Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended | ||||||||
or |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______. |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
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 |
FORM 10-Q | |||||
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES | |||||
For the Quarter Ended March 31, 2023 | |||||
TABLE OF CONTENTS | |||||
Page Number | |||||
2023 Repurchase Program | Washington Trust Bancorp, Inc.'s Stock Repurchase Program commencing January 1, 2023 | ||||
ACL | Allowance for credit losses | ||||
ALCO | Asset/Liability Committee | ||||
AOCL | Accumulated other comprehensive loss | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
ATM | Automated teller machine | ||||
AUA | Assets under administration | ||||
Bancorp | Washington Trust Bancorp, Inc. | ||||
Bank | The Washington Trust Company, of Westerly | ||||
BOLI | Bank-owned life insurance | ||||
C&I | Commercial and industrial | ||||
CDARS | Certificate of Deposit Account Registry Service | ||||
Corporation | The Bancorp and its subsidiaries | ||||
CRE | Commercial real estate | ||||
DCF | Discounted cash flow | ||||
DDM | Demand Deposit Marketplace | ||||
EPS | Earnings per common share | ||||
ERM | Enterprise risk management | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
FHLB | Federal Home Loan Bank of Boston | ||||
FRBB | Federal Reserve Bank of Boston | ||||
FTE | Fully taxable equivalent | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
ICS | Insured Cash Sweep | ||||
LTV | Loan to value | ||||
NIM | Net interest margin | ||||
OREO | Property acquired through foreclosure or repossession | ||||
PPP | Paycheck Protection Program | ||||
S&P | Standard and Poors, Inc. | ||||
SBA | Small Business Administration | ||||
SEC | U.S. Securities and Exchange Commission | ||||
TDR | Troubled debt restructuring | ||||
TLM | Troubled loan modification | ||||
Washington Trust | The Bancorp and its subsidiaries | ||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Balance Sheets (unaudited) | |||||
(Dollars in thousands, except par value) |
March 31, 2023 | December 31, 2022 | |||||||
Assets: | ||||||||
Cash and due from banks | $ | $ | ||||||
Short-term investments | ||||||||
Mortgage loans held for sale, at fair value | ||||||||
Available for sale debt securities, at fair value (amortized cost of $ | ||||||||
Federal Home Loan Bank stock, at cost | ||||||||
Loans: | ||||||||
Total loans | ||||||||
Less: allowance for credit losses on loans | ||||||||
Net loans | ||||||||
Premises and equipment, net | ||||||||
Operating lease right-of-use assets | ||||||||
Investment in bank-owned life insurance | ||||||||
Goodwill | ||||||||
Identifiable intangible assets, net | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing deposits | $ | $ | ||||||
Interest-bearing deposits | ||||||||
Total deposits | ||||||||
Federal Home Loan Bank advances | ||||||||
Junior subordinated debentures | ||||||||
Operating lease liabilities | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 16) | ||||||||
Shareholders’ Equity: | ||||||||
Common stock of $ | ||||||||
Paid-in capital | ||||||||
Retained earnings | ||||||||
Accumulated other comprehensive loss | ( | ( | ||||||
Treasury stock, at cost; | ( | ( | ||||||
Total shareholders’ equity | ||||||||
Total liabilities and shareholders’ equity | $ | $ |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Income (unaudited) | |||||
(Dollars and shares in thousands, except per share amounts) |
Three months ended March 31, | 2023 | 2022 | ||||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | $ | ||||||||||||
Interest on mortgage loans held for sale | ||||||||||||||
Taxable interest on debt securities | ||||||||||||||
Dividends on Federal Home Loan Bank stock | ||||||||||||||
Other interest income | ||||||||||||||
Total interest and dividend income | ||||||||||||||
Interest expense: | ||||||||||||||
Deposits | ||||||||||||||
Federal Home Loan Bank advances | ||||||||||||||
Junior subordinated debentures | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Provision for credit losses | ||||||||||||||
Net interest income after provision for credit losses | ||||||||||||||
Noninterest income: | ||||||||||||||
Wealth management revenues | ||||||||||||||
Mortgage banking revenues | ||||||||||||||
Card interchange fees | ||||||||||||||
Service charges on deposit accounts | ||||||||||||||
Loan related derivative income | ( | |||||||||||||
Income from bank-owned life insurance | ||||||||||||||
Other income | ||||||||||||||
Total noninterest income | ||||||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | ||||||||||||||
Outsourced services | ||||||||||||||
Net occupancy | ||||||||||||||
Equipment | ||||||||||||||
Legal, audit and professional fees | ||||||||||||||
FDIC deposit insurance costs | ||||||||||||||
Advertising and promotion | ||||||||||||||
Amortization of intangibles | ||||||||||||||
Other expenses | ||||||||||||||
Total noninterest expense | ||||||||||||||
Income before income taxes | ||||||||||||||
Income tax expense | ||||||||||||||
Net income | $ | $ | ||||||||||||
Net income available to common shareholders | $ | $ | ||||||||||||
Weighted average common shares outstanding - basic | ||||||||||||||
Weighted average common shares outstanding - diluted | ||||||||||||||
Per share information: | Basic earnings per common share | $ | $ | |||||||||||
Diluted earnings per common share | $ | $ |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Comprehensive Income (Loss) (unaudited) | |||||
(Dollars in thousands) |
Three months ended March 31, | 2023 | 2022 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net change in fair value of available for sale debt securities | ( | ||||||||||
Net change in fair value of cash flow hedges | ( | ||||||||||
Net change in defined benefit plan obligations | |||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||
Total comprehensive income (loss) | $ | ($ |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Changes in Shareholders' Equity (unaudited) | |||||
(Dollars and shares in thousands, except per share amounts) |
For the three months ended March 31, 2023 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | ||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ($ | ($ | $ | |||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered | ( | — | — | ( | |||||||||||||||||||
Treasury stock purchased under 2023 Repurchase Program | ( | — | — | — | — | ( | ( | ||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ($ | ($ | $ |
For the three months ended March 31, 2022 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ($ | ($ | $ | |||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Total other comprehensive loss, net of tax | — | — | — | — | ( | — | ( | ||||||||||||||||
Cash dividends declared ($ | — | — | — | ( | — | — | ( | ||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered | ( | — | — | ( | |||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ($ | ($ | $ |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statement of Cash Flows (unaudited) | |||||
(Dollars in thousands) |
Three months ended March 31, | 2023 | 2022 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Provision for credit losses | ||||||||||||||
Depreciation of premises and equipment | ||||||||||||||
Net amortization of premiums and discounts on debt securities and loans | ||||||||||||||
Amortization of intangibles | ||||||||||||||
Share-based compensation | ||||||||||||||
Tax (expense) benefit from stock option exercises and other equity awards | ( | |||||||||||||
Income from bank-owned life insurance | ( | ( | ||||||||||||
Net gains on loan sales, including changes in fair value | ( | ( | ||||||||||||
Proceeds from sales of loans, net | ||||||||||||||
Loans originated for sale | ( | ( | ||||||||||||
Decrease (increase) in operating lease right-of-use assets | ( | |||||||||||||
(Decrease) increase in operating lease liabilities | ( | |||||||||||||
(Increase) decrease in other assets | ( | |||||||||||||
Decrease in other liabilities | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of: | Available for sale debt securities: Mortgage-backed | ( | ( | |||||||||||
Available for sale debt securities: Other | ( | ( | ||||||||||||
Maturities, calls and principal payments of: | Available for sale debt securities: Mortgage-backed | |||||||||||||
Available for sale debt securities: Other | ||||||||||||||
Net redemptions of Federal Home Loan Bank stock | ||||||||||||||
Purchases of other equity investments, net | ( | |||||||||||||
Net increase in loans | ( | ( | ||||||||||||
Purchases of loans | ( | ( | ||||||||||||
Purchases of premises and equipment | ( | ( | ||||||||||||
Proceeds from bank-owned life insurance | ||||||||||||||
Equity investments in real estate limited partnerships | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase in deposits | ||||||||||||||
Proceeds from Federal Home Loan Bank advances | ||||||||||||||
Repayments of Federal Home Loan Bank advances | ( | ( | ||||||||||||
Purchases of treasury stock | ( | |||||||||||||
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered | ( | ( | ||||||||||||
Cash dividends paid | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Noncash Activities: | ||||||||||||||
Loans charged-off | $ | $ | ||||||||||||
Loans transferred to property acquired through foreclosure or repossession | ||||||||||||||
Commitment for equity investments in real estate limited partnerships | ||||||||||||||
Supplemental Disclosures: | ||||||||||||||
Interest payments | $ | $ | ||||||||||||
Income tax payments |
(Dollars in thousands) | |||||||||||||||||||||||||||||
March 31, 2023 | Amortized Cost | Unrealized Gains | Unrealized Losses | ACL | Fair Value | ||||||||||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | ( | ||||||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | ( | ||||||||||||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||||||||
Total available for sale debt securities | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
December 31, 2022 | Amortized Cost | Unrealized Gains | Unrealized Losses | ACL | Fair Value | ||||||||||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | ( | ||||||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | ( | ||||||||||||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||||||||
Total available for sale debt securities | $ | $ | ($ | $ | $ | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||
March 31, 2023 | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | $ | ||||||
Due after one year to five years | ||||||||
Due after five years to ten years | ||||||||
Due after ten years | ||||||||
Total debt securities | $ | $ |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | ($ | $ | ($ | $ | ($ |
(Dollars in thousands) | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Individual name issuer trust preferred debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | ($ | $ | ($ | $ | ($ |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||
Commercial: | ||||||||
Commercial real estate (1) | $ | $ | ||||||
Commercial & industrial (2) | ||||||||
Total commercial | ||||||||
Residential Real Estate: | ||||||||
Residential real estate (3) | ||||||||
Consumer: | ||||||||
Home equity | ||||||||
Other (4) | ||||||||
Total consumer | ||||||||
Total loans (5) | $ | $ |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||||||||||||||
March 31, 2023 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial & industrial | |||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total consumer | |||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Days Past Due | ||||||||||||||||||||||||||||||||||
December 31, 2022 | 30-59 | 60-89 | Over 90 | Total Past Due | Current | Total Loans | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial & industrial | |||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total consumer | |||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | ||||||
Commercial: | ||||||||
Commercial real estate | $ | $ | ||||||
Commercial & industrial | ||||||||
Total commercial | ||||||||
Residential Real Estate: | ||||||||
Residential real estate | ||||||||
Consumer: | ||||||||
Home equity | ||||||||
Other | ||||||||
Total consumer | ||||||||
Total nonaccrual loans | $ | $ | ||||||
Accruing loans 90 days or more past due | $ | $ |
(Dollars in thousands) | ||||||||
Three months ended March 31, | 2023 | 2022 | ||||||
Commercial: | ||||||||
Commercial real estate | $ | $ | ||||||
Commercial & industrial | ||||||||
Total commercial | ||||||||
Residential Real Estate: | ||||||||
Residential real estate | ||||||||
Consumer: | ||||||||
Home equity | ||||||||
Other | ||||||||
Total consumer | ||||||||
Total | $ | $ |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||
Carrying Value | Related Allowance | Carrying Value | Related Allowance | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate (1) | $ | $ | $ | $ | |||||||||||||
Commercial & industrial (2) | |||||||||||||||||
Total commercial | |||||||||||||||||
Residential Real Estate: | |||||||||||||||||
Residential real estate (3) | |||||||||||||||||
Consumer: | |||||||||||||||||
Home equity (3) | |||||||||||||||||
Other | |||||||||||||||||
Total consumer | |||||||||||||||||
Total | $ | $ | $ | $ |
(Dollars in thousands) | Term Loans Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
CRE: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total CRE | |||||||||||||||||||||||||||||
CRE gross charge-offs | |||||||||||||||||||||||||||||
C&I: | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total C&I | |||||||||||||||||||||||||||||
C&I gross charge-offs (1) | |||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
Total residential real estate | |||||||||||||||||||||||||||||
Residential real estate gross charge-offs | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
Total home equity | |||||||||||||||||||||||||||||
Home equity gross charge-offs | |||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
Total other | |||||||||||||||||||||||||||||
Other gross charge-offs (1) | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Term Loans Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
CRE: | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total CRE | |||||||||||||||||||||||||||||
C&I: | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Classified | |||||||||||||||||||||||||||||
Total C&I | |||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
Total residential real estate | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
Total home equity | |||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
Total other | |||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Provision | ( | ( | ( | ( | ||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Provision | ( | ( | ||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||
Notional Amounts | Derivative Assets | Derivative Liabilities | Notional Amounts | Derivative Assets | Derivative Liabilities | ||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||||||
Interest rate swaps (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||||||||
Loan related derivative contracts: | |||||||||||||||||||||||
Interest rate contracts with customers | |||||||||||||||||||||||
Mirror contracts with counterparties | |||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||
Mortgage loan commitments: | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||
Gross amounts | $ | ||||||||||||||||||||||
Less: amounts offset (2) | |||||||||||||||||||||||
Derivative balances, net of offset | |||||||||||||||||||||||
Less: collateral pledged (3) | |||||||||||||||||||||||
Net amounts | $ | $ | $ | $ |
(Dollars in thousands) | Gain (Loss) Recognized in Other Comprehensive Income (Loss), Net of Tax | ||||||||||
Three months ended March 31, | 2023 | 2022 | |||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||
Interest rate risk management contracts: | |||||||||||
Interest rate swaps | $ | ($ | |||||||||
Total | $ | ($ |
(Dollars in thousands) | Amount of Gain (Loss) Recognized in Noninterest Income | |||||||||||||
Three months ended March 31, | Statement of Income Location | 2023 | 2022 | |||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||
Loan related derivative contracts: | ||||||||||||||
Interest rate contracts with customers | Loan related derivative income | $ | ($ | |||||||||||
Mirror interest rate contracts with counterparties | Loan related derivative income | ( | ||||||||||||
Risk participation agreements | Loan related derivative income | ( | ||||||||||||
Mortgage loan commitments: | ||||||||||||||
Interest rate lock commitments | Mortgage banking revenues | ( | ||||||||||||
Forward sale commitments | Mortgage banking revenues | ( | ||||||||||||
Total | $ | $ |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||
Aggregate fair value | $ | $ | ||||||
Aggregate principal balance | ||||||||
Difference between fair value and principal balance | $ | $ |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
March 31, 2023 | ||||||||||||||
Assets: | ||||||||||||||
Available for sale debt securities: | ||||||||||||||
Obligations of U.S. government-sponsored enterprises | $ | $ | $ | $ | ||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | ||||||||||||||
Individual name issuer trust preferred debt securities | ||||||||||||||
Corporate bonds | ||||||||||||||
Mortgage loans held for sale | ||||||||||||||
Derivative assets | ||||||||||||||
Total assets at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||
Liabilities: | ||||||||||||||
Derivative liabilities | $ | $ | $ | $ | ||||||||||
Total liabilities at fair value on a recurring basis | $ | $ | $ | $ |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
December 31, 2022 | ||||||||||||||
Assets: | ||||||||||||||
Available for sale debt securities: | ||||||||||||||
Obligations of U.S. government-sponsored enterprises | $ | $ | $ | $ | ||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | ||||||||||||||
Individual name issuer trust preferred debt securities | ||||||||||||||
Corporate bonds | ||||||||||||||
Mortgage loans held for sale | ||||||||||||||
Derivative assets | ||||||||||||||
Total assets at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||
Liabilities: | ||||||||||||||
Derivative liabilities | $ | $ | $ | $ | ||||||||||
Total liabilities at fair value on a recurring basis | $ | $ | $ | $ |
(Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Collateral dependent individually analyzed loans | $ | $ | $ | $ | |||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | $ | $ | $ |
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range of Inputs Utilized (Weighted Average) | ||||||||||
March 31, 2023 | ||||||||||||||
Collateral dependent individually analyzed loans | $ | Appraisals of collateral | Discount for costs to sell | |||||||||||
Appraisal adjustments | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
March 31, 2023 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial Assets: | |||||||||||||||||
Loans, net of allowance for credit losses on loans | $ | $ | $ | $ | $ | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Time deposits | $ | $ | $ | $ | $ | ||||||||||||
FHLB advances | |||||||||||||||||
Junior subordinated debentures |
(Dollars in thousands) | |||||||||||||||||
December 31, 2022 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial Assets: | |||||||||||||||||
Loans, net of allowance for credit losses on loans | $ | $ | $ | $ | $ | ||||||||||||
Financial Liabilities: | |||||||||||||||||
Time deposits | $ | $ | $ | $ | $ | ||||||||||||
FHLB advances | |||||||||||||||||
Junior subordinated debentures |
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | |||||||||
Noninterest-bearing: | |||||||||||
Demand deposits | $ | $ | |||||||||
Interest-bearing: | |||||||||||
Interest-bearing demand deposits (1) | |||||||||||
NOW accounts | |||||||||||
Money market accounts | |||||||||||
Savings accounts | |||||||||||
Time deposits (2) | |||||||||||
Total interest-bearing deposits | $ | $ | |||||||||
Total deposits | $ | $ |
(Dollars in thousands) | Scheduled Maturity | Weighted Average Rate | |||||||||
April 1, 2023 to December 31, 2023 | $ | % | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 and thereafter | |||||||||||
Balance at December 31, 2023 | $ | % |
(Dollars in thousands) | Scheduled Maturity | Weighted Average Rate | |||||||||
April 1, 2023 to December 31, 2023 | $ | % | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 and thereafter | |||||||||||
Balance at March 31, 2023 | $ | % |
(Dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be “Well Capitalized” Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | % | $ | % | N/A | N/A | |||||||||||||||||||||||||||||
Bank | $ | % | |||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | N/A | N/A | |||||||||||||||||||||||||||||||||
Bank | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | N/A | N/A | |||||||||||||||||||||||||||||||||
Bank | |||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): (1) | |||||||||||||||||||||||||||||||||||
Corporation | N/A | N/A | |||||||||||||||||||||||||||||||||
Bank | |||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | N/A | N/A | |||||||||||||||||||||||||||||||||
Bank | |||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | N/A | N/A | |||||||||||||||||||||||||||||||||
Bank | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | N/A | N/A | |||||||||||||||||||||||||||||||||
Bank | |||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): (1) | |||||||||||||||||||||||||||||||||||
Corporation | N/A | N/A | |||||||||||||||||||||||||||||||||
Bank |
For the three months ended March 31, | 2023 | 2022 | |||||||||||||||
