Delaware | 04-3510455 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
60 State Street | Boston | Massachusetts | 02109 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of Exchange on which registered | ||||||||||||||||||
Common stock, par value $0.01 per share | BHLB | New York Stock Exchange |
Large Accelerated Filer | x | Accelerated Filer | ☐ | |||||||||||
Non-Accelerated Filer | o | Smaller Reporting Company | ☐ | |||||||||||
Emerging Growth Company | ☐ |
TABLE INDEX | |||||||||||
ITEM 1 TABLE 1 — LOAN PORTFOLIO ANALYSIS | |||||||||||
ITEM 7 TABLE 1 — AVERAGE BALANCES, INTEREST AND AVERAGE YIELD COSTS | |||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
(In millions) | Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | ||||||||||||||
Loans: | ||||||||||||||||||||
Construction | $ | 324 | 4.7 | % | $ | 455 | 5.6 | % | $ | 449 | 4.7 | % | ||||||||
Commercial multifamily | 516 | 7.6 | 483 | 6.0 | 632 | 6.7 | ||||||||||||||
Commercial real estate owner occupied | 607 | 8.9 | 552 | 6.8 | 673 | 7.1 | ||||||||||||||
Commercial real estate non-owner occupied | 2,157 | 31.6 | 2,119 | 26.2 | 2,190 | 23.0 | ||||||||||||||
Commercial and industrial | 1,285 | 18.8 | 1,943 | 24.0 | 1,844 | 19.4 | ||||||||||||||
Residential real estate | 1,489 | 21.8 | 1,932 | 23.9 | 2,853 | 30.0 | ||||||||||||||
Home equity | 252 | 3.7 | 294 | 3.7 | 379 | 4.0 | ||||||||||||||
Consumer other | 196 | 2.9 | 303 | 3.8 | 483 | 5.1 | ||||||||||||||
Total | $ | 6,826 | 100.0 | % | $ | 8,081 | 100.0 | % | $ | 9,503 | 100.0 | % | ||||||||
Allowance for credit losses (1) | (106) | (127) | (64) | |||||||||||||||||
Net loans | $ | 6,720 | $ | 7,954 | $ | 9,439 |
Contractual Maturity | One Year | One to | Five to | More Than | ||||||||||||||||||||||||||||
(In thousands) | or Less | Five Years | Fifteen Years | Fifteen Years | Total | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Construction | $ | 80,052 | $ | 142,114 | $ | 87,478 | $ | 14,638 | $ | 324,282 | ||||||||||||||||||||||
Commercial multifamily | 39,899 | 177,740 | 293,666 | 4,512 | 515,817 | |||||||||||||||||||||||||||
Commercial real estate owner occupied | 45,827 | 173,858 | 316,684 | 70,108 | 606,477 | |||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 280,160 | 1,049,631 | 748,396 | 78,742 | 2,156,929 | |||||||||||||||||||||||||||
Commercial and industrial | 303,706 | 683,365 | 274,324 | 23,034 | 1,284,429 | |||||||||||||||||||||||||||
Residential real estate | 3,430 | 33,530 | 233,909 | 1,218,379 | 1,489,248 | |||||||||||||||||||||||||||
Home equity | 1,388 | 4,195 | 65,897 | 180,886 | 252,366 | |||||||||||||||||||||||||||
Consumer other | 9,396 | 133,138 | 44,001 | 9,764 | 196,299 | |||||||||||||||||||||||||||
Total | $ | 763,858 | $ | 2,397,571 | $ | 2,064,355 | $ | 1,600,063 | $ | 6,825,847 |
(In thousands) | Fixed Interest Rate | Variable Interest Rate | Total | |||||||||||||||||
Loans: | ||||||||||||||||||||
Construction | $ | 28,215 | $ | 216,015 | $ | 244,230 | ||||||||||||||
Commercial multifamily | 115,278 | 360,640 | 475,918 | |||||||||||||||||
Commercial real estate owner occupied | 199,055 | 361,595 | 560,650 | |||||||||||||||||
Commercial real estate non-owner occupied | 581,824 | 1,294,945 | 1,876,769 | |||||||||||||||||
Commercial and industrial | 356,189 | 624,534 | 980,723 | |||||||||||||||||
Residential real estate | 1,148,983 | 336,835 | 1,485,818 | |||||||||||||||||
Home equity | 2,045 | 248,933 | 250,978 | |||||||||||||||||
Consumer other | 180,932 | 5,971 | 186,903 | |||||||||||||||||
Total | $ | 2,612,521 | $ | 3,449,468 | $ | 6,061,989 |
2021 | 2020 | 2019 | ||||||||||||||||||
Ratios: | ||||||||||||||||||||
Allowance for credit losses/total loans | 1.55 | % | 1.58 | % | 0.67 | % | ||||||||||||||
Non-accrual loans/total loans | 0.52 | 0.80 | 0.42 | |||||||||||||||||
Allowance for credit losses/non-accruing loans | 300.33 | 196.01 | 160.38 | |||||||||||||||||
Net charge-offs/average loans | 0.29 | 0.41 | 0.35 | |||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net charge-offs to average loans: | ||||||||||||||||||||
Construction | — | % | 0.01 | % | — | % | ||||||||||||||
Commercial multifamily | — | — | 0.01 | |||||||||||||||||
Commercial real estate owner occupied | 0.02 | 0.08 | 0.05 | |||||||||||||||||
Commercial real estate non-owner occupied | 0.18 | 0.12 | — | |||||||||||||||||
Commercial and industrial | 0.09 | 0.16 | 0.24 | |||||||||||||||||
Residential real estate | — | 0.01 | 0.01 | |||||||||||||||||
Home equity | — | — | 0.01 | |||||||||||||||||
Consumer other | 0.01 | 0.02 | 0.03 |
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount Allocated | Percent Allocated to Total Loans in Each Category | Amount Allocated | Percent Allocated to Total Loans in Each Category | Amount Allocated | Percent Allocated to Total Loans in Each Category | ||||||||||||||||||||||||||||||||
Construction | $ | 3,206 | 1.0 | % | $ | 5,111 | 1.1 | % | $ | 2,713 | 0.6 | % | ||||||||||||||||||||||||||
Commercial multifamily | 6,120 | 1.2 | 5,916 | 1.2 | 4,413 | 0.7 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 12,752 | 2.1 | 12,380 | 2.2 | 4,880 | 0.7 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 32,106 | 1.5 | 35,850 | 1.7 | 16,344 | 0.8 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 22,584 | 1.8 | 25,013 | 1.3 | 20,099 | 1.1 | ||||||||||||||||||||||||||||||||
Residential real estate | 22,734 | 1.5 | 28,491 | 1.5 | 9,970 | 0.4 | ||||||||||||||||||||||||||||||||
Home equity | 4,006 | 1.6 | 6,482 | 2.2 | 1,470 | 0.4 | ||||||||||||||||||||||||||||||||
Consumer other | 2,586 | 1.3 | 8,059 | 2.7 | 3,686 | 0.8 | ||||||||||||||||||||||||||||||||
Total (1) | $ | 106,094 | 1.6 | % | $ | 127,302 | 1.6 | % | $ | 63,575 | 0.7 | % |
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount Allocated | Percent of Loans in Each Category to Total Loans | Amount Allocated | Percent of Loans in Each Category to Total Loans | Amount Allocated | Percent of Loans in Each Category to Total Loans | ||||||||||||||||||||||||||||||||
Construction | $ | 3,206 | 4.8 | % | $ | 5,111 | 5.6 | % | $ | 2,713 | 4.7 | % | ||||||||||||||||||||||||||
Commercial multifamily | 6,120 | 7.5 | 5,916 | 6.0 | 4,413 | 6.7 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 12,752 | 8.9 | 12,380 | 6.8 | 4,880 | 7.1 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 32,106 | 31.6 | 35,850 | 26.2 | 16,344 | 23.0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 22,584 | 18.8 | 25,013 | 24.0 | 20,099 | 19.4 | ||||||||||||||||||||||||||||||||
Residential real estate | 22,734 | 21.8 | 28,491 | 23.9 | 9,970 | 30.0 | ||||||||||||||||||||||||||||||||
Home equity | 4,006 | 3.7 | 6,482 | 3.7 | 1,470 | 4.0 | ||||||||||||||||||||||||||||||||
Consumer other | 2,586 | 2.9 | 8,059 | 3.8 | 3,686 | 5.1 | ||||||||||||||||||||||||||||||||
Total (1) | $ | 106,094 | 100.0 | % | $ | 127,302 | 100.0 | % | $ | 63,575 | 100.0 | % |
One Year or Less | More than One Year to Five Years | More than Five Years to Ten Years | More than Ten Years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | |||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | $ | 2.1 | 3.0 | % | $ | 5.5 | 5.0 | % | $ | 36.5 | 5.0 | % | $ | 309.2 | 4.0 | % | $ | 353.3 | 4.0 | % | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 0.1 | 2.0 | % | 31.8 | 2.0 | % | 255.4 | 2.0 | % | 1,752.8 | 1.0 | % | 2,040.1 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | 61.0 | — | % | 1.7 | 2.0 | % | 40.1 | 4.0 | % | 22.3 | 3.0 | % | 125.1 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 63.2 | 0.3 | % | $ | 39.0 | 2.7 | % | $ | 332.0 | 2.4 | % | $ | 2,084.3 | 1.9 | % | $ | 2,518.5 | 1.9 | % |
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Average Balance | Percent of Total Average Deposits | Weighted Average Rate | Average Balance | Percent of Total Average Deposits | Weighted Average Rate | Average Balance | Percent of Total Average Deposits | Weighted Average Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Demand | $ | 3,008.5 | 30 | % | — | % | $ | 2,324.6 | 23 | % | — | % | $ | 1,745.2 | 18 | % | — | % | ||||||||||||||||||||||||||||||||||||||
NOW and other | 976.4 | 10 | 0.1 | 1,216.6 | 12 | 0.3 | 1,053.9 | 11 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Money market | 3,293.5 | 32 | 0.2 | 2,713.6 | 26 | 0.6 | 2,542.6 | 26 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,111.6 | 11 | 0.1 | 914.1 | 9 | 0.1 | 798.2 | 8 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Time | 1,678.9 | 17 | 0.9 | 3,102.9 | 30 | 1.7 | 3,754.2 | 37 | 2.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,068.9 | 100 | % | 0.3 | % | $ | 10,271.8 | 100 | % | 0.7 | % | $ | 9,894.1 | 100 | % | 1.2 | % |
Maturity Period | Time Deposits that Meet or Exceed the FDIC Insurance Limit | Estimated Aggregate Time Deposits that Meet or Exceed the FDIC Insurance Limit and Otherwise Uninsured Time Deposits | ||||||||||||
(In thousands) | ||||||||||||||
Three months or less | $ | 114,373 | $ | 180,053 | ||||||||||
Over 3 months through 6 months | 102,789 | 153,912 | ||||||||||||
Over 6 months through 12 months | 77,235 | 123,310 | ||||||||||||
Over 12 months | 97,390 | 177,493 | ||||||||||||
Total | $ | 391,787 | $ | 634,768 |
Human Capital* | ◦Total Full Time Equivalent | 1319 | ||||||
◦Turnover Rate | 31% | |||||||
◦Retention Rate | 64% |
Diversity & Inclusion* | ◦Percent of women in workforce | 67 | % | |||||
◦Percent of ethnic minorities in workforce | 15 | % | ||||||
◦Percent of women on the Board | 25 | % | ||||||
◦Percent of ethnic minorities on the Board | 25 | % | ||||||
◦Percent of women in management (officer+) | 20 | % | ||||||
◦Percent of ethnic minorities in management officer+) | 4 | % |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
October 1-31, 2021 | — | $ | — | — | — | |||||||||||||||||||||
November 1-30, 2021 | — | — | — | — | ||||||||||||||||||||||
December 1-31, 2021 | — | — | — | — | ||||||||||||||||||||||
Total | — | $ | — | — | — |
Period Ending | ||||||||||||||||||||||||||||||||||||||
Index | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | ||||||||||||||||||||||||||||||||
Berkshire Hills Bancorp, Inc. | 100.00 | 101.65 | 76.68 | 96.38 | 52.72 | 89.16 | ||||||||||||||||||||||||||||||||
NYSE Composite Index | 100.00 | 118.73 | 108.10 | 135.68 | 145.16 | 175.17 | ||||||||||||||||||||||||||||||||
KBW NASDAQ Regional Banking Index | 100.00 | 101.75 | 83.95 | 103.94 | 94.89 | 129.65 |
At or For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Per Common Share Data: | ||||||||||||||||||||||||||||||||
Net earnings/(loss), diluted - continuing operations | $ | 2.39 | $ | (10.21) | $ | 2.05 | $ | 2.36 | $ | 1.24 | ||||||||||||||||||||||
Net (loss)/earnings, diluted - discontinued operations | — | (0.39) | (0.08) | (0.07) | 0.15 | |||||||||||||||||||||||||||
Net earnings/(loss), diluted | $ | 2.39 | $ | (10.60) | $ | 1.97 | $ | 2.29 | $ | 1.39 | ||||||||||||||||||||||
Total book value per common share | 24.30 | 23.37 | 34.65 | 33.30 | 32.14 | |||||||||||||||||||||||||||
Dividends | 0.48 | 0.72 | 0.92 | 0.88 | 0.84 | |||||||||||||||||||||||||||
Common stock price: | ||||||||||||||||||||||||||||||||
High | 29.16 | 33.04 | 33.72 | 44.25 | 40.00 | |||||||||||||||||||||||||||
Low | 16.35 | 8.55 | 26.02 | 25.77 | 32.85 | |||||||||||||||||||||||||||
Close | 28.43 | 17.12 | 32.88 | 26.97 | 36.60 | |||||||||||||||||||||||||||
Performance Ratios: (1) | ||||||||||||||||||||||||||||||||
Return on assets | 0.98 | % | (4.15) | % | 0.75 | % | 0.90 | % | 0.56 | % | ||||||||||||||||||||||
Return on equity | 10.18 | (37.50) | 5.75 | 6.84 | 4.45 | |||||||||||||||||||||||||||
Return on tangible common equity | 10.80 | (48.60) | 9.36 | 11.41 | 7.29 | |||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent (FTE) (2) | 2.60 | 2.72 | 3.17 | 3.40 | 3.40 | |||||||||||||||||||||||||||
Fee income/Net interest and fee income | 22.49 | 18.10 | 23.86 | 23.36 | 29.41 | |||||||||||||||||||||||||||
Growth Ratios: | ||||||||||||||||||||||||||||||||
Total commercial loans | (12.09) | % | (4.58) | % | 9.19 | % | 6.17 | % | 37.79 | % | ||||||||||||||||||||||
Total loans | (15.54) | (14.95) | 5.08 | 8.96 | 26.71 | |||||||||||||||||||||||||||
Total deposits | (1.44) | (1.16) | 15.07 | 2.66 | 32.13 | |||||||||||||||||||||||||||
Total net revenues, (compared to prior year) | 13.40 | (14.73) | 4.53 | 11.59 | 41.05 | |||||||||||||||||||||||||||
Earnings per share, (compared to prior year) | 122.55 | (638.07) | (13.97) | 64.75 | (26.06) | |||||||||||||||||||||||||||
Selected Financial Data: | ||||||||||||||||||||||||||||||||
Total assets | $ | 11,554,913 | $ | 12,838,013 | $ | 13,215,970 | $ | 12,212,231 | $ | 11,570,751 | ||||||||||||||||||||||
Total earning assets | 10,899,109 | 12,089,939 | 11,916,007 | 11,140,307 | 10,509,163 | |||||||||||||||||||||||||||
Securities | 2,548,695 | 2,223,417 | 1,769,878 | 1,918,604 | 1,898,564 | |||||||||||||||||||||||||||
Total loans | 6,825,847 | 8,081,519 | 9,502,428 | 9,043,253 | 8,299,338 | |||||||||||||||||||||||||||
Allowance for credit losses | (106,094) | (127,302) | (63,575) | (61,469) | (51,834) | |||||||||||||||||||||||||||
Total intangible assets | 29,619 | 34,819 | 599,377 | 551,743 | 557,583 | |||||||||||||||||||||||||||
Total deposits | 10,068,953 | 10,215,808 | 10,335,977 | 8,982,381 | 8,749,530 | |||||||||||||||||||||||||||
Total borrowings | 110,844 | 571,637 | 827,550 | 1,517,816 | 1,137,075 | |||||||||||||||||||||||||||
Total shareholders’ equity | 1,182,435 | 1,187,773 | 1,758,564 | 1,552,918 | 1,496,264 |
At or For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Selected Operating Data: | ||||||||||||||||||||||||||||||||
Total interest and dividend income | $ | 329,065 | $ | 409,782 | $ | 509,513 | $ | 465,894 | $ | 355,076 | ||||||||||||||||||||||
Total interest expense | 37,899 | 93,000 | 144,255 | 109,694 | 64,113 | |||||||||||||||||||||||||||
Net interest income | 291,166 | 316,782 | 365,258 | 356,200 | 290,963 | |||||||||||||||||||||||||||
Fee income | 84,462 | 69,990 | 76,824 | 74,026 | 71,356 | |||||||||||||||||||||||||||
All other non-interest income/(loss) | 58,786 | (3,683) | 7,178 | 298 | 2,888 | |||||||||||||||||||||||||||
Total net revenue | 434,414 | 383,089 | 449,260 | 430,524 | 365,207 | |||||||||||||||||||||||||||
Provision for credit losses | (500) | 75,878 | 35,419 | 25,451 | 21,025 | |||||||||||||||||||||||||||
Total non-interest expense | 285,893 | 840,239 | 289,857 | 266,893 | 252,978 | |||||||||||||||||||||||||||
Income/(loss) from continuing operations before income taxes | 149,021 | (533,028) | 123,984 | 138,180 | 91,204 | |||||||||||||||||||||||||||
Income tax expense/(benefit) from continuing operations | 30,357 | (19,853) | 22,463 | 28,961 | 42,088 | |||||||||||||||||||||||||||
Net income/(loss) from continuing operations | 118,664 | (513,175) | 101,521 | 109,219 | 49,116 | |||||||||||||||||||||||||||
(Loss)/income from discontinued operations before income taxes | — | (26,855) | (5,539) | (4,767) | 8,545 | |||||||||||||||||||||||||||
Income tax (benefit)/expense from discontinued operations | — | (7,013) | (1,468) | (1,313) | 2,414 | |||||||||||||||||||||||||||
Net (loss)/income from discontinued operations | — | (19,842) | (4,071) | (3,454) | 6,131 | |||||||||||||||||||||||||||
Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 | $ | 105,765 | $ | 55,247 | ||||||||||||||||||||||
Basic earnings/(loss) per common share: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 2.41 | $ | (10.21) | $ | 2.06 | $ | 2.38 | $ | 1.24 | ||||||||||||||||||||||
Discontinued operations | — | (0.39) | (0.08) | (0.08) | 0.16 | |||||||||||||||||||||||||||
Total basic earnings/(loss) per share | $ | 2.41 | $ | (10.60) | $ | 1.98 | $ | 2.30 | $ | 1.40 | ||||||||||||||||||||||
Diluted earnings/(loss) per common share: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 2.39 | $ | (10.21) | $ | 2.05 | $ | 2.36 | $ | 1.24 | ||||||||||||||||||||||
Discontinued operations | — | (0.39) | (0.08) | (0.07) | 0.15 | |||||||||||||||||||||||||||
Total diluted earnings/(loss) per share | $ | 2.39 | $ | (10.60) | $ | 1.97 | $ | 2.29 | $ | 1.39 | ||||||||||||||||||||||
Weighted average common shares outstanding - basic | 49,240 | 50,270 | 49,263 | 46,024 | 39,456 | |||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 49,554 | 50,270 | 49,421 | 46,231 | 39,695 | |||||||||||||||||||||||||||
Dividends per preferred share | $ | — | $ | 1.20 | $ | 1.84 | $ | 1.76 | $ | 0.42 | ||||||||||||||||||||||
Dividends per common share | $ | 0.48 | $ | 0.72 | $ | 0.92 | $ | 0.88 | $ | 0.84 | ||||||||||||||||||||||
Asset Quality and Condition Ratios: (3) | ||||||||||||||||||||||||||||||||
Net loans charged-off/average loans | 0.29 | % | 0.41 | % | 0.35 | % | 0.18 | % | 0.19 | % | ||||||||||||||||||||||
Allowance for credit losses/total loans | 1.55 | 1.58 | 0.67 | 0.68 | 0.62 | |||||||||||||||||||||||||||
Loans/deposits | 68 | 79 | 92 | 101 | 95 | |||||||||||||||||||||||||||
Capital Ratios: | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets - Company | 10.49 | % | 9.38 | % | 9.33 | % | 9.04 | % | 9.01 | % | ||||||||||||||||||||||
Total capital to risk-weighted assets - Company | 17.32 | 16.10 | 13.73 | 12.99 | 12.43 | |||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets - Company | 15.30 | 14.06 | 12.30 | 11.57 | 11.15 | |||||||||||||||||||||||||||
Shareholders’ equity/total assets | 10.23 | 9.25 | 13.31 | 12.73 | 12.93 | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: (1)(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 3,600.2 | $ | 124.4 | 3.46 | % | $ | 3,958.6 | $ | 151.5 | 3.83 | % | $ | 3,789.5 | $ | 188.6 | 4.98 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 1,527.6 | 71.8 | 4.70 | 2,049.4 | 87.7 | 4.28 | 1,983.9 | 111.2 | 5.60 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | 1,560.4 | 58.4 | 3.75 | 2,324.3 | 87.8 | 3.78 | 2,719.8 | 100.7 | 3.70 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 569.1 | 22.0 | 3.87 | 828.1 | 31.3 | 3.78 | 1,038.4 | 46.5 | 4.48 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 7,257.3 | 276.6 | 3.81 | 9,160.4 | 358.3 | 3.91 | 9,531.6 | 447.0 | 4.69 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2)(3) | 2,283.6 | 49.4 | 2.16 | 1,845.2 | 54.6 | 2.96 | 1,846.9 | 62.6 | 3.39 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and loans held for sale (4) | 1,619.4 | 2.3 | 0.58 | 767.2 | 4.4 | 0.64 | 335.3 | 13.4 | 4.01 | |||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic region loans held for sale | 179.5 | 7.1 | 3.97 | 25.2 | 0.4 | 1.07 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 11,339.8 | 335.4 | 2.60 | 11,798.0 | 417.7 | 3.55 | 11,713.8 | 523.0 | 4.47 | |||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 32.0 | 316.1 | 578.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning assets (4) | 684.1 | 747.1 | 669.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 12,055.9 | $ | 12,861.2 | $ | 12,961.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW and other | $ | 1,340.2 | $ | 1.0 | 0.07 | % | $ | 1,216.6 | $ | 3.5 | 0.29 | % | $ | 1,053.9 | $ | 6.5 | 0.62 | % | ||||||||||||||||||||||||||||||||||||||
