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. | ||||||||
March 31, 2023 | December 31, 2022 | ||||||||||||||||
(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 | |||||||||||||||||
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 March 31, | ||||||||||||||||||||
(dollars in thousands, except per share data) | 2023 | 2022 | ||||||||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
Loans, including fees | $ | $ | ||||||||||||||||||
Investment Securities: | ||||||||||||||||||||
Taxable | ||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||
Dividends | ||||||||||||||||||||
Total Interest and Dividend Income | ||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Borrowings, junior subordinated debt securities and other | ||||||||||||||||||||
Total Interest Expense | ||||||||||||||||||||
NET INTEREST INCOME | ||||||||||||||||||||
Provision for credit losses | ( | |||||||||||||||||||
Net Interest Income After Provision for Credit Losses | ||||||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
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 | ||||||||||||||||||||
Marketing | ||||||||||||||||||||
Professional services and legal | ||||||||||||||||||||
Other taxes | ||||||||||||||||||||
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 Income (Loss) | $ | $ | ( | |||||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(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, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income for the three months ended March 31, 2022 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(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, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net Income for the three months ended March 31, 2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
— | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock awards ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three months ended March 31, | |||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||
Net Cash Provided by Operating Activities | $ | $ | |||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Purchases of securities | ( | ( | |||||||||||||||
Proceeds from maturities, prepayments and calls 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 | |||||||||||||||||
Proceeds from sale of other real estate owned | |||||||||||||||||
Purchases of premises and equipment | ( | ( | |||||||||||||||
Proceeds from the sale of premises and equipment | |||||||||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net (decrease) increase in core deposits | ( | ||||||||||||||||
Net increase (decrease) in certificates of deposit | ( | ||||||||||||||||
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 | ( | ( | |||||||||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | $ | |||||||||||||||
Supplemental Disclosures | |||||||||||||||||
Right of use assets obtained in exchange for lease obligations | $ | $ | |||||||||||||||
Cash paid for interest | $ | $ | |||||||||||||||
Cash paid for income taxes, net of refunds | $ | ( | $ | ||||||||||||||
Transfers of loans to other real estate owned | $ | $ | |||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
(in thousands, except share and per share data) | 2023 | 2022 | ||||||||||||||||||
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: | ||||||||||||||||||||
Weighted Average Shares Outstanding—Basic | ||||||||||||||||||||
Denominator for Earnings per Share—Treasury Stock Method—Diluted: | ||||||||||||||||||||
Weighted Average Shares Outstanding—Basic | ||||||||||||||||||||
Add: Potentially dilutive shares | ||||||||||||||||||||
Denominator for Treasury Stock Method—Diluted | ||||||||||||||||||||
Denominator for Earnings per Share—Two Class Method —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 |
March 31, 2023 | |||||||||||||||||||||||
(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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps - cash flow hedge | |||||||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
December 31, 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 | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward sale contracts - mortgage loans | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps - commercial loans | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps - cash flow hedge | |||||||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
December 31, 2022 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Other real estate owned | Collateral method | Discount rate | |||||||||||||||||||||||||||||||||
Carrying Value(1) | Fair Value Measurements at March 31, 2023 | ||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets |
Carrying Value(1) | Fair Value Measurements at December 31, 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 | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
(1) As reported in the Consolidated Balance Sheets |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Available-for-sale debt securities | $ | $ | |||||||||
Marketable equity securities | |||||||||||
Total Securities | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 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 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Losses | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Losses | |||||||||||||||||||||||||||||
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) | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
March 31, 2023 | |||||||||||
(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 | |||||||||||
Total Available-for-Sale Debt Securities | $ | $ |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Commercial real estate | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Commercial construction | |||||||||||
Business banking | |||||||||||
Consumer real estate | |||||||||||
Other consumer | |||||||||||
Total Portfolio Loans | $ | $ | |||||||||
Loans held for sale | |||||||||||
Total Loans (1) | $ | $ |
Three Months Ended March 31, 2023 | ||||||||||||||
(dollars in thousands) | Term Extension | Term Extension and Interest Rate Reduction | Total | % of Portfolio Segment | ||||||||||
Commercial real estate | $ | $ | $ | % | ||||||||||
Commercial industrial | % | |||||||||||||
Consumer real estate | % | |||||||||||||
Total(1) | $ | $ | $ | % | ||||||||||
(1) Excludes loans that were fully paid off or fully charged-off by period end. |
Three Months Ended March 31, 2023 | ||||||||
