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 | |||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||
(In millions) | Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | ||||||||||||||
Loans: | ||||||||||||||||||||
Construction | $ | 726 | 7.8 | % | $ | 640 | 7.1 | % | $ | 320 | 3.9 | % | ||||||||
Commercial multifamily | 637 | 6.8 | 599 | 6.6 | 620 | 7.5 | ||||||||||||||
Commercial real estate owner occupied | 695 | 7.4 | 629 | 7.0 | 641 | 7.7 | ||||||||||||||
Commercial real estate non-owner occupied | 2,770 | 29.5 | 2,607 | 28.8 | 2,496 | 29.9 | ||||||||||||||
Commercial and industrial | 1,439 | 15.3 | 1,359 | 15.1 | 1,445 | 17.3 | ||||||||||||||
Residential real estate | 2,772 | 29.5 | 2,760 | 30.5 | 2,312 | 27.7 | ||||||||||||||
Home equity | 230 | 2.5 | 224 | 2.5 | 227 | 2.7 | ||||||||||||||
Consumer other | 116 | 1.2 | 221 | 2.4 | 274 | 3.3 | ||||||||||||||
Total | $ | 9,385 | 100.0 | % | $ | 9,039 | 100.0 | % | $ | 8,335 | 100.0 | % | ||||||||
Allowance for credit losses | (115) | (105) | (96) | |||||||||||||||||
Net loans | $ | 9,270 | $ | 8,934 | $ | 8,239 |
Contractual Maturity | One Year | One to | Five to | More Than | ||||||||||||||||||||||||||||
(In thousands) | or Less | Five Years | Fifteen Years | Fifteen Years | Total | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Construction | $ | 226,597 | $ | 372,565 | $ | 122,696 | $ | 4,486 | $ | 726,344 | ||||||||||||||||||||||
Commercial multifamily | 44,855 | 298,067 | 290,263 | 3,620 | 636,805 | |||||||||||||||||||||||||||
Commercial real estate owner occupied | 87,341 | 213,585 | 306,569 | 87,835 | 695,330 | |||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 435,963 | 1,649,267 | 673,356 | 10,861 | 2,769,447 | |||||||||||||||||||||||||||
Commercial and industrial | 363,851 | 747,410 | 312,243 | 15,671 | 1,439,175 | |||||||||||||||||||||||||||
Residential real estate | 1,709 | 29,154 | 178,223 | 2,562,683 | 2,771,769 | |||||||||||||||||||||||||||
Home equity | 168 | 1,174 | 66,430 | 162,593 | 230,365 | |||||||||||||||||||||||||||
Consumer other | 3,278 | 57,174 | 48,394 | 6,913 | 115,759 | |||||||||||||||||||||||||||
Total | $ | 1,163,762 | $ | 3,368,396 | $ | 1,998,174 | $ | 2,854,662 | $ | 9,384,994 |
(In thousands) | Fixed Interest Rate | Variable Interest Rate | Total | |||||||||||||||||
Loans: | ||||||||||||||||||||
Construction | $ | 84,347 | $ | 415,400 | $ | 499,747 | ||||||||||||||
Commercial multifamily | 98,202 | 493,748 | 591,950 | |||||||||||||||||
Commercial real estate owner occupied | 195,268 | 412,721 | 607,989 | |||||||||||||||||
Commercial real estate non-owner occupied | 992,582 | 1,340,902 | 2,333,484 | |||||||||||||||||
Commercial and industrial | 298,814 | 776,510 | 1,075,324 | |||||||||||||||||
Residential real estate | 1,723,851 | 1,046,209 | 2,770,060 | |||||||||||||||||
Home equity | 4,780 | 225,417 | 230,197 | |||||||||||||||||
Consumer other | 111,881 | 600 | 112,481 | |||||||||||||||||
Total | $ | 3,509,725 | $ | 4,711,507 | $ | 8,221,232 |
2024 | 2023 | 2022 | ||||||||||||||||||
Ratios: | ||||||||||||||||||||
Allowance for credit losses on loans/total loans | 1.22 | % | 1.17 | % | 1.15 | % | ||||||||||||||
Nonaccrual loans/total loans | 0.26 | % | 0.24 | % | 0.37 | % | ||||||||||||||
Allowance for credit losses/nonaccruing loans | 469.18 | % | 492.47 | % | 309.41 | % | ||||||||||||||
Net charge-offs/average loans | 0.16 | % | 0.26 | % | 0.27 | % | ||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||
Net charge-offs to average loans: | ||||||||||||||||||||
Construction | — | % | — | % | — | % | ||||||||||||||
Commercial multifamily | 0.01 | — | — | |||||||||||||||||
Commercial real estate owner occupied | — | (0.01) | — | |||||||||||||||||
Commercial real estate non-owner occupied | — | — | 0.06 | |||||||||||||||||
Commercial and industrial | 0.06 | 0.17 | 0.20 | |||||||||||||||||
Residential real estate | (0.01) | — | (0.01) | |||||||||||||||||
Home equity | — | — | — | |||||||||||||||||
Consumer other | 0.10 | 0.10 | 0.02 |
2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
(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 | $ | 4,463 | 0.6 | % | $ | 2,885 | 0.5 | % | $ | 1,227 | 0.4 | % | ||||||||||||||||||||||||||
Commercial multifamily | 4,084 | 0.6 | 2,475 | 0.4 | 1,810 | 0.3 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 11,303 | 1.6 | 9,443 | 1.5 | 10,739 | 1.7 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 38,520 | 1.4 | 38,221 | 1.5 | 30,724 | 1.2 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 25,549 | 1.8 | 18,602 | 1.4 | 18,743 | 1.3 | ||||||||||||||||||||||||||||||||
Residential real estate | 22,479 | 0.8 | 19,622 | 0.7 | 18,666 | 0.8 | ||||||||||||||||||||||||||||||||
Home equity | 2,392 | 1.0 | 2,015 | 0.9 | 2,173 | 1.0 | ||||||||||||||||||||||||||||||||
Consumer other | 5,910 | 5.1 | 12,094 | 5.5 | 12,188 | 4.5 | ||||||||||||||||||||||||||||||||
Total | $ | 114,700 | 1.2 | % | $ | 105,357 | 1.2 | % | $ | 96,270 | 1.2 | % |
2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
(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 | $ | 4,463 | 7.7 | % | $ | 2,885 | 7.1 | % | $ | 1,227 | 3.8 | % | ||||||||||||||||||||||||||