Money market | 2,749.7 | 5.3 | 0.19 | 2,713.6 | 15.3 | 0.56 | 2,542.6 | 31.4 | 1.23 | |||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,067.7 | 0.5 | 0.05 | 914.1 | 0.9 | 0.10 | 798.2 | 1.2 | 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1,978.9 | 18.6 | 0.94 | 3,102.9 | 52.5 | 1.69 | 3,754.2 | 76.1 | 2.03 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 7,136.5 | 25.4 | 0.36 | 7,947.2 | 72.2 | 0.91 | 8,148.9 | 115.2 | 1.41 | |||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and notes (5) | 320.2 | 10.7 | 3.34 | 841.6 | 20.7 | 2.46 | 1,115.5 | 32.4 | 2.91 | |||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic region interest-bearing deposits | 335.1 | 1.8 | 0.54 | 45.0 | 0.1 | 0.80 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,791.8 | 37.9 | 0.49 | 8,833.8 | 93.0 | 1.06 | 9,264.4 | 147.6 | 1.59 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 2,817.4 | 2,324.6 | 1,745.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities (4) | 280.9 | 281.4 | 257.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 10,890.1 | 11,439.8 | 11,266.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | 1,165.8 | 1,421.4 | 1,694.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 12,055.9 | $ | 12,861.2 | $ | 12,961.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 297.5 | $ | 324.7 | $ | 375.4 |
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 2.12 | % | 2.49 | % | 2.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | 2.60 | 2.72 | 3.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of funds | 0.35 | 0.84 | 1.34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of deposits | 0.26 | 0.71 | 1.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets/interest-bearing liabilities | 149.67 | 133.95 | 126.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-maturity deposits | $ | 7,975.0 | $ | 7,168.9 | $ | 6,139.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 9,954.0 | 10,271.8 | 9,894.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully taxable equivalent adjustment | 6.3 | 6.4 | 7.5 |
2021 Compared with 2020 | 2020 Compared with 2019 | |||||||||||||||||||||||||||||||||||||
(Decrease) Increase Due to | (Decrease) Increase Due to | |||||||||||||||||||||||||||||||||||||
(In thousands) | Rate | Volume | Net | Rate | Volume | Net | ||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | (14,027) | $ | (13,071) | $ | (27,098) | $ | (45,193) | $ | 8,096 | $ | (37,097) | ||||||||||||||||||||||||||
Commercial and industrial loans | 7,962 | (23,913) | (15,951) | (27,008) | 3,561 | (23,447) | ||||||||||||||||||||||||||||||||
Residential loans | (762) | (28,622) | (29,384) | 2,017 | (14,907) | (12,890) | ||||||||||||||||||||||||||||||||
Consumer loans | 704 | (10,014) | (9,310) | (6,575) | (8,592) | (15,167) | ||||||||||||||||||||||||||||||||
Total loans | (6,123) | (75,620) | (81,743) | (76,759) | (11,842) | (88,601) | ||||||||||||||||||||||||||||||||
Investment securities | (16,598) | 11,341 | (5,257) | (7,945) | (57) | (8,002) | ||||||||||||||||||||||||||||||||
Short-term investments and loans held for sale (1) | (5,508) | 2,980 | (2,528) | (16,924) | 8,297 | (8,627) | ||||||||||||||||||||||||||||||||
Mid-Atlantic region loans held for sale | (1,480) | 8,600 | $ | 7,120 | — | — | — | |||||||||||||||||||||||||||||||
Total interest income | $ | (29,709) | $ | (52,699) | $ | (82,408) | $ | (101,628) | $ | (3,602) | $ | (105,230) | ||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||
NOW accounts | $ | (2,832) | $ | 327 | $ | (2,505) | $ | (3,835) | $ | 882 | $ | (2,953) | ||||||||||||||||||||||||||
Money market accounts | (10,259) | 201 | (10,058) | (18,043) | 1,985 | (16,058) | ||||||||||||||||||||||||||||||||
Savings accounts | (536) | 137 | (399) | (409) | 156 | (253) | ||||||||||||||||||||||||||||||||
Certificates of deposit | (18,740) | (15,233) | (33,973) | (11,486) | (12,093) | (23,579) | ||||||||||||||||||||||||||||||||
Total deposits | (32,367) | (14,568) | (46,935) | (33,773) | (9,070) | (42,843) | ||||||||||||||||||||||||||||||||
Borrowings | 5,691 | (15,702) | (10,011) | (4,553) | (7,206) | (11,759) | ||||||||||||||||||||||||||||||||
Mid-Atlantic region interest-bearing deposits | 814 | 1,005 | $ | 1,819 | — | — | — | |||||||||||||||||||||||||||||||
Total interest expense | $ | (26,676) | $ | (30,270) | $ | (55,127) | $ | (38,326) | $ | (16,276) | $ | (54,602) | ||||||||||||||||||||||||||
Change in net interest income | $ | (3,033) | $ | (22,429) | $ | (27,281) | $ | (63,302) | $ | 12,674 | $ | (50,628) |
At or For the Years Ended | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||
GAAP Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 | ||||||||||||||
Non-GAAP measures | ||||||||||||||||||||
Adj: Loss/(gain) on securities, net | 787 | 7,520 | (4,389) | |||||||||||||||||
Adj: Goodwill impairment | — | 553,762 | — | |||||||||||||||||
Adj: Net gains on sale of business operations | (52,942) | (1,240) | — | |||||||||||||||||
Adj: Acquisition, restructuring, conversion, and other related expenses (1) | 5,781 | 5,839 | 28,046 | |||||||||||||||||
Adj: Loss from discontinued operations before income taxes | — | 26,855 | 5,539 | |||||||||||||||||
Adj: Income taxes | 11,696 | (29,342) | (7,799) | |||||||||||||||||
Net non-operating charges | (34,678) | 563,394 | 21,397 | |||||||||||||||||
Total adjusted net income (non-GAAP) | $ | 83,986 | $ | 30,377 | $ | 118,847 | ||||||||||||||
GAAP Total revenue from continuing operations | $ | 434,414 | $ | 383,089 | $ | 449,260 | ||||||||||||||
Adj: Loss/(gain) on securities, net | 787 | 7,520 | (4,389) | |||||||||||||||||
Adj: Net gains on sale of business operations | (52,942) | (1,240) | — | |||||||||||||||||
Total adjusted operating revenue (non-GAAP) | $ | 382,259 | $ | 389,369 | $ | 444,871 | ||||||||||||||
GAAP Total non-interest expense from continuing operations | $ | 285,893 | $ | 840,239 | $ | 289,857 | ||||||||||||||
Less: Total non-operating expense (see above) | (5,781) | (5,839) | (28,046) | |||||||||||||||||
Less: Goodwill impairment | — | (553,762) | — | |||||||||||||||||
Adjusted operating non-interest expense (non-GAAP) | $ | 280,112 | $ | 280,638 | $ | 261,811 | ||||||||||||||
Pre-tax, pre-provision net revenue (PPNR) from continuing operations | $ | 148,521 | $ | (457,150) | $ | 159,403 | ||||||||||||||
Adjusted pre-tax, pre-provision net revenue (PPNR) | 102,147 | 108,731 | $ | 183,060 | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||
Total average assets | $ | 12,056 | $ | 12,861 | $ | 12,961 | ||||||||||||||
Total average shareholders' equity | 1,166 | 1,421 | 1,694 | |||||||||||||||||
Total average tangible shareholders equity | 1,134 | 1,105 | 1,116 | |||||||||||||||||
Total average tangible common shareholders equity | 1,134 | 1,088 | 1,076 | |||||||||||||||||
Total tangible shareholders’ equity, period-end | 1,153 | 1,153 | 1,159 | |||||||||||||||||
Total tangible common shareholders’ equity, period-end | 1,153 | 1,153 | 1,119 | |||||||||||||||||
Total tangible assets, period-end | 11,525 | 12,803 | 12,613 | |||||||||||||||||
Total common shares outstanding, period-end (thousands) | 48,667 | 50,833 | 49,585 | |||||||||||||||||
Average diluted shares outstanding (thousands) | 49,554 | 50,308 | 49,421 | |||||||||||||||||
Earnings/(loss) per share, diluted | $ | 2.39 | $ | (10.60) | $ | 1.97 | ||||||||||||||
Plus: Net adjustments per share, diluted | (0.70) | 11.20 | 0.43 | |||||||||||||||||
Adjusted earnings per share, diluted | 1.69 | 0.60 | 2.40 | |||||||||||||||||
Book value per common share, period-end | 24.30 | 23.37 | 34.65 | |||||||||||||||||
Tangible book value per common share, period-end | 23.69 | 22.68 | 22.56 | |||||||||||||||||
Total shareholders' equity/total assets | 10.23 | 9.25 | 13.31 | |||||||||||||||||
Total tangible shareholders' equity/total tangible assets | 10.00 | 9.01 | 9.19 |
At or For the Years Ended | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||
Performance Ratios | ||||||||||||||||||||
GAAP return on assets | 0.98 | % | (4.15) | % | 0.75 | % | ||||||||||||||
Adjusted return on assets | 0.70 | 0.24 | 0.93 | |||||||||||||||||
GAAP return on equity | 10.18 | (37.46) | 5.75 | |||||||||||||||||
Adjusted return on equity | 7.20 | 2.14 | 7.01 | |||||||||||||||||
Adjusted return on tangible common equity | 7.74 | 3.18 | 11.35 | |||||||||||||||||
Efficiency ratio (2) | 69.96 | 68.53 | 55.63 | |||||||||||||||||
Supplementary Data (in thousands) | ||||||||||||||||||||
Tax benefit on tax-credit investments | $ | 4,372 | $ | 4,699 | $ | 7,950 | ||||||||||||||
Non-interest income charge on tax-credit investments | (3,445) | (3,645) | (6,455) | |||||||||||||||||
Net income on tax-credit investments | 928 | 1,054 | 1,495 | |||||||||||||||||
Intangible amortization | 5,200 | 6,181 | 5,783 | |||||||||||||||||
Fully taxable equivalent income adjustment | 6,344 | 6,402 | 7,451 |
Change in Interest Rates-Basis Points (Rate Ramp) | ||||||||||||||||||||||||||
1- 12 Months | 13- 24 Months | |||||||||||||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
At December 31, 2021 | ||||||||||||||||||||||||||
+200 | 17,815 | 6.82 | 39,059 | 14.83 | ||||||||||||||||||||||
+100 | 7,294 | 2.79 | 15,282 | 5.80 | ||||||||||||||||||||||
-100 | 1,227 | 0.47 | (1,356) | (0.51) | ||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||
+200 | (108) | (0.03) | 12,199 | 4.01 | ||||||||||||||||||||||
+100 | (3,090) | (0.99) | (943) | (0.31) | ||||||||||||||||||||||
-100 | 5,408 | 1.73 | 6,769 | 2.22 |
Name | Age | Position | ||||||
Nitin J. Mhatre | 51 | President and Chief Executive Officer of the Company; Chief Executive Officer - Berkshire Bank; Director of Berkshire Hills Bancorp and Berkshire Bank | ||||||
Sean A. Gray | 45 | Senior Executive Vice President of the Company; President - Berkshire Bank | ||||||
Subhadeep Basu | 51 | Senior Executive Vice President, Chief Financial Officer of the Company and the Bank | ||||||
George F. Bacigalupo | 67 | Senior Executive Vice President, Head of Commercial Banking - Berkshire Bank | ||||||
Gregory D. Lindenmuth | 54 | Senior Executive Vice President, Chief Risk Officer – Berkshire Bank | ||||||
Deborah A. Stephenson | 51 | Senior Executive Vice President, Regulatory & Compliance- -Berkshire Bank | ||||||
Lucia “Lucy” Bellomia | 56 | Executive Vice President, Head of Retail Banking – Berkshire Bank | ||||||
Jennifer M. Carmichael | 44 | Executive Vice President, Chief Internal Audit Officer - Berkshire Bank | ||||||
Jacqueline Courtwright | 58 | Executive Vice President, Chief Human Resources and Culture Officer – Berkshire Bank | ||||||
Georgia Melas | 58 | Executive Vice President, Chief Credit Officer – Berkshire Bank | ||||||
Wm. Gordon Prescott | 60 | Executive Vice President, General Counsel and Corporate Secretary - Berkshire Bank; Corporate Secretary – Berkshire Hills Bancorp | ||||||
Ellen Steinfeld | 60 | Executive Vice President, Head of Consumer Lending & Payments | ||||||
Jason T. White | 46 | Executive Vice President , Chief Information Officer – Berkshire Bank |
Nitin J. Mhatre. Age 51. Mr. Mhatre was appointed to the role of President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank in January 2021. He was also appointed as a Director of the Company and the Bank. Prior to joining the Company, Mr. Mhatre was Executive Vice President, Community Banking, at Webster Bank, where he led consumer and business banking businesses. Before joining Webster in 2009, Mr. Mhatre spent 13 years at Citi Group in various leadership roles across consumer-related businesses globally. | |||||
Sean A. Gray. Age 45. Mr. Gray was appointed to the role of Senior Executive Vice President and Chief Operating Officer of the Company and President of the Bank in November 2018. He was previously Senior Executive Vice President of the Company and Chief Operating Officer of the Bank since 2015. Mr. Gray joined the Company in retail banking in 2007 and attained the position of Executive Vice President, Retail Banking. Previously, he was Vice President and Consumer Market Manager at Bank of America, in Waltham, Massachusetts. |
Subhadeep Basu, Age 51. Mr. Basu joined the Company in March 2021 as Senior Executive Vice President, Chief Financial Officer. He is responsible for the accounting, treasury, tax, investor relations, procurement/facilities, and capital markets functions. Prior to joining Berkshire, Mr. Basu served as Senior Vice President of Global Institutional Services at State Street. Before joining State Street, he spent more than 15 years at Citigroup, Bank of America, and Ally Financial in various leadership roles across Finance, Treasury, Risk, and Consumer and Commercial Banking. | |||||
George F. Bacigalupo. Age 67. Mr. Bacigalupo was promoted to Senior Executive Vice President, Head of Commercial Banking, Berkshire Bank in September 2015, having previously served as an Executive Vice President since October 2013 and Senior Vice President, Chief Credit Officer since 2011. Previously, Mr. Bacigalupo was EVP of Specialty Lending at TD Banknorth, where he established the ABL and other middle-market lending groups. Subsequently, at TD Bank, he was the Senior Lender for New England. | |||||
Gregory D. Lindenmuth. Age 54. Mr. Lindenmuth is Senior Executive Vice President, Chief Risk Officer of the Bank, a position he was promoted to in October 2018. Mr. Lindenmuth joined Berkshire in 2016 from the FDIC where he was employed for 24 years and held multiple positions including Senior Risk Examiner for the Division of Risk Management Supervision and Acting Regional Manager for the Division of Insurance and Research. With the FDIC, Mr. Lindenmuth was also a Capital Markets, Mortgage Banking, and Fraud Specialist. | |||||
Deborah A. Stephenson. Age 51. Ms. Stephenson is Senior Executive Vice President, Compliance and Regulatory of Berkshire Bank, a position she was promoted to in 2018. Ms. Stephenson joined the Company in 2014. She was previously Senior Vice President at Country Bank where she managed retail banking and human resources. She started her career at the FDIC as a Safety and Soundness and Compliance Examiner. Subsequently, she has held various leadership roles in Compliance, CRA, BSA/AML, Retail Sales/Branch Administration, Human Resources and Training. | |||||
Lucia “Lucy” Bellomia, Age 56. Ms. Bellomia is Executive Vice President and Head of Retail Banking. She oversees the retail branch network, branch training, the MyBanker program, Call Center, Branch Operations, Retail Sales and Service Delivery. Prior to joining Berkshire in September 2021, she served as the Executive SVP, PM, Community Banking, Northeast Region, for Bank of America. She previously held positions at the Police and Fire Credit Union in Philadelphia, Santander Bank, PNC Bank, Sun National Bank, and Pioneer Savings and Loans. | |||||
Jennifer M. Carmichael, Age 44. Ms. Carmichael was promoted to Executive Vice President, Chief Internal Audit Officer of Berkshire Bank in November 2020. She reports to the Audit Committee of the Board and administratively to the CEO. Ms. Carmichael previously served as Senior Vice President and Audit Manager. She joined the Bank in 2016 from Accume Partners where she served as Senior Audit Manager to several clients in the New York and New England regions, including Berkshire. |
Jacqueline Courtwright, Age 58. Ms. Courtwright was promoted in September 2020 to Executive Vice President, Chief Human Resources and Culture Officer at Berkshire Bank. She had been appointed as Senior Vice President, Chief Human Resources Officer in July 2019. Prior to joining Berkshire in 2012, Ms. Courtwright was VP, Human Resources Business Partner at Citizen Bank and also held senior human resource roles during her 20 years at KeyBank. | |||||
Georgia Melas. Age 58. Ms. Melas is Executive Vice President, Chief Credit Officer of Berkshire Bank, a position she was promoted to in October 2018. Ms. Melas joined Berkshire as Senior Vice President, Chief Credit Officer in 2015 from Key Bank where she held multiple positions including Senior Credit Officer, Commercial Banking. | |||||
Wm. Gordon Prescott, Age 60. Mr. Prescott is Executive Vice President, General Counsel and Corporate Secretary of the Bank, a position he was promoted to in October 2018. Mr. Prescott joined Berkshire in 2008 as VP, General Counsel and Corporate Secretary. Mr. Prescott has 30 plus years of experience in the legal profession, including extensive experience as in-house corporate counsel, most recently with KB Toys Inc. prior to joining the Bank. | |||||
Ellen Steinfeld, Age 60. Ms. Steinfeld is Executive Vice President and Head of Consumer Lending & Payments. She is responsible for Mortgage Banking sales and operations, Home Equity, Consumer Lending and Payments. Prior to joining Berkshire in September 2021, she was President of Innovative Lending Strategic Solutions LLC. Before her consulting role, she was Managing Director and US Consumer Lending Executive for TIAA-CREF, where she managed Mortgage Lending, Small Business Lending, Consumer Lending. She has also held management positions at Hudson City Savings, Citizens Bank, RBC Wealth Management, and E*TRADE Financial. (Note: Ms. Steinfeld’s stock ownership reports to the SEC are filed under her legal name of Ellen Tulchiner). | |||||
Jason T. White, Age 46. Mr. White was promoted to Executive Vice President, Chief Information Officer of Berkshire Bank in November 2020. He previously served as Senior Vice President, Chief Technology Officer since May 2019 when he joined the Bank following the acquisition of Savings Institute Bank & Trust, where he served as Chief Information Officer and Information Security Officer. |
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) | |||||||||||||||||
Equity compensation plans approved by security holders | 80,400 | $ | 25.21 | 536,469 | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 80,400 | $ | 25.21 | 536,469 |
