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 June 30, 2022 | |||||
TABLE OF CONTENTS | |||||
Page Number | |||||
2021 Repurchase Program | Washington Trust Bancorp, Inc.'s Stock Repurchase Program adopted on November 10, 2021 | ||||
2022 Long Term Incentive Plan | Washington Trust Bancorp, Inc. 2022 Long Term Incentive Plan | ||||
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 | ||||
CARES Act | Coronavirus Aid, Relief and Economic Security Act | ||||
CDARS | Certificate of Deposit Account Registry Service | ||||
Corporation | The Bancorp and its subsidiaries | ||||
CRE | Commercial real estate | ||||
CRRSA Act | Coronavirus Response and Relief Supplemental Appropriations Act | ||||
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 | ||||
FHLB | Federal Home Loan Bank of Boston | ||||
FICO | Fair Isaac Corporation | ||||
FRBB | Federal Reserve Bank of Boston | ||||
FTE | Fully taxable equivalent | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
GDP | Gross domestic product | ||||
HPI | National home price index | ||||
ICS | Insured Cash Sweep | ||||
LTV | Loan to value | ||||
NIM | Net interest margin | ||||
NUR | National unemployment rate | ||||
OREO | Property acquired through foreclosure or repossession | ||||
PPP | Paycheck Protection Program | ||||
ROU | Right-of-use | ||||
S&P | Standard and Poors, Inc. | ||||
SBA | Small Business Administration | ||||
SEC | U.S. Securities and Exchange Commission | ||||
TDR | Troubled debt restructuring | ||||
Washington Trust | The Bancorp and its subsidiaries | ||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Balance Sheets (unaudited) | (Dollars in thousands, except par value) |
June 30, 2022 | December 31, 2021 | |||||||
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 17) | ||||||||
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 | Six Months | |||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Debt prepayment penalties | ||||||||||||||||||||||||||
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 | Six Months | ||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income, 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 (loss) income, net of tax | ( | ( | ( | ||||||||||||||||||||
Total comprehensive (loss) income | ($ | $ | ($ | $ |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Changes in Shareholders' Equity (unaudited) | (Dollars and shares in thousands) |
For the three months ended June 30, 2022 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ($ | ($ | $ | |||||||||||||||||
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 | ( | — | — | ( | |||||||||||||||||||
Treasury stock purchased under 2021 Stock Repurchase Program | ( | — | — | — | — | ( | ( | ||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ($ | ($ | $ |
For the six months ended June 30, 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 | ( | — | — | ( | |||||||||||||||||||
Treasury stock purchased under 2021 Stock Repurchase Program | ( | — | — | — | — | ( | ( | ||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ($ | ($ | $ |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statements of Changes in Shareholders' Equity (unaudited) | (Dollars and shares in thousands) |
For the three months ended June 30, 2021 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | ||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ($ | ($ | $ | |||||||||||||||||
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 | ( | — | — | ||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ($ | ($ | $ |
For the six months ended June 30, 2021 | Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ($ | ($ | $ | |||||||||||||||||
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 June 30, 2021 | $ | $ | $ | ($ | ($ | $ |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
Consolidated Statement of Cash Flows (unaudited) | (Dollars in thousands) |
Six months ended June 30, | 2022 | 2021 | ||||||||||||
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 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 | ( | ( | ||||||||||||
(Increase) decrease in operating lease right-of-use assets | ( | |||||||||||||
Increase (decrease) in operating lease liabilities | ( | |||||||||||||
(Increase) decrease in other assets | ( | |||||||||||||
Increase (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 (purchases) redemption of Federal Home Loan Bank stock | ( | |||||||||||||
Purchases of other equity investments | ( | |||||||||||||
Net increase in loans | ( | ( | ||||||||||||
Purchases of loans | ( | ( | ||||||||||||
Purchases of premises and equipment | ( | ( | ||||||||||||
Purchases of bank-owned life insurance | ( | ( | ||||||||||||
Equity investment in real estate limited partnership | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase in deposits | ||||||||||||||
Proceeds from Federal Home Loan Bank advances | ||||||||||||||
Repayment of Federal Home Loan Bank advances | ( | ( | ||||||||||||
Treasury stock purchased | ( | |||||||||||||
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 decrease 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 | $ | $ | ||||||||||||
Commitment for equity investment in real estate limited partnership | ||||||||||||||
Supplemental Disclosures: | ||||||||||||||
Interest payments | $ | $ | ||||||||||||
Income tax payments |
(Dollars in thousands) | |||||||||||||||||||||||||||||
June 30, 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) | |||||||||||||||||||||||||||||
December 31, 2021 | 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) | ||||||||
June 30, 2022 | 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 | |||||||||||||||||||||||||||||||||||||||||
June 30, 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) | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | # | 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) | June 30, 2022 | December 31, 2021 | ||||||
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 | ||||||||||||||||||||||||||||||||||
June 30, 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) | Days Past Due | ||||||||||||||||||||||||||||||||||
December 31, 2021 | 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) | Jun 30, 2022 | Dec 31, 2021 | ||||||
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 | Six Months | |||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||
Commercial & industrial | |||||||||||||||||
Total commercial | |||||||||||||||||
Residential Real Estate: | |||||||||||||||||
Residential real estate | |||||||||||||||||
Consumer: | |||||||||||||||||
Home equity | |||||||||||||||||
Other | |||||||||||||||||
Total consumer | |||||||||||||||||
Total | $ | $ | $ | $ |
(Dollars in thousands) | Jun 30, 2022 | Dec 31, 2021 | ||||||
Accruing TDRs | $ | $ | ||||||
Nonaccrual TDRs | ||||||||
Total TDRs | $ | $ | ||||||
Specific reserves on TDRs included in the ACL on loans | $ | $ | ||||||
Additional commitments to lend to borrowers with TDRs | $ | $ |
(Dollars in thousands) | # of Loans | Recorded Investment | |||||||||||||||||||||
Six months ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
TDRs with a Payment Default: | |||||||||||||||||||||||
Residential real estate | $ | $ | |||||||||||||||||||||
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||
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 | ||||||||||||||||||||||||||||
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) | Term Loans Amortized Cost by Origination Year | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 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 | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Econometric Factors | ||||||||
Loan portfolio segment | At June 30, 2022 | At December 31, 2021 | ||||||
CRE | NUR & GDP | NUR & GDP | ||||||
C&I | NUR & GDP | NUR | ||||||
Residential real estate | NUR & HPI | NUR & HPI | ||||||
Home equity | NUR & HPI | NUR & HPI | ||||||
Other consumer | GDP | NUR & GDP |
(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) | 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) | Jun 30, 2022 | Dec 31, 2021 | |||||||||
Noninterest-bearing demand deposits | $ | $ | |||||||||
Interest-bearing demand deposits (1) | |||||||||||
NOW accounts | |||||||||||
Money market accounts | |||||||||||
Savings accounts | |||||||||||
Time deposits (2) | |||||||||||
Total deposits | $ | $ |
(Dollars in thousands) | Scheduled Maturity | Weighted Average Rate | |||||||||
July 1, 2022 to December 31, 2022 | $ | % | |||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 and thereafter | |||||||||||
Balance at June 30, 2022 | $ | % |
(Dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be “Well Capitalized” Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
June 30, 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 | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
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 |
(Dollars in thousands) | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||
Balance Sheet Location | Jun 30, 2022 | Dec 31, 2021 | Balance Sheet Location | Jun 30, 2022 | Dec 31, 2021 | ||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments: | |||||||||||||||||||||||||||||
Interest rate risk management contracts: | |||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | $ | Other liabilities | $ | $ | |||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||||||||||||||
Loan related derivative contracts: | |||||||||||||||||||||||||||||
Interest rate swaps with customers | Other assets | Other liabilities | |||||||||||||||||||||||||||
Mirror swaps with counterparties | Other assets | Other liabilities | |||||||||||||||||||||||||||
Risk participation agreements | Other assets | Other liabilities | |||||||||||||||||||||||||||
Mortgage loan commitments: | |||||||||||||||||||||||||||||
Interest rate lock commitments | Other assets | Other liabilities | |||||||||||||||||||||||||||
Forward sale commitments | Other assets | Other liabilities | |||||||||||||||||||||||||||
Gross amounts | |||||||||||||||||||||||||||||
Less: amounts offset (1) | |||||||||||||||||||||||||||||
Derivative balances, net of offset | |||||||||||||||||||||||||||||
Less: collateral pledged (2) | |||||||||||||||||||||||||||||
Net amounts | $ | $ | $ | $ |
(Dollars in thousands) | Gain (Loss) Recognized in Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
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 Income on Derivatives | |||||||||||||||||||||||||
Three Months | Six Months | |||||||||||||||||||||||||
Periods ended June 30, | Statement of Income Location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Derivatives not Designated as Hedging Instruments: | ||||||||||||||||||||||||||
Loan related derivative contracts: | ||||||||||||||||||||||||||
Interest rate swaps with customers | Loan related derivative income | ($ | $ | ($ | ($ | |||||||||||||||||||||
Mirror swaps 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) | June 30, 2022 | December 31, 2021 | ||||||
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) | ||||||||||
June 30, 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) | ||||||||||
December 31, 2021 | ||||||||||||||
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) | Fair Value | Valuation Technique | Unobservable Input | Inputs Utilized (Weighted Average) | ||||||||||
December 31, 2021 | ||||||||||||||
Collateral dependent individually analyzed loans | $— | Appraisals of collateral | Discount for costs to sell | |||||||||||
Appraisal adjustments | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
June 30, 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) | |||||||||||||||||
December 31, 2021 | 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 |
For the three months ended June 30, | 2022 | 2021 | |||||||||||||||
(Dollars in thousands) | Revenue (1) | ASC 606 Revenue (2) | Revenue (1) | ASC 606 Revenue (2) | |||||||||||||
Net interest income | $ | $ | $ | $ | |||||||||||||
Noninterest income: | |||||||||||||||||
Asset-based wealth management revenues | |||||||||||||||||
Transaction-based wealth management revenues | |||||||||||||||||
Total 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 | $ | $ | $ | $ |
For the six months ended June 30, | 2022 | 2021 | |||||||||||||||
(Dollars in thousands) | Revenue (1) | ASC 606 Revenue (2) | Revenue (1) | ASC 606 Revenue (2) | |||||||||||||
Net interest income | $ | $ | $ | $ | |||||||||||||
Noninterest income: | |||||||||||||||||
Asset-based wealth management revenues | |||||||||||||||||
Transaction-based wealth management revenues | |||||||||||||||||
Total 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 | Six Months | |||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
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 | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
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 six months ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Measurement date | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||||||||||||||
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 June 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
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 |
(Dollars in thousands) | Commercial Banking | Wealth Management Services | Consolidated Total | |||||||||||||||||||||||
Six months ended June 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
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 June 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
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 (loss) income | ($ | ($ | ($ | $ | $ | $ |
Six months ended June 30, | 2022 | 2021 | |||||||||||||||||||||
(Dollars in thousands) | Pre-tax Amounts | Income Taxes | Net of Tax | Pre-tax Amounts | Income Taxes | Net of Tax | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
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 (gains) losses 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 loss | ($ | ($ | ($ | ($ | ($ | ($ |
(Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | Net Unrealized (Losses) Gains on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||
For the three months ended June 30, 2022 | |||||||||||||||||||||||
Balance at March 31, 2022 | ($ | ($ | ($ | ($ | |||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Net other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Balance at June 30, 2022 | ($ | ($ | ($ | ($ |
(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 six months ended June 30, 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 June 30, 2022 | ($ | ($ | ($ | ($ |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized (Losses) Gains on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||
For the three months ended June 30, 2021 | |||||||||||||||||||||||
Balance at March 31, 2021 | ($ | ($ | ($ | ($ | |||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ||||||||||||||||||||||
Net other comprehensive income | |||||||||||||||||||||||
Balance at June 30, 2021 | $ | ($ | ($ | ($ |
(Dollars in thousands) | Net Unrealized Gains (Losses) on Available For Sale Debt Securities | Net Unrealized (Losses) Gains on Cash Flow Hedges | Net Unrealized Losses on Defined Benefit Plan Obligations | Total | |||||||||||||||||||
For the six months ended June 30, 2021 | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | ($ | ($ | ($ | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||||||||
Net other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Balance at June 30, 2021 | $ | ($ | ($ | ($ |
(Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
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 | |||||||||||||||||||||||
Dilutive effect of common stock equivalents | |||||||||||||||||||||||
Weighted average diluted common shares | |||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
(Dollars in thousands) | Jun 30, 2022 | Dec 31, 2021 | |||||||||
Financial instruments whose contract amounts represent credit risk (unfunded commitments): | |||||||||||
Commitments to extend credit: | |||||||||||
Commercial loans | $ | $ | |||||||||
Home equity lines | |||||||||||
Other loans | |||||||||||
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 swaps with customers | |||||||||||
Mirror swaps 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) | 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) | Three Months | Six Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Net interest income | $37,515 | $34,754 | $2,761 | 8 | % | $72,606 | $67,625 | $4,981 | 7 | % | |||||||||||||||||||||||||
Noninterest income | 15,852 | 20,593 | (4,741) | (23) | 33,011 | 46,567 | (13,556) | (29) | |||||||||||||||||||||||||||
Total revenues | 53,367 | 55,347 | (1,980) | (4) | 105,617 | 114,192 | (8,575) | (8) | |||||||||||||||||||||||||||
Provision for credit losses | (3,000) | — | (3,000) | — | (2,900) | (2,000) | (900) | (45) | |||||||||||||||||||||||||||
Noninterest expense | 31,077 | 33,012 | (1,935) | (6) | 62,296 | 67,725 | (5,429) | (8) | |||||||||||||||||||||||||||
Income before income taxes | 25,290 | 22,335 | 2,955 | 13 | 46,221 | 48,467 | (2,246) | (5) | |||||||||||||||||||||||||||
Income tax expense | 5,333 | 4,875 | 458 | 9 | 9,781 | 10,536 | (755) | (7) | |||||||||||||||||||||||||||
Net income | $19,957 | $17,460 | $2,497 | 14 | % | $36,440 | $37,931 | ($1,491) | (4 | %) |
Three Months | Six Months | ||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Diluted earnings per common share | $1.14 | $1.00 | $2.08 | $2.17 | |||||||||||||
Return on average assets (net income divided by average assets) | 1.37 | % | 1.20 | % | 1.26 | % | 1.32 | % | |||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 16.11 | % | 12.92 | % | 13.98 | % | 14.22 | % | |||||||||
Net interest income as a percentage of total revenues | 70 | % | 63 | % | 69 | % | 59 | % | |||||||||
Noninterest income as a percentage of total revenues | 30 | % | 37 | % | 31 | % | 41 | % |
