net Interest Income | $ | 2,087 | $ | 12,964 | $ | 15,051 | $ | 2,374 | $ | 16,391 | $ | 18,766 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of securities | $ | 198 | $ | — | $ | 198 | NM | $ | 198 | $ | 29 | $ | 169 | NM | |||||||||||||||||||||||||||||||||||||||
Debit and credit card | 4,768 | 4,579 | 189 | 4.1 | % | 14,587 | 13,486 | 1,101 | 8.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 4,333 | 3,923 | 410 | 10.5 | % | 12,488 | 11,039 | 1,449 | 13.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Wealth management | 3,212 | 3,464 | (252) | (7.3) | % | 9,701 | 9,576 | 125 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | 425 | 2,162 | (1,737) | (80.3) | % | 1,906 | 8,206 | (6,300) | (76.8) | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 1,824 | 1,718 | 106 | 6.2 | % | 3,736 | 6,257 | (2,521) | (40.3) | % | |||||||||||||||||||||||||||||||||||||||||||
Total Noninterest Income | $ | 14,760 | $ | 15,846 | $ | (1,086) | (6.9) | % | $ | 42,616 | $ | 48,593 | $ | (5,977) | (12.3) | % | |||||||||||||||||||||||||||||||||||||
NM - not meaningful |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 26,700 | $ | 25,228 | $ | 1,472 | 5.8 | % | $ | 75,223 | $ | 73,070 | $ | 2,153 | 2.9 | % | ||||||||||||||||||||||||||||||||||
Data processing and information technology | 4,220 | 4,001 | 219 | 5.5 | % | 12,759 | 12,012 | 747 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||
Occupancy | 3,490 | 3,660 | (170) | (4.6) | % | 11,006 | 10,921 | 85 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||
Furniture, equipment and software | 2,915 | 2,745 | 170 | 6.2 | % | 8,631 | 7,787 | 844 | 10.8 | % | ||||||||||||||||||||||||||||||||||||||||
Professional services and legal | 1,851 | 1,550 | 301 | 19.4 | % | 6,180 | 4,718 | 1,462 | 31.0 | % | ||||||||||||||||||||||||||||||||||||||||
Other taxes | 1,559 | 1,830 | (271) | (14.8) | % | 4,778 | 5,098 | (320) | (6.3) | % | ||||||||||||||||||||||||||||||||||||||||
Marketing | 1,367 | 890 | 477 | 53.6 | % | 4,252 | 3,208 | 1,044 | 32.5 | % | ||||||||||||||||||||||||||||||||||||||||
FDIC insurance | 598 | 1,210 | (612) | (50.6) | % | 2,417 | 3,180 | (763) | (24.0) | % | ||||||||||||||||||||||||||||||||||||||||
Other | 6,933 | 6,127 | 806 | 13.2 | % | 20,225 | 18,742 | 1,483 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||
Total Noninterest Expense | $ | 49,633 | $ | 47,241 | $ | 2,392 | 5.1 | % | $ | 145,471 | $ | 138,736 | $ | 6,735 | 4.9 | % |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | $ Change | |||||||||||||||||||||||
U.S. Treasury securities | $ | 120,825 | $ | 95,327 | $ | 25,498 | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 51,784 | 70,348 | (18,564) | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 419,719 | 270,294 | 149,425 | |||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 41,984 | 56,793 | (14,809) | |||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 323,469 | 341,300 | (17,831) | |||||||||||||||||||||||
Corporate obligations | 500 | 500 | — | |||||||||||||||||||||||
Obligations of states and political subdivisions | 38,122 | 75,089 | (36,967) | |||||||||||||||||||||||
Available-for-Sale Debt Securities | 996,403 | 909,651 | 86,752 | |||||||||||||||||||||||
Marketable equity securities | 1,025 | 1,142 | (117) | |||||||||||||||||||||||
Total Securities | $ | 997,428 | $ | 910,793 | $ | 86,635 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans | Amount | % of Loans | $ Change | % Change | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial real estate | $ | 3,134,841 | 44.2 | % | $ | 3,236,653 | 46.2 | % | $ | (101,812) | (3.1) | % | |||||||||||||||||
Commercial and industrial | 1,714,714 | 24.2 | % | 1,728,969 | 24.7 | % | (14,255) | (0.8) | % | ||||||||||||||||||||
Commercial construction | 390,093 | 5.5 | % | 440,962 | 6.3 | % | (50,869) | (11.5) | % | ||||||||||||||||||||
Total Commercial Loans | 5,239,648 | 73.8 | % | 5,406,584 | 77.2 | % | (166,936) | (3.1) | % | ||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Consumer real estate | 1,730,639 | 24.4 | % | 1,485,478 | 21.2 | % | 245,161 | 16.5 | % | ||||||||||||||||||||
Other consumer | 126,629 | 1.8 | % | 107,928 | 1.5 | % | 18,701 | 17.3 | % | ||||||||||||||||||||
Total Consumer Loans | 1,857,268 | 26.2 | % | 1,593,406 | 22.8 | % | 263,862 | 16.6 | % | ||||||||||||||||||||
Total Portfolio Loans | 7,096,916 | 100.0 | % | 6,999,990 | 100.0 | % | 96,926 | 1.4 | % | ||||||||||||||||||||
Loans held for sale | 1,039 | 1,522 | (483) | (31.7) | % | ||||||||||||||||||||||||
Total Loans | $ | 7,097,955 | $ | 7,001,512 | $ | 96,443 | 1.4 | % |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Business Banking | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 50,700 | $ | 19,727 | $ | 5,355 | $ | 11,338 | $ | 8,733 | $ | 2,723 | $ | 98,576 | |||||||||||||||||||||||||||
Provision for credit losses on loans(1) | (8,471) | 4,573 | 68 | 3,158 | 2,083 | 1,393 | 2,804 | ||||||||||||||||||||||||||||||||||
Charge-offs | (827) | (5,797) | — | (1,924) | (299) | (1,052) | (9,899) | ||||||||||||||||||||||||||||||||||
Recoveries | 432 | 6,835 | 1 | 599 | 109 | 237 | 8,213 | ||||||||||||||||||||||||||||||||||