Weighted-Average Term Extension (in Months) | Weighted-Average Interest Rate Reduction | |||||||
Commercial real estate | ||||||||
Commercial industrial | ||||||||
Consumer real estate | ||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Nonaccrual | Total | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||
(dollars in thousands) | 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 March 31, 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. |
Nonperforming Assets | |||||||||||||||||
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||
Nonperforming Assets | |||||||||||||||||
Nonaccrual Loans | $ | $ | |||||||||||||||
OREO | |||||||||||||||||
Total Nonperforming Assets | $ | $ | |||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Current Period Gross Charge-offs | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Current Period Gross Charge-offs | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Current Period Gross Charge-offs | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Current Period Gross Charge-offs | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Current Period Gross Charge-offs | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Current Period Gross Charge-offs | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Current Period Gross Charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 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 | $ | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Accrual | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Accrual | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Nonaccrual | Total Past Due Loans | Total Loans | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Nonaccrual | Total Past Due Loans | Total Loans | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2023 | ||||||||||||||||||||||||||
(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, 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 | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||||||||
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, 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 | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Impact of ASU 2022-02 | ( | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans(1) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net Recoveries/(Charge-offs) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(1) Excludes the provision for credits losses for unfunded commitments. |
Three Months Ended March 31, 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 | $ | $ | $ | $ | $ | $ | $ |
March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||
(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) | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
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 represent 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 Gain or (Loss) Recognized in Other Comprehensive Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | |||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts - cash flow hedge | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ |
Three months ended March 31, | |||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||
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 (Loss) Gain | $ | ( | $ |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||
Commitments to extend credit | $ | $ | |||||||||||||||
Standby letters of credit | |||||||||||||||||
Total | $ | $ |
Three months ended March 31, | |||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||
Balance at beginning of period | $ | $ | |||||||||||||||
Provision for credit losses | ( | ||||||||||||||||
Total | $ | $ | |||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 gains (losses) on available-for-sale debt securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||
Change in interest rate swap | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to funded status of employee benefit plans | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||
Net income | $ | 39,799 | $ | 29,143 | |||||||||||||
Earnings per share - diluted | $ | 1.02 | $ | 0.74 | |||||||||||||
Return on average assets | 1.77 | % | 1.25 | % | |||||||||||||
Return on average shareholders' equity | 13.38 | % | 9.88 | % | |||||||||||||
Return on average tangible shareholders' equity (non-GAAP) | 19.61 | % | 14.61 | % |
Three Months Ended March 31, | |||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||
Total interest and dividend income per Condensed Consolidated Statements of Comprehensive Income (Loss) | $ | 110,903 | $ | 70,109 | |||||||||||||
Adjustment to FTE basis | 555 | 493 | |||||||||||||||
Interest Income on an FTE Basis (Non-GAAP) | $ | 111,458 | $ | 70,602 | |||||||||||||
Total interest and dividend income per Condensed Consolidated Statements of Comprehensive Income (Loss) | $ | 110,903 | $ | 70,109 | |||||||||||||
Total interest expense | 22,112 | 2,376 | |||||||||||||||
Net Interest Income per Condensed Consolidated Statements of Comprehensive Income (Loss) | 88,791 | 67,733 | |||||||||||||||
Adjustment to FTE basis | 555 | 493 | |||||||||||||||
Net Interest Income on an FTE Basis (Non-GAAP) | $ | 89,346 | $ | 68,226 | |||||||||||||
Net interest margin | 4.29 | % | 3.14 | % | |||||||||||||
Adjustment to FTE basis | 0.03 | % | 0.02 | % | |||||||||||||
Net Interest Margin on an FTE Basis (Non-GAAP) | 4.32 | % | 3.16 | % |
Three Months Ended March 31, | |||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||
Net income (annualized) | $ | 161,407 | $ | 118,192 | |||||||||||||
Plus: amortization of intangibles (annualized), net of tax | 1,085 | 1,276 | |||||||||||||||
Net income before amortization of intangibles (annualized) | $ | 162,492 | $ | 119,468 | |||||||||||||
Average shareholders' equity | $ | 1,206,358 | $ | 1,196,694 | |||||||||||||
Less: average goodwill and other intangible assets, net of deferred tax liability | (377,576) | (378,761) | |||||||||||||||
Average tangible shareholders' equity | $ | 828,782 | $ | 817,933 | |||||||||||||
Return on Average Tangible Shareholders' Equity (non-GAAP) | 19.61 | % | 14.61 | % |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 140,499 | $ | 1,482 | 4.22 | % | $ | 756,141 | $ | 303 | 0.16 | % | |||||||||||||||||
Securities, at fair value(1)(2) | 1,000,609 | 6,269 | 2.51 | % | 1,002,212 | 5,265 | 2.10 | % | |||||||||||||||||||||
Loans held for sale | 126 | 2 | 6.39 | % | 1,545 | 14 | 3.51 | % | |||||||||||||||||||||
Commercial real estate | 3,132,382 | 42,104 | 5.45 | % | 3,257,238 | 29,345 | 3.65 | % | |||||||||||||||||||||