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
21.0 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Statements of Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements tagged as blocks of text and in detail |
(1) | Incorporated herein by reference from the Exhibits to Form S-1, Registration Statement and amendments thereto, initially filed on March 10, 2000, Registration No. 333-32146. | |||||||
(2) | Incorporated herein by reference from the Exhibits to the Form 8-K as filed on June 26, 2017. | |||||||
(3) | Incorporated herein by reference from the Exhibits to the Form 10-Q as filed on November 9, 2017. | |||||||
(4) | Incorporated herein by reference from the Exhibits to the Form 8-K as filed on October 16, 2017. | |||||||
(5) | Incorporated herein by reference from the Exhibits to the Form 8-K as filed on September 26, 2012. | |||||||
(6) | Incorporated herein by reference from Exhibit 4.3 to the Form 10-K as filed on February 28, 2020. | |||||||
(7) | Incorporated herein by reference from the Exhibit to the Form 8-K as filed on January 26, 2021. | |||||||
(8) | Incorporated herein by reference from the Exhibit to the Form 8-K as filed on April 2, 2021. | |||||||
(9) | Incorporated herein by reference from the Exhibits to the Form 10-K as filed on March 16, 2011. | |||||||
(10) | Incorporated herein by reference from the Exhibits to the Form 8-K as filed on February 22, 2019. | |||||||
(11) | Incorporated herein by reference from the Exhibits to the Form 10-K as filed on March 17, 2014. | |||||||
(12) | Incorporated herein by reference from the Exhibits to the Form 10-K as filed on February 28, 2020. | |||||||
(13) | Incorporated herein by reference from the Exhibit to the Form 8-K as filed on January 19, 2011. | |||||||
(14) | Incorporated herein by reference from the Exhibits to the Form 8-K as filed on January 23, 2015. | |||||||
(15) | Incorporated herein by reference from the Appendix to the Proxy Statement as filed on April 6, 2018. | |||||||
(16) | Incorporated herein by reference from the Exhibits to the Form 10-Q as filed on May 10, 2019. |
Berkshire Hills Bancorp, Inc. | ||||||||
Date: March 1, 2022 | By: | /s/ Nitin J. Mhatre | ||||||
Nitin J. Mhatre | ||||||||
President & Chief Executive Officer |
/s/ Nitin J. Mhatre | Director, President, & Chief Executive Officer | March 1, 2022 | ||||||||||||
Nitin J. Mhatre | (principal executive officer) | |||||||||||||
/s/ Subhadeep Basu | Senior Executive Vice President, Chief Financial Officer | March 1, 2022 | ||||||||||||
Subhadeep Basu | (principal financial and accounting officer) | |||||||||||||
/s/ David M. Brunelle | Chairperson | March 1, 2022 | ||||||||||||
David M. Brunelle | ||||||||||||||
/s/ Baye Adofo-Wilson | Director | March 1, 2022 | ||||||||||||
Baye Adofo-Wilson | ||||||||||||||
/s/ Rheo A. Brouillard | Director | March 1, 2022 | ||||||||||||
Rheo A. Brouillard | ||||||||||||||
/s/ Nina A. Charnley | Director | March 1, 2022 | ||||||||||||
Nina A. Charnley | ||||||||||||||
/s/ John B. Davies | Director | March 1, 2022 | ||||||||||||
John B. Davies | ||||||||||||||
/s/ William H. Hughes, III | Director | March 1, 2022 | ||||||||||||
William H. Hughes, III | ||||||||||||||
/s/ Jeffrey W. Kip | Director | March 1, 2022 | ||||||||||||
Jeffrey W. Kip | ||||||||||||||
/s/ Sylvia Maxfield | Director | March 1, 2022 | ||||||||||||
Sylvia Maxfield | ||||||||||||||
/s/ Laurie Norton Moffatt | Director | March 1, 2022 | ||||||||||||
Laurie Norton Moffatt | ||||||||||||||
/s/ Jonathan I. Shulman | Director | March 1, 2022 | ||||||||||||
Jonathan I. Shulman | ||||||||||||||
/s/ Michael A. Zaitzeff | Director | March 1, 2022 | ||||||||||||
Michael A. Zaitzeff |
/s/ Nitin J. Mhatre | /s/ Subhadeep Basu | |||||||
Nitin J. Mhatre | Subhadeep Basu | |||||||
President & Chief Executive Officer | Senior Executive Vice President & Chief Financial Officer | |||||||
March 1, 2022 | March 1, 2022 |
December 31, | ||||||||||||||
(In thousands, except share data) | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 109,350 | $ | 91,219 | ||||||||||
Short-term investments | 1,518,457 | 1,466,656 | ||||||||||||
Total cash and cash equivalents | 1,627,807 | 1,557,875 | ||||||||||||
Trading security | 8,354 | 9,708 | ||||||||||||
Marketable equity securities, at fair value | 15,453 | 18,513 | ||||||||||||
Securities available for sale, at fair value | 1,877,585 | 1,695,232 | ||||||||||||
Securities held to maturity (fair values of $647,236 in 2021 and $491,855 in 2020) | 636,503 | 465,091 | ||||||||||||
Federal Home Loan Bank stock and other restricted securities | 10,800 | 34,873 | ||||||||||||
Total securities | 2,548,695 | 2,223,417 | ||||||||||||
Less: Allowance for credit losses on investment | (105) | (104) | ||||||||||||
Net Securities | 2,548,590 | 2,223,313 | ||||||||||||
Loans held for sale | 6,110 | 17,748 | ||||||||||||
Total loans | 6,825,847 | 8,081,519 | ||||||||||||
Less: Allowance for credit losses on loans | (106,094) | (127,302) | ||||||||||||
Net loans | 6,719,753 | 7,954,217 | ||||||||||||
Premises and equipment, net | 94,383 | 112,663 | ||||||||||||
Other real estate owned | — | 149 | ||||||||||||
Other intangible assets | 29,619 | 34,819 | ||||||||||||
Cash surrender value of bank-owned life insurance | 235,690 | 232,695 | ||||||||||||
Other assets | 288,384 | 387,230 | ||||||||||||
Assets held for sale | 4,577 | 317,304 | ||||||||||||
Total assets | $ | 11,554,913 | $ | 12,838,013 | ||||||||||
Liabilities | ||||||||||||||
Demand deposits | $ | 3,008,461 | $ | 2,484,249 | ||||||||||
NOW and other deposits | 976,401 | 1,003,005 | ||||||||||||
Money market deposits | 3,293,526 | 3,371,353 | ||||||||||||
Savings deposits | 1,111,625 | 972,116 | ||||||||||||
Time deposits | 1,678,940 | 2,385,085 | ||||||||||||
Total deposits | 10,068,953 | 10,215,808 | ||||||||||||
Short-term debt | — | 40,000 | ||||||||||||
Long-term Federal Home Loan Bank advances | 13,331 | 434,357 | ||||||||||||
Subordinated notes | 97,513 | 97,280 | ||||||||||||
Total borrowings | 110,844 | 571,637 | ||||||||||||
Other liabilities | 192,681 | 232,730 | ||||||||||||
Liabilities held for sale | — | 630,065 | ||||||||||||
Total liabilities | 10,372,478 | 11,650,240 | ||||||||||||
December 31, | ||||||||||||||
(In thousands, except share data) | 2021 | 2020 | ||||||||||||
Shareholders’ equity | ||||||||||||||
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 48,667,110 shares outstanding in 2021; 100,000,000 shares authorized; 51,903,190 shares issued, and 50,833,087 shares outstanding in 2020) | $ | 528 | $ | 528 | ||||||||||
Additional paid-in capital - common stock | 1,423,445 | 1,427,239 | ||||||||||||
Unearned compensation | (9,056) | (6,245) | ||||||||||||
Retained (deficit) | (139,383) | (233,344) | ||||||||||||
Accumulated other comprehensive income/(loss) | (3,243) | 30,871 | ||||||||||||
Treasury stock, at cost (3,236,080 shares in 2021 and 1,070,103 shares in 2020) | (89,856) | (31,276) | ||||||||||||
Total shareholders’ equity | 1,182,435 | 1,187,773 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 11,554,913 | $ | 12,838,013 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Interest and dividend income | ||||||||||||||||||||
Loans | $ | 282,164 | $ | 358,015 | $ | 448,927 | ||||||||||||||
Securities and other | 46,901 | 51,767 | 60,586 | |||||||||||||||||
Total interest and dividend income | 329,065 | 409,782 | 509,513 | |||||||||||||||||
Interest expense | ||||||||||||||||||||
Deposits | 27,236 | 72,715 | 115,193 | |||||||||||||||||
Borrowings and subordinated notes | 10,663 | 20,285 | 29,062 | |||||||||||||||||
Total interest expense | 37,899 | 93,000 | 144,255 | |||||||||||||||||
Net interest income | 291,166 | 316,782 | 365,258 | |||||||||||||||||
Non-interest income | ||||||||||||||||||||
Deposit related fees | 29,813 | 27,905 | 31,352 | |||||||||||||||||
Loan fees and revenue | 35,060 | 16,840 | 24,374 | |||||||||||||||||
Insurance commissions and fees | 7,003 | 10,770 | 10,957 | |||||||||||||||||
Wealth management fees | 10,530 | 9,285 | 9,353 | |||||||||||||||||
Mortgage banking income | 2,056 | 5,190 | 788 | |||||||||||||||||
Total fee income | 84,462 | 69,990 | 76,824 | |||||||||||||||||
Other | 6,631 | 2,597 | 1,438 | |||||||||||||||||
(Loss)/gain on securities, net | (787) | (7,520) | 4,389 | |||||||||||||||||
Gain on sale of business operations and assets, net | 52,942 | 1,240 | 1,351 | |||||||||||||||||
Total non-interest income | 143,248 | 66,307 | 84,002 | |||||||||||||||||
Total net revenue | 434,414 | 383,089 | 449,260 | |||||||||||||||||
Provision (benefit) for credit losses | (500) | 75,878 | 35,419 | |||||||||||||||||
Non-interest expense | ||||||||||||||||||||
Compensation and benefits | 150,589 | 147,840 | 140,906 | |||||||||||||||||
Occupancy and equipment | 41,782 | 43,359 | 39,586 | |||||||||||||||||
Technology and communications | 33,803 | 32,364 | 26,523 | |||||||||||||||||
Marketing and promotion | 2,749 | 3,703 | 4,474 | |||||||||||||||||
Professional services | 15,860 | 11,907 | 10,798 | |||||||||||||||||
FDIC premiums and assessments | 3,759 | 5,876 | 3,861 | |||||||||||||||||
Other real estate owned and foreclosures | 17 | 125 | 154 | |||||||||||||||||
Amortization of intangible assets | 5,200 | 6,181 | 5,783 | |||||||||||||||||
Goodwill impairment | — | 553,762 | — | |||||||||||||||||
Merger, restructuring and conversion related expenses | 5,781 | 5,839 | 28,046 | |||||||||||||||||
Other | 26,353 | 29,283 | 29,726 | |||||||||||||||||
Total non-interest expense | 285,893 | 840,239 | 289,857 | |||||||||||||||||
Income/(loss) from continuing operations before income taxes | 149,021 | (533,028) | 123,984 | |||||||||||||||||
Income tax expense/(benefit) from continuing operations | 30,357 | (19,853) | 22,463 | |||||||||||||||||
Net income/(loss) from continuing operations | 118,664 | (513,175) | 101,521 | |||||||||||||||||
(Loss) from discontinued operations before income taxes | — | (26,855) | (5,539) | |||||||||||||||||
Income tax (benefit) from discontinued operations | — | (7,013) | (1,468) | |||||||||||||||||
Net (loss) from discontinued operations | — | (19,842) | (4,071) | |||||||||||||||||
Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 | ||||||||||||||
Preferred stock dividend | — | 313 | 960 | |||||||||||||||||
Income/(loss) available to common shareholders | $ | 118,664 | $ | (533,330) | $ | 96,490 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2019 | |||||||||||||||||
Basic earnings/(loss) per share: | ||||||||||||||||||||
Continuing Operations | $ | 2.41 | $ | (10.21) | $ | 2.06 | ||||||||||||||
Discontinued operations | — | (0.39) | (0.08) | |||||||||||||||||
Total basic earnings/(loss) per share | $ | 2.41 | $ | (10.60) | $ | 1.98 | ||||||||||||||
Diluted earnings/(loss) per share: | ||||||||||||||||||||
Continuing Operations | $ | 2.39 | $ | (10.21) | $ | 2.05 | ||||||||||||||
Discontinued operations | — | (0.39) | (0.08) | |||||||||||||||||
Total diluted earnings/(loss) per share | $ | 2.39 | $ | (10.60) | $ | 1.97 | ||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | 49,240 | 50,270 | 49,263 | |||||||||||||||||
Diluted | 49,554 | 50,270 | 49,421 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 | ||||||||||||||
Other comprehensive (loss)/income, before tax: | ||||||||||||||||||||
Changes in unrealized gains and losses on securities available-for-sale | (46,794) | 25,726 | 34,530 | |||||||||||||||||
Changes in unrealized gains and losses on pension | 993 | (489) | (270) | |||||||||||||||||
Total other comprehensive (loss)/income, before tax | (45,801) | 25,237 | 34,260 | |||||||||||||||||
Income taxes related to other comprehensive (loss)/income: | ||||||||||||||||||||
Changes in unrealized gains and losses on securities available-for-sale | 11,937 | (6,471) | (8,873) | |||||||||||||||||
Changes in unrealized gains and losses on pension | (250) | 112 | 76 | |||||||||||||||||
Total income tax benefit/(expense) related to other comprehensive income (loss) | 11,687 | (6,359) | (8,797) | |||||||||||||||||
Total other comprehensive (loss)/income | (34,114) | 18,878 | 25,463 | |||||||||||||||||
Total comprehensive income/(loss) | $ | 84,550 | $ | (514,139) | $ | 122,913 |
Preferred Stock | Common Stock | Additional paid-in | Unearned | Retained (deficit) | Accumulated other comprehensive | Treasury | ||||||||||||||||||||||||||
(In thousands, except per share data) | Shares | Amount | Shares | Amount | capital | compensation | earnings | (loss) income | stock | Total | ||||||||||||||||||||||
Balance at January 1, 2019 | 522 | $ | 40,633 | 45,417 | $ | 460 | $ | 1,245,013 | $ | (6,594) | $ | 308,839 | $ | (13,470) | $ | (21,963) | $ | 1,552,918 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 97,450 | — | — | 97,450 | ||||||||||||||||||||||
Other net comprehensive (loss) | — | — | — | — | — | — | — | 25,463 | — | 25,463 | ||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | — | 97,450 | 25,463 | — | 122,913 | ||||||||||||||||||||||
Acquisition of SI Financial Group, Inc. | — | — | 5,691 | 57 | 176,655 | — | — | — | — | 176,712 | ||||||||||||||||||||||
Cash dividends declared on common shares ($0.92 per share) | — | — | — | — | — | — | (44,147) | — | — | (44,147) | ||||||||||||||||||||||
Cash dividends declared on preferred shares ($1.84 per share) | — | — | — | — | — | — | (960) | — | — | (960) | ||||||||||||||||||||||
Treasury stock purchased | — | — | (1,726) | — | — | — | — | — | (52,746) | (52,746) | ||||||||||||||||||||||
Forfeited shares | — | — | (65) | — | (251) | 2,160 | — | — | (1,909) | — | ||||||||||||||||||||||
Exercise of stock options | — | — | 11 | — | — | — | (100) | — | 288 | 188 | ||||||||||||||||||||||
Restricted stock grants | — | — | 299 | — | 932 | (8,843) | — | — | 7,911 | — | ||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | 4,812 | — | — | — | 4,812 | ||||||||||||||||||||||
Other, net | — | — | (42) | — | 92 | — | — | — | (1,218) | (1,126) | ||||||||||||||||||||||
Balance at December 31, 2019 | 522 | $ | 40,633 | 49,585 | $ | 517 | $ | 1,422,441 | $ | (8,465) | $ | 361,082 | $ | 11,993 | $ | (69,637) | $ | 1,758,564 | ||||||||||||||
Comprehensive income: | 0 | |||||||||||||||||||||||||||||||
Net (loss) | — | — | — | — | — | — | (533,017) | — | — | (533,017) | ||||||||||||||||||||||
Other net comprehensive income | — | — | — | — | — | — | — | 18,878 | — | 18,878 | ||||||||||||||||||||||
Total comprehensive (loss) | — | — | — | — | — | — | (533,017) | 18,878 | — | (514,139) | ||||||||||||||||||||||
— | — | — | — | — | — | (24,380) | — | — | (24,380) | |||||||||||||||||||||||
Conversion of preferred stock to common stock | (522) | (40,633) | 1,043 | 11 | 10,395 | — | — | — | 30,227 | — | ||||||||||||||||||||||
Cash dividends declared on common shares ($0.72 per share) | — | — | — | — | — | — | (36,251) | — | — | (36,251) | ||||||||||||||||||||||
Cash dividends declared on preferred shares ($1.20 per share) | — | — | — | — | — | — | (313) | — | — | (313) | ||||||||||||||||||||||
Treasury stock purchased | — | — | (14) | — | — | — | — | — | (473) | (473) | ||||||||||||||||||||||
Forfeited shares | — | — | (91) | — | (1,570) | 2,727 | — | — | (1,157) | — | ||||||||||||||||||||||
Exercise of stock options | — | — | 37 | — | — | — | (465) | — | 1,129 | 664 | ||||||||||||||||||||||
Restricted stock grants | — | — | 314 | — | (4,121) | (5,234) | — | — | 9,355 | — | ||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | 4,727 | — | — | — | 4,727 | ||||||||||||||||||||||
Other, net | — | — | (41) | — | 94 | — | — | — | (720) | (626) | ||||||||||||||||||||||
Balance at December 31, 2020 | — | $ | — | 50,833 | $ | 528 | $ | 1,427,239 | $ | (6,245) | $ | (233,344) | $ | 30,871 | $ | (31,276) | $ | 1,187,773 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 118,664 | — | — | 118,664 | ||||||||||||||||||||||
Other net comprehensive (loss) | — | — | — | — | — | — | — | (34,114) | — | (34,114) | ||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | — | 118,664 | (34,114) | — | 84,550 | ||||||||||||||||||||||
Cash dividends declared common shares ($0.48 per share) | — | — | — | — | — | — | (24,553) | — | — | (24,553) | ||||||||||||||||||||||
Treasury stock purchased | — | — | (2,500) | — | — | — | — | — | (68,712) | (68,712) | ||||||||||||||||||||||
Forfeited shares | — | — | (113) | — | 90 | 2,644 | — | — | (2,734) | — | ||||||||||||||||||||||
Exercise of stock options | — | — | 20 | — | — | — | (150) | — | 567 | 417 | ||||||||||||||||||||||
Restricted stock grants | — | — | 476 | — | (3,898) | (9,625) | — | — | 13,523 | — | ||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | 4,170 | — | — | — | 4,170 | ||||||||||||||||||||||
Other, net | — | — | (49) | — | 14 | — | — | — | (1,224) | (1,210) | ||||||||||||||||||||||
Balance at December 31, 2021 | — | $ | — | 48,667 | $ | 528 | $ | 1,423,445 | $ | (9,056) | $ | (139,383) | $ | (3,243) | $ | (89,856) | $ | 1,182,435 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income/(loss) from continuing operations | 118,664 | (513,175) | 101,521 | |||||||||||||||||
Net (loss) from discontinued operations | — | (19,842) | (4,071) | |||||||||||||||||
Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision (benefit) for credit losses | (500) | 75,878 | 35,419 | |||||||||||||||||
Net amortization of securities | 1,939 | 2,513 | 2,407 | |||||||||||||||||
Change in unamortized net loan origination costs and premiums | (1,918) | 21,856 | 12,759 | |||||||||||||||||
Premises and equipment depreciation and amortization expense | 11,035 | 11,919 | 10,921 | |||||||||||||||||
Stock-based compensation expense | 4,170 | 4,727 | 4,812 | |||||||||||||||||
Accretion of purchase accounting entries, net | (6,577) | (10,377) | (14,813) | |||||||||||||||||
Amortization of other intangibles | 5,200 | 6,181 | 5,783 | |||||||||||||||||
Income from cash surrender value of bank-owned life insurance policies | (5,561) | (5,354) | (5,349) | |||||||||||||||||
Securities losses/(gains), net | 787 | 7,576 | (4,389) | |||||||||||||||||
Net change in loans held-for-sale | 5,775 | (4,267) | (5,137) | |||||||||||||||||
Loss on disposition of assets | 2,811 | 327 | 3,443 | |||||||||||||||||
Loss on sale of real estate | 6 | 13 | 5 | |||||||||||||||||
Amortization of interest in tax-advantaged projects | 3,444 | 3,645 | 6,455 | |||||||||||||||||
Goodwill impairment | — | 553,762 | — | |||||||||||||||||
Gain on sale of business operations and other assets | (52,942) | — | — | |||||||||||||||||