Three months ended June 30, | 2022 | 2021 | 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 | $110,424 | $188 | 0.68 | $146,313 | $32 | 0.09 | ($35,889) | $156 | 0.59 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 26,914 | 258 | 3.84 | 57,473 | 405 | 2.83 | (30,559) | (147) | 1.01 | ||||||||||||||||||||||||||
Taxable debt securities | 1,096,611 | 4,918 | 1.80 | 1,029,933 | 3,441 | 1.34 | 66,678 | 1,477 | 0.46 | ||||||||||||||||||||||||||
FHLB stock | 9,420 | 63 | 2.68 | 25,128 | 110 | 1.76 | (15,708) | (47) | 0.92 | ||||||||||||||||||||||||||
Commercial real estate | 1,619,325 | 13,495 | 3.34 | 1,639,515 | 11,701 | 2.86 | (20,190) | 1,794 | 0.48 | ||||||||||||||||||||||||||
Commercial & industrial | 620,543 | 6,115 | 3.95 | 807,598 | 8,113 | 4.03 | (187,055) | (1,998) | (0.08) | ||||||||||||||||||||||||||
Total commercial | 2,239,868 | 19,610 | 3.51 | 2,447,113 | 19,814 | 3.25 | (207,245) | (204) | 0.26 | ||||||||||||||||||||||||||
Residential real estate | 1,836,245 | 15,010 | 3.28 | 1,514,487 | 12,920 | 3.42 | 321,758 | 2,090 | (0.14) | ||||||||||||||||||||||||||
Home equity | 256,771 | 2,075 | 3.24 | 257,257 | 2,056 | 3.21 | (486) | 19 | 0.03 | ||||||||||||||||||||||||||
Other | 15,770 | 183 | 4.65 | 20,979 | 253 | 4.84 | (5,209) | (70) | (0.19) | ||||||||||||||||||||||||||
Total consumer | 272,541 | 2,258 | 3.32 | 278,236 | 2,309 | 3.33 | (5,695) | (51) | (0.01) | ||||||||||||||||||||||||||
Total loans | 4,348,654 | 36,878 | 3.40 | 4,239,836 | 35,043 | 3.32 | 108,818 | 1,835 | 0.08 | ||||||||||||||||||||||||||
Total interest-earning assets | 5,592,023 | 42,305 | 3.03 | 5,498,683 | 39,031 | 2.85 | 93,340 | 3,274 | 0.18 | ||||||||||||||||||||||||||
Noninterest-earning assets | 249,309 | 334,742 | (85,433) | ||||||||||||||||||||||||||||||||
Total assets | $5,841,332 | $5,833,425 | $7,907 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $248,764 | $222 | 0.36 | $182,465 | $49 | 0.11 | $66,299 | $173 | 0.25 | ||||||||||||||||||||||||||
NOW accounts | 883,251 | 151 | 0.07 | 760,294 | 119 | 0.06 | 122,957 | 32 | 0.01 | ||||||||||||||||||||||||||
Money market accounts | 1,268,496 | 1,139 | 0.36 | 951,194 | 552 | 0.23 | 317,302 | 587 | 0.13 | ||||||||||||||||||||||||||
Savings accounts | 566,307 | 119 | 0.08 | 518,072 | 72 | 0.06 | 48,235 | 47 | 0.02 | ||||||||||||||||||||||||||
Time deposits (in-market) | 809,697 | 1,951 | 0.97 | 686,590 | 1,889 | 1.10 | 123,107 | 62 | (0.13) | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,776,515 | 3,582 | 0.38 | 3,098,615 | 2,681 | 0.35 | 677,900 | 901 | 0.03 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 20,233 | 46 | 0.91 | — | — | — | 20,233 | 46 | 0.91 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 352,438 | 335 | 0.38 | 662,541 | 280 | 0.17 | (310,103) | 55 | 0.21 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 372,671 | 381 | 0.41 | 662,541 | 280 | 0.17 | (289,870) | 101 | 0.24 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,149,186 | 3,963 | 0.38 | 3,761,156 | 2,961 | 0.32 | 388,030 | 1,002 | 0.06 | ||||||||||||||||||||||||||
FHLB advances | 151,736 | 413 | 1.09 | 456,661 | 1,001 | 0.88 | (304,925) | (588) | 0.21 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 138 | 2.44 | 22,681 | 92 | 1.63 | — | 46 | 0.81 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,323,603 | 4,514 | 0.42 | 4,240,498 | 4,054 | 0.38 | 83,105 | 460 | 0.04 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 891,883 | 912,295 | (20,412) | ||||||||||||||||||||||||||||||||
Other liabilities | 130,273 | 140,108 | (9,835) | ||||||||||||||||||||||||||||||||
Shareholders’ equity | 495,573 | 540,524 | (44,951) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $5,841,332 | $5,833,425 | $7,907 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $37,791 | $34,977 | $2,814 | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.61 | 2.47 | 0.14 | ||||||||||||||||||||||||||||||||
Net interest margin | 2.71 | 2.55 | 0.16 |
(Dollars in thousands) | |||||||||||
Three months ended June 30, | 2022 | 2021 | Change | ||||||||
Commercial loans | $276 | $223 | $53 | ||||||||
Six months ended June 30, | 2022 | 2021 | 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 | $146,852 | $266 | 0.37 | $150,580 | $65 | 0.09 | ($3,728) | $201 | 0.28 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 27,688 | 490 | 3.57 | 59,429 | 846 | 2.87 | (31,741) | (356) | 0.70 | ||||||||||||||||||||||||||
Taxable debt securities | 1,084,246 | 9,148 | 1.70 | 973,214 | 6,683 | 1.38 | 111,032 | 2,465 | 0.32 | ||||||||||||||||||||||||||
FHLB stock | 10,849 | 130 | 2.42 | 26,987 | 243 | 1.82 | (16,138) | (113) | 0.60 | ||||||||||||||||||||||||||
Commercial real estate | 1,625,537 | 25,386 | 3.15 | 1,632,725 | 23,060 | 2.85 | (7,188) | 2,326 | 0.30 | ||||||||||||||||||||||||||
Commercial & industrial | 627,667 | 12,342 | 3.97 | 823,580 | 15,979 | 3.91 | (195,913) | (3,637) | 0.06 | ||||||||||||||||||||||||||
Total commercial | 2,253,204 | 37,728 | 3.38 | 2,456,305 | 39,039 | 3.21 | (203,101) | (1,311) | 0.17 | ||||||||||||||||||||||||||
Residential real estate | 1,788,431 | 28,997 | 3.27 | 1,484,571 | 25,737 | 3.50 | 303,860 | 3,260 | (0.23) | ||||||||||||||||||||||||||
Home equity | 251,796 | 3,950 | 3.16 | 257,494 | 4,177 | 3.27 | (5,698) | (227) | (0.11) | ||||||||||||||||||||||||||
Other | 16,349 | 378 | 4.66 | 20,545 | 495 | 4.86 | (4,196) | (117) | (0.20) | ||||||||||||||||||||||||||
Total consumer | 268,145 | 4,328 | 3.25 | 278,039 | 4,672 | 3.39 | (9,894) | (344) | (0.14) | ||||||||||||||||||||||||||
Total loans | 4,309,780 | 71,053 | 3.32 | 4,218,915 | 69,448 | 3.32 | 90,865 | 1,605 | — | ||||||||||||||||||||||||||
Total interest-earning assets | 5,579,415 | 81,087 | 2.93 | 5,429,125 | 77,285 | 2.87 | 150,290 | 3,802 | 0.06 | ||||||||||||||||||||||||||
Noninterest-earning assets | 273,521 | 343,889 | (70,368) | ||||||||||||||||||||||||||||||||
Total assets | $5,852,936 | $5,773,014 | $79,922 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $248,580 | $292 | 0.24 | $183,223 | $145 | 0.16 | $65,357 | $147 | 0.08 | ||||||||||||||||||||||||||
NOW accounts | 865,647 | 281 | 0.07 | 729,301 | 221 | 0.06 | 136,346 | 60 | 0.01 | ||||||||||||||||||||||||||
Money market accounts | 1,221,923 | 1,753 | 0.29 | 930,656 | 1,266 | 0.27 | 291,267 | 487 | 0.02 | ||||||||||||||||||||||||||
Savings accounts | 563,837 | 191 | 0.07 | 504,040 | 141 | 0.06 | 59,797 | 50 | 0.01 | ||||||||||||||||||||||||||
Time deposits (in-market) | 801,479 | 3,968 | 1.00 | 695,038 | 4,127 | 1.20 | 106,441 | (159) | (0.20) | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,701,466 | 6,485 | 0.35 | 3,042,258 | 5,900 | 0.39 | 659,208 | 585 | (0.04) | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 10,173 | 45 | 0.89 | — | — | — | 10,173 | 45 | 0.89 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 403,826 | 536 | 0.27 | 621,075 | 724 | 0.24 | (217,249) | (188) | 0.03 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 413,999 | 581 | 0.28 | 621,075 | 724 | 0.24 | (207,076) | (143) | 0.04 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,115,465 | 7,066 | 0.35 | 3,663,333 | 6,624 | 0.36 | 452,132 | 442 | (0.01) | ||||||||||||||||||||||||||
FHLB advances | 151,331 | 657 | 0.88 | 499,435 | 2,381 | 0.96 | (348,104) | (1,724) | (0.08) | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 237 | 2.11 | 22,681 | 186 | 1.65 | — | 51 | 0.46 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,289,477 | 7,960 | 0.37 | 4,185,449 | 9,191 | 0.44 | 104,028 | (1,231) | (0.07) | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 915,918 | 901,522 | 14,396 | ||||||||||||||||||||||||||||||||
Other liabilities | 123,321 | 149,622 | (26,301) | ||||||||||||||||||||||||||||||||
Shareholders’ equity | 524,220 | 536,421 | (12,201) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $5,852,936 | $5,773,014 | $79,922 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $73,127 | $68,094 | $5,033 | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.56 | 2.43 | 0.13 | ||||||||||||||||||||||||||||||||
Net interest margin | 2.64 | 2.53 | 0.11 |
(Dollars in thousands) | |||||||||||
Six months ended June 30, | 2022 | 2021 | Change | ||||||||
Commercial loans | $521 | $469 | $52 | ||||||||
(Dollars in thousands) | Three Months Ended June 30, 2022 vs. 2021 | Six Months Ended June 30, 2022 vs. 2021 | |||||||||||||||||||||
Change Due to | Change Due to | ||||||||||||||||||||||
Volume | Rate | Net Change | Volume | Rate | Net Change | ||||||||||||||||||
Interest on Interest-Earning Assets: | |||||||||||||||||||||||
Cash, federal funds sold and other short-term investments | ($10) | $166 | $156 | ($2) | $203 | $201 | |||||||||||||||||
Mortgage loans held for sale | (261) | 114 | (147) | (528) | 172 | (356) | |||||||||||||||||
Taxable debt securities | 234 | 1,243 | 1,477 | 813 | 1,652 | 2,465 | |||||||||||||||||
FHLB stock | (88) | 41 | (47) | (176) | 63 | (113) | |||||||||||||||||
Commercial real estate | (146) | 1,940 | 1,794 | (102) | 2,428 | 2,326 | |||||||||||||||||
Commercial & industrial | (1,840) | (158) | (1,998) | (3,877) | 240 | (3,637) | |||||||||||||||||
Total commercial | (1,986) | 1,782 | (204) | (3,979) | 2,668 | (1,311) | |||||||||||||||||
Residential real estate | 2,639 | (549) | 2,090 | 5,031 | (1,771) | 3,260 | |||||||||||||||||
Home equity | (3) | 22 | 19 | (90) | (137) | (227) | |||||||||||||||||
Other | (60) | (10) | (70) | (97) | (20) | (117) | |||||||||||||||||
Total consumer | (63) | 12 | (51) | (187) | (157) | (344) | |||||||||||||||||
Total loans | 590 | 1,245 | 1,835 | 865 | 740 | 1,605 | |||||||||||||||||
Total interest income | 465 | 2,809 | 3,274 | 972 | 2,830 | 3,802 | |||||||||||||||||
Interest on Interest-Bearing Liabilities: | |||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | 24 | 149 | 173 | 61 | 86 | 147 | |||||||||||||||||
NOW accounts | 16 | 16 | 32 | 32 | 28 | 60 | |||||||||||||||||
Money market accounts | 218 | 369 | 587 | 394 | 93 | 487 | |||||||||||||||||
Savings accounts | 10 | 37 | 47 | 21 | 29 | 50 | |||||||||||||||||
Time deposits (in-market) | 306 | (244) | 62 | 584 | (743) | (159) | |||||||||||||||||
Interest-bearing in-market deposits | 574 | 327 | 901 | 1,092 | (507) | 585 | |||||||||||||||||
Wholesale brokered demand deposits | 46 | — | 46 | 45 | — | 45 | |||||||||||||||||
Wholesale brokered time deposits | (176) | 231 | 55 | (275) | 87 | (188) | |||||||||||||||||
Wholesale brokered deposits | (130) | 231 | 101 | (230) | 87 | (143) | |||||||||||||||||
Total interest-bearing deposits | 444 | 558 | 1,002 | 862 | (420) | 442 | |||||||||||||||||
FHLB advances | (785) | 197 | (588) | (1,540) | (184) | (1,724) | |||||||||||||||||
Junior subordinated debentures | — | 46 | 46 | — | 51 | 51 | |||||||||||||||||
Total interest expense | (341) | 801 | 460 | (678) | (553) | (1,231) | |||||||||||||||||
Net interest income (FTE) | $806 | $2,008 | $2,814 | $1,650 | $3,383 | $5,033 |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenues | $10,066 | $10,428 | ($362) | (3 | %) | $20,597 | $20,323 | $274 | 1 | % | |||||||||||||||||||||||||||||||||||||
Mortgage banking revenues | 2,082 | 5,994 | (3,912) | (65) | 5,583 | 17,921 | (12,338) | (69) | |||||||||||||||||||||||||||||||||||||||
Card interchange fees | 1,303 | 1,316 | (13) | (1) | 2,467 | 2,449 | 18 | 1 | |||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 763 | 635 | 128 | 20 | 1,431 | 1,244 | 187 | 15 | |||||||||||||||||||||||||||||||||||||||
Loan related derivative income | 669 | 1,175 | (506) | (43) | 970 | 1,642 | (672) | (41) | |||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | 615 | 607 | 8 | 1 | 1,216 | 1,163 | 53 | 5 | |||||||||||||||||||||||||||||||||||||||
Other income | 354 | 438 | (84) | (19) | 747 | 1,825 | (1,078) | (59) | |||||||||||||||||||||||||||||||||||||||
Total noninterest income | $15,852 | $20,593 | ($4,741) | (23 | %) | $33,011 | $46,567 | ($13,556) | (29 | %) |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||
Wealth management revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Asset-based revenues | $9,641 | $9,991 | ($350) | (4 | %) | $19,852 | $19,574 | $278 | 1 | % | |||||||||||||||||||||||||||||||||||||
Transaction-based revenues | 425 | 437 | (12) | (3) | 745 | 749 | (4) | (1) | |||||||||||||||||||||||||||||||||||||||
Total wealth management revenues | $10,066 | $10,428 | ($362) | (3 | %) | $20,597 | $20,323 | $274 | 1 | % |
(Dollars in thousands) | |||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Wealth management assets under administration: | |||||||||||||||||||||||
Balance at the beginning of period | $7,492,893 | $7,049,226 | $7,784,211 | $6,866,737 | |||||||||||||||||||
Net investment appreciation (depreciation) & income | (816,290) | 368,383 | (1,205,023) | 577,336 | |||||||||||||||||||
Net client asset inflows (outflows) | (26,506) | 23,910 | 70,909 | (2,554) | |||||||||||||||||||
Balance at the end of period | $6,650,097 | $7,441,519 | $6,650,097 | $7,441,519 |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Mortgage banking revenues: | |||||||||||||||||||||||||||||||||||
Realized gains on loan sales, net (1) | $1,917 | $8,562 | ($6,645) | (78 | %) | $5,244 | $22,307 | ($17,063) | (76 | %) | |||||||||||||||||||||||||
Changes in fair value, net (2) | (330) | (2,543) | 2,213 | 87 | (572) | (4,431) | 3,859 | 87 | |||||||||||||||||||||||||||
Loan servicing fee income, net (3) | 495 | (25) | 520 | 2,080 | 911 | 45 | 866 | 1,924 | |||||||||||||||||||||||||||
Total mortgage banking revenues | $2,082 | $5,994 | ($3,912) | (65 | %) | $5,583 | $17,921 | ($12,338) | (69 | %) | |||||||||||||||||||||||||
Loans sold to the secondary market (4) | $79,741 | $290,558 | ($210,817) | (73 | %) | $209,869 | $582,577 | ($372,708) | (64 | %) |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $20,381 | $22,082 | ($1,701) | (8 | %) | $41,383 | $43,609 | ($2,226) | (5 | %) | |||||||||||||||||||||||||||||||||||||
Outsourced services | 3,375 | 3,217 | 158 | 5 | 6,617 | 6,417 | 200 | 3 | |||||||||||||||||||||||||||||||||||||||
Net occupancy | 2,174 | 2,042 | 132 | 6 | 4,474 | 4,170 | 304 | 7 | |||||||||||||||||||||||||||||||||||||||
Equipment | 938 | 975 | (37) | (4) | 1,856 | 1,969 | (113) | (6) | |||||||||||||||||||||||||||||||||||||||
Legal, audit and professional fees | 677 | 678 | (1) | — | 1,447 | 1,275 | 172 | 13 | |||||||||||||||||||||||||||||||||||||||
FDIC deposit insurance costs | 402 | 374 | 28 | 7 | 768 | 719 | 49 | 7 | |||||||||||||||||||||||||||||||||||||||
Advertising and promotion | 724 | 560 | 164 | 29 | 1,075 | 782 | 293 | 37 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 216 | 225 | (9) | (4) | 433 | 451 | (18) | (4) | |||||||||||||||||||||||||||||||||||||||
Debt prepayment penalties | — | 895 | (895) | (100) | — | 4,230 | (4,230) | (100) | |||||||||||||||||||||||||||||||||||||||
Other | 2,190 | 1,964 | 226 | 12 | 4,243 | 4,103 | 140 | 3 | |||||||||||||||||||||||||||||||||||||||
Total noninterest expense | $31,077 | $33,012 | ($1,935) | (6 | %) | $62,296 | $67,725 | ($5,429) | (8 | %) |
(Dollars in thousands) | |||||||||||||||||
Three Months | Six Months | ||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Income tax expense | $5,333 | $4,875 | $9,781 | $10,536 | |||||||||||||
Effective income tax rate | 21.1 | % | 21.8 | % | 21.2 | % | 21.7 | % |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Net interest income | $37,563 | $34,768 | $2,795 | 8 | % | $72,671 | $67,652 | $5,019 | 7 | % | |||||||||||||||||||||||||
Provision for credit losses | (3,000) | — | (3,000) | 100 | (2,900) | (2,000) | (900) | 45 | |||||||||||||||||||||||||||
Net interest income after provision for credit losses | 40,563 | 34,768 | 5,795 | 17 | 75,571 | 69,652 | 5,919 | 8 | |||||||||||||||||||||||||||
Noninterest income | 5,619 | 10,079 | (4,460) | (44) | 12,131 | 25,070 | (12,939) | (52) | |||||||||||||||||||||||||||
Noninterest expense | 23,211 | 25,010 | (1,799) | (7) | 46,532 | 52,252 | (5,720) | (11) | |||||||||||||||||||||||||||
Income before income taxes | 22,971 | 19,837 | 3,134 | 16 | 41,170 | 42,470 | (1,300) | (3) | |||||||||||||||||||||||||||
Income tax expense | 4,748 | 4,250 | 498 | 12 | 8,545 | 9,085 | (540) | (6) | |||||||||||||||||||||||||||
Net income | $18,223 | $15,587 | $2,636 | 17 | % | $32,625 | $33,385 | ($760) | (2 | %) |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||
Net interest expense | ($48) | ($14) | ($34) | 243 | % | ($65) | ($27) | ($38) | 141 | % | |||||||||||||||||||||||||
Noninterest income | 10,233 | 10,514 | (281) | (3) | 20,880 | 21,497 | (617) | (3) | |||||||||||||||||||||||||||
Noninterest expense | 7,866 | 8,002 | (136) | (2) | 15,764 | 15,473 | 291 | 2 | |||||||||||||||||||||||||||
Income before income taxes | 2,319 | 2,498 | (179) | (7) | 5,051 | 5,997 | (946) | (16) | |||||||||||||||||||||||||||
Income tax expense | 585 | 625 | (40) | (6) | 1,236 | 1,451 | (215) | (15) | |||||||||||||||||||||||||||
Net income | $1,734 | $1,873 | ($139) | (7 | %) | $3,815 | $4,546 | ($731) | (16 | %) |
(Dollars in thousands) | Change | |||||||||||||||||||
June 30, 2022 | December 31, 2021 | $ | % | |||||||||||||||||
Cash and due from banks | $95,544 | $175,259 | ($79,715) | (45 | %) | |||||||||||||||
Total securities | 1,020,469 | 1,042,859 | (22,390) | (2) | ||||||||||||||||
Total loans | 4,479,822 | 4,272,925 | 206,897 | 5 | ||||||||||||||||
Allowance for credit losses on loans | 36,317 | 39,088 | (2,771) | (7) | ||||||||||||||||
Total assets | 5,982,891 | 5,851,127 | 131,764 | 2 | ||||||||||||||||
Total deposits | 5,006,629 | 4,980,051 | 26,578 | 1 | ||||||||||||||||
FHLB advances | 328,000 | 145,000 | 183,000 | 126 | ||||||||||||||||
Total shareholders’ equity | 476,634 | 564,808 | (88,174) | (16) |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Available for Sale Debt Securities: | |||||||||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $189,430 | 19 | % | $196,454 | 19 | % | |||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 810,791 | 79 | 824,962 | 79 | |||||||||||||||||||