Net (Charge-offs)/ Recoveries | (395) | 1,038 | 1 | (1,325) | (190) | (815) | (1,686) | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 41,834 | $ | 25,338 | $ | 5,424 | $ | 13,171 | $ | 10,626 | $ | 3,301 | $ | 99,694 | |||||||||||||||||||||||||||
(1) Excludes the provision for credit losses for unfunded commitments. |
September 30, 2022 | December 31, 2021 | ||||||||||
Ratio of net charge-offs to average loans outstanding(1) | 0.03 | % | 0.49 | % | |||||||
Allowance for credit losses as a percentage of total portfolio loans | 1.40 | % | 1.41 | % | |||||||
Allowance for credit losses as a percentage of total portfolio loans - excluding PPP loans | 1.41 | % | 1.43 | % | |||||||
Allowance for credit losses to nonperforming loans | 438 | % | 149 | % |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | $ Change | |||||||||||||||||||||||
Nonperforming Loans (Excluding TDRs) | ||||||||||||||||||||||||||
Commercial real estate | $ | 7,353 | $ | 29,791 | $ | (22,438) | ||||||||||||||||||||
Commercial and industrial | 335 | 350 | (15) | |||||||||||||||||||||||
Commercial construction | 384 | 384 | — | |||||||||||||||||||||||
Business banking | 5,353 | 7,945 | (2,592) | |||||||||||||||||||||||
Consumer real estate | 5,094 | 5,889 | (795) | |||||||||||||||||||||||
Other Consumer | 398 | 158 | 240 | |||||||||||||||||||||||
Total Nonperforming Loans (Excluding TDRs) | 18,917 | 44,517 | (25,600) | |||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings | ||||||||||||||||||||||||||
Commercial real estate | 480 | 1,697 | (1,217) | |||||||||||||||||||||||
Commercial and industrial | — | 14,889 | (14,889) | |||||||||||||||||||||||
Commercial construction | — | 2,087 | (2,087) | |||||||||||||||||||||||
Business banking | 1,092 | 1,696 | (604) | |||||||||||||||||||||||
Consumer real estate | 2,279 | 1,405 | 874 | |||||||||||||||||||||||
Other Consumer | 9 | — | 9 | |||||||||||||||||||||||
Total Nonperforming Troubled Debt Restructurings | 3,860 | 21,774 | (17,914) | |||||||||||||||||||||||
Total Nonperforming Loans | 22,777 | 66,291 | (43,514) | |||||||||||||||||||||||
OREO | 6,022 | 13,313 | (7,291) | |||||||||||||||||||||||
Total Nonperforming Assets | $ | 28,799 | $ | 79,604 | $ | (50,805) | ||||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||||
Nonperforming loans as a percent of total portfolio loans | 0.32 | % | 0.95 | % | ||||||||||||||||||||||
Nonperforming assets as a percent of total portfolio loans plus OREO | 0.41 | % | 1.13 | % | ||||||||||||||||||||||
(dollars in thousands) | September 30, 2022 | December 31, 2021 | $ Change | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,663,176 | $ | 2,748,586 | $ | (85,410) | ||||||||||||||||||||
Interest-bearing demand | 847,825 | 979,133 | (131,308) | |||||||||||||||||||||||
Money market | 1,818,642 | 2,070,579 | (251,937) | |||||||||||||||||||||||
Savings | 1,128,169 | 1,110,155 | 18,014 | |||||||||||||||||||||||
Certificates of deposit | 952,785 | 1,088,071 | (135,286) | |||||||||||||||||||||||
Total Deposits | $ | 7,410,597 | $ | 7,996,524 | $ | (585,927) |
(dollars in thousands) | September 30, 2022 | December 31, 2021 | $ Change | |||||||||||||||||||||||
Securities sold under repurchase agreements | $ | — | $ | 84,491 | $ | (84,491) | ||||||||||||||||||||
Short-term borrowings | 35,000 | — | 35,000 | |||||||||||||||||||||||
Long-term borrowings | 14,853 | 22,430 | (7,577) | |||||||||||||||||||||||
Junior subordinated debt securities | 54,438 | 54,393 | 45 | |||||||||||||||||||||||
Total Borrowings | $ | 104,291 | $ | 161,314 | $ | (57,023) |
Securities Sold Under Repurchase Agreements | |||||||||||
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | — | $ | 84,491 | |||||||
Average balance during the period | $ | 47,912 | $ | 69,964 | |||||||
Average interest rate during the period | 0.10 | % | 0.11 | % | |||||||
Maximum month-end balance during the period | $ | 89,366 | $ | 84,491 | |||||||
Average interest rate at the period end | — | % | 0.10 | % | |||||||
Short-Term Borrowings | |||||||||||
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 35,000 | $ | — | |||||||
Average balance during the period | $ | 3,498 | $ | 6,301 | |||||||
Average interest rate during the period | 3.16 | % | 0.19 | % | |||||||
Maximum month-end balance during the period | $ | 35,000 | $ | 25,000 | |||||||
Average interest rate at the period end | 3.11 | % | — | % |
Long-Term Borrowings | |||||||||||
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 14,853 | $ | 22,430 | |||||||
Average balance during the period | $ | 20,535 | $ | 22,995 | |||||||
Average interest rate during the period | 2.06 | % | 1.99 | % | |||||||
Maximum month-end balance during the period | $ | 22,344 | $ | 23,549 | |||||||
Average interest rate at the period end | 2.30 | % | 1.94 | % | |||||||
Junior Subordinated Debt Securities | |||||||||||
(dollars in thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Balance at the period end | $ | 54,438 | $ | 54,393 | |||||||
Average balance during the period | $ | 54,413 | $ | 61,653 | |||||||
Average interest rate during the period | 3.79 | % | 2.99 | % | |||||||
Maximum month-end balance during the period | $ | 54,438 | $ | 64,128 | |||||||
Average interest rate at the period end | 5.74 | % | 2.69 | % |
(dollars in thousands) | Adequately Capitalized | Well- Capitalized | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||