Commercial multifamily | 4,084 | 6.8 | 2,475 | 6.6 | 1,810 | 7.4 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 11,303 | 7.4 | 9,443 | 7.0 | 10,739 | 7.7 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 38,520 | 29.5 | 38,221 | 28.8 | 30,724 | 30.0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 25,549 | 15.4 | 18,602 | 15.0 | 18,743 | 17.4 | ||||||||||||||||||||||||||||||||
Residential real estate | 22,479 | 29.5 | 19,622 | 30.5 | 18,666 | 27.7 | ||||||||||||||||||||||||||||||||
Home equity | 2,392 | 2.5 | 2,015 | 2.5 | 2,173 | 2.7 | ||||||||||||||||||||||||||||||||
Consumer other | 5,910 | 1.2 | 12,094 | 2.5 | 12,188 | 3.3 | ||||||||||||||||||||||||||||||||
Total | $ | 114,700 | 100.0 | % | $ | 105,357 | 100.0 | % | $ | 96,270 | 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 | $ | 1.0 | 0.3 | % | $ | 8.3 | 1.4 | % | $ | 77.9 | 2.4 | % | $ | 212.6 | 0.8 | % | $ | 299.8 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 7.9 | 1.2 | % | 4.0 | 0.2 | % | 58.5 | 0.9 | % | 888.1 | 1.4 | % | 958.5 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other bonds and obligations | 7.0 | 0.4 | % | 15.8 | 5.9 | % | 23.6 | 0.6 | % | 0.8 | — | % | 47.2 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 15.9 | 2.0 | % | $ | 28.1 | 7.4 | % | $ | 160.0 | 3.9 | % | $ | 1,101.5 | 2.2 | % | $ | 1,305.5 | 2.5 | % |
2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 2,283.7 | 24 | % | — | % | $ | 2,584.6 | 27 | % | — | % | $ | 2,914.9 | 30 | % | — | % | ||||||||||||||||||||||||||||||||||||||
NOW and other | 767.4 | 8 | 0.5 | 1,048.9 | 11 | 0.6 | 1,416.7 | 14 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Money market | 2,993.1 | 31 | 2.8 | 2,727.3 | 28 | 3.4 | 2,809.1 | 29 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,011.8 | 11 | 1.1 | 1,067.2 | 11 | 1.0 | 1,114.8 | 11 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Time | 2,480.2 | 26 | 3.3 | 2,275.8 | 23 | 4.0 | 1,541.7 | 16 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,536.2 | 100 | % | 2.0 | % | $ | 9,703.8 | 100 | % | 2.4 | % | $ | 9,797.2 | 100 | % | 0.9 | % |
Maturity Period | Time Deposits that Meet or Exceed the FDIC Insurance Limit | Estimated Portion of Time Deposits in Excess of the FDIC Insurance Limit | Estimated Aggregate Time Deposits in Excess of the FDIC Insurance Limit and Otherwise Uninsured Time Deposits | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Three months or less | $ | 373,572 | $ | 124,844 | $ | 124,844 | ||||||||||||||
Over 3 months through 6 months | 228,142 | 62,443 | 62,443 | |||||||||||||||||
Over 6 months through 12 months | 64,707 | 24,130 | 24,130 | |||||||||||||||||
Over 12 months | 45,098 | 19,026 | 19,026 | |||||||||||||||||
Total | $ | 711,519 | $ | 230,443 | $ | 230,443 |
Number of Employees | 1,238 | ||||
Number of Full-Time Employees | 1,193 | ||||
Number of Part-Time Employees | 45 | ||||
Turnover Rate | 19.5% | ||||
Retention Rate | 80% |
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, 2024 | — | $ | — | — | 839,589 | |||||||||||||||||||||
November 1-30, 2024 | — | — | — | 839,589 | ||||||||||||||||||||||
December 1-31, 2024 | — | — | — | — | ||||||||||||||||||||||
Total | — | $ | — | — | — |
Period Ending | ||||||||||||||||||||||||||||||||||||||
Index | 12/31/19 | 12/31/20 | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | ||||||||||||||||||||||||||||||||
Berkshire Hills Bancorp, Inc. | 100.00 | 54.79 | 92.70 | 99.34 | 85.10 | 100.31 | ||||||||||||||||||||||||||||||||
NYSE Composite Index | 100.00 | 106.99 | 129.11 | 117.04 | 133.16 | 154.19 | ||||||||||||||||||||||||||||||||
KBW NASDAQ Regional Banking Index | 100.00 | 91.29 | 124.74 | 116.10 | 115.64 | 130.90 |
Annual Total Shareholder Return | ||||||||||||||||||||
Year Ending | ||||||||||||||||||||
Index | 12/31/20 | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | |||||||||||||||
Berkshire Hills Bancorp, Inc. | (45.21) | 69.20 | 7.17 | (14.33) | 17.87 | |||||||||||||||
NYSE Composite Index | 6.99 | 20.68 | (9.35) | 13.77 | 15.79 | |||||||||||||||
KBW NASDAQ Regional Banking Index | (8.71) | 36.64 | (6.93) | (0.40) | 13.20 |
At or For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | 2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||
Per Common Share Data: | ||||||||||||||||||||||||||||||||
Net earnings/(loss), diluted - continuing operations | $ | 1.43 | $ | 1.60 | $ | 2.02 | $ | 2.39 | $ | (10.21) | ||||||||||||||||||||||
Net (loss), diluted - discontinued operations | — | — | — | — | (0.39) | |||||||||||||||||||||||||||
Net earnings/(loss), diluted | $ | 1.43 | $ | 1.60 | $ | 2.02 | $ | 2.39 | $ | (10.60) | ||||||||||||||||||||||
Total book value per common share | 25.15 | 23.27 | 21.51 | 24.30 | 23.37 | |||||||||||||||||||||||||||
Dividends | 0.72 | 0.72 | 0.54 | 0.48 | 0.72 | |||||||||||||||||||||||||||
Common stock price: | ||||||||||||||||||||||||||||||||
High | 32.36 | 31.52 | 31.78 | 29.16 | 33.04 | |||||||||||||||||||||||||||
Low | 20.50 | 18.07 | 23.62 | 16.35 | 8.55 | |||||||||||||||||||||||||||
Close | 28.43 | 24.83 | 29.90 | 28.43 | 17.12 | |||||||||||||||||||||||||||
Performance Ratios: (1) | ||||||||||||||||||||||||||||||||
Return on assets | 0.52 | % | 0.59 | % | 0.82 | % | 0.98 | % | (4.15) | % | ||||||||||||||||||||||
Return on equity | 5.84 | 7.07 | 8.70 | 9.96 | 37.15 | |||||||||||||||||||||||||||
Return on tangible common equity (2) | 6.27 | 7.60 | 9.29 | 10.57 | (46.88) | |||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent ("FTE") (3) | 3.16 | 3.27 | 3.26 | 2.60 | 2.72 | |||||||||||||||||||||||||||