Individual name issuer trust preferred debt securities | 8,695 | 1 | 9,138 | 1 | |||||||||||||||||||
Corporate bonds | 11,553 | 1 | 12,305 | 1 | |||||||||||||||||||
Total available for sale debt securities | $1,020,469 | 100 | % | $1,042,859 | 100 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate (1) | $1,609,618 | 36 | % | $1,639,062 | 38 | % | |||||||||||||||||
Commercial & industrial (2) | 620,270 | 14 | 641,555 | 15 | |||||||||||||||||||
Total commercial | 2,229,888 | 50 | 2,280,617 | 53 | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Residential real estate (3) | 1,966,341 | 44 | 1,726,975 | 40 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity | 267,785 | 6 | 247,697 | 6 | |||||||||||||||||||
Other (4) | 15,808 | — | 17,636 | 1 | |||||||||||||||||||
Total consumer | 283,593 | 6 | 265,333 | 7 | |||||||||||||||||||
Total loans | $4,479,822 | 100 | % | $4,272,925 | 100 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||
Outstanding Balance | % of Total | Outstanding Balance | % of Total | ||||||||||||||
Connecticut | $601,405 | 37 | % | $643,182 | 39 | % | |||||||||||
Massachusetts | 461,005 | 29 | 464,018 | 28 | |||||||||||||
Rhode Island | 387,498 | 24 | 408,496 | 25 | |||||||||||||
Subtotal | 1,449,908 | 90 | 1,515,696 | 92 | |||||||||||||
All other states | 159,710 | 10 | 123,366 | 8 | |||||||||||||
Total | $1,609,618 | 100 | % | $1,639,062 | 100 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Count | Outstanding Balance | % of Total | Count | Outstanding Balance | % of Total | ||||||||||||||||||
CRE Portfolio Segmentation: | |||||||||||||||||||||||
Multi-family dwelling | 125 | $428,883 | 27 | % | 127 | $474,229 | 29 | % | |||||||||||||||
Retail | 112 | 352,688 | 22 | 121 | 389,487 | 24 | |||||||||||||||||
Office | 58 | 226,788 | 14 | 57 | 216,602 | 13 | |||||||||||||||||
Hospitality | 32 | 193,194 | 12 | 31 | 184,990 | 11 | |||||||||||||||||
Industrial and warehouse | 38 | 162,196 | 10 | 35 | 137,254 | 8 | |||||||||||||||||
Healthcare | 15 | 130,761 | 8 | 13 | 128,189 | 8 | |||||||||||||||||
Commercial mixed use | 19 | 38,974 | 2 | 20 | 38,978 | 2 | |||||||||||||||||
Other | 35 | 76,134 | 5 | 36 | 69,333 | 5 | |||||||||||||||||
Total CRE loans | 434 | $1,609,618 | 100 | % | 440 | $1,639,062 | 100 | % | |||||||||||||||
Average CRE loan size | $3,709 | $3,725 | |||||||||||||||||||||
Largest individual CRE loan outstanding | $39,685 | $39,945 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Count | Outstanding Balance | % of Total | Count | Outstanding Balance | % of Total | ||||||||||||||||||
C&I Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 64 | $171,946 | 28 | % | 101 | $174,376 | 27 | % | |||||||||||||||
Owner occupied and other real estate | 165 | 73,366 | 12 | 185 | 72,957 | 11 | |||||||||||||||||
Manufacturing | 54 | 56,345 | 9 | 65 | 55,341 | 9 | |||||||||||||||||
Educational services | 19 | 50,769 | 8 | 28 | 52,211 | 8 | |||||||||||||||||
Retail | 62 | 47,670 | 8 | 79 | 47,290 | 7 | |||||||||||||||||
Finance and insurance | 62 | 38,320 | 6 | 59 | 31,279 | 5 | |||||||||||||||||
Transportation and warehousing | 24 | 33,709 | 5 | 31 | 35,064 | 5 | |||||||||||||||||
Entertainment and recreation | 27 | 27,696 | 4 | 37 | 32,087 | 5 | |||||||||||||||||
Information | 8 | 22,464 | 4 | 14 | 25,045 | 4 | |||||||||||||||||
Accommodation and food services | 49 | 17,062 | 3 | 114 | 28,320 | 4 | |||||||||||||||||
Professional, scientific and technical | 35 | 5,972 | 1 | 69 | 8,912 | 1 | |||||||||||||||||
Public administration | 14 | 4,777 | 1 | 16 | 5,441 | 1 | |||||||||||||||||
Other | 182 | 70,174 | 11 | 281 | 73,232 | 13 | |||||||||||||||||
Total C&I loans | 765 | $620,270 | 100 | % | 1,079 | $641,555 | 100 | % | |||||||||||||||
Average C&I loan size | $811 | $595 | |||||||||||||||||||||
Largest individual C&I loan outstanding | $27,666 | $18,721 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||
Massachusetts | $1,404,149 | 71 | % | $1,207,789 | 70 | % | |||||||||||
Rhode Island | 402,015 | 21 | 365,831 | 21 | |||||||||||||
Connecticut | 136,874 | 7 | 132,430 | 8 | |||||||||||||
Subtotal | 1,943,038 | 99 | 1,706,050 | 99 | |||||||||||||
All other states | 23,303 | 1 | 20,925 | 1 | |||||||||||||
Total (1) | $1,966,341 | 100 | % | $1,726,975 | 100 | % |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||
Originations for retention in portfolio (1) | $263,762 | 75 | % | $244,821 | 50 | % | $428,163 | 69 | % | $376,612 | 40 | % | |||||||||||||||||||||||
Originations for sale to the secondary market (2) | 86,459 | 25 | 244,562 | 50 | 193,078 | 31 | 553,887 | 60 | |||||||||||||||||||||||||||
Total | $350,221 | 100 | % | $489,383 | 100 | % | $621,241 | 100 | % | $930,499 | 100 | % |
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||||||||||
Periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||
Loans sold with servicing rights retained | $23,478 | 29 | % | $235,280 | 81 | % | $38,105 | 18 | % | $461,925 | 79 | % | |||||||||||||||||||||||
Loans sold with servicing rights released (1) | 56,263 | 71 | 55,278 | 19 | 171,764 | 82 | 120,652 | 21 | |||||||||||||||||||||||||||
Total | $79,741 | 100 | % | $290,558 | 100 | % | $209,869 | 100 | % | $582,577 | 100 | % |
(Dollars in thousands) | Jun 30, 2022 | Dec 31, 2021 | |||||||||
Commercial: | |||||||||||
Commercial real estate | $— | $— | |||||||||
Commercial & industrial | — | — | |||||||||
Total commercial | — | — | |||||||||
Residential Real Estate: | |||||||||||
Residential real estate | 11,815 | 13,576 | |||||||||
Consumer: | |||||||||||
Home equity | 599 | 627 | |||||||||
Other | — | — | |||||||||
Total consumer | 599 | 627 | |||||||||
Total nonaccrual loans | 12,414 | 14,203 | |||||||||
Property acquired through foreclosure or repossession, net | — | — | |||||||||
Total nonperforming assets | $12,414 | $14,203 | |||||||||
Nonperforming assets to total assets | 0.21 | % | 0.24 | % | |||||||
Nonperforming loans to total loans | 0.28 | % | 0.33 | % | |||||||
Total past due loans to total loans | 0.19 | % | 0.24 | % | |||||||
Accruing loans 90 days or more past due | $— | $— |
(Dollars in thousands) | Three Months | Six Months | |||||||||||||||||||||
For the periods ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | $12,589 | $12,983 | $14,203 | $13,197 | |||||||||||||||||||
Additions to nonaccrual status | 158 | 537 | 585 | 1,271 | |||||||||||||||||||
Loans returned to accruing status | (236) | (874) | (299) | (877) | |||||||||||||||||||
Loans charged-off | (23) | (317) | (59) | (381) | |||||||||||||||||||
Payments, payoffs and other changes | (74) | (1,848) | (2,016) | (2,729) | |||||||||||||||||||
Balance at end of period | $12,414 | $10,481 | $12,414 | $10,481 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Days Past Due | Days Past Due | ||||||||||||||||||||||||||||||||||||||||
Over 90 | Under 90 | Total | % (1) | Over 90 | Under 90 | Total | % (1) | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $— | $— | $— | — | % | $— | $— | $— | — | % | |||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total commercial | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||||||||
Residential real estate | 4,612 | 7,203 | 11,815 | 0.60 | 4,662 | 8,914 | 13,576 | 0.79 | |||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Home equity | 177 | 422 | 599 | 0.22 | 108 | 519 | 627 | 0.25 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total consumer | 177 | 422 | 599 | 0.21 | 108 | 519 | 627 | 0.24 | |||||||||||||||||||||||||||||||||
Total nonaccrual loans | $4,789 | $7,625 | $12,414 | 0.28 | % | $4,770 | $9,433 | $14,203 | 0.33 | % |
(Dollars in thousands) | Jun 30, 2022 | Dec 31, 2021 | |||||||||
Accruing TDRs | |||||||||||
Commercial: | |||||||||||
Commercial real estate | $4,039 | $10,603 | |||||||||
Commercial & industrial | 2,792 | 2,792 | |||||||||
Total commercial | 6,831 | 13,395 | |||||||||
Residential Real Estate: | |||||||||||
Residential real estate | 2,216 | 2,372 | |||||||||
Consumer: | |||||||||||
Home equity | 560 | 561 | |||||||||
Other | — | — | |||||||||
Total consumer | 560 | 561 | |||||||||
Accruing TDRs | 9,607 | 16,328 | |||||||||
Nonaccrual TDRs | |||||||||||
Commercial: | |||||||||||
Commercial real estate | — | — | |||||||||
Commercial & industrial | — | — | |||||||||
Total commercial | — | — | |||||||||
Residential Real Estate: | |||||||||||
Residential real estate | 2,835 | 2,748 | |||||||||
Consumer: | |||||||||||
Home equity | 71 | 71 | |||||||||
Other | — | — | |||||||||
Total consumer | 71 | 71 | |||||||||
Nonaccrual TDRs | 2,906 | 2,819 | |||||||||
Total TDRs | $12,513 | $19,147 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Amount | % (1) | Amount | % (1) | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | $— | — | % | $— | — | % | |||||||||||||||||
Commercial & industrial | 7 | — | 3 | — | |||||||||||||||||||
Total commercial | 7 | — | 3 | — | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||
Residential real estate | 7,794 | 0.40 | 9,622 | 0.56 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity | 728 | 0.27 | 765 | 0.31 | |||||||||||||||||||
Other | 28 | 0.18 | 21 | 0.12 | |||||||||||||||||||
Total consumer | 756 | 0.27 | 786 | 0.30 | |||||||||||||||||||
Total past due loans | $8,557 | 0.19 | % | $10,411 | 0.24 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||
Loans | Related Allowance | Allowance / Loans | Loans | Related Allowance | Allowance / Loans | ||||||||||||||||||
Individually analyzed loans | $14,438 | $670 | 4.64 | % | $21,080 | $682 | 3.24 | % | |||||||||||||||
Pooled (collectively evaluated) loans | 4,465,384 | 35,647 | 0.80 | 4,251,845 | 38,406 | 0.90 | |||||||||||||||||
Total | $4,479,822 | $36,317 | 0.81 | % | $4,272,925 | $39,088 | 0.91 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||
Allocated ACL | ACL to Loans | Loans to Total Portfolio (1) | Allocated ACL | ACL to Loans | Loans to Total Portfolio (1) | ||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $17,197 | 1.07 | % | 36 | % | $18,933 | 1.16 | % | 38 | % | |||||||||||||||||||||||||
Commercial & industrial | 10,332 | 1.67 | 14 | 10,832 | 1.69 | 15 | |||||||||||||||||||||||||||||
Total commercial | 27,529 | 1.23 | 50 | 29,765 | 1.31 | 53 | |||||||||||||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||||||||||||
Residential real estate | 7,308 | 0.37 | 44 | 7,860 | 0.46 | 40 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Home equity | 1,040 | 0.39 | 6 | 1,069 | 0.43 | 6 | |||||||||||||||||||||||||||||
Other | 440 | 2.78 | — | 394 | 2.23 | 1 | |||||||||||||||||||||||||||||
Total consumer | 1,480 | 0.52 | 6 | 1,463 | 0.55 | 7 | |||||||||||||||||||||||||||||
Total allowance for credit losses on loans at end of period | $36,317 | 0.81 | % | 100 | % | $39,088 | 0.91 | % | 100 | % |
(Dollars in thousands) | Change | |||||||||||||||||||
June 30, 2022 | December 31, 2021 | $ | % | |||||||||||||||||
Noninterest-bearing demand deposits | $888,981 | $945,229 | ($56,248) | (6 | %) | |||||||||||||||
Interest-bearing demand deposits (in market) | 258,451 | 251,032 | 7,419 | 3 | ||||||||||||||||
NOW accounts | 887,678 | 867,138 | 20,540 | 2 | ||||||||||||||||
Money market accounts | 1,139,676 | 1,072,864 | 66,812 | 6 | ||||||||||||||||
Savings accounts | 572,251 | 555,177 | 17,074 | 3 | ||||||||||||||||
Time deposits (in-market) | 800,898 | 773,383 | 27,515 | 4 | ||||||||||||||||
In-market deposits | 4,547,935 | 4,464,823 | 83,112 | 2 | ||||||||||||||||
Wholesale brokered demand deposits | 31,003 | — | 31,003 | 100 | ||||||||||||||||
Wholesale brokered time deposits | 427,691 | 515,228 | (87,537) | (17) | ||||||||||||||||
Wholesale brokered deposits | 458,694 | 515,228 | (56,534) | (11) | ||||||||||||||||
Total deposits | $5,006,629 | $4,980,051 | $26,578 | 1 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Additional Funding Capacity: | |||||||||||
Federal Home Loan Bank of Boston (1) | $1,299,418 | $1,642,377 | |||||||||
Federal Reserve Bank of Boston (2) | 16,277 | 16,919 | |||||||||
Unencumbered investment securities | 721,042 | 702,963 | |||||||||
Total | $2,036,737 | $2,362,259 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
Months 1 - 12 | Months 13 - 24 | Months 1 - 12 | Months 13 - 24 | ||||||||||||||
100 basis point rate decrease | (2.17) | % | (4.39) | % | (1.32) | % | (5.42) | % | |||||||||
100 basis point rate increase | 1.64 | 0.13 | 3.34 | 3.91 | |||||||||||||
200 basis point rate increase | 3.78 | 0.85 | 6.87 | 8.18 | |||||||||||||
300 basis point rate increase | 5.90 | 1.08 | 10.32 | 11.72 |
(Dollars in thousands) | |||||||||||
Security Type | Down 100 Basis Points | Up 200 Basis Points | |||||||||
U.S. government-sponsored enterprise securities (callable) | $9,096 | ($18,386) | |||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 60,272 | (115,866) | |||||||||
Trust preferred debt and other corporate debt securities | (37) | 42 | |||||||||
Total change in market value as of June 30, 2022 | $69,331 | ($134,210) | |||||||||
Total change in market value as of December 31, 2021 | $10,166 | ($119,505) |
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 | ||||||||||
April 1 - 30, 2022 | — | $— | — | 850,000 | ||||||||||
May 1 - 31, 2022 | 57,499 | 48.52 | 57,499 | 792,501 | ||||||||||
June 1 - 30, 2022 | 117,909 | 49.13 | 117,909 | 674,592 | ||||||||||
Total | 175,408 | $48.93 | 175,408 | 674,592 |
Exhibit Number | |||||
101 | The following materials from Washington Trust Bancorp, Inc.’s Quarterly Report on Form 10-Q for the period ended June 30, 2022 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 June 30, 2022 has been formatted in Inline XBRL and contained in Exhibit 101. |
WASHINGTON TRUST BANCORP, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | August 4, 2022 | By: | /s/ Edward O. Handy III | |||||||||||
Edward O. Handy III | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) | ||||||||||||||
Date: | August 4, 2022 | By: | /s/ Ronald S. Ohsberg | |||||||||||
Ronald S. Ohsberg | ||||||||||||||
Senior Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||
(principal financial officer) | ||||||||||||||
Date: | August 4, 2022 | By: | /s/ Maria N. Janes | |||||||||||
Maria N. Janes | ||||||||||||||
Executive Vice President, Chief Accounting Officer and Controller | ||||||||||||||
(principal accounting officer) |
Date: | August 4, 2022 | By: | /s/ Edward O. Handy III | |||||||||||
Edward O. Handy III | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) |
Date: | August 4, 2022 | By: | /s/ Ronald S. Ohsberg | |||||||||||
Ronald S. Ohsberg | ||||||||||||||
Senior Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||
(principal financial officer) |
Date: | August 4, 2022 | By: | /s/ Edward O. Handy III | |||||||||||
Edward O. Handy III | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) |
Date: | August 4, 2022 | 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 |
Jun. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Assets: | ||||
Cash and due from banks | $ 95,544 | $ 175,259 | ||
Short-term investments | 3,079 | 3,234 | ||
Mortgage loans held for sale, at fair value | 22,656 | 40,196 | ||
Available for sale debt securities, fair value | 1,020,469 | 1,042,859 | ||
Federal Home Loan Bank stock, at cost | 16,300 | 13,031 | ||
Loans: | ||||
Total loans | [1] | 4,479,822 | 4,272,925 | |
Less: allowance for credit losses on loans | 36,317 | 39,088 | ||
Net loans | 4,443,505 | 4,233,837 | ||
Premises and equipment, net | 29,694 | 28,908 | ||
Operating lease right-of-use assets | 28,098 | 26,692 | ||
Investment in bank-owned life insurance | 100,807 | 92,592 | ||
Goodwill | 63,909 | 63,909 | ||
Identifiable intangible assets, net | 4,981 | 5,414 | ||
Other assets | 153,849 | 125,196 | ||
Total assets | 5,982,891 | 5,851,127 | ||
Liabilities: | ||||
Noninterest-bearing deposits | 888,981 | 945,229 | ||
Interest-bearing deposits | 4,117,648 | 4,034,822 | ||
Total deposits | 5,006,629 | 4,980,051 | ||
Federal Home Loan Bank advances | 328,000 | 145,000 | ||
Junior subordinated debentures | 22,681 | 22,681 | ||
Operating lease liabilities | 30,491 | 29,010 | ||
Other liabilities | 118,456 | 109,577 | ||
Total liabilities | 5,506,257 | 5,286,319 | ||
Commitments and contingencies (Note 17) | ||||
Shareholders' Equity: | ||||
Common stock | 1,085 | 1,085 | ||
Paid-in capital | 126,079 | 126,511 | ||
Retained earnings | 475,889 | 458,310 | ||
Accumulated other comprehensive income (loss) | (118,041) | (19,981) | ||
Treasury stock, at cost | (8,378) | (1,117) | ||
Total shareholders' equity | 476,634 | 564,808 | ||
Total liabilities and shareholders’ equity | $ 5,982,891 | $ 5,851,127 | ||
|
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Available for sale debt securities, amortized cost | $ 1,141,781 | $ 1,051,800 |
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 | 17,189,901 | 17,330,818 |
Treasury stock, shares | 173,556 | 32,639 |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Interest income: | ||||||
Interest and fees on loans | $ 36,602 | $ 34,820 | $ 70,532 | $ 68,979 | ||
Interest on mortgage loans held for sale | 258 | 405 | 490 | 846 | ||
Taxable interest on debt securities | 4,918 | 3,441 | 9,148 | 6,683 | ||
Dividends on Federal Home Loan Bank stock | 63 | 110 | 130 | 243 | ||
Other interest income | 188 | 32 | 266 | 65 | ||
Total interest and dividend income | 42,029 | 38,808 | 80,566 | 76,816 | ||
Interest expense: | ||||||
Deposits | 3,963 | 2,961 | 7,066 | 6,624 | ||
Federal Home Loan Bank advances | 413 | 1,001 | 657 | 2,381 | ||
Junior subordinated debentures | 138 | 92 | 237 | 186 | ||
Total interest expense | 4,514 | 4,054 | 7,960 | 9,191 | ||
Net interest income | [1] | 37,515 | 34,754 | 72,606 | 67,625 | |
Provision for credit losses | (3,000) | 0 | (2,900) | (2,000) | ||
Net interest income after provision for credit losses | 40,515 | 34,754 | 75,506 | 69,625 | ||
Noninterest income: | ||||||