Prepayment penalties on repayment of Federal Home Loan Bank advances | 862 | — | — | |||||||||||||||||
Net change in other | 18,282 | (31,247) | (23,418) | |||||||||||||||||
Net cash provided by operating activities of continuing operations | 105,477 | 123,977 | 130,419 | |||||||||||||||||
Net cash provided/(used) by operating activities of discontinued operations | — | 103,664 | (18,894) | |||||||||||||||||
Net cash provided by operating activities | 105,477 | 227,641 | 111,525 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net decrease in trading security | 776 | 734 | 701 | |||||||||||||||||
Purchases of marketable equity securities | — | (17,631) | (23,841) | |||||||||||||||||
Proceeds from sales of marketable equity securities | 2,880 | 33,928 | 43,075 | |||||||||||||||||
Purchases of securities available for sale | (804,616) | (885,182) | (119,671) | |||||||||||||||||
Proceeds from sales of securities available for sale | — | 69,337 | 136,229 | |||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities available for sale | 575,538 | 457,586 | 240,586 | |||||||||||||||||
Purchases of securities held to maturity | (219,470) | (144,651) | (7,260) | |||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities held to maturity | 46,061 | 35,331 | 21,602 | |||||||||||||||||
Net change in loans | 1,262,521 | 1,054,029 | 694,657 | |||||||||||||||||
Net change in Mid-Atlantic region loans held for sale | 50,914 | — | — | |||||||||||||||||
Acquisitions, net of cash paid | — | — | 110,774 | |||||||||||||||||
Proceeds from surrender of bank-owned life insurance | 2,566 | 553 | 2,451 | |||||||||||||||||
Purchase of Federal Home Loan Bank stock | — | (6,741) | (112,208) | |||||||||||||||||
Proceeds from sales of Federal Home Loan Bank stock | 24,078 | 19,887 | 149,455 | |||||||||||||||||
Net investment in limited partnership tax credits | (2,878) | (7,280) | (4,387) | |||||||||||||||||
Purchase of premises and equipment, net | (1,606) | (7,208) | (10,565) | |||||||||||||||||
(Continued) |
Years ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Proceeds from sales of seasoned commercial loan portfolios | 16,417 | 37,988 | 81,147 | |||||||||||||||||
Proceeds from sales of other real estate owned | 187 | 171 | 150 | |||||||||||||||||
Cash outflows from sale of business operations and other assets | (352,814) | — | — | |||||||||||||||||
Net investing cash flows provided/(used) by discontinued operations | — | 252 | (313) | |||||||||||||||||
Net cash provided by investing activities | 600,554 | 641,103 | 1,202,582 | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net increase in deposits | $ | (154,052) | $ | 499,657 | $ | 23,996 | ||||||||||||||
Net change in Mid-Atlantic region deposits held for sale | 20,953 | — | — | |||||||||||||||||
Proceeds from Federal Home Loan Bank advances and other borrowings | — | 326,277 | 5,384,982 | |||||||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowings | (462,059) | (582,648) | (6,228,780) | |||||||||||||||||
Purchase of treasury stock | (68,712) | (473) | (52,746) | |||||||||||||||||
Exercise of stock options | 417 | 664 | 188 | |||||||||||||||||
Common and preferred stock cash dividends paid | (24,553) | (36,564) | (45,107) | |||||||||||||||||
Settlement of derivative contracts with financial institution counterparties | 51,907 | (97,611) | — | |||||||||||||||||
Net cash (used)/provided by financing activities | (636,099) | 109,302 | (917,467) | |||||||||||||||||
Net change in cash and cash equivalents | 69,932 | 978,046 | 396,640 | |||||||||||||||||
Cash and cash equivalents at beginning of year | 1,557,875 | 579,829 | 183,189 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 1,627,807 | $ | 1,557,875 | $ | 579,829 | ||||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Interest paid on deposits | $ | 29,606 | $ | 82,319 | $ | 119,695 | ||||||||||||||
Interest paid on borrowed funds | 11,385 | 21,277 | 33,406 | |||||||||||||||||
Income taxes (refunded)/paid, net | 14,816 | (13,864) | 19,818 | |||||||||||||||||
Acquisition of non-cash assets and liabilities: | ||||||||||||||||||||
Assets acquired | — | — | 1,595,054 | |||||||||||||||||
Liabilities assumed | — | — | (1,530,010) | |||||||||||||||||
Other non-cash changes: | ||||||||||||||||||||
Other net comprehensive income/(loss) | (34,114) | 18,878 | 25,463 | |||||||||||||||||
Impact to retained earnings from adoption of ASC 326, net of tax | — | 24,380 | — | |||||||||||||||||
Mid-Atlantic assets reclassified to held for sale | — | 317,304 | — | |||||||||||||||||
Mid- Atlantic liabilities reclassified to held for sale | — | 630,065 | — | |||||||||||||||||
Reclass of Mid-Atlantic loans held-for-sale to portfolio loans, net | 29,418 | — | — | |||||||||||||||||
Reclass of Mid-Atlantic deposits held-for-sale to deposits, net | 7,197 | — | — | |||||||||||||||||
Reclass of seasoned loan portfolios to held-for-sale, net | 11,660 | 14,845 | 120,307 | |||||||||||||||||
Reclass of premises and equipment to held-for-sale | 4,577 | — | — | |||||||||||||||||
Real estate owned acquired in settlement of loans | — | 224 | — | |||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Interest income | $ | — | $ | 1,525 | $ | 6,085 | ||||||||||||||
Interest expense | — | 391 | 3,372 | |||||||||||||||||
Net interest income | — | 1,134 | 2,713 | |||||||||||||||||
Non-interest (loss)/income | — | (4,740) | 38,517 | |||||||||||||||||
Total net revenue | — | (3,606) | 41,230 | |||||||||||||||||
Non-interest expense | — | 23,249 | 46,769 | |||||||||||||||||
(Loss) from discontinued operations before income taxes | — | (26,855) | (5,539) | |||||||||||||||||
Income tax (benefit) | — | (7,013) | (1,468) | |||||||||||||||||
Net (loss) from discontinued operations | $ | — | $ | (19,842) | $ | (4,071) |
(in thousands) | December 31, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Loans | $ | — | $ | 300,599 | ||||||||||
Other assets | — | 16,705 | ||||||||||||
Total assets | $ | — | $ | 317,304 | ||||||||||
Liabilities | ||||||||||||||
Deposits | $ | — | $ | 617,377 | ||||||||||
Other liabilities | — | 12,688 | ||||||||||||
Total liabilities | $ | — | $ | 630,065 |
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | |||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
Municipal bonds and obligations | $ | 71,822 | $ | 5,355 | $ | — | $ | 77,177 | $ | — | ||||||||||||||||||||||
Agency collateralized mortgage obligations | 693,782 | 5,566 | (11,012) | 688,336 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 711,154 | 2,347 | (7,642) | 705,859 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 282,958 | 2,996 | (3,620) | 282,334 | — | |||||||||||||||||||||||||||
Corporate bonds | 44,824 | 950 | (114) | 45,660 | — | |||||||||||||||||||||||||||
Other bonds and obligations | 77,273 | 954 | (8) | 78,219 | — | |||||||||||||||||||||||||||
Total securities available for sale | 1,881,813 | 18,168 | (22,396) | 1,877,585 | — | |||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 281,515 | 16,151 | (693) | 296,973 | 70 | |||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 149,195 | 3,203 | (3,513) | 148,885 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 57,327 | 95 | (1,498) | 55,924 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 145,573 | 266 | (3,289) | 142,550 | — | |||||||||||||||||||||||||||
Tax advantaged economic development bonds | 2,728 | 26 | (15) | 2,739 | 35 | |||||||||||||||||||||||||||
Other bonds and obligations | 165 | — | — | 165 | — | |||||||||||||||||||||||||||
Total securities held to maturity | 636,503 | 19,741 | (9,008) | 647,236 | 105 | |||||||||||||||||||||||||||
Marketable equity securities | 15,689 | 67 | (303) | 15,453 | — | |||||||||||||||||||||||||||
Total | $ | 2,534,005 | $ | 37,976 | $ | (31,707) | $ | 2,540,274 | $ | 105 | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
Municipal bonds and obligations | $ | 90,273 | $ | 7,530 | $ | — | $ | 97,803 | $ | — | ||||||||||||||||||||||
Agency collateralized mortgage obligations | 740,225 | 16,836 | (235) | 756,826 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 433,311 | 4,954 | (133) | 438,132 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 278,990 | 9,835 | (175) | 288,650 | — | |||||||||||||||||||||||||||
Corporate bonds | 59,098 | 942 | (10) | 60,030 | — | |||||||||||||||||||||||||||
Other bonds and obligations | 52,080 | 1,719 | (8) | 53,791 | — | |||||||||||||||||||||||||||
Total securities available for sale | 1,653,977 | 41,816 | (561) | 1,695,232 | — | |||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 246,520 | 20,106 | — | 266,626 | 64 | |||||||||||||||||||||||||||
Agency collateralized mortgage-backed securities | 153,561 | 5,989 | (171) | 159,379 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 35,865 | 198 | (29) | 36,034 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 25,481 | 590 | (12) | 26,059 | — | |||||||||||||||||||||||||||
Tax advantaged economic development bonds | 3,369 | 93 | — | 3,462 | 40 | |||||||||||||||||||||||||||
Other bonds and obligations | 295 | — | — | 295 | — | |||||||||||||||||||||||||||
Total securities held to maturity | 465,091 | 26,976 | (212) | 491,855 | 104 | |||||||||||||||||||||||||||
Marketable equity securities | 18,061 | 767 | (315) | 18,513 | — | |||||||||||||||||||||||||||
Total | $ | 2,137,129 | $ | 69,559 | $ | (1,088) | $ | 2,205,600 | $ | 104 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2020 | $ | 64 | $ | 40 | $ | 104 | |||||||||||
Provision (benefit) for credit losses | 6 | (5) | 1 | ||||||||||||||
Balance at December 31, 2021 | $ | 70 | $ | 35 | $ | 105 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2019 | $ | — | $ | — | $ | — | |||||||||||
Impact of ASC 326 adoption | 83 | 226 | 309 | ||||||||||||||
Provision (benefit) for credit losses | (19) | (186) | (205) | ||||||||||||||
Balance at December 31, 2020 | $ | 64 | $ | 40 | $ | 104 |
Available for sale | Held to maturity | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Within 1 year | $ | 61,424 | $ | 61,435 | $ | 1,623 | $ | 1,625 | ||||||||||||||||||
Over 1 year to 5 years | 4,085 | 4,146 | 3,101 | 3,129 | ||||||||||||||||||||||
Over 5 years to 10 years | 52,374 | 53,644 | 24,196 | 24,961 | ||||||||||||||||||||||
Over 10 years | 76,036 | 81,831 | 255,488 | 270,162 | ||||||||||||||||||||||
Total bonds and obligations | 193,919 | 201,056 | 284,408 | 299,877 | ||||||||||||||||||||||
Mortgage-backed securities | 1,687,894 | 1,676,529 | 352,095 | 347,359 | ||||||||||||||||||||||
Total | $ | 1,881,813 | $ | 1,877,585 | $ | 636,503 | $ | 647,236 |
2021 | 2020 | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Securities pledged to swap counterparties | $ | 34,773 | $ | 34,896 | $ | 37,532 | $ | 37,815 | ||||||||||||||||||
Securities pledged for municipal deposits | 183,408 | 189,535 | 156,047 | 166,570 | ||||||||||||||||||||||
Total | $ | 218,181 | $ | 224,431 | $ | 193,579 | $ | 204,385 |
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Gross recognized gains | $ | 108 | $ | 4,602 | $ | 7,492 | ||||||||||||||
Gross recognized losses | (550) | (11,133) | (3,103) | |||||||||||||||||
Net recognized (losses)/gains | $ | (442) | $ | (6,531) | $ | 4,389 |
Less Than Twelve Months | Over Twelve Months | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | $ | 9,626 | $ | 375,132 | $ | 1,386 | $ | 27,025 | $ | 11,012 | $ | 402,157 | ||||||||||||||||||||||||||
Agency mortgage-backed securities | 3,179 | 222,887 | 4,463 | 175,941 | 7,642 | 398,828 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-back securities | 1,609 | 103,354 | 2,011 | 48,619 | 3,620 | 151,973 | ||||||||||||||||||||||||||||||||
Corporate bonds | 114 | 11,115 | — | — | 114 | 11,115 | ||||||||||||||||||||||||||||||||
Other bonds and obligations | — | — | 8 | 694 | 8 | 694 | ||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 14,528 | $ | 712,488 | $ | 7,868 | $ | 252,279 | $ | 22,396 | $ | 964,767 | ||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 693 | 36,981 | — | — | 693 | 36,981 | ||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 1,808 | 49,308 | 1,705 | 36,212 | 3,513 | 85,520 | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | 839 | 26,656 | 659 | 26,025 | 1,498 | 52,681 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-back securities | 1,255 | 80,406 | 2,034 | 51,654 | 3,289 | 132,060 | ||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | 15 | 1,255 | — | — | 15 | 1,255 | ||||||||||||||||||||||||||||||||
Total securities held to maturity | 4,610 | 194,606 | 4,398 | 113,891 | 9,008 | 308,497 | ||||||||||||||||||||||||||||||||
Total | $ | 19,138 | $ | 907,094 | $ | 12,266 | $ | 366,170 | $ | 31,404 | $ | 1,273,264 | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | $ | 235 | $ | 77,898 | $ | — | $ | — | $ | 235 | $ | 77,898 | ||||||||||||||||||||||||||
Agency mortgage-backed securities | 131 | 39,939 | 2 | 256 | 133 | 40,195 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 175 | 51,435 | — | — | 175 | 51,435 | ||||||||||||||||||||||||||||||||
Corporate bonds | 10 | 4,875 | — | — | 10 | 4,875 | ||||||||||||||||||||||||||||||||
Other bonds and obligations | — | — | 8 | 1,030 | 8 | 1,030 | ||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 551 | $ | 174,147 | $ | 10 | $ | 1,286 | $ | 561 | $ | 175,433 | ||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 171 | 25,048 | — | — | 171 | 25,048 | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | 29 | 20,710 | — | — | 29 | 20,710 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-back securities | 12 | 10,216 | — | — | 12 | 10,216 | ||||||||||||||||||||||||||||||||
Total securities held to maturity | 212 | 55,974 | — | — | 212 | 55,974 | ||||||||||||||||||||||||||||||||
Total | $ | 763 | $ | 230,121 | $ | 10 | $ | 1,286 | $ | 773 | $ | 231,407 |
(In thousands) | December 31, 2021 | December 31, 2020 | ||||||||||||
Construction | $ | 324,282 | $ | 454,513 | ||||||||||
Commercial multifamily | 515,817 | 483,350 | ||||||||||||
Commercial real estate owner occupied | 606,477 | 552,413 | ||||||||||||
Commercial real estate non-owner occupied | 2,156,929 | 2,119,263 | ||||||||||||
Commercial and industrial | 1,284,429 | 1,943,164 | ||||||||||||
Residential real estate | 1,489,248 | 1,931,681 | ||||||||||||
Home equity | 252,366 | 293,981 | ||||||||||||
Consumer other | 196,299 | 303,154 | ||||||||||||
Total loans | $ | 6,825,847 | $ | 8,081,519 | ||||||||||
Allowance for credit losses | 106,094 | 127,302 | ||||||||||||
Net loans | $ | 6,719,753 | $ | 7,954,217 |
(In thousands) | Balance at Beginning of Period | Impact of Adopting ASC 326 | Sub-total | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 5,111 | $ | — | $ | 5,111 | $ | — | $ | — | $ | (1,905) | $ | 3,206 | ||||||||||||||||||||||||||||||
Commercial multifamily | 5,916 | — | 5,916 | (404) | 157 | 451 | 6,120 | |||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 12,380 | — | 12,380 | (1,640) | 204 | 1,808 | 12,752 | |||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 35,850 | — | 35,850 | (14,557) | 2,522 | 8,291 | 32,106 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 25,013 | — | 25,013 | (10,841) | 4,565 | 3,847 | 22,584 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 28,491 | — | 28,491 | (1,664) | 1,767 | (6,188) | 22,406 | |||||||||||||||||||||||||||||||||||||
Home equity | 6,482 | — | 6,482 | (334) | 335 | (2,477) | 4,006 | |||||||||||||||||||||||||||||||||||||
Consumer other | 8,059 | — | 8,059 | (1,578) | 761 | (4,328) | 2,914 | |||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 127,302 | $ | — | $ | 127,302 | $ | (31,018) | $ | 10,311 | $ | (501) | $ | 106,094 |
(In thousands) | Balance at Beginning of Period | Impact of Adopting ASC 326 | Sub-total | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 2,713 | $ | (342) | $ | 2,371 | $ | (834) | $ | — | $ | 3,574 | $ | 5,111 | ||||||||||||||||||||||||||||||
Commercial multifamily | 4,413 | (1,842) | 2,571 | (100) | 100 | 3,345 | 5,916 | |||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 4,880 | 6,062 | 10,942 | (8,686) | 1,053 | 9,071 | 12,380 | |||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 16,344 | 11,201 | 27,545 | (11,653) | 307 | 19,651 | 35,850 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 20,099 | (2,189) | 17,910 | (19,328) | 4,285 | 22,146 | 25,013 | |||||||||||||||||||||||||||||||||||||
Residential real estate | 9,970 | 6,799 | 16,769 | (2,285) | 1,359 | 12,648 | 28,491 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,470 | 4,884 | 6,354 | (347) | 292 | 183 | 6,482 | |||||||||||||||||||||||||||||||||||||
Consumer other | 3,686 | 861 | 4,547 | (2,562) | 609 | 5,465 | 8,059 | |||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 63,575 | $ | 25,434 | $ | 89,009 | $ | (45,795) | $ | 8,005 | $ | 76,083 | $ | 127,302 |
(In thousands) | Total | |||||||
Balance at December 31, 2020 | $ | 7,629 | ||||||
Impact of adopting ASC 326 | — | |||||||
Sub-Total | 7,629 | |||||||
Release of expense for credit losses | (586) | |||||||
Balance at December 31, 2021 | $ | 7,043 |
(In thousands) | Total | |||||||
Balance at December 31, 2019 | $ | 100 | ||||||
Impact of adopting ASC 326 | 7,993 | |||||||
Sub-Total | 8,093 | |||||||
Release of expense for credit losses | (464) | |||||||
Balance at December 31, 2020 | $ | 7,629 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 71,784 | $ | 52,725 | $ | 117,784 | $ | 66,950 | $ | 3,839 | $ | 1,721 | $ | 50 | $ | — | $ | 314,853 | |||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | 9,429 | — | — | — | — | 9,429 | ||||||||||||||||||||
Total | $ | 71,784 | $ | 52,725 | $ | 117,784 | $ | 76,379 | $ | 3,839 | $ | 1,721 | $ | 50 | $ | — | $ | 324,282 | |||||||||||
Commercial multifamily: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 63,630 | $ | 28,172 | $ | 98,455 | $ | 59,720 | $ | 76,699 | $ | 176,020 | $ | 457 | $ | — | $ | 503,153 | |||||||||||
Special Mention | — | 2,700 | — | 5,598 | — | — | — | — | 8,298 | ||||||||||||||||||||
Substandard | — | — | — | — | — | 4,230 | 136 | — | 4,366 | ||||||||||||||||||||
Total | $ | 63,630 | $ | 30,872 | $ | 98,455 | $ | 65,318 | $ | 76,699 | $ | 180,250 | $ | 593 | $ | — | $ | 515,817 | |||||||||||
Commercial real estate owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 154,434 | $ | 50,236 | $ | 85,687 | $ | 91,316 | $ | 45,995 | $ | 157,346 | $ | 3,206 | $ | — | $ | 588,220 | |||||||||||
Special Mention | — | 525 | 869 | 1,668 | 1,405 | 1,157 | — | — | 5,624 | ||||||||||||||||||||
