01/24/2022 | Press release | Distributed by Public on 01/24/2022 08:13
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
||||
Assets | ||||||
Cash and cash equivalents | $ | 1,279,259 | 1,090,485 | 736,277 | ||
Marketable securities available-for-sale (amortized cost of $1,565,002, $1,587,105 and $1,375,685, respectively) | 1,548,592 | 1,583,715 | 1,398,941 | |||
Marketable securities held-to-maturity (fair value of $751,513, $609,777 and $179,666, respectively) | 768,154 | 618,395 | 178,887 | |||
Total cash and cash equivalents and marketable securities | 3,596,005 | 3,292,595 | 2,314,105 | |||
Residential mortgage loans held-for-sale | 25,056 | 27,411 | 58,786 | |||
Residential mortgage loans | 2,969,564 | 2,962,110 | 3,009,335 | |||
Home equity loans | 1,319,931 | 1,350,348 | 1,467,736 | |||
Consumer loans | 1,838,748 | 1,816,836 | 1,507,993 | |||
Commercial real estate loans | 3,015,484 | 3,162,551 | 3,345,889 | |||
Commercial loans | 847,609 | 879,712 | 1,191,110 | |||
Total loans receivable | 10,016,392 | 10,198,968 | 10,580,849 | |||
Allowance for credit losses | (102,241) | (109,767) | (134,427) | |||
Loans receivable, net | 9,914,151 | 10,089,201 | 10,446,422 | |||
FHLB stock, at cost | 14,184 | 14,567 | 21,748 | |||
Accrued interest receivable | 25,599 | 26,995 | 35,554 | |||
Real estate owned, net | 873 | 809 | 2,232 | |||
Premises and equipment, net | 156,524 | 155,740 | 161,538 | |||
Bank-owned life insurance | 256,213 | 254,871 | 253,951 | |||
Goodwill | 380,997 | 380,997 | 382,279 | |||
Other intangible assets, net | 12,836 | 14,041 | 19,936 | |||
Other assets | 144,126 | 159,419 | 168,503 | |||
Total assets | $ | 14,501,508 | 14,389,235 | 13,806,268 | ||
Liabilities and shareholders' equity | ||||||
Liabilities | ||||||
Noninterest-bearing demand deposits | $ | 3,099,526 | 3,052,115 | 2,716,224 | ||
Interest-bearing demand deposits | 2,940,442 | 2,926,351 | 2,755,950 | |||
Money market deposit accounts | 2,629,882 | 2,584,424 | 2,437,539 | |||
Savings deposits | 2,303,760 | 2,271,496 | 2,047,424 | |||
Time deposits | 1,327,555 | 1,387,827 | 1,642,096 | |||
Total deposits | 12,301,165 | 12,222,213 | 11,599,233 | |||
Borrowed funds | 139,093 | 126,496 | 159,715 | |||
Subordinated debt | 123,575 | 123,486 | 123,329 | |||
Junior subordinated debentures | 129,054 | 128,989 | 128,794 | |||
Advances by borrowers for taxes and insurance | 44,582 | 26,951 | 45,230 | |||
Accrued interest payable | 1,804 | 589 | 2,054 | |||
Other liabilities | 178,664 | 198,743 | 209,210 | |||
Total liabilities | 12,917,937 | 12,827,467 | 12,267,565 | |||
Shareholders' equity | ||||||
Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares issued | - | - | - | |||
Common stock, $0.01 par value: 500,000,000 shares authorized, 126,612,183, 126,521,344, and 127,019,452 shares issued and outstanding, respectively | 1,266 | 1,265 | 1,270 | |||
Additional paid-in capital | 1,010,405 | 1,008,099 | 1,015,502 | |||
Retained earnings | 609,529 | 604,787 | 555,480 | |||
Accumulated other comprehensive loss | (37,629) | (52,383) | (33,549) | |||
Total shareholders' equity | 1,583,571 | 1,561,768 | 1,538,703 | |||
Total liabilities and shareholders' equity | $ | 14,501,508 | 14,389,235 | 13,806,268 | ||
Equity to assets | 10.92 | % | 10.85 | % | 11.14 | % |
Tangible common equity to assets* | 8.43 | % | 8.34 | % | 8.48 | % |
Book value per share | $ | 12.51 | 12.34 | 12.11 | ||
Tangible book value per share* | $ | 9.40 | 9.22 | 8.95 | ||
Closing market price per share | $ | 14.16 | 13.28 | 12.74 | ||
Full time equivalent employees | 2,332 | 2,404 | 2,421 | |||
Number of banking offices | 170 | 170 | 170 |
Quarter ended | ||||||||||
December 31, 2021 | September 30, 2021 |
June 30, 2021 |
March 31, 2021 | December 31, 2020 | ||||||
Interest income: | ||||||||||
Loans receivable | $ | 95,295 | 97,475 | 95,255 | 102,318 | 105,681 | ||||
Mortgage-backed securities | 5,743 | 5,840 | 5,680 | 4,200 | 4,551 | |||||
Taxable investment securities | 640 | 649 | 693 | 634 | 471 | |||||
Tax-free investment securities | 688 | 628 | 594 | 575 | 656 | |||||
FHLB stock dividends | 82 | 71 | 138 | 116 | 192 | |||||
Interest-earning deposits | 467 | 352 | 192 | 183 | 178 | |||||
Total interest income | 102,915 | 105,015 | 102,552 | 108,026 | 111,729 | |||||
Interest expense: | ||||||||||
Deposits | 4,295 | 4,540 | 4,773 | 5,514 | 6,714 | |||||
Borrowed funds | 1,964 | 2,056 | 2,050 | 2,054 | 2,127 | |||||
Total interest expense | 6,259 | 6,596 | 6,823 | 7,568 | 8,841 | |||||
Net interest income | 96,656 | 98,419 | 95,729 | 100,458 | 102,888 | |||||
Provision for credit losses | (1,909) | (4,354) | - | (5,620) | (2,230) | |||||
Net interest income after provision for credit losses | 98,565 | 102,773 | 95,729 | 106,078 | 105,118 | |||||
Noninterest income: | ||||||||||
Gain/(loss) on sale of investments | (4) | (46) | (105) | (21) | 75 | |||||
Service charges and fees | 13,500 | 13,199 | 12,744 | 12,394 | 13,074 | |||||
Trust and other financial services income | 6,820 | 7,182 | 7,435 | 6,484 | 5,722 | |||||
Insurance commission income | - | 44 | 1,043 | 2,546 | 2,034 | |||||
Gain/(loss) on real estate owned, net | 71 | 247 | 166 | (42) | 114 | |||||
Income from bank-owned life insurance | 1,343 | 1,332 | 1,639 | 1,736 | 1,330 | |||||
Mortgage banking income | 2,120 | 3,941 | 3,811 | 6,020 | 7,120 | |||||
Gain on sale of insurance business | - | - | 25,327 | - | - | |||||
Other operating income | 3,192 | 3,287 | 2,648 | 2,836 | 2,654 | |||||
Total noninterest income | 27,042 | 29,186 | 54,708 | 31,953 | 32,123 | |||||
Noninterest expense: | ||||||||||
Compensation and employee benefits | 48,691 | 49,063 | 48,894 | 47,239 | 48,209 | |||||
Premises and occupancy costs | 7,104 | 7,745 | 7,410 | 8,814 | 7,614 | |||||
Office operations | 3,144 | 4,143 | 3,317 | 3,165 | 4,009 | |||||
Collections expense | 602 | 411 | 303 | 616 | 893 | |||||
Processing expenses | 13,639 | 13,517 | 15,151 | 13,456 | 12,186 | |||||
Marketing expenses | 2,054 | 2,102 | 2,101 | 1,980 | 1,994 | |||||
Federal deposit insurance premiums | 1,131 | 1,184 | 1,353 | 1,307 | 1,651 | |||||
Professional services | 4,513 | 4,295 | 4,231 | 4,582 | 3,599 | |||||
Amortization of intangible assets | 1,205 | 1,321 | 1,433 | 1,594 | 1,664 | |||||
Real estate owned expense | 44 | 94 | 85 | 75 | 64 | |||||
Merger, asset disposition and restructuring expense | 2,812 | - | 632 | 9 | 7,238 | |||||
Other expenses | 1,346 | 2,227 | 1,422 | 3,354 | 3,728 | |||||
Total noninterest expense | 86,285 | 86,102 | 86,332 | 86,191 | 92,849 | |||||
Income before income taxes | 39,322 | 45,857 | 64,105 | 51,840 | 44,392 | |||||
Income tax expense | 9,266 | 10,794 | 15,138 | 11,603 | 9,327 | |||||
Net income | $ | 30,056 | 35,063 | 48,967 | 40,237 | 35,065 | ||||
Basic earnings per share | $ | 0.24 | 0.28 | 0.38 | 0.32 | 0.28 | ||||
Diluted earnings per share | $ | 0.24 | 0.27 | 0.38 | 0.32 | 0.28 | ||||
Annualized return on average equity | 7.65 | % | 8.86 | % | 12.58 | % | 10.61 | % | 9.00 | % |
Annualized return on average assets | 0.82 | % | 0.97 | % | 1.37 | % | 1.17 | % | 1.01 | % |
Annualized return on tangible common equity * | 10.02 | % | 11.92 | % | 16.66 | % | 14.31 | % | 12.27 | % |
Efficiency ratio ** | 66.51 | % | 66.44 | % | 67.35 | % | 63.88 | % | 62.18 | % |
Annualized noninterest expense to average assets *** | 2.25 | % | 2.33 | % | 2.35 | % | 2.45 | % | 2.42 | % |
Year ended December 31, | ||||
2021 | 2020 | |||
Interest income: | ||||
Loans receivable | $ | 390,343 | 410,907 | |
Mortgage-backed securities | 21,463 | 17,416 | ||
Taxable investment securities | 2,616 | 1,985 | ||
Tax-free investment securities | 2,485 | 2,060 | ||
FHLB dividends | 407 | 981 | ||
Interest-earning deposits | 1,194 | 719 | ||
Total interest income | 418,508 | 434,068 | ||
Interest expense: | ||||
Deposits | 19,122 | 35,896 | ||
Borrowed funds | 8,124 | 6,444 | ||
Total interest expense | 27,246 | 42,340 | ||
Net interest income | 391,262 | 391,728 | ||
Provision for credit losses | (11,883) | 83,975 | ||
Net interest income after provision for credit losses | 403,145 | 307,753 | ||
Noninterest income: | ||||
Gain/(loss) on sale of investments | (176) | 236 | ||
Gain on sale of loans | - | 1,302 | ||
Service charges and fees | 51,837 | 55,613 | ||
Trust and other financial services income | 27,921 | 20,922 | ||
Insurance commission income | 3,633 | 9,132 | ||
Gain/(loss) on real estate owned, net | 442 | (106) | ||
Income from bank-owned life insurance | 6,050 | 5,190 | ||
Mortgage banking income | 15,892 | 31,391 | ||
Gain on sale of insurance business | 25,327 | - | ||
Other operating income | 11,963 | 8,585 | ||
Total noninterest income | 142,889 | 132,265 | ||
Noninterest expense: | ||||
Compensation and employee benefits | 193,887 | 178,375 | ||
Premises and occupancy costs | 31,073 | 30,622 | ||
Office operations | 13,769 | 15,728 | ||
Collections expense | 1,932 | 3,275 | ||
Processing expenses | 55,763 | 50,050 | ||
Marketing expenses | 8,237 | 7,695 | ||
Federal deposit insurance premiums | 4,975 | 4,767 | ||
Professional services | 17,621 | 12,482 | ||
Amortization of intangible assets | 5,553 | 6,856 | ||
Real estate owned expense | 298 | 359 | ||
Merger, asset disposition and restructuring expense | 3,453 | 20,789 | ||
Other expenses | 8,349 | 16,494 | ||
Total noninterest expense | 344,910 | 347,492 | ||
Income before income taxes | 201,124 | 92,526 | ||
Income tax expense | 46,801 | 17,672 | ||
Net income | $ | 154,323 | 74,854 | |
Basic earnings per share | $ | 1.22 | 0.62 | |
Diluted earnings per share | $ | 1.21 | 0.62 | |
Annualized return on average equity | 9.91 | % | 4.72 | % |
Annualized return on average assets | 1.08 | % | 0.58 | % |
Annualized return on tangible common equity * | 12.97 | % | 6.59 | % |
Efficiency ratio ** | 66.02 | % | 61.04 | % |
Annualized noninterest expense to average assets *** | 2.35 | % | 2.48 | % |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
||||||
Nonaccrual loans current: | ||||||||||
Residential mortgage loans | $ | 1,354 | 2,015 | 189 | 164 | 21 | ||||
Home equity loans | 1,212 | 1,267 | 170 | 268 | 154 | |||||
Consumer loans | 1,336 | 1,465 | 188 | 225 | 207 | |||||
Commercial real estate loans | 106,233 | 111,075 | 138,820 | 146,304 | 20,317 | |||||
Commercial loans | 6,098 | 17,021 | 17,545 | 6,361 | 16,027 | |||||
Total nonaccrual loans current | $ | 116,233 | 132,843 | 156,912 | 153,322 | 36,726 | ||||
Nonaccrual loans delinquent 30 days to 59 days: | ||||||||||
Residential mortgage loans | $ | 244 | 99 | 68 | 1,261 | 647 | ||||
Home equity loans | 223 | 328 | 229 | 340 | 338 | |||||
Consumer loans | 241 | 152 | 230 | 254 | 301 | |||||
Commercial real estate loans | 239 | 205 | 1,589 | 965 | 1,416 | |||||
Commercial loans | 53 | 102 | 406 | 1,538 | 87 | |||||
Total nonaccrual loans delinquent 30 days to 59 days | $ | 1,000 | 886 | 2,522 | 4,358 | 2,789 | ||||
Nonaccrual loans delinquent 60 days to 89 days: | ||||||||||
Residential mortgage loans | $ | 1,163 | 527 | 207 | 813 | 767 | ||||
Home equity loans | 61 | 142 | 310 | 417 | 190 | |||||
Consumer loans | 292 | 291 | 297 | 649 | 583 | |||||
Commercial real estate loans | 364 | 419 | 198 | 1,877 | 714 | |||||
Commercial loans | 218 | 170 | 21 | 7,919 | 48 | |||||
Total nonaccrual loans delinquent 60 days to 89 days | $ | 2,098 | 1,549 | 1,033 | 11,675 | 2,302 | ||||
Nonaccrual loans delinquent 90 days or more: | ||||||||||
Residential mortgage loans | $ | 7,641 | 8,069 | 10,007 | 9,333 | 14,489 | ||||
Home equity loans | 4,262 | 4,745 | 6,256 | 7,044 | 8,441 | |||||
Consumer loans | 2,069 | 2,184 | 2,341 | 3,625 | 5,473 | |||||
Commercial real estate loans | 24,063 | 25,562 | 23,564 | 29,737 | 25,287 | |||||
Commercial loans | 1,105 | 1,104 | 4,126 | 4,860 | 7,325 | |||||
Total nonaccrual loans delinquent 90 days or more | $ | 39,140 | 41,664 | 46,294 | 54,599 | 61,015 | ||||
Total nonaccrual loans | $ | 158,471 | 176,942 | 206,761 | 223,954 | 102,832 | ||||
Total nonaccrual loans | $ | 158,471 | 176,942 | 206,761 | 223,954 | 102,832 | ||||
Loans 90 days past due and still accruing | 331 | 386 | 302 | 197 | 585 | |||||
Nonperforming loans | 158,802 | 177,328 | 207,063 | 224,151 | 103,417 | |||||
Real estate owned, net | 873 | 809 | 1,353 | 1,738 | 2,232 | |||||
Nonperforming assets | $ | 159,675 | 178,137 | 208,416 | 225,889 | 105,649 | ||||
Nonaccrual troubled debt restructuring * | $ | 17,216 | 12,858 | 8,951 | 7,390 | 10,704 | ||||
Accruing troubled debt restructuring | 13,072 | 13,664 | 18,480 | 20,120 | 21,431 | |||||
Total troubled debt restructuring | $ | 30,288 | 26,522 | 27,431 | 27,510 | 32,135 | ||||
Nonperforming loans to total loans | 1.59 | % | 1.74 | % | 2.01 | % | 2.16 | % | 0.98 | % |
Nonperforming assets to total assets | 1.10 | % | 1.24 | % | 1.46 | % | 1.58 | % | 0.77 | % |
Allowance for credit losses to total loans | 1.02 | % | 1.08 | % | 1.14 | % | 1.20 | % | 1.27 | % |
Allowance for total loans excluding PPP loan balances | 1.03 | % | 1.09 | % | 1.17 | % | 1.24 | % | 1.32 | % |
Allowance for credit losses to nonperforming loans | 64.38 | % | 61.90 | % | 56.66 | % | 55.32 | % | 129.99 | % |
At December 31, 2021 | Pass |
Special mention* |
Substandard ** |
Doubtful | Loss |
Loans receivable |
|
Personal Banking: | |||||||
Residential mortgage loans | $ | 2,978,080 | - | 16,540 | - | - | 2,994,620 |
Home equity loans | 1,312,820 | - | 7,111 | - | - | 1,319,931 | |
Consumer loans | 1,834,478 | - | 4,270 | - | - | 1,838,748 | |
Total Personal Banking | 6,125,378 | - | 27,921 | - | - | 6,153,299 | |
Commercial Banking: | |||||||
Commercial real estate loans | 2,639,676 | 74,123 | 301,685 | - | - | 3,015,484 | |
Commercial loans | 808,323 | 5,730 | 33,556 | - | - | 847,609 | |
Total Commercial Banking | 3,447,999 | 79,853 | 335,241 | - | - | 3,863,093 | |
Total loans | $ | 9,573,377 | 79,853 | 363,162 | - | - | 10,016,392 |
At September 30, 2021 | |||||||
Personal Banking: | |||||||
Residential mortgage loans | $ | 2,972,489 | - | 17,032 | - | - | 2,989,521 |
Home equity loans | 1,342,479 | - | 7,869 | - | - | 1,350,348 | |
Consumer loans | 1,812,360 | - | 4,476 | - | - | 1,816,836 | |
Total Personal Banking | 6,127,328 | - | 29,377 | - | - | 6,156,705 | |
Commercial Banking: | |||||||
Commercial real estate loans | 2,799,592 | 63,034 | 299,925 | - | - | 3,162,551 | |
Commercial loans | 813,665 | 10,976 | 55,071 | - | - | 879,712 | |
Total Commercial Banking | 3,613,257 | 74,010 | 354,996 | - | - | 4,042,263 | |
Total loans | $ | 9,740,585 | 74,010 | 384,373 | - | - | 10,198,968 |
At June 30, 2021 | |||||||
Personal Banking: | |||||||
Residential mortgage loans | $ | 2,937,418 | - | 17,133 | - | - | 2,954,551 |
Home equity loans | 1,367,765 | - | 8,463 | - | - | 1,376,228 | |
Consumer loans | 1,741,872 | - | 3,359 | - | - | 1,745,231 | |
Total Personal Banking | 6,047,055 | - | 28,955 | - | - | 6,076,010 | |
Commercial Banking: | |||||||
Commercial real estate loans | 2,781,734 | 73,167 | 360,288 | - | - | 3,215,189 | |
Commercial loans | 943,665 | 11,266 | 63,850 | - | - | 1,018,781 | |
Total Commercial Banking | 3,725,399 | 84,433 | 424,138 | - | - | 4,233,970 | |
Total loans | $ | 9,772,454 | 84,433 | 453,093 | - | - | 10,309,980 |
At March 31, 2021 | |||||||
Personal Banking: | |||||||
Residential mortgage loans | $ | 2,950,103 | - | 21,575 | - | - | 2,971,678 |
Home equity loans | 1,396,757 | - | 10,767 | - | - | 1,407,524 | |
Consumer loans | 1,547,502 | - | 6,853 | - | - | 1,554,355 | |
Total Personal Banking | 5,894,362 | - | 39,195 | - | - | 5,933,557 | |
Commercial Banking: | |||||||
Commercial real estate loans | 2,801,082 | 120,345 | 368,009 | - | - | 3,289,436 | |
Commercial loans | 1,061,884 | 22,623 | 60,540 | - | - | 1,145,047 | |
Total Commercial Banking | 3,862,966 | 142,968 | 428,549 | - | - | 4,434,483 | |
Total loans | $ | 9,757,328 | 142,968 | 467,744 | - | - | 10,368,040 |
At December 31, 2020 | |||||||
Personal Banking: | |||||||
Residential mortgage loans | $ | 3,042,544 | - | 25,577 | - | - | 3,068,121 |
Home equity loans | 1,455,474 | - | 12,262 | - | - | 1,467,736 | |
Consumer loans | 1,499,004 | - | 8,989 | - | - | 1,507,993 | |
Total Personal Banking | 5,997,022 | - | 46,828 | - | - | 6,043,850 | |
Commercial Banking: | |||||||
Commercial real estate loans | 2,852,705 | 108,021 | 385,163 | - | - | 3,345,889 | |
Commercial loans | 1,092,498 | 41,278 | 57,334 | - | - | 1,191,110 | |
Total Commercial Banking | 3,945,203 | 149,299 | 442,497 | - | - | 4,536,999 | |
Total loans | $ | 9,942,225 | 149,299 | 489,325 | - | - | 10,580,849 |
December 31, 2021 |
* | September 30, 2021 | * |
June 30, 2021 |
* |
March 31, 2021 |
* |
December 31, 2020 |
* | ||||||||||||||||
(Number of loans and dollar amount of loans) | |||||||||||||||||||||||||
Loans delinquent 30 days to 59 days: | |||||||||||||||||||||||||
Residential mortgage loans | 277 | $ | 20,567 | 0.7 | % | 17 | $ | 765 | - | % | 13 | $ | 606 | - | % | 248 | $ | 22,236 | 0.7 | % | 315 | $ | 28,797 | 0.9 | % |
Home equity loans | 112 | 3,153 | 0.2 | % | 101 | 3,351 | 0.2 | % | 91 | 3,677 | 0.3 | % | 84 | 3,334 | 0.2 | % | 138 | 4,763 | 0.3 | % | |||||
Consumer loans | 589 | 6,536 | 0.4 | % | 576 | 6,146 | 0.3 | % | 532 | 5,571 | 0.3 | % | 535 | 5,732 | 0.4 | % | 1,279 | 10,574 | 0.7 | % | |||||
Commercial real estate loans | 17 | 17,065 | 0.6 | % | 19 | 2,004 | 0.1 | % | 13 | 2,857 | 0.1 | % | 33 | 12,240 | 0.4 | % | 43 | 10,923 | 0.3 | % | |||||
Commercial loans | 12 | 193 | - | % | 10 | 692 | 0.1 | % | 15 | 686 | 0.1 | % | 16 | 3,032 | 0.3 | % | 37 | 6,405 | 0.5 | % | |||||
Total loans delinquent 30 days to 59 days | 1,007 | $ | 47,514 | 0.5 | % | 723 | $ | 12,958 | 0.1 | % | 664 | $ | 13,397 | 0.1 | % | 916 | $ | 46,574 | 0.4 | % | 1,812 | $ | 61,462 | 0.6 | % |
Loans delinquent 60 days to 89 days: | |||||||||||||||||||||||||
Residential mortgage loans | 59 | $ | 5,433 | 0.2 | % | 55 | $ | 4,907 | 0.2 | % | 58 | $ | 4,051 | 0.1 | % | 26 | $ | 2,062 | 0.1 | % | 84 | $ | 5,083 | 0.2 | % |
Home equity loans | 30 | 949 | 0.1 | % | 29 | 1,024 | 0.1 | % | 36 | 1,502 | 0.1 | % | 31 | 953 | 0.1 | % | 47 | 1,656 | 0.1 | % | |||||
Consumer loans | 195 | 2,006 | 0.1 | % | 180 | 1,757 | 0.1 | % | 181 | 1,988 | 0.1 | % | 169 | 1,868 | 0.1 | % | 322 | 2,742 | 0.2 | % | |||||
Commercial real estate loans | 5 | 769 | - | % | 8 | 1,170 | - | % | 9 | 1,335 | - | % | 14 | 7,609 | 0.2 | % | 11 | 1,615 | - | % | |||||
Commercial loans | 10 | 727 | 0.1 | % | 2 | 170 | - | % | 2 | 27 | - | % | 12 | 8,979 | 0.8 | % | 10 | 864 | 0.1 | % | |||||
Total loans delinquent 60 days to 89 days | 299 | $ | 9,884 | 0.1 | % | 274 | $ | 9,028 | 0.1 | % | 286 | $ | 8,903 | 0.1 | % | 252 | $ | 21,471 | 0.2 | % | 474 | $ | 11,960 | 0.1 | % |
Loans delinquent 90 days or more: ** | |||||||||||||||||||||||||
Residential mortgage loans | 87 | $ | 7,641 | 0.3 | % | 95 | $ | 8,069 | 0.3 | % | 115 | $ | 10,007 | 0.3 | % | 121 | $ | 9,333 | 0.3 | % | 168 | $ | 14,489 | 0.5 | % |
Home equity loans | 105 | 4,262 | 0.3 | % | 119 | 4,745 | 0.4 | % | 146 | 6,256 | 0.5 | % | 176 | 7,044 | 0.5 | % | 207 | 8,441 | 0.6 | % | |||||
Consumer loans | 296 | 2,400 | 0.1 | % | 308 | 2,568 | 0.1 | % | 356 | 2,643 | 0.2 | % | 454 | 3,822 | 0.2 | % | 720 | 6,058 | 0.4 | % | |||||
Commercial real estate loans | 52 | 24,063 | 0.8 | % | 59 | 25,562 | 0.8 | % | 83 | 23,564 | 0.7 | % | 113 | 29,737 | 0.9 | % | 119 | 25,287 | 0.8 | % | |||||
Commercial loans | 8 | 1,105 | 0.1 | % | 10 | 1,104 | 0.1 | % | 18 | 4,126 | 0.4 | % | 31 | 4,860 | 0.4 | % | 37 | 7,325 | 0.6 | % | |||||
Total loans delinquent 90 days or more | 548 | $ | 39,471 | 0.4 | % | 591 | $ | 42,048 | 0.4 | % | 718 | $ | 46,596 | 0.5 | % | 895 | $ | 54,796 | 0.5 | % | 1,251 | $ | 61,600 | 0.6 | % |
Total loans delinquent | 1,854 | $ | 96,869 | 1.0 | % | 1,588 | $ | 64,034 | 0.6 | % | 1,668 | $ | 68,896 | 0.7 | % | 2,063 | $ | 122,841 | 1.2 | % | 3,537 | $ | 135,022 | 1.3 | % |
Quarter ended | ||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
||||||
Beginning balance | $ | 109,767 | 117,330 | 123,997 | 134,427 | 140,209 | ||||
Provision | (1,909) | (4,354) | - | (5,620) | (2,230) | |||||
Charge-offs residential mortgage | (784) | (1,263) | (770) | (855) | (407) | |||||
Charge-offs home equity | (1,299) | (1,474) | (379) | (228) | (58) | |||||
Charge-offs consumer | (2,897) | (2,148) | (2,401) | (2,603) | (2,623) | |||||
Charge-offs commercial real estate | (2,652) | (1,581) | (3,964) | (4,626) | (2,770) | |||||
Charge-offs commercial | (2,586) | (412) | (1,161) | (54) | (156) | |||||
Recoveries | 4,601 | 3,669 | 2,008 | 3,556 | 2,462 | |||||
Ending balance | $ | 102,241 | 109,767 | 117,330 | 123,997 | 134,427 | ||||
Net charge-offs to average loans, annualized | 0.22 | % | 0.12 | % | 0.26 | % | 0.19 | % | 0.13 | % |
Year ended December 31, | ||||
2021 | 2020 | |||
Beginning balance | $ | 134,427 | 57,941 | |
CECL adoption | - | 10,792 | ||
Initial allowance on loans purchased with credit deterioration | - | 8,845 | ||
Provision | (11,883) | 83,975 | ||
Charge-offs residential mortgage | (3,672) | (917) | ||
Charge-offs home equity | (3,380) | (608) | ||
Charge-offs consumer | (10,049) | (12,658) | ||
Charge-offs commercial real estate | (12,823) | (4,323) | ||
Charge-offs commercial | (4,213) | (16,212) | ||
Recoveries | 13,834 | 7,592 | ||
Ending balance | $ | 102,241 | 134,427 | |
Net charge-offs to average loans | 0.20 | % | 0.27 | % |
December 31, 2021 | |||||||
Originated loans | Acquired loans | Total loans | |||||
Balance | Reserve | Balance | Reserve | Balance | Reserve | ||
Residential mortgage loans | $ | 2,783,459 | 6,621 | 211,161 | 752 | 2,994,620 | 7,373 |
Home equity loans | 1,107,202 | 4,243 | 212,729 | 1,057 | 1,319,931 | 5,300 | |
Consumer loans | 1,692,207 | 16,775 | 146,541 | 1,592 | 1,838,748 | 18,367 | |
Personal Banking Loans | 5,582,868 | 27,639 | 570,431 | 3,401 | 6,153,299 | 31,040 | |
Commercial real estate loans | 2,523,280 | 48,503 | 492,204 | 9,521 | 3,015,484 | 58,024 | |
Commercial loans | 765,877 | 10,608 | 81,732 | 2,569 | 847,609 | 13,177 | |
Commercial Banking Loans | 3,289,157 | 59,111 | 573,936 | 12,090 | 3,863,093 | 71,201 | |
Total Loans | $ | 8,872,025 | 86,750 | 1,144,367 | 15,491 | 10,016,392 | 102,241 |
Quarter ended | |||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Average balance |
Interest |
Avg. yield/ cost (i) |
Average balance |
Interest |
Avg. yield/ cost (i) |
Average balance |
Interest |
Avg. yield/ cost (i) |
Average balance |
Interest |
Avg. yield/ cost (i) |
Average balance |
Interest |
Avg. yield/ cost (i) |
|||||||||||
Assets: | |||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||
Residential mortgage loans | $ | 2,977,942 | 25,269 | 3.39 | % | $ | 2,959,794 | 25,398 | 3.43 | % | $ | 2,935,034 | 25,609 | 3.49 | % | $ | 3,007,439 | 26,366 | 3.51 | % | $ | 3,089,916 | 27,503 | 3.56 | % |
Home equity loans | 1,328,553 | 11,750 | 3.51 | % | 1,356,131 | 11,993 | 3.51 | % | 1,380,794 | 12,232 | 3.55 | % | 1,432,009 | 12,815 | 3.63 | % | 1,472,527 | 13,535 | 3.66 | % | |||||
Consumer loans | 1,756,620 | 15,514 | 3.50 | % | 1,728,563 | 16,220 | 3.72 | % | 1,589,739 | 14,555 | 3.67 | % | 1,463,284 | 14,566 | 4.04 | % | 1,444,860 | 15,874 | 4.37 | % | |||||
Commercial real estate loans | 3,113,924 | 34,062 | 4.28 | % | 3,205,839 | 35,305 | 4.31 | % | 3,257,810 | 33,349 | 4.05 | % | 3,313,892 | 38,471 | 4.64 | % | 3,317,418 | 37,965 | 4.48 | % | |||||
Commercial loans | 855,998 | 9,154 | 4.18 | % | 975,603 | 9,096 | 3.65 | % | 1,133,969 | 9,978 | 3.48 | % | 1,189,812 | 10,566 | 3.55 | % | 1,325,047 | 11,414 | 3.37 | % | |||||
Total loans receivable (a) (b) (d) | 10,033,037 | 95,749 | 3.79 | % | 10,225,930 | 98,012 | 3.80 | % | 10,297,346 | 95,723 | 3.73 | % | 10,406,436 | 102,784 | 4.01 | % | 10,649,768 | 106,291 | 3.97 | % | |||||
Mortgage-backed securities (c) | 1,894,683 | 5,743 | 1.21 | % | 1,832,876 | 5,840 | 1.27 | % | 1,756,227 | 5,680 | 1.29 | % | 1,324,558 | 4,200 | 1.27 | % | 1,166,739 | 4,551 | 1.56 | % | |||||
Investment securities (c) (d) | 358,558 | 1,535 | 1.71 | % | 348,619 | 1,466 | 1.68 | % | 364,414 | 1,466 | 1.61 | % | 331,358 | 1,381 | 1.67 | % | 252,898 | 1,380 | 2.18 | % | |||||
FHLB stock, at cost | 14,459 | 82 | 2.25 | % | 21,607 | 71 | 1.31 | % | 23,107 | 138 | 2.40 | % | 21,811 | 116 | 2.17 | % | 23,346 | 192 | 3.27 | % | |||||
Other interest-earning deposits | 1,168,449 | 467 | 0.16 | % | 905,130 | 352 | 0.15 | % | 810,741 | 192 | 0.09 | % | 801,119 | 183 | 0.09 | % | 632,494 | 178 | 0.11 | % | |||||
Total interest-earning assets | 13,469,186 | 103,576 | 3.05 | % | 13,334,162 | 105,741 | 3.15 | % | 13,251,835 | 103,199 | 3.12 | % | 12,885,282 | 108,664 | 3.42 | % | 12,725,245 | 112,592 | 3.52 | % | |||||
Noninterest-earning assets (e) | 1,004,905 | 1,074,122 | 1,104,924 | 1,102,477 | 1,066,609 | ||||||||||||||||||||
Total assets | $ | 14,474,091 | $ | 14,408,284 | $ | 14,356,759 | $ | 13,987,759 | $ | 13,791,854 | |||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||
Savings deposits | $ | 2,282,606 | 622 | 0.11 | % | $ | 2,271,365 | 603 | 0.11 | % | $ | 2,255,578 | 590 | 0.10 | % | $ | 2,118,030 | 625 | 0.12 | % | $ | 2,028,155 | 617 | 0.12 | % |
Interest-bearing demand deposits | 2,933,466 | 411 | 0.06 | % | 2,890,905 | 414 | 0.06 | % | 2,840,949 | 407 | 0.06 | % | 2,783,429 | 429 | 0.06 | % | 2,699,515 | 476 | 0.07 | % | |||||
Money market deposit accounts | 2,618,177 | 656 | 0.10 | % | 2,565,159 | 637 | 0.10 | % | 2,537,629 | 621 | 0.10 | % | 2,497,495 | 657 | 0.11 | % | 2,426,513 | 960 | 0.16 | % | |||||
Time deposits | 1,356,513 | 2,606 | 0.76 | % | 1,423,041 | 2,886 | 0.80 | % | 1,493,947 | 3,155 | 0.85 | % | 1,583,525 | 3,803 | 0.97 | % | 1,676,094 | 4,660 | 1.11 | % | |||||
Borrowed funds (f) | 135,038 | 159 | 0.47 | % | 131,199 | 154 | 0.47 | % | 131,240 | 150 | 0.46 | % | 143,806 | 154 | 0.43 | % | 229,109 | 213 | 0.37 | % | |||||
Subordinated debt (g) | 123,514 | 1,180 | 3.82 | % | 123,513 | 1,277 | 4.10 | % | 123,443 | 1,264 | 4.11 | % | 123,357 | 1,258 | 4.14 | % | 123,283 | 1,256 | 4.05 | % | |||||
Junior subordinated debentures | 129,012 | 625 | 1.89 | % | 128,946 | 625 | 1.90 | % | 128,882 | 636 | 1.95 | % | 128,817 | 642 | 1.99 | % | 128,752 | 659 | 2.00 | % | |||||
Total interest-bearing liabilities | 9,578,326 | 6,259 | 0.26 | % | 9,534,128 | 6,596 | 0.27 | % | 9,511,668 | 6,823 | 0.29 | % | 9,378,459 | 7,568 | 0.33 | % | 9,311,421 | 8,841 | 0.38 | % | |||||
Noninterest-bearing demand deposits (h) | 3,093,518 | 3,058,819 | 3,036,202 | 2,805,206 | 2,675,986 | ||||||||||||||||||||
Noninterest-bearing liabilities | 242,620 | 244,402 | 247,930 | 265,667 | 253,966 | ||||||||||||||||||||
Total liabilities | 12,914,464 | 12,837,349 | 12,795,800 | 12,449,332 | 12,241,373 | ||||||||||||||||||||
Shareholders' equity | 1,559,627 | 1,570,935 | 1,560,959 | 1,538,427 | 1,550,481 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 14,474,091 | $ | 14,408,284 | $ | 14,356,759 | $ | 13,987,759 | $ | 13,791,854 | |||||||||||||||
Net interest income/Interest rate spread | 97,317 | 2.79 | % | 99,145 | 2.87 | % | 96,376 | 2.84 | % | 101,096 | 3.09 | % | 103,751 | 3.14 | % | ||||||||||
Net interest-earning assets/Net interest margin | $ | 3,890,860 | 2.89 | % | $ | 3,800,034 | 2.97 | % | $ | 3,740,167 | 2.91 | % | $ | 3,506,823 | 3.18 | % | $ | 3,413,824 | 3.26 | % | |||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.41X | 1.40X | 1.39X | 1.37X | 1.37X |
Year ended December 31, | ||||||||||
2021 | 2020 | |||||||||
Average balance |
Interest |
Avg. yield/ cost (i) |
Average balance |
Interest |
Avg. yield/ cost (i) |
|||||
Assets: | ||||||||||
Interest-earning assets: | ||||||||||
Residential mortgage loans | $ | 2,969,939 | 102,642 | 3.46 | % | $ | 3,051,582 | 113,353 | 3.71 | % |
Home equity loans | 1,374,038 | 48,789 | 3.55 | % | 1,436,632 | 55,875 | 3.89 | % | ||
Consumer loans | 1,635,613 | 60,854 | 3.72 | % | 1,338,120 | 58,878 | 4.40 | % | ||
Commercial real estate loans | 3,222,272 | 141,186 | 4.32 | % | 3,132,976 | 140,883 | 4.42 | % | ||
Commercial loans | 1,037,758 | 38,794 | 3.69 | % | 1,145,143 | 44,142 | 3.79 | % | ||
Loans receivable (a) (b) (d) | 10,239,620 | 392,265 | 3.83 | % | 10,104,453 | 413,131 | 4.09 | % | ||
Mortgage-backed securities (c) | 1,704,006 | 21,463 | 1.26 | % | 889,744 | 17,416 | 1.96 | % | ||
Investment securities (c) (d) | 350,806 | 5,848 | 1.67 | % | 196,071 | 4,841 | 2.47 | % | ||
FHLB stock, at cost | 20,229 | 407 | 2.01 | % | 21,781 | 981 | 4.50 | % | ||
Other interest-earning deposits | 921,360 | 1,194 | 0.13 | % | 520,666 | 719 | 0.14 | % | ||
Total interest-earning assets | 13,236,021 | 421,177 | 3.18 | % | 11,732,715 | 437,088 | 3.73 | % | ||
Noninterest-earning assets (e) | 1,072,313 | 1,159,405 | ||||||||
Total assets | $ | 14,308,334 | $ | 12,892,120 | ||||||
Liabilities and shareholders' equity: | ||||||||||
Interest-bearing liabilities: | ||||||||||
Savings deposits | $ | 2,232,454 | 2,440 | 0.11 | % | $ | 1,885,517 | 2,640 | 0.14 | % |
Interest-bearing demand deposits | 2,862,677 | 1,660 | 0.06 | % | 2,432,427 | 3,358 | 0.14 | % | ||
Money market deposit accounts | 2,554,975 | 2,570 | 0.10 | % | 2,224,904 | 6,995 | 0.31 | % | ||
Time deposits | 1,463,522 | 12,452 | 0.85 | % | 1,687,381 | 22,903 | 1.36 | % | ||
Borrowed funds (f) | 135,285 | 616 | 0.46 | % | 346,442 | 3,190 | 0.92 | % | ||
Subordinated debt (g) | 123,457 | 4,980 | 4.03 | % | - | - | - | % | ||
Junior subordinated debentures | 128,915 | 2,528 | 1.93 | % | 126,683 | 3,254 | 2.53 | % | ||
Total interest-bearing liabilities | 9,501,285 | 27,246 | 0.29 | % | 8,703,354 | 42,340 | 0.49 | % | ||
Noninterest-bearing demand deposits (h) | 2,999,392 | 2,357,725 | ||||||||
Noninterest-bearing liabilities | 250,075 | 246,294 | ||||||||
Total liabilities | 12,750,752 | 11,307,373 | ||||||||
Shareholders' equity | 1,557,582 | 1,584,747 | ||||||||
Total liabilities and shareholders' equity | $ | 14,308,334 | $ | 12,892,120 | ||||||
Net interest income/Interest rate spread | 393,931 | 2.89 | % | 394,748 | 3.24 | % | ||||
Net interest-earning assets/Net interest margin | $ | 3,734,736 | 2.98 | % | $ | 3,029,361 | 3.36 | % | ||
Ratio of interest-earning assets to interest-bearing liabilities | 1.39X | 1.35X |