Wealth management revenues | [1] | 10,066 | 10,428 | 20,597 | 20,323 | |
Mortgage banking revenues | [1] | 2,082 | 5,994 | 5,583 | 17,921 | |
Card interchange fees | [1] | 1,303 | 1,316 | 2,467 | 2,449 | |
Service charges on deposit accounts | [1] | 763 | 635 | 1,431 | 1,244 | |
Loan related derivative income | [1] | 669 | 1,175 | 970 | 1,642 | |
Income from bank-owned life insurance | [1] | 615 | 607 | 1,216 | 1,163 | |
Other income | [1] | 354 | 438 | 747 | 1,825 | |
Total noninterest income | [1] | 15,852 | 20,593 | 33,011 | 46,567 | |
Noninterest expense: | ||||||
Salaries and employee benefits | 20,381 | 22,082 | 41,383 | 43,609 | ||
Outsourced services | 3,375 | 3,217 | 6,617 | 6,417 | ||
Net occupancy | 2,174 | 2,042 | 4,474 | 4,170 | ||
Equipment | 938 | 975 | 1,856 | 1,969 | ||
Legal, audit and professional fees | 677 | 678 | 1,447 | 1,275 | ||
FDIC deposit insurance costs | 402 | 374 | 768 | 719 | ||
Advertising and promotion | 724 | 560 | 1,075 | 782 | ||
Amortization of intangibles | 216 | 225 | 433 | 451 | ||
Debt prepayment penalties | 0 | 895 | 0 | 4,230 | ||
Other expenses | 2,190 | 1,964 | 4,243 | 4,103 | ||
Total noninterest expense | 31,077 | 33,012 | 62,296 | 67,725 | ||
Income (loss) before income taxes | 25,290 | 22,335 | 46,221 | 48,467 | ||
Income tax expense | 5,333 | 4,875 | 9,781 | 10,536 | ||
Net income | 19,957 | 17,460 | 36,440 | 37,931 | ||
Net income available to common shareholders | $ 19,900 | $ 17,408 | $ 36,329 | $ 37,823 | ||
Weighted average common shares outstanding - basic | 17,303 | 17,314 | 17,317 | 17,295 | ||
Weighted average common shares outstanding - diluted | 17,414 | 17,436 | 17,451 | 17,445 | ||
Per share information: | ||||||
Basic earnings per common share | $ 1.15 | $ 1.01 | $ 2.10 | $ 2.19 | ||
Diluted earnings per common share | $ 1.14 | $ 1.00 | $ 2.08 | $ 2.17 | ||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 19,957 | $ 17,460 | $ 36,440 | $ 37,931 |
Other comprehensive income (loss), net of tax: | ||||
Net change in fair value of available for sale debt securities | (35,942) | 4,134 | (85,402) | (9,185) |
Net change in fair value of cash flow hedges, net of tax | (2,973) | 70 | (13,308) | 367 |
Net change in fair value of defined benefit plan obligations, net of tax | 325 | 674 | 650 | 1,081 |
Total other comprehensive income (loss), net of tax | (38,590) | 4,878 | (98,060) | (7,737) |
Total comprehensive income (loss) | $ (18,633) | $ 22,338 | $ (61,620) | $ 30,194 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.54 | $ 0.52 | $ 1.08 | $ 1.04 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Bancorp is a publicly-owned registered bank holding company that has elected to be a financial holding company. The Bancorp’s subsidiaries include the Bank, a Rhode Island chartered financial institution founded in 1800, and Weston Securities Corporation. Through its subsidiaries, the Bancorp offers a complete product line of financial services, including commercial, residential and consumer lending, retail and commercial deposit products, and wealth management services through its offices in Rhode Island, eastern Massachusetts and Connecticut. The Unaudited Consolidated Financial Statements include the accounts of the Bancorp and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The accounting and reporting policies of the Corporation conform to GAAP and to general practices of the banking industry. 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. 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. 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, 2021.
|
Recently Issued Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting Standards Pending Adoption 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. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The provisions under ASU 2021-08 are required to be applied prospectively. The adoption of ASU 2021-08 is not expected to have a material impact on the Corporation’s consolidated financial statements. 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 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 loan modifications made to borrowers, including those experiencing financial difficulty. ASU 2022-02 also provides an update to the existing tabular vintage disclosure of credit quality indicators by requiring current period gross write-offs to be disclosed by year of origination for each loan segment. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The provisions under ASU 2022-02 should be applied on a prospective basis. However, the Corporation has the option to use a modified retrospective transition method related to the change in accounting treatment for TDRs with a cumulative effect of the change in accounting principle recognized in the opening balance of retained earnings as of the adoption date. The Corporation is currently evaluating this ASU and has not yet determined the impact that the adoption of ASU 2022-02 will have on its consolidated financial statements.
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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:
The Corporation excludes accrued interest from the amortized cost basis of debt securities and reports accrued interest in other assets in the Unaudited Consolidated Balance Sheets. Accrued interest receivable on available for sale debt securities totaled $2.6 million and $2.3 million, respectively, as of June 30, 2022 and December 31, 2021. As of June 30, 2022 and December 31, 2021, securities with a fair value of $292.9 million and $332.0 million, respectively, were pledged as collateral for FHLB borrowings, potential borrowings with the FRBB, certain public deposits and for other purposes. See Note 7 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 $233.0 million and a fair value of $208.9 million at June 30, 2022 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 2 years to 15 years, with call features ranging from 1 month to 1 year. 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. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status at June 30, 2022 and 2021 and, therefore there was no accrued interest related to debt securities reversed against interest income for the three and six months ended June 30, 2022 and 2021. 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:
Deterioration in credit quality of the underlying issuers of the securities, deterioration in the condition of the financial services industry, worsening of the current economic environment, or declines in real estate values, among other things, may further affect the fair value of these securities and increase the potential that certain unrealized losses be designated as credit losses, and the Corporation may incur write-downs. Obligations of U.S. Government Agency and U.S. Government-Sponsored Enterprise Securities, including Mortgage-Backed Securities The gross unrealized losses on U.S. government agency and U.S. government-sponsored debt securities, including mortgage- backed securities, were primarily attributable to relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due at June 30, 2022. Management believes that the unrealized losses on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, the Corporation does not intend to sell these securities and it is likely that the Corporation will not be required to sell these securities before recovery of their cost basis, which may be maturity. Therefore, no allowance for credits losses on securities was recorded at June 30, 2022. Individual Name Issuer Trust Preferred Debt Securities Included in debt securities in an unrealized loss position at June 30, 2022 were 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 June 30, 2022, there was one individual name issuer trust preferred debt security with an amortized cost of $2.0 million and unrealized losses of $154 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between June 30, 2022 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 held in our portfolio continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers. Management believes the unrealized losses on these debt securities are primarily attributable to changes in the investment spreads and interest rates and not changes in the credit quality of the issuers of the debt securities. Management expects to recover the entire amortized cost basis of these securities. Furthermore, the Corporation does not intend to sell these securities and it is likely that the Corporation will not be required to sell these securities before recovery of their cost basis, which may be maturity. Therefore, no ACL on securities was recorded at June 30, 2022. Corporate Bonds Included in debt securities in an unrealized loss position at June 30, 2022 were 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 June 30, 2022, there was one corporate bond debt security with an amortized cost of $2.0 million and unrealized losses of $136 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between June 30, 2022 and the filing date of this report. Based on the information available through the filing date of this report, all corporate bond debt securities held in our portfolio continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers. Management believes the unrealized losses on these debt securities are primarily attributable to changes in the investment spreads and interest rates and not changes in the credit quality of the issuers of the debt securities. Management expects to recover the entire amortized cost basis of these securities. Furthermore, the Corporation does not intend to sell these securities and it is likely that the Corporation will not be required to sell these securities before recovery of their cost basis, which may be maturity. Therefore, no ACL was recorded at June 30, 2022.
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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. C&I also includes $1.9 million and $38.0 million, respectively, of PPP loans as of June 30, 2022 and December 31, 2021. (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 $10.0 million and $6.7 million, respectively, at June 30, 2022 and December 31, 2021 and net unamortized premiums on purchased loans of $359 thousand and $414 thousand, respectively, at June 30, 2022 and December 31, 2021. Loan balances exclude accrued interest receivable of $11.6 million and $10.3 million, respectively, as of June 30, 2022 and December 31, 2021. As of both June 30, 2022 and December 31, 2021, loans amounting to $2.2 billion were pledged as collateral to the FHLB under a blanket pledge agreement and to the FRBB for the discount window. See Note 7 for additional disclosure regarding borrowings. The Corporation elected to account for eligible loan modifications under Section 4013 of the CARES Act, as amended by the CRRSA Act. Eligible loan modifications from March 1, 2020 through January 1, 2022 made in response to the COVID-19 pandemic were not required to be classified as TDRs. The vast majority of the loan payment deferral modifications, or “deferments,” qualified as eligible loan modifications and were not classified as TDRs. All of these loans with qualified deferments exited their payment deferral period prior to March 31, 2022. 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 June 30, 2022 and December 31, 2021, were nonaccrual loans of $6.8 million and $9.4 million, respectively. In addition, all loans 90 days or more past due at June 30, 2022 and December 31, 2021 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 $4.3 million and $4.2 million, respectively as of June 30, 2022 and December 31, 2021. Nonaccrual loans of $5.6 million and $4.8 million, respectively, at June 30, 2022 and December 31, 2021 were current as to the payment of principal and interest. As of June 30, 2022 and December 31, 2021, nonaccrual loans secured by one- to four-family residential property amounting to $4.2 million and $1.5 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 June 30, 2022. The following table presents interest income recognized on nonaccrual loans:
Troubled Debt Restructurings A loan that has been modified or renewed is considered to be a TDR when two conditions are met: (1) the borrower is experiencing financial difficulty and (2) concessions are made for the borrower’s benefit that would not otherwise be considered for a borrower or a transaction with similar credit risk characteristics. These concessions may include modifications of the terms of the debt such as deferral of payments, extension of maturity, reduction of principal balance, reduction of the stated interest rate other than normal market rate adjustments, or a combination of these concessions. Debt may be bifurcated with separate terms for each tranche of the restructured debt. Restructuring of a loan in lieu of aggressively enforcing the collection of the loan may benefit the Corporation by increasing the ultimate probability of collection. The Corporation's ACL reflects the effects of a TDR when management reasonably expects at the reporting date that a TDR will be executed with an individual borrower. A TDR is considered reasonably expected no later than the point when management concludes that modification is the best course of action and it is at least reasonably possible that the troubled borrower will accept some form of concession to avoid a default. Reasonably expected TDRs and executed TDRs are evaluated individually to determine the required ACL. TDRs that did not involve a below-market rate concession and perform in accordance with their modified contractual terms for a reasonable period of time may be included in the Corporation’s existing pools based on the underlying risk characteristics of the loan to measure the ACL. TDRs are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans that are already on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately six months before management considers such loans for return to accruing status. Accruing restructured loans are placed into nonaccrual status if and when the borrower fails to comply with the restructured terms and management deems it unlikely that the borrower will return to a status of compliance in the near term and full collection of principal and interest is in doubt. TDRs are reported as such for at least one year from the date of the restructuring. In years after the restructuring, TDRs are removed from this classification if the restructuring did not involve a below-market rate concession and the loan is performing in accordance with their modified contractual terms for a reasonable period of time. The recorded investment in TDRs consists of unpaid principal balance, net of charge-offs and unamortized deferred loan origination fees and costs. For accruing TDRs, the recorded investment also includes accrued interest. The following table presents the recorded investment in TDRs and other pertinent information:
During the three and six months ended June 30, 2022 and 2021, there were no loans modified in a TDR. For the three months ended June 30, 2022 and 2021, there were no TDRs modified within the previous 12 months for which there was a payment default. The following tables presents information on TDRs modified within the previous 12 months for which there was a payment default:
Individually Analyzed Loans Individually analyzed loans include nonaccrual commercial loans, reasonably expected TDRs and executed TDRs, as well as certain other loans based on the underlying risk characteristics and the discretion of management to individually analyze such loans. As of June 30, 2022, the carrying value of individually analyzed loans amounted to $14.4 million, of which $7.8 million were considered collateral dependent. As of December 31, 2021, the carrying value of individually analyzed loans amounted to $21.1 million, of which $14.4 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 10 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 allowance for loan losses. 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 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 summarizes the Corporation’s loan portfolio by credit quality indicator and loan portfolio segment as of June 30, 2022:
The following table summarizes the Corporation’s loan portfolio by credit quality indicator and loan portfolio segment as of December 31, 2021:
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, at the reporting date, of expected credit losses over the expected life of the loans. 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. In accordance with the Corporation’s ACL policy, the methodology is reviewed no less than annually. The methodology incorporates a probability of default and loss given default framework. Loss given default is estimated based on historical credit loss experience. Probability of default is estimated using a regression model that incorporates econometric factors. Econometric factors are selected based on the correlation of the factor to historical credit losses for each portfolio segment. The following table summarizes the econometric factors utilized for each loan portfolio segment as of the dates indicated:
The following table presents the activity in the ACL on loans for the three months ended June 30, 2022:
The following table presents the activity in the ACL on loans for the six months ended June 30, 2022:
The following table presents the activity in the ACL on loans for the three months ended June 30, 2021:
The following table presents the activity in the ACL on loans for the six months ended June 30, 2021:
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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 $31,003 and $0, respectively, as of June 30, 2022 and December 31, 2021. (2)Includes wholesale brokered time deposit balances of $427,691 and $515,228, respectively, as of June 30, 2022 and December 31, 2021.