Growth Ratios: | ||||||||||||||||||||||||||||||||
Total commercial loans | 7.32 | % | 5.66 | % | 12.99 | % | (12.09) | % | (4.58) | % | ||||||||||||||||||||||
Total loans | 3.82 | 8.45 | 22.11 | (15.54) | 14.95 | |||||||||||||||||||||||||||
Total deposits | (2.43) | 2.96 | 2.57 | (1.44) | (1.16) | |||||||||||||||||||||||||||
Earnings per share, (compared to prior year) | (10.63) | (20.79) | (15.48) | 122.55 | (638.07) | |||||||||||||||||||||||||||
Selected Financial Data: | ||||||||||||||||||||||||||||||||
Total assets | $ | 12,273,408 | $ | 12,430,821 | $ | 11,662,864 | $ | 11,554,913 | $ | 12,838,013 | ||||||||||||||||||||||
Total earning assets | 11,522,562 | 11,704,515 | 10,913,069 | 10,899,109 | 12,089,939 | |||||||||||||||||||||||||||
Securities | 1,188,859 | 2,033,436 | 2,033,436 | 2,548,590 | 2,223,417 | |||||||||||||||||||||||||||
Total loans | 9,384,994 | 9,039,686 | 8,335,309 | 6,825,847 | 8,081,519 | |||||||||||||||||||||||||||
Allowance for credit losses | (114,700) | (105,357) | (96,270) | (106,094) | (127,302) | |||||||||||||||||||||||||||
Total intangible assets | 15,064 | 19,664 | 24,483 | 26,619 | 34,819 | |||||||||||||||||||||||||||
Total deposits | 10,375,204 | 10,633,384 | 10,327,269 | 10,068,953 | 10,215,808 | |||||||||||||||||||||||||||
Total borrowings | 438,094 | 125,509 | 125,509 | 110,844 | 571,637 | |||||||||||||||||||||||||||
Total shareholders’ equity | 1,167,424 | 1,012,221 | 954,062 | 1,182,435 | 1,187,773 |
At or For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||
Selected Operating Data: | ||||||||||||||||||||||||||||||||
Total interest and dividend income | $ | 613,938 | $ | 576,299 | $ | 387,257 | $ | 329,065 | $ | 409,782 | ||||||||||||||||||||||
Total interest expense | 262,352 | 207,252 | 42,660 | 37,899 | 93,000 | |||||||||||||||||||||||||||
Net interest income | 351,586 | 369,047 | 344,597 | 291,166 | 316,782 | |||||||||||||||||||||||||||
Fee income | 68,527 | 65,281 | 63,995 | 84,462 | 69,990 | |||||||||||||||||||||||||||
All other non-interest income/(loss) | (20,113) | (22,499) | 4,942 | 58,786 | (3,683) | |||||||||||||||||||||||||||
Total net revenue | 400,000 | 411,829 | 413,534 | 434,414 | 383,089 | |||||||||||||||||||||||||||
Provision for credit losses | 23,999 | 31,999 | 11,000 | (500) | 75,878 | |||||||||||||||||||||||||||
Total non-interest expense | 296,486 | 301,508 | 288,716 | 285,893 | 840,239 | |||||||||||||||||||||||||||
Income/(loss) from continuing operations before income taxes | 79,515 | 78,322 | 113,818 | 149,021 | (533,028) | |||||||||||||||||||||||||||
Income tax expense/(benefit) from continuing operations | 18,512 | 8,724 | 21,285 | 30,357 | (19,853) | |||||||||||||||||||||||||||
Net income/(loss) from continuing operations | 61,003 | 69,598 | 92,533 | 118,664 | (513,175) | |||||||||||||||||||||||||||
(Loss)/income from discontinued operations before income taxes | — | — | — | — | (26,855) | |||||||||||||||||||||||||||
Income tax (benefit)/expense from discontinued operations | — | — | — | — | (7,013) | |||||||||||||||||||||||||||
Net (loss)/income from discontinued operations | — | — | — | — | (19,842) | |||||||||||||||||||||||||||
Net income/(loss) | $ | 61,003 | $ | 69,598 | $ | 92,533 | $ | 118,664 | $ | (533,017) | ||||||||||||||||||||||
Basic earnings/(loss) per common share: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 1.44 | $ | 1.61 | $ | 2.03 | $ | 2.41 | $ | (10.21) | ||||||||||||||||||||||
Discontinued operations | — | — | — | — | (0.39) | |||||||||||||||||||||||||||
Total basic earnings/(loss) per share | $ | 1.44 | $ | 1.61 | $ | 2.03 | $ | 2.41 | $ | (10.60) | ||||||||||||||||||||||
Diluted earnings/(loss) per common share: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 1.43 | $ | 1.60 | $ | 2.02 | $ | 2.39 | $ | (10.21) | ||||||||||||||||||||||
Discontinued operations | — | — | — | — | (0.39) | |||||||||||||||||||||||||||
Total diluted earnings/(loss) per share | $ | 1.43 | $ | 1.60 | $ | 2.02 | $ | 2.39 | $ | (10.60) | ||||||||||||||||||||||
Weighted average common shares outstanding - basic | 42,508 | 43,288 | 45,564 | 49,240 | 50,270 | |||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 42,761 | 43,504 | 45,914 | 49,554 | 50,270 | |||||||||||||||||||||||||||
Dividends per preferred share | $ | — | $ | — | $ | — | $ | 1.20 | $ | 1.84 | ||||||||||||||||||||||
Dividends per common share | $ | 0.72 | $ | 0.72 | $ | 0.54 | $ | 0.48 | $ | 0.72 | ||||||||||||||||||||||
Asset Quality and Condition Ratios: | ||||||||||||||||||||||||||||||||
Net loans charged-off/average loans | 0.16 | % | 0.26 | % | 0.27 | % | 0.29 | % | 0.41 | % | ||||||||||||||||||||||
Allowance for credit losses/total loans | 1.22 | 1.17 | 1.15 | 1.55 | 1.58 | |||||||||||||||||||||||||||
Loans/deposits | 90 | 85 | 81 | 68 | 79 | |||||||||||||||||||||||||||
Capital Ratios: | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets - Company | 10.97 | % | 9.65 | % | 10.18 | % | 10.49 | % | 9.38 | % | ||||||||||||||||||||||
Total capital to risk-weighted assets - Company | 15.45 | 14.36 | 14.60 | 17.32 | 16.10 | |||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets - Company | 13.22 | 12.27 | 12.60 | 15.30 | 14.06 | |||||||||||||||||||||||||||