(Dollars in thousands) | Revenue (1) | ASC 606 Revenue (2) | Revenue (1) | ASC 606 Revenue (2) | |||||||||||||
Net interest income | $ | $ | $ | $ | |||||||||||||
Noninterest income: | |||||||||||||||||
Wealth management revenues | |||||||||||||||||
Mortgage banking revenues | |||||||||||||||||
Card interchange fees | |||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||
Loan related derivative income | ( | ||||||||||||||||
Income from bank-owned life insurance | |||||||||||||||||
Other income | |||||||||||||||||
Total noninterest income | |||||||||||||||||
Total revenues | $ | $ | $ | $ |
(Dollars in thousands) | ||||||||
Three months ended March 31, | 2023 | 2022 | ||||||
Revenue recognized at a point in time: | ||||||||
Card interchange fees | $ | $ | ||||||
Service charges on deposit accounts | ||||||||
Other income | ||||||||
Revenue recognized over time: | ||||||||
Wealth management revenues | ||||||||
Service charges on deposit accounts | ||||||||
Other income | ||||||||
Total revenues from contracts in scope of Topic 606 | $ | $ |
(Dollars in thousands) | Qualified Pension Plan | Non-Qualified Retirement Plans | |||||||||||||||
Three months ended March 31, | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||
Service cost (1) | $ | $ | $ | $ | |||||||||||||
Interest cost (2) | |||||||||||||||||
Expected return on plan assets (2) | ( | ( | |||||||||||||||
Recognized net actuarial loss (2) | |||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Qualified Pension Plan | Non-Qualified Retirement Plans | ||||||||||||||||||||||
For the three months ended March 31, | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Measurement date | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | |||||||||||||||||||
Equivalent single discount rate for benefit obligations | |||||||||||||||||||||||
Equivalent single discount rate for service cost | |||||||||||||||||||||||
Equivalent single discount rate for interest cost | |||||||||||||||||||||||
Expected long-term return on plan assets | N/A | N/A | |||||||||||||||||||||
Rate of compensation increase |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | |||||||||||||||||||||||
Three months ended March 31, | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net interest income (expense) | $ | $ | $ | ($ | $ | $ | ||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||
Net interest income (expense) after provision for credit losses | ( | |||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
Other noninterest expenses | ||||||||||||||||||||||||||
Total noninterest expenses | ||||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total assets at period end | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Expenditures for long-lived assets |
Three months ended March 31, | 2023 | 2022 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Tax Benefit (Expense) | Net of Tax | Pre-tax Amounts | Income Tax Benefit (Expense) | Net of Tax | |||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||
Change in fair value of available for sale debt securities | $ | ($ | $ | ($ | $ | ($ | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||
Change in fair value of cash flow hedges | ( | ( | ( | ||||||||||||||||||||
Net cash flow hedge losses (gains) reclassified into earnings (1) | ( | ( | ( | ||||||||||||||||||||
Net change in fair value of cash flow hedges | ( | ( | ( | ||||||||||||||||||||
Defined Benefit Plan Obligations: | |||||||||||||||||||||||
Amortization of net actuarial losses (2) | ( | ( | |||||||||||||||||||||
Total other comprehensive income (loss) | $ | ($ | $ | ($ | $ | ($ |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||
For the three months ended March 31, 2023 | |||||||||||||||||||||||
Balance at December 31, 2022 | ($ | ($ | ($ | ($ | |||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Net other comprehensive income | |||||||||||||||||||||||
Balance at March 31, 2023 | ($ | ($ | ($ | ($ |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized Losses on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||
For the three months ended March 31, 2022 | |||||||||||||||||||||||
Balance at December 31, 2021 | ($ | ($ | ($ | ($ | |||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ||||||||||||||||||||||
Net other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Balance at March 31, 2022 | ($ | ($ | ($ | ($ |
(Dollars and shares in thousands, except per share amounts) | |||||||||||
Three months ended March 31, | 2023 | 2022 | |||||||||
Earnings for basic and diluted earnings per common share: | |||||||||||
Net income | $ | $ | |||||||||
Less: dividends and undistributed earnings allocated to participating securities | ( | ( | |||||||||
Net income available to common shareholders | $ | $ | |||||||||
Shares: | |||||||||||
Weighted average common shares outstanding | |||||||||||
Dilutive effect of common stock equivalents | |||||||||||
Weighted average diluted common shares outstanding | |||||||||||
Earnings per common share: | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share | $ | $ |
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | |||||||||
Financial instruments whose contract amounts represent credit risk (unfunded commitments): | |||||||||||
Commitments to extend credit: | $ | $ | |||||||||
Standby letters of credit | |||||||||||
Financial instruments whose notional amounts exceed the amounts of credit risk: | |||||||||||
Mortgage loan commitments: | |||||||||||
Interest rate lock commitments | |||||||||||
Forward sale commitments | |||||||||||
Loan related derivative contracts: | |||||||||||
Interest rate contracts with customers | |||||||||||
Mirror interest rate contracts with counterparties | |||||||||||
Risk participation-in agreements | |||||||||||
Interest rate risk management contracts: | |||||||||||
Interest rate swaps |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Provision | ( | ( | ( | ( | ||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Commercial | Consumer | ||||||||||||||||||||||||
CRE | C&I | Total Commercial | Residential Real Estate | Home Equity | Other | Total Consumer | Total | |||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Provision | ||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | |||||||||||||||||
Change | |||||||||||||||||
Three months ended March 31, | 2023 | 2022 | $ | % | |||||||||||||
Net interest income | $37,193 | $35,091 | $2,102 | 6 | % | ||||||||||||
Noninterest income | 13,283 | 17,159 | (3,876) | (23) | |||||||||||||
Total revenues | 50,476 | 52,250 | (1,774) | (3) | |||||||||||||
Provision for credit losses | 800 | 100 | 700 | 700 | |||||||||||||
Noninterest expense | 33,564 | 31,219 | 2,345 | 8 | |||||||||||||
Income before income taxes | 16,112 | 20,931 | (4,819) | (23) | |||||||||||||
Income tax expense | 3,300 | 4,448 | (1,148) | (26) | |||||||||||||
Net income | $12,812 | $16,483 | ($3,671) | (22 | %) |
Three months ended March 31, | 2023 | 2022 | ||||||
Diluted earnings per common share | $0.74 | $0.94 | ||||||
Return on average assets (net income divided by average assets) | 0.77 | % | 1.14 | % | ||||
Return on average equity (net income available for common shareholders divided by average equity) | 11.27 | % | 12.04 | % | ||||
Net interest income as a percentage of total revenues | 74 | % | 67 | % | ||||
Noninterest income as a percentage of total revenues | 26 | % | 33 | % |
Three months ended March 31, | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $103,269 | $1,070 | 4.20 | $183,684 | $78 | 0.17 | ($80,415) | $992 | 4.03 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 13,132 | 152 | 4.69 | 28,471 | 232 | 3.30 | (15,339) | (80) | 1.39 | ||||||||||||||||||||||||||
Taxable debt securities | 1,193,852 | 7,194 | 2.44 | 1,071,745 | 4,230 | 1.60 | 122,107 | 2,964 | 0.84 | ||||||||||||||||||||||||||
FHLB stock | 46,102 | 597 | 5.25 | 12,294 | 67 | 2.21 | 33,808 | 530 | 3.04 | ||||||||||||||||||||||||||
Commercial real estate | 1,859,331 | 25,300 | 5.52 | 1,631,819 | 11,891 | 2.96 | 227,512 | 13,409 | 2.56 | ||||||||||||||||||||||||||
Commercial & industrial | 630,778 | 9,070 | 5.83 | 634,869 | 6,226 | 3.98 | (4,091) | 2,844 | 1.85 | ||||||||||||||||||||||||||
Total commercial | 2,490,109 | 34,370 | 5.60 | 2,266,688 | 18,117 | 3.24 | 223,421 | 16,253 | 2.36 | ||||||||||||||||||||||||||
Residential real estate | 2,353,266 | 21,664 | 3.73 | 1,740,087 | 13,987 | 3.26 | 613,179 | 7,677 | 0.47 | ||||||||||||||||||||||||||
Home equity | 286,348 | 3,759 | 5.32 | 246,766 | 1,875 | 3.08 | 39,582 | 1,884 | 2.24 | ||||||||||||||||||||||||||
Other | 16,405 | 184 | 4.55 | 16,933 | 195 | 4.67 | (528) | (11) | (0.12) | ||||||||||||||||||||||||||
Total consumer | 302,753 | 3,943 | 5.28 | 263,699 | 2,070 | 3.18 | 39,054 | 1,873 | 2.10 | ||||||||||||||||||||||||||
Total loans | 5,146,128 | 59,977 | 4.73 | 4,270,474 | 34,174 | 3.25 | 875,654 | 25,803 | 1.48 | ||||||||||||||||||||||||||
Total interest-earning assets | 6,502,483 | 68,990 | 4.30 | 5,566,668 | 38,781 | 2.83 | 935,815 | 30,209 | 1.47 | ||||||||||||||||||||||||||
Noninterest-earning assets | 241,513 | 298,000 | (56,487) | ||||||||||||||||||||||||||||||||
Total assets | $6,743,996 | $5,864,668 | $879,328 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $298,158 | $2,639 | 3.59 | $248,395 | $70 | 0.11 | $49,763 | $2,569 | 3.48 | ||||||||||||||||||||||||||
NOW accounts | 821,590 | 358 | 0.18 | 847,848 | 130 | 0.06 | (26,258) | 228 | 0.12 | ||||||||||||||||||||||||||
Money market accounts | 1,253,141 | 7,576 | 2.45 | 1,174,833 | 615 | 0.21 | 78,308 | 6,961 | 2.24 | ||||||||||||||||||||||||||
Savings accounts | 566,258 | 314 | 0.22 | 561,339 | 71 | 0.05 | 4,919 | 243 | 0.17 | ||||||||||||||||||||||||||
Time deposits (in-market) | 830,574 | 4,577 | 2.23 | 793,169 | 2,017 | 1.03 | 37,405 | 2,560 | 1.20 | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,769,721 | 15,464 | 1.66 | 3,625,584 | 2,903 | 0.32 | 144,137 | 12,561 | 1.34 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 16,257 | 177 | 4.42 | — | — | — | 16,257 | 177 | 4.42 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 427,051 | 3,948 | 3.75 | 455,785 | 200 | 0.18 | (28,734) | 3,748 | 3.57 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 443,308 | 4,125 | 3.77 | 455,785 | 200 | 0.18 | (12,477) | 3,925 | 3.59 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,213,029 | 19,589 | 1.89 | 4,081,369 | 3,103 | 0.31 | 131,660 | 16,486 | 1.58 | ||||||||||||||||||||||||||
FHLB advances | 1,044,056 | 11,626 | 4.52 | 150,922 | 244 | 0.66 | 893,134 | 11,382 | 3.86 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 354 | 6.33 | 22,681 | 99 | 1.77 | — | 255 | 4.56 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,279,766 | 31,569 | 2.42 | 4,254,972 | 3,446 | 0.33 | 1,024,794 | 28,123 | 2.09 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 835,298 | 940,220 | (104,922) | ||||||||||||||||||||||||||||||||
Other liabilities | 168,826 | 116,291 | 52,535 | ||||||||||||||||||||||||||||||||
Shareholders’ equity | 460,106 | 553,185 | (93,079) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $6,743,996 | $5,864,668 | $879,328 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $37,421 | $35,335 | $2,086 | ||||||||||||||||||||||||||||||||
Interest rate spread | 1.88 | 2.50 | (0.62) | ||||||||||||||||||||||||||||||||
Net interest margin | 2.33 | 2.57 | (0.24) |
(Dollars in thousands) | |||||||||||
Three months ended March 31, | 2023 | 2022 | Change | ||||||||
Commercial loans | $228 | $244 | ($16) | ||||||||
(Dollars in thousands) | Three Months Ended March 31, 2023 vs. 2022 | ||||||||||
Change Due to | |||||||||||
Volume | Rate | Net Change | |||||||||
Interest on Interest-Earning Assets: | |||||||||||
Cash, federal funds sold and other short-term investments | ($48) | $1,040 | $992 | ||||||||
Mortgage loans held for sale | (154) | 74 | (80) | ||||||||
Taxable debt securities | 529 | 2,435 | 2,964 | ||||||||
FHLB stock | 353 | 177 | 530 | ||||||||
Commercial real estate | 1,862 | 11,547 | 13,409 | ||||||||
Commercial & industrial | (40) | 2,884 | 2,844 | ||||||||
Total commercial | 1,822 | 14,431 | 16,253 | ||||||||
Residential real estate | 5,448 | 2,229 | 7,677 | ||||||||
Home equity | 340 | 1,544 | 1,884 | ||||||||
Other | (6) | (5) | (11) | ||||||||
Total consumer | 334 | 1,539 | 1,873 | ||||||||
Total loans | 7,604 | 18,199 | 25,803 | ||||||||
Total interest income | 8,284 | 21,925 | 30,209 | ||||||||
Interest on Interest-Bearing Liabilities: | |||||||||||
Interest-bearing demand deposits (in-market) | 32 | 2,537 | 2,569 | ||||||||
NOW accounts | (4) | 232 | 228 | ||||||||
Money market accounts | 43 | 6,918 | 6,961 | ||||||||
Savings accounts | 1 | 242 | 243 | ||||||||
Time deposits (in-market) | 100 | 2,460 | 2,560 | ||||||||
Interest-bearing in-market deposits | 172 | 12,389 | 12,561 | ||||||||
Wholesale brokered demand deposits | 177 | — | 177 | ||||||||
Wholesale brokered time deposits | (14) | 3,762 | 3,748 | ||||||||
Wholesale brokered deposits | 163 | 3,762 | 3,925 | ||||||||
Total interest-bearing deposits | 335 | 16,151 | 16,486 | ||||||||
FHLB advances | 5,725 | 5,657 | 11,382 | ||||||||
Junior subordinated debentures | — | 255 | 255 | ||||||||
Total interest expense | 6,060 | 22,063 | 28,123 | ||||||||
Net interest income (FTE) | $2,224 | ($138) | $2,086 |
(Dollars in thousands) | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
Three months ended March 31, | 2023 | 2022 | $ | % | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Wealth management revenues | $8,663 | $10,531 | ($1,868) | (18 | %) | ||||||||||||||||||
Mortgage banking revenues | 1,245 | 3,501 | (2,256) | (64) | |||||||||||||||||||
Card interchange fees | 1,132 | 1,164 | (32) | (3) | |||||||||||||||||||
Service charges on deposit accounts | 777 | 668 | 109 | 16 | |||||||||||||||||||
Loan related derivative income | (51) | 301 | (352) | (117) | |||||||||||||||||||
Income from bank-owned life insurance | 1,165 | 601 | 564 | 94 | |||||||||||||||||||
Other income | 352 | 393 | (41) | (10) | |||||||||||||||||||
Total noninterest income | $13,283 | $17,159 | ($3,876) | (23 | %) |
(Dollars in thousands) | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
Three months ended March 31, | 2023 | 2022 | $ | % | |||||||||||||||||||
Wealth management revenues: | |||||||||||||||||||||||
Asset-based revenues | $8,429 | $10,211 | ($1,782) | (17 | %) | ||||||||||||||||||
Transaction-based revenues | 234 | 320 | (86) | (27) | |||||||||||||||||||
Total wealth management revenues | $8,663 | $10,531 | ($1,868) | (18 | %) |
(Dollars in thousands) | |||||||||||
Three months ended March 31, | 2023 | 2022 | |||||||||
Wealth management assets under administration: | |||||||||||
Balance at the beginning of period | $5,961,990 | $7,784,211 | |||||||||
Net investment appreciation (depreciation) & income | 286,262 | (388,733) | |||||||||
Net client asset (outflows) inflows | (84,830) | 97,415 | |||||||||
Balance at the end of period | $6,163,422 | $7,492,893 |
(Dollars in thousands) | |||||||||||||||||
Change | |||||||||||||||||
Three months ended March 31, | 2023 | 2022 | $ | % | |||||||||||||
Mortgage banking revenues: | |||||||||||||||||
Realized gains on loan sales, net (1) | $576 | $3,327 | ($2,751) | (83 | %) | ||||||||||||
Changes in fair value, net (2) | 86 | (242) | 328 | 136 | |||||||||||||
Loan servicing fee income, net (3) | 583 | 416 | 167 | 40 | |||||||||||||
Total mortgage banking revenues | $1,245 | $3,501 | ($2,256) | (64 | %) | ||||||||||||
Loans sold to the secondary market (4) | $29,328 | $130,128 | ($100,800) | (77 | %) |
(Dollars in thousands) | Change | ||||||||||||||||||||||
Three months ended March 31, | 2023 | 2022 | $ | % | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salaries and employee benefits | $21,784 | $21,002 | $782 | 4 | % | ||||||||||||||||||
Outsourced services | 3,496 | 3,242 | 254 | 8 | |||||||||||||||||||
Net occupancy | 2,437 | 2,300 | 137 | 6 | |||||||||||||||||||
Equipment | 1,028 | 918 | 110 | 12 | |||||||||||||||||||
Legal, audit and professional fees | 896 | 770 | 126 | 16 | |||||||||||||||||||
FDIC deposit insurance costs | 872 | 366 | 506 | 138 | |||||||||||||||||||
Advertising and promotion | 408 | 351 | 57 | 16 | |||||||||||||||||||
Amortization of intangibles | 212 | 217 | (5) | (2) | |||||||||||||||||||
Other | 2,431 | 2,053 | 378 | 18 | |||||||||||||||||||
Total noninterest expense | $33,564 | $31,219 | $2,345 | 8 | % |
(Dollars in thousands) | ||||||||
Three months ended March 31, | 2023 | 2022 | ||||||
Income tax expense | $3,300 | $4,448 | ||||||
Effective income tax rate | 20.5 | % | 21.3 | % |
(Dollars in thousands) | Change | ||||||||||||||||
Three months ended March 31, | 2023 | 2022 | $ | % | |||||||||||||
Net interest income | $37,180 | $35,108 | $2,072 | 6 | % | ||||||||||||
Provision for credit losses | 800 | 100 | 700 | 700 | |||||||||||||
Net interest income after provision for credit losses | 36,380 | 35,008 | 1,372 | 4 | |||||||||||||
Noninterest income | 4,431 | 6,512 | (2,081) | (32) | |||||||||||||
Noninterest expense | 25,466 | 23,322 | 2,144 | 9 | |||||||||||||
Income before income taxes | 15,345 | 18,198 | (2,853) | (16) | |||||||||||||
Income tax expense | 3,087 | 3,797 | (710) | (19) | |||||||||||||
Net income | $12,258 | $14,401 | ($2,143) | (15 | %) |
(Dollars in thousands) | Change | ||||||||||||||||
Three months ended March 31, | 2023 | 2022 | $ | % | |||||||||||||
Net interest expense | $13 | ($17) | $30 | 176 | % | ||||||||||||
Noninterest income | 8,852 | 10,647 | (1,795) | (17) | |||||||||||||
Noninterest expense | 8,098 | 7,897 | 201 | 3 | |||||||||||||
Income before income taxes | 767 | 2,733 | (1,966) | (72) | |||||||||||||
Income tax expense | 213 | 651 | (438) | (67) | |||||||||||||
Net income | $554 | $2,082 | ($1,528) | (73 | %) |
(Dollars in thousands) | Change | |||||||||||||||||||
March 31, 2023 | December 31, 2022 | $ | % | |||||||||||||||||
Cash and due from banks | $134,989 | $115,492 | $19,497 | 17 | % | |||||||||||||||
Total securities | 1,054,747 | 993,928 | 60,819 | 6 | ||||||||||||||||
Total loans | 5,227,969 | 5,110,139 | 117,830 | 2 | ||||||||||||||||
Allowance for credit losses on loans | 38,780 | 38,027 | 753 | 2 | ||||||||||||||||
Total assets | 6,859,182 | 6,660,051 | 199,131 | 3 | ||||||||||||||||
Total deposits | 5,268,514 | 5,018,962 | 249,552 | 5 | ||||||||||||||||
FHLB advances | 925,000 | 980,000 | (55,000) | (6) | ||||||||||||||||
Total shareholders’ equity | 464,983 | 453,669 | 11,314 | 2 |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $222,664 | 21 | % | $199,582 | 20 | % | |||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 811,870 | 77 | 774,102 | 78 | |||||||||||||||||||
Individual name issuer trust preferred debt securities | 8,700 | 1 | 8,760 | 1 | |||||||||||||||||||
Corporate bonds | 11,513 | 1 | 11,484 | 1 | |||||||||||||||||||
Total available for sale debt securities | $1,054,747 | 100 | % | $993,928 | 100 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate (1) | $1,909,136 | 37 | % | $1,829,304 | 36 | % | |||||||||||||||||
Commercial & industrial (2) | 609,720 | 11 | 656,397 | 13 | |||||||||||||||||||
Total commercial | 2,518,856 | 48 | 2,485,701 | 49 | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Residential real estate (3) | 2,403,255 | 46 | 2,323,002 | 45 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity | 288,878 | 6 | 285,715 | 6 | |||||||||||||||||||
Other (4) | 16,980 | — | 15,721 | — | |||||||||||||||||||
Total consumer | 305,858 | 6 | 301,436 | 6 | |||||||||||||||||||
Total loans | $5,227,969 | 100 | % | $5,110,139 | 100 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||
Outstanding Balance | % of Total | Outstanding Balance | % of Total | ||||||||||||||
Connecticut | $695,512 | 36 | % | $691,780 | 38 | % | |||||||||||
Massachusetts | 624,411 | 33 | 566,717 | 31 | |||||||||||||
Rhode Island | 393,580 | 21 | 387,759 | 21 | |||||||||||||
Subtotal | 1,713,503 | 90 | 1,646,256 | 90 | |||||||||||||
All other states | 195,633 | 10 | 183,048 | 10 | |||||||||||||
Total | $1,909,136 | 100 | % | $1,829,304 | 100 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Count | Outstanding Balance | % of Total | Count | Outstanding Balance | % of Total | ||||||||||||||||||
CRE Portfolio Segmentation: | |||||||||||||||||||||||
Multi-family dwelling | 130 | $488,219 | 26 | % | 127 | $469,233 | 26 | % | |||||||||||||||
Retail | 106 | 421,341 | 22 | 108 | 421,617 | 23 | |||||||||||||||||
Office | 53 | 264,429 | 14 | 53 | 257,551 | 14 | |||||||||||||||||
Hospitality | 42 | 218,328 | 11 | 33 | 214,829 | 12 | |||||||||||||||||
Industrial and warehouse | 44 | 201,701 | 11 | 42 | 192,717 | 11 | |||||||||||||||||
Healthcare | 18 | 165,978 | 9 | 17 | 136,225 | 7 | |||||||||||||||||
Commercial mixed use | 22 | 56,808 | 3 | 21 | 54,976 | 3 | |||||||||||||||||
Other | 36 | 92,332 | 4 | 34 | 82,156 | 4 | |||||||||||||||||
Total CRE loans | 451 | $1,909,136 | 100 | % | 435 | $1,829,304 | 100 | % | |||||||||||||||
Average CRE loan size | $4,233 | $4,205 | |||||||||||||||||||||
Largest individual CRE loan outstanding | $65,438 | $65,431 |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Count | Outstanding Balance | % of Total | Count | Outstanding Balance | % of Total | ||||||||||||||||||
C&I Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 69 | $166,102 | 27 | % | 69 | $193,052 | 29 | % | |||||||||||||||
Owner occupied and other real estate | 161 | 65,818 | 11 | 168 | 72,429 | 11 | |||||||||||||||||
Manufacturing | 56 | 60,510 | 10 | 55 | 60,601 | 9 | |||||||||||||||||
Retail | 54 | 58,870 | 10 | 50 | 56,012 | 9 | |||||||||||||||||
Transportation and warehousing | 17 | 50,269 | 8 | 20 | 51,347 | 8 | |||||||||||||||||
Educational services | 19 | 46,245 | 8 | 19 | 46,708 | 7 | |||||||||||||||||
Finance and insurance | 51 | 30,560 | 5 | 55 | 28,313 | 4 | |||||||||||||||||