Commercial and industrial | 1,711,113 | 28,515 | 6.76 | % | 1,712,865 | 16,827 | 3.98 | % | |||||||||||||||||||||
Commercial construction | 388,795 | 6,932 | 7.23 | % | 409,264 | 3,329 | 3.30 | % | |||||||||||||||||||||
Total Commercial Loans | 5,232,290 | 77,551 | 6.01 | % | 5,379,367 | 49,501 | 3.73 | % | |||||||||||||||||||||
Residential mortgage | 1,144,821 | 12,613 | 4.43 | % | 896,268 | 8,962 | 4.02 | % | |||||||||||||||||||||
Home equity | 650,385 | 10,067 | 6.28 | % | 570,781 | 4,823 | 3.43 | % | |||||||||||||||||||||
Installment and other consumer | 122,873 | 2,364 | 7.80 | % | 109,972 | 1,475 | 5.44 | % | |||||||||||||||||||||
Consumer construction | 45,870 | 528 | 4.67 | % | 21,833 | 181 | 3.37 | % | |||||||||||||||||||||
Total Consumer Loans | 1,963,949 | 25,572 | 5.26 | % | 1,598,854 | 15,441 | 3.90 | % | |||||||||||||||||||||
Total Portfolio Loans | 7,196,239 | 103,123 | 5.81 | % | 6,978,221 | 64,942 | 3.77 | % | |||||||||||||||||||||
Total Loans(1)(3) | 7,196,365 | 103,125 | 5.81 | % | 6,979,765 | 64,955 | 3.77 | % | |||||||||||||||||||||
Total other earning assets | 34,720 | 581 | 6.71 | % | 9,280 | 79 | 3.40 | % | |||||||||||||||||||||
Total Interest-earning Assets | 8,372,193 | 111,458 | 5.39 | % | 8,747,398 | 70,602 | 3.27 | % | |||||||||||||||||||||
Noninterest-earning assets | 754,677 | 709,246 | |||||||||||||||||||||||||||
Total Assets | $ | 9,126,870 | $ | 9,456,644 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Interest-bearing demand | $ | 824,623 | $ | 673 | 0.33 | % | $ | 986,639 | $ | 185 | 0.08 | % | |||||||||||||||||
Money market | 1,670,988 | 7,748 | 1.88 | % | 2,055,857 | 746 | 0.15 | % | |||||||||||||||||||||
Savings | 1,090,137 | 806 | 0.30 | % | 1,109,048 | 78 | 0.03 | % | |||||||||||||||||||||
Certificates of deposit | 1,052,460 | 5,676 | 2.19 | % | 1,070,189 | 844 | 0.32 | % | |||||||||||||||||||||
Total Interest-bearing Deposits | 4,638,208 | 14,903 | 1.30 | % | 5,221,733 | 1,853 | 0.14 | % | |||||||||||||||||||||
Securities sold under repurchase agreements | — | — | — | % | 81,790 | 20 | 0.10 | % | |||||||||||||||||||||
Short-term borrowings | 451,668 | 5,487 | 4.93 | % | — | — | — | % | |||||||||||||||||||||
Long-term borrowings | 14,689 | 98 | 2.71 | % | 22,310 | 107 | 1.95 | % | |||||||||||||||||||||
Junior subordinated debt securities | 54,458 | 1,007 | 7.50 | % | 54,398 | 395 | 2.95 | % | |||||||||||||||||||||
Total Borrowings | 520,815 | 6,592 | 5.13 | % | 158,498 | 523 | 1.34 | % | |||||||||||||||||||||
Other interest-bearing liabilities | 54,669 | 617 | 4.58 | % | — | — | — | % | |||||||||||||||||||||
Total Interest-bearing Liabilities | 5,213,692 | 22,112 | 1.72 | % | 5,380,231 | 2,376 | 0.18 | % | |||||||||||||||||||||
Noninterest-bearing liabilities | 2,706,820 | 2,879,718 | |||||||||||||||||||||||||||
Shareholders' equity | 1,206,358 | 1,196,694 | |||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 9,126,870 | $ | 9,456,644 | |||||||||||||||||||||||||
Net Interest Income (1)(2) | $ | 89,345 | $ | 68,226 | |||||||||||||||||||||||||
Net Interest Margin (1)(2) | 4.32 | % | 3.16 | % |
Three Months Ended March 31, 2023 Compared to March 31, 2022 | |||||||||||
(dollars in thousands) | Volume (4) | Rate (4) | Total | ||||||||
Interest earned on: | |||||||||||
Interest-bearing deposits with banks | $ | (247) | $ | 1,426 | $ | 1,179 | |||||
Securities, at fair value(1)(2) | (8) | 1,012 | 1,004 | ||||||||
Loans held for sale | (12) | 1 | (12) | ||||||||
Commercial real estate | (1,125) | 13,884 | 12,759 | ||||||||
Commercial and industrial | (17) | 11,705 | 11,688 | ||||||||
Commercial construction | (167) | 3,770 | 3,603 | ||||||||
Total Commercial Loans | (1,309) | 29,359 | 28,050 | ||||||||
Residential mortgage | 2,485 | 1,165 | 3,651 | ||||||||
Home equity | 673 | 4,571 | 5,244 | ||||||||
Installment and other consumer | 173 | 716 | 889 | ||||||||
Consumer construction | 200 | 148 | 347 | ||||||||
Total Consumer Loans | 3,531 | 6,600 | 10,131 | ||||||||
Total Portfolio Loans | 2,222 | 35,959 | 38,181 | ||||||||
Total Loans (1)(3) | 2,210 | 35,960 | 38,169 | ||||||||
Total other earning assets | 216 | 286 | 502 | ||||||||
Change in Interest Earned on Interest-earning Assets | $ | 2,171 | $ | 38,684 | $ | 40,854 | |||||
Interest paid on: | |||||||||||
Interest-bearing demand | $ | (30) | $ | 518 | $ | 487 | |||||
Money market | (140) | 7,141 | 7,002 | ||||||||
Savings | (1) | 730 | 728 | ||||||||
Certificates of deposit | (14) | 4,846 | 4,832 | ||||||||
Total Interest-bearing Deposits | (185) | 13,235 | 13,049 | ||||||||
Securities sold under repurchase agreements | (20) | — | (20) | ||||||||
Short-term borrowings | 5,487 | — | 5,487 | ||||||||
Long-term borrowings | (37) | 28 | (9) | ||||||||
Junior subordinated debt securities | — | 611 | 611 | ||||||||
Total Borrowings | 5,430 | 639 | 6,069 | ||||||||
Change in Interest Paid on Interest-bearing Liabilities | 5,862 | 13,874 | 19,735 | ||||||||
Change in Net Interest Income | $ | (3,691) | $ | 24,810 | $ | 21,119 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Debit and credit card | $ | 4,373 | $ | 5,063 | $ | (690) | (13.6) | % | ||||||||||||||||||
Service charges on deposit accounts | 4,076 | 3,974 | 102 | 2.6 | % | |||||||||||||||||||||
Wealth management | 2,948 | 3,242 | (294) | (9.1) | % | |||||||||||||||||||||
Mortgage banking | 301 | 1,015 | (714) | (70.3) | % | |||||||||||||||||||||
Other | 1,492 | 1,932 | (440) | (22.8) | % | |||||||||||||||||||||
Total Noninterest Income | $ | 13,190 | $ | 15,226 | $ | (2,036) | (13.4) | % | ||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Salaries and employee benefits | $ | 27,601 | $ | 23,712 | $ | 3,889 | 16.4 | % | ||||||||||||||||||
Data processing and information technology | 4,258 | 4,435 | (177) | (4.0) | % | |||||||||||||||||||||
Occupancy | 3,835 | 3,882 | (47) | (1.2) | % | |||||||||||||||||||||
Furniture, equipment and software | 2,861 | 2,777 | 84 | 3.0 | % | |||||||||||||||||||||
Professional services and legal | 1,821 | 1,949 | (128) | (6.6) | % | |||||||||||||||||||||
Other taxes | 1,790 | 1,537 | 253 | 16.5 | % | |||||||||||||||||||||
Marketing | 1,853 | 1,361 | 492 | 36.1 | % | |||||||||||||||||||||
FDIC insurance | 1,012 | 937 | 75 | 8.0 | % | |||||||||||||||||||||
Other | 6,668 | 6,824 | (156) | (2.3) | % | |||||||||||||||||||||
Total Noninterest Expense | $ | 51,699 | $ | 47,414 | $ | 4,285 | 9.0 | % |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | $ Change | |||||||||||||||||||||||