Shareholders’ equity/total assets | 9.51 | 8.14 | 8.18 | 10.23 | 9.25 | |||||||||||||||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 4,673.2 | $ | 307.6 | 6.48 | % | $ | 4,326.8 | $ | 272.5 | 6.30 | % | $ | 3,836.2 | $ | 167.6 | 4.37 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 1,388.6 | 106.9 | 7.57 | 1,455.9 | 107.9 | 7.41 | 1,435.3 | 74.7 | 5.20 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | 2,691.2 | 114.3 | 4.25 | 2,512.3 | 98.1 | 3.91 | 1,784.2 | 63.3 | 3.55 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 423.0 | 30.3 | 7.13 | 518.5 | 37.8 | 7.29 | 556.8 | 32.1 | 5.77 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 9,176.0 | 559.1 | 6.04 | 8,813.5 | 516.3 | 5.86 | 7,612.5 | 337.7 | 4.44 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2)(3) | 1,435.7 | 35.7 | 2.49 | 2,186.6 | 50.8 | 2.32 | 2,489.7 | 51.2 | 2.06 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and loans held for sale (4) | 528.7 | 25.7 | 4.86 | 372.4 | 17.1 | 4.59 | 569.1 | 4.9 | 0.86 | |||||||||||||||||||||||||||||||||||||||||||||||
New York branch loans held for sale | 26.3 | 1.5 | 5.71 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 11,166.7 | 622.0 | 5.51 | 11,372.5 | 584.2 | 5.14 | 10,671.3 | 393.8 | 3.69 | |||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 17.1 | 21.9 | 26.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning assets (4) | 499.3 | 443.2 | 518.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 11,683.1 | $ | 11,837.6 | $ | 11,216.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | $ | 2,283.7 | $ | — | — | % | $ | 2,584.6 | $ | — | — | % | $ | 2,914.9 | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||
NOW and other | 767.4 | 11.1 | 1.45 | % | 1,048.9 | 14.9 | 1.42 | % | 1,416.7 | 6.1 | 0.43 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market | 2,993.1 | 96.8 | 3.23 | 2,727.3 | 65.6 | 2.40 | 2,809.1 | 13.8 | 0.49 | |||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,011.8 | 10.9 | 1.07 | 1,067.2 | 6.1 | 0.57 | 1,114.8 | 0.4 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 2,480.2 | 104.3 | 4.20 | 2,275.8 | 72.4 | 3.18 | 1,541.7 | 13.1 | 0.85 | |||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 9,536.2 | 223.1 | 2.39 | 9,703.8 | 159.0 | 1.64 | 9,797.2 | 33.4 | 0.34 | |||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and notes (4) | 624.9 | 34.3 | 5.42 | 913.6 | 48.3 | 5.29 | 176.1 | 9.2 | 5.24 | |||||||||||||||||||||||||||||||||||||||||||||||
New York branch non-interest-bearing deposits held for sale | 45.4 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
New York branch interest-bearing deposits held for sale | 181.6 | 5.0 | 2.75 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total funding liabilities | 10,388.1 | 262.4 | 2.52 | 10,617.4 | 207.3 | 1.95 | 9,973.3 | 42.6 | 0.43 | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 250.8 | 236.3 | 180.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 10,638.9 | 10,853.7 | 10,153.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | 1,044.2 | 983.9 | 1,062.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 11,683.1 | $ | 11,837.6 | $ | 11,216.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (5) | 3.16 | 3.27 | 3.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, non FTE | $ | 351.6 | $ | 369.0 | $ | 344.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FTE income adjustment | 8.0 | 7.9 | 6.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income, FTE | 359.6 | 376.9 | 351.2 |
2024 Compared with 2023 | 2023 Compared with 2022 | |||||||||||||||||||||||||||||||||||||
(Decrease) Increase Due to | (Decrease) Increase Due to | |||||||||||||||||||||||||||||||||||||
(In thousands) | Rate | Volume | Net | Rate | Volume | Net | ||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,222 | $ | 25,933 | $ | 35,155 | $ | 81,238 | $ | 23,568 | $ | 104,806 | ||||||||||||||||||||||||||
Commercial and industrial loans | 2,872 | (3,865) | (993) | 32,105 | 1,086 | 33,191 | ||||||||||||||||||||||||||||||||
Residential loans | 8,845 | 7,261 | 16,106 | 6,883 | 27,931 | 34,814 | ||||||||||||||||||||||||||||||||
Consumer loans | (773) | (6,757) | (7,530) | 8,004 | (2,329) | 5,675 | ||||||||||||||||||||||||||||||||
Total loans | 20,166 | 22,572 | 42,738 | 128,230 | 50,256 | 178,486 | ||||||||||||||||||||||||||||||||
Investment securities | 3,309 | (18,450) | (15,141) | 6,239 | (6,628) | (389) | ||||||||||||||||||||||||||||||||
Short-term investments and loans held for sale | 1,078 | 7,551 | 8,629 | 14,416 | (2,244) | 12,172 | ||||||||||||||||||||||||||||||||
New York branch loans held for sale | — | 1,527 | 1,527 | — | — | — | ||||||||||||||||||||||||||||||||
Total interest income | $ | 24,553 | $ | 13,200 | $ | 37,753 | $ | 148,885 | $ | 41,384 | $ | 190,269 | ||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||
NOW accounts | $ | 751 | $ | (4,500) | $ | (3,749) | $ | 6,380 | $ | 2,324 | $ | 8,704 | ||||||||||||||||||||||||||
Money market accounts | 25,195 | 6,039 | 31,234 | 59,450 | (7,713) | 51,737 | ||||||||||||||||||||||||||||||||
Savings accounts | 4,280 | 476 | 4,756 | 5,299 | 453 | 5,752 | ||||||||||||||||||||||||||||||||
Certificates of deposit | 30,455 | 1,408 | 31,863 | 60,555 | (1,271) | 59,284 | ||||||||||||||||||||||||||||||||
Total deposits | 60,681 | 3,423 | 64,104 | 131,684 | (6,207) | 125,477 | ||||||||||||||||||||||||||||||||
Borrowings | 2,189 | (16,193) | (14,004) | 8 | 39,111 | 39,119 | ||||||||||||||||||||||||||||||||
New York branch interest-bearing deposits | — | 4,998 | 4,998 | — | (1,820) | (1,820) | ||||||||||||||||||||||||||||||||