S&T Bancorp, Inc. | ||||||||||||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 938,843 | 10.75 | % | $ | 889,785 | 9.74 | % | ||||||||||||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 909,843 | 12.53 | % | 860,785 | 12.03 | % | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 938,843 | 12.93 | % | 889,785 | 12.43 | % | ||||||||||||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 1,047,765 | 14.43 | % | 987,420 | 13.79 | % | ||||||||||||||||
S&T Bank | ||||||||||||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 915,006 | 10.48 | % | $ | 864,127 | 9.46 | % | ||||||||||||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 915,006 | 12.61 | % | 864,127 | 12.09 | % | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 915,006 | 12.61 | % | 864,127 | 12.09 | % | ||||||||||||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 1,023,928 | 14.11 | % | 961,762 | 13.45 | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
1 - 12 Months | 13 - 24 Months | % Change in EVE | 1 - 12 Months | 13 - 24 Months | % Change in EVE | ||||||||||||||||||||||||||||||
Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | |||||||||||||||||||||||||||||||
400 | 19.8 | 24.9 | (10.6) | 30.4 | 40.3 | 18.4 | |||||||||||||||||||||||||||||
300 | 14.9 | 18.8 | (4.8) | 22.5 | 30.0 | 19.9 | |||||||||||||||||||||||||||||
200 | 10.0 | 12.7 | (0.8) | 14.9 | 20.2 | 18.4 | |||||||||||||||||||||||||||||
100 | 5.2 | 6.6 | 1.1 | 7.0 | 9.9 | 11.9 | |||||||||||||||||||||||||||||
-100 | (8.0) | (10.4) | (9.1) | (4.6) | (8.4) | (26.3) | |||||||||||||||||||||||||||||
-200 | (14.7) | (19.0) | (19.0) | — | — | — |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plan(1) | Approximate dollar value of shares that may yet be purchased under the plan | ||||||||||||||||||||||
$33,289,015 | ||||||||||||||||||||||||||
07/01/2022 - 07/31/2022 | — | $— | — | 33,289,015 | ||||||||||||||||||||||
08/01/2022 - 08/31/2022 | — | — | — | 33,289,015 | ||||||||||||||||||||||
09/01/2022 - 09/30/2022 | 117,283 | 29.71 | 117,283 | 29,804,537 | ||||||||||||||||||||||
Total | 117,283 | $29.71 | 117,283 | $29,804,537 |
Agreement and Plan of Merger, dated June 5, 2019, by and between DNB Financial Corporation and S&T Bancorp, Inc. Filed as Exhibit 2.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on June 5, 2019, and incorporated herein by reference. | ||||||||
Bylaws of S&T Bancorp, Inc., as amended. Filed as Exhibit 3.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on July 28,2022, and incorporated herein by reference. | ||||||||
Severance and General Release Agreement, dated October 12, 2022, by and between Charles Carroll and S&T Bancorp, Inc., S&T Bank and any of their subsidiaries or affiliated businesses. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Current Report on Form 8-K/A filed on October 17, 2022, and incorporated herein by reference.* | ||||||||
S&T Bancorp, Inc. Deferred Compensation Plan. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 21, 2022, and incorporated herein by reference.* | ||||||||
Rule 13a-14(a) Certification of the Chief Executive Officer. | ||||||||
Rule 13a-14(a) Certification of the Chief Financial Officer. | ||||||||
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer. | ||||||||
101.INS | XBRL Instance Document - 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 | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101) | |||||||
* Management Contract or Compensatory Plan or Arrangement |
S&T Bancorp, Inc. (Registrant) | |||||
November 2, 2022 | /s/ Mark Kochvar | ||||
Mark Kochvar Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Signatory) |
/s/ Christopher J. McComish | ||
Christopher J. McComish, Chief Executive Officer (Principal Executive Officer) |
/s/ Mark Kochvar | ||
Mark Kochvar, Chief Financial Officer (Principal Financial Officer) |
/s/ Christopher J. McComish | /s/ Mark Kochvar | |||||||
Christopher J. McComish, Chief Executive Officer (Principal Executive Officer) | Mark Kochvar, Chief Financial Officer (Principal Financial Officer) |
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 61,186 | $ 857,192 |
SHAREHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 41,449,444 | 41,449,444 |
Common stock, outstanding (in shares) | 39,012,773 | 39,351,194 |
Treasury stock (in shares) | 2,436,671 | 2,098,250 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 83,035 | $ 66,914 | $ 218,646 | $ 204,088 |
Investment Securities: | ||||
Taxable | 6,305 | 4,176 | 17,236 | 11,532 |
Tax-exempt | 380 | 595 | 1,346 | 2,098 |
Dividends | 115 | 84 | 315 | 409 |
Total Interest and Dividend Income | 89,835 | 71,769 | 237,543 | 218,127 |
INTEREST EXPENSE | ||||
Deposits | 5,197 | 2,439 | 8,840 | 8,572 |
Borrowings and junior subordinated debt securities | 840 | 619 | 1,978 | 1,881 |
Total Interest Expense | 6,037 | 3,058 | 10,818 | 10,453 |
NET INTEREST INCOME | 83,798 | 68,711 | 226,725 | 207,674 |
Provision for credit losses | 2,498 | 3,388 | 5,190 | 9,087 |
Net Interest Income After Provision for Credit Losses | 81,300 | 65,323 | 221,535 | 198,587 |
NONINTEREST INCOME | ||||
Net gain on sale of securities | 198 | 0 | 198 | 29 |
Mortgage banking | 425 | 2,162 | 1,906 | 8,206 |
Other | 1,824 | 1,718 | 3,736 | 6,257 |