Substandard | — | — | 2,113 | 1,593 | 838 | 8,089 | — | — | 12,633 | ||||||||||||||||||||
Total | $ | 154,434 | $ | 50,761 | $ | 88,669 | $ | 94,577 | $ | 48,238 | $ | 166,592 | $ | 3,206 | $ | — | $ | 606,477 | |||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 426,086 | $ | 176,172 | $ | 296,985 | $ | 349,947 | $ | 204,043 | $ | 585,044 | $ | 19,511 | $ | — | $ | 2,057,788 | |||||||||||
Special Mention | — | 221 | 3,472 | 7,632 | 2,302 | 27,268 | — | — | 40,895 | ||||||||||||||||||||
Substandard | — | 7,588 | — | 2,784 | 33,472 | 14,303 | 99 | — | 58,246 | ||||||||||||||||||||
Total | $ | 426,086 | $ | 183,981 | $ | 300,457 | $ | 360,363 | $ | 239,817 | $ | 626,615 | $ | 19,610 | $ | — | $ | 2,156,929 | |||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 187,257 | $ | 130,520 | $ | 114,153 | $ | 156,443 | $ | 54,190 | $ | 136,837 | $ | 424,393 | $ | — | $ | 1,203,793 | |||||||||||
Special Mention | 661 | 1,691 | 10,824 | 5,092 | 1,433 | 488 | 22,468 | — | 42,657 | ||||||||||||||||||||
Substandard | 211 | 2,494 | 9,609 | 3,145 | 2,020 | 2,330 | 17,935 | — | 37,744 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | 15 | 220 | — | 235 | ||||||||||||||||||||
Total | $ | 188,129 | $ | 134,705 | $ | 134,586 | $ | 164,680 | $ | 57,643 | $ | 139,670 | $ | 465,016 | $ | — | $ | 1,284,429 | |||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 214,306 | $ | 114,536 | $ | 86,997 | $ | 169,537 | $ | 189,980 | $ | 697,401 | $ | 293 | $ | — | $ | 1,473,050 | |||||||||||
Special Mention | — | — | — | 120 | 502 | 1,557 | — | — | 2,179 | ||||||||||||||||||||
Substandard | 1,239 | — | 142 | 1,849 | 2,161 | 8,628 | — | — | 14,019 | ||||||||||||||||||||
Total | $ | 215,545 | $ | 114,536 | $ | 87,139 | $ | 171,506 | $ | 192,643 | $ | 707,586 | $ | 293 | $ | — | $ | 1,489,248 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 38,374 | $ | 255,377 | $ | 114,690 | $ | 28,474 | $ | 9,519 | $ | 2,766 | $ | 1,000 | $ | — | $ | 450,200 | |||||||||||
Special Mention | — | — | 313 | — | — | — | — | — | 313 | ||||||||||||||||||||
Substandard | — | — | — | 4,000 | — | — | — | — | 4,000 | ||||||||||||||||||||
Total | $ | 38,374 | $ | 255,377 | $ | 115,003 | $ | 32,474 | $ | 9,519 | $ | 2,766 | $ | 1,000 | $ | — | $ | 454,513 | |||||||||||
Commercial multifamily: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 31,438 | $ | 57,659 | $ | 74,932 | $ | 77,746 | $ | 81,066 | $ | 153,818 | $ | 20 | $ | — | $ | 476,679 | |||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | — | — | 47 | 6,479 | 145 | — | 6,671 | ||||||||||||||||||||
Total | $ | 31,438 | $ | 57,659 | $ | 74,932 | $ | 77,746 | $ | 81,113 | $ | 160,297 | $ | 165 | $ | — | $ | 483,350 | |||||||||||
Commercial real estate owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 58,327 | $ | 84,839 | $ | 104,797 | $ | 64,693 | $ | 44,300 | $ | 169,197 | $ | 1,194 | $ | — | $ | 527,347 | |||||||||||
Special Mention | 535 | 2,569 | 1,136 | 1,009 | 800 | 2,579 | — | — | 8,628 | ||||||||||||||||||||
Substandard | — | 1,266 | 3,597 | 1,685 | 1,439 | 8,451 | — | — | 16,438 | ||||||||||||||||||||
Total | $ | 58,862 | $ | 88,674 | $ | 109,530 | $ | 67,387 | $ | 46,539 | $ | 180,227 | $ | 1,194 | $ | — | $ | 552,413 | |||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 180,520 | $ | 292,386 | $ | 435,440 | $ | 223,935 | $ | 303,221 | $ | 497,066 | $ | 15,393 | $ | — | $ | 1,947,961 | |||||||||||
Special Mention | — | 279 | 2,068 | 6,958 | 11,798 | 44,961 | 1,068 | — | 67,132 | ||||||||||||||||||||
Substandard | 7,804 | 3,529 | 4,235 | 19,632 | 2,124 | 66,651 | 195 | — | 104,170 | ||||||||||||||||||||
Total | $ | 188,324 | $ | 296,194 | $ | 441,743 | $ | 250,525 | $ | 317,143 | $ | 608,678 | $ | 16,656 | $ | — | $ | 2,119,263 | |||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 754,260 | $ | 159,046 | $ | 205,651 | $ | 130,985 | $ | 48,326 | $ | 148,222 | $ | 368,769 | $ | — | $ | 1,815,259 | |||||||||||
Special Mention | 1,467 | 5,753 | 5,267 | 2,851 | 1,601 | 65 | 12,408 | — | 29,412 | ||||||||||||||||||||
Substandard | 7,392 | 39,822 | 24,951 | 7,765 | 3,504 | 5,630 | 9,099 | — | 98,163 | ||||||||||||||||||||
Doubtful | — | — | — | — | — | — | 330 | — | 330 | ||||||||||||||||||||
Total | $ | 763,119 | $ | 204,621 | $ | 235,869 | $ | 141,601 | $ | 53,431 | $ | 153,917 | $ | 390,606 | $ | — | $ | 1,943,164 | |||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 150,583 | $ | 146,142 | $ | 272,399 | $ | 320,384 | $ | 333,159 | $ | 691,078 | $ | 3,281 | $ | — | $ | 1,917,026 | |||||||||||
Special Mention | 384 | — | 454 | 1,430 | — | 362 | — | — | 2,630 | ||||||||||||||||||||
Substandard | 991 | 39 | 703 | 902 | 417 | 8,964 | 9 | — | 12,025 | ||||||||||||||||||||
Total | $ | 151,958 | $ | 146,181 | $ | 273,556 | $ | 322,716 | $ | 333,576 | $ | 700,404 | $ | 3,290 | $ | — | $ | 1,931,681 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 125 | $ | 469 | $ | — | $ | — | $ | — | $ | 24 | $ | 249,590 | $ | — | $ | 250,208 | |||||||||||
Nonperforming | — | — | — | — | — | — | 2,158 | — | 2,158 | ||||||||||||||||||||
Total | $ | 125 | $ | 469 | $ | — | $ | — | $ | — | $ | 24 | $ | 251,748 | $ | — | $ | 252,366 | |||||||||||
Consumer other: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 37,994 | $ | 11,189 | $ | 21,548 | $ | 55,577 | $ | 30,632 | $ | 28,797 | $ | 7,505 | $ | — | $ | 193,242 | |||||||||||
Nonperforming | 8 | 46 | 290 | 797 | 746 | 1,139 | 31 | — | 3,057 | ||||||||||||||||||||
Total | $ | 38,002 | $ | 11,235 | $ | 21,838 | $ | 56,374 | $ | 31,378 | $ | 29,936 | $ | 7,536 | $ | — | $ | 196,299 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 2,445 | $ | 1,960 | $ | 316 | $ | 1,859 | $ | 499 | $ | 1,882 | $ | 282,123 | $ | — | $ | 291,084 | |||||||||||
Nonperforming | — | — | 1 | — | — | — | 2,896 | — | 2,897 | ||||||||||||||||||||
Total | $ | 2,445 | $ | 1,960 | $ | 317 | $ | 1,859 | $ | 499 | $ | 1,882 | $ | 285,019 | $ | — | $ | 293,981 | |||||||||||
Consumer other: | |||||||||||||||||||||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 15,193 | $ | 35,317 | $ | 101,730 | $ | 69,366 | $ | 35,421 | $ | 31,327 | $ | 9,339 | $ | — | $ | 297,693 | |||||||||||
Nonperforming | 39 | 316 | 1,511 | 1,599 | 1,585 | 407 | 4 | — | 5,461 | ||||||||||||||||||||
Total | $ | 15,232 | $ | 35,633 | $ | 103,241 | $ | 70,965 | $ | 37,006 | $ | 31,734 | $ | 9,343 | $ | — | $ | 303,154 |
(In thousands) | December 31, 2021 | December 31, 2020 | ||||||||||||
Non-Accrual | $ | 35,326 | $ | 64,948 | ||||||||||
Substandard Accruing | 106,560 | 185,207 | ||||||||||||
Total Classified | 141,886 | 250,155 | ||||||||||||
Special Mention | 100,071 | 109,299 | ||||||||||||
Total Criticized | $ | 241,957 | $ | 359,454 |
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | 324,282 | $ | 324,282 | ||||||||||||||||||||||||||
Commercial multifamily | 82 | 306 | 187 | 575 | 515,242 | 515,817 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | — | 400 | 4,221 | 4,621 | 601,856 | 606,477 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 25,420 | 653 | 9,049 | 35,122 | 2,121,807 | 2,156,929 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 2,700 | 709 | 6,836 | 10,245 | 1,274,184 | 1,284,429 | ||||||||||||||||||||||||||||||||
Residential real estate | 5,529 | 2,015 | 13,264 | 20,808 | 1,468,440 | 1,489,248 | ||||||||||||||||||||||||||||||||
Home equity | 258 | 108 | 2,158 | 2,524 | 249,842 | 252,366 | ||||||||||||||||||||||||||||||||
Consumer other | 1,363 | 320 | 2,882 | 4,565 | 191,734 | 196,299 | ||||||||||||||||||||||||||||||||
Total | $ | 35,352 | $ | 4,511 | $ | 38,597 | $ | 78,460 | $ | 6,747,387 | $ | 6,825,847 |
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | 454,513 | $ | 454,513 | ||||||||||||||||||||||||||
Commercial multifamily | — | — | 757 | 757 | 482,593 | 483,350 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 809 | 631 | 4,894 | 6,334 | 546,079 | 552,413 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 315 | 168 | 38,389 | 38,872 | 2,080,391 | 2,119,263 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 3,016 | 3,259 | 12,982 | 19,257 | 1,923,907 | 1,943,164 | ||||||||||||||||||||||||||||||||
Residential real estate | 2,068 | 2,630 | 11,115 | 15,813 | 1,915,868 | 1,931,681 | ||||||||||||||||||||||||||||||||
Home equity | 244 | 284 | 2,897 | 3,425 | 290,556 | 293,981 | ||||||||||||||||||||||||||||||||
Consumer other | 2,109 | 777 | 5,364 | 8,250 | 294,904 | 303,154 | ||||||||||||||||||||||||||||||||
Total | $ | 8,561 | $ | 7,749 | $ | 76,398 | $ | 92,708 | $ | 7,988,811 | $ | 8,081,519 |
December 31, 2021 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | ||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial multifamily | 187 | 187 | — | — | ||||||||||||||||||||||
Commercial real estate owner occupied | 4,221 | 2,413 | — | — | ||||||||||||||||||||||
Commercial real estate non-owner occupied | 8,877 | 8,412 | 172 | — | ||||||||||||||||||||||
Commercial and industrial | 6,747 | 1,506 | 89 | — | ||||||||||||||||||||||
Residential real estate | 10,698 | 6,511 | 2,566 | — | ||||||||||||||||||||||
Home equity | 1,901 | 141 | 257 | — | ||||||||||||||||||||||
Consumer other | 2,695 | 4 | 187 | — | ||||||||||||||||||||||
Total | $ | 35,326 | $ | 19,174 | $ | 3,271 | $ | — |
December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | ||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial multifamily | 757 | 591 | — | — | ||||||||||||||||||||||
Commercial real estate owner occupied | 4,509 | 2,290 | 385 | — | ||||||||||||||||||||||
Commercial real estate non-owner occupied | 29,572 | 13,912 | 8,817 | — | ||||||||||||||||||||||
Commercial and industrial | 12,441 | 4,725 | 541 | — | ||||||||||||||||||||||
Residential real estate | 9,711 | 5,739 | 1,404 | — | ||||||||||||||||||||||
Home equity | 2,654 | 159 | 243 | — | ||||||||||||||||||||||
Consumer other | 5,304 | 2 | 60 | — | ||||||||||||||||||||||
Total | $ | 64,948 | $ | 27,418 | $ | 11,450 | $ | — |
Type of Collateral | ||||||||||||||||||||
(In thousands) | Real Estate | Investment Securities/Cash | Other | |||||||||||||||||
December 31, 2021 | ||||||||||||||||||||
Construction | $ | 9,429 | $ | — | $ | — | ||||||||||||||
Commercial multifamily | 188 | — | — | |||||||||||||||||
Commercial real estate owner occupied | 4,466 | — | — | |||||||||||||||||
Commercial real estate non-owner occupied | 9,501 | — | — | |||||||||||||||||
Commercial and industrial | 526 | — | 1,040 | |||||||||||||||||
Residential real estate | 7,035 | — | — | |||||||||||||||||
Home equity | 262 | — | — | |||||||||||||||||
Consumer other | 2 | — | — | |||||||||||||||||
Total loans | $ | 31,409 | $ | — | $ | 1,040 |
Type of Collateral | ||||||||||||||||||||
(In thousands) | Real Estate | Investment Securities/Cash | Other | |||||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | ||||||||||||||
Commercial multifamily | 591 | — | — | |||||||||||||||||
Commercial real estate owner occupied | 5,714 | — | — | |||||||||||||||||
Commercial real estate non-owner occupied | 30,950 | — | — | |||||||||||||||||
Commercial and industrial | 973 | 36 | 3,758 | |||||||||||||||||
Residential real estate | 5,081 | — | — | |||||||||||||||||
Home equity | 145 | — | — | |||||||||||||||||
Consumer other | 51 | — | — | |||||||||||||||||
Total loans | $ | 43,505 | $ | 36 | $ | 3,758 |
(In thousands) | Balance at Beginning of Period | Principal Payments | TDR Status Change | Other Additions/(Reductions) | Newly Identified TDRs | Balance at End of Period | ||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | 9,429 | $ | 9,429 | ||||||||||||||||||||||||||
Commercial multifamily | 754 | (51) | — | — | — | 703 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 1,731 | (96) | — | (168) | 1,266 | 2,733 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 13,684 | (14,562) | — | (791) | 10,979 | 9,310 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 2,686 | (3,916) | — | (199) | 5,085 | 3,656 | ||||||||||||||||||||||||||||||||
Residential real estate | 1,524 | (233) | — | (174) | — | 1,117 | ||||||||||||||||||||||||||||||||
Home equity | 133 | (12) | — | — | — | 121 | ||||||||||||||||||||||||||||||||
Consumer other | 36 | (8) | — | 5 | — | 33 | ||||||||||||||||||||||||||||||||
Total | $ | 20,548 | $ | (18,878) | $ | — | $ | (1,327) | $ | 26,759 | $ | 27,102 |
(In thousands) | Balance at Beginning of Period | Principal Payments | TDR Status Change | Other Additions/(Reductions) | Newly Identified TDRs | Balance at End of Period | ||||||||||||||||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Commercial multifamily | 793 | (39) | — | — | — | 754 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 13,331 | (5,734) | — | (5,884) | 18 | 1,731 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 1,373 | (1) | — | 1,719 | 10,593 | 13,684 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 1,449 | (289) | — | (60) | 1,586 | 2,686 | ||||||||||||||||||||||||||||||||
Residential real estate | 2,045 | (160) | — | (361) | — | 1,524 | ||||||||||||||||||||||||||||||||
Home equity | 277 | (22) | — | (122) | — | 133 | ||||||||||||||||||||||||||||||||
Consumer other | 48 | (12) | — | — | — | 36 | ||||||||||||||||||||||||||||||||
Total | $ | 19,316 | $ | (6,257) | $ | — | $ | (4,708) | $ | 12,197 | $ | 20,548 |
(dollars in thousands) | Total | |||||||
Year ended December 31, 2021 | ||||||||
TDR: | ||||||||
Number of loans | 18 | |||||||
Pre-modification outstanding recorded investment | $ | 26,759 | ||||||
Post-modification outstanding recorded investment | $ | 26,759 | ||||||
Year ended December 31, 2020 | ||||||||
TDR: | ||||||||
Number of loans | 16 | |||||||
Pre-modification outstanding recorded investment | $ | 12,197 | ||||||
Post-modification outstanding recorded investment | $ | 12,197 | ||||||
Year ended December 31, 2019 | ||||||||
TDR: | ||||||||
Number of loans | 13 | |||||||
Pre-modification outstanding recorded investment | $ | 2,063 | ||||||
Post-modification outstanding recorded investment | $ | 2,063 |
(dollars in thousands) | Number of Loans | Recorded Investment | ||||||||||||
Year ended December 31, 2021 | ||||||||||||||
Commercial real estate non-owner occupied | 2 | $ | 18,746 | |||||||||||
Commercial and industrial | 2 | $ | 71 | |||||||||||
Total | 4 | $ | 18,817 |
(dollars in thousands) | Number of Loans | Recorded Investment | ||||||||||||
Year ended December 31, 2019 | ||||||||||||||
Commercial and industrial | 1 | $ | 195 | |||||||||||
Total | 1 | $ | 195 |
(In thousands) | 2019 | |||||||
Balance at beginning of period | $ | 2,840 | ||||||
Acquisitions | 4,200 | |||||||
Accretion | (9,619) | |||||||
Net reclassification from nonaccretable difference | 7,430 | |||||||
Payments received, net | (837) | |||||||
Reclassification to TDR | 9 | |||||||
Disposals | — | |||||||
Balance at end of period | 4,023 |
December 31, 2019 | ||||||||||||||
(in thousands) | Average Recorded Investment | Cash Basis Interest Income Recognized | ||||||||||||
With no related allowance: | ||||||||||||||
Other commercial real estate | $ | 19,805 | $ | 586 | ||||||||||
Other commercial and industrial | 3,165 | 523 | ||||||||||||
Residential mortgages - 1-4 family | 185 | 17 | ||||||||||||
Consumer-home equity | 148 | 3 | ||||||||||||
Consumer-other | — | — | ||||||||||||
With an allowance recorded: | ||||||||||||||
Other commercial real estate | $ | 374 | $ | 107 | ||||||||||
Other commercial and industrial | 2,533 | 793 | ||||||||||||
Residential mortgages - 1-4 family | 2,427 | 150 | ||||||||||||
Consumer-home equity | 349 | 32 | ||||||||||||
Consumer - other | 11 | 1 | ||||||||||||
Total | ||||||||||||||
Commercial real estate | $ | 20,179 | $ | 693 | ||||||||||
Commercial and industrial | 5,698 | 1,316 | ||||||||||||
Residential mortgages | 2,612 | 167 | ||||||||||||
Consumer loans | 508 | 36 | ||||||||||||
Total impaired loans | $ | 28,997 | $ | 2,212 |
December 31, 2019 | ||||||||||||||
(in thousands) | Average Recorded Investment | Cash Basis Interest Income Recognized | ||||||||||||
With no related allowance: | ||||||||||||||
Other commercial real estate | $ | 1,603 | $ | 117 | ||||||||||
Other commercial and industrial | 441 | 51 | ||||||||||||
Residential mortgages - 1-4 family | 241 | 11 | ||||||||||||
Consumer - home equity | 475 | 23 | ||||||||||||
Consumer - other | — | — | ||||||||||||
With an allowance recorded: | ||||||||||||||
Other commercial real estate | $ | 1,005 | $ | 59 | ||||||||||
Other commercial and industrial | 29 | 2 | ||||||||||||
Residential mortgages - 1-4 family | 88 | 7 | ||||||||||||
Consumer - home equity | 68 | 6 | ||||||||||||
Consumer - other | 41 | 2 | ||||||||||||
Total | ||||||||||||||
Commercial real estate | $ | 2,608 | $ | 176 | ||||||||||
Commercial and industrial | 470 | 53 | ||||||||||||
Residential mortgages | 329 | 18 | ||||||||||||
Consumer loans | 584 | 31 | ||||||||||||
Total impaired loans | $ | 3,991 | $ | 278 |
(In thousands) | 2019 | |||||||
Balance at beginning of year | $ | 27,415 | ||||||
Principal payments | (6,086) | |||||||
TDR status change (1) | — | |||||||
Other reductions (2) | (4,076) | |||||||
Newly identified TDRs | 2,063 | |||||||
Balance at end of year | $ | 19,316 |
Business Activities Loans | ||||||||||||||||||||||||||||||||
(In thousands) | Commercial real estate | Commercial and industrial loans | Residential mortgages | Consumer | Total | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 21,732 | $ | 16,504 | $ | 10,535 | $ | 7,368 | $ | 56,139 | ||||||||||||||||||||||
Charged-off loans | 6,577 | 23,799 | 635 | 3,322 | 34,333 | |||||||||||||||||||||||||||
Recoveries on charged-off loans | 570 | 1,012 | 57 | 253 | 1,892 | |||||||||||||||||||||||||||
Provision/(releases) for loan losses | 9,033 | 25,404 | (1,417) | 458 | 33,478 | |||||||||||||||||||||||||||
Balance at end of period | $ | 24,758 | $ | 19,121 | $ | 8,540 | $ | 4,757 | $ | 57,176 | ||||||||||||||||||||||
Individually evaluated for impairment | 20 | 122 | 109 | 43 | 294 | |||||||||||||||||||||||||||
Collectively evaluated | 24,738 | 18,999 | 8,431 | 4,714 | 56,882 | |||||||||||||||||||||||||||
Total | $ | 24,758 | $ | 19,121 | $ | 8,540 | $ | 4,757 | $ | 57,176 | ||||||||||||||||||||||
Acquired Loans | ||||||||||||||||||||||||||||||||
(In thousands) | Commercial real estate | Commercial and industrial loans | Residential mortgages | Consumer | Total | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,153 | $ | 1,064 | $ | 630 | $ | 483 | $ | 5,330 | ||||||||||||||||||||||
Charged-off loans | 830 | 571 | 263 | 557 | 2,221 | |||||||||||||||||||||||||||