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings Advances payable to the FHLB amounted to $328.0 million and $145.0 million, respectively, at June 30, 2022 and December 31, 2021. As of June 30, 2022 and December 31, 2021, the Bank had access to a $40.0 million unused line of credit with the FHLB. Additionally, the Bank had a $102.0 million standby letter of credit with the FHLB at June 30, 2022. The Bank had remaining available borrowing capacity of $1.3 billion and $1.6 billion, respectively, with the FHLB at June 30, 2022 and December 31, 2021. 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 June 30, 2022:
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Shareholders' Equity |
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Shareholders' Equity | Shareholders' Equity Stock Repurchase Program The 2021 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 number 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 2021 Repurchase Program expires on December 31, 2022 and may be modified, suspended, or discontinued at any time. The Corporation has repurchased 175,408 shares, at an average price of $48.93 and a total cost of $8.6 million, under its 2021 Repurchase Program, all of which were repurchased in the second quarter of 2022. Regulatory Capital Requirements Capital levels at June 30, 2022 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 June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021, $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 Board of Governors of the Federal Reserve System. 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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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. 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 June 30, 2022 and December 31, 2021, the Corporation had an interest rate swap contract with a total notional amount of $20.0 million 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. As of June 30, 2022 and December 31, 2021, the Corporation had an interest rate swap contract with a total notional amount of $300.0 million that was designated as a cash flow hedge to hedge the interest rate risk associated with a pool of variable rate commercial loans. The interest rate swap on loans matures in May 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 Swap Contracts with Customers The Corporation enters into interest rate swap contracts to help commercial loan borrowers manage their interest rate risk. The interest rate swap contracts with commercial loan borrowers allow them to convert variable-rate loan payments to fixed-rate loan payments. When the Corporation enters into an interest rate swap contract with a commercial loan borrower, it simultaneously enters into a “mirror” swap contract with a third party. 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. As of June 30, 2022 and December 31, 2021, Washington Trust had interest rate swap contracts with commercial loan borrowers with notional amounts of $961.3 million and $1.0 billion, respectively, and equal amounts of “mirror” swap contracts with third party financial institutions. 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. As of June 30, 2022, the notional amounts of risk participation-out agreements and risk participation-in agreements were $73.3 million and $177.4 million, respectively, compared to $74.2 million and $163.2 million, respectively, as of December 31, 2021. 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 reflected in earnings. As of June 30, 2022, the notional amounts of interest rate lock commitments and forward sale commitments were $35.4 million and $68.5 million, respectively, compared to $49.8 million and $103.6 million, respectively, as of December 31, 2021. The following table presents the fair values of derivative instruments in the Unaudited Consolidated Balance Sheets:
(1)Interest rate risk management contracts and loan related derivative contracts with counterparties are subject to master netting arrangements. (2)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 and Unaudited Consolidated Statements of Income:
For derivatives designated as cash flow hedging instruments, see Note 15 for additional disclosure pertaining to the amounts and location of reclassifications from AOCL into earnings.
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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, property acquired through foreclosure or repossession 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 $327 thousand for the three months ended June 30, 2022 and a decrease of $748 thousand for the six months ended June 30, 2022. This compared to an increase to mortgage banking revenues of $38 thousand for the three months ended June 30, 2021 and a decrease of $1.4 million for the six months ended June 30, 2021. There were no mortgage loans held for sale 90 days or more past due as of June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021. Mortgage Loans Held for Sale The fair value of mortgage loans held for sale 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 The fair value of collateral dependent individually analyzed loans is determined based upon the appraised fair 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 swaps 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 June 30, 2022 and December 31, 2021, 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 of its derivatives. 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 There were no assets written down to fair value during the six months ended June 30, 2022. During 2021, two collateral dependent individually analyzed loans were written down to fair value. One loan with a carrying value of $3.1 million was paid in full in the fourth quarter of 2021. The second loan with a carrying value of $533 thousand was fully reserved for as of December 31, 2021. 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, bank-owned life insurance, 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, bank-owned life insurance and non-maturity deposits as level 2 measurements.
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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.
(1)As reported in the Unaudited Consolidated Statements of Income. (2)Revenue from contracts with customers in scope of ASC 606. The Corporation recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Corporation recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes wealth management revenues and service charges on deposit accounts. Wealth management revenues are categorized as either asset-based revenues or transaction-based revenues. Asset-based revenues include trust and investment management fees that are earned based upon a percentage of asset values under administration. Transaction-based revenues include tax preparation fees, commissions and other service fees. Fee revenue from service charges on deposit accounts represent service charges assessed to customers who hold deposit accounts at the Bank. 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 $4.6 million and $6.6 million, respectively, at June 30, 2022 and December 31, 2021 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 June 30, 2022 and December 31, 2021 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 $1.9 million at both June 30, 2022 and December 31, 2021 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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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Share-Based Compensation Arrangements |
6 Months Ended |
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Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Arrangements | Share-Based Compensation Arrangements The 2022 Long Term Incentive Plan was approved by the shareholders on April 26, 2022. The maximum number of shares of common stock that may be issued under the 2022 Long Term Incentive Plan is 600,000. The type of permitted equity awards under the 2022 Long Term Incentive Plan include stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, cash-based awards, and dividend equivalent rights. On February 18, 2022, the Corporation’s Board of Directors voted that no further awards would be granted under the 2013 Stock Option and Incentive Plan following shareholder approval of the 2022 Long Term Incentive Plan. During the six months ended June 30, 2022, the Corporation granted performance share unit and restricted stock unit awards. Performance share units were granted to certain key employees providing them the opportunity to earn shares of common stock over a 3-year performance period. The weighted average fair value of the performance share units was $59.31. The number of shares to be vested will be contingent upon the Corporation’s attainment of certain performance measures as detailed in the performance share unit award agreements. Based on the most recent performance assumption available, it is estimated that 42,728 shares will be earned. In addition, the Corporation granted to certain key employees and non-executive directors 10,717 restricted stock units with 3-year cliff vesting. The weighted average grant date fair value of the restricted stock units was $51.57.
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Business Segments |
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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 tables present the activity in other comprehensive income (loss):
(1)The pre-tax amounts are included in interest expense on FHLB advances and interest and fees on loans in the Unaudited Consolidated Statements of Income. (2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income.
(1)The pre-tax amounts are included in interest expense on FHLB advances and interest and fees on loans in the Unaudited Consolidated Statements of Income. (2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income. The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax:
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Earnings Per Common Share |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings per Common Share The following table presents the calculation of earnings per common share:
Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 196,943 and 141,043, respectively, for the three and six months ended June 30, 2022, compared to 87,924 and 149,650, respectively, for the same periods in 2021.
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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. The maximum potential amount of undiscounted future payments, not reduced by amounts that may be recovered, totaled $10.8 million and $11.8 million, respectively, as of June 30, 2022 and December 31, 2021. At June 30, 2022 and December 31, 2021, there were no liabilities to beneficiaries resulting from standby letters of credit. Fee income on standby letters of credit was insignificant for the three and six months ended June 30, 2022 and 2021. A substantial portion of the standby letters of credit were supported by pledged collateral. The collateral obtained is determined based on management’s credit evaluation of the customer. 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 swap agreements with commercial borrowers are similar to those used for loans. The interest rate swaps with other counterparties are generally subject to bilateral collateralization terms. The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk:
See Note 9 for additional disclosure pertaining to derivative financial instruments. ACL on Unfunded Commitments The ACL on unfunded commitments is management’s estimate of expected credit losses over the expected contractual term (or life) 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. For each portfolio, 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 ACL on unfunded commitments is included in other liabilities in the Unaudited Consolidated Balance Sheets. The ACL on unfunded commitments is adjusted through a provision for credit losses recognized in the Unaudited Consolidated Statements of Income. The activity in the ACL on unfunded commitments for the three months ended June 30, 2022 is presented below:
The activity in the ACL on unfunded commitments for the six months ended June 30, 2022 is presented below:
The activity in the ACL on unfunded commitments for the three months ended June 30, 2021 is presented below:
The activity in the ACL on unfunded commitments for the six months ended June 30, 2021 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) |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The Unaudited Consolidated Financial Statements include the accounts of the Bancorp and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. |
Basis of Accounting | The accounting and reporting policies of the Corporation conform to GAAP and to general practices of the banking industry. |
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. |
Allowance for Credit Losses on Loans (Policies) |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credits Losses on Loans | The ACL on loans is management’s estimate, at the reporting date, of expected credit losses over the expected life of the loans. 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. In accordance with the Corporation’s ACL policy, the methodology is reviewed no less than annually. The methodology incorporates a probability of default and loss given default framework. Loss given default is estimated based on historical credit loss experience. Probability of default is estimated using a regression model that incorporates econometric factors. Econometric factors are selected based on the correlation of the factor to historical credit losses for each portfolio segment. The following table summarizes the econometric factors utilized for each loan portfolio segment as of the dates indicated:
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Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. C&I also includes $1.9 million and $38.0 million, respectively, of PPP loans as of June 30, 2022 and December 31, 2021. (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 $10.0 million and $6.7 million, respectively, at June 30, 2022 and December 31, 2021 and net unamortized premiums on purchased loans of $359 thousand and $414 thousand, respectively, at June 30, 2022 and December 31, 2021.
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Past Due Loans | The following tables present an aging analysis of past due loans, segregated by class of loans:
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Nonaccrual Loans | 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 $4.3 million and $4.2 million, respectively as of June 30, 2022 and December 31, 2021. Nonaccrual loans of $5.6 million and $4.8 million, respectively, at June 30, 2022 and December 31, 2021 were current as to the payment of principal and interest. As of June 30, 2022 and December 31, 2021, nonaccrual loans secured by one- to four-family residential property amounting to $4.2 million and $1.5 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 June 30, 2022. The following table presents interest income recognized on nonaccrual loans:
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Summary of TDRs | The following table presents the recorded investment in TDRs and other pertinent information:
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TDRs with payment default | The following tables presents information on TDRs modified within the previous 12 months for which there was a payment default:
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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 summarizes the Corporation’s loan portfolio by credit quality indicator and loan portfolio segment as of June 30, 2022:
The following table summarizes the Corporation’s loan portfolio by credit quality indicator and loan portfolio segment as of December 31, 2021:
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2022:
The following table presents the activity in the ACL on loans for the six months ended June 30, 2022:
The following table presents the activity in the ACL on loans for the three months ended June 30, 2021:
The following table presents the activity in the ACL on loans for the six months ended June 30, 2021:
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits | The following table presents a summary of deposits:
(1)Includes wholesale brokered demand deposit balances of $31,003 and $0, respectively, as of June 30, 2022 and December 31, 2021. (2)Includes wholesale brokered time deposit balances of $427,691 and $515,228, respectively, as of June 30, 2022 and December 31, 2021.
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Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Advances Maturity Summary | The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of June 30, 2022:
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Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer, Net Capital Requirement, SEC Regulation [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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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives by Balance Sheet Location | The following table presents the fair values of derivative instruments in the Unaudited Consolidated Balance Sheets:
(1)Interest rate risk management contracts and loan related derivative contracts with counterparties are subject to master netting arrangements. (2)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 and Unaudited Consolidated Statements of Income:
For derivatives designated as cash flow hedging instruments, see Note 15 for additional disclosure pertaining to the amounts and location of reclassifications from AOCL into earnings.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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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, bank-owned life insurance, 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, bank-owned life insurance and non-maturity deposits as level 2 measurements.
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Revenue from Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
(1)As reported in the Unaudited Consolidated Statements of Income. (2)Revenue from contracts with customers in scope of ASC 606. The Corporation recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Corporation recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes wealth management revenues and service charges on deposit accounts. Wealth management revenues are categorized as either asset-based revenues or transaction-based revenues. Asset-based revenues include trust and investment management fees that are earned based upon a percentage of asset values under administration. Transaction-based revenues include tax preparation fees, commissions and other service fees. Fee revenue from service charges on deposit accounts represent service charges assessed to customers who hold deposit accounts at the Bank. 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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Other Comprehensive Income (Loss) | The following tables present the activity in other comprehensive income (loss):
(1)The pre-tax amounts are included in interest expense on FHLB advances and interest and fees on loans in the Unaudited Consolidated Statements of Income. (2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income.
(1)The pre-tax amounts are included in interest expense on FHLB advances and interest and fees on loans in the Unaudited Consolidated Statements of Income. (2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income.