Total interest expense | $ | 62,870 | $ | (7,772) | $ | 55,098 | $ | 131,692 | $ | 32,904 | $ | 164,596 | ||||||||||||||||||||||||||
Change in net interest income | $ | (38,317) | $ | 20,972 | $ | (17,345) | $ | 17,193 | $ | 8,480 | $ | 25,673 |
At or For the Years Ended | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2024 | December 31, 2023 | December 31, 2022 | |||||||||||||||||
GAAP Net income | $ | 61,003 | $ | 69,598 | $ | 92,533 | ||||||||||||||
Non-GAAP measures | ||||||||||||||||||||
Adj: Fair value adjustments on securities (1) | — | — | 2,037 | |||||||||||||||||
Adj: Loss/(gain) on sale of securities | 49,937 | 25,057 | (6) | |||||||||||||||||
Adj: Net gains on sale of business operations | (16,241) | — | — | |||||||||||||||||
Adj: Merger, restructuring, conversion, and other related expenses (2) | 9,493 | 6,261 | 8,909 | |||||||||||||||||
Adj: Income taxes | (9,319) | (7,723) | (2,940) | |||||||||||||||||
Net non-operating charges | 33,870 | 23,595 | 8,000 | |||||||||||||||||
Operating net income (non-GAAP) | $ | 94,873 | $ | 93,193 | $ | 100,533 | ||||||||||||||
GAAP Total revenue from continuing operations | $ | 400,000 | $ | 411,829 | $ | 413,534 | ||||||||||||||
Adj: Fair value adjustments on securities | — | — | 2,037 | |||||||||||||||||
Adj: Loss/(gain) on sale of AFS securities | 49,937 | 25,057 | (6) | |||||||||||||||||
Adj: Net gains on sale of business operations | (16,241) | — | — | |||||||||||||||||
Operating revenue (non-GAAP) | $ | 433,696 | $ | 436,886 | $ | 415,565 | ||||||||||||||
GAAP Total non-interest expense from continuing operations | $ | 296,486 | $ | 301,508 | $ | 288,716 | ||||||||||||||
Less: Total non-operating expense (see above) | (9,493) | (6,261) | (8,909) | |||||||||||||||||
Operating non-interest expense (non-GAAP) | $ | 286,993 | $ | 295,247 | $ | 279,807 | ||||||||||||||
Pre-tax, pre-provision net revenue (PPNR) | $ | 103,514 | $ | 110,321 | $ | 124,818 | ||||||||||||||
Operating pre-tax, pre-provision net revenue (PPNR) | 146,703 | 141,639 | 135,758 | |||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||
Total average assets | $ | 11,683 | $ | 11,838 | $ | 11,216 | ||||||||||||||
Total average shareholders' equity | 1,044 | 984 | 1,063 | |||||||||||||||||
Total average tangible shareholders' equity | 1,027 | 962 | 1,036 | |||||||||||||||||
Total tangible shareholders’ equity, period-end | 1,152 | 993 | 930 | |||||||||||||||||
Total tangible assets, period-end | 12,258 | 12,411 | 11,638 | |||||||||||||||||
Total common shares outstanding, period-end (thousands) | 46,424 | 43,501 | 44,361 | |||||||||||||||||
Average diluted shares outstanding (thousands) | 42,761 | 43,504 | 45,914 | |||||||||||||||||
Earnings per share, diluted | $ | 1.43 | $ | 1.60 | $ | 2.02 | ||||||||||||||
Plus: Net adjustments per share, diluted | 0.79 | 0.54 | 0.17 | |||||||||||||||||
Operating earnings per share, diluted | 2.22 | 2.14 | 2.19 | |||||||||||||||||
Book value per common share, period-end | 25.15 | 23.27 | 21.51 | |||||||||||||||||
Tangible book value per common share, period-end | 24.82 | 22.82 | 20.95 | |||||||||||||||||
Total shareholders' equity/total assets | 9.51 | 8.14 | 8.18 | |||||||||||||||||
Total tangible shareholders' equity/total tangible assets | 9.40 | 8.00 | 7.99 |
At or For the Years Ended | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2024 | December 31, 2023 | December 31, 2022 | |||||||||||||||||
Performance Ratios (5) | ||||||||||||||||||||
Return on equity | 5.84 | % | 7.07 | % | 8.70 | % | ||||||||||||||
Operating return on equity | 9.09 | 9.47 | 9.46 | |||||||||||||||||
Return on tangible common equity (3) | 6.27 | 7.60 | 9.29 | |||||||||||||||||
Operating return on tangible common equity (3) | 9.56 | 10.05 | 10.07 | |||||||||||||||||
Return on assets | 0.52 | 0.59 | 0.82 | |||||||||||||||||
Operating return on assets | 0.81 | 0.79 | 0.90 | |||||||||||||||||
Efficiency ratio (4) | 63.94 | 63.88 | 64.31 | |||||||||||||||||
Supplementary Data (in thousands) | ||||||||||||||||||||
Tax benefit on tax-credit investments | N/M | $ | 9,863 | $ | 4,880 | |||||||||||||||
Non-interest income charge on tax-credit investments | N/M | (8,018) | (3,508) | |||||||||||||||||
Net income on tax-credit investments | N/M | 1,845 | 1,372 | |||||||||||||||||
Intangible amortization | 4,601 | 4,820 | 5,134 | |||||||||||||||||
Fully taxable equivalent income adjustment | 7,985 | 7,870 | 6,644 |
Parallel Interest Rate Shock (basis points) | ||||||||||||||
Estimated Percent Change in Net Interest Income | ||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||
+200 | 2.2 | % | 0.5 | % | ||||||||||
+100 | 1.2 | 0.3 | ||||||||||||
-100 | (1.4) | (0.6) | ||||||||||||
-200 | (2.9) | (2.1) | ||||||||||||
Yield Curve Twist Interest Rate Shock | December 31, 2024 | December 31, 2023 | ||||||||||||
Short End +100 | (0.4) | % | (0.5) | % | ||||||||||
Short End -100 | 0.3 | (0.5) | ||||||||||||
Long End +100 | 1.6 | 1.1 | ||||||||||||
Long End -100 | (1.7) | (1.1) |
Estimated Percent Change in Economic Value of Equity | ||||||||||||||
Parallel Shock Rate Change (basis points | 12/31/2024 | 12/31/2023 | ||||||||||||
+200 | (1.4) | % | (3.9) | % | ||||||||||
+100 | (0.6) | (1.8) | ||||||||||||
-100 | 0.2 | 1.2 | ||||||||||||
-200 | (0.1) | 1.3 |
2.1 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