Recoveries on charged-off loans | 672 | 438 | 116 | 123 | 1,349 | |||||||||||||||||||||||||||
Provision/(releases) for loan losses | 1,111 | 126 | 365 | 339 | 1,941 | |||||||||||||||||||||||||||
Balance at end of period | $ | 4,106 | $ | 1,057 | $ | 848 | $ | 388 | $ | 6,399 | ||||||||||||||||||||||
Individually evaluated for impairment | 97 | 1 | 8 | 12 | 118 | |||||||||||||||||||||||||||
Collectively evaluated | 4,009 | 1,056 | 840 | 376 | 6,281 | |||||||||||||||||||||||||||
Total | $ | 4,106 | $ | 1,057 | $ | 848 | $ | 388 | $ | 6,399 | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | Estimated Useful Life | |||||||||||||||||
Land | $ | 15,786 | $ | 17,716 | N/A | |||||||||||||||
Buildings and improvements | 104,327 | 113,853 | 5 - 39 years | |||||||||||||||||
Furniture and equipment | 62,420 | 63,590 | 3 - 7 years | |||||||||||||||||
Construction in process | 703 | 4,035 | ||||||||||||||||||
Premises and equipment, gross | 183,236 | 199,194 | ||||||||||||||||||
Accumulated depreciation and amortization | (88,853) | (86,531) | ||||||||||||||||||
Premises and equipment, net | $ | 94,383 | $ | 112,663 | ||||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Balance, beginning of the period | $ | — | $ | 553,762 | ||||||||||
Goodwill acquired and adjusted: | ||||||||||||||
Impairment | — | (553,762) | ||||||||||||
Balance, end of the period | $ | — | $ | — |
(In thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||||||||||
December 31, 2021 | ||||||||||||||||||||
Non-maturity deposits (core deposit intangible) | $ | 77,213 | $ | (49,963) | $ | 27,250 | ||||||||||||||
Insurance contracts | 7,558 | (7,558) | — | |||||||||||||||||
All other intangible assets | 7,866 | (5,497) | 2,369 | |||||||||||||||||
Total | $ | 92,637 | $ | (63,018) | $ | 29,619 | ||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Non-maturity deposits (core deposit intangible) (1) | $ | 77,213 | $ | (45,257) | $ | 31,956 | ||||||||||||||
Insurance contracts | 7,558 | (7,558) | — | |||||||||||||||||
All other intangible assets | 7,866 | (5,003) | 2,863 | |||||||||||||||||
Total | $ | 92,637 | $ | (57,818) | $ | 34,819 |
(In thousands) | 2021 | 2020 | ||||||||||||
Capitalized servicing rights | $ | 16,022 | $ | 16,348 | ||||||||||
Accrued interest receivable | 33,534 | 46,919 | ||||||||||||
Accrued federal and state tax receivable | 30,614 | 40,751 | ||||||||||||
Right-of-use assets | 52,180 | 60,018 | ||||||||||||
Derivative assets | 79,528 | 160,071 | ||||||||||||
Deferred tax asset | 52,620 | 46,370 | ||||||||||||
Other | 23,886 | 16,753 | ||||||||||||
Total other assets | $ | 288,384 | $ | 387,230 | ||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Balance at beginning of year | $ | 16,348 | $ | 26,451 | ||||||||||
Additions | 4,568 | 3,875 | ||||||||||||
Amortization | (4,921) | (3,761) | ||||||||||||
Change in fair value | (723) | (9,266) | ||||||||||||
Allowance adjustment | 750 | (951) | ||||||||||||
Balance at end of year | $ | 16,022 | $ | 16,348 |
(In thousands) | 2021 | 2020 | ||||||||||||
Maturity date: | ||||||||||||||
Within 1 year | $ | 1,228,874 | $ | 1,582,492 | ||||||||||
Over 1 year to 2 years | 280,403 | 545,100 | ||||||||||||
Over 2 years to 3 years | 81,391 | 171,810 | ||||||||||||
Over 3 years to 4 years | 52,000 | 32,358 | ||||||||||||
Over 4 years to 5 years | 34,605 | 51,073 | ||||||||||||
Over 5 years | 1,667 | 2,252 | ||||||||||||
Total | $ | 1,678,940 | $ | 2,385,085 | ||||||||||
Account balances: | ||||||||||||||
Less than $100,000 | $ | 676,979 | $ | 663,324 | ||||||||||
$100,000 through $250,000 | 610,174 | 1,219,210 | ||||||||||||
$250,000 or more | 391,787 | 502,551 | ||||||||||||
Total | $ | 1,678,940 | $ | 2,385,085 |
2021 | 2020 | |||||||||||||||||||||||||
(in thousands, except rates) | Principal | Weighted Average Rate | Principal | Weighted Average Rate | ||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||
Advances from the FHLBB | $ | — | — | % | $ | 40,000 | 1.05 | % | ||||||||||||||||||
Total short-term borrowings: | — | — | 40,000 | 1.05 | ||||||||||||||||||||||
Long-term borrowings: | ||||||||||||||||||||||||||
Advances from the FHLBB | 13,331 | 1.75 | 434,357 | 1.89 | ||||||||||||||||||||||
Paycheck Protection Program Liquidity Facility ("PPPLF") | — | — | — | — | ||||||||||||||||||||||
Subordinated notes | 74,590 | 7.00 | 74,411 | 7.00 | ||||||||||||||||||||||
Junior subordinated borrowing - Trust I | 15,464 | 2.01 | 15,464 | 2.06 | ||||||||||||||||||||||
Junior subordinated borrowing - Trust II | 7,459 | 1.90 | 7,405 | 1.92 | ||||||||||||||||||||||
Total long-term borrowings: | 110,844 | 5.33 | 531,637 | 2.61 | ||||||||||||||||||||||
Total | $ | 110,844 | 5.33 | % | $ | 571,637 | 2.50 | % |
2021 | ||||||||||||||
(In thousands) | Amount | Weighted Average Rate | ||||||||||||
Fixed rate advances maturing: | ||||||||||||||
2022 | $ | 4,001 | 2.04 | % | ||||||||||
2023 | — | — | ||||||||||||
2024 | 39 | — | ||||||||||||
2025 | 5,969 | 1.99 | ||||||||||||
2026 and beyond | 3,322 | 4.57 | ||||||||||||
Total FHLBB advances | $ | 13,331 | 1.75 | % |
(In thousands) | 2021 | 2020 | ||||||||||||
Derivative liabilities | $ | 35,194 | $ | 65,758 | ||||||||||
Capital and financing lease obligations | 9,862 | 10,383 | ||||||||||||
Employee benefits liability | 45,498 | 38,830 | ||||||||||||
Operating lease liabilities | 55,674 | 63,894 | ||||||||||||
Accrued interest payable | 775 | 3,867 | ||||||||||||
Customer transaction clearing accounts | 5,718 | 11,261 | ||||||||||||
Other | 39,960 | 38,737 | ||||||||||||
Total other liabilities | $ | 192,681 | $ | 232,730 | ||||||||||
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Change in projected benefit obligation: | ||||||||||||||
Projected benefit obligation at beginning of year | $ | 6,121 | $ | 5,848 | ||||||||||
Service Cost | 59 | 66 | ||||||||||||
Interest cost | 140 | 178 | ||||||||||||
Actuarial loss | (211) | 519 | ||||||||||||
Benefits paid | (321) | (337) | ||||||||||||
Settlements | (460) | (153) | ||||||||||||
Projected benefit obligation at end of year | 5,328 | 6,121 | ||||||||||||
Accumulated benefit obligation | 5,328 | 6,121 | ||||||||||||
Change in fair value of plan assets: | ||||||||||||||
Fair value of plan assets at plan beginning of year | 6,049 | 5,799 | ||||||||||||
Actual return on plan assets | 694 | 740 | ||||||||||||
Contributions by employer | — | — | ||||||||||||
Benefits paid | (321) | (337) | ||||||||||||
Settlements | (460) | (153) | ||||||||||||
Fair value of plan assets at end of year | 5,962 | 6,049 | ||||||||||||
(Overfunded)/underfunded status | $ | (634) | $ | 72 |
Amounts Recognized on Consolidated Balance Sheets | ||||||||||||||
Other assets | $ | 634 | $ | — | ||||||||||
Other liabilities | — | 72 |
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Service Cost | $ | 59 | $ | 66 | ||||||||||
Interest Cost | 140 | 178 | ||||||||||||
Expected return on plan assets | (410) | (393) | ||||||||||||
Amortization of unrecognized actuarial loss | 103 | 94 | ||||||||||||
Net periodic pension (credit) | $ | (108) | $ | (55) |
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Amortization of actuarial (loss) | $ | (103) | $ | (94) | ||||||||||
Actuarial (gain) loss | (495) | 171 | ||||||||||||
Settlement charge | (58) | — | ||||||||||||
Total recognized in accumulated other comprehensive income | (656) | 77 | ||||||||||||
Total recognized in net periodic pension cost recognized and other comprehensive income | $ | (764) | $ | 22 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Projected benefit obligation | ||||||||||||||
Discount rate | 2.73 | % | 2.35 | % | ||||||||||
Net periodic pension cost | ||||||||||||||
Discount rate | 2.35 | % | 3.15 | % | ||||||||||
Long term rate of return on plan assets | 7.00 | % | 7.00 | % |
December 31, 2021 | ||||||||||||||||||||
Asset Category (In thousands) | Total | Level 1 | Level 2 | |||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||
Large-Cap | $ | 1,914 | $ | — | $ | 1,914 | ||||||||||||||
Mid-Cap | 509 | — | 509 | |||||||||||||||||
Small-Cap | 421 | — | 421 | |||||||||||||||||
International | 1,026 | — | 1,026 | |||||||||||||||||
Fixed Income - US Core | 1,446 | — | 1,446 | |||||||||||||||||
Intermediate Duration | 482 | — | 482 | |||||||||||||||||
Cash Equivalents - money market | 164 | 62 | 102 | |||||||||||||||||
Total | $ | 5,962 | $ | 62 | $ | 5,900 |
December 31, 2020 | ||||||||||||||||||||
Asset Category (In thousands) | Total | Level 1 | Level 2 | |||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||
Large-Cap | $ | 1,996 | $ | — | $ | 1,996 | ||||||||||||||
Mid-Cap | 519 | — | 519 | |||||||||||||||||
Small-Cap | 500 | — | 500 | |||||||||||||||||
International | 1,049 | — | 1,049 | |||||||||||||||||
Fixed Income - US Core | 1,403 | — | 1,403 | |||||||||||||||||
Intermediate Duration | 470 | — | 470 | |||||||||||||||||
Cash Equivalents - money market | 112 | 38 | 74 | |||||||||||||||||
Total | $ | 6,049 | $ | 38 | $ | 6,011 |
Year | Payments (In thousands) | |||||||
2022 | 358 | |||||||
2023 | 344 | |||||||
2024 | 332 | |||||||
2025 | 317 | |||||||
2026 - 2031 | 1,727 | |||||||
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Change in accumulated postretirement benefit obligation: | ||||||||||||||
Accumulated post-retirement benefit obligation at beginning of year | $ | 4,641 | $ | 4,039 | ||||||||||
Service Cost | 13 | 39 | ||||||||||||
Interest cost | 113 | 129 | ||||||||||||
Participant contributions | — | — | ||||||||||||
Actuarial loss | (198) | 507 | ||||||||||||
Benefits paid | (48) | (73) | ||||||||||||
Accumulated post-retirement benefit obligation at end of year | $ | 4,521 | $ | 4,641 | ||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||||
Contributions by employer | 48 | 73 | ||||||||||||
Contributions by participant | — | — | ||||||||||||
Benefits paid | (48) | (73) | ||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — |
Amounts Recognized on Consolidated Balance Sheets | ||||||||||||||
Other Liabilities | $ | 4,521 | $ | 4,641 |
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Service cost | $ | 13 | $ | 39 | ||||||||||
Interest costs | 113 | 129 | ||||||||||||
Amortization of net prior service credit | 83 | 84 | ||||||||||||
Amortization of net actuarial loss | 55 | 12 | ||||||||||||
Net periodic post-retirement costs | $ | 264 | $ | 264 |
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Amortization of prior service credit | $ | (83) | $ | (84) | ||||||||||
Net actuarial (gain)/loss | (253) | 496 | ||||||||||||
Total recognized in accumulated other comprehensive income | (336) | 412 | ||||||||||||
Accrued post-retirement liability recognized | $ | 4,521 | $ | 4,641 |
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Net prior service cost | $ | 1,242 | $ | 1,325 | ||||||||||
Net actuarial loss | 615 | 869 | ||||||||||||
Total recognized in accumulated other comprehensive income | $ | 1,857 | $ | 2,194 |
Year | Payments (In thousands) | |||||||
2022 | 126 | |||||||
2023 | 122 | |||||||
2024 | 121 | |||||||
2025 | 117 | |||||||
2026 - 2031 | 624 | |||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal tax expense/(benefit) | $ | 17,340 | $ | (19,889) | $ | 16,576 | ||||||||||||||
State tax expense/(benefit) | 7,580 | (3,976) | 5,323 | |||||||||||||||||
Total current tax expense/(benefit) (1) | 24,920 | (23,865) | 21,899 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal tax expense | 5,125 | 2,048 | 908 | |||||||||||||||||
State tax expense/(benefit) | 112 | 1,964 | (344) | |||||||||||||||||
Total deferred tax expense | 5,237 | 4,012 | 564 | |||||||||||||||||
Change in valuation allowance | 200 | — | — | |||||||||||||||||
Income tax expense/(benefit) from continuing operations | $ | 30,357 | $ | (19,853) | $ | 22,463 | ||||||||||||||
Income tax (benefit) from discontinued operations | — | (7,013) | (1,468) | |||||||||||||||||
Total | $ | 30,357 | $ | (26,866) | $ | 20,995 |
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
(In thousands, except rates) | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||||||||
Statutory tax rate | $ | 31,294 | 21.0 | % | $ | (111,936) | 21.0 | % | $ | 26,037 | 21.0 | % | ||||||||||||||||||||||||||
Increase (decrease) resulting from: | ||||||||||||||||||||||||||||||||||||||
State taxes, net of federal tax benefit | 6,077 | 4.1 | (1,589) | 0.3 | 3,641 | 2.9 | ||||||||||||||||||||||||||||||||
Tax exempt income - investments, net | (3,475) | (2.3) | (3,184) | 0.6 | (3,527) | (2.8) | ||||||||||||||||||||||||||||||||
Bank-owned life insurance | (1,348) | (0.9) | (1,283) | 0.3 | (1,305) | (1.1) | ||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | 103,912 | (19.5) | — | — | ||||||||||||||||||||||||||||||||
Non-deductible merger costs | — | — | — | — | 122 | 0.1 | ||||||||||||||||||||||||||||||||
Tax credits, net of basis reduction | (2,881) | (1.9) | (1,812) | 0.3 | (3,531) | (2.8) | ||||||||||||||||||||||||||||||||
Change in valuation allowance | 200 | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||
Tax rate benefit on net operating loss carryback | (493) | (0.3) | (6,040) | 1.1 | — | — | ||||||||||||||||||||||||||||||||
Other, net | 983 | 0.6 | 2,079 | (0.4) | 1,026 | 0.8 | ||||||||||||||||||||||||||||||||
Effective tax rate | $ | 30,357 | 20.4 | % | $ | (19,853) | 3.7 | % | $ | 22,463 | 18.1 | % |
(In thousands) | 2021 | 2020 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for credit losses | $ | 30,441 | $ | 35,650 | ||||||||||
Unrealized capital loss on tax credit investments | 1,451 | 2,360 | ||||||||||||
Net unrealized loss on securities available for sale and pension in OCI | 1,085 | — | ||||||||||||
Employee benefit plans | 8,435 | 7,607 | ||||||||||||
Purchase accounting adjustments | 4,829 | 8,843 | ||||||||||||
Net operating loss carryforwards | 1,139 | 1,753 | ||||||||||||
Deferred loan fees | 2,449 | — | ||||||||||||
Lease liability | 14,940 | 20,119 | ||||||||||||
Premises and equipment | 1,850 | 1,097 | ||||||||||||
Nonaccrual interest | 1,722 | 1,780 | ||||||||||||
Other | 1,845 | 1,733 | ||||||||||||
Deferred tax assets, net before valuation allowances | 70,186 | 80,942 | ||||||||||||
Valuation allowance | (400) | (200) | ||||||||||||
Deferred tax assets, net of valuation allowances | $ | 69,786 | $ | 80,742 | ||||||||||
Deferred tax liabilities: | ||||||||||||||
Net unrealized gain on securities available for sale and pension in OCI | $ | — | $ | (10,602) | ||||||||||
Loan servicing rights | (1,488) | (1,674) | ||||||||||||
Deferred loan fees | — | (368) | ||||||||||||
Intangible amortization | (545) | (2,277) | ||||||||||||
Unamortized tax credit reserve | (1,075) | (1,086) | ||||||||||||
Right-of-use asset | (14,058) | (18,365) | ||||||||||||
Deferred tax liabilities | $ | (17,166) | $ | (34,372) | ||||||||||
Deferred tax assets, net | $ | 52,620 | $ | 46,370 | ||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
State valuation allowances | $ | (400) | $ | (200) |
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Unrecognized tax benefits at January 1 | $ | 516 | $ | 238 | $ | 467 | ||||||||||||||
Increase in gross amounts of tax positions related to prior years | 509 | 309 | 26 | |||||||||||||||||
Decrease in gross amounts of tax positions related to prior years | — | — | — | |||||||||||||||||
Decrease due to settlement with taxing authority | — | — | (185) | |||||||||||||||||
Decrease due to lapse in statute of limitations | — | (31) | (70) | |||||||||||||||||
Unrecognized tax benefits at December 31 | $ | 1,025 | $ | 516 | $ | 238 |
Notional Amount | Weighted Average Maturity | Weighted Average Rate | Estimated Fair Value Asset (Liability) | |||||||||||||||||||||||||||||
December 31, 2021 | Received | Contract pay rate | ||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | $ | 7,879 | 7.9 | 0.47 | % | 5.09 | % | $ | (1,158) | |||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | 1,684,238 | 5.8 | 3.99 | % | 1.91 | % | 74,348 | |||||||||||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers (1) | 1,684,238 | 5.8 | 1.91 | % | 3.99 | % | (30,454) | |||||||||||||||||||||||||
Risk participation agreements with dealer banks | 320,981 | 5.8 | 432 | |||||||||||||||||||||||||||||
Forward sale commitments | 6,377 | 0.2 | 134 | |||||||||||||||||||||||||||||
Total economic hedges | 3,703,713 | 43,302 | ||||||||||||||||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||||||||||||||
Commitments to lend | 8,192 | 0.2 | 124 | |||||||||||||||||||||||||||||
Total non-hedging derivatives | 8,192 | 124 | ||||||||||||||||||||||||||||||
Total | $ | 3,711,905 | $ | 43,426 |
Notional Amount | Weighted Average Maturity | Weighted Average Rate | Estimated Fair Value Asset (Liability) | |||||||||||||||||||||||||||||
December 31, 2020 | Received | Contract pay rate | ||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | $ | 8,654 | 8.9 | 0.52 | % | 5.09 | % | $ | (1,778) | |||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | 1,734,978 | 6.1 | 4.15 | % | 1.95 | % | 159,016 | |||||||||||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers (1) | 1,734,978 | 6.1 | 1.95 | % | 4.15 | % | (64,645) | |||||||||||||||||||||||||
Risk participation agreements with dealer banks | 326,862 | 8.0 | 665 | |||||||||||||||||||||||||||||
Forward sale commitments | 11,544 | 0.2 | 320 | |||||||||||||||||||||||||||||
Total economic hedges | 3,817,016 | 93,578 | ||||||||||||||||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||||||||||||||
Commitments to lend | 40,099 | 0.2 | 735 | |||||||||||||||||||||||||||||
Total non-hedging derivatives | 40,099 | 735 | ||||||||||||||||||||||||||||||
Total | $ | 3,857,115 | $ | 94,313 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Economic hedges | ||||||||||||||||||||
Interest rate swap on industrial revenue bond: | ||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | $ | 619 | $ | (289) | $ | (248) | ||||||||||||||
Interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | (86,099) | 85,206 | 65,098 | |||||||||||||||||
Favorable/(unfavorable) change in credit valuation adjustment recognized in other non-interest income | 1,431 | (1,516) | (1,214) | |||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | 86,099 | (85,206) | (65,098) | |||||||||||||||||
Risk Participation Agreements: | ||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | (233) | 345 | 83 | |||||||||||||||||
Forward Commitments: | ||||||||||||||||||||
Unrealized (loss)/gain recognized in discontinued operations | (186) | 547 | 507 | |||||||||||||||||