Entertainment and recreation | 22 | 24,224 | 4 | 24 | 25,646 | 4 | |||||||||||||||||
Information | 5 | 23,637 | 4 | 5 | 23,948 | 4 | |||||||||||||||||
Accommodation and food services | 41 | 12,831 | 2 | 49 | 17,167 | 3 | |||||||||||||||||
Professional, scientific and technical | 35 | 6,042 | 1 | 37 | 6,451 | 1 | |||||||||||||||||
Public administration | 11 | 3,709 | 1 | 11 | 3,789 | 1 | |||||||||||||||||
Other | 156 | 60,903 | 9 | 162 | 70,934 | 10 | |||||||||||||||||
Total C&I loans | 697 | $609,720 | 100 | % | 724 | $656,397 | 100 | % | |||||||||||||||
Average C&I loan size | $875 | $907 | |||||||||||||||||||||
Largest individual C&I loan outstanding | $25,571 | $27,676 |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||
Massachusetts | $1,757,176 | 73 | % | $1,698,240 | 73 | % | |||||||||||
Rhode Island | 460,097 | 19 | 446,010 | 19 | |||||||||||||
Connecticut | 157,906 | 7 | 153,323 | 7 | |||||||||||||
Subtotal | 2,375,179 | 99 | 2,297,573 | 99 | |||||||||||||
All other states | 28,076 | 1 | 25,429 | 1 | |||||||||||||
Total (1) | $2,403,255 | 100 | % | $2,323,002 | 100 | % |
(Dollars in thousands) | |||||||||||||||||
Three months ended March 31, | 2023 | 2022 | |||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||
Originations for retention in portfolio (1) | $109,768 | 80 | % | $164,401 | 61 | % | |||||||||||
Originations for sale to the secondary market (2) | 27,763 | 20 | 106,619 | 39 | |||||||||||||
Total | $137,531 | 100 | % | $271,020 | 100 | % |
(Dollars in thousands) | |||||||||||||||||
Three months ended March 31, | 2023 | 2022 | |||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||
Loans sold with servicing rights retained | $17,114 | 58 | % | $14,627 | 11 | % | |||||||||||
Loans sold with servicing rights released (1) | 12,214 | 42 | 115,501 | 89 | |||||||||||||
Total | $29,328 | 100 | % | $130,128 | 100 | % |
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | ||||||
Commercial: | ||||||||
Commercial real estate | $1,601 | $— | ||||||
Commercial & industrial | 920 | — | ||||||
Total commercial | 2,521 | — | ||||||
Residential Real Estate: | ||||||||
Residential real estate | 10,470 | 11,894 | ||||||
Consumer: | ||||||||
Home equity | 989 | 952 | ||||||
Other | — | — | ||||||
Total consumer | 989 | 952 | ||||||
Total nonaccrual loans | 13,980 | 12,846 | ||||||
OREO, net | 683 | — | ||||||
Total nonperforming assets | $14,663 | $12,846 | ||||||
Nonperforming assets to total assets | 0.21 | % | 0.19 | % | ||||
Nonperforming loans to total loans | 0.27 | % | 0.25 | % | ||||
Total past due loans to total loans | 0.15 | % | 0.23 | % | ||||
Allowance for credit losses on loans to total loans | 0.74 | % | 0.74 | % | ||||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | |||||||||||
For the periods ended March 31, | 2023 | 2022 | |||||||||
Balance at beginning of period | $12,846 | $14,203 | |||||||||
Additions to nonaccrual status | 2,570 | 427 | |||||||||
Loans returned to accruing status | (110) | (63) | |||||||||
Loans charged-off | (61) | (36) | |||||||||
Loans transferred to other real estate owned | (683) | — | |||||||||
Payments, payoffs and other changes | (582) | (1,942) | |||||||||
Balance at end of period | $13,980 | $12,589 |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Days Past Due | Days Past Due | ||||||||||||||||||||||||||||||||||||||||
Over 90 | Under 90 | Total | % (1) | Over 90 | Under 90 | Total | % (1) | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $— | $1,601 | $1,601 | 0.08 | % | $— | $— | $— | — | % | |||||||||||||||||||||||||||||||
Commercial & industrial | 224 | 696 | 920 | 0.15 | — | — | — | — | |||||||||||||||||||||||||||||||||
Total commercial | 224 | 2,297 | 2,521 | 0.10 | — | — | — | — | |||||||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||||||||
Residential real estate | 2,506 | 7,964 | 10,470 | 0.44 | 3,779 | 8,115 | 11,894 | 0.51 | |||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity | — | 989 | 989 | 0.34 | — | 952 | 952 | 0.33 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total consumer | — | 989 | 989 | 0.32 | — | 952 | 952 | 0.32 | |||||||||||||||||||||||||||||||||
Total nonaccrual loans | $2,730 | $11,250 | $13,980 | 0.27 | % | $3,779 | $9,067 | $12,846 | 0.25 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Amount | % (1) | Amount | % (1) | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | $1,188 | 0.06 | % | $1,187 | 0.06 | % | |||||||||||||||||
Commercial & industrial | 229 | 0.04 | 265 | 0.04 | |||||||||||||||||||
Total commercial | 1,417 | 0.06 | 1,452 | 0.06 | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Residential real estate | 5,730 | 0.24 | 8,875 | 0.38 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity | 833 | 0.29 | 1,235 | 0.43 | |||||||||||||||||||
Other | 15 | 0.09 | 16 | 0.10 | |||||||||||||||||||
Total consumer | 848 | 0.28 | 1,251 | 0.42 | |||||||||||||||||||
Total past due loans | $7,995 | 0.15 | % | $11,578 | 0.23 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Loans | Related Allowance | Allowance / Loans | Loans | Related Allowance | Allowance / Loans | ||||||||||||||||||
Individually analyzed loans | $8,222 | $532 | 6.47 | % | $9,996 | $115 | 1.15 | % | |||||||||||||||
Pooled (collectively evaluated) loans | 5,219,747 | 38,248 | 0.73 | 5,100,143 | 37,912 | 0.74 | |||||||||||||||||
Total | $5,227,969 | $38,780 | 0.74 | % | $5,110,139 | $38,027 | 0.74 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
Allocated ACL | ACL to Loans | Loans to Total Portfolio (1) | Allocated ACL | ACL to Loans | Loans to Total Portfolio (1) | ||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $21,374 | 1.12 | % | 37 | % | $18,435 | 1.01 | % | 36 | % | |||||||||||||||||||||||||
Commercial & industrial | 9,833 | 1.61 | 11 | 10,356 | 1.58 | 13 | |||||||||||||||||||||||||||||
Total commercial | 31,207 | 1.24 | 48 | 28,791 | 1.16 | 49 | |||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||
Residential real estate | 6,239 | 0.26 | 46 | 7,740 | 0.33 | 45 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Home equity | 978 | 0.34 | 6 | 1,115 | 0.39 | 6 | |||||||||||||||||||||||||||||
Other | 356 | 2.10 | — | 381 | 2.42 | — | |||||||||||||||||||||||||||||
Total consumer | 1,334 | 0.44 | 6 | 1,496 | 0.50 | 6 | |||||||||||||||||||||||||||||
Total ACL on loans at end of period | $38,780 | 0.74 | % | 100 | % | $38,027 | 0.74 | % | 100 | % |
(Dollars in thousands) | Change | |||||||||||||||||||
March 31, 2023 | December 31, 2022 | $ | % | |||||||||||||||||
Noninterest-bearing demand deposits | $829,763 | $858,953 | ($29,190) | (3 | %) | |||||||||||||||
Interest-bearing demand deposits (in market) | 318,365 | 302,044 | 16,321 | 5 | ||||||||||||||||
NOW accounts | 828,700 | 871,875 | (43,175) | (5) | ||||||||||||||||
Money market accounts | 1,214,014 | 1,255,805 | (41,791) | (3) | ||||||||||||||||
Savings accounts | 544,604 | 576,250 | (31,646) | (5) | ||||||||||||||||
Time deposits (in-market) | 924,506 | 795,838 | 128,668 | 16 | ||||||||||||||||
Total in-market deposits | 4,659,952 | 4,660,765 | (813) | — | ||||||||||||||||
Wholesale brokered demand deposits | 1,233 | 31,153 | (29,920) | (96) | ||||||||||||||||
Wholesale brokered time deposits | 607,329 | 327,044 | 280,285 | 86 | ||||||||||||||||
Total wholesale brokered deposits | 608,562 | 358,197 | 250,365 | 70 | ||||||||||||||||
Total deposits | $5,268,514 | $5,018,962 | $249,552 | 5 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||
Balance | % of Total Deposits | Balance | % of Total Deposits | ||||||||||||||
Uninsured / Unprotected Deposits: | |||||||||||||||||
Uninsured deposits (1) | $1,394,178 | 26 | % | $1,514,900 | 30 | % | |||||||||||
Less: fully-collateralized preferred deposits (2) | 319,308 | 6 | % | 329,868 | 6 | % | |||||||||||
Unprotected deposits | $1,074,870 | 20 | % | $1,185,032 | 24 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Contingent Liquidity: | |||||||||||
Federal Home Loan Bank of Boston (1) | $859,589 | $668,295 | |||||||||
Federal Reserve Bank of Boston (2) | 26,119 | 27,059 | |||||||||
Unencumbered securities | 710,578 | 691,893 | |||||||||
Total contingent liquidity | $1,596,286 | $1,387,247 | |||||||||
Percentage of total contingent liquidity to uninsured deposits | 114.5 | % | 91.6 | % | |||||||
Percentage of total contingent liquidity to unprotected deposits | 148.5 | % | 117.1 | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||
Months 1 - 12 | Months 13 - 24 | Months 1 - 12 | Months 13 - 24 | ||||||||||||||
100 basis point rate decrease | (2.25) | % | 0.60 | % | (1.09) | % | 1.55 | % | |||||||||
200 basis point rate decrease | (6.79) | (8.14) | (4.17) | (5.21) | |||||||||||||
100 basis point rate increase | 0.56 | (4.37) | (0.78) | (5.45) | |||||||||||||
200 basis point rate increase | 3.14 | (5.46) | 0.35 | (7.65) | |||||||||||||
300 basis point rate increase | 5.73 | (6.72) | 1.42 | (10.07) |
(Dollars in thousands) | |||||||||||
Security Type | Down 100 Basis Points | Up 200 Basis Points | |||||||||
U.S. government-sponsored enterprise securities (callable) | $5,023 | ($23,058) | |||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 56,283 | (110,995) | |||||||||
Trust preferred debt and other corporate debt securities | (24) | 24 | |||||||||
Total change in market value as of March 31, 2023 | $61,282 | ($134,029) | |||||||||
Total change in market value as of December 31, 2022 | $63,712 | ($125,079) |
Issuer Purchases of Equity Securities | ||||||||||||||
Period | (a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares purchased as part of publicly announced plans | (d) Maximum number of shares that may yet be purchased under plans | ||||||||||
January 1 - 31, 2023 | 27,021 | $42.37 | 27,021 | 822,979 | ||||||||||
February 1 - 28, 2023 | 172,979 | 43.91 | 172,979 | 650,000 | ||||||||||
March 1 - 31, 2023 | — | — | — | 650,000 | ||||||||||
Total | 200,000 | $43.70 | 200,000 | 650,000 |
Exhibit Number | |||||
101 | The following materials from Washington Trust Bancorp, Inc.’s Quarterly Report on Form 10-Q for the period ended March 31, 2023 formatted in Inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related Notes to these consolidated financial statements. | ||||
104 | The cover page from the Corporation’s Quarterly Report on Form 10-Q for the period ended March 31, 2023 has been formatted in Inline XBRL and contained in Exhibit 101. |
WASHINGTON TRUST BANCORP, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | May 4, 2023 | By: | /s/ Edward O. Handy III | |||||||||||
Edward O. Handy III | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) | ||||||||||||||
Date: | May 4, 2023 | By: | /s/ Ronald S. Ohsberg | |||||||||||
Ronald S. Ohsberg | ||||||||||||||
Senior Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||
(principal financial officer) | ||||||||||||||
Date: | May 4, 2023 | By: | /s/ Maria N. Janes | |||||||||||
Maria N. Janes | ||||||||||||||
Executive Vice President, Chief Accounting Officer and Controller | ||||||||||||||
(principal accounting officer) |
Date: | May 4, 2023 | By: | /s/ Edward O. Handy III | |||||||||||
Edward O. Handy III | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) |
Date: | May 4, 2023 | By: | /s/ Ronald S. Ohsberg | |||||||||||
Ronald S. Ohsberg | ||||||||||||||
Senior Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||
(principal financial officer) |
Date: | May 4, 2023 | By: | /s/ Edward O. Handy III | |||||||||||
Edward O. Handy III | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) |
Date: | May 4, 2023 | By: | /s/ Ronald S. Ohsberg | |||||||||||
Ronald S. Ohsberg | ||||||||||||||
Senior Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||
(principal financial officer) |
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Assets: | ||||
Cash and due from banks | $ 134,989 | $ 115,492 | ||
Short-term investments | 3,291 | 2,930 | ||
Mortgage loans held for sale, at fair value | 7,445 | 8,987 | ||
Available for sale debt securities, fair value | 1,054,747 | 993,928 | ||
Federal Home Loan Bank stock, at cost | 42,501 | 43,463 | ||
Loans: | ||||
Total loans | [1] | 5,227,969 | 5,110,139 | |
Less: allowance for credit losses on loans | 38,780 | 38,027 | ||
Net loans | 5,189,189 | 5,072,112 | ||
Premises and equipment, net | 31,719 | 31,550 | ||
Operating lease right-of-use assets | 26,170 | 27,156 | ||
Investment in bank-owned life insurance | 101,782 | 102,182 | ||
Goodwill | 63,909 | 63,909 | ||
Identifiable intangible assets, net | 4,342 | 4,554 | ||
Other assets | 199,098 | 193,788 | ||
Total assets | 6,859,182 | 6,660,051 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 829,763 | 858,953 | ||
Interest-bearing deposits | 4,438,751 | 4,160,009 | ||
Total deposits | 5,268,514 | 5,018,962 | ||
Federal Home Loan Bank advances | 925,000 | 980,000 | ||
Junior subordinated debentures | 22,681 | 22,681 | ||
Operating lease liabilities | 28,622 | 29,558 | ||
Other liabilities | 149,382 | 155,181 | ||
Total liabilities | 6,394,199 | 6,206,382 | ||
Commitments and contingencies (Note 16) | ||||
Shareholders' Equity: | ||||
Common stock | 1,085 | 1,085 | ||
Paid-in capital | 127,734 | 127,056 | ||
Retained earnings | 495,231 | 492,043 | ||
Accumulated other comprehensive income (loss) | (141,760) | (157,800) | ||
Treasury stock, at cost | (17,307) | (8,715) | ||
Total shareholders' equity | 464,983 | 453,669 | ||
Total liabilities and shareholders’ equity | $ 6,859,182 | $ 6,660,051 | ||
|
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Available for sale debt securities, amortized cost | $ 1,209,794 | $ 1,166,340 |
Available for sale debt securities, allowance for credit losses | $ 0 | $ 0 |
Common stock, par value | $ 0.0625 | $ 0.0625 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 17,363,457 | 17,363,457 |
Common stock, shares outstanding | 16,985,872 | 17,182,753 |
Treasury stock, shares | 377,585 | 180,704 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 12,812 | $ 16,483 |
Other comprehensive income (loss), net of tax: | ||
Net change in fair value of available for sale debt securities | 13,198 | (49,460) |
Net change in fair value of cash flow hedges | 2,797 | (10,335) |
Net change in fair value of defined benefit plan obligations | 45 | 325 |
Total other comprehensive income (loss), net of tax | 16,040 | (59,470) |
Total comprehensive income (loss) | $ 28,852 | $ (42,987) |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Treasury Stock [Member] |
---|---|---|---|---|---|---|
Common stock, shares outstanding at Dec. 31, 2021 | 17,331,000 | |||||
Shareholders' equity at Dec. 31, 2021 | $ 564,808 | $ 1,085 | $ 126,511 | $ 458,310 | $ (19,981) | $ (1,117) |
Net income | 16,483 | 16,483 | ||||
Total other comprehensive income (loss), net of tax | (59,470) | (59,470) | ||||
Cash dividends declared | (9,498) | (9,498) | ||||
Share-based compensation | 888 | 888 | ||||
Exercise of stock options and issuance of other compensation-related equity awards, net of awards surrendered, shares | 1,000 | |||||
Exercise of stock options and issuance of other compensation-related equity awards, net of awards surrendered, value | (19) | $ 0 | (44) | 25 | ||
Common stock, shares outstanding at Mar. 31, 2022 | 17,332,000 | |||||
Shareholders' equity at Mar. 31, 2022 | $ 513,192 | $ 1,085 | 127,355 | 465,295 | (79,451) | (1,092) |
Common stock, shares outstanding at Dec. 31, 2022 | 17,182,753 | 17,183,000 | ||||
Shareholders' equity at Dec. 31, 2022 | $ 453,669 | $ 1,085 | 127,056 | 492,043 | (157,800) | (8,715) |
Net income | 12,812 | 12,812 | ||||
Total other comprehensive income (loss), net of tax | 16,040 | 16,040 | ||||
Cash dividends declared | (9,624) | (9,624) | ||||
Share-based compensation | 858 | 858 | ||||
Exercise of stock options and issuance of other compensation-related equity awards, net of awards surrendered, shares | 3,000 | |||||
Exercise of stock options and issuance of other compensation-related equity awards, net of awards surrendered, value | (31) | $ 0 | (180) | 149 | ||
Treasury stock repurchased | (200,000) | |||||
Treasury stock purchased under Stock Repurchase Program, amount acquired | $ (8,741) | (8,741) | ||||
Common stock, shares outstanding at Mar. 31, 2023 | 16,985,872 | 16,986,000 | ||||
Shareholders' equity at Mar. 31, 2023 | $ 464,983 | $ 1,085 | $ 127,734 | $ 495,231 | $ (141,760) | $ (17,307) |
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 per share | $ 0.56 | $ 0.54 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Cash flows from operating activities: | ||||
Net income | $ 12,812 | $ 16,483 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 800 | 100 | ||
Depreciation of premises and equipment | 975 | 838 | ||
Net amortization of premiums and discounts on securities and loans | 324 | 966 | ||
Amortization of intangibles | 212 | 217 | ||
Share-based compensation | 858 | 888 | ||
Tax benefit (expense) from stock option exercises and other equity awards | (1) | 10 | ||
Income from bank-owned life insurance | [1] | (1,165) | (601) | |
Net gains on loan sales, including changes in fair value | (662) | (3,085) | ||
Proceeds from sales of loans, net | 25,378 | 122,165 | ||
Loans originated for sale | (23,394) | (95,644) | ||
(Increase) decrease in operating lease right-of-use assets | 986 | (2,124) | ||
Increase (decrease) in operating lease liabilities | (936) | 2,160 | ||
(Increase) decrease in other assets | (4,917) | 21,289 | ||
Increase (decrease) in other liabilities | (176) | (25,100) | ||
Net cash provided by (used in) operating activities | 11,094 | 38,562 | ||
Cash flows from investing activities: | ||||
Purchases of mortgage-backed securities available for sale | (39,966) | (74,919) | ||
Purchases of other debt securities available for sale | (20,221) | (250) | ||
Maturities, calls and principal payments of mortgage-backed securities available for sale | 16,136 | 43,334 | ||
Maturities, calls and principal payments of other debt securities available for sale | 250 | 0 | ||
Net redemption (purchases) of Federal Home Loan Bank stock | 962 | 4,579 | ||
Purchases of other equity investments | 0 | (188) | ||
Net (increase) decrease in loans | (116,609) | (8,700) | ||
Purchases of loans | (1,709) | (465) | ||
Purchases of premises and equipment | (1,144) | (834) | ||
Proceeds from surrender of bank-owned life insurance | 1,566 | 0 | ||
Equity investment in real estate limited partnership | (6,632) | 0 | ||
Net cash provided by (used in) investing activities | (167,367) | (37,443) | ||
Cash flows from financing activities: | ||||
Net increase (decrease) in deposits | 249,552 | 147,899 | ||
Proceeds from Federal Home Loan Bank advances | 1,005,000 | 197,000 | ||
Repayment of Federal Home Loan Bank advances | (1,060,000) | (287,000) | ||
Treasury stock purchased | (8,741) | 0 | ||
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered | (31) | (19) | ||
Cash dividends paid | (9,649) | (9,396) | ||
Net cash provided by (used in) financing activities | 176,131 | 48,484 | ||
Net increase (decrease) in cash and cash equivalents | 19,858 | 49,603 | ||
Cash and cash equivalents at beginning of period | 118,422 | 178,493 | ||
Cash and cash equivalents at end of period | 138,280 | 228,096 | ||
Noncash Activities: | ||||
Loans charged off | 61 | 36 | ||
Loans transferred to property acquired through foreclosure or repossession | 683 | 0 | ||
Commitment for equity investment in real estate limited partnership | 1,728 | 0 | ||
Supplemental Disclosures: | ||||
Interest payments | 27,585 | 3,458 | ||
Income tax payments | $ 936 | $ 931 | ||
|
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Operations The Bancorp is a publicly-owned registered bank holding company that has elected to be a financial holding company. The Bancorp’s principal subsidiary is the Bank, a Rhode Island chartered financial institution founded in 1800. The Bank is the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island. Washington Trust offers a full range of financial services, including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management and trust services through its offices in Rhode Island, Massachusetts and Connecticut. Basis of Presentation The accounting and reporting policies of the Washington Trust conform to GAAP and to general practices of the banking industry. The Unaudited Consolidated Financial Statements of the Corporation presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying Unaudited Consolidated Financial Statements have been included. Interim results are not necessarily indicative of the results of the entire year. The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Unaudited Consolidated Financial Statements include the accounts of the Bancorp and its wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated. Intercompany balances and transactions have been eliminated in consolidation. The Bancorp owns the common stock of two capital trusts, which have issued trust preferred securities. These capital trusts are variable interest entities in which the Bancorp is not the primary beneficiary and, therefore, are not consolidated. The capital trusts’ only assets are junior subordinated debentures issued by the Bancorp, which were acquired by the capital trusts using the proceeds from the issuance of the trust preferred securities and common stock. The Bancorp’s equity interest in the capital trusts, which is classified in other assets, and the junior subordinated debentures are included in the Unaudited Consolidated Balance Sheets. Interest expense on the junior subordinated debentures is included in the Unaudited Consolidated Statements of Income. Use of Estimates In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Management considers the ACL on loans to be a material estimate that is particularly susceptible to change.