U.S. Treasury securities | $ | 133,704 | $ | 131,695 | $ | 2,009 | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 42,095 | 41,811 | 284 | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 432,739 | 428,407 | 4,332 | |||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 41,170 | 41,587 | (417) | |||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 317,099 | 327,313 | (10,214) | |||||||||||||||||||||||
Corporate obligations | — | 500 | (500) | |||||||||||||||||||||||
Obligations of states and political subdivisions | 30,895 | 30,471 | 424 | |||||||||||||||||||||||
Available-for-Sale Debt Securities | 997,702 | 1,001,784 | (4,082) | |||||||||||||||||||||||
Marketable equity securities | 1,006 | 994 | 12 | |||||||||||||||||||||||
Total Securities | $ | 998,708 | $ | 1,002,778 | $ | (4,070) |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans | Amount | % of Loans | $ Change | % Change | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial real estate | $ | 3,145,079 | 43.4 | % | $ | 3,128,187 | 43.5 | % | $ | 16,892 | 0.5 | % | |||||||||||||||||
Commercial and industrial | 1,709,612 | 23.6 | % | 1,718,976 | 23.9 | % | (9,364) | (0.5) | % | ||||||||||||||||||||
Commercial construction | 393,658 | 5.4 | % | 399,371 | 5.6 | % | (5,713) | (1.4) | % | ||||||||||||||||||||
Total Commercial Loans | 5,248,349 | 72.4 | % | 5,246,534 | 73.0 | % | 1,815 | — | % | ||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Consumer real estate | 1,882,872 | 26.0 | % | 1,812,539 | 25.2 | % | 70,333 | 3.9 | % | ||||||||||||||||||||
Other consumer | 119,843 | 1.6 | % | 124,896 | 1.8 | % | (5,053) | (4.0) | % | ||||||||||||||||||||
Total Consumer Loans | 2,002,715 | 27.6 | % | 1,937,435 | 27.0 | % | 65,280 | 3.4 | % | ||||||||||||||||||||
Total Portfolio Loans | 7,251,064 | 100.0 | % | 7,183,969 | 100.0 | % | 67,095 | 0.9 | % | ||||||||||||||||||||
Loans held for sale | 81 | 16 | 65 | 406.3 | % | ||||||||||||||||||||||||
Total Loans | $ | 7,251,145 | $ | 7,183,985 | $ | 67,160 | 0.9 | % |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
(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 | $ | 41,428 | $ | 25,710 | $ | 6,264 | $ | 12,547 | $ | 12,105 | $ | 3,286 | $ | 101,340 | |||||||||||||||||||||||||||
Impact of ASU 2022-02 | — | 75 | 215 | 251 | 278 | (251) | 568 | ||||||||||||||||||||||||||||||||||
Provision for credit losses on loans(1) | (1,011) | (476) | 412 | 1,497 | 488 | 180 | 1,090 | ||||||||||||||||||||||||||||||||||
Charge-offs | — | (3,412) | — | (652) | (77) | (318) | (4,459) | ||||||||||||||||||||||||||||||||||
Recoveries | 9 | 9,400 | 2 | 37 | 61 | 65 | 9,574 | ||||||||||||||||||||||||||||||||||
Net Recoveries/(Charge-offs) | 9 | 5,988 | 2 | (615) | (16) | (253) | 5,115 | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 40,426 | $ | 31,297 | $ | 6,893 | $ | 13,680 | $ | 12,855 | $ | 2,962 | $ | 108,113 | |||||||||||||||||||||||||||
(1) Excludes the provision for credit losses for unfunded commitments. |
March 31, 2023 | December 31, 2022 | ||||||||||
Ratio of net (recoveries) charge-offs to average loans outstanding(1) | (0.29) | % | 0.04 | % | |||||||
Allowance for credit losses as a percentage of total portfolio loans | 1.49 | % | 1.41 | % | |||||||
Allowance for credit losses to nonaccrual loans | 439 | % | 532 | % |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | $ Change | |||||||||||||||||||||||
Nonaccrual Loans | ||||||||||||||||||||||||||
Commercial real estate | $ | 7,931 | $ | 7,323 | $ | 608 | ||||||||||||||||||||
Commercial and industrial | 9,348 | 2,974 | 6,374 | |||||||||||||||||||||||
Commercial construction | 384 | 384 | — | |||||||||||||||||||||||
Consumer real estate | 6,664 | 8,093 | (1,429) | |||||||||||||||||||||||
Other Consumer | 317 | 278 | 39 | |||||||||||||||||||||||
Total Nonaccrual Loans | 24,644 | 19,052 | 5,592 | |||||||||||||||||||||||
OREO | 3,076 | 3,065 | 11 | |||||||||||||||||||||||
Total Nonperforming Assets | $ | 27,720 | $ | 22,117 | $ | 5,603 | ||||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||||
Nonaccrual loans as a percent of total portfolio loans | 0.34 | % | 0.27 | % | ||||||||||||||||||||||
Nonperforming assets as a percent of total portfolio loans plus OREO | 0.38 | % | 0.31 | % | ||||||||||||||||||||||
(dollars in thousands) | March 31, 2023 | % | December 31, 2022 | % | $ Change | % | |||||||||||||||||||||||||||||
Personal | $ | 4,205,608 | 58.8 | % | $ | 4,171,701 | 57.8 | % | $ | 33,907 | 0.8 | % | |||||||||||||||||||||||
Business | 2,584,246 | 36.1 | % | 2,666,995 | 36.9 | % | (82,749) | (3.1) | % | ||||||||||||||||||||||||||
Public funds | 363,240 | 5.1 | % | 381,274 | 5.3 | % | (18,034) | (4.7) | % | ||||||||||||||||||||||||||
Total Deposits | $ | 7,153,094 | 100.0 | % | $ | 7,219,970 | 100.0 | % | $ | (66,876) | (0.9) | % |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | $ Change | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,468,638 | $ | 2,588,692 | $ | (120,054) | ||||||||||||||||||||
Interest-bearing demand | 841,130 | 846,653 | (5,523) | |||||||||||||||||||||||
Money market | 1,599,814 | 1,731,521 | (131,707) | |||||||||||||||||||||||
Savings | 1,068,274 | 1,118,511 | (50,237) | |||||||||||||||||||||||
Certificates of deposit | 1,175,238 | 934,593 | 240,645 | |||||||||||||||||||||||
Total Deposits | $ | 7,153,094 | $ | 7,219,970 | $ | (66,876) |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | $ Change | |||||||||||||||||||||||
Short-term borrowings | $ | 495,000 | $ | 370,000 | $ | 125,000 | ||||||||||||||||||||
Long-term borrowings | 14,628 | 14,741 | (113) | |||||||||||||||||||||||
Junior subordinated debt securities | 54,468 | 54,453 | 15 | |||||||||||||||||||||||
Total Borrowings | $ | 564,096 | $ | 439,194 | $ | 124,902 |
Short-Term Borrowings | |||||||||||
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Balance at the period end | $ | 495,000 | $ | 370,000 | |||||||
Average balance during the period | $ | 451,668 | $ | 40,013 | |||||||
Average interest rate during the period | 4.93 | % | 4.15 | % | |||||||
Maximum month-end balance during the period | $ | 495,000 | $ | 370,000 | |||||||
Average interest rate at the period end | 5.11 | % | 4.49 | % |
Long-Term Borrowings | |||||||||||
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Balance at the period end | $ | 14,628 | $ | 14,741 | |||||||
Average balance during the period | $ | 14,689 | $ | 19,090 | |||||||
Average interest rate during the period | 2.71 | % | 2.15 | % | |||||||