Realized (loss) in discontinued operations | — | (8,205) | (9,195) | |||||||||||||||||
Non-hedging derivatives | ||||||||||||||||||||
Commitments to lend: | ||||||||||||||||||||
Unrealized (loss)/gain recognized in discontinued operations | $ | (611) | $ | (1,893) | $ | (1,299) | ||||||||||||||
Realized gain in discontinued operations | — | 15,672 | 57,699 | |||||||||||||||||
Realized gain in other non-interest income | 2,854 | — | — |
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Condition | Net Amounts of Assets Presented in the Statements of Condition | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | |||||||||||||||||||||||||||||||||||||
(in thousands) | Net Amount | |||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | 2,223 | $ | (75) | $ | 2,148 | $ | — | $ | — | $ | 2,148 | ||||||||||||||||||||||||||
Commercial counterparties | 76,809 | — | 76,809 | — | — | 76,809 | ||||||||||||||||||||||||||||||||
Total | $ | 79,032 | $ | (75) | $ | 78,957 | $ | — | $ | — | $ | 78,957 |
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statements of Condition | Net Amounts of Liabilities Presented in the Statement of Condition | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | |||||||||||||||||||||||||||||||||||||
(in thousands) | Net Amount | |||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | (78,146) | $ | 44,814 | $ | (33,332) | $ | 34,896 | $ | 43,694 | $ | 45,258 | ||||||||||||||||||||||||||
Commercial counterparties | (2,461) | — | (2,461) | — | — | (2,461) | ||||||||||||||||||||||||||||||||
Total | $ | (80,607) | $ | 44,814 | $ | (35,793) | $ | 34,896 | $ | 43,694 | $ | 42,797 |
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Condition | Net Amounts of Assets Presented in the Statements of Condition | Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | |||||||||||||||||||||||||||||||||||||
(in thousands) | Net Amount | |||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | 1,124 | $ | (78) | $ | 1,046 | $ | — | $ | — | $ | 1,046 | ||||||||||||||||||||||||||
Commercial counterparties | 159,016 | — | 159,016 | — | — | 159,016 | ||||||||||||||||||||||||||||||||
Total | $ | 160,140 | $ | (78) | $ | 160,062 | $ | — | $ | — | $ | 160,062 |
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statements of Condition | Net Amounts of Liabilities Presented in the Statement of Condition | Gross Amounts Not Offset in the Statements of Condition | ||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||||||||||||||
(in thousands) | Net Amount | ||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | |||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | (164,543) | $ | 97,740 | $ | (66,803) | $ | 37,815 | $ | 75,070 | $ | 46,082 | |||||||||||||||||||||||
Commercial counterparties | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | (164,543) | $ | 97,740 | $ | (66,803) | $ | 37,815 | $ | 75,070 | $ | 46,082 |
(In thousands) | December 31, 2021 | December 31, 2020 | ||||||||||||||||||
Lease Right-of-Use Assets | Classification | |||||||||||||||||||
Operating lease right-of-use assets | $ | 52,180 | $ | 60,018 | ||||||||||||||||
Finance lease right-of-use assets | 6,674 | 7,197 | ||||||||||||||||||
Total Lease Right-of-Use Assets | $ | 58,854 | $ | 67,215 | ||||||||||||||||
Lease Liabilities | ||||||||||||||||||||
Operating lease liabilities | $ | 55,674 | $ | 63,894 | ||||||||||||||||
Finance lease liabilities | 9,862 | 10,383 | ||||||||||||||||||
Total Lease Liabilities | $ | 65,536 | $ | 74,277 |
December 31, 2021 | December 31, 2020 | ||||||||||
Weighted-Average Remaining Lease Term (in years) | |||||||||||
Operating leases | 9.5 | 9.8 | |||||||||
Finance leases | 12.8 | 13.8 | |||||||||
Weighted-Average Discount Rate | |||||||||||
Operating leases | 2.77 | % | 2.81 | % | |||||||
Finance leases | 5.00 | % | 5.00 | % |
(In thousands) | December 31, 2021 | December 31, 2020 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases (1) | $ | 10,897 | $ | 13,750 | ||||||||||
Operating cash flows from finance leases | 503 | 530 | ||||||||||||
Financing cash flows from finance leases | 528 | 500 | ||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
Operating leases (1) | 2,976 | 7,083 | ||||||||||||
Finance leases | — | — |
(In thousands) | Operating Leases | Finance Leases | ||||||||||||
2021 | $ | 9,774 | $ | 1,031 | ||||||||||
2022 | 8,569 | 1,037 | ||||||||||||
2023 | 7,546 | 1,037 | ||||||||||||
2024 | 5,859 | 1,037 | ||||||||||||
2025 | 4,639 | 1,037 | ||||||||||||
Thereafter | 27,568 | 8,185 | ||||||||||||
Total undiscounted lease payments | 63,955 | 13,364 | ||||||||||||
Less amounts representing interest | (8,281) | (3,502) | ||||||||||||
Lease liability | $ | 55,674 | $ | 9,862 |
(In thousands) | 2021 | 2020 | ||||||||||||
Commitments to originate new loans | $ | 588,034 | $ | 211,485 | ||||||||||
Unused funds on commercial and other lines of credit | 902,598 | 944,678 | ||||||||||||
Unadvanced funds on home equity lines of credit | 334,784 | 371,080 | ||||||||||||
Unadvanced funds on construction and real estate loans | 340,336 | 226,736 | ||||||||||||
Standby letters of credit | 14,475 | 24,501 | ||||||||||||
Total | $ | 2,180,227 | $ | 1,778,480 |
Minimum Capital Requirement | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Company (Consolidated) | ||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,359,470 | 17.32 | % | $ | 628,026 | 8.00 | % | ||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,178,497 | 15.01 | 353,265 | 4.50 | ||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,200,732 | 15.30 | 471,020 | 6.00 | ||||||||||||||||||||||
Tier 1 capital to average assets | 1,200,732 | 10.49 | 314,013 | 4.00 | ||||||||||||||||||||||
Total risk-weighted assets | 7,850,331 | N/A | N/A | N/A | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Company (Consolidated) | ||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,337,008 | 16.10 | % | $ | 664,239 | 8.00 | % | ||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,145,329 | 13.79 | 373,634 | 4.50 | ||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,167,512 | 14.06 | 498,179 | 6.00 | ||||||||||||||||||||||
Tier 1 capital to average assets | 1,167,512 | 9.38 | 332,119 | 4.00 | ||||||||||||||||||||||
Total risk-weighted assets | 8,302,987 | N/A | N/A | N/A |
Minimum Capital Requirement | Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,244,604 | 15.87 | % | $ | 627,478 | 8.00 | % | $ | 784,348 | 10.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,160,458 | 14.80 | 35,956 | 4.50 | 509,826 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,160,458 | 14.80 | 470,609 | 6.00 | 627,478 | 8.00 | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | 1,160,458 | 10.13 | 313,739 | 4.00 | 392,174 | 5.00 | ||||||||||||||||||||||||||||||||
Total risk-weighted assets | 7,843,477 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,243,287 | 14.99 | % | $ | 663,429 | 8.00 | % | $ | 961,659 | 10.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,148,205 | 13.85 | 373,179 | 4.50 | 625,079 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,148,205 | 13.85 | 497,572 | 6.00 | 769,327 | 8.00 | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | 1,148,205 | 9.23 | 331,715 | 4.00 | 480,830 | 5.00 | ||||||||||||||||||||||||||||||||
Total risk-weighted assets | 8,292,863 | N/A | N/A | N/A | N/A | N/A |
(In thousands) | 2021 | 2020 | ||||||||||||
Other accumulated comprehensive income/(loss), before tax: | ||||||||||||||
Net unrealized holding (loss)/gain on AFS securities | $ | (1,806) | $ | 44,988 | ||||||||||
Net unrealized holding (loss) on pension plans | (2,518) | (3,511) | ||||||||||||
Income taxes related to items of accumulated other comprehensive (loss)/income: | ||||||||||||||
Net unrealized holding loss/(gain) on AFS securities | 407 | (11,530) | ||||||||||||
Net unrealized holding loss on pension plans | 674 | 924 | ||||||||||||
Accumulated other comprehensive (loss)/income | $ | (3,243) | $ | 30,871 |
(In thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||
Net unrealized holding (loss) on AFS securities: | ||||||||||||||||||||
Net unrealized (loss) arising during the period | $ | (46,794) | $ | 11,937 | $ | (34,857) | ||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding (loss) on AFS securities | (46,794) | 11,937 | (34,857) | |||||||||||||||||
Net unrealized holding (loss) on pension plans | ||||||||||||||||||||
Net unrealized gain arising during the period | 993 | (250) | 743 | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding (loss) on pension plans | 993 | (250) | 743 | |||||||||||||||||
Other comprehensive loss | $ | (45,801) | $ | 11,687 | $ | (34,114) |
(In thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||
Net unrealized holding gain on AFS securities: | ||||||||||||||||||||
Net unrealized gain arising during the period | $ | 25,721 | $ | (6,470) | $ | 19,251 | ||||||||||||||
Less: reclassification adjustment for gains realized in net income | (5) | 1 | (4) | |||||||||||||||||
Net unrealized holding gain on AFS securities | 25,726 | (6,471) | 19,255 | |||||||||||||||||
Net unrealized holding (loss) on pension plans | ||||||||||||||||||||
Net unrealized (loss) arising during the period | (489) | 112 | (377) | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding (loss) on pension plans | (489) | 112 | (377) | |||||||||||||||||
Other comprehensive gain | $ | 25,237 | $ | (6,359) | $ | 18,878 | ||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||
Net unrealized holding (loss) on AFS securities: | ||||||||||||||||||||
Net unrealized gain arising during the period | $ | 34,591 | $ | (8,890) | $ | 25,701 | ||||||||||||||
Less: reclassification adjustment for gains realized in net income | 61 | (17) | 44 | |||||||||||||||||
Net unrealized holding gain on AFS securities | 34,530 | (8,873) | 25,657 | |||||||||||||||||
Net unrealized holding (loss) on pension plans | ||||||||||||||||||||
Net unrealized (loss) arising during the period | (270) | 76 | (194) | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding loss on pension plans | (270) | 76 | (194) | |||||||||||||||||
Other comprehensive income | $ | 34,260 | $ | (8,797) | $ | 25,463 | ||||||||||||||
(in thousands) | Net unrealized holding gain (loss) on AFS Securities | Net unrealized holding gain (loss) on pension plans | Total | |||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||
Balance at Beginning of Year | $ | 33,459 | $ | (2,588) | $ | 30,871 | ||||||||||||||
Other comprehensive (loss)/income before reclassifications | (34,857) | 743 | (34,114) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||||||||||
Total other comprehensive (loss)/income | (34,857) | 743 | (34,114) | |||||||||||||||||
Balance at End of Period | $ | (1,398) | $ | (1,845) | $ | (3,243) | ||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||
Balance at Beginning of Year | $ | 14,204 | $ | (2,211) | $ | 11,993 | ||||||||||||||
Other comprehensive income/(loss) before reclassifications | 19,251 | (377) | 18,874 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (4) | — | (4) | |||||||||||||||||
Total other comprehensive income/(loss) | 19,255 | (377) | 18,878 | |||||||||||||||||
Balance at End of Period | $ | 33,459 | $ | (2,588) | $ | 30,871 | ||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||
Balance at Beginning of Year | $ | (11,453) | $ | (2,017) | $ | (13,470) | ||||||||||||||
Other comprehensive income/(loss) before reclassifications | 25,701 | (194) | 25,507 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 44 | — | 44 | |||||||||||||||||
Total other comprehensive income/(loss) | 25,657 | (194) | 25,463 | |||||||||||||||||
Balance at End of Period | $ | 14,204 | $ | (2,211) | $ | 11,993 |
Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Realized (losses)/gains on AFS securities: | ||||||||||||||||||||||||||
$ | — | $ | (5) | $ | 61 | Non-interest income | ||||||||||||||||||||
— | 1 | (17) | Tax expense | |||||||||||||||||||||||
— | (4) | 44 | ||||||||||||||||||||||||
Realized (losses) on pension plans | ||||||||||||||||||||||||||
— | — | — | Non-interest expense | |||||||||||||||||||||||
— | — | — | Tax expense | |||||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||
Total reclassifications for the period | $ | — | $ | (4) | $ | 44 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2019 | |||||||||||||||||
Net income/(loss) from continuing operations | $ | 118,664 | $ | (513,175) | $ | 101,521 | ||||||||||||||
Net (loss) from discontinued operations | — | (19,842) | (4,071) | |||||||||||||||||
Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 | ||||||||||||||
Average number of common shares issued | 51,903 | 51,903 | 49,782 | |||||||||||||||||
Less: average number of treasury shares | 1,951 | 1,569 | 1,142 | |||||||||||||||||
Less: average number of unvested stock award shares | 712 | 505 | 420 | |||||||||||||||||
Plus: average participating preferred shares | — | 441 | 1,043 | |||||||||||||||||
Average number of basic common shares outstanding | 49,240 | 50,270 | 49,263 | |||||||||||||||||
Plus: dilutive effect of unvested stock award shares | 309 | — | 122 | |||||||||||||||||
Plus: dilutive effect of stock options outstanding | 5 | — | 36 | |||||||||||||||||
Average number of diluted common shares outstanding | 49,554 | 50,270 | 49,421 | |||||||||||||||||
Basic earnings/(loss) per share: | ||||||||||||||||||||
Continuing Operations | $ | 2.41 | $ | (10.21) | $ | 2.06 | ||||||||||||||
Discontinued operations | — | (0.39) | (0.08) | |||||||||||||||||
Basic earnings/(loss) per common share | $ | 2.41 | $ | (10.60) | $ | 1.98 | ||||||||||||||
Diluted earnings/(loss) per share: | ||||||||||||||||||||
Continuing Operations | $ | 2.39 | $ | (10.21) | $ | 2.05 | ||||||||||||||
Discontinued operations | — | (0.39) | (0.08) | |||||||||||||||||
Diluted earnings/(loss) per common share | $ | 2.39 | $ | (10.60) | $ | 1.97 |
Non-vested Stock Awards Outstanding | Stock Options Outstanding | |||||||||||||||||||||||||
(Shares in thousands) | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Exercise Price | ||||||||||||||||||||||
Balance, December 31, 2020 | 517 | $ | 28.35 | 112 | $ | 22.95 | ||||||||||||||||||||
Granted | 476 | 20.22 | — | — | ||||||||||||||||||||||
Acquired | — | — | — | — | ||||||||||||||||||||||
Stock options exercised | — | — | (20) | 20.66 | ||||||||||||||||||||||
Stock awards vested | (170) | 24.75 | — | — | ||||||||||||||||||||||
Forfeited | (113) | 23.48 | (2) | 24.71 | ||||||||||||||||||||||
Expired | — | — | (10) | 17.46 | ||||||||||||||||||||||
Balance, December 31, 2021 | 710 | $ | 20.16 | 80 | $ | 25.21 | ||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
(In thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||||
Trading security | $ | — | $ | — | $ | 8,354 | $ | 8,354 | ||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Municipal bonds and obligations | — | 77,177 | — | 77,177 | ||||||||||||||||||||||
Agency collateralized mortgage obligations | — | 688,336 | — | 688,336 | ||||||||||||||||||||||
Agency residential mortgage-backed securities | — | 705,859 | — | 705,859 | ||||||||||||||||||||||
Agency commercial mortgage-backed securities | — | 282,334 | — | 282,334 | ||||||||||||||||||||||
Corporate bonds | — | 41,630 | 4,030 | 45,660 | ||||||||||||||||||||||
Other bonds and obligations | — | 78,219 | — | 78,219 | ||||||||||||||||||||||
Marketable equity securities | 14,798 | 655 | — | 15,453 | ||||||||||||||||||||||
Loans held for investment | — | — | 1,200 | 1,200 | ||||||||||||||||||||||
Loans held for sale | — | 6,110 | — | 6,110 | ||||||||||||||||||||||
Derivative assets | — | 79,270 | 258 | 79,528 | ||||||||||||||||||||||
Capitalized servicing rights | — | — | 1,966 | 1,966 | ||||||||||||||||||||||
Derivative liabilities | — | 35,194 | — | 35,194 |
December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||||
Trading security | $ | — | $ | — | $ | 9,708 | $ | 9,708 | ||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Municipal bonds and obligations | — | 97,803 | — | 97,803 | ||||||||||||||||||||||
Agency collateralized mortgage obligations | — | 756,826 | — | 756,826 | ||||||||||||||||||||||
Agency residential mortgage-backed securities | — | 438,132 | — | 438,132 | ||||||||||||||||||||||
Agency commercial mortgage-backed securities | — | 288,650 | — | 288,650 | ||||||||||||||||||||||
Corporate bonds | — | 45,030 | 15,000 | 60,030 | ||||||||||||||||||||||
Other bonds and obligations | — | 53,791 | — | 53,791 | ||||||||||||||||||||||
Marketable equity securities | 17,841 | 672 | — | 18,513 | ||||||||||||||||||||||
Loans held for investment | — | — | 2,265 | 2,265 | ||||||||||||||||||||||
Loans held for sale | — | 12,992 | 4,756 | 17,748 | ||||||||||||||||||||||
Derivative assets | — | 159,016 | 1,055 | 160,071 | ||||||||||||||||||||||
Capitalized servicing rights | — | — | 3,033 | 3,033 | ||||||||||||||||||||||
Derivative liabilities | — | 65,758 | — | 65,758 |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2021 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for investment at fair value | $ | 1,200 | $ | 31,430 | $ | (30,230) |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2020 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for investment at fair value | $ | 2,265 | $ | 53,945 | $ | (51,680) |
Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | ||||||||||||||||||
December 31, 2021 (In thousands) | ||||||||||||||||||||
Loans held for sale | $ | 6,110 | $ | 5,926 | $ | 184 |
Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | ||||||||||||||||||
December 31, 2020 (In thousands) | ||||||||||||||||||||
Loans held for sale | $ | 12,992 | $ | 12,639 | $ | 353 |
Assets (Liabilities) | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Trading Security | Securities Available for Sale | Loans Held for Investment | Commitments to Lend (1) | Forward Commitments (1) | Capitalized Servicing Rights (1) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 10,769 | $ | 42,966 | $ | — | $ | 2,628 | $ | — | $ | 12,299 | ||||||||||||||||||||||||||
Adoption of ASC 326 | — | — | 7,660 | — | — | — | ||||||||||||||||||||||||||||||||
Maturities, calls, and prepayments of AFS Security | — | (30,000) | — | — | — | — | ||||||||||||||||||||||||||||||||
Unrealized (loss) gain, net recognized in other non-interest income | (327) | — | (1,283) | — | — | (822) | ||||||||||||||||||||||||||||||||
Unrealized gain/(loss), net recognized in discontinued operations | — | — | — | 16,565 | 320 | (8,444) | ||||||||||||||||||||||||||||||||