|
Recently Issued Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting Standards Adopted in 2023 Financial Instruments - Credit Losses - ASC 326 ASU No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), was issued in March 2022 to provide updates on the accounting treatment for TDRs and related disclosures requirements, as well as modifying the disclosure requirement associated with the existing credit quality indicators “vintage” disclosure. With respect to TDRs, ASU 2022-02 eliminates the recognition and measurement guidance for TDRs under current GAAP and instead requires that the Corporation evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with the current GAAP treatment for other loan modifications. In addition, ASU 2022-02 eliminates existing disclosure requirements on TDRs and replaces with enhanced disclosure requirements related to certain loan modifications made to borrowers experiencing financial difficulty. ASU 2022-02 also provides an update to the existing credit quality indicators “vintage” tabular disclosure requiring current period gross write-offs to be disclosed by year of origination for each loan segment. The provisions of ASU 2022-02 were effective January 1, 2023 and the Corporation adopted the provisions on a prospective basis. Historical disclosures on TDRs were removed from this report in accordance with the provisions of this ASU. The adoption of this ASU did not have a material impact on the consolidated financial statements. Business Combinations - ASC 805 ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), was issued in October 2021 to clarify the accounting for contract cost assets and contract liabilities acquired in a business combination. Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination at fair value on the acquisition date. The provisions of ASU 2021-08 clarify that contract cost assets and contract liabilities acquired in a business combination should be accounted for in accordance with ASC 606, as if the acquirer had originated the contracts. The provisions of ASU 2021-08 were effective January 1, 2023 and the Corporation adopted the provisions on a prospective basis. The adoption of ASU 2021-08 did not have a material impact on the Corporation’s consolidated financial statements. Accounting Standards Pending Adoption There were no new accounting standards issued in 2023 that are applicable to the Corporation and pending adoption.
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities Available for Sale Debt Securities The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities and fair value of securities by major security type and class of security:
Accrued interest receivable on available for sale debt securities totaled $3.1 million as of both March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, securities with a fair value of $306.6 million and $294.8 million, respectively, were pledged as collateral for FHLB borrowings, potential borrowings with the FRBB, certain public deposits and for other purposes. See Note 9 for additional disclosure on FHLB borrowings. The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.
Included in the above table are debt securities with an amortized cost balance of $273.0 million and a fair value of $242.4 million at March 31, 2023 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 1 year to 14 years, with call features ranging from 1 month to 16 months. Assessment of Available for Sale Debt Securities for Impairment Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether an impairment exists. The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:
There were no debt securities on nonaccrual status at March 31, 2023 and 2022 and, therefore there was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2023 and 2022. As of March 31, 2023, the Corporation does not intend to sell these debt securities and has determined that it is more-likely-than-not that the Corporation would not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of these debt securities are impaired due to reasons of credit quality. As further described below, management believes the unrealized losses on these debt securities are primarily attributable to changes in the investment spreads and interest rates. As a result, there was no ACL recorded at both March 31, 2023 and December 31, 2022. Obligations of U.S. Government Agency and U.S. Government-Sponsored Enterprise Securities, including Mortgage-Backed Securities The contractual cash flows for these securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies and have a long history of no credit losses. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due at March 31, 2023. Additionally, the Corporation utilizes a zero credit loss estimate for these securities. Individual Name Issuer Trust Preferred Debt Securities These securities in an unrealized loss position at March 31, 2023 included three trust preferred securities issued by three individual companies in the banking sector. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of March 31, 2023, there was one individual name issuer trust preferred debt security with an amortized cost of $2.0 million and unrealized losses of $135 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between March 31, 2023 and the filing date of this report. Based on the information available through the filing date of this report, all individual name issuer trust preferred debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers. Corporate Bonds These securities in an unrealized loss position at March 31, 2023 included four corporate bond holdings issued by three individual companies in the financial services industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of March 31, 2023, there was one corporate bond debt security with an amortized cost of $2.0 million and unrealized losses of $160 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between March 31, 2023 and the filing date of this report. Based on the information available through the filing date of this report, all corporate bond debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans The following table presents a summary of loans:
(1)CRE consists of commercial mortgages primarily secured by income-producing property, as well as construction and development loans. Construction and development loans are made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings. (2)C&I consists of loans to businesses and individuals, a portion of which are fully or partially collateralized by real estate. (3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties. (4)Other consists of loans to individuals secured by general aviation aircraft and other personal installment loans. (5)Includes net unamortized loan origination costs of $11.9 million and $11.6 million, respectively, at March 31, 2023 and December 31, 2022 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $310 thousand and $318 thousand, respectively, at March 31, 2023 and December 31, 2022. Loan balances exclude accrued interest receivable of $19.0 million and $17.6 million, respectively, as of March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, loans amounting to $2.6 billion and $2.4 billion, respectively, were pledged as collateral to the FHLB under a blanket pledge agreement and to the FRBB for the discount window. See Note 9 for additional disclosure regarding borrowings. Concentrations of Credit Risk A significant portion of our loan portfolio is concentrated among borrowers in southern New England and a substantial portion of the portfolio is collateralized by real estate in this area. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy, as well as the health of the real estate economic sector in the Corporation’s market area. Past Due Loans Past due status is based on the contractual payment terms of the loan. The following tables present an aging analysis of past due loans, segregated by class of loans:
Included in past due loans as of March 31, 2023 and December 31, 2022, were nonaccrual loans of $5.6 million and $7.2 million, respectively. In addition, all loans 90 days or more past due at March 31, 2023 and December 31, 2022 were classified as nonaccrual. Nonaccrual Loans Loans, with the exception of certain well-secured loans that are in the process of collection, are placed on nonaccrual status and interest recognition is suspended when such loans are 90 days or more overdue with respect to principal and/or interest, or sooner if considered appropriate by management. Well-secured loans are permitted to remain on accrual status provided that full collection of principal and interest is assured and the loan is in the process of collection. Loans are also placed on nonaccrual status when, in the opinion of management, full collection of principal and interest is doubtful. When loans are placed on nonaccrual status, interest previously accrued but not collected is reversed against current period income. Subsequent interest payments received on nonaccrual loans are applied to the outstanding principal balance of the loan or recognized as interest income depending on management’s assessment of the ultimate collectability of the loan. Loans are removed from nonaccrual status when they have been current as to principal and interest for a period of time, the borrower has demonstrated an ability to comply with repayment terms, and when, in management’s opinion, the loans are considered to be fully collectible. The following table is a summary of nonaccrual loans, segregated by class of loans:
No ACL was deemed necessary on nonaccrual loans with carrying values of $7.1 million and $6.5 million, respectively, as of March 31, 2023 and December 31, 2022. Nonaccrual loans of $8.3 million and $5.7 million, respectively, at March 31, 2023 and December 31, 2022 were current as to the payment of principal and interest. As of March 31, 2023 and December 31, 2022, nonaccrual loans secured by one- to four-family residential property amounting to $763 thousand and $2.9 million, respectively, were in process of foreclosure. There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2023. The following table presents interest income recognized on nonaccrual loans:
Troubled Loan Modifications As disclosed in Note 2, the Corporation adopted ASU 2022-02, which eliminated the accounting guidance for TDRs and added enhanced disclosures with respect to certain modifications for borrowers experiencing financial difficulty. Effective January 1, 2023, a loan that has been modified is considered a troubled loan modification, or TLM, when the following conditions are met: (1) the modification is considered a continuation of an existing loan and not a new loan in accordance with GAAP, (2) the modification is made to a borrower experiencing financial difficulty and (3) the modification has a direct impact to the contractual cash flows. Modifications with direct impact to contractual cash flows are defined as: principal forgiveness, interest rate reductions, maturity extensions, other-than-insignificant payment delays, or any combination thereof. If each of the aforementioned criteria are met, then the modification is considered a TLM and subject to the enhanced disclosure requirements. During the three months ended March 31, 2023, there were no TLMs. Individually Analyzed Loans Individually analyzed loans include nonaccrual commercial loans, as well as certain other loans based on the underlying risk characteristics and the discretion of management to individually analyze such loans. Prior to January 1, 2023, individually analyzed loans also included TDRs. As of March 31, 2023, individually analyzed loans amounted to $8.2 million, all of which were considered collateral dependent. As of December 31, 2022, individually analyzed loans amounted to $10.0 million, of which $8.5 million were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. See Note 7 for additional disclosure regarding fair value of individually analyzed collateral dependent loans. The following table presents the carrying value of collateral dependent individually analyzed loans:
(1) Secured by income-producing property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties. Credit Quality Indicators Commercial The Corporation utilizes an internal rating system to assign a risk to each of its commercial loans. Loans are rated on a scale of 1 to 10. This scale can be assigned to three broad categories including “pass” for ratings 1 through 6, “special mention” for 7-rated loans, and “classified” for loans rated 8, 9 or 10. The loan risk rating system takes into consideration parameters including the borrower’s financial condition, the borrower’s performance with respect to loan terms, the adequacy of collateral, the adequacy of guarantees and other credit quality characteristics. The Corporation takes the risk rating into consideration along with other credit attributes in the establishment of an appropriate ACL on loans. See Note 5 for additional information. A description of the commercial loan categories is as follows: Pass - Loans with acceptable credit quality, defined as ranging from superior or very strong to a status of lesser stature. Superior or very strong credit quality is characterized by a high degree of cash collateralization or strong balance sheet liquidity. Lesser stature loans have an acceptable level of credit quality, but may exhibit some weakness in various credit metrics such as collateral adequacy, cash flow, performance or may be in an industry or of a loan type known to have a higher degree of risk. These weaknesses may be mitigated by secondary sources of repayment, including SBA guarantees. Special Mention - Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s position as creditor at some future date. Special Mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. Examples of these conditions include but are not limited to outdated or poor quality financial data, strains on liquidity and leverage, losses or negative trends in operating results, marginal cash flow, weaknesses in occupancy rates or trends in the case of commercial real estate and frequent delinquencies. Classified - Loans identified as “substandard,” “doubtful” or “loss” based on criteria consistent with guidelines provided by banking regulators. A “substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business. The loans are closely watched and are either already on nonaccrual status or may be placed on nonaccrual status when management determines there is uncertainty of collectability. A “doubtful” loan is placed on nonaccrual status and has a high probability of loss, but the extent of the loss is difficult to quantify due to dependency upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. A loan in the “loss” category is considered generally uncollectible or the timing or amount of payments cannot be determined. “Loss” is not intended to imply that the loan has no recovery value, but rather, it is not practical or desirable to continue to carry the asset. The Corporation’s procedures call for loan risk ratings and classifications to be revised whenever information becomes available that indicates a change is warranted. On a quarterly basis, management reviews a watched asset list, which generally consists of commercial loans that are risk-rated 6 or worse, highly leveraged transaction loans, high-volatility commercial real estate and other selected loans. Management’s review focuses on the current status of the loans, the appropriateness of risk ratings and strategies to improve the credit. An annual credit review program is conducted by a third party to provide an independent evaluation of the creditworthiness of the commercial loan portfolio, the quality of the underwriting and credit risk management practices and the appropriateness of the risk rating classifications. This review is supplemented with selected targeted internal reviews of the commercial loan portfolio. Residential and Consumer Management monitors the relatively homogeneous residential real estate and consumer loan portfolios on an ongoing basis using delinquency information by loan type. In addition, other techniques are utilized to monitor indicators of credit deterioration in the residential real estate loans and home equity consumer loans. Among these techniques is the periodic tracking of loans with an updated Fair Isaac Corporation (commonly known as “FICO”) score and an updated estimated LTV ratio. LTV is estimated based on such factors as geographic location, the original appraised value and changes in median home prices, and takes into consideration the age of the loan. The results of these analyses and other credit review procedures, including selected targeted internal reviews, are taken into account in the determination of qualitative loss factors for residential real estate and home equity consumer credits. The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of March 31, 2023:
(1)Gross charge-offs in 2023 represent charge-offs of business and consumer account overdraft balances. The following table includes information on credit quality indicators for the Corporation’s loan portfolio, segregated by class of loans as of December 31, 2022:
Consistent with industry practice, Washington Trust may renew commercial loans at or immediately prior to their maturity. In the tables above, renewals subject to full credit evaluation before being granted are reported as originations in the period renewed.