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Components of Accumulated Other Comprehensive Income (Loss) Rollforward | The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax:
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Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Earnings Per Share | The following table presents the calculation of earnings per common share:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 June 30, 2022 is presented below:
The activity in the ACL on unfunded commitments for the six months ended June 30, 2022 is presented below:
The activity in the ACL on unfunded commitments for the three months ended June 30, 2021 is presented below:
The activity in the ACL on unfunded commitments for the six months ended June 30, 2021 is presented below:
|
Securities (Narrative) (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022
USD ($)
security
|
Dec. 31, 2021
USD ($)
security
|
|
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Accrued interest receivable | $ 2,600 | $ 2,300 |
Fair value of AFS securities pledged as collateral | 292,900 | $ 332,000 |
Amortized cost of callable debt securities | 233,000 | |
Fair value of callable debt securities | $ 208,900 | |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 171 | 87 |
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 | $ (154) | |
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 | $ (136) | |
Minimum [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Maturity period of callable debt securities | 2 years | |
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 | 15 years | |
Call features of callable debt securities | 1 year |
Securities (Summary of Investments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, amortized cost | $ 1,141,781 | $ 1,051,800 |
Available for sale debt securities, unrealized gains | 495 | 6,862 |
Available for sale debt securities, unrealized losses | (121,807) | (15,803) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 1,020,469 | 1,042,859 |
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 | 211,205 | 200,953 |
Available for sale debt securities, unrealized gains | 52 | 12 |
Available for sale debt securities, unrealized losses | (21,827) | (4,511) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 189,430 | 196,454 |
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 | 908,034 | 828,319 |
Available for sale debt securities, unrealized gains | 443 | 6,850 |
Available for sale debt securities, unrealized losses | (97,686) | (10,207) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 810,791 | 824,962 |
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 | 9,380 | 9,373 |
Available for sale debt securities, unrealized gains | 0 | 0 |
Available for sale debt securities, unrealized losses | (685) | (235) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | 8,695 | 9,138 |
Corporate bonds [Member] | ||
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities, amortized cost | 13,162 | 13,155 |
Available for sale debt securities, unrealized gains | 0 | 0 |
Available for sale debt securities, unrealized losses | (1,609) | (850) |
Available for sale debt securities, allowance for credit losses | 0 | 0 |
Available for sale debt securities, fair value | $ 11,553 | $ 12,305 |
Securities (Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Available for Sale and Held to Maturity Securities [Line Items] | ||
Available for sale debt securities maturities within 1 year amortized cost | $ 143,283 | |
Available for sale debt securities maturities 1-5 years amortized cost | 405,900 | |
Available for sale debt securities maturities 5-10 years amortized cost | 434,190 | |
Available for sale debt securities maturities after 10 years amortized cost | 158,408 | |
Available for sale debt securities maturities total amortized cost | 1,141,781 | $ 1,051,800 |
Available for sale debt securities maturities within 1 year fair value | 127,940 | |
Available for sale debt securities maturities 1-5 years fair value | 362,701 | |
Available for sale debt securities maturities 5-10 years fair value | 388,504 | |
Available for sale debt securities maturities after 10 years fair value | 141,324 | |
Available for sale debt securities, fair value | $ 1,020,469 | $ 1,042,859 |
Securities (Securities in a Continuous Unrealized Loss Position) (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
security
|
Dec. 31, 2021
USD ($)
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 | 122 | 53 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 656,031 | $ 667,152 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 67,967 | $ 10,583 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 49 | 34 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 323,038 | $ 173,628 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 53,840 | $ 5,220 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 171 | 87 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 979,069 | $ 840,780 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 121,807 | $ 15,803 |
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 | 10 | 12 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 87,601 | $ 152,733 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 8,704 | $ 3,313 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 10 | 6 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 91,777 | $ 43,202 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 13,123 | $ 1,198 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 20 | 18 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 179,378 | $ 195,935 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 21,827 | $ 4,511 |
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 | 112 | 41 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, fair value | $ 568,430 | $ 514,419 |
Available for sale debt securities, securities in continuous unrealized loss position, less than 12 months, unrealized losses | $ 59,263 | $ 7,270 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, number of securities | security | 32 | 21 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, fair value | $ 211,013 | $ 108,983 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 38,423 | $ 2,937 |
Available for sale debt securities, securities in continuous unrealized loss position, number of securities | security | 144 | 62 |
Available for sale debt securities, securities in continuous unrealized loss position, fair value | $ 779,443 | $ 623,402 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 97,686 | $ 10,207 |
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 | $ 8,695 | $ 9,138 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 685 | $ 235 |
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 | $ 8,695 | $ 9,138 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 685 | $ 235 |
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 | $ 11,553 | $ 12,305 |
Available for sale debt securities, securities in continuous unrealized loss position, greater than 12 months, unrealized losses | $ 1,609 | $ 850 |
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 | $ 11,553 | $ 12,305 |
Available for sale debt securities, securities in continuous unrealized loss position, unrealized losses | $ 1,609 | $ 850 |
Loans (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Carrying value of PPP loans | $ 1,900 | $ 38,000 | ||
Loans Receivable Net Deferred Cost Originated | 10,000 | 6,700 | ||
Loans Receivable Net Deferred Premium on Purchased Loans | 359 | 414 | ||
Accrued interest receivable on loans | 11,600 | 10,300 | ||
Loans pledged as collateral | 2,200,000 | 2,200,000 | ||
Past due loans included in nonaccrual loans | 6,800 | 9,400 | ||
Nonaccrual loans with no ACL | 4,300 | 4,200 | ||
Residential loans in process of foreclosure | 4,200 | 1,500 | ||
Nonaccrual loans current on payment | 5,600 | 4,800 | ||
Individually analyzed loans | 14,400 | 21,100 | ||
Collateral dependent loans | [1] | 4,479,822 | 4,272,925 | |
Collateral Dependent Individually Analyzed | ||||
Collateral dependent loans | $ 7,801 | $ 14,406 | ||
|
Loans (Summary of Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [1] | $ 4,479,822 | $ 4,272,925 | |||||||||
Commercial Real Estate | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [2] | 1,609,618 | 1,639,062 | |||||||||
Commercial & Industrial | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [3] | 620,270 | 641,555 | |||||||||
Total Commercial | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | 2,229,888 | 2,280,617 | ||||||||||
Residential Real Estate | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [4] | 1,966,341 | 1,726,975 | |||||||||
Home Equity | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | 267,785 | 247,697 | ||||||||||
Other | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | [5] | 15,808 | 17,636 | |||||||||
Total Consumer | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Total loans | $ 283,593 | $ 265,333 | ||||||||||
|
Loans (Past Due Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | $ 8,557 | $ 10,411 | ||||||||||
Current | 4,471,265 | 4,262,514 | ||||||||||
Total loans | [1] | 4,479,822 | 4,272,925 | |||||||||
30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 2,381 | 2,388 | ||||||||||
60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 1,387 | 3,253 | ||||||||||
Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 4,789 | 4,770 | ||||||||||
Commercial Real Estate | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
Current | 1,609,618 | 1,639,062 | ||||||||||
Total loans | [2] | 1,609,618 | 1,639,062 | |||||||||
Commercial Real Estate | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 0 | ||||||||||
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 | 7 | 3 | ||||||||||
Current | 620,263 | 641,552 | ||||||||||
Total loans | [3] | 620,270 | 641,555 | |||||||||
Commercial & Industrial | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 7 | 3 | ||||||||||
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 | 0 | 0 | ||||||||||
Total Commercial | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 7 | 3 | ||||||||||
Current | 2,229,881 | 2,280,614 | ||||||||||
Total loans | 2,229,888 | 2,280,617 | ||||||||||
Total Commercial | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 7 | 3 | ||||||||||
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 | 0 | 0 | ||||||||||
Residential Real Estate | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 7,794 | 9,622 | ||||||||||
Current | 1,958,547 | 1,717,353 | ||||||||||
Total loans | [4] | 1,966,341 | 1,726,975 | |||||||||
Residential Real Estate | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 1,795 | 1,784 | ||||||||||
Residential Real Estate | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 1,387 | 3,176 | ||||||||||
Residential Real Estate | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 4,612 | 4,662 | ||||||||||
Home Equity | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 728 | 765 | ||||||||||
Current | 267,057 | 246,932 | ||||||||||
Total loans | 267,785 | 247,697 | ||||||||||
Home Equity | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 551 | 580 | ||||||||||
Home Equity | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 77 | ||||||||||
Home Equity | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 177 | 108 | ||||||||||
Other | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 28 | 21 | ||||||||||
Current | 15,780 | 17,615 | ||||||||||
Total loans | [5] | 15,808 | 17,636 | |||||||||
Other | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 28 | 21 | ||||||||||
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 | 756 | 786 | ||||||||||
Current | 282,837 | 264,547 | ||||||||||
Total loans | 283,593 | 265,333 | ||||||||||
Total Consumer | 30-59 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 579 | 601 | ||||||||||
Total Consumer | 60-89 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | 0 | 77 | ||||||||||
Total Consumer | Over 90 | ||||||||||||
Financing Receivable, Past Due [Line Items] | ||||||||||||
Past due | $ 177 | $ 108 | ||||||||||
|
Loans (Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 12,414 | $ 14,203 |
Accruing loans 90 days or more past due | 0 | 0 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Total Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 11,815 | 13,576 |
Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 599 | 627 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Total Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 599 | $ 627 |
Loans (Interest Income on Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Interest income on nonaccrual loans | $ 79 | $ 85 | $ 184 | $ 170 |
Commercial Real Estate | ||||
Interest income on nonaccrual loans | 0 | 0 | 0 | 0 |
Commercial & Industrial | ||||
Interest income on nonaccrual loans | 0 | 0 | 0 | 5 |
Total Commercial | ||||
Interest income on nonaccrual loans | 0 | 0 | 0 | 5 |
Residential Real Estate | ||||
Interest income on nonaccrual loans | 69 | 72 | 167 | 129 |
Home Equity | ||||
Interest income on nonaccrual loans | 8 | 13 | 15 | 36 |
Other | ||||
Interest income on nonaccrual loans | 2 | 0 | 2 | 0 |
Total Consumer | ||||
Interest income on nonaccrual loans | $ 10 | $ 13 | $ 17 | $ 36 |
Loans (Troubled Debt Restructurings) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021 |
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021 |
Dec. 31, 2021
USD ($)
|
|
TDRs, Recorded Investment | $ 12,588 | $ 12,588 | $ 19,383 | ||
Specific Reserves on Troubled Debt Restructurings | 143 | 143 | 148 | ||
TDRs, Commitment to Lend | $ 0 | $ 0 | 0 | ||
Number of loans modified as a troubled debt restructuring | 0 | 0 | 0 | 0 | |
Accruing Financial Instruments | |||||
TDRs, Recorded Investment | $ 9,682 | $ 9,682 | 16,564 | ||
Nonaccrual Financial Instruments | |||||
TDRs, Recorded Investment | $ 2,906 | $ 2,906 | $ 2,819 |
Loans (Troubled Debt Restructurings Subsequent Default) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022
loan
|
Jun. 30, 2021
loan
|
Jun. 30, 2022
USD ($)
loan
|
Jun. 30, 2021
USD ($)
loan
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified as a troubled debt restructuring | 0 | 0 | 0 | 0 |
Payment Default [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified as a troubled debt restructuring | 0 | 0 | ||
Payment Default [Member] | Residential Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified as a troubled debt restructuring | 0 | 1 | ||
TDR, subsequent default | $ | $ 0 | $ 396 |
Loans (Collateral Dependent Individually Analyzed Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [1] | $ 4,479,822 | $ 4,272,925 | |||||||||||||||
Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | 7,801 | 14,406 | ||||||||||||||||
Related allowance | 527 | 534 | ||||||||||||||||
Commercial Real Estate | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [2] | 1,609,618 | 1,639,062 | |||||||||||||||
Commercial Real Estate | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [3] | 4,039 | 10,603 | |||||||||||||||
Related allowance | [3] | 0 | 0 | |||||||||||||||
Commercial & Industrial | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [4] | 620,270 | 641,555 | |||||||||||||||
Commercial & Industrial | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [5] | 0 | 0 | |||||||||||||||
Related allowance | [5] | 0 | 0 | |||||||||||||||
Total Commercial | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | 2,229,888 | 2,280,617 | ||||||||||||||||
Total Commercial | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | 4,039 | 10,603 | ||||||||||||||||
Related allowance | 0 | 0 | ||||||||||||||||
Residential Real Estate | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [6] | 1,966,341 | 1,726,975 | |||||||||||||||
Residential Real Estate | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [7] | 3,762 | 3,803 | |||||||||||||||
Related allowance | [7] | 527 | 534 | |||||||||||||||
Home Equity | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | 267,785 | 247,697 | ||||||||||||||||
Home Equity | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [7] | 0 | 0 | |||||||||||||||
Related allowance | [7] | 0 | 0 | |||||||||||||||
Other | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | [8] | 15,808 | 17,636 | |||||||||||||||
Other | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | 0 | 0 | ||||||||||||||||
Related allowance | 0 | 0 | ||||||||||||||||
Total Consumer | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | 283,593 | 265,333 | ||||||||||||||||
Total Consumer | Collateral Dependent Individually Analyzed | ||||||||||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||||||||||
Collateral dependent loans | 0 | 0 | ||||||||||||||||
Related allowance | $ 0 | $ 0 | ||||||||||||||||
|
Loans (Credit Quality Indicators Vintage) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | $ 710,620 | $ 1,293,402 |
Term loans amortized cost, prior year | 1,184,553 | 656,955 |
Term loans amortized cost, two years ago | 566,907 | 564,863 |
Term loans amortized cost, three years ago | 443,788 | 420,321 |
Term loans amortized cost, four years ago | 377,194 | 318,804 |
Term loans amortized cost, five years ago or more | 843,378 | 696,758 |
Revolving loans amortized cost | 343,092 | 310,068 |
Revolving loans converted to term loans | 10,290 | 11,754 |
Total | 4,479,822 | 4,272,925 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 244,412 | 426,794 |
Term loans amortized cost, prior year | 379,835 | 214,096 |
Term loans amortized cost, two years ago | 188,010 | 294,922 |
Term loans amortized cost, three years ago | 215,132 | 237,281 |
Term loans amortized cost, four years ago | 199,429 | 170,091 |
Term loans amortized cost, five years ago or more | 372,945 | 286,341 |
Revolving loans amortized cost | 8,317 | 7,335 |
Revolving loans converted to term loans | 1,538 | 2,202 |
Total | 1,609,618 | 1,639,062 |
Commercial Real Estate | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 244,412 | 417,705 |
Term loans amortized cost, prior year | 361,991 | 212,649 |
Term loans amortized cost, two years ago | 186,538 | 260,940 |
Term loans amortized cost, three years ago | 201,926 | 206,164 |
Term loans amortized cost, four years ago | 179,055 | 163,132 |
Term loans amortized cost, five years ago or more | 361,827 | 266,067 |
Revolving loans amortized cost | 8,084 | 7,015 |
Revolving loans converted to term loans | 1,538 | 2,202 |
Total | 1,545,371 | 1,535,874 |
Commercial Real Estate | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 0 | 9,089 |
Term loans amortized cost, prior year | 17,844 | 489 |
Term loans amortized cost, two years ago | 532 | 33,982 |
Term loans amortized cost, three years ago | 13,206 | 28,432 |
Term loans amortized cost, four years ago | 17,689 | 0 |
Term loans amortized cost, five years ago or more | 10,704 | 20,273 |
Revolving loans amortized cost | 233 | 320 |
Revolving loans converted to term loans | 0 | 0 |
Total | 60,208 | 92,585 |
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 | 958 |
Term loans amortized cost, two years ago | 940 | 0 |
Term loans amortized cost, three years ago | 0 | 2,685 |
Term loans amortized cost, four years ago | 2,685 | 6,959 |
Term loans amortized cost, five years ago or more | 414 | 1 |
Revolving loans amortized cost | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 4,039 | 10,603 |
Commercial & Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 44,301 | 116,959 |
Term loans amortized cost, prior year | 65,054 | 78,601 |
Term loans amortized cost, two years ago | 78,323 | 105,433 |
Term loans amortized cost, three years ago | 90,706 | 92,218 |
Term loans amortized cost, four years ago | 97,271 | 57,774 |
Term loans amortized cost, five years ago or more | 134,134 | 98,787 |
Revolving loans amortized cost | 109,659 | 90,872 |
Revolving loans converted to term loans | 822 | 911 |
Total | 620,270 | 641,555 |
Commercial & Industrial | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 43,777 | 116,959 |