Maximum month-end balance during the period | $ | 14,704 | $ | 22,344 | |||||||
Average interest rate at the period end | 2.70 | % | 2.61 | % | |||||||
Junior Subordinated Debt Securities | |||||||||||
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Balance at the period end | $ | 54,468 | $ | 54,453 | |||||||
Average balance during the period | $ | 54,458 | $ | 54,421 | |||||||
Average interest rate during the period | 7.50 | % | 4.40 | % | |||||||
Maximum month-end balance during the period | $ | 54,468 | $ | 54,453 | |||||||
Average interest rate at the period end | 7.34 | % | 7.09 | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Borrowing Capacity | Balance | Available | Borrowing Capacity | Balance | Available | |||||||||||||||||
FHLB | $ | 2,964,932 | $ | 624,079 | $ | 2,340,853 | $ | 2,925,614 | $ | 491,288 | $ | 2,434,326 | |||||||||||
Federal Reserve Window | 794,393 | — | 794,393 | 839,836 | — | 839,836 | |||||||||||||||||
Federal Reserve BTLF | 730,500 | — | 730,500 | — | — | — | |||||||||||||||||
Total | $ | 4,489,825 | $ | 624,079 | $ | 3,865,746 | $ | 3,765,450 | $ | 491,288 | $ | 3,274,162 |
(dollars in thousands) | Adequately Capitalized | Well- Capitalized | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||
S&T Bancorp, Inc. | ||||||||||||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 989,316 | 11.15 | % | $ | 967,708 | 11.06 | % | ||||||||||||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 960,316 | 13.10 | % | 938,708 | 12.81 | % | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 989,316 | 13.50 | % | 967,708 | 13.21 | % | ||||||||||||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 1,106,039 | 15.09 | % | 1,078,897 | 14.73 | % | ||||||||||||||||
S&T Bank | ||||||||||||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 957,491 | 10.80 | % | $ | 938,377 | 10.73 | % | ||||||||||||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 957,491 | 13.07 | % | 938,377 | 12.81 | % | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 957,491 | 13.07 | % | 938,377 | 12.81 | % | ||||||||||||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 1,074,177 | 14.66 | % | 1,049,566 | 14.33 | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
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 | 14.0 | 19.6 | (13.6) | 14.6 | 22.0 | (13.2) | |||||||||||||||||||||||||||||
300 | 10.4 | 14.5 | (9.1) | 11.0 | 16.6 | (8.5) | |||||||||||||||||||||||||||||
200 | 6.8 | 9.5 | (5.1) | 7.4 | 11.2 | (4.6) | |||||||||||||||||||||||||||||
100 | 3.4 | 4.8 | (1.8) | 3.7 | 5.7 | (1.5) | |||||||||||||||||||||||||||||
-100 | (5.7) | (8.2) | (2.5) | (6.1) | (8.8) | (2.6) | |||||||||||||||||||||||||||||
-200 | (9.6) | (13.3) | (8.0) | (10.2) | (14.8) | (7.7) | |||||||||||||||||||||||||||||
-300 | (13.5) | (19.0) | (18.5) | (14.1) | (21.0) | (17.0) | |||||||||||||||||||||||||||||
-400 | (19.5) | (25.7) | (33.1) | (21.1) | (30.1) | (32.7) |
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 | ||||||||||||||||||||||
$29,805,161 | ||||||||||||||||||||||||||
01/01/2023 - 01/31/2023 | — | $— | — | 29,805,161 | ||||||||||||||||||||||
02/01/2023 - 02/28/2023 | — | — | — | 29,805,161 | ||||||||||||||||||||||
03/01/2023 - 03/31/2023 | — | — | — | 29,805,161 | ||||||||||||||||||||||
Total | — | $— | — | $29,805,161 |
Rule 13a-14(a) Certification of the Chief Executive Officer | ||||||||
Rule 13a-14(a) Certification of the Chief Financial Officer | ||||||||
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101) | |||||||
S&T Bancorp, Inc. (Registrant) | |||||
May 4, 2023 | /s/ Mark Kochvar | ||||
Mark Kochvar Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Signatory) |
/s/ Christopher J. McComish | ||
Christopher J. McComish, Chief Executive Officer (Principal Executive Officer) |
/s/ Mark Kochvar | ||
Mark Kochvar, Chief Financial Officer (Principal Financial Officer) |
/s/ Christopher J. McComish | /s/ Mark Kochvar | |||||||
Christopher J. McComish, Chief Executive Officer (Principal Executive Officer) | Mark Kochvar, Chief Financial Officer (Principal Financial Officer) |
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 151,209 | $ 138,149 |
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) | 38,998,156 | 38,999,733 |
Treasury stock (in shares) | 2,451,288 | 2,449,711 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Impact of adopting ASU 2022-02 |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Retained Earnings
Impact of adopting ASU 2022-02
|
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2021 | $ 1,206,454 | $ 103,623 | $ 403,095 | $ 773,659 | $ (7,090) | $ (66,833) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 29,143 | 29,143 | ||||||
Other comprehensive income (loss), net of tax | (39,953) | (39,953) | ||||||
Cash dividends declared | (11,384) | (11,384) | ||||||
Treasury stock issued for restricted stock awards | 0 | (135) | 135 | |||||
Forfeitures of restricted stock awards | (56) | 62 | (118) | |||||
Recognition of restricted stock compensation expense | 746 | 746 | ||||||
Ending Balance at Mar. 31, 2022 | 1,184,950 | 103,623 | 403,841 | 791,345 | (47,043) | (66,816) | ||
Beginning Balance at Dec. 31, 2021 | 1,206,454 | 103,623 | 403,095 | 773,659 | (7,090) | (66,833) | ||
Ending Balance at Dec. 31, 2022 | $ 1,184,659 | $ (447) | 103,623 | 406,283 | 863,948 | $ (447) | (112,125) | (77,070) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2022-02 [Member] | |||||||
Net income | $ 39,799 | 39,799 | ||||||
Other comprehensive income (loss), net of tax | 15,467 | 15,467 | ||||||
Cash dividends declared | (12,494) | (12,494) | ||||||
Forfeitures of restricted stock awards | (19) | 34 | (53) | |||||
Recognition of restricted stock compensation expense | 830 | 830 | ||||||
Ending Balance at Mar. 31, 2023 | $ 1,227,795 | $ 103,623 | $ 407,113 | $ 890,840 | $ (96,658) | $ (77,123) |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.32 | $ 0.29 |
Treasury stock issued for restricted stock awards (in shares) | 4,250 | |
Forfeitures of restricted stock awards (in shares) | 1,577 | 3,756 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