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 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
19.0 | ||||||||
21.0 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
97 | ||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income/(Loss), (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements tagged as blocks of text and in detail |
(1) | Incorporated herein by reference from the Form 8-K as filed on December 16, 2024. | |||||||
(2) | Incorporated herein by reference from the Exhibits to Form 10-Q as filed on August 9, 2018 | |||||||
(3) | Incorporated herein by reference from the Exhibits to the Form 8-K as filed on June 26, 2017. | |||||||
(4) | 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. | |||||||
(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 March 22, 2024. | |||||||
(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. | |||||||
(17) | Incorporated herein by reference from the Appendix to the Proxy Statement as filed on April 8, 2022. | |||||||
(18) | Incorporated herein by reference from the Exhibits to the Form 10-K as filed on February 28, 2024. | |||||||
* | Denotes a management contract or compensatory plan or arrangement. |
Berkshire Hills Bancorp, Inc. | ||||||||
Date: March 3, 2025 | By: | /s/ Nitin J. Mhatre | ||||||
Nitin J. Mhatre | ||||||||
President & Chief Executive Officer |
/s/ Nitin J. Mhatre | Director, President, & Chief Executive Officer | March 3, 2025 | ||||||||||||
Nitin J. Mhatre | (principal executive officer) | |||||||||||||
/s/ Brett J. Brbovic | Executive Vice President, Chief Financial Officer | March 3, 2025 | ||||||||||||
Brett J. Brbovic | (principal financial officer) | |||||||||||||
/s/ David M. Brunelle | Chairperson | March 3, 2025 | ||||||||||||
David M. Brunelle | ||||||||||||||
/s/ Mary Anne Callahan | Director | March 3, 2025 | ||||||||||||
Mary Anne Callahan | ||||||||||||||
/s/ Nina A. Charnley | Director | March 3, 2025 | ||||||||||||
Nina A. Charnley | ||||||||||||||
/s/ Mihir A. Desai | Director | March 3, 2025 | ||||||||||||
Mihir A. Desai | ||||||||||||||
/s/ William H. Hughes, III | Director | March 3, 2025 | ||||||||||||
William H. Hughes, III | ||||||||||||||
/s/ Jeffrey W. Kip | Director | March 3, 2025 | ||||||||||||
Jeffrey W. Kip | ||||||||||||||
/s/ Sylvia Maxfield | Director | March 3, 2025 | ||||||||||||
Sylvia Maxfield | ||||||||||||||
/s/ Laurie Norton Moffatt | Director | March 3, 2025 | ||||||||||||
Laurie Norton Moffatt | ||||||||||||||
/s/ Karyn Polito | Director | March 3, 2025 | ||||||||||||
Karyn Polito | ||||||||||||||
/s/ Eric S. Rosengren | Director | March 3, 2025 | ||||||||||||
Eric S. Rosengren |
/s/ Nitin J. Mhatre | /s/ Brett J. Brbovic | |||||||
Nitin J. Mhatre | Brett J. Brbovic | |||||||
President & Chief Executive Officer | Executive Vice President & Chief Financial Officer | |||||||
March 3, 2025 | March 3, 2025 | |||||||
December 31, | ||||||||||||||
(In thousands, except share data) | 2024 | 2023 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 182,776 | $ | 148,148 | ||||||||||
Short-term investments | 945,633 | 1,055,096 | ||||||||||||
Total cash and cash equivalents | 1,128,409 | 1,203,244 | ||||||||||||
Trading security, at fair value | 5,258 | 6,142 | ||||||||||||
Equity securities, at fair value | 655 | 13,029 | ||||||||||||
Securities available for sale, at fair value | 655,723 | 1,022,285 | ||||||||||||
Securities held to maturity (fair values of $433,382 in 2024 and $476,228 in 2023) | 507,658 | 543,351 | ||||||||||||
Federal Home Loan Bank stock and other restricted securities | 19,565 | 22,689 | ||||||||||||
Total securities | 1,188,859 | 1,607,496 | ||||||||||||
Less: Allowance for credit losses on securities held to maturity | (64) | (68) | ||||||||||||
Net Securities | 1,188,795 | 1,607,428 | ||||||||||||
Loans held for sale | 3,076 | 2,237 | ||||||||||||
Total loans | 9,384,994 | 9,039,686 | ||||||||||||
Less: Allowance for credit losses on loans | (114,700) | (105,357) | ||||||||||||
Net loans | 9,270,294 | 8,934,329 | ||||||||||||
Premises and equipment, net | 56,609 | 68,915 | ||||||||||||
Other intangible assets | 15,064 | 19,664 | ||||||||||||
Cash surrender value of bank-owned life insurance | 245,789 | 242,309 | ||||||||||||
Other assets | 358,442 | 341,757 | ||||||||||||
Assets held for sale | 6,930 | 10,938 | ||||||||||||
Total assets | $ | 12,273,408 | $ | 12,430,821 | ||||||||||
Liabilities | ||||||||||||||
Demand deposits | $ | 2,324,879 | $ | 2,469,164 | ||||||||||
NOW and other deposits | 841,406 | 858,644 | ||||||||||||
Money market deposits | 3,610,521 | 3,565,516 | ||||||||||||
Savings deposits | 1,021,716 | 1,053,810 | ||||||||||||
Time deposits | 2,576,682 | 2,686,250 | ||||||||||||
Total deposits | 10,375,204 | 10,633,384 | ||||||||||||
Short-term debt | 103,500 | 260,000 | ||||||||||||
Long-term Federal Home Loan Bank advances | 212,982 | 125,223 | ||||||||||||
Subordinated notes | 121,612 | 121,363 | ||||||||||||
Total borrowings | 438,094 | 506,586 | ||||||||||||
Other liabilities | 292,686 | 278,630 | ||||||||||||
Total liabilities | 11,105,984 | 11,418,600 | ||||||||||||
December 31, | ||||||||||||||
(In thousands, except share data) | 2024 | 2023 | ||||||||||||
Shareholders’ equity | ||||||||||||||