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Allowance for Credit Losses on Loans |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans The ACL on loans is management’s estimate of expected lifetime credit losses on loans carried at amortized cost. The level of the ACL on loans is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The following table presents the activity in the ACL on loans for the three months ended March 31, 2023:
The following table presents the activity in the ACL on loans for the three months ended March 31, 2022:
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Corporation’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments principally to manage the Corporation’s interest rate risk. Additionally, the Corporation enters into interest rate derivatives to accommodate the business requirements of its customers. All derivatives are recognized as either assets or liabilities on the balance sheet and are measured at fair value. Derivative assets are included in other assets and derivative liabilities are included in other liabilities in the Unaudited Consolidated Balance Sheets. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and resulting designation. Interest Rate Risk Management Agreements Interest rate risk management agreements, such as caps, swaps and floors, are used from time to time as part of the Corporation’s interest rate risk management strategy. Interest rate swaps are agreements in which the Corporation and another party agree to exchange interest payments (e.g., fixed-rate for variable-rate payments) computed on a notional principal amount. Interest rate caps and floors represent options purchased by the Corporation to manage the interest rate paid throughout the term of the option contract. The credit risk associated with these transactions is the risk of default by the counterparty. To minimize this risk, the Corporation enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties and, thus, are not a measure of the potential loss exposure. Cash Flow Hedging Instruments As of March 31, 2023 and December 31, 2022, the Corporation had an interest rate swap contract that was designated as a cash flow hedge to hedge the interest rate risk associated with short-term variable rate FHLB advances. The interest rate swap on borrowings matures in December 2023. In addition, at December 31, 2022, the Corporation had an interest rate swap contract that was designated as a cash flow hedge to hedge the interest rate risk associated with a pool of variable rate commercial loans. On March 31, 2023, the Corporation terminated this interest rate swap contract and the derivative liability was derecognized. The loss on this interest rate swap included in the AOCL component of shareholders’ equity was updated to its termination date fair value of $26.5 million, or $20.1 million after tax. This loss will be amortized into earnings as a reduction of interest income on a straight-line basis over the remaining life of the original interest rate swap term, or through May 1, 2026. The changes in fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) and subsequently reclassified to earnings when gains or losses are realized. Loan Related Derivative Contracts Interest Rate Derivative Contracts with Customers The Corporation enters into interest rate swap and interest rate cap contracts to help commercial loan borrowers manage their interest rate risk. These interest rate swap contracts allow borrowers to convert variable-rate loan payments to fixed-rate loan payments, while interest rate cap contracts allow borrowers to limit their interest rate exposure in a rising rate environment. When the Corporation enters into an interest rate derivative contract with a commercial loan borrower, it simultaneously enters into a “mirror” interest rate contract with a third party. For interest rate swaps, the third party exchanges the client’s fixed-rate loan payments for variable-rate loan payments. The Corporation retains the risk that is associated with the potential failure of counterparties and the risk inherent in originating loans. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Risk Participation Agreements The Corporation has entered into risk participation agreements with other banks in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Under a risk participation-out agreement, a derivative asset, the Corporation participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Corporation assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower for a fee received from the other bank. Mortgage Loan Commitments Interest rate lock commitments are extended to borrowers and relate to the origination of mortgage loans held for sale. To mitigate the interest rate risk and pricing risk associated with rate locks and mortgage loans held for sale, the Corporation enters into forward sale commitments. Forward sale commitments are contracts for delayed delivery or net settlement of the underlying instrument, such as a residential real estate mortgage loan, where the seller agrees to deliver on a specified future date, either a specified instrument at a specified price or yield or the net cash equivalent of an underlying instrument. Both interest rate lock commitments and forward sale commitments are derivative financial instruments, but do not meet criteria for hedge accounting and therefore, the changes in fair value of these commitments are recognized in earnings. The following table presents the notional amounts and fair values of derivative instruments in the Unaudited Consolidated Balance Sheets:
(1)The fair value of derivative assets includes accrued interest receivable of $25 thousand and $24 thousand, respectively, at March 31, 2023 and December 31, 2022. The fair value of derivative liabilities includes accrued interest payable $856 thousand at December 31, 2022. (2)Interest rate risk management contracts and loan related derivative contracts with counterparties are subject to master netting arrangements. (3)Collateral pledged to derivative counterparties is in the form of cash. Washington Trust may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions. The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Changes in Shareholders’ Equity:
For derivatives designated as cash flow hedging instruments, see Note 14 for additional disclosure pertaining to the amounts and location of reclassifications from AOCL into earnings. The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Income:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Corporation uses fair value measurements to record fair value adjustments on certain assets and liabilities and to determine fair value disclosures. Items recorded at fair value on a recurring basis include securities available for sale, mortgage loans held for sale and derivatives. Additionally, from time to time, we may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent individually analyzed loans, OREO and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write-downs of individual assets. Fair value is a market-based measurement, not an entity-specific measurement. Fair value measurements are determined based on the assumptions the market participants would use in pricing the asset or liability. In addition, GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information, or “inputs”, are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Corporation’s market assumptions. These two types of inputs have created the following fair value hierarchy: •Level 1 – Quoted prices for identical assets or liabilities in active markets. •Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. •Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Corporation’s market assumptions. Fair Value Option Election GAAP allows for the irrevocable option to elect fair value accounting for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation has elected the fair value option for mortgage loans held for sale to better match changes in fair value of the loans with changes in the fair value of the forward sale commitment contracts used to economically hedge them. The following table presents a summary of mortgage loans held for sale accounted for under the fair value option:
Changes in fair value of mortgage loans held for sale accounted for under the fair value option election are included in mortgage banking revenues in the Unaudited Consolidated Statements of Income. Changes in fair value amounted to an increase to mortgage banking revenues of $24 thousand for the three months ended March 31, 2023, compared to a decrease to mortgage banking revenues of $1.1 million for the same period in 2022. There were no mortgage loans held for sale 90 days or more past due as of March 31, 2023 and December 31, 2022. Valuation Techniques Debt Securities Available for sale debt securities are recorded at fair value on a recurring basis. When available, the Corporation uses quoted market prices to determine the fair value of debt securities; such items are classified as Level 1. There were no Level 1 debt securities held at March 31, 2023 and December 31, 2022. Level 2 debt securities are traded less frequently than exchange-traded instruments. The fair value of these securities is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category includes obligations of U.S. government-sponsored enterprises, including mortgage-backed securities, individual name issuer trust preferred debt securities and corporate bonds. Debt securities not actively traded whose fair value is determined through the use of cash flows utilizing inputs that are unobservable are classified as Level 3. There were no Level 3 debt securities held at March 31, 2023 and December 31, 2022. Mortgage Loans Held for Sale The Corporation has elected the fair value option for mortgage loans held for sale. The fair value is estimated based on current market prices for similar loans in the secondary market and therefore are classified as Level 2 assets. Collateral Dependent Individually Analyzed Loans Collateral dependent individually analyzed loans are valued based upon the lower of amortized cost or fair value. Fair value is determined based on the appraised value of the underlying collateral. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. For collateral dependent loans that are expected to be repaid substantially through the sale of the collateral, management adjusts the fair value for estimated costs to sell. Management may also adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. Collateral dependent individually analyzed loans are categorized as Level 3. Derivatives Interest rate derivative contracts are traded in over-the-counter markets where quoted market prices are not readily available. Fair value measurements are determined using independent valuation software, which utilizes the present value of future cash flows discounted using market observable inputs such as forward rate assumptions. The Corporation evaluates the credit risk of its counterparties, as well as that of the Corporation. Accordingly, factors such as the likelihood of default by the Corporation and its counterparties, its net exposures and remaining contractual life are considered in determining if any fair value adjustments related to credit risk are required. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of collateral securing the position, if any. The Corporation has determined that the majority of the inputs used to value its derivative positions fall within Level 2 of the fair value hierarchy. However, the credit valuation adjustments utilize Level 3 inputs. As of March 31, 2023 and December 31, 2022, the Corporation has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Corporation has classified its derivative valuations in their entirety as Level 2. Fair value measurements of forward loan commitments (interest rate lock commitments and forward sale commitments) are primarily based on current market prices for similar assets in the secondary market for mortgage loans and therefore are classified as Level 2 assets. The fair value of interest rate lock commitments is also dependent on the ultimate closing of the loans. Pull-through rates are based on the Corporation’s historical data and reflect the Corporation’s best estimate of the likelihood that a commitment will result in a closed loan. Although the pull-through rates are Level 3 inputs, the Corporation has assessed the significance of the impact of pull-through rates on the overall valuation of its interest rate lock commitments and has determined that they are not significant to the overall valuation. As a result, the Corporation has classified its interest rate lock commitments as Level 2. Items Recorded at Fair Value on a Recurring Basis The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:
Items Recorded at Fair Value on a Nonrecurring Basis The following table presents the carrying value of assets held at March 31, 2023, which were written down to fair value during the three months ended March 31, 2023:
There were no assets written down to fair value during the twelve months ended December 31, 2022. The following table presents valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:
Valuation of Financial Instruments The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented below as of the periods indicated. The tables exclude financial instruments for which the carrying value approximates fair value such as cash and cash equivalents, FHLB stock, accrued interest receivable, BOLI, non-maturity deposits and accrued interest payable. The Corporation considers cash and cash equivalents, accrued interest receivable and accrued interest payable as level 1 measurements within the fair value hierarchy. The Corporation considers FHLB stock, BOLI and non-maturity deposits as level 2 measurements.
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits The following table presents a summary of deposits:
(1)Includes wholesale brokered demand deposit balances of $1,233 and $31,153, respectively, as of March 31, 2023 and December 31, 2022. (2)Includes wholesale brokered time deposit balances of $607,329 and $327,044, respectively, as of March 31, 2023 and December 31, 2022. The following table presents scheduled maturities of time certificates of deposit:
Time certificates of deposit in denominations of $250 thousand or more totaled $241.8 million and $200.9 million, respectively, at December 31, 2023 and 2022.
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Borrowings |
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Borrowings | Borrowings Advances payable to the FHLB amounted to $925.0 million and $980.0 million, respectively, at March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, the Bank had access to a $40.0 million unused line of credit with the FHLB. Additionally, the Bank had a $215.0 million standby letter of credit with the FHLB at March 31, 2023 and December 31, 2022. This standby letter of credit was executed in 2022 to collateralize an institutional deposit. The Bank had remaining available borrowing capacity of $859.6 million and $668.3 million, respectively, with the FHLB at March 31, 2023 and December 31, 2022. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB. The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of March 31, 2023:
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Shareholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity Stock Repurchase Program The 2023 Repurchase Program authorizes the repurchase of up to 850,000 shares, or approximately 5%, of the Corporation’s outstanding common stock. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing and actual numbers of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The 2023 Repurchase Program commenced on January 1, 2023 and expires on December 31, 2023, and may be modified, suspended, or discontinued at any time. During the three months ended March 31, 2023, the Corporation repurchased 200,000 shares, at an average price of $43.70 and a total cost of $8.7 million. Regulatory Capital Requirements Capital levels at March 31, 2023 exceeded the regulatory minimum levels to be considered “well capitalized.” The following table presents the Corporation’s and the Bank’s actual capital amounts and ratios, as well as the corresponding minimum and well capitalized regulatory amounts and ratios that were in effect during the respective periods:
(1) Leverage ratio. In addition to the minimum regulatory capital required for capital adequacy purposes outlined in the table above, the Corporation is required to maintain a minimum capital conservation buffer, in the form of common equity, of 2.50% in order to avoid restrictions on capital distributions and discretionary bonuses. The Corporation’s capital levels exceeded the minimum regulatory capital requirements plus the capital conservation buffer at March 31, 2023 and December 31, 2022. The Bancorp owns the common stock of two capital trusts, which have issued trust preferred securities. In accordance with GAAP, the capital trusts are treated as unconsolidated subsidiaries. At both March 31, 2023 and December 31, 2022, $22.0 million in trust preferred securities were included in the Tier 1 capital of the Corporation for regulatory capital reporting purposes pursuant to the capital adequacy guidelines of the Federal Reserve. In accordance with regulatory capital rules, the Corporation elected the option to delay the estimated impact of ASC 326 on its regulatory capital over a two-year deferral and subsequent three-year transition period ending December 31, 2024. As a result, capital ratios exclude the full impact of the increased ACL on loans and unfunded loan commitments attributed to the adoption of ASC 326, adjusted for an approximation of the after-tax provision for credit losses attributable to ASC 326 relative to the incurred loss methodology during the two-year deferral period. The cumulative difference at the end of the deferral period is being phased-in to regulatory capital over the three-year transition period, which began January 1, 2022.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables summarize total revenues as presented in the Unaudited Consolidated Statements of Income and the related amounts that are from contracts with customers within the scope of ASC 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of ASC 606.
(1)As reported in the Unaudited Consolidated Statements of Income. (2)Revenue from contracts with customers in scope of ASC 606. The following table presents revenue from contracts with customers based on the timing of revenue recognition:
Receivables for revenue from contracts with customers primarily consist of amounts due for wealth management services performed for which the Corporation’s performance obligations have been fully satisfied. Receivables amounted to $6.6 million and $5.1 million, respectively, at March 31, 2023 and December 31, 2022 and were included in other assets in the Unaudited Consolidated Balance Sheets. Deferred revenues, which are considered contract liabilities under ASC 606, represent advance consideration received from customers for which the Corporation has a remaining performance obligation to fulfill. Contract liabilities are recognized as revenue over the life of the contract as the performance obligations are satisfied. The balances of contract liabilities were insignificant at both March 31, 2023 and December 31, 2022 and were included in other liabilities in the Unaudited Consolidated Balance Sheets. For commissions and incentives that are in scope of ASC 606, such as those paid to employees in our wealth management services and commercial banking segments in order to obtain customer contracts, contract cost assets are established. The contract cost assets are capitalized and amortized over the estimated useful life that the asset is expected to generate benefits. The carrying value of contract cost assets amounted to $2.0 million and $2.1 million, respectively, at March 31, 2023 and December 31, 2022 and were included in other assets in the Unaudited Consolidated Balance Sheets. The amortization of contract cost assets is recorded within salaries and employee benefits expense in the Unaudited Consolidated Statements of Income.
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Defined Benefit Pension Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Defined Benefit Pension Plans Washington Trust maintains a qualified pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. Washington Trust also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. The defined benefit pension plans were previously amended to freeze benefit accruals after a 10-year transition period ending in December 2023. The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss), on a pre-tax basis:
(1)Included in salaries and employee benefits expense in the Unaudited Consolidated Statements of Income. (2)Included in other expenses in the Unaudited Consolidated Statements of Income. The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost:
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Business Segments |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Corporation manages its operations through two reportable business segments, consisting of Commercial Banking and Wealth Management Services. Management uses an allocation methodology to allocate income and expenses to the business lines. Direct activities are assigned to the appropriate business segment to which the activity relates. Indirect activities, such as corporate, technology and other support functions, are allocated to business segments primarily based upon full-time equivalent employee computations. Commercial Banking The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities; deposit generation; cash management activities; banking activities, including customer support and the operation of ATMs, telephone banking, internet banking and mobile banking services; as well as investment portfolio and wholesale funding activities. Wealth Management Services The Wealth Management Services segment includes investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative, custodian and guardian; settlement of decedents’ estates; and institutional trust services, including custody and fiduciary services. The following table presents the statement of operations and total assets for Washington Trust’s reportable segments:
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Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table presents the activity in other comprehensive income (loss):
(1)For the three months ended March 31, 2023 and 2022, the pre-tax amounts reclassified into earnings in the Unaudited Consolidated Statements of Income include a reduction of $2.8 million and an increase of $493 thousand, respectively, in interest and fees on loans, as well as a reduction of $127 thousand and an increase of $94 thousand, respectively, in FHLB interest expense. (2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income. The following tables present the changes in AOCL by component, net of tax:
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Earnings per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Earnings per Common Share The following table presents the calculation of EPS:
Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 303,982 for the three months ended March 31, 2023, compared to 94,175 for the same period in 2022.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to manage the Corporation’s exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, standby letters of credit, forward loan commitments, loan related derivative contracts and interest rate risk management contracts. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Unaudited Consolidated Balance Sheets. The contract or notional amounts of these instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. Financial Instruments Whose Contract Amounts Represent Credit Risk (Unfunded Commitments) Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there are no violations of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Each borrower’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained is based on management’s credit evaluation of the borrower. Standby Letters of Credit Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support the financing needs of the Bank’s commercial customers. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The collateral supporting those commitments is essentially the same as for other commitments. Most standby letters of credit extend for one year. At March 31, 2023 and December 31, 2022, there were no liabilities to beneficiaries resulting from standby letters of credit. Should the Corporation be required to make payments to the beneficiary, repayment from the customer to the Corporation is required. Financial Instruments Whose Notional Amounts Exceed the Amount of Credit Risk Mortgage Loan Commitments Interest rate lock commitments are extended to borrowers and relate to the origination of mortgage loans held for sale. To mitigate the interest rate risk and pricing risk associated with these rate locks and mortgage loans held for sale, the Corporation enters into forward sale commitments. Both interest rate lock commitments and forward sale commitments are derivative financial instruments. Loan Related Derivative Contracts The Corporation’s credit policies with respect to interest rate contracts with commercial borrowers are similar to those used for loans. The interest rate contracts with other counterparties are generally subject to bilateral collateralization terms. Interest Rate Risk Management Contracts The Corporation’s interest rate risk management contracts consist of interest rate swap agreements in which the Corporation and another party agree to exchange interest payments (e.g., fixed-rate for variable-rate payments) computed on a notional principal amount. The credit risk associated with these transactions is the risk of default by the counterparty. To minimize this risk, the Corporation enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk:
See Note 6 for additional disclosure pertaining to derivative financial instruments. ACL on Unfunded Commitments The ACL on unfunded commitments is management’s estimate of expected lifetime credit losses over the expected contractual term in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation. Unfunded commitments for home equity lines of credit and commercial demand loans are considered unconditionally cancellable for regulatory capital purposes and, therefore, are excluded from the calculation to estimate the ACL on unfunded commitments. For each portfolio, estimated loss rates and funding factors are applied to the corresponding balance of unfunded commitments. The estimated loss rates applied to unfunded commitments are the same quantitative and qualitative loss rates applied to the corresponding on-balance sheet amounts in determining the ACL on loans. The estimated funding factor applied to unfunded commitments represents the likelihood that the funding will occur and is based upon the Corporation’s average historical utilization rate for each portfolio. The activity in the ACL on unfunded commitments for the three months ended March 31, 2023 is presented below:
The activity in the ACL on unfunded commitments for the three months ended March 31, 2022 is presented below:
Other Contingencies Litigation The Corporation is involved in various claims and legal proceedings arising out of the ordinary course of business. Management is of the opinion, based on its review with counsel of the development of such matters to date, that the ultimate disposition of such matters will not materially affect the consolidated balance sheets or statements of income of the Corporation.
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations The Bancorp is a publicly-owned registered bank holding company that has elected to be a financial holding company. The Bancorp’s principal subsidiary is the Bank, a Rhode Island chartered financial institution founded in 1800. The Bank is the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island. Washington Trust offers a full range of financial services, including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management and trust services through its offices in Rhode Island, Massachusetts and Connecticut.
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Basis of Presentation | Basis of Presentation The accounting and reporting policies of the Washington Trust conform to GAAP and to general practices of the banking industry. The Unaudited Consolidated Financial Statements of the Corporation presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying Unaudited Consolidated Financial Statements have been included. Interim results are not necessarily indicative of the results of the entire year. The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Unaudited Consolidated Financial Statements include the accounts of the Bancorp and its wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated. Intercompany balances and transactions have been eliminated in consolidation. The Bancorp owns the common stock of two capital trusts, which have issued trust preferred securities. These capital trusts are variable interest entities in which the Bancorp is not the primary beneficiary and, therefore, are not consolidated. The capital trusts’ only assets are junior subordinated debentures issued by the Bancorp, which were acquired by the capital trusts using the proceeds from the issuance of the trust preferred securities and common stock. The Bancorp’s equity interest in the capital trusts, which is classified in other assets, and the junior subordinated debentures are included in the Unaudited Consolidated Balance Sheets. Interest expense on the junior subordinated debentures is included in the Unaudited Consolidated Statements of Income.
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Use of Estimates | Use of Estimates In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Management considers the ACL on loans to be a material estimate that is particularly susceptible to change.
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Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments | The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities and fair value of securities by major security type and class of security:
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Securities by Contractual Maturity | The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.
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Securities in a Continuous Unrealized Loss Position | The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:
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Loans (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans | The following table presents a summary of loans:
(1)CRE consists of commercial mortgages primarily secured by income-producing property, as well as construction and development loans. Construction and development loans are made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings. (2)C&I consists of loans to businesses and individuals, a portion of which are fully or partially collateralized by real estate. (3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties. (4)Other consists of loans to individuals secured by general aviation aircraft and other personal installment loans. (5)Includes net unamortized loan origination costs of $11.9 million and $11.6 million, respectively, at March 31, 2023 and December 31, 2022 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $310 thousand and $318 thousand, respectively, at March 31, 2023 and December 31, 2022.
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Past Due Loans | The following tables present an aging analysis of past due loans, segregated by class of loans:
Included in past due loans as of March 31, 2023 and December 31, 2022, were nonaccrual loans of $5.6 million and $7.2 million, respectively. In addition, all loans 90 days or more past due at March 31, 2023 and December 31, 2022 were classified as nonaccrual.
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Nonaccrual Loans | The following table is a summary of nonaccrual loans, segregated by class of loans:
The following table presents interest income recognized on nonaccrual loans:
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Collateral Dependent Individually Analyzed Loans | The following table presents the carrying value of collateral dependent individually analyzed loans:
(1) Secured by income-producing property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties.
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Credit Quality Indicators | The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of March 31, 2023:
(1)Gross charge-offs in 2023 represent charge-offs of business and consumer account overdraft balances. The following table includes information on credit quality indicators for the Corporation’s loan portfolio, segregated by class of loans as of December 31, 2022:
Consistent with industry practice, Washington Trust may renew commercial loans at or immediately prior to their maturity. In the tables above, renewals subject to full credit evaluation before being granted are reported as originations in the period renewed.
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Allowance for Credit Losses on Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans Rollforward | The following table presents the activity in the ACL on loans for the three months ended March 31, 2023:
The following table presents the activity in the ACL on loans for the three months ended March 31, 2022:
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives by Balance Sheet Location | The following table presents the notional amounts and fair values of derivative instruments in the Unaudited Consolidated Balance Sheets:
(1)The fair value of derivative assets includes accrued interest receivable of $25 thousand and $24 thousand, respectively, at March 31, 2023 and December 31, 2022. The fair value of derivative liabilities includes accrued interest payable $856 thousand at December 31, 2022. (2)Interest rate risk management contracts and loan related derivative contracts with counterparties are subject to master netting arrangements. (3)Collateral pledged to derivative counterparties is in the form of cash. Washington Trust may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions.