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, 2022, filed with the Securities and Exchange Commission, or SEC, on February 24, 2023 (2022 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. Recently Adopted Accounting Standards Updates, or ASU or Updated Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued , 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. 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 310-20 (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. We adopted ASU 2022-02, as of January 1, 2023, using a modified retrospective transition approach. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2022-02 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, commercial TDRs were individually assessed to determine if a specific reserve was required in the allowance for credit losses, or ACL. The elimination of TDRs resulted in these loans being included in homogenous pools. The adoption of this ASU resulted in a day one cumulative effective adjustment recorded as an increase to our ACL of $0.6 million, with the offset being recorded as a decrease to retained earnings, net of tax. Refer to Note 5 Loans and Allowance for Credit Losses for additional disclosures related to modifications of loans to borrowers experiencing financial difficulty as well as gross charge-off vintage disclosures. Accounting Standards Updates Issued But Not Yet Adopted Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit (“LIHTC”) structures. This amendment also eliminates certain LIHTC-specific guidance aligning the accounting with other equity investments in tax credit structures. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We are evaluating the accounting and disclosure requirements of ASU 2023-02 and do not expect them to have a material effect on our consolidated financial statements.
|
Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 treasury stock method was used to determined earnings per share for the three months ended March 31, 2023 and the two-class method was used to determine earnings per share for the three months ended March 31, 2022. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 months ended March 31, 2023. Refer to Note 1 of the Notes to Consolidated Financial Statements in our 2022 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 March 31, 2023 or December 31, 2022. There were no Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2023. 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, 2022 were as follows:
The following tables present the carrying values and fair values of our financial instruments at the dates presented:
|
Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented:
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 $3.3 million at March 31, 2023 and $3.7 million at December 31, 2022. 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 impairment or other factors. We do not believe any individual unrealized loss as of March 31, 2023 represents a credit impairment. There were 127 debt securities in an unrealized loss position at March 31, 2023 and 147 debt securities in an unrealized loss position at December 31, 2022. The unrealized losses on debt securities were primarily 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. 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 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 March 31, 2023 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 $18.3 million at March 31, 2023 and $17.9 million at December 31, 2022. Unrestricted pledged securities had a carrying value of $212.3 million at March 31, 2023 and $251.5 million at December 31, 2022. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.
|
Loans and Allowance for Credit Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans and Loans Held for Sale Loans are presented net of unearned income. Unearned income consisted of net deferred loan fees and costs of $7.4 million at March 31, 2023 and $7.5 million at December 31, 2022 and a discount related to purchase accounting fair value adjustments of $4.4 million at March 31, 2023 and $4.7 million at December 31, 2022. The following table summarizes the composition of originated and acquired loans as of the dates presented:
Modifications to Borrowers Experiencing Financial Difficulty The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the period presented:
The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the period presented:
We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented:
There were no loans that had a payment default during the three months ended March 31, 2023 that were modified in the 12 months before default to borrowers experiencing financial difficulty. Additionally, we had no commitments to lend additional funds to borrowers experiencing financial difficulty that had a modification during the three months ended March 31, 2023. The effect of modifications made to borrowers experiencing financial difficulty is already included in the ACL because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification. If principal forgiveness is provided, that portion of the loan will be charged-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. An assessment of whether the borrower is experiencing financial difficulty is made on the date of a modification. Troubled Debt Restructurings Prior to the adoption of ASU 2022-02, we evaluated all substandard commercial and consumer loans that had experienced a forbearance or modification of existing terms to determine if they should be designated as troubled debt restructurings, or TDRs. TDRs returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, was not in doubt and there was a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. There was one $0.2 million TDR returned to accruing status during 2022. 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 period presented:
As of December 31, 2022, we had 16 commitments to lend an additional $0.4 million on TDRs. Defaulted TDRs were defined as loans having a payment default of 90 days or more after the restructuring took place that were restructured within the last 12 months prior to defaulting. There were no TDRs that defaulted during 2022. The following table is a summary of nonperforming assets as of the dates presented:
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. 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 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 nonaccrual loans. The following tables present loan balances by year of origination and accrual and nonaccrual 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:
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
(1) Represents only cash payments received and applied to interest on nonaccrual loans. 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.