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 46,424,016 shares outstanding in 2024; 100,000,000 shares authorized; 51,903,190 shares issued, and 43,500,872 shares outstanding in 2023) | $ | 562 | $ | 528 | ||||||||||
Additional paid-in capital - common stock | 1,430,532 | 1,423,273 | ||||||||||||
Unearned compensation | (10,106) | (10,109) | ||||||||||||
Retained (deficit) | (3,080) | (33,136) | ||||||||||||
Accumulated other comprehensive (loss) | (106,343) | (143,016) | ||||||||||||
Treasury stock, at cost (5,479,174 shares in 2024 and 8,402,318 shares in 2023) | (144,141) | (225,319) | ||||||||||||
Total shareholders’ equity | 1,167,424 | 1,012,221 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 12,273,408 | $ | 12,430,821 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Interest and dividend income | ||||||||||||||||||||
Loans | $ | 556,527 | $ | 512,535 | $ | 335,312 | ||||||||||||||
Securities and other | 57,411 | 63,764 | 51,945 | |||||||||||||||||
Total interest and dividend income | 613,938 | 576,299 | 387,257 | |||||||||||||||||
Interest expense | ||||||||||||||||||||
Deposits | 228,015 | 158,913 | 33,437 | |||||||||||||||||
Borrowings and subordinated notes | 34,337 | 48,339 | 9,223 | |||||||||||||||||
Total interest expense | 262,352 | 207,252 | 42,660 | |||||||||||||||||
Net interest income | 351,586 | 369,047 | 344,597 | |||||||||||||||||
Non-interest income | ||||||||||||||||||||
Deposit related fees | 33,759 | 34,155 | 32,026 | |||||||||||||||||
Loan related fees | 11,280 | 10,595 | 9,467 | |||||||||||||||||
Gain on SBA loan sales | 12,648 | 10,334 | 12,494 | |||||||||||||||||
Wealth management fees | 10,840 | 10,197 | 10,008 | |||||||||||||||||
Total fee income | 68,527 | 65,281 | 63,995 | |||||||||||||||||
Other | 13,576 | 2,045 | 6,973 | |||||||||||||||||
Fair value adjustments on securities | 7 | 513 | (2,037) | |||||||||||||||||
(Loss)/gain on sale of securities | (49,937) | (25,057) | 6 | |||||||||||||||||
Gain on sale of business operations and assets, net | 16,241 | — | — | |||||||||||||||||
Total non-interest income | 48,414 | 42,782 | 68,937 | |||||||||||||||||
Total net revenue | 400,000 | 411,829 | 413,534 | |||||||||||||||||
Provision expense for credit losses | 23,999 | 31,999 | 11,000 | |||||||||||||||||
Non-interest expense | ||||||||||||||||||||
Compensation and benefits | 160,453 | 159,281 | 152,741 | |||||||||||||||||
Occupancy and equipment | 31,469 | 35,718 | 37,638 | |||||||||||||||||
Technology | 40,395 | 41,878 | 35,586 | |||||||||||||||||
Professional services | 10,307 | 11,643 | 12,043 | |||||||||||||||||
Regulatory expenses | 7,395 | 7,019 | 3,105 | |||||||||||||||||
Amortization of intangible assets | 4,601 | 4,820 | 5,134 | |||||||||||||||||
Marketing | 4,522 | 5,377 | 5,103 | |||||||||||||||||
Merger, restructuring and other non-operating expenses | 9,493 | 6,261 | 8,909 | |||||||||||||||||
Other | 27,851 | 29,511 | 28,457 | |||||||||||||||||
Total non-interest expense | 296,486 | 301,508 | 288,716 | |||||||||||||||||
Income before income taxes | 79,515 | 78,322 | 113,818 | |||||||||||||||||
Income tax expense | 18,512 | 8,724 | 21,285 | |||||||||||||||||
Net income | $ | 61,003 | $ | 69,598 | $ | 92,533 | ||||||||||||||
Basic earnings per share | $ | 1.44 | $ | 1.61 | $ | 2.03 | ||||||||||||||
Diluted earnings per share | $ | 1.43 | $ | 1.60 | $ | 2.02 | ||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | 42,508 | 43,288 | 45,564 | |||||||||||||||||
Diluted | 42,761 | 43,504 | 45,914 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Net income | $ | 61,003 | $ | 69,598 | $ | 92,533 | ||||||||||||||
Other comprehensive income/(loss), before tax: | ||||||||||||||||||||
Changes in unrealized gains and losses on securities available-for-sale | 46,800 | 47,960 | (235,081) | |||||||||||||||||
Changes in unrealized gains and losses on cash flow hedges | 1,228 | 2,402 | (6,667) | |||||||||||||||||
Changes in unrealized gains and losses on pension | 893 | 316 | 1,674 | |||||||||||||||||
Total other comprehensive income/(loss), before tax | 48,921 | 50,678 | (240,074) | |||||||||||||||||
Income taxes related to other comprehensive income/(loss): | ||||||||||||||||||||
Changes in unrealized gains and losses on securities available-for-sale | (11,685) | (11,928) | 60,922 | |||||||||||||||||
Changes in unrealized gains and losses on cash flow hedges | (321) | (630) | 1,789 | |||||||||||||||||
Changes in unrealized gains and losses on pension | (242) | (84) | (446) | |||||||||||||||||
Total income tax (expense)/benefit related to other comprehensive income/(loss) | (12,248) | (12,642) | 62,265 | |||||||||||||||||
Total other comprehensive income/(loss) | 36,673 | 38,036 | (177,809) | |||||||||||||||||
Total comprehensive income/(loss) | $ | 97,676 | $ | 107,634 | $ | (85,276) |
Common Stock | Additional paid-in | Unearned | Retained (deficit) | Accumulated other comprehensive | Treasury | |||||||||||||||||||||
(In thousands, except per share data) | Shares | Amount | capital | compensation | earnings | (loss) income | stock | Total | ||||||||||||||||||
Balance at January 1, 2022 | 48,667 | $ | 528 | $ | 1,423,445 | $ | (9,056) | $ | (139,383) | $ | (3,243) | $ | (89,856) | $ | 1,182,435 | |||||||||||
Comprehensive income: | ||||||||||||||||||||||||||
Net income | — | — | — | — | 92,533 | — | — | 92,533 | ||||||||||||||||||
Other net comprehensive (loss) | — | — | — | — | — | (177,809) | — | (177,809) | ||||||||||||||||||