Total Noninterest Income | 14,760 | 15,846 | 42,616 | 48,593 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 26,700 | 25,228 | 75,223 | 73,070 |
Data processing and information technology | 4,220 | 4,001 | 12,759 | 12,012 |
Occupancy | 3,490 | 3,660 | 11,006 | 10,921 |
Furniture, equipment and software | 2,915 | 2,745 | 8,631 | 7,787 |
Professional services and legal | 1,851 | 1,550 | 6,180 | 4,718 |
Other taxes | 1,559 | 1,830 | 4,778 | 5,098 |
Marketing | 1,367 | 890 | 4,252 | 3,208 |
FDIC insurance | 598 | 1,210 | 2,417 | 3,180 |
Other | 6,933 | 6,127 | 20,225 | 18,742 |
Total Noninterest Expense | 49,633 | 47,241 | 145,471 | 138,736 |
Income Before Taxes | 46,427 | 33,928 | 118,680 | 108,444 |
Income tax expense | 9,178 | 6,330 | 23,430 | 20,578 |
Net Income | $ 37,249 | $ 27,598 | $ 95,250 | $ 87,866 |
Earnings per share—basic (in dollars per share) | $ 0.95 | $ 0.71 | $ 2.43 | $ 2.25 |
Earnings per share—diluted (in dollars per share) | 0.95 | 0.70 | 2.43 | 2.24 |
Dividends declared per share (in dollars per share) | $ 0.30 | $ 0.28 | $ 0.89 | $ 0.84 |
Comprehensive (Loss) Income | $ (10,547) | $ 22,964 | $ (12,627) | $ 77,866 |
Debit and credit card | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | 4,768 | 4,579 | 14,587 | 13,486 |
Service charges on deposit accounts | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | 4,333 | 3,923 | 12,488 | 11,039 |
Wealth management | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | $ 3,212 | $ 3,464 | $ 9,701 | $ 9,576 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared (in dollars per share) | $ 0.30 | $ 0.28 | $ 0.89 | $ 0.84 |
Treasury stock issued for restricted stock awards (in shares) | 25,459 | 4,250 | 125,170 | |
Forfeitures of restricted stock awards (in shares) | 18,943 | 3,331 | 74,168 | 55,330 |
Repurchase of S&T Stock (in shares) | 117,283 | 0 | 268,503 | 0 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission, or SEC, on February 28, 2022 (2021 Form 10-K). In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. Reclassification Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Accounting Policy for Derivative Instruments and Hedging Activities During the nine months ended September 30, 2022, we entered into interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing variable rate assets. We have updated our accounting policy for derivative instruments and hedging activities to include hedge accounting. All derivatives are evaluated at inception to determine whether it is a hedging or non-hedging activity. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in Accumulated Other Comprehensive Income (Loss), or AOCI, and recognized in earnings as the hedged transaction affects earnings. We have entered into agreements with counterparty financial institutions, which include master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. We elect, however, to account for all derivatives with counterparty institutions on a gross basis. Refer to our 2021 Form 10-K for a discussion of our complete Accounting Policy for Derivative Instruments and Hedging Activities. Recently Adopted Accounting Standards Updates, or ASU or Updated Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Addendum (Topic 848) which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022. We are utilizing the LIBOR transition relief as contract modifications are made during the course of the reference rate reform transition period. ASU 2020-04 and ASU 2021-01 did not have a material impact on our consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification. The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. Once applying ASC 326, the required accounting and disclosures for a loan modified in a TDR no longer provide decision-useful information. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses. ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-205 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. Early adoption is permitted, however, we have not elected to do so. We are currently in the process of developing new reporting and processes in order adhere to the new disclosure requirements. We anticipate using a modified retrospective transition approach, which would result in a cumulative effect adjustment being record to retained earnings related to the elimination of TDRs. While we are currently evaluating the impact of this ASU, we do not expect it to have a material impact on our consolidated financial statements.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHAREDiluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The two-class method was used to determine earnings per share for the three and nine months ended September 30, 2022 and 2021. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There have been no changes in our valuation methodologies during the three and nine months ended September 30, 2022. Refer to Note 1 of the Notes to Consolidated Financial Statements in our 2021 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
Assets Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either September 30, 2022 or December 31, 2021. There were no Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2022. Level 3 assets measured at fair value on a nonrecurring basis and the significant unobservable inputs used in the fair value measurements as of December 31, 2021 were as follows:
The following tables present the carrying values and fair values of our financial instruments at the dates presented:
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented:
Available-for-Sale Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
(1) Excludes interest receivable of $3.4 million at September 30, 2022 and $3.3 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets. The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit losses or other factors. There were 151 debt securities in an unrealized loss position at September 30, 2022 and 31 debt securities in an unrealized loss position at December 31, 2021. We do not intend to sell and it is more likely than not that we will not be required to sell the securities in an unrealized loss position before recovery of their amortized cost. The unrealized losses on the debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:
The amortized cost and fair value of available-for-sale debt securities at September 30, 2022 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $17.9 million at September 30, 2022 and $23.9 million at December 31, 2021. Unrestricted pledged securities had a carrying value of $272.3 million at September 30, 2022 and $443.0 million at December 31, 2021. Marketable Equity Securities The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
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Loans and Loans Held for Sale |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND LOANS HELD FOR SALE | LOANS AND LOANS HELD FOR SALE Loans are presented net of unearned income. Unearned income consists of net deferred loan fees and costs of $7.9 million at September 30, 2022 and $14.1 million at December 31, 2021 and a discount related to purchase accounting fair value adjustments of $5.0 million at September 30, 2022 and $6.7 million at December 31, 2021. The following table summarizes the composition of originated and acquired loans as of the dates presented:
(1) Excludes interest receivable of $23.2 million at September 30, 2022 compared to $18.7 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets. Commercial and industrial loans, or C&I, included $4.7 million of loans originated under the Paycheck Protection Program, or PPP, at September 30, 2022 compared to $88.3 million at December 31, 2021. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security, or CARES Act was signed into law. The CARES Act included the PPP, a program designed to aid small and medium sized businesses through federally guaranteed loans distributed through banks. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted expenses in accordance with the requirements of the PPP. The loans are 100 percent guaranteed by the Small Business Administration, or SBA. Our business banking segment was $1.2 billion at September 30, 2022 compared to $1.1 billion at December 31, 2021. Business banking consists of commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. Business banking consisted of $572.3 million of commercial real estate loans, $213.8 million of C&I loans of which $1.0 million are PPP loans, $14.8 million of commercial construction loans and $377.7 million of loans secured by consumer real estate at September 30, 2022. At December 31, 2021 business banking consisted of $546.1 million of commercial real estate loans, $215.4 million of C&I loans of which $39.7 million are PPP loans, $16.2 million of commercial construction loans and $357.9 million of loans secured by consumer real estate. We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we mitigate this risk by reviewing the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments to determine if additional ACL is needed. Total commercial loans represented 73.8 percent of total portfolio loans at September 30, 2022 compared to 77.2 percent at December 31, 2021. Within our commercial portfolio, the CRE and commercial construction portfolios combined comprised $3.5 billion, or 67.3 percent, of total commercial loans and 49.7 percent of total portfolio loans at September 30, 2022 and $3.7 billion, or 68.0 percent, of total commercial loans and 52.5 percent of total portfolio loans at December 31, 2021. We lend primarily in Pennsylvania and the contiguous states of Ohio, New York, West Virginia and Maryland. The majority of our commercial and consumer loans are made to businesses and individuals in this geography, resulting in a concentration. We believe our knowledge and familiarity with customers and conditions locally outweighs this geographic concentration risk. The conditions of the local and regional economies are monitored closely through publicly available data and information supplied by our customers. We also use subscription services for additional geographic and industry specific information. Our CRE and commercial construction portfolios have exposure outside of this geography of 6.3 percent of the combined portfolios and 3.1 percent of total portfolio loans at September 30, 2022. This compares to 5.7 percent of the combined portfolios and 3.0 percent of total portfolio loans at December 31, 2021. We evaluate all substandard commercial and consumer loans that have experienced a forbearance or modification of existing terms to determine if they should be designated as troubled debt restructurings, or TDRs. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. The following tables summarize TDRs as of the dates presented:
There were two TDRs totaling $0.2 million that returned to accruing status during the three and nine months ended September 30, 2022, compared to one TDR totaling $0.1 million and six TDRs totaling $0.5 million that returned to accruing status during the same periods in 2021. The following tables present the TDRs by portfolio segment and type of concession for the periods presented:
As of September 30, 2022, we had 16 commitments to lend an additional $0.4 million on TDRs compared to 12 commitments to lend an additional $0.3 million as of September 30, 2021. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place that were restructured within the last 12 months prior to defaulting. There was one TDR that defaulted, totaling $0.1 million, during the three months ended September 30, 2022 and two TDRs that defaulted totaling $0.2 million during the nine months ended September 30, 2022. There were no TDRs that defaulted during the three and nine months ended September 30, 2021. The following table is a summary of nonperforming assets as of the dates presented:
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Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSESWe maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking—Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate—Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans and unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass—The loan is currently performing and is of high quality. Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:
We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonperforming and placed on nonaccrual when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonperforming loans. The following tables present loan balances by year of origination and performing and nonperforming status for our portfolio segments as of the dates presented:
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
(1) Represents only cash payments received and applied to interest on nonaccrual loans for the nine months ended September 30, 2022.
(1) Represents only cash payments received and applied to interest on nonaccrual loans for the twelve months ended December 31, 2021. The following tables present collateral-dependent loans by class of loans as of the dates presented:
The following tables present activity in the ACL for the periods presented:
(1) Excludes the provision for credit losses for unfunded commitments.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivatives Designated as Hedging Instruments Cash Flow Hedges of Interest Rate Risk As part of our interest rate risk management strategy, we use interest rate swaps to add stability to interest income and to manage exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for making variable rate payments over the life of the agreements without exchange of the underlying notional amount. For designated derivatives that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $8.4 million will be reclassified as a decrease to interest income. Derivatives Not Designated as Hedging Instruments Interest Rate Contracts with Customers Interest rate swaps with customers are contracts in which a series of cash flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Interest rate swaps with customers and the corresponding offsetting interest rate swap with a financial institution are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Condensed Consolidated Statements of Comprehensive Income (Loss). Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives but are not accounted for using hedge accounting. As such, changes in estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Condensed Consolidated Statements of Comprehensive Income (Loss). The following table indicates the amounts representing the value of derivative assets and derivative liabilities for the dates presented:
The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:
The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented:
The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine month periods presented:
The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
The gain or loss recognized on commercial loan swap contracts is included in other income and the gain or loss on mortgage loan interest rate lock commitments and forward sales contracts is included in mortgage banking on the Condensed Consolidated Statements of Comprehensive Income (Loss).
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The following table sets forth our commitments and letters of credit as of the dates presented:
Allowance for Credit Losses on Unfunded Loan Commitments We maintain an allowance for credit losses on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income (Loss). The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The following table presents activity in the allowance for credit losses on unfunded loan commitments for the periods presented:
Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.