|
Derivative Instruments and Hedging Activities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivatives Designated as Hedging Instruments 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:
Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $10.2 million will be reclassified as a decrease to interest income. The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
|
Commitments and Contingencies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Other Comprehensive Income (Loss) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects.
|
Basis of Presentation (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
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.
|
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, 2022, filed with the Securities and Exchange Commission, or SEC, on February 24, 2023 (2022 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 | 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 | 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.
|
Recently Adopted Accounting Standards Updates, or ASU or Updated and Accounting Standards Updates Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU or Updated Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued , 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. 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 310-20 (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. We adopted ASU 2022-02, as of January 1, 2023, using a modified retrospective transition approach. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2022-02 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, commercial TDRs were individually assessed to determine if a specific reserve was required in the allowance for credit losses, or ACL. The elimination of TDRs resulted in these loans being included in homogenous pools. The adoption of this ASU resulted in a day one cumulative effective adjustment recorded as an increase to our ACL of $0.6 million, with the offset being recorded as a decrease to retained earnings, net of tax. Refer to Note 5 Loans and Allowance for Credit Losses for additional disclosures related to modifications of loans to borrowers experiencing financial difficulty as well as gross charge-off vintage disclosures. Accounting Standards Updates Issued But Not Yet Adopted Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit (“LIHTC”) structures. This amendment also eliminates certain LIHTC-specific guidance aligning the accounting with other equity investments in tax credit structures. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We are evaluating the accounting and disclosure requirements of ASU 2023-02 and do not expect them to have a material effect on our consolidated financial statements.
|
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 months ended March 31, 2023. Refer to Note 1 of the Notes to Consolidated Financial Statements in our 2022 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.
|
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. 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.
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $3.3 million at March 31, 2023 and $3.7 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value and Age of Gross Unrealized Losses of Debt Securities | 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Maturities of Debt Securities | The amortized cost and fair value of available-for-sale debt securities at March 31, 2023 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.
|
Loans and Allowance for Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Loans | The following table summarizes the composition of originated and acquired loans as of the dates presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restructured Loans for Periods Presented | The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the period presented:
The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the period presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Aging Analysis of Modifications | The following table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented:
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 accrual and nonaccrual 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Income (Loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Effects of Components of Other Comprehensive Income (Loss) | The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects.
|
Basis of Presentation (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2022-02 [Member] | |||
Adjustment to allowance for credit loss | $ 101,340 | $ 108,113 | $ 99,915 | $ 98,576 |
Impact of adopting ASU 2022-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Adjustment to allowance for credit loss | $ 568 |
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring |
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned | $ 3,060,000 | |
Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.1300 | |
Weighted Average | Appraisal adjustment | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.1300 |
Securities - Fair Values of Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 997,702 | $ 1,001,784 |
Marketable equity securities | 1,006 | 994 |
Total Securities | $ 998,708 | $ 1,002,778 |
Securities - Narrative (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Number of debt securities in unrealized loss position | security | 127 | 147 |
Available-for-sale debt securities | $ 997,702 | $ 1,001,784 |
Asset Pledged as Collateral without Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 18,300 | 17,900 |
Asset Pledged as Collateral with Right | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | $ 212,300 | $ 251,500 |
Loans and Allowance for Credit Losses - Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023
USD ($)
loan
|
Dec. 31, 2022
USD ($)
loan
|
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Unearned income | $ 7.4 | $ 7.5 |
Purchase accounting fair value adjustments | $ 4.4 | $ 4.7 |
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | |
Number of troubled debt restructuring loans returned to accruing status | loan | 1 | |
Reclassified to accruing status | $ 0.2 | |
Number of commitments to lend additional funds on TDRs | loan | 16 | |
Commitments to lend additional funds on TDRs | $ 0.4 | |
Default | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of defaulted TDRs that were restructured within the last twelve months prior to defaulting | loan | 0 |
Loans and Allowance for Credit Losses - Financial Impact of Modifications (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Commercial Loans | Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 6 months |
Weighted-Average Interest Rate Reduction | 0.00% |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 72 months |
Weighted-Average Interest Rate Reduction | 0.00% |
Consumer Loans | Consumer real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-Average Term Extension (in Months) | 168 months |
Weighted-Average Interest Rate Reduction | 2.00% |
Loans and Allowance for Credit Losses - Nonperforming Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Nonperforming Assets | |||
Nonaccrual Loans | $ 24,644 | $ 19,052 | $ 66,291 |
OREO | 3,076 | 3,065 | |
Total Nonperforming Assets | $ 27,720 | $ 22,117 |
Derivative Instruments and Hedging Activities - Effect of Cash Flow Hedges (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | $ 4,782 | $ (2,044) |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | (1,849) | 107 |
Interest rate swap contracts - cash flow hedge | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | 4,782 | (2,044) |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income | $ (1,849) | $ 107 |
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Designated as Hedging Instruments | Interest rate swap contracts—commercial loans | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Reclassified as an increase to interest income, next 12 months | $ 10.2 |
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 | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | $ (1) | $ 39 |
Interest rate swap contracts—commercial loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | 0 | 68 |
Interest rate lock commitments—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | 1 | (217) |
Forward sale contracts—mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Derivatives (Loss) Gain | $ (2) | $ 188 |
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 2,727,653 | $ 2,777,942 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 2,661,977 | 2,713,586 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 65,676 | $ 64,356 |
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Balance at beginning of period | $ 8,196 | $ 5,189 |
Provision for credit losses | (168) | 186 |
Balance at end of period | $ 8,028 | $ 5,375 |
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Pre-Tax Amount | ||
Change in net unrealized gains (losses) on available-for-sale debt securities | $ 14,060 | $ (48,261) |
Change in interest rate swap | 6,080 | (2,601) |
Adjustment to funded status of employee benefit plans | (475) | (12) |
Other Comprehensive Income (Loss) | 19,665 | (50,874) |
Tax Benefit | ||
Change in net unrealized gains (losses) on available-for-sale debt securities | (3,001) | 10,332 |
Change in interest rate swap | (1,298) | 557 |
Adjustment to funded status of employee benefit plans | 101 | 32 |
Other Comprehensive Income (Loss) | (4,198) | 10,921 |
Net of Tax Amount | ||
Change in net unrealized gains (losses) on available-for-sale debt securities | 11,059 | (37,929) |
Change in interest rate swap | 4,782 | (2,044) |
Adjustment to funded status of employee benefit plans | (374) | 20 |
Other Comprehensive Income (Loss) | $ 15,467 | $ (39,953) |
.*ZCM8\\3
M( 0R_D;22GP,_\,J_\,.\C^SF$<1N?CM$G%*5H
MON%;2=.E/.LJ4*;]=\-$/%%^3BSX@XQ+7H&;]].&F1XQ:S[!I_;H._F:**0?(KQ%=H3.4&7^D>B?