Total comprehensive (loss) | — | — | — | — | 92,533 | (177,809) | — | (85,276) | ||||||||||||||||||
Cash dividends declared on common shares ($0.54 per share) | — | — | — | — | (24,527) | — | — | (24,527) | ||||||||||||||||||
Treasury stock purchased | (4,485) | — | — | — | — | — | (124,519) | (124,519) | ||||||||||||||||||
Forfeited shares | (98) | — | 189 | 2,560 | — | — | (2,749) | — | ||||||||||||||||||
Exercise of stock options | 12 | — | — | — | (51) | — | 321 | 270 | ||||||||||||||||||
Restricted stock grants | 328 | — | 537 | (9,440) | — | — | 8,903 | — | ||||||||||||||||||
Stock-based compensation | — | — | — | 7,338 | — | — | — | 7,338 | ||||||||||||||||||
Other, net | (63) | — | 12 | — | — | — | (1,671) | (1,659) | ||||||||||||||||||
Balance at December 31, 2022 | 44,361 | $ | 528 | $ | 1,424,183 | $ | (8,598) | $ | (71,428) | $ | (181,052) | $ | (209,571) | $ | 954,062 | |||||||||||
Comprehensive (loss): | ||||||||||||||||||||||||||
Net income | — | — | — | — | 69,598 | — | — | 69,598 | ||||||||||||||||||
Other net comprehensive income | — | — | — | — | — | 38,036 | — | 38,036 | ||||||||||||||||||
Total comprehensive income | — | — | — | — | 69,598 | 38,036 | — | 107,634 | ||||||||||||||||||
— | — | — | — | 401 | — | — | 401 | |||||||||||||||||||
Cash dividends declared on common shares ($0.72 per share) | — | — | — | — | (31,707) | — | — | (31,707) | ||||||||||||||||||
Treasury stock purchased | (1,135) | — | — | — | — | — | (23,844) | (23,844) | ||||||||||||||||||
Forfeited shares | (103) | — | (184) | 2,657 | — | — | (2,473) | — | ||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | ||||||||||||||||||
Restricted stock grants | 446 | — | (568) | (11,666) | — | — | 12,234 | — | ||||||||||||||||||
Stock-based compensation | — | — | — | 7,498 | — | — | — | 7,498 | ||||||||||||||||||
Other, net | (68) | — | (158) | — | — | — | (1,665) | (1,823) | ||||||||||||||||||
Balance at December 31, 2023 | 43,501 | $ | 528 | $ | 1,423,273 | $ | (10,109) | $ | (33,136) | $ | (143,016) | $ | (225,319) | $ | 1,012,221 | |||||||||||
Comprehensive income: | ||||||||||||||||||||||||||
Net income | — | — | — | — | 61,003 | — | — | 61,003 | ||||||||||||||||||
Other net comprehensive income | — | — | — | — | — | 36,673 | — | 36,673 | ||||||||||||||||||
Total comprehensive income | — | — | — | — | 61,003 | 36,673 | — | 97,676 | ||||||||||||||||||
Stock Issuance | 3,448 | 34 | 9,276 | — | — | — | 90,690 | 100,000 | ||||||||||||||||||
Cash dividends declared common shares ($0.72 per share) | — | — | — | — | (30,940) | — | — | (30,940) | ||||||||||||||||||
Treasury stock purchased | (794) | — | — | — | — | — | (17,536) | (17,536) | ||||||||||||||||||
Forfeited shares | (130) | — | (366) | 3,313 | — | — | (2,947) | — | ||||||||||||||||||
Exercise of stock options | 5 | — | — | — | (7) | — | 126 | 119 | ||||||||||||||||||
Restricted stock grants | 500 | — | (1,645) | (11,628) | — | — | 13,273 | — | ||||||||||||||||||
Stock-based compensation | — | — | — | 8,318 | — | — | — | 8,318 | ||||||||||||||||||
Other, net | (106) | — | (6) | — | — | — | (2,428) | (2,434) | ||||||||||||||||||
Balance at December 31, 2024 | 46,424 | $ | 562 | $ | 1,430,532 | $ | (10,106) | $ | (3,080) | $ | (106,343) | $ | (144,141) | $ | 1,167,424 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 61,003 | $ | 69,598 | $ | 92,533 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision expense for credit losses | 23,999 | 31,999 | 11,000 | |||||||||||||||||
Net amortization of securities | (62) | 1,451 | 2,886 | |||||||||||||||||
Change in unamortized net loan origination costs and premiums | 5,542 | 764 | 3,312 | |||||||||||||||||
Premises and equipment depreciation and amortization expense | 6,984 | 8,445 | 9,576 | |||||||||||||||||
Stock-based compensation expense | 8,318 | 7,498 | 7,338 | |||||||||||||||||
Accretion of purchase accounting entries, net | (1,287) | (716) | (1,637) | |||||||||||||||||
Amortization of other intangibles | 4,601 | 4,820 | 5,134 | |||||||||||||||||
Income from cash surrender value of bank-owned life insurance policies | (6,152) | (5,392) | (5,540) | |||||||||||||||||
Securities losses, net | 49,930 | 24,544 | 2,031 | |||||||||||||||||
(Gain) on SBA loan sales | (12,648) | (10,334) | (12,494) | |||||||||||||||||
Net change in loans held-for-sale | 805 | 2,074 | 5,168 | |||||||||||||||||
Amortization of interest in tax-advantaged projects | (2,508) | 8,018 | 3,508 | |||||||||||||||||
Gain on sale of business operations and other assets | (16,241) | — | — | |||||||||||||||||
Net change in other | 2,922 | 14,387 | (12,076) | |||||||||||||||||
Net cash provided by operating activities | $ | 125,206 | $ | 157,156 | $ | 110,739 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net decrease in trading security | 905 | 860 | 818 | |||||||||||||||||
Proceeds from sales of equity securities | 12,863 | — | — | |||||||||||||||||
Purchases of securities available for sale | (86,546) | (44,586) | (478,940) | |||||||||||||||||
Proceeds from sales of securities available for sale | 361,871 | 267,199 | 149,994 | |||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities available for sale | 88,192 | 201,624 | 548,423 | |||||||||||||||||
Purchases of securities held to maturity | (600) | (700) | (807) | |||||||||||||||||
Proceeds from maturities, calls, and prepayments of securities held to