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Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE LOSS | OTHER COMPREHENSIVE LOSS The following table presents the change in components of other comprehensive loss for the periods presented, net of tax effects.
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Share Repurchase Plan |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE REPURCHASE PLAN | SHARE REPURCHASE PLAN On March 21, 2022, our Board of Directors authorized an extension of its $50 million share repurchase plan, which was set to expire March 31, 2022. This authorization extended the expiration date of the repurchase plan through March 31, 2023. The plan permits S&T to repurchase shares up to the previously authorized $50 million in aggregate value of S&T's common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of common stock, legal and contractual requirements, applicable securities laws and S&T's financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws. The following table presents repurchase activity for the periods presented:
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Basis of Presentation (Policies) |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting.
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Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission, or SEC, on February 28, 2022 (2021 Form 10-K). In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.
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Reclassification | Reclassification Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
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Accounting Policy for Derivative Instruments and Hedging Activities | Accounting Policy for Derivative Instruments and Hedging Activities During the nine months ended September 30, 2022, we entered into interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing variable rate assets. We have updated our accounting policy for derivative instruments and hedging activities to include hedge accounting. All derivatives are evaluated at inception to determine whether it is a hedging or non-hedging activity. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in Accumulated Other Comprehensive Income (Loss), or AOCI, and recognized in earnings as the hedged transaction affects earnings. We have entered into agreements with counterparty financial institutions, which include master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. We elect, however, to account for all derivatives with counterparty institutions on a gross basis. Refer to our 2021 Form 10-K for a discussion of our complete Accounting Policy for Derivative Instruments and Hedging Activities. Interest Rate Contracts with Customers Interest rate swaps with customers are contracts in which a series of cash flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Interest rate swaps with customers and the corresponding offsetting interest rate swap with a financial institution are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Condensed Consolidated Statements of Comprehensive Income (Loss). Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives but are not accounted for using hedge accounting. As such, changes in estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Condensed Consolidated Statements of Comprehensive Income (Loss).
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Recently Adopted Accounting Standards Updates, or ASU or Update and Accounting Standards Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU or Updated Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Addendum (Topic 848) which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022. We are utilizing the LIBOR transition relief as contract modifications are made during the course of the reference rate reform transition period. ASU 2020-04 and ASU 2021-01 did not have a material impact on our consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification. The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. Once applying ASC 326, the required accounting and disclosures for a loan modified in a TDR no longer provide decision-useful information. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses. ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-205 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. Early adoption is permitted, however, we have not elected to do so. We are currently in the process of developing new reporting and processes in order adhere to the new disclosure requirements. We anticipate using a modified retrospective transition approach, which would result in a cumulative effect adjustment being record to retained earnings related to the elimination of TDRs. While we are currently evaluating the impact of this ASU, we do not expect it to have a material impact on our consolidated financial statements.
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Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There have been no changes in our valuation methodologies during the three and nine months ended September 30, 2022. Refer to Note 1 of the Notes to Consolidated Financial Statements in our 2021 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis.
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Allowance for Credit Losses | We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking—Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate—Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans and unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass—The loan is currently performing and is of high quality. Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.
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Earnings Per Share (Tables) |
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Schedule of Reconciliation of Numerators and Denominators of Basic Earnings (Loss) Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
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Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | Level 3 assets measured at fair value on a nonrecurring basis and the significant unobservable inputs used in the fair value measurements as of December 31, 2021 were as follows:
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Schedule of Carrying Values and Fair Values of Financial Instruments | The following tables present the carrying values and fair values of our financial instruments at the dates presented:
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Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented:
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Schedule of Amortized Cost and Fair Value of Debt Securities | The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
(1) Excludes interest receivable of $3.4 million at September 30, 2022 and $3.3 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets.
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Schedule of Fair Value and Age of Gross Unrealized Losses of Debt Securities | he following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
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Schedule of Unrealized Gains (Losses) of Debt Securities | The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:
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Schedule of Contractual Maturities of Debt Securities | The amortized cost and fair value of available-for-sale debt securities at September 30, 2022 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of Unrealized Gains (Losses) on Marketable Securities | The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
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Loans and Loans Held for Sale (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Loans | The following table summarizes the composition of originated and acquired loans as of the dates presented:
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Summary of Restructured Loans for Periods Presented | The following tables summarize TDRs as of the dates presented:
The following tables present the TDRs by portfolio segment and type of concession for the periods presented:
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Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented:
(1) Represents only cash payments received and applied to interest on nonaccrual loans for the nine months ended September 30, 2022.
(1) Represents only cash payments received and applied to interest on nonaccrual loans for the twelve months ended December 31, 2021.
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Allowance for Credit Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Credit Quality Indicators | The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:
The following tables present loan balances by year of origination and performing and nonperforming status for our portfolio segments as of the dates presented:
The following tables present collateral-dependent loans by class of loans as of the dates presented:
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Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
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Schedule of Loans on Nonaccrual Status and Loans Past Due 90 days Or More | The following table is a summary of nonperforming assets as of the dates presented:
(1) Represents only cash payments received and applied to interest on nonaccrual loans for the nine months ended September 30, 2022.