Term loans amortized cost, prior year | 65,054 | 78,601 |
Term loans amortized cost, two years ago | 78,323 | 104,827 |
Term loans amortized cost, three years ago | 90,213 | 87,619 |
Term loans amortized cost, four years ago | 95,810 | 51,579 |
Term loans amortized cost, five years ago or more | 120,606 | 83,182 |
Revolving loans amortized cost | 107,352 | 89,686 |
Revolving loans converted to term loans | 822 | 911 |
Total | 601,957 | 613,364 |
Commercial & Industrial | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 524 | 0 |
Term loans amortized cost, prior year | 0 | 0 |
Term loans amortized cost, two years ago | 0 | 606 |
Term loans amortized cost, three years ago | 448 | 4,599 |
Term loans amortized cost, four years ago | 1,461 | 6,195 |
Term loans amortized cost, five years ago or more | 13,528 | 15,605 |
Revolving loans amortized cost | 1,611 | 1,186 |
Revolving loans converted to term loans | 0 | 0 |
Total | 17,572 | 28,191 |
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 | 0 |
Term loans amortized cost, two years ago | 0 | 0 |
Term loans amortized cost, three years ago | 45 | 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 | 696 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 741 | 0 |
Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 406,919 | 733,658 |
Term loans amortized cost, prior year | 725,462 | 355,144 |
Term loans amortized cost, two years ago | 294,634 | 159,307 |
Term loans amortized cost, three years ago | 134,293 | 88,035 |
Term loans amortized cost, four years ago | 78,039 | 89,128 |
Term loans amortized cost, five years ago or more | 326,994 | 301,703 |
Revolving loans amortized cost | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,966,341 | 1,726,975 |
Residential Real Estate | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 406,919 | 733,658 |
Term loans amortized cost, prior year | 725,462 | 353,742 |
Term loans amortized cost, two years ago | 293,236 | 158,140 |
Term loans amortized cost, three years ago | 133,137 | 85,656 |
Term loans amortized cost, four years ago | 75,624 | 88,365 |
Term loans amortized cost, five years ago or more | 324,169 | 297,792 |
Revolving loans amortized cost | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,958,547 | 1,717,353 |
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 | 1,402 |
Term loans amortized cost, two years ago | 1,398 | 1,167 |
Term loans amortized cost, three years ago | 1,156 | 2,379 |
Term loans amortized cost, four years ago | 2,415 | 763 |
Term loans amortized cost, five years ago or more | 2,825 | 3,911 |
Revolving loans amortized cost | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 7,794 | 9,622 |
Home Equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 13,101 | 10,434 |
Term loans amortized cost, prior year | 9,001 | 5,850 |
Term loans amortized cost, two years ago | 4,021 | 3,888 |
Term loans amortized cost, three years ago | 2,872 | 2,380 |
Term loans amortized cost, four years ago | 2,171 | 1,064 |
Term loans amortized cost, five years ago or more | 3,835 | 3,837 |
Revolving loans amortized cost | 224,854 | 211,603 |
Revolving loans converted to term loans | 7,930 | 8,641 |
Total | 267,785 | 247,697 |
Home Equity | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 13,101 | 10,434 |
Term loans amortized cost, prior year | 9,001 | 5,850 |
Term loans amortized cost, two years ago | 4,021 | 3,703 |
Term loans amortized cost, three years ago | 2,872 | 2,380 |
Term loans amortized cost, four years ago | 2,171 | 1,064 |
Term loans amortized cost, five years ago or more | 3,719 | 3,592 |
Revolving loans amortized cost | 224,332 | 211,488 |
Revolving loans converted to term loans | 7,839 | 8,421 |
Total | 267,056 | 246,932 |
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 | 185 |
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 | 116 | 245 |
Revolving loans amortized cost | 522 | 115 |
Revolving loans converted to term loans | 91 | 220 |
Total | 729 | 765 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 1,887 | 5,557 |
Term loans amortized cost, prior year | 5,201 | 3,264 |
Term loans amortized cost, two years ago | 1,919 | 1,313 |
Term loans amortized cost, three years ago | 785 | 407 |
Term loans amortized cost, four years ago | 284 | 747 |
Term loans amortized cost, five years ago or more | 5,470 | 6,090 |
Revolving loans amortized cost | 262 | 258 |
Revolving loans converted to term loans | 0 | 0 |
Total | 15,808 | 17,636 |
Other | Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 1,859 | 5,536 |
Term loans amortized cost, prior year | 5,201 | 3,264 |
Term loans amortized cost, two years ago | 1,919 | 1,313 |
Term loans amortized cost, three years ago | 785 | 407 |
Term loans amortized cost, four years ago | 284 | 747 |
Term loans amortized cost, five years ago or more | 5,470 | 6,090 |
Revolving loans amortized cost | 262 | 258 |
Revolving loans converted to term loans | 0 | 0 |
Total | 15,780 | 17,615 |
Other | Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans amortized cost, current year | 28 | 21 |
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 | $ 28 | $ 21 |
Allowance for Credit Losses on Loans (Allowance for Loan Losses Rollforward Analysis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | $ 39,236 | $ 42,137 | $ 39,088 | $ 44,106 |
Charge-offs | (23) | (317) | (59) | (381) |
Recoveries | 33 | 59 | 217 | 105 |
Provision | (2,929) | 0 | (2,929) | (1,951) |
Allowance, Ending Balance | 36,317 | 41,879 | 36,317 | 41,879 |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | 18,460 | 21,297 | 18,933 | 22,065 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 145 | 0 |
Provision | (1,263) | 153 | (1,881) | (615) |
Allowance, Ending Balance | 17,197 | 21,450 | 17,197 | 21,450 |
Commercial & Industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | 11,222 | 12,389 | 10,832 | 12,228 |
Charge-offs | (4) | (303) | (9) | (306) |
Recoveries | 15 | 1 | 21 | 3 |
Provision | (901) | (370) | (512) | (208) |
Allowance, Ending Balance | 10,332 | 11,717 | 10,332 | 11,717 |
Total Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | 29,682 | 33,686 | 29,765 | 34,293 |
Charge-offs | (4) | (303) | (9) | (306) |
Recoveries | 15 | 1 | 166 | 3 |
Provision | (2,164) | (217) | (2,393) | (823) |
Allowance, Ending Balance | 27,529 | 33,167 | 27,529 | 33,167 |
Residential Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | 8,066 | 6,469 | 7,860 | 8,042 |
Charge-offs | 0 | 0 | 0 | (50) |
Recoveries | 0 | 47 | 21 | 80 |
Provision | (758) | 361 | (573) | (1,195) |
Allowance, Ending Balance | 7,308 | 6,877 | 7,308 | 6,877 |
Home Equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | 1,098 | 1,431 | 1,069 | 1,300 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 2 | 4 | 4 | 6 |
Provision | (60) | (95) | (33) | 34 |
Allowance, Ending Balance | 1,040 | 1,340 | 1,040 | 1,340 |
Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | 390 | 551 | 394 | 471 |
Charge-offs | (19) | (14) | (50) | (25) |
Recoveries | 16 | 7 | 26 | 16 |
Provision | 53 | (49) | 70 | 33 |
Allowance, Ending Balance | 440 | 495 | 440 | 495 |
Total Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, Beginning Balance | 1,488 | 1,982 | 1,463 | 1,771 |
Charge-offs | (19) | (14) | (50) | (25) |
Recoveries | 18 | 11 | 30 | 22 |
Provision | (7) | (144) | 37 | 67 |
Allowance, Ending Balance | $ 1,480 | $ 1,835 | $ 1,480 | $ 1,835 |
Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|
Deposits [Abstract] | ||||||
Noninterest-bearing deposits | $ 888,981 | $ 945,229 | ||||
Interest-bearing demand deposits | [1] | 289,454 | 251,032 | |||
NOW accounts | 887,678 | 867,138 | ||||
Money market accounts | 1,139,676 | 1,072,864 | ||||
Savings accounts | 572,251 | 555,177 | ||||
Time deposits | [2] | 1,228,589 | 1,288,611 | |||
Total deposits | 5,006,629 | 4,980,051 | ||||
Wholesale brokered time deposits | 427,691 | 515,228 | ||||
Wholesale brokered demand deposits | $ 31,003 | $ 0 | ||||
|
Borrowings (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 328,000 | $ 145,000 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | 328,000 | 145,000 |
Unused line of credit with FHLBB | 40,000 | 40,000 |
Unused remaining available borrowing capacity with FHLBB | 1,300,000 | $ 1,600,000 |
Standby letter of credit with FHLB | $ 102,000 |
Borrowings (Federal Home Loan Bank Advances Maturity Schedule) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 328,000 | $ 145,000 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLBB Bank [Line Items] | ||
Scheduled maturity through the end of the current year | $ 293,000 | |
Weighted average rate for scheduled maturity through the end of the current year | 1.69% | |
Scheduled maturity in year two | $ 35,000 | |
Weighted average rate for scheduled maturity in year two | 0.45% | |
Scheduled maturity in year three | $ 0 | |
Weighted average rate for scheduled maturity in year three | 0.00% | |
Scheduled maturity in year four | $ 0 | |
Weighted average rate for scheduled maturity in year four | 0.00% | |
Scheduled maturity in year five | $ 0 | |
Weighted average rate for scheduled maturity in year five | 0.00% | |
Scheduled maturity after year five | $ 0 | |
Weighted average rate for scheduled maturity after year five | 0.00% | |
Federal Home Loan Bank advances | $ 328,000 | $ 145,000 |
Total weighted average rate | 1.56% |
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Equity Additional Information [Table] [Line Items] | |||
Treasury stock, shares repurchased | 175,000 | 175,000 | |
Treasury stock, total cost | $ 8,583 | $ 8,583 | |
Trust preferred securities included in Tier 1 Capital | $ 22,000 | $ 22,000 | $ 22,000 |
2021 Stock Repurchase Program | |||
Equity Additional Information [Table] [Line Items] | |||
Repurchase Program, number of shares authorized | 850,000 | 850,000 | |
Repurchase Program, authorized amount, percentage of common stock | 5.00% | ||
Treasury stock, shares repurchased | 175,408 | ||
Treasury stock, average price per share | $ 48.93 | ||
Treasury stock, total cost | $ 8,600 |
Shareholders' Equity (Regulatory Captial Requirements) (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
||
---|---|---|---|---|
Corporation [Member] | ||||
Total Capital (to Risk-Weighted Assets): | ||||
Total Capital | $ 586,078 | $ 578,137 | ||
Total Capital to Risk-Weighted Assets | 0.1351 | 0.1401 | ||
Total Capital for Capital Adequacy Purposes | $ 347,119 | $ 330,105 | ||
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 0.0800 | 0.0800 | ||
Tier 1 Capital (to Risk-Weighted Assets): | ||||
Tier 1 Capital | $ 554,677 | $ 546,362 | ||
Tier 1 Capital to Risk Weighted-Assets | 0.1278 | 0.1324 | ||
Tier 1 Capital Required For Capital Adequacy Purposes | $ 260,340 | $ 247,578 | ||
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 | $ 532,679 | $ 524,363 | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 0.1228 | 0.1271 | ||
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 195,255 | $ 185,684 | ||
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] | $ 554,677 | $ 546,362 | |
Tier 1 Leverage Capital to Average Assets | [1] | 0.0942 | 0.0936 | |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 235,442 | $ 233,534 | |
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 | $ 570,777 | $ 565,087 | ||
Total Capital to Risk-Weighted Assets | 0.1316 | 0.1370 | ||
Total Capital for Capital Adequacy Purposes | $ 346,995 | $ 330,025 | ||
Total Capital for Capital Adequacy Purposes to Risk-Weighted Assets | 0.0800 | 0.0800 | ||
Total Capital To Be Well Capitalized | $ 433,743 | $ 412,532 | ||
Total Capital To Be Well Capitalized to Risk Weighted-Assets | 0.1000 | 0.1000 | ||
Tier 1 Capital (to Risk-Weighted Assets): | ||||
Tier 1 Capital | $ 539,376 | $ 533,312 | ||
Tier 1 Capital to Risk Weighted-Assets | 0.1244 | 0.1293 | ||
Tier 1 Capital Required For Capital Adequacy Purposes | $ 260,246 | $ 247,519 | ||
Tier 1 Capital Required for Capital Adequacy Purposes to Risk Weighted-Assets | 0.0600 | 0.0600 | ||
Tier 1 Capital Required To Be Well Capitalized | $ 346,995 | $ 330,025 | ||
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 | $ 539,376 | $ 533,312 | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 0.1244 | 0.1293 | ||
Common Equity Tier 1 Capital Required for Capital Adequacy | $ 195,185 | $ 185,639 | ||
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 | $ 281,933 | $ 268,146 | ||
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] | $ 539,376 | $ 533,312 | |
Tier 1 Leverage Capital to Average Assets | [1] | 0.0917 | 0.0914 | |
Tier 1 Leverage Capital Required for Capital Adequacy Purposes | [1] | $ 235,317 | $ 233,434 | |
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] | $ 294,146 | $ 291,793 | |
Tier 1 Leverage Capital Required To Be Well Capitalized to Average Assets | [1] | 0.0500 | 0.0500 | |
|
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Interest rate swaps [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 320,000 | $ 320,000 |
Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 961,323 | 1,022,388 |
Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 961,323 | 1,022,388 |
Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 177,440 | 163,207 |
Interest rate lock commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 35,444 | 49,800 |
Forward sale commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 68,505 | 103,626 |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest rate swaps [Member] | Commercial Loan | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 300,000 | 300,000 |
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest rate swaps [Member] | Federal Home Loan Bank Advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 20,000 | 20,000 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 961,300 | 1,000,000 |
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 961,300 | 1,000,000 |
Not Designated as Hedging Instrument [Member] | Risk participation-out agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 73,300 | 74,200 |
Not Designated as Hedging Instrument [Member] | Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 177,400 | $ 163,200 |
Derivative Financial Instruments (Fair Value of Derivatives by Balance Sheet Location) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|
Derivative Financial Instruments, Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Gross derivative asset positions | $ 41,924 | $ 35,855 | ||||
Amounts offset in balance sheet | [1] | 15,728 | 2,167 | |||
Net amounts presented in balance sheet | 26,196 | 33,688 | ||||
Collateral pledged | [2] | 0 | 0 | |||
Net amounts | 26,196 | 33,688 | ||||
Derivative Financial Instruments, Liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Gross derivative liability positions | 64,533 | 40,703 | ||||
Amounts offset in balance sheet | [1] | 15,728 | 2,167 | |||
Net amounts presented in balance sheet | 48,805 | 38,536 | ||||
Collateral pledged | [2] | 9,686 | 34,539 | |||
Net amounts | 39,119 | 3,997 | ||||
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest rate swaps [Member] | Other assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative assets designated as a cash flow hedge | 294 | 182 | ||||
Derivatives Designated as Cash Flow Hedging Instruments [Member] | Interest rate swaps [Member] | Other liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liabilities designated as a cash flow hedge | 23,153 | 5,301 | ||||
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Other assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative assets not designated | 2,212 | 32,361 | ||||
Not Designated as Hedging Instrument [Member] | Interest rate swaps with customers [Member] | Other liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liabilities not designated | 38,898 | 2,015 | ||||
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Other assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative assets not designated | 38,617 | 2,001 | ||||
Not Designated as Hedging Instrument [Member] | Mirror swaps with counterparties [Member] | Other liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liabilities not designated | 2,260 | 32,480 | ||||
Not Designated as Hedging Instrument [Member] | Risk participation agreements [Member] | Other assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative assets not designated | 0 | 1 | ||||
Not Designated as Hedging Instrument [Member] | Risk participation agreements [Member] | Other liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liabilities not designated | 1 | 2 | ||||
Not Designated as Hedging Instrument [Member] | Interest rate lock commitments [Member] | Other assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative assets not designated | 550 | 1,256 | ||||
Not Designated as Hedging Instrument [Member] | Interest rate lock commitments [Member] | Other liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liabilities not designated | 16 | 0 | ||||
Not Designated as Hedging Instrument [Member] | Forward sale commitments [Member] | Other assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative assets not designated | 251 | 54 | ||||
Not Designated as Hedging Instrument [Member] | Forward sale commitments [Member] | Other liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative liabilities not designated | $ 205 | $ 905 | ||||
|
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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net change in fair value of cash flow hedges, net of tax | $ (2,973) | $ 70 | $ (13,308) | $ 367 |
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 | $ (2,973) | $ 70 | $ (13,308) | $ 367 |
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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | $ 1,621 | $ (1,068) | $ 3,979 | $ 2,155 |
Interest rate swaps with customers [Member] | Loan related derivative income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | (18,800) | 11,665 | (59,622) | (18,566) |
Mirror swaps with counterparties [Member] | Loan related derivative income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | 19,421 | (11,068) | 60,543 | 19,615 |
Risk participation agreements [Member] | Loan related derivative income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | 48 | 578 | 49 | 593 |
Interest rate lock commitments [Member] | Mortgage banking revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | 212 | (313) | (722) | (4,842) |
Forward sale commitments [Member] | Mortgage banking revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income | $ 740 | $ (1,930) | $ 3,731 | $ 5,355 |
Fair Value Measurements (Fair Value Mortgage Loans Held For Sale Disclosures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Mortgage loans held for sale, measured at fair value | $ 22,656 | $ 22,656 | $ 40,196 | ||
Mortgage loans held for sale, amortized cost | 22,410 | 22,410 | 39,201 | ||
Mortgage loans held for sale, difference between fair value and amortized cost | 246 | 246 | $ 995 | ||
Mortgage Loans Held for Sale [Member] | |||||
Change in fair value under fair value option election | $ 327 | $ 38 | $ (748) | $ (1,400) |
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | $ 1,020,469 | $ 1,042,859 |
Mortgage loans held for sale, measured at fair value | 22,656 | 40,196 |
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 | 189,430 | 196,454 |
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 | 810,791 | 824,962 |
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 | 8,695 | 9,138 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 11,553 | 12,305 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale, measured at fair value | 22,656 | 40,196 |
Derivative assets | 26,196 | 33,688 |
Total assets at fair value on a recurring basis | 1,069,321 | 1,116,743 |
Derivative liabilities | 48,805 | 38,536 |
Total liabilities at fair value on a recurring basis | 48,805 | 38,536 |
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 | 189,430 | 196,454 |
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 | 810,791 | 824,962 |