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Derivative Instruments Effect in Statements of Income and Changes in Shareholders' Equity | The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Changes in Shareholders’ Equity:
For derivatives designated as cash flow hedging instruments, see Note 14 for additional disclosure pertaining to the amounts and location of reclassifications from AOCL into earnings. The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Income:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Mortgage Loans Held for Sale | The following table presents a summary of mortgage loans held for sale accounted for under the fair value option:
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Items Recorded at Fair Value on a Recurring Basis | The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:
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Items Recorded at Fair Value on a Nonrecurring Basis | The following table presents the carrying value of assets held at March 31, 2023, which were written down to fair value during the three months ended March 31, 2023:
There were no assets written down to fair value during the twelve months ended December 31, 2022.
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Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:
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Carrying Amounts and Estimated Fair Values of Financial Instruments | The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented below as of the periods indicated. The tables exclude financial instruments for which the carrying value approximates fair value such as cash and cash equivalents, FHLB stock, accrued interest receivable, BOLI, non-maturity deposits and accrued interest payable. The Corporation considers cash and cash equivalents, accrued interest receivable and accrued interest payable as level 1 measurements within the fair value hierarchy. The Corporation considers FHLB stock, BOLI and non-maturity deposits as level 2 measurements.
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Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits | The following table presents a summary of deposits:
(1)Includes wholesale brokered demand deposit balances of $1,233 and $31,153, respectively, as of March 31, 2023 and December 31, 2022. (2)Includes wholesale brokered time deposit balances of $607,329 and $327,044, respectively, as of March 31, 2023 and December 31, 2022.
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Schedule of Time Certificates of Deposit Maturities | The following table presents scheduled maturities of time certificates of deposit:
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Borrowings (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB Advances Maturity Summary | The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of March 31, 2023:
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Shareholders' Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | The following table presents the Corporation’s and the Bank’s actual capital amounts and ratios, as well as the corresponding minimum and well capitalized regulatory amounts and ratios that were in effect during the respective periods:
(1) Leverage ratio.
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Revenue from Contracts with Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables summarize total revenues as presented in the Unaudited Consolidated Statements of Income and the related amounts that are from contracts with customers within the scope of ASC 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of ASC 606.
(1)As reported in the Unaudited Consolidated Statements of Income. (2)Revenue from contracts with customers in scope of ASC 606. The following table presents revenue from contracts with customers based on the timing of revenue recognition:
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Defined Benefit Pension Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss), on a pre-tax basis:
(1)Included in salaries and employee benefits expense in the Unaudited Consolidated Statements of Income. (2)Included in other expenses in the Unaudited Consolidated Statements of Income.
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Schedule of Assumptions Used for Net Periodic Benefit Cost | The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost:
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Business Segments (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Operations and Total Assets by Reportable Segment | The following table presents the statement of operations and total assets for Washington Trust’s reportable segments:
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Other Comprehensive Income (Loss) (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Other Comprehensive Income (Loss) | The following table presents the activity in other comprehensive income (loss):
(1)For the three months ended March 31, 2023 and 2022, the pre-tax amounts reclassified into earnings in the Unaudited Consolidated Statements of Income include a reduction of $2.8 million and an increase of $493 thousand, respectively, in interest and fees on loans, as well as a reduction of $127 thousand and an increase of $94 thousand, respectively, in FHLB interest expense. (2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income.
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Changes in Components of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in AOCL by component, net of tax:
|
Earnings per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Earnings per Share | The following table presents the calculation of EPS:
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments with Off Balance Sheet Risk | The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk:
|
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Allowance for Credit Losses on Unfunded Commitments Rollforward | The activity in the ACL on unfunded commitments for the three months ended March 31, 2023 is presented below:
The activity in the ACL on unfunded commitments for the three months ended March 31, 2022 is presented below:
|
Securities (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
|
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Accrued interest receivable | $ 3,100 | $ 3,100 |
Amortized cost of callable debt securities | 273,000 | |
Fair value of callable debt securities | $ 242,400 | |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 195 | 190 |
Available for sale debt securities, fair value | $ 1,054,747 | $ 993,928 |
Asset Pledged as Collateral | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, fair value | $ 306,600 | $ 294,800 |
Individual name issuer trust preferred debt securities | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 3 | 3 |
Securities in unrealized loss position, number of companies issuing securities | security | 3 | |
Number of debt securities below investment grade | security | 1 | |
Amortized cost of securities below investment grade | $ 2,000 | |
Unrealized losses on securities below investment grade | (135) | |
Available for sale debt securities, fair value | $ 8,700 | $ 8,760 |
Corporate bonds [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 4 | 4 |
Securities in unrealized loss position, number of companies issuing securities | security | 3 | |
Number of debt securities below investment grade | security | 1 | |
Amortized cost of securities below investment grade | $ 2,000 | |
Unrealized losses on securities below investment grade | (160) | |
Available for sale debt securities, fair value | $ 11,513 | $ 11,484 |
Minimum [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Maturity period of callable debt securities | 1 year | |
Call features of callable debt securities | 1 month | |
Maximum [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Maturity period of callable debt securities | 14 years | |
Call features of callable debt securities | 16 months |
Securities (Summary of Investments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, amortized cost | $ 1,209,794 | $ 1,166,340 |
Available for sale debt securities, unrealized gains | 352 | 270 |
Available for sale debt securities, unrealized losses | (155,399) | (172,682) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 1,054,747 | 993,928 |
Obligations of U.S. government-sponsored enterprises [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, amortized cost | 250,952 | 231,203 |
Available for sale debt securities, unrealized gains | 0 | 1 |
Available for sale debt securities, unrealized losses | (28,288) | (31,622) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 222,664 | 199,582 |
Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, amortized cost | 936,280 | 912,581 |
Available for sale debt securities, unrealized gains | 352 | 269 |
Available for sale debt securities, unrealized losses | (124,762) | (138,748) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 811,870 | 774,102 |
Individual name issuer trust preferred debt securities | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, amortized cost | 9,390 | 9,387 |
Available for sale debt securities, unrealized gains | 0 | 0 |
Available for sale debt securities, unrealized losses | (690) | (627) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 8,700 | 8,760 |
Corporate bonds [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, amortized cost | 13,172 | 13,169 |
Available for sale debt securities, unrealized gains | 0 | 0 |
Available for sale debt securities, unrealized losses | (1,659) | (1,685) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | $ 11,513 | $ 11,484 |
Securities (Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities maturities within 1 year amortized cost | $ 106,939 | |
Available for sale debt securities maturities 1-5 years amortized cost | 464,167 | |
Available for sale debt securities maturities 5-10 years amortized cost | 381,590 | |
Available for sale debt securities maturities after 10 years amortized cost | 257,098 | |
Available for sale debt securities maturities total amortized cost | 1,209,794 | $ 1,166,340 |
Available for sale debt securities maturities within 1 year fair value | 92,740 | |
Available for sale debt securities maturities 1-5 years fair value | 405,495 | |
Available for sale debt securities maturities 5-10 years fair value | 333,522 | |
Available for sale debt securities maturities after 10 years fair value | 222,990 | |
Available for sale debt securities, fair value | $ 1,054,747 | $ 993,928 |
Securities (Securities in a Continuous Unrealized Loss Position) (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, number of securities | security | 48 | 99 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 229,990 | $ 308,892 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 6,090 | $ 25,598 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 147 | 91 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 811,697 | $ 661,065 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 149,309 | $ 147,084 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 195 | 190 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 1,041,687 | $ 969,957 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 155,399 | $ 172,682 |
Obligations of U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, number of securities | security | 4 | 4 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 49,449 | $ 20,115 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 551 | $ 638 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 19 | 18 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 173,215 | $ 169,466 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 27,737 | $ 30,984 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 23 | 22 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 222,664 | $ 189,581 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 28,288 | $ 31,622 |
Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, number of securities | security | 44 | 95 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 180,541 | $ 288,777 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 5,539 | $ 24,960 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 121 | 66 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 618,269 | $ 471,355 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 119,223 | $ 113,788 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 165 | 161 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 798,810 | $ 760,132 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 124,762 | $ 138,748 |
Individual name issuer trust preferred debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, number of securities | security | 0 | 0 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 0 | $ 0 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 0 | $ 0 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 3 | 3 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 8,700 | $ 8,760 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 690 | $ 627 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 3 | 3 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 8,700 | $ 8,760 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 690 | $ 627 |
Corporate bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, number of securities | security | 0 | 0 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 0 | $ 0 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 0 | $ 0 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 4 | 4 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 11,513 | $ 11,484 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 1,659 | $ 1,685 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 4 | 4 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 11,513 | $ 11,484 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 1,659 | $ 1,685 |
Loans (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Accrued interest receivable on loans | $ 19,000 | $ 17,600 | ||
Total loans | [1] | 5,227,969 | 5,110,139 | |
Nonaccrual loans included in past due loans | 5,600 | 7,200 | ||
Nonaccrual loans with no ACL | 7,100 | 6,500 | ||
Residential loans in process of foreclosure | 763 | 2,900 | ||
Nonaccrual loans current on payment | 8,300 | 5,700 | ||
Individually analyzed loans | 8,200 | 10,000 | ||
Asset Pledged as Collateral | ||||
Total loans | 2,600,000 | 2,400,000 | ||
Collateral Dependent Individually Analyzed | ||||
Total loans | $ 8,222 | $ 8,455 | ||
|
Loans (Summary of Loans) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [1] | $ 5,227,969 | $ 5,110,139 | |||||||||
Net unamortized loan origination costs | 11,900 | 11,600 | ||||||||||
Net unamortized premiums on purchased loans | 310 | 318 | ||||||||||
Commercial Real Estate | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [2] | 1,909,136 | 1,829,304 | |||||||||
Commercial & Industrial | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [3] | 609,720 | 656,397 | |||||||||
Total Commercial | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | 2,518,856 | 2,485,701 | ||||||||||
Residential Real Estate | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [4] | 2,403,255 | 2,323,002 | |||||||||
Home Equity | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | 288,878 | 285,715 | ||||||||||
Other | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [5] | 16,980 | 15,721 | |||||||||
Total Consumer | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | $ 305,858 | $ 301,436 | ||||||||||
|
Loans (Past Due Loans) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | $ 7,995 | $ 11,578 | ||||||||||
Current | 5,219,974 | 5,098,561 | ||||||||||
Total loans | [1] | 5,227,969 | 5,110,139 | |||||||||
30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 4,559 | 7,364 | ||||||||||
60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 706 | 435 | ||||||||||
Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 2,730 | 3,779 | ||||||||||
Commercial Real Estate | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 1,188 | 1,187 | ||||||||||
Current | 1,907,948 | 1,828,117 | ||||||||||
Total loans | [2] | 1,909,136 | 1,829,304 | |||||||||
Commercial Real Estate | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 1,188 | 1,187 | ||||||||||
Commercial Real Estate | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Commercial Real Estate | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Commercial & Industrial | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 229 | 265 | ||||||||||
Current | 609,491 | 656,132 | ||||||||||
Total loans | [3] | 609,720 | 656,397 | |||||||||
Commercial & Industrial | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 5 | 265 | ||||||||||
Commercial & Industrial | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Commercial & Industrial | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 224 | 0 | ||||||||||
Total Commercial | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 1,417 | 1,452 | ||||||||||
Current | 2,517,439 | 2,484,249 | ||||||||||
Total loans | 2,518,856 | 2,485,701 | ||||||||||
Total Commercial | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 1,193 | 1,452 | ||||||||||
Total Commercial | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Total Commercial | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 224 | 0 | ||||||||||
Residential Real Estate | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 5,730 | 8,875 | ||||||||||
Current | 2,397,525 | 2,314,127 | ||||||||||
Total loans | [4] | 2,403,255 | 2,323,002 | |||||||||
Residential Real Estate | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 2,581 | 4,793 | ||||||||||
Residential Real Estate | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 643 | 303 | ||||||||||
Residential Real Estate | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 2,506 | 3,779 | ||||||||||
Home Equity | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 833 | 1,235 | ||||||||||
Current | 288,045 | 284,480 | ||||||||||
Total loans | 288,878 | 285,715 | ||||||||||
Home Equity | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 770 | 1,103 | ||||||||||
Home Equity | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 63 | 132 | ||||||||||
Home Equity | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Other | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 15 | 16 | ||||||||||
Current | 16,965 | 15,705 | ||||||||||
Total loans | [5] | 16,980 | 15,721 | |||||||||
Other | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 15 | 16 | ||||||||||
Other | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Other | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Total Consumer | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 848 | 1,251 | ||||||||||
Current | 305,010 | 300,185 | ||||||||||
Total loans | 305,858 | 301,436 | ||||||||||
Total Consumer | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 785 | 1,119 | ||||||||||
Total Consumer | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 63 | 132 | ||||||||||
Total Consumer | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | $ 0 | $ 0 | ||||||||||
|
Loans (Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 13,980 | $ 12,846 |
Accruing loans 90 days or more past due | 0 | 0 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 1,601 | 0 |
Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 920 | 0 |
Total Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 2,521 | 0 |
Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 10,470 | 11,894 |
Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 989 | 952 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Total Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 989 | $ 952 |
Loans (Interest Income on Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Interest income on nonaccrual loans | $ 236 | $ 108 |
Commercial Real Estate | ||
Interest income on nonaccrual loans | 27 | 0 |
Commercial & Industrial | ||
Interest income on nonaccrual loans | 13 | 0 |
Total Commercial | ||
Interest income on nonaccrual loans | 40 | 0 |
Residential Real Estate | ||
Interest income on nonaccrual loans | 173 | 101 |
Home Equity | ||
Interest income on nonaccrual loans | 22 | 7 |
Other | ||
Interest income on nonaccrual loans | 1 | 0 |
Total Consumer | ||
Interest income on nonaccrual loans | $ 23 | $ 7 |
Loans (Collateral Dependent Individually Analyzed Loans) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [1] | $ 5,227,969 | $ 5,110,139 | |||||||||||||||
Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | 8,222 | 8,455 | ||||||||||||||||
Related allowance | 532 | 0 | ||||||||||||||||
Commercial Real Estate | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [2] | 1,909,136 | 1,829,304 | |||||||||||||||
Commercial Real Estate | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [3] | 2,096 | 2,103 | |||||||||||||||
Related allowance | [3] | 308 | 0 | |||||||||||||||
Commercial & Industrial | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [4] | 609,720 | 656,397 | |||||||||||||||
Commercial & Industrial | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [5] | 920 | 0 | |||||||||||||||
Related allowance | [5] | 224 | 0 | |||||||||||||||
Total Commercial | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | 2,518,856 | 2,485,701 | ||||||||||||||||
Total Commercial | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | 3,016 | 2,103 | ||||||||||||||||
Related allowance | 532 | 0 | ||||||||||||||||
Residential Real Estate | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [6] | 2,403,255 | 2,323,002 | |||||||||||||||
Residential Real Estate | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [7] | 4,614 | 5,760 | |||||||||||||||
Related allowance | [7] | 0 | 0 | |||||||||||||||
Home Equity | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | 288,878 | 285,715 | ||||||||||||||||
Home Equity | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [7] | 592 | 592 | |||||||||||||||
Related allowance | [7] | 0 | 0 | |||||||||||||||
Other | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | [8] | 16,980 | 15,721 | |||||||||||||||
Other | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | 0 | 0 | ||||||||||||||||
Related allowance | 0 | 0 | ||||||||||||||||
Total Consumer | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | 305,858 | 301,436 | ||||||||||||||||
Total Consumer | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Total loans | 592 | 592 | ||||||||||||||||
Related allowance | $ 0 | $ 0 | ||||||||||||||||
|
Loans (Credit Quality Indicators Vintage) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | $ 226,361 | $ 1,616,371 | |||
Term loans amortized cost, prior year | 1,536,710 | 1,189,746 | |||
Term loans amortized cost, two years ago | 1,189,199 | 532,413 | |||
Term loans amortized cost, three years ago | 525,439 | 407,075 | |||
Term loans amortized cost, four years ago | 405,227 | 341,778 | |||
Term loans amortized cost, five years ago or more | 995,689 | 675,484 | |||
Revolving loans amortized cost | 336,338 | 335,300 | |||
Revolving loans converted to term loans | 13,006 | 11,972 | |||
Total | 5,227,969 | 5,110,139 | |||
Gross charge-offs, current year | 53 | ||||
Gross charge-offs, prior year | 0 | ||||
Gross charge-offs, two years ago | 8 | ||||
Gross charge-offs, three years ago | 0 | ||||
Gross charge-offs, four years ago | 0 | ||||
Gross charge-offs, five years ago or more | 0 | ||||
Gross charge-offs, revolving loans | 0 | ||||
Gross charge-offs, revolving loans converted to term loans | 0 | ||||
Total gross charge-offs | 61 | $ 36 | |||
Commercial Real Estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 94,852 | 612,175 | |||