MT4(J :G\KVW.=CX]NT^]OT]E1D-VWH$-+)EX9)WAGW_@P/G+%O '.3L(WRO"
M]]J\#Z=0CDS4=X(_1K#":/$;W69,4!6E:S326SE2$;-FSLYU8%SKHO0X]/#
M\
R\
MY6 &];RC[;XKE]H?E"G]F>,<[?*]GL5!#_5C>$B.%W_Y4Q;XP5_'C[QC.-6?
M[3LM1XWS:+B#K[UC+Y*+9]P+S?AYX@0QV_0"7*:&JNS=3]S82_@B3]3;%-=X
MQP$[GYB]UND%K!8*A4EL5RMHK*@8'8AZ^A,@='M>+A_S0ZI4*:>LE_-8BJ87
M;76JH;0\.P,--"8TT7@'.K4L[VM47V@FOPM;Q&Q.+LL6Y'?7(A["?-3]C_:O
M/60J!ZPA&50ZK_0TL"Z8P]$D,(!S
MH$Y+%4#T0J*:EL/8;III/ '3.H.G8YS5AEIHVG.#6!5I>7-9X3Y729K$1--[
M@YS.%6@;-7 9)@SA!+?,'*?[B-L1]76?"!!
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MHV%]ZT@>40ZD&'!@Y3#V 2M>;C],=5307(YC_]7JMS!QF^D=D=EWN8#L2"
MN7XP6>X!B' 9Y#/$$TBV&KE!Z%G"\=(9X7RC):H#+-J(YF[+'2!P<\L=$8+%
M9P@ES/9SE7!NU>[K+LSLD5HC@QL6 K@ZX:5"9L,DD37R<2$ M)_!)B9W3^\B
M"!:?,SZ%F/AC8I[S U;MO^TRQ1QW'(Q@+)!'S"@B6E7( GF"^(W FH4LD+/$
MZ N']%G%8(DUD@*Y(HHS O#)*N!+5 TKIB#-,&6X$@6&>!SDW[YNOT/2S)S'
MRC&\A&7V"!\EG*>N'#.1V:L< W/FYLGBX7 2XEW-P^WG^\>[M7EW2=U
M_>7NX>;NKY_OKF\^W[\$]O\PIY[S=>-4JD@Y[@:K"M^$2,HOU+R)L!EC5VWX
M?4&!__\TUU:[@E0>+D6@TB2E0]"@.QM,7I'3
>;"QUDL9,$[=@/Q/3+,ML50>ETJ3Y?*BW/J,9"(
MCRR\7DD#2F6 G,-V46X3]H@]X8DJ)I*83+2D-S+&B:P[6;K(3%ZO'GSSI^\N
M+LZ>_OCF+Q]>\<_G3X]5R+9'*@2"3H5;TNE$)6(A,XR5D]HUW= +Q%#11E
MA-.;V&>/WI"R!R;'[.R%$3V'_=^+)"[W(PGPRAO![TJ"@BVPYZUN>@% .W*.
MAQ:IPN4A?1'4LE0FV-(V@19/K:2'5)@[>&3-\2RJ*F?+>X<;!T85?\ZCBC\?
M;/Y_T 3Y?B8I3=E+[IU#'29$&NNA1M"[97I%9QT[0ZER.^KCTZ#H;8.4^\<^
M4QD9A#SSGB0O"^,Q.,$>>RN5NQQ+#UUU'#'&HMN5? ,!%G/H&4YSJ"KE 3^
MFS6.!8&[WGIC"]\*@PBV\"T[<#I;Q+!%W)TZ8WF&_D0Q#C*)[IR*.>0+REP-
M6>2T("!8LE99TU:CMTSR)<6X3":\H(71804=9^0._!C<61/0$"-J11>*G. &
MC;)S03LW&T:6ET3;Y":37*3/A@/759C;%BLDS8W40 O^"8[D^Q'T$@ 3WX^A
M%^*X94>@!!NPX^[J^N[^[NGNTZC_1!T$//I878BHS](SM(<953,R 7 C@
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M:U'6VC:B8/F[Q@J^%F=OJ;IY/O+!^4CVO9:EQF*Q&M$.ADS:KPB8PNAN(%2U_
MIQ
C9.(
M*R3W V\(9M^/3(S:F (^!RY*6@ *>>A2UY58+N@AJD>L'PY& %V76E@0HDMQ
M%80$14PHR440 )ZP4P=C/I )>!Q)N86LYT CB5;EH