Unrealized (loss) included in accumulated other comprehensive loss | — | 2,034 | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers to Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Paydown of asset | (734) | — | (4,112) | — | — | — | ||||||||||||||||||||||||||||||||
Transfers to loans held for sale | — | — | — | (18,458) | — | — | ||||||||||||||||||||||||||||||||
Additions to servicing rights | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 9,708 | $ | 15,000 | $ | 2,265 | $ | 735 | $ | 320 | $ | 3,033 | ||||||||||||||||||||||||||
Maturities, calls, and prepayments of AFS Security | — | (15,000) | — | — | — | |||||||||||||||||||||||||||||||||
Unrealized (loss) gain, net recognized in other non-interest income | (578) | — | 1,645 | 1,995 | (186) | (1,067) | ||||||||||||||||||||||||||||||||
Unrealized gain included in accumulated other comprehensive loss | — | 30 | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers to Level 3 | — | 4,000 | — | — | — | — | ||||||||||||||||||||||||||||||||
Paydown of asset | (776) | — | (2,710) | — | — | — | ||||||||||||||||||||||||||||||||
Transfers to loans held for sale | — | — | (2,606) | — | — | |||||||||||||||||||||||||||||||||
Additions to servicing rights | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 8,354 | $ | 4,030 | $ | 1,200 | $ | 124 | $ | 134 | $ | 1,966 | ||||||||||||||||||||||||||
Unrealized gains/(losses) relating to instruments still held at December 31, 2021 | $ | 475 | $ | 30 | $ | — | $ | 124 | $ | 134 | $ | — | ||||||||||||||||||||||||||
Unrealized gains/(losses) relating to instruments still held at December 31, 2020 | $ | 1,053 | $ | 287 | $ | — | $ | 735 | $ | 320 | $ | — |
Fair Value | Significant Unobservable Input Value | |||||||||||||||||||||||||
(In thousands) | December 31, 2021 | Valuation Techniques | Unobservable Inputs | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Trading Security | $ | 8,354 | Discounted Cash Flow | Discount Rate | 3.35 | % | ||||||||||||||||||||
Securities Available for Sale | 4,030 | Indication from Market Maker | Price | 101.00 | % | |||||||||||||||||||||
Loans held for investment | 1,200 | Discounted Cash Flow | Discount Rate | 25.00 | % | |||||||||||||||||||||
Collateral Value | $6.3 - $19.8 | |||||||||||||||||||||||||
Commitments to Lend | 124 | Historical Trend | Closing Ratio | 82.09 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Forward Commitments | 134 | Historical Trend | Closing Ratio | 82.09 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Capitalized Servicing Rights | 1,966 | Discounted cash flow | Constant prepayment rate (CPR) | 19.41 | % | |||||||||||||||||||||
Discount rate | 9.50 | % | ||||||||||||||||||||||||
Total | $ | 15,808 |
Fair Value | Significant Unobservable Input Value | |||||||||||||||||||||||||
(In thousands) | December 31, 2020 | Valuation Techniques | Unobservable Inputs | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Trading Security | $ | 9,708 | Discounted Cash Flow | Discount Rate | 2.72 | % | ||||||||||||||||||||
Securities Available for Sale | 15,000 | Indication from Market Maker | Price | 102.00 | % | |||||||||||||||||||||
Loans held for investment | 2,265 | Discounted Cash Flow | Discount Rate | 30.00 | % | |||||||||||||||||||||
Collateral Value | $8.1 - $21.9 | |||||||||||||||||||||||||
Commitments to Lend | 735 | Historical Trend | Closing Ratio | 74.54 % | ||||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Forward Commitments | 320 | Historical Trend | Closing Ratio | 74.54 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Capitalized Servicing Rights | 3,033 | Discounted cash flow | Constant prepayment rate (CPR) | 26.52 | % | |||||||||||||||||||||
Discount rate | 10.00 | % | ||||||||||||||||||||||||
Total | $ | 31,061 |
December 31, 2021 | Fair Value Measurements as of December 31, 2021 | ||||||||||||||||
(In thousands) | Level 3 Inputs | Level 3 Inputs | |||||||||||||||
Assets | |||||||||||||||||
Individually evaluated loans | $ | 12,482 | December 2021 | ||||||||||||||
Capitalized servicing rights | 14,056 | December 2021 | |||||||||||||||
Other real estate owned | — | December 2021 | |||||||||||||||
Total | $ | 26,538 |
December 31, 2020 | Fair Value Measurements as of December 31, 2020 | ||||||||||||||||
(In thousands) | Level 3 Inputs | Level 3 Inputs | |||||||||||||||
Assets | |||||||||||||||||
Individually evaluated loans | $ | 28,028 | December 2020 | ||||||||||||||
Capitalized servicing rights | 13,315 | December 2020 | |||||||||||||||
Other real estate owned | 149 | December 2020 | |||||||||||||||
Total | $ | 41,492 |
(in thousands) | December 31, 2021 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated loans | $ | 12,482 | Fair value of collateral | Loss severity | (35.96)% to 133.09% (49.14%) | |||||||||||||||||||||
Appraised value | $0 to $405 ($256) | |||||||||||||||||||||||||
Capitalized servicing rights | 14,056 | Discounted cash flow | Constant prepayment rate (CPR) | 6.24% to 17.73% (13.29%) | ||||||||||||||||||||||
Discount rate | 9.59% to 13.11% (11.97%) | |||||||||||||||||||||||||
Total Assets | $ | 26,538 |
(in thousands) | December 31, 2020 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated loans | $ | 28,028 | Fair value of collateral | Loss severity | 0.07% to 100.00% (46.36%) | |||||||||||||||||||||
Appraised value | $0 to $11,432 ($9,800) | |||||||||||||||||||||||||
Capitalized servicing rights | 13,315 | Discounted cash flow | Constant prepayment rate (CPR) | 14.49% to 23.29% (16.98%) | ||||||||||||||||||||||
Discount rate | 10.00% to 11.00% (10.56%) | |||||||||||||||||||||||||
Other real estate owned | 149 | Fair value of collateral | Appraised value | $94 - $182 | ||||||||||||||||||||||
Total Assets | $ | 41,492 |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,627,807 | $ | 1,627,807 | $ | 1,627,807 | $ | — | $ | — | ||||||||||||||||||||||
Trading security | 8,354 | 8,354 | — | — | 8,354 | |||||||||||||||||||||||||||
Marketable equity securities | 15,453 | 15,453 | 14,798 | 655 | — | |||||||||||||||||||||||||||
Securities available for sale | 1,877,585 | 1,877,585 | — | 1,873,555 | 4,030 | |||||||||||||||||||||||||||
Securities held to maturity | 636,503 | 647,236 | — | 644,497 | 2,739 | |||||||||||||||||||||||||||
FHLB stock and restricted equity securities | 10,800 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Net loans | 6,719,753 | 6,850,975 | — | — | 6,850,975 | |||||||||||||||||||||||||||
Loans held for sale | 6,110 | 6,110 | — | 6,110 | — | |||||||||||||||||||||||||||
Accrued interest receivable | 33,534 | 33,534 | — | 33,534 | — | |||||||||||||||||||||||||||
Derivative assets | 79,528 | 79,528 | — | 79,270 | 258 | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Total deposits | 10,068,953 | 10,073,217 | — | 10,073,217 | — | |||||||||||||||||||||||||||
Short-term debt | — | — | — | — | — | |||||||||||||||||||||||||||
Long-term FHLB advances | 13,331 | 13,053 | — | 13,053 | — | |||||||||||||||||||||||||||
Subordinated notes | 97,513 | 95,006 | — | 95,006 | — | |||||||||||||||||||||||||||
Derivative liabilities | 35,194 | 35,194 | — | 35,194 | — | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,557,875 | $ | 1,557,875 | $ | 1,557,875 | $ | — | $ | — | ||||||||||||||||||||||
Trading security | 9,708 | 9,708 | — | — | 9,708 | |||||||||||||||||||||||||||
Marketable equity securities | 18,513 | 18,513 | 17,841 | 672 | — | |||||||||||||||||||||||||||
Securities available for sale | 1,695,232 | 1,695,232 | — | 1,680,232 | 15,000 | |||||||||||||||||||||||||||
Securities held to maturity | 465,091 | 491,855 | — | 488,393 | 3,462 | |||||||||||||||||||||||||||
FHLB stock and restricted equity securities | 34,873 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Net loans | 7,954,217 | 8,243,437 | — | — | 8,243,437 | |||||||||||||||||||||||||||
Loans held for sale | 17,748 | 17,748 | — | 12,992 | 4,756 | |||||||||||||||||||||||||||
Accrued interest receivable | 46,919 | 46,919 | — | 46,919 | — | |||||||||||||||||||||||||||
Derivative assets | 160,071 | 160,071 | — | 159,016 | 1,055 | |||||||||||||||||||||||||||
Assets held for sale | 317,304 | 317,304 | — | 16,705 | 300,599 | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Total deposits | 10,215,808 | 10,230,822 | — | 10,230,822 | — | |||||||||||||||||||||||||||
Short-term debt | 40,000 | 40,025 | — | 40,025 | — | |||||||||||||||||||||||||||
Long-term FHLB advances | 434,357 | 438,064 | — | 438,064 | — | |||||||||||||||||||||||||||
Subordinated notes | 97,280 | 95,178 | — | 95,178 | — | |||||||||||||||||||||||||||
Derivative liabilities | 65,758 | 65,758 | — | 65,758 | — | |||||||||||||||||||||||||||
Liabilities held for sale | 630,065 | 631,268 | — | 631,268 | — |
December 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||
Cash due from Berkshire Bank | $ | 108,946 | $ | 83,510 | ||||||||||
Investment in subsidiaries | 1,172,439 | 1,202,755 | ||||||||||||
Marketable equity securities, at fair value | — | 158 | ||||||||||||
Other assets | 213 | 188 | ||||||||||||
Total assets | $ | 1,281,598 | $ | 1,286,611 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Subordinated notes | $ | 97,513 | $ | 97,280 | ||||||||||
Accrued expenses | 1,650 | 1,558 | ||||||||||||
Shareholders’ equity | 1,182,435 | 1,187,773 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,281,598 | $ | 1,286,611 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from subsidiaries | $ | 118,000 | $ | 46,300 | $ | 104,700 | ||||||||||||||
Other | 31 | (2,185) | 1,258 | |||||||||||||||||
Total income | 118,031 | 44,115 | 105,958 | |||||||||||||||||
Interest expense | 5,393 | 5,335 | 5,335 | |||||||||||||||||
Non-interest expenses | 2,719 | 2,866 | 4,129 | |||||||||||||||||
Total expense | 8,112 | 8,201 | 9,464 | |||||||||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 109,919 | 35,914 | 96,494 | |||||||||||||||||
Income tax (benefit) | (2,136) | (2,719) | (2,054) | |||||||||||||||||
Income before equity in undistributed income of subsidiaries | 112,055 | 38,633 | 98,548 | |||||||||||||||||
Equity in undistributed results of operations of subsidiaries | 6,609 | (571,650) | (1,098) | |||||||||||||||||
Net income/(loss) | 118,664 | (533,017) | 97,450 | |||||||||||||||||
Preferred stock dividend | — | 313 | 960 | |||||||||||||||||
Income/(loss) available to common shareholders | $ | 118,664 | $ | (533,330) | $ | 96,490 | ||||||||||||||
Comprehensive income/(loss) | $ | 84,550 | $ | (514,139) | $ | 122,912 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 | ||||||||||||||
Adjustments to reconcile net income to net cash (used) provided by operating activities: | ||||||||||||||||||||
Equity in undistributed results of operations of subsidiaries | (6,609) | 571,650 | 1,098 | |||||||||||||||||
Other, net | 5,816 | 2,603 | (4,457) | |||||||||||||||||
Net cash provided by operating activities | 117,871 | 41,236 | 94,091 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Advances to subsidiaries | — | — | — | |||||||||||||||||
Purchase of securities | — | (489) | — | |||||||||||||||||
Sale of securities | 167 | 4,658 | 6,989 | |||||||||||||||||
Other, net | — | — | 987 | |||||||||||||||||
Net cash provided by investing activities | 167 | 4,169 | 7,976 | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceed from issuance of short term debt | 232 | 231 | 431 | |||||||||||||||||
Proceed from repayment of long term debt | — | — | — | |||||||||||||||||
Net proceeds from common stock | — | — | — | |||||||||||||||||
Payment to repurchase common stock | (68,712) | (473) | (52,746) | |||||||||||||||||
Common stock cash dividends paid | (24,553) | (36,251) | (44,147) | |||||||||||||||||
Preferred stock cash dividends paid | — | (313) | (960) | |||||||||||||||||
Other, net | 431 | 758 | 188 | |||||||||||||||||
Net cash (used) in financing activities | (92,602) | (36,048) | (97,234) | |||||||||||||||||
Net change in cash and cash equivalents | 25,436 | 9,357 | 4,833 | |||||||||||||||||
Cash and cash equivalents at beginning of year | 83,510 | 74,153 | 69,320 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 108,946 | $ | 83,510 | $ | 74,153 |
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | $ | 75,860 | $ | 79,688 | $ | 85,364 | $ | 88,153 | $ | 92,131 | $ | 97,768 | $ | 103,688 | $ | 116,195 | ||||||||||||||||||||||||||||||||||
Interest expense | 6,548 | 8,320 | 9,971 | 13,060 | 16,422 | 20,713 | 26,098 | 29,767 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | 69,312 | 71,368 | 75,393 | 75,093 | 75,709 | 77,055 | 77,590 | 86,428 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 21,409 | 73,635 | 22,011 | 26,193 | 23,327 | 19,963 | 17,381 | 5,636 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue | 90,721 | 145,003 | 97,404 | 101,286 | 99,036 | 97,018 | 94,971 | 92,064 | ||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | (3,000) | (4,000) | — | 6,500 | 10,000 | 1,200 | 29,871 | 34,807 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 69,407 | 69,460 | 68,872 | 78,154 | 71,796 | 72,843 | 624,275 | 71,325 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) from continuing operations before income taxes | 24,314 | 79,543 | 28,532 | 16,632 | 17,240 | 22,975 | (559,175) | (14,068) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | 4,066 | 15,794 | 6,896 | 3,601 | (1,659) | (68) | (16,130) | (1,996) | ||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) from continuing operations | 20,248 | 63,749 | 21,636 | 13,031 | 18,899 | 23,043 | (543,045) | (12,072) | ||||||||||||||||||||||||||||||||||||||||||
(Loss)/income from discontinued operations, net of tax | — | — | — | — | (3,890) | (1,818) | (6,336) | (7,798) | ||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 20,248 | $ | 63,749 | $ | 21,636 | $ | 13,031 | $ | 15,009 | $ | 21,225 | $ | (549,381) | $ | (19,870) | ||||||||||||||||||||||||||||||||||
Basic earnings/(loss) per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.42 | $ | 1.32 | $ | 0.43 | $ | 0.26 | $ | 0.38 | $ | 0.46 | $ | (10.80) | $ | (0.24) | ||||||||||||||||||||||||||||||||||
Discontinued operations | — | — | — | — | (0.08) | (0.04) | (0.13) | (0.16) | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings/(loss) per common share | $ | 0.42 | $ | 1.32 | $ | 0.43 | $ | 0.26 | $ | 0.30 | $ | 0.42 | $ | (10.93) | $ | (0.40) | ||||||||||||||||||||||||||||||||||
Diluted earnings/(loss) per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.42 | $ | 1.31 | $ | 0.43 | $ | 0.26 | $ | 0.38 | $ | 0.46 | $ | (10.80) | $ | (0.24) | ||||||||||||||||||||||||||||||||||
Discontinued operations | — | — | — | — | (0.08) | (0.04) | (0.13) | (0.16) | ||||||||||||||||||||||||||||||||||||||||||
Diluted earnings/(loss) per share | $ | 0.42 | $ | 1.31 | $ | 0.43 | $ | 0.26 | $ | 0.30 | $ | 0.42 | $ | (10.93) | $ | (0.40) | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 47,958 | 48,395 | 50,321 | 50,330 | 50,308 | 50,329 | 50,246 | 50,204 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | 48,340 | 48,744 | 50,608 | 50,565 | 50,355 | 50,329 | 50,246 | 50,204 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Net interest income | $ | 291,166 | $ | 316,782 | $ | 365,258 | ||||||||||||||
Provision (benefit) for credit losses | (500) | 75,878 | 35,419 | |||||||||||||||||
Net interest income after provision for credit losses | 291,666 | 240,904 | 329,839 | |||||||||||||||||
Total non-interest income | 143,248 | 66,307 | 84,002 | |||||||||||||||||
Total non-interest expense | 285,893 | 840,239 | 289,857 | |||||||||||||||||
Income/(loss) from continuing operations before income taxes | 149,021 | (533,028) | 123,984 | |||||||||||||||||
Income tax expense/(benefit) | 30,357 | (19,853) | 22,463 | |||||||||||||||||
Net income/(loss) from continuing operations | 118,664 | (513,175) | 101,521 | |||||||||||||||||
(Loss) from discontinued operations before income taxes | — | (26,855) | (5,539) | |||||||||||||||||
Income tax (benefit) | — | (7,013) | (1,468) | |||||||||||||||||
Net (loss) from discontinued operations | — | (19,842) | (4,071) | |||||||||||||||||
Net income/(loss) | $ | 118,664 | $ | (533,017) | $ | 97,450 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Non-interest income | ||||||||||||||||||||
In-scope of Topic 606: | ||||||||||||||||||||
Service charges on deposit accounts | $ | 20,249 | $ | 19,239 | $ | 23,122 | ||||||||||||||
Insurance commissions and fees | 7,003 | 10,770 | 10,957 | |||||||||||||||||
Wealth management fees | 10,530 | 9,285 | 9,353 | |||||||||||||||||
Interchange income | 8,321 | 7,559 | 6,266 | |||||||||||||||||
Non-interest income (in-scope of Topic 606) | $ | 46,103 | $ | 46,853 | $ | 49,698 | ||||||||||||||
Non-interest income (out-of-scope of Topic 606) | 97,145 | 19,454 | 34,304 | |||||||||||||||||
Total non-interest income from continuing operations | $ | 143,248 | $ | 66,307 | $ | 84,002 |
Name | State or Other Jurisdiction of Incorporation or Organization | |||||||
Berkshire Hills Bancorp, Inc. | Delaware | |||||||
Berkshire Bank | Massachusetts | |||||||
Beacon Comprehensive Services Corp. | New York | |||||||
RSB Properties, Inc. | New York | |||||||
CSB Service Corp. | Massachusetts | |||||||
Legacy Insurance Services of the Berkshires, LLC | Delaware | |||||||
North Street Securities Corporation | Massachusetts | |||||||
Woodland Securities, Inc. | Massachusetts | |||||||
Hampden Investment Corporation II | Massachusetts | |||||||
Firestone Financial, LLC | Massachusetts | |||||||
First Choice Loan Services Inc. | New Jersey | |||||||
Old Spot Properties, LLC | New Jersey | |||||||
FCB New Jersey Investment Company | New Jersey | |||||||
Novus Asset Management Inc. | Delaware | |||||||
Metro Commerce Real Estate | Massachusetts | |||||||
Berkshire Mortgage Servicing Company | Connecticut | |||||||
SI Realty Company, Inc. | Connecticut | |||||||
North Street Insurance Services, Inc. | Massachusetts | |||||||
Berkshire Hills Capital Trust I | Delaware | |||||||
SI Capital Trust II | Delaware |
Date: March 1, 2022 | /s/ Nitin J. Mhatre | ||||
Nitin J. Mhatre | |||||
President and Chief Executive Officer |
Date: March 1, 2022 | /s/ Subhadeep Basu | ||||
Subhadeep Basu | |||||
Senior Executive Vice President, | |||||
Chief Financial Officer |
March 1, 2022 | /s/ Nitin J. Mhatre | |||||||
Nitin J. Mhatre | ||||||||
President and Chief Executive Officer | ||||||||
March 1, 2022 | /s/ Subhadeep Basu | |||||||
Subhadeep Basu | ||||||||
Senior Executive Vice President | ||||||||
Chief Financial Officer | ||||||||