Term loans amortized cost, prior year | 556,396 | 405,386 | |||
Term loans amortized cost, two years ago | 416,307 | 178,117 | |||
Term loans amortized cost, three years ago | 180,270 | 194,529 | |||
Term loans amortized cost, four years ago | 196,701 | 178,234 | |||
Term loans amortized cost, five years ago or more | 454,423 | 253,037 | |||
Revolving loans amortized cost | 9,033 | 6,389 | |||
Revolving loans converted to term loans | 1,154 | 1,437 | |||
Total | 1,909,136 | 1,829,304 | |||
Gross charge-offs, current year | 0 | ||||
Gross charge-offs, prior year | 0 | ||||
Gross charge-offs, two years ago | 0 | ||||
Gross charge-offs, three years ago | 0 | ||||
Gross charge-offs, four years ago | 0 | ||||
Gross charge-offs, five years ago or more | 0 | ||||
Gross charge-offs, revolving loans | 0 | ||||
Gross charge-offs, revolving loans converted to term loans | 0 | ||||
Total gross charge-offs | 0 | 0 | |||
Commercial Real Estate | Pass [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 74,365 | 591,596 | |||
Term loans amortized cost, prior year | 556,396 | 383,062 | |||
Term loans amortized cost, two years ago | 394,005 | 177,286 | |||
Term loans amortized cost, three years ago | 179,602 | 170,259 | |||
Term loans amortized cost, four years ago | 168,940 | 148,371 | |||
Term loans amortized cost, five years ago or more | 413,854 | 242,061 | |||
Revolving loans amortized cost | 8,931 | 6,243 | |||
Revolving loans converted to term loans | 1,154 | 1,437 | |||
Total | 1,797,247 | 1,720,315 | |||
Commercial Real Estate | Special Mention [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 20,487 | 20,579 | |||
Term loans amortized cost, prior year | 0 | 22,324 | |||
Term loans amortized cost, two years ago | 22,302 | 328 | |||
Term loans amortized cost, three years ago | 668 | 24,270 | |||
Term loans amortized cost, four years ago | 27,761 | 28,676 | |||
Term loans amortized cost, five years ago or more | 38,968 | 10,564 | |||
Revolving loans amortized cost | 102 | 146 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 110,288 | 106,887 | |||
Commercial Real Estate | Classified [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 0 | 0 | |||
Term loans amortized cost, prior year | 0 | 0 | |||
Term loans amortized cost, two years ago | 0 | 503 | |||
Term loans amortized cost, three years ago | 0 | 0 | |||
Term loans amortized cost, four years ago | 0 | 1,187 | |||
Term loans amortized cost, five years ago or more | 1,601 | 412 | |||
Revolving loans amortized cost | 0 | 0 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 1,601 | 2,102 | |||
Commercial & Industrial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 15,645 | 140,718 | |||
Term loans amortized cost, prior year | 121,057 | 63,405 | |||
Term loans amortized cost, two years ago | 59,380 | 71,265 | |||
Term loans amortized cost, three years ago | 67,621 | 86,477 | |||
Term loans amortized cost, four years ago | 83,688 | 86,438 | |||
Term loans amortized cost, five years ago or more | 168,863 | 114,241 | |||
Revolving loans amortized cost | 92,487 | 93,108 | |||
Revolving loans converted to term loans | 979 | 745 | |||
Total | 609,720 | 656,397 | |||
Gross charge-offs, current year | [1] | 11 | |||
Gross charge-offs, prior year | 0 | ||||
Gross charge-offs, two years ago | 0 | ||||
Gross charge-offs, three years ago | 0 | ||||
Gross charge-offs, four years ago | 0 | ||||
Gross charge-offs, five years ago or more | 0 | ||||
Gross charge-offs, revolving loans | 0 | ||||
Gross charge-offs, revolving loans converted to term loans | 0 | ||||
Total gross charge-offs | 11 | 5 | |||
Commercial & Industrial | Pass [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 4,116 | 127,152 | |||
Term loans amortized cost, prior year | 120,221 | 63,180 | |||
Term loans amortized cost, two years ago | 59,156 | 71,265 | |||
Term loans amortized cost, three years ago | 67,621 | 86,470 | |||
Term loans amortized cost, four years ago | 82,807 | 85,011 | |||
Term loans amortized cost, five years ago or more | 167,451 | 114,241 | |||
Revolving loans amortized cost | 91,060 | 90,987 | |||
Revolving loans converted to term loans | 979 | 745 | |||
Total | 593,411 | 639,051 | |||
Commercial & Industrial | Special Mention [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 11,529 | 13,566 | |||
Term loans amortized cost, prior year | 836 | 0 | |||
Term loans amortized cost, two years ago | 0 | 0 | |||
Term loans amortized cost, three years ago | 0 | 0 | |||
Term loans amortized cost, four years ago | 185 | 1,427 | |||
Term loans amortized cost, five years ago or more | 1,412 | 0 | |||
Revolving loans amortized cost | 1,427 | 1,426 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 15,389 | 16,419 | |||
Commercial & Industrial | Classified [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 0 | 0 | |||
Term loans amortized cost, prior year | 0 | 225 | |||
Term loans amortized cost, two years ago | 224 | 0 | |||
Term loans amortized cost, three years ago | 0 | 7 | |||
Term loans amortized cost, four years ago | 696 | 0 | |||
Term loans amortized cost, five years ago or more | 0 | 0 | |||
Revolving loans amortized cost | 0 | 695 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 920 | 927 | |||
Residential Real Estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 108,758 | 838,566 | |||
Term loans amortized cost, prior year | 836,112 | 708,360 | |||
Term loans amortized cost, two years ago | 701,315 | 277,613 | |||
Term loans amortized cost, three years ago | 272,536 | 123,364 | |||
Term loans amortized cost, four years ago | 122,302 | 74,856 | |||
Term loans amortized cost, five years ago or more | 362,232 | 300,243 | |||
Revolving loans amortized cost | 0 | 0 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 2,403,255 | 2,323,002 | |||
Gross charge-offs, current year | 0 | ||||
Gross charge-offs, prior year | 0 | ||||
Gross charge-offs, two years ago | 0 | ||||
Gross charge-offs, three years ago | 0 | ||||
Gross charge-offs, four years ago | 0 | ||||
Gross charge-offs, five years ago or more | 0 | ||||
Gross charge-offs, revolving loans | 0 | ||||
Gross charge-offs, revolving loans converted to term loans | 0 | ||||
Total gross charge-offs | 0 | 0 | |||
Residential Real Estate | Current [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 108,758 | 838,566 | |||
Term loans amortized cost, prior year | 836,112 | 707,760 | |||
Term loans amortized cost, two years ago | 700,923 | 277,613 | |||
Term loans amortized cost, three years ago | 272,006 | 123,098 | |||
Term loans amortized cost, four years ago | 120,896 | 72,541 | |||
Term loans amortized cost, five years ago or more | 358,830 | 294,549 | |||
Revolving loans amortized cost | 0 | 0 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 2,397,525 | 2,314,127 | |||
Residential Real Estate | Past Due [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 0 | 0 | |||
Term loans amortized cost, prior year | 0 | 600 | |||
Term loans amortized cost, two years ago | 392 | 0 | |||
Term loans amortized cost, three years ago | 530 | 266 | |||
Term loans amortized cost, four years ago | 1,406 | 2,315 | |||
Term loans amortized cost, five years ago or more | 3,402 | 5,694 | |||
Revolving loans amortized cost | 0 | 0 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 5,730 | 8,875 | |||
Home Equity | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 5,140 | 20,665 | |||
Term loans amortized cost, prior year | 18,965 | 8,308 | |||
Term loans amortized cost, two years ago | 7,993 | 3,742 | |||
Term loans amortized cost, three years ago | 3,585 | 2,406 | |||
Term loans amortized cost, four years ago | 2,319 | 2,015 | |||
Term loans amortized cost, five years ago or more | 5,407 | 3,237 | |||
Revolving loans amortized cost | 234,596 | 235,552 | |||
Revolving loans converted to term loans | 10,873 | 9,790 | |||
Total | 288,878 | 285,715 | |||
Gross charge-offs, current year | 0 | ||||
Gross charge-offs, prior year | 0 | ||||
Gross charge-offs, two years ago | 0 | ||||
Gross charge-offs, three years ago | 0 | ||||
Gross charge-offs, four years ago | 0 | ||||
Gross charge-offs, five years ago or more | 0 | ||||
Gross charge-offs, revolving loans | 0 | ||||
Gross charge-offs, revolving loans converted to term loans | 0 | ||||
Total gross charge-offs | 0 | 0 | |||
Home Equity | Current [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 5,140 | 20,665 | |||
Term loans amortized cost, prior year | 18,965 | 8,308 | |||
Term loans amortized cost, two years ago | 7,993 | 3,742 | |||
Term loans amortized cost, three years ago | 3,585 | 2,406 | |||
Term loans amortized cost, four years ago | 2,319 | 1,947 | |||
Term loans amortized cost, five years ago or more | 5,344 | 3,139 | |||
Revolving loans amortized cost | 234,279 | 235,004 | |||
Revolving loans converted to term loans | 10,420 | 9,268 | |||
Total | 288,045 | 284,479 | |||
Home Equity | Past Due [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 0 | 0 | |||
Term loans amortized cost, prior year | 0 | 0 | |||
Term loans amortized cost, two years ago | 0 | 0 | |||
Term loans amortized cost, three years ago | 0 | 0 | |||
Term loans amortized cost, four years ago | 0 | 68 | |||
Term loans amortized cost, five years ago or more | 63 | 98 | |||
Revolving loans amortized cost | 317 | 548 | |||
Revolving loans converted to term loans | 453 | 522 | |||
Total | 833 | 1,236 | |||
Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 1,966 | 4,247 | |||
Term loans amortized cost, prior year | 4,180 | 4,287 | |||
Term loans amortized cost, two years ago | 4,204 | 1,676 | |||
Term loans amortized cost, three years ago | 1,427 | 299 | |||
Term loans amortized cost, four years ago | 217 | 235 | |||
Term loans amortized cost, five years ago or more | 4,764 | 4,726 | |||
Revolving loans amortized cost | 222 | 251 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 16,980 | 15,721 | |||
Gross charge-offs, current year | [1] | 42 | |||
Gross charge-offs, prior year | 0 | ||||
Gross charge-offs, two years ago | 8 | ||||
Gross charge-offs, three years ago | 0 | ||||
Gross charge-offs, four years ago | 0 | ||||
Gross charge-offs, five years ago or more | 0 | ||||
Gross charge-offs, revolving loans | 0 | ||||
Gross charge-offs, revolving loans converted to term loans | 0 | ||||
Total gross charge-offs | 50 | $ 31 | |||
Other | Current [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 1,951 | 4,231 | |||
Term loans amortized cost, prior year | 4,180 | 4,287 | |||
Term loans amortized cost, two years ago | 4,204 | 1,676 | |||
Term loans amortized cost, three years ago | 1,427 | 299 | |||
Term loans amortized cost, four years ago | 217 | 235 | |||
Term loans amortized cost, five years ago or more | 4,764 | 4,726 | |||
Revolving loans amortized cost | 222 | 251 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | 16,965 | 15,705 | |||
Other | Past Due [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term loans amortized cost, current year | 15 | 16 | |||
Term loans amortized cost, prior year | 0 | 0 | |||
Term loans amortized cost, two years ago | 0 | 0 | |||
Term loans amortized cost, three years ago | 0 | 0 | |||
Term loans amortized cost, four years ago | 0 | 0 | |||
Term loans amortized cost, five years ago or more | 0 | 0 | |||
Revolving loans amortized cost | 0 | 0 | |||
Revolving loans converted to term loans | 0 | 0 | |||
Total | $ 15 | $ 16 | |||
|
Allowance for Credit Losses on Loans (Allowance for Loan Losses Rollforward Analysis) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | $ 38,027 | $ 39,088 |
Charge-offs | (61) | (36) |
Recoveries | 14 | 184 |
Provision | 800 | 0 |
Allowance, Ending Balance | 38,780 | 39,236 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | 18,435 | 18,933 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 145 |
Provision | 2,939 | (618) |
Allowance, Ending Balance | 21,374 | 18,460 |
Commercial & Industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | 10,356 | 10,832 |
Charge-offs | (11) | (5) |
Recoveries | 5 | 6 |
Provision | (517) | 389 |
Allowance, Ending Balance | 9,833 | 11,222 |
Total Commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | 28,791 | 29,765 |
Charge-offs | (11) | (5) |
Recoveries | 5 | 151 |
Provision | 2,422 | (229) |
Allowance, Ending Balance | 31,207 | 29,682 |
Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | 7,740 | 7,860 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 21 |
Provision | (1,501) | 185 |
Allowance, Ending Balance | 6,239 | 8,066 |
Home Equity | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | 1,115 | 1,069 |
Charge-offs | 0 | 0 |
Recoveries | 1 | 2 |
Provision | (138) | 27 |
Allowance, Ending Balance | 978 | 1,098 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | 381 | 394 |
Charge-offs | (50) | (31) |
Recoveries | 8 | 10 |
Provision | 17 | 17 |
Allowance, Ending Balance | 356 | 390 |
Total Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance, Beginning Balance | 1,496 | 1,463 |
Charge-offs | (50) | (31) |
Recoveries | 9 | 12 |
Provision | (121) | 44 |
Allowance, Ending Balance | $ 1,334 | $ 1,488 |
Derivative Financial Instruments (Narrative) (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Statement of Financial Position [Abstract] | |
Loss on cash flow hedge included in AOCI(L) upon termination | $ 26.5 |
Loss on cash flow hedge included in AOCI(L) upon termination, net of tax | $ 20.1 |
Derivative Financial Instruments (Fair Value of Derivatives by Balance Sheet Location) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||
---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||||||
Accrued interest receivable | $ 19,000 | $ 17,600 | ||||||
Interest rate swaps [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 20,000 | 320,000 | ||||||
Interest rate swaps [Member] | Designated as Cash Flow Hedging Instruments [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 20,000 | 320,000 | ||||||
Interest rate swaps [Member] | Designated as Cash Flow Hedging Instruments [Member] | Other assets [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Interest rate cash flow hedge asset at fair value | [1] | 405 | 548 | |||||
Accrued interest receivable | 25 | 24 | ||||||
Interest rate swaps [Member] | Designated as Cash Flow Hedging Instruments [Member] | Other liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Interest rate cash flow hedge liability at fair value | [1] | 0 | 31,178 | |||||
Accrued interest payable | 856 | |||||||
Interest rate contracts with customers [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 933,832 | 935,099 | ||||||
Interest rate contracts with customers [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 933,832 | 935,099 | ||||||
Interest rate contracts with customers [Member] | Not Designated as Hedging Instrument [Member] | Other assets [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative assets not designated | 1,131 | 32 | ||||||
Interest rate contracts with customers [Member] | Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative liabilities not designated | 53,185 | 68,137 | ||||||
Mirror interest rate contracts with counterparties [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 933,832 | 935,099 | ||||||
Mirror interest rate contracts with counterparties [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 933,832 | 935,099 | ||||||
Mirror interest rate contracts with counterparties [Member] | Not Designated as Hedging Instrument [Member] | Other assets [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative assets not designated | 52,875 | 67,797 | ||||||
Mirror interest rate contracts with counterparties [Member] | Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative liabilities not designated | 1,260 | 61 | ||||||
Risk participation agreements [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 284,325 | 282,191 | ||||||
Risk participation agreements [Member] | Not Designated as Hedging Instrument [Member] | Other assets [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative assets not designated | 0 | 0 | ||||||
Risk participation agreements [Member] | Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative liabilities not designated | 2 | 2 | ||||||
Interest rate lock commitments [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 26,489 | 12,201 | ||||||
Interest rate lock commitments [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 26,489 | 12,201 | ||||||
Interest rate lock commitments [Member] | Not Designated as Hedging Instrument [Member] | Other assets [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative assets not designated | 404 | 144 | ||||||
Interest rate lock commitments [Member] | Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative liabilities not designated | 0 | 4 | ||||||
Forward sale commitments [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 38,810 | 23,150 | ||||||
Forward sale commitments [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 38,810 | 23,150 | ||||||
Forward sale commitments [Member] | Not Designated as Hedging Instrument [Member] | Other assets [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative assets not designated | 12 | 58 | ||||||
Forward sale commitments [Member] | Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative liabilities not designated | 305 | 150 | ||||||
Derivative assets[Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Gross derivative asset positions | 54,827 | 68,579 | ||||||
Less: derivative asset amounts offset | [2] | 1,260 | 23,524 | |||||
Derivative asset balances, net of offset | 53,567 | 45,055 | ||||||
Less: collateral pledged | [3] | 0 | 0 | |||||
Net amounts | 53,567 | 45,055 | ||||||
Derivative liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Gross derivative liability positions | 54,752 | 99,532 | ||||||
Less: derivative liability amounts offset | [2] | 1,260 | 23,524 | |||||
Derivative liability balances, net of offset | 53,492 | 76,008 | ||||||
Less: collateral pledged | [3] | 0 | 7,716 | |||||
Net amounts | $ 53,492 | $ 68,292 | ||||||
|
Derivative Financial Instruments (Derivatives in Cash Flow Hedging Relationships, Effect in Statements of Income and Changes in Shareholders' Equity) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net change in fair value of cash flow hedges, net of tax | $ 2,797 | $ (10,335) |
Interest rate swaps [Member] | Cash Flow Hedge [Member] | Other Comprehensive Income (Loss) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net change in fair value of cash flow hedges, net of tax | $ 2,797 | $ (10,335) |
Derivative Financial Instruments (Derivatives not Designated as Hedging Instruments, Effect in Statements of Income) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Noninterest Income | $ 89 | $ 2,358 |
Interest rate contracts with customers [Member] | Loan Related Derivative Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Noninterest Income | 11,132 | (40,822) |
Mirror interest rate contracts with counterparties [Member] | Loan Related Derivative Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Noninterest Income | (11,171) | 41,122 |
Risk participation agreements [Member] | Loan Related Derivative Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Noninterest Income | (11) | 1 |
Interest rate lock commitments [Member] | Mortgage banking revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Noninterest Income | 263 | (934) |
Forward sale commitments [Member] | Mortgage banking revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Noninterest Income | $ (124) | $ 2,991 |
Fair Value Measurements (Fair Value Mortgage Loans Held For Sale Disclosures) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Mortgage loans held for sale, measured at fair value | $ 7,445 | $ 8,987 | |
Mortgage loans held for sale, amortized cost | 7,295 | 8,860 | |
Mortgage loans held for sale, difference between fair value and amortized cost | 150 | $ 127 | |
Mortgage Loans Held for Sale [Member] | |||
Change in fair value under fair value option election | $ 24 | $ (1,100) |
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | $ 1,054,747 | $ 993,928 |
Mortgage loans held for sale, measured at fair value | 7,445 | 8,987 |
Obligations of U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 222,664 | 199,582 |
Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 811,870 | 774,102 |
Individual name issuer trust preferred debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 8,700 | 8,760 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 11,513 | 11,484 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale, measured at fair value | 7,445 | 8,987 |
Derivative assets | 53,567 | 45,055 |
Total assets at fair value on a recurring basis | 1,115,759 | 1,047,970 |
Derivative liabilities | 53,492 | 76,008 |
Total liabilities at fair value on a recurring basis | 53,492 | 76,008 |
Recurring [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 222,664 | 199,582 |
Recurring [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 811,870 | 774,102 |
Recurring [Member] | Individual name issuer trust preferred debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 8,700 | 8,760 |
Recurring [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 11,513 | 11,484 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale, measured at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets at fair value on a recurring basis | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities at fair value on a recurring basis | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Individual name issuer trust preferred debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale, measured at fair value | 7,445 | 8,987 |
Derivative assets | 53,567 | 45,055 |
Total assets at fair value on a recurring basis | 1,115,759 | 1,047,970 |
Derivative liabilities | 53,492 | 76,008 |
Total liabilities at fair value on a recurring basis | 53,492 | 76,008 |
Recurring [Member] | Level 2 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 222,664 | 199,582 |
Recurring [Member] | Level 2 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 811,870 | 774,102 |
Recurring [Member] | Level 2 [Member] | Individual name issuer trust preferred debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 8,700 | 8,760 |
Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 11,513 | 11,484 |
Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale, measured at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets at fair value on a recurring basis | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities at fair value on a recurring basis | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Mortgage-backed securities issued by U.S. government-sponsored agencies and U.S. government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Individual name issuer trust preferred debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | $ 0 | $ 0 |
Fair Value Measurements (Asset and Liabilities Measured on a Nonrecurring Basis) (Details) - Nonrecurring [Member] $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Mar. 31, 2023
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of collateral dependent individually analyzed loans written down to fair value | 0 | |
Total assets at fair value on a nonrecurring basis | $ 1,292 | |
Collateral Dependent Individually Analyzed Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent individually analyzed loans | 1,292 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent individually analyzed loans | 0 | |
Total assets at fair value on a nonrecurring basis | 0 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent individually analyzed loans | 0 | |
Total assets at fair value on a nonrecurring basis | 0 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a nonrecurring basis | 1,292 | |
Level 3 [Member] | Collateral Dependent Individually Analyzed Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent individually analyzed loans | $ 1,292 |
Fair Value Measurements (Qualitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - Nonrecurring [Member] - Collateral Dependent Individually Analyzed Loans [Member] $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Collateral dependent individually analyzed loans | $ 1,292 |
Level 3 [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Collateral dependent individually analyzed loans | $ 1,292 |
Minimum [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount for costs to sell | 0.00% |
Appraisal adjustments | 0.00% |
Maximum [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount for costs to sell | 47.00% |
Appraisal adjustments | 100.00% |
Weighted Average [Member] | Appraisals Of Collateral [Member] | Level 3 [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount for costs to sell | 43.00% |
Appraisal adjustments | 9.00% |
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net of allowance for credit losses on loans | $ 5,189,189 | $ 5,072,112 | ||
Time deposits | [1] | 1,531,835 | 1,122,882 | |
Federal Home Loan Bank advances | 925,000 | 980,000 | ||
Junior subordinated debentures | 22,681 | 22,681 | ||
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net of allowance for credit losses on loans | 5,189,189 | 5,072,112 | ||
Time deposits | 1,531,835 | 1,122,882 | ||
Federal Home Loan Bank advances | 925,000 | 980,000 | ||
Junior subordinated debentures | 22,681 | 22,681 | ||
Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net of allowance for credit losses on loans | 5,044,231 | 4,929,449 | ||
Time deposits | 1,558,899 | 1,137,219 | ||
Federal Home Loan Bank advances | 925,350 | 978,590 | ||
Junior subordinated debentures | 18,558 | 18,963 | ||
Fair Value Measurement [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net of allowance for credit losses on loans | 0 | 0 | ||
Time deposits | 0 | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | ||
Junior subordinated debentures | 0 | 0 | ||
Fair Value Measurement [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net of allowance for credit losses on loans | 0 | 0 | ||
Time deposits | 1,558,899 | 1,137,219 | ||
Federal Home Loan Bank advances | 925,350 | 978,590 | ||
Junior subordinated debentures | 18,558 | 18,963 | ||
Fair Value Measurement [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net of allowance for credit losses on loans | 5,044,231 | 4,929,449 | ||
Time deposits | 0 | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | ||
Junior subordinated debentures | $ 0 | $ 0 | ||
|
Deposits (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Text Block [Abstract] | ||
Time deposits greater than FDIC limit | $ 241.8 | $ 200.9 |
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Deposits [Abstract] | ||||||
Noninterest-bearing deposits | $ 829,763 | $ 858,953 | ||||
Interest-bearing demand deposits | [1] | 319,598 | 333,197 | |||
NOW accounts | 828,700 | 871,875 | ||||
Money market accounts | 1,214,014 | 1,255,805 | ||||
Savings accounts | 544,604 | 576,250 | ||||
Time deposits | [2] | 1,531,835 | 1,122,882 | |||
Interest-bearing deposits | 4,438,751 | 4,160,009 | ||||
Total deposits | 5,268,514 | 5,018,962 | ||||
Wholesale brokered demand deposits | 1,233 | 31,153 | ||||
Wholesale brokered time deposits | $ 607,329 | $ 327,044 | ||||
|
Deposits (Schedule of Time Deposits by Maturity) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Maturities of Time Deposits [Abstract] | ||||
Time Deposit Maturities, Year One | $ 945,304 | |||
Time Deposit Maturities, Year Two | 386,027 | |||
Time Deposit Maturities, Year Three | 112,789 | |||
Time Deposit Maturities, Year Four | 39,901 | |||
Time Deposit Maturities, Year Five | 33,817 | |||
Time Deposit Maturities, after Year Five | 13,997 | |||
Time deposits | [1] | $ 1,531,835 | $ 1,122,882 | |
Weighted Average Rate of Time Deposits [Abstract] | ||||
Time Deposits, Weighted Average Interest Rate, Maturities Year One | 3.44% | |||
Time Deposits, Weighted Average Interest Rate, Maturities Year Two | 3.86% | |||
Time Deposits, Weighted Average Interest Rate, Maturities Year Three | 2.99% | |||
Time Deposits, Weighted Average Interest Rate, Maturities Year Four | 1.98% | |||
Time Deposits, Weighted Average Interest Rate, Maturities Year Five | 2.88% | |||
Time Deposits, Weighted Average Interest Rate, Maturities Greater than Five Years | 3.68% | |||
Weighted Average Rate Domestic Deposit, Time Deposits | 3.46% | |||
|
Borrowings (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 925,000 | $ 980,000 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | 925,000 | 980,000 |
Unused line of credit with FHLBB | 40,000 | 40,000 |
Standby letter of credit with FHLB | 215,000 | 215,000 |
Unused remaining available borrowing capacity with FHLBB | $ 859,600 | $ 668,300 |
Borrowings (Federal Home Loan Bank Advances Maturity Schedule) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Advance from Federal Home Loan Bank, Fiscal Year Maturity [Abstract] | ||
Federal Home Loan Bank advances | $ 925,000 | $ 980,000 |
Federal Home Loan Bank of Boston [Member] | ||
Advance from Federal Home Loan Bank, Fiscal Year Maturity [Abstract] | ||
Scheduled maturity through the end of the current year | 665,000 | |
Scheduled maturity in year two | 40,000 | |
Scheduled maturity in year three | 80,000 | |
Scheduled maturity in year four | 90,000 | |
Scheduled maturity in year five | 20,000 | |
Scheduled maturity after year five | 30,000 | |
Federal Home Loan Bank advances | $ 925,000 | $ 980,000 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
Weighted average rate for scheduled maturity through the end of the current year | 4.72% | |
Weighted average rate for scheduled maturity in year two | 4.56% | |
Weighted average rate for scheduled maturity in year three | 4.29% | |
Weighted average rate for scheduled maturity in year four | 4.31% | |
Weighted average rate for scheduled maturity in year five | 4.13% | |
Weighted average rate for scheduled maturity after year five | 4.12% | |
Total weighted average rate | 4.60% |
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Equity Additional Information [Table] [Line Items] | ||
Cost of treasury share repurchases | $ 8,741 | |
Trust preferred securities included in Tier 1 Capital | $ 22,000 | $ 22,000 |
2023 Stock Repurchase Program | ||
Equity Additional Information [Table] [Line Items] | ||
Authorized amount (in shares) | 850,000 | |
Authorized amount (as a percentage of total common stock) | 5.00% | |
Number of treasury shares repurchased | 200,000 | |
Average price of treasury share repurchases | $ 43.70 | |
Cost of treasury share repurchases | $ 8,700 |
Shareholders' Equity (Regulatory Captial Requirements) (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
||
---|---|---|---|---|
Corporation [Member] | ||||
Total Capital (to Risk-Weighted Assets): | ||||
Total Capital | $ 601,662 | $ 605,005 | ||
Total Capital to Risk-Weighted Assets | 0.1201 | 0.1237 | ||
Total Capital for Capital Adequacy Purposes | $ 400,831 | $ 391,363 | ||
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 0.0800 | 0.0800 | ||
Tier 1 Capital (to Risk-Weighted Assets): | ||||
Tier 1 Capital | $ 565,329 | $ 571,794 | ||
Tier 1 Capital to Risk Weighted-Assets | 0.1128 | 0.1169 | ||
Tier 1 Capital Required For Capital Adequacy Purposes | $ 300,623 | $ 293,522 | ||
Tier 1 Capital Required for Capital Adequacy Purposes to Risk Weighted-Assets | 0.0600 | 0.0600 | ||
Common Equity Tier 1 Capital [Abstract] | ||||
Common Equity Tier 1 Capital | $ 543,333 | $ 549,798 | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 0.1084 | 0.1124 | ||
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 225,467 | $ 220,142 | ||
Common Equity Tier 1 Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 0.0450 | 0.0450 | ||
Tier 1 Capital (to Average Assets): | ||||
Tier 1 Leverage Capital | [1] | $ 565,329 | $ 571,794 | |
Tier 1 Leverage Capital to Average Assets | [1] | 0.0825 | 0.0865 | |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 273,951 | $ 264,295 | |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes to Average Assets | [1] | 0.0400 | 0.0400 | |
Bank [Member] | ||||
Total Capital (to Risk-Weighted Assets): | ||||
Total Capital | $ 584,596 | $ 588,090 | ||
Total Capital to Risk-Weighted Assets | 0.1167 | 0.1202 | ||
Total Capital for Capital Adequacy Purposes | $ 400,723 | $ 391,260 | ||
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 0.0800 | 0.0800 | ||
Total Capital To Be Well Capitalized | $ 500,904 | $ 489,074 | ||
Total Capital To Be Well Capitalized to Risk Weighted-Assets | 0.1000 | 0.1000 | ||
Tier 1 Capital (to Risk-Weighted Assets): | ||||
Tier 1 Capital | $ 548,263 | $ 554,879 | ||
Tier 1 Capital to Risk Weighted-Assets | 0.1095 | 0.1135 | ||
Tier 1 Capital Required For Capital Adequacy Purposes | $ 300,542 | $ 293,445 | ||
Tier 1 Capital Required for Capital Adequacy Purposes to Risk Weighted-Assets | 0.0600 | 0.0600 | ||
Tier 1 Capital Required To Be Well Capitalized | $ 400,723 | $ 391,260 | ||
Tier 1 Capital Required To Be Well Capitalized to Risk Weighted-Assets | 0.0800 | 0.0800 | ||
Common Equity Tier 1 Capital [Abstract] | ||||
Common Equity Tier 1 Capital | $ 548,263 | $ 554,879 | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 0.1095 | 0.1135 | ||
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 225,407 | $ 220,083 | ||
Common Equity Tier 1 Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 0.0450 | 0.0450 | ||
Common Equity Tier 1 Capital To Be Well Capitalized | $ 325,587 | $ 317,898 | ||
Common Equity Tier 1 Capital To Be Well Capitalized to Risk-Weighted Assets | 0.0650 | 0.0650 | ||
Tier 1 Capital (to Average Assets): | ||||
Tier 1 Leverage Capital | [1] | $ 548,263 | $ 554,879 | |
Tier 1 Leverage Capital to Average Assets | [1] | 0.0801 | 0.0840 | |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 273,868 | $ 264,177 | |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes to Average Assets | [1] | 0.0400 | 0.0400 | |
Tier 1 Leverage Capital Required To Be Well Capitalized | [1] | $ 342,336 | $ 330,222 | |
Tier 1 Leverage Capital Required To Be Well Capitalized to Average Assets | [1] | 0.0500 | 0.0500 | |
|
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 6.6 | $ 5.1 |
Contract cost assets | $ 2.0 | $ 2.1 |
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Disaggregation of Revenue [Line Items] | ||||||
Net interest income | [1] | $ 37,193 | $ 35,091 | |||
Wealth management revenues | [1] | 8,663 | 10,531 | |||
Mortgage banking revenues | [1] | 1,245 | 3,501 | |||
Card interchange fees | [1] | 1,132 | 1,164 | |||
Service charges on deposit accounts | [1] | 777 | 668 | |||
Loan related derivative income | [1] | (51) | 301 | |||
Income from bank-owned life insurance | [1] | 1,165 | 601 | |||
Other income | [1] | 352 | 393 | |||
Total noninterest income | [1] | 13,283 | 17,159 | |||
Total revenues | [1] | 50,476 | 52,250 | |||
Revenue from contracts with customers | 10,848 | 12,649 | ||||
Net Interest Income | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 0 | 0 | |||
Wealth Management Revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 8,663 | 10,531 | |||
Mortgage Banking Revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 0 | 0 | |||
Card Interchange Fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 1,132 | 1,164 | |||
Service Charges on Deposit Accounts | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 777 | 668 | |||
Loan Related Derivative Income | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 0 | 0 | |||
Income From Bank-owned Life Insurance | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 0 | 0 | |||
Other Income | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 276 | 286 | |||
Total Noninterest Income | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | 10,848 | 12,649 | |||
Total Revenues | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from contracts with customers | [2] | $ 10,848 | $ 12,649 | |||
|
Revenue from Contracts with Customers (Disaggregation by Timing of Revenue Recognition) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Revenue from contracts with customers | $ 10,848 | $ 12,649 | ||
Wealth Management Revenues | ||||
Revenue from contracts with customers | [1] | 8,663 | 10,531 | |
Wealth Management Revenues | Transferred over Time [Member] | ||||
Revenue from contracts with customers | 8,663 | 10,531 | ||
Card Interchange Fees | ||||
Revenue from contracts with customers | [1] | 1,132 | 1,164 | |
Card Interchange Fees | Transferred at Point in Time [Member] | ||||
Revenue from contracts with customers | 1,132 | 1,164 | ||
Service Charges on Deposit Accounts | ||||
Revenue from contracts with customers | [1] | 777 | 668 | |
Service Charges on Deposit Accounts | Transferred at Point in Time [Member] | ||||
Revenue from contracts with customers | 558 | 549 | ||
Service Charges on Deposit Accounts | Transferred over Time [Member] | ||||
Revenue from contracts with customers | 219 | 119 | ||
Other Income | ||||
Revenue from contracts with customers | [1] | 276 | 286 | |
Other Income | Transferred at Point in Time [Member] | ||||
Revenue from contracts with customers | 216 | 229 | ||
Other Income | Transferred over Time [Member] | ||||
Revenue from contracts with customers | $ 60 | $ 57 | ||
|
Defined Benefit Pension Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Qualified Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | [1] | $ 351 | $ 516 | |||
Interest cost | [2] | 884 | 592 | |||
Expected return on plan assets | [2] | (1,147) | (1,159) | |||
Recognized net actuarial loss | [2] | 0 | 255 | |||
Net periodic benefit cost | 88 | 204 | ||||
Non-Qualified Retirement Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | [1] | 39 | 54 | |||
Interest cost | [2] | 176 | 106 | |||
Expected return on plan assets | [2] | 0 | 0 | |||
Recognized net actuarial loss | [2] | 59 | 173 | |||
Net periodic benefit cost | $ 274 | $ 333 | ||||
|
Defined Benefit Pension Plans (Weighted-Average Assumptions Used) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Qualified Pension Plan [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Equivalent single discount rate for benefit obligations | 5.54% | 3.00% |
Equivalent single discount rate for service cost | 5.60% | 3.11% |
Equivalent single discount rate for interest cost | 5.43% | 2.67% |
Expected long-term return on plan assets | 5.25% | 5.25% |
Rate of compensation increase | 5.00% | 3.75% |
Non-Qualified Retirement Plans [Member] | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Equivalent single discount rate for benefit obligations | 5.50% | 2.89% |
Equivalent single discount rate for service cost | 5.61% | 3.16% |
Equivalent single discount rate for interest cost | 5.40% | 2.48% |
Rate of compensation increase | 5.00% | 3.75% |
Business Segments (Statement of Operations and Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | [1] | $ 37,193 | $ 35,091 | ||
Provision for credit losses | 800 | 100 | |||
Net interest income (expense) after provision for credit losses | 36,393 | 34,991 | |||
Noninterest income | [1] | 13,283 | 17,159 | ||
Depreciation and amortization expense | 1,187 | 1,055 | |||
Other noninterest expenses | 32,377 | 30,164 | |||
Total noninterest expenses | 33,564 | 31,219 | |||
Income (loss) before income taxes | 16,112 | 20,931 | |||
Income tax expense | 3,300 | 4,448 | |||
Net income | 12,812 | 16,483 | |||
Total assets | 6,859,182 | 5,847,999 | $ 6,660,051 | ||
Expenditures for long-lived assets | 1,144 | 834 | |||
Commercial Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 37,180 | 35,108 | |||
Provision for credit losses | 800 | 100 | |||
Net interest income (expense) after provision for credit losses | 36,380 | 35,008 | |||
Noninterest income | 4,431 | 6,512 | |||
Depreciation and amortization expense | 831 | 711 | |||
Other noninterest expenses | 24,635 | 22,611 | |||
Total noninterest expenses | 25,466 | 23,322 | |||
Income (loss) before income taxes | 15,345 | 18,198 | |||
Income tax expense | 3,087 | 3,797 | |||
Net income | 12,258 | 14,401 | |||
Total assets | 6,785,254 | 5,773,796 | |||
Expenditures for long-lived assets | 1,136 | 730 | |||
Wealth Management Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 13 | (17) | |||
Provision for credit losses | 0 | 0 | |||
Net interest income (expense) after provision for credit losses | 13 | (17) | |||
Noninterest income | 8,852 | 10,647 | |||
Depreciation and amortization expense | 356 | 344 | |||
Other noninterest expenses | 7,742 | 7,553 | |||
Total noninterest expenses | 8,098 | 7,897 | |||
Income (loss) before income taxes | 767 | 2,733 | |||
Income tax expense | 213 | 651 | |||
Net income | 554 | 2,082 | |||
Total assets | 73,928 | 74,203 | |||
Expenditures for long-lived assets | $ 8 | $ 104 | |||
|
Other Comprehensive Income (Loss) (Activity in Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||||
Changes in fair value of available for sale debt securities, before tax | $ 17,365 | $ (65,078) | ||||
Changes in fair value of available for sale debt securities, tax | (4,167) | 15,618 | ||||
Changes in fair value of available for sale debt securities, net of tax | 13,198 | (49,460) | ||||
Changes in fair value of cash flow hedges, before tax | 1,046 | (13,201) | ||||
Changes in fair value of cash flow hedges, tax | (251) | 3,168 | ||||
Change in fair value of cash flow hedges , net of tax | 795 | (10,033) | ||||
Net cash flow hedge (gains) losses reclassified into earnings, before tax | [1] | 2,636 | (399) | |||
Net cash flow hedge (gains) losses reclassified into earnings, tax | (634) | 97 | ||||
Net cash flow hedge (gains) losses reclassified into earnings, net of tax | 2,002 | (302) | ||||
Net change in fair value of cash flow hedges, before tax | 3,682 | (13,600) | ||||
Net change in fair value of cash flow hedges, tax | (885) | 3,265 | ||||
Net change in fair value of cash flow hedges, net of tax | 2,797 | (10,335) | ||||
Amortization of net actuarial losses, before tax | [2] | 59 | 428 | |||
Amortization of net actuarial losses, tax | (14) | (103) | ||||
Amortization of net actuarial losses, net of tax | 45 | 325 | ||||
Total other comprehensive income (loss), before tax | 21,106 | (78,250) | ||||
Total other comprehensive income (loss), tax | (5,066) | 18,780 | ||||
Total other comprehensive income (loss), net of tax | 16,040 | (59,470) | ||||
Federal Home Loan Bank of Boston [Member] | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||||
Net cash flow hedge (gains) losses reclassified into earnings, before tax | (127) | 94 | ||||
Interest Income | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||||
Net cash flow hedge (gains) losses reclassified into earnings, before tax | $ 2,800 | $ (493) | ||||
|
Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Accumulated other comprehensive income (loss), beginning balance | $ (157,800) | |
Total other comprehensive income (loss), net of tax | 16,040 | $ (59,470) |
Accumulated other comprehensive income (loss), ending balance | (141,760) | |
Net Unrealized Gains (Losses) on AFS Securities [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (131,033) | (6,795) |
Other comprehensive income (loss) before reclassifications | 13,198 | (49,460) |
Amounts reclassed from accumulated other comprehensive income (loss) | 0 | 0 |
Total other comprehensive income (loss), net of tax | 13,198 | (49,460) |
Accumulated other comprehensive income (loss), ending balance | (117,835) | (56,255) |
Net Unrealized Losses on Cash Flow Hedges [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (22,645) | (4,013) |
Other comprehensive income (loss) before reclassifications | 795 | (10,033) |
Amounts reclassed from accumulated other comprehensive income (loss) | 2,002 | (302) |
Total other comprehensive income (loss), net of tax | 2,797 | (10,335) |
Accumulated other comprehensive income (loss), ending balance | (19,848) | (14,348) |
Pension Benefit Adjustment [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (4,122) | (9,173) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassed from accumulated other comprehensive income (loss) | 45 | 325 |
Total other comprehensive income (loss), net of tax | 45 | 325 |
Accumulated other comprehensive income (loss), ending balance | (4,077) | (8,848) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated other comprehensive income (loss), beginning balance | (157,800) | (19,981) |
Other comprehensive income (loss) before reclassifications | 13,993 | (59,493) |
Amounts reclassed from accumulated other comprehensive income (loss) | 2,047 | 23 |
Total other comprehensive income (loss), net of tax | 16,040 | (59,470) |
Accumulated other comprehensive income (loss), ending balance | $ (141,760) | $ (79,451) |
Earnings per Common Share (Calculation of Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Net income | $ 12,812 | $ 16,483 |
Less dividends and undistributed earnings allocated to participating securities | (29) | (54) |
Net income available to common shareholders | $ 12,783 | $ 16,429 |
Weighted average common shares outstanding - basic | 17,074,000 | 17,331,000 |
Dilutive effect of common stock equivalents | 96,000 | 151,000 |
Weighted average common shares outstanding - diluted | 17,170,000 | 17,482,000 |
Basic earnings per common share | $ 0.75 | $ 0.95 |
Diluted earnings per common share | $ 0.74 | $ 0.94 |
Antidilutive common stock equivalents | 303,982 | 94,175 |
Commitments and Contingencies (Financial Instruments with Off Balance Sheet Risk) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Interest rate lock commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 26,489 | $ 12,201 |
Forward sale commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 38,810 | 23,150 |
Interest rate contracts with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 933,832 | 935,099 |
Mirror interest rate contracts with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 933,832 | 935,099 |
Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 221,634 | 221,247 |
Interest rate swaps [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 20,000 | 320,000 |
Commitments to extend credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 1,409,788 | 1,308,873 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | $ 9,696 | $ 9,028 |
Commitments and Contingencies (ACL on Unfunded Commitments Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | $ 2,290 | $ 2,161 |
Provision | 0 | 100 |
Ending balance | 2,290 | 2,261 |
Commercial Real Estate | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 1,236 | 1,267 |
Provision | 132 | 68 |
Ending balance | 1,368 | 1,335 |
Commercial & Industrial | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 988 | 816 |
Provision | (105) | 21 |
Ending balance | 883 | 837 |
Total Commercial | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 2,224 | 2,083 |
Provision | 27 | 89 |
Ending balance | 2,251 | 2,172 |
Residential Real Estate | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 50 | 62 |
Provision | (25) | 10 |
Ending balance | 25 | 72 |
Home Equity | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 0 | 0 |
Provision | 0 | 0 |
Ending balance | 0 | 0 |
Other | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 16 | 16 |
Provision | (2) | 1 |
Ending balance | 14 | 17 |
Total Consumer | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 16 | 16 |
Provision | (2) | 1 |
Ending balance | $ 14 | $ 17 |
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