(1) Represents only cash payments received and applied to interest on nonaccrual loans for the twelve months ended December 31, 2021.
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Schedule of Allowance for Credit Loss | The following tables present activity in the ACL for the periods presented:
(1) Excludes the provision for credit losses for unfunded commitments.
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities for the dates presented:
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Schedule of Interest Rate Derivatives | The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:
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Schedule of Effect of Cash Flow Hedges | The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented:
The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine month periods presented:
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Schedule of Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented:
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Allowance for Credit Loss for Unfunded Loan Commitments | The following table presents activity in the allowance for credit losses on unfunded loan commitments for the periods presented:
|
Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Effects of Components of Other Comprehensive Loss | The following table presents the change in components of other comprehensive loss for the periods presented, net of tax effects.
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Share Repurchase Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repurchase Activity | The following table presents repurchase activity for the periods presented:
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Securities - Fair Values of Marketable Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 996,403 | $ 909,651 |
Marketable equity securities | 1,025 | 1,142 |
Total Securities | $ 997,428 | $ 910,793 |
Securities - Narrative (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
security
|
Dec. 31, 2021
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Number of debt securities in unrealized loss position | security | 151 | 31 |
Available-for-sale debt securities | $ 996,403 | $ 909,651 |
Asset Pledged as Collateral without Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 17,900 | 23,900 |
Asset Pledged as Collateral with Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | $ 272,300 | $ 443,000 |
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net market gains (losses) recognized | $ (60) | $ 31 | $ (117) | $ 175 |
Less: Net gains recognized for equity securities sold | 0 | 0 | 0 | 29 |
Unrealized Gains (Losses) on Equity Securities Still Held | $ (60) | $ 31 | $ (117) | $ 146 |
Loans and Loans Held for Sale - Nonperforming Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Nonperforming Assets | |||
Nonaccrual loans | $ 18,917 | $ 44,517 | |
Nonaccrual TDRs | 3,860 | 21,774 | |
Total Nonaccrual Loans | 22,777 | 66,291 | $ 146,774 |
OREO | 6,022 | 13,313 | |
Total Nonperforming Assets | $ 28,799 | $ 79,604 |
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Sep. 30, 2021 |
---|---|---|
Commercial Loans | CARES Act, Paycheck Protection Program Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | $ 4.7 | $ 181.0 |
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Period for commitments | 60 days |
Designated as Hedging Instruments | Interest rate swaps - commercial loans | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Reclassified as an increase to interest income, next 12 months | $ 8.4 |
Derivative Instruments and Hedging Activities - Effect of Cash Flow Hedges (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Other Comprehensive Income | $ (13,256) | $ 0 | $ (17,875) | $ 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | 222 | 0 | 947 | 0 |
Interest rate swap contracts - cash flow hedge | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Other Comprehensive Income | (13,256) | 0 | (17,875) | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | $ 222 | $ 0 | $ 947 | $ 0 |
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain (Loss) | $ 15 | $ (111) | $ (329) | $ (1,265) |
Interest rate swap contracts—commercial loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain (Loss) | 64 | 22 | 71 | 337 |
Interest rate lock commitments—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain (Loss) | (58) | 192 | (404) | 712 |
Forward sale contracts—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives Gain (Loss) | $ 9 | $ (325) | $ 4 | $ (2,314) |
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 2,760,395 | $ 2,671,292 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 2,689,993 | 2,583,957 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 70,402 | $ 87,335 |
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 7,387 | $ 4,858 | $ 5,189 | $ 4,467 |
Provision for credit losses | 189 | 1,085 | 2,387 | 1,476 |
Balance at end of period | $ 7,576 | $ 5,943 | $ 7,576 | $ 5,943 |
Share Repurchase Plan - Narrative (Details) - USD ($) |
Sep. 30, 2022 |
Mar. 21, 2022 |
Sep. 30, 2021 |
---|---|---|---|
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 50,000,000 | |
New Share Repurchase Plan | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 50,000,000 |
Share Repurchase Plan - Schedule of Repurchase Activity (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Equity [Abstract] | ||||||||
Value of shares authorized to repurchase | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||
Borrowing capacity | $ 29,805,000 | $ 37,442,000 | $ 29,805,000 | $ 37,442,000 | $ 33,289,000 | $ 37,442,000 | $ 37,442,000 | $ 37,442,000 |
Total shares repurchased (in shares) | 117,283 | 0 | 268,503 | 0 | ||||
Average share price for the period (in dollars per share) | $ 29.71 | $ 0 | $ 28.44 | $ 0 | ||||
Total cost of repurchases | $ 3,484,000 | $ 0 | $ 7,637,000 | $ 0 |
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