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 | 8,695 | 9,138 |
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 | 11,553 | 12,305 |
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 | 22,656 | 40,196 |
Derivative assets | 26,196 | 33,688 |
Total assets at fair value on a recurring basis | 1,069,321 | 1,116,743 |
Derivative liabilities | 48,805 | 38,536 |
Total liabilities at fair value on a recurring basis | 48,805 | 38,536 |
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 | 189,430 | 196,454 |
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 | 810,791 | 824,962 |
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 | 8,695 | 9,138 |
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 | 11,553 | 12,305 |
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 |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021
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 | 2 |
Collateral dependent individually analyzed loans paid in full | $ 3,100 | |
Collateral dependent individually analyzed loans fully reserved | $ 533 |
Fair Value Measurements (Qualitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - Nonrecurring [Member] - Weighted Average [Member] - Collateral Dependent Individually Analyzed Loans [Member] - Appraisals Of Collateral [Member] - Level 3 [Member] |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount for costs to sell | 14.00% |
Appraisal adjustments | 100.00% |
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net of allowance for credit losses on loans | $ 4,443,505 | $ 4,233,837 | ||
Time deposits | [1] | 1,228,589 | 1,288,611 | |
Federal Home Loan Bank advances | 328,000 | 145,000 | ||
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 | 4,443,505 | 4,233,837 | ||
Time deposits | 1,228,589 | 1,288,611 | ||
Federal Home Loan Bank advances | 328,000 | 145,000 | ||
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 | 4,353,991 | 4,145,516 | ||
Time deposits | 1,230,457 | 1,294,053 | ||
Federal Home Loan Bank advances | 327,244 | 144,862 | ||
Junior subordinated debentures | 18,761 | 20,181 | ||
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 | 1,230,457 | 1,294,053 | ||
Federal Home Loan Bank advances | 327,244 | 144,862 | ||
Junior subordinated debentures | 18,761 | 20,181 | ||
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 | 4,353,991 | 4,145,516 | ||
Time deposits | 0 | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | ||
Junior subordinated debentures | $ 0 | $ 0 | ||
|
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 4.6 | $ 6.6 |
Contract cost assets | $ 1.9 | $ 1.9 |
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||
Disaggregation of Revenue [Line Items] | ||||||||
Net interest income | [1] | $ 37,515 | $ 34,754 | $ 72,606 | $ 67,625 | |||
Asset-based wealth management revenues | [1] | 9,641 | 9,991 | 19,852 | 19,574 | |||
Transaction-based wealth management revenues | [1] | 425 | 437 | 745 | 749 | |||
Wealth management revenues | [1] | 10,066 | 10,428 | 20,597 | 20,323 | |||
Mortgage banking revenues | [1] | 2,082 | 5,994 | 5,583 | 17,921 | |||
Card interchange fees | [1] | 1,303 | 1,316 | 2,467 | 2,449 | |||
Service charges on deposit accounts | [1] | 763 | 635 | 1,431 | 1,244 | |||
Loan related derivative income | [1] | 669 | 1,175 | 970 | 1,642 | |||
Income from bank-owned life insurance | [1] | 615 | 607 | 1,216 | 1,163 | |||
Other income | [1] | 354 | 438 | 747 | 1,825 | |||
Total noninterest income | [1] | 15,852 | 20,593 | 33,011 | 46,567 | |||
Total revenues | [1] | 53,367 | 55,347 | 105,617 | 114,192 | |||
Revenue from contracts in scope of Topic 606 | 12,410 | 12,658 | 25,059 | 25,540 | ||||
Net Interest Income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 0 | 0 | 0 | 0 | |||
Asset-based Wealth Management Revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 9,641 | 9,991 | 19,852 | 19,574 | |||
Transaction-based Wealth Management Revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 425 | 437 | 745 | 749 | |||
Total Wealth Management Revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 10,066 | 10,428 | 20,597 | 20,323 | |||
Mortgage Banking Revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 0 | 0 | 0 | 0 | |||
Card Interchange Fees | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 1,303 | 1,316 | 2,467 | 2,449 | |||
Service Charges on Deposit Accounts | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 763 | 635 | 1,431 | 1,244 | |||
Loan Related Derivative Income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 0 | 0 | 0 | 0 | |||
Income From Bank-owned Life Insurance | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 0 | 0 | 0 | 0 | |||
Other Income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 278 | 279 | 564 | 1,524 | |||
Total Noninterest Income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | 12,410 | 12,658 | 25,059 | 25,540 | |||
Total Revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts in scope of Topic 606 | [2] | $ 12,410 | $ 12,658 | $ 25,059 | $ 25,540 | |||
|
Revenue from Contracts with Customers (Disaggregation by Timing of Revenue Recognition) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Revenue from contracts in scope of Topic 606 | $ 12,410 | $ 12,658 | $ 25,059 | $ 25,540 | ||
Wealth Management Revenues | ||||||
Revenue from contracts in scope of Topic 606 | [1] | 10,066 | 10,428 | 20,597 | 20,323 | |
Wealth Management Revenues | Transferred over Time [Member] | ||||||
Revenue from contracts in scope of Topic 606 | 10,066 | 10,428 | 20,597 | 20,323 | ||
Card Interchange Fees | ||||||
Revenue from contracts in scope of Topic 606 | [1] | 1,303 | 1,316 | 2,467 | 2,449 | |
Card Interchange Fees | Transferred at Point in Time [Member] | ||||||
Revenue from contracts in scope of Topic 606 | 1,303 | 1,316 | 2,467 | 2,449 | ||
Service Charges on Deposit Accounts | ||||||
Revenue from contracts in scope of Topic 606 | [1] | 763 | 635 | 1,431 | 1,244 | |
Service Charges on Deposit Accounts | Transferred at Point in Time [Member] | ||||||
Revenue from contracts in scope of Topic 606 | 605 | 504 | 1,154 | 985 | ||
Service Charges on Deposit Accounts | Transferred over Time [Member] | ||||||
Revenue from contracts in scope of Topic 606 | 158 | 131 | 277 | 259 | ||
Other Income | ||||||
Revenue from contracts in scope of Topic 606 | [1] | 278 | 279 | 564 | 1,524 | |
Other Income | Transferred at Point in Time [Member] | ||||||
Revenue from contracts in scope of Topic 606 | 214 | 228 | 443 | 1,431 | ||
Other Income | Transferred over Time [Member] | ||||||
Revenue from contracts in scope of Topic 606 | $ 64 | $ 51 | $ 121 | $ 93 | ||
|
Defined Benefit Pension Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||
Qualified Pension Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | [1] | $ 515 | $ 593 | $ 1,031 | $ 1,185 | |||
Interest cost | [2] | 592 | 357 | 1,184 | 1,002 | |||
Expected return on plan assets | [2] | (1,158) | (1,204) | (2,317) | (2,408) | |||
Recognized net actuarial loss | [2] | 255 | 673 | 510 | 1,060 | |||
Net periodic benefit cost | 204 | 419 | 408 | 839 | ||||
Non-Qualified Retirement Plans [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | [1] | 55 | 52 | 109 | 104 | |||
Interest cost | [2] | 106 | 85 | 212 | 169 | |||
Expected return on plan assets | [2] | 0 | 0 | 0 | 0 | |||
Recognized net actuarial loss | [2] | 173 | 204 | 346 | 362 | |||
Net periodic benefit cost | $ 334 | $ 341 | $ 667 | $ 635 | ||||
|
Defined Benefit Pension Plans (Weighted-Average Assumptions Used) (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
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 | 3.00% | 2.71% |
Equivalent single discount rate for service cost | 3.11% | 2.86% |
Equivalent single discount rate for interest cost | 2.67% | 2.16% |
Expected long-term return on plan assets | 5.25% | 5.75% |
Rate of compensation increase | 3.75% | 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 | 2.89% | 2.51% |
Equivalent single discount rate for service cost | 3.16% | 2.94% |
Equivalent single discount rate for interest cost | 2.48% | 1.97% |
Rate of compensation increase | 3.75% | 3.75% |
Share-Based Compensation (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum shares under 2022 Incentive Plan | 600,000 |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Performance share units, weighted average grant date fair value | $ / shares | $ 59.31 |
Performance share units, shares vesting | 42,728 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units granted | 10,717 |
Award vesting period | 3 years |
Restricted stock units, weighted average grant date fair value | $ / shares | $ 51.57 |
Business Segments (Statement of Operations and Total Assets by Reportable Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||
Segment Reporting Information [Line Items] | |||||||
Net interest income (expense) | [1] | $ 37,515 | $ 34,754 | $ 72,606 | $ 67,625 | ||
Provision for credit losses | (3,000) | 0 | (2,900) | (2,000) | |||
Net interest income (expense) after provision for credit losses | 40,515 | 34,754 | 75,506 | 69,625 | |||
Noninterest income | [1] | 15,852 | 20,593 | 33,011 | 46,567 | ||
Depreciation and amortization expense | 1,048 | 1,064 | 2,103 | 2,118 | |||
Other noninterest expenses | 30,029 | 31,948 | 60,193 | 65,607 | |||
Total noninterest expenses | 31,077 | 33,012 | 62,296 | 67,725 | |||
Income (loss) before income taxes | 25,290 | 22,335 | 46,221 | 48,467 | |||
Income tax expense | 5,333 | 4,875 | 9,781 | 10,536 | |||
Net income | 19,957 | 17,460 | 36,440 | 37,931 | |||
Total assets | 5,982,891 | 5,851,980 | 5,982,891 | 5,851,980 | $ 5,851,127 | ||
Expenditures for long-lived assets | 1,647 | 917 | 2,481 | 1,828 | |||
Commercial Banking [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income (expense) | 37,563 | 34,768 | 72,671 | 67,652 | |||
Provision for credit losses | (3,000) | 0 | (2,900) | (2,000) | |||
Net interest income (expense) after provision for credit losses | 40,563 | 34,768 | 75,571 | 69,652 | |||
Noninterest income | 5,619 | 10,079 | 12,131 | 25,070 | |||
Depreciation and amortization expense | 707 | 688 | 1,418 | 1,365 | |||
Other noninterest expenses | 22,504 | 24,322 | 45,114 | 50,887 | |||
Total noninterest expenses | 23,211 | 25,010 | 46,532 | 52,252 | |||
Income (loss) before income taxes | 22,971 | 19,837 | 41,170 | 42,470 | |||
Income tax expense | 4,748 | 4,250 | 8,545 | 9,085 | |||
Net income | 18,223 | 15,587 | 32,625 | 33,385 | |||
Total assets | 5,908,644 | 5,778,879 | 5,908,644 | 5,778,879 | |||
Expenditures for long-lived assets | 1,558 | 883 | 2,288 | 1,717 | |||
Wealth Management Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income (expense) | (48) | (14) | (65) | (27) | |||
Provision for credit losses | 0 | 0 | 0 | 0 | |||
Net interest income (expense) after provision for credit losses | (48) | (14) | (65) | (27) | |||
Noninterest income | 10,233 | 10,514 | 20,880 | 21,497 | |||
Depreciation and amortization expense | 341 | 376 | 685 | 753 | |||
Other noninterest expenses | 7,525 | 7,626 | 15,079 | 14,720 | |||
Total noninterest expenses | 7,866 | 8,002 | 15,764 | 15,473 | |||
Income (loss) before income taxes | 2,319 | 2,498 | 5,051 | 5,997 | |||
Income tax expense | 585 | 625 | 1,236 | 1,451 | |||
Net income | 1,734 | 1,873 | 3,815 | 4,546 | |||
Total assets | 74,247 | 73,101 | 74,247 | 73,101 | |||
Expenditures for long-lived assets | $ 89 | $ 34 | $ 193 | $ 111 | |||
|
Other Comprehensive Income (Loss) (Activity in Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||||||
Changes in fair value of available for sale debt securities, before tax | $ (47,293) | $ 5,440 | $ (112,371) | $ (12,085) | ||||
Changes in fair value of available for sale debt securities, tax | (11,351) | 1,306 | (26,969) | (2,900) | ||||
Changes in fair value of available for sale debt securities, net of tax | (35,942) | 4,134 | (85,402) | (9,185) | ||||
Changes in fair value of cash flow hedges, before tax | (3,943) | 158 | (17,144) | 267 | ||||
Changes in fair value of cash flow hedges, tax | (946) | 38 | (4,114) | 64 | ||||
Change in fair value of cash flow hedges , net of tax | (2,997) | 120 | (13,030) | 203 | ||||
Net cash flow hedge (gains) losses reclassified into earnings, before tax | [1] | 32 | (65) | (367) | 216 | |||
Net cash flow hedge (gains) losses reclassified into earnings, tax | 8 | (15) | (89) | 52 | ||||
Net cash flow hedge (gains) losses reclassified into earnings, net of tax | 24 | (50) | (278) | 164 | ||||
Net change in fair value of cash flow hedges, before tax | (3,911) | 93 | (17,511) | 483 | ||||
Net change in fair value of cash flow hedges, tax | (938) | 23 | (4,203) | 116 | ||||
Net change in fair value of cash flow hedges, net of tax | (2,973) | 70 | (13,308) | 367 | ||||
Amortization of net actuarial losses, before tax | [2] | 428 | 877 | 856 | 1,422 | |||
Amortization of net actuarial losses, tax | 103 | 203 | 206 | 341 | ||||
Amortization of net actuarial losses, net of tax | 325 | 674 | 650 | 1,081 | ||||
Total other comprehensive income (loss), before tax | (50,776) | 6,410 | (129,026) | (10,180) | ||||
Total other comprehensive income (loss), tax | (12,186) | 1,532 | (30,966) | (2,443) | ||||
Total other comprehensive income (loss), net of tax | $ (38,590) | $ 4,878 | $ (98,060) | $ (7,737) | ||||
|
Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Accumulated other comprehensive income (loss), beginning balance | $ (19,981) | |||
Total other comprehensive income (loss), net of tax | $ (38,590) | $ 4,878 | (98,060) | $ (7,737) |
Accumulated other comprehensive income (loss), ending balance | (118,041) | (118,041) | ||
Net Unrealized Gains (Losses) on AFS Securities [Member] | ||||
Accumulated other comprehensive income (loss), beginning balance | (56,255) | (3,438) | (6,795) | 9,881 |
Other comprehensive income (loss) before reclassifications | (35,942) | 4,134 | (85,402) | (9,185) |
Amounts reclassed from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | (35,942) | 4,134 | (85,402) | (9,185) |
Accumulated other comprehensive income (loss), ending balance | (92,197) | 696 | (92,197) | 696 |
Net Unrealized Losses on Cash Flow Hedges [Member] | ||||
Accumulated other comprehensive income (loss), beginning balance | (14,348) | (1,150) | (4,013) | (1,447) |
Other comprehensive income (loss) before reclassifications | (2,997) | 120 | (13,030) | 203 |
Amounts reclassed from accumulated other comprehensive income (loss) | 24 | (50) | (278) | 164 |
Total other comprehensive income (loss), net of tax | (2,973) | 70 | (13,308) | 367 |
Accumulated other comprehensive income (loss), ending balance | (17,321) | (1,080) | (17,321) | (1,080) |
Pension Benefit Adjustment [Member] | ||||
Accumulated other comprehensive income (loss), beginning balance | (8,848) | (15,418) | (9,173) | (15,825) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassed from accumulated other comprehensive income (loss) | 325 | 674 | 650 | 1,081 |
Total other comprehensive income (loss), net of tax | 325 | 674 | 650 | 1,081 |
Accumulated other comprehensive income (loss), ending balance | (8,523) | (14,744) | (8,523) | (14,744) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated other comprehensive income (loss), beginning balance | (79,451) | (20,006) | (19,981) | (7,391) |
Other comprehensive income (loss) before reclassifications | (38,939) | 4,254 | (98,432) | (8,982) |
Amounts reclassed from accumulated other comprehensive income (loss) | 349 | 624 | 372 | 1,245 |
Total other comprehensive income (loss), net of tax | (38,590) | 4,878 | (98,060) | (7,737) |
Accumulated other comprehensive income (loss), ending balance | $ (118,041) | $ (15,128) | $ (118,041) | $ (15,128) |
Earnings Per Common Share (Calculation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 19,957 | $ 17,460 | $ 36,440 | $ 37,931 |
Less dividends and undistributed earnings allocated to participating securities | (57) | (52) | (111) | (108) |
Net income available to common shareholders | $ 19,900 | $ 17,408 | $ 36,329 | $ 37,823 |
Weighted average common shares outstanding - basic | 17,303,000 | 17,314,000 | 17,317,000 | 17,295,000 |
Dilutive effect of common stock equivalents | 111,000 | 122,000 | 134,000 | 150,000 |
Weighted average common shares outstanding - diluted | 17,414,000 | 17,436,000 | 17,451,000 | 17,445,000 |
Basic earnings per common share | $ 1.15 | $ 1.01 | $ 2.10 | $ 2.19 |
Diluted earnings per common share | $ 1.14 | $ 1.00 | $ 2.08 | $ 2.17 |
Antidilutive common stock equivalents | 196,943 | 87,924 | 141,043 | 149,650 |
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Commitments to extend credit on standby letters of credit [Member] | Commitments to extend credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract amount | $ 10,818 | $ 11,844 |
Commitments and Contingencies (Financial Instruments with Off Balance Sheet Risk) (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Interest rate lock commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 35,444 | $ 49,800 |
Forward sale commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 68,505 | 103,626 |
Interest rate swaps with customers [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 961,323 | 1,022,388 |
Mirror swaps with counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 961,323 | 1,022,388 |
Risk participation-in agreement [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 177,440 | 163,207 |
Interest rate swaps [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 320,000 | 320,000 |
Commitments to extend credit on commerical loans [Member] | Commitments to extend credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 677,631 | 516,344 |
Commitments to extend credit on home equity lines [Member] | Commitments to extend credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 397,402 | 367,784 |
Commitments to extend credit on other loans [Member] | Commitments to extend credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | 187,683 | 122,492 |
Commitments to extend credit on standby letters of credit [Member] | Commitments to extend credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount | $ 10,818 | $ 11,844 |
Commitments and Contingencies (ACL on Unfunded Commitments Rollforward) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | $ 2,261,000 | $ 2,333,000 | $ 2,161,000 | $ 2,382,000 |
Provision | (71,000) | 0 | 29,000 | (49,000) |
Ending balance | 2,190,000 | 2,333,000 | 2,190,000 | 2,333,000 |
Commercial Real Estate | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 1,335,000 | 953,000 | 1,267,000 | 907,000 |
Provision | (56,000) | 261,000 | 12,000 | 307,000 |
Ending balance | 1,279,000 | 1,214,000 | 1,279,000 | 1,214,000 |
Commercial & Industrial | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 837,000 | 1,314,000 | 816,000 | 1,402,000 |
Provision | (3,000) | (269,000) | 18,000 | (357,000) |
Ending balance | 834,000 | 1,045,000 | 834,000 | 1,045,000 |
Total Commercial | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 2,172,000 | 2,267,000 | 2,083,000 | 2,309,000 |
Provision | (59,000) | (8,000) | 30,000 | (50,000) |
Ending balance | 2,113,000 | 2,259,000 | 2,113,000 | 2,259,000 |
Residential Real Estate | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 72,000 | 46,000 | 62,000 | 54,000 |
Provision | (14,000) | 10,000 | (4,000) | 2,000 |
Ending balance | 58,000 | 56,000 | 58,000 | 56,000 |
Home Equity | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 0 |
Provision | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 |
Other | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 17,000 | 20,000 | 16,000 | 19,000 |
Provision | 2,000 | (2,000) | 3,000 | (1,000) |
Ending balance | 19,000 | 18,000 | 19,000 | 18,000 |
Total Consumer | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 17,000 | 20,000 | 16,000 | 19,000 |
Provision | 2,000 | (2,000) | 3,000 | (1,000) |
Ending balance | $ 19,000 | $ 18,000 | $ 19,000 | $ 18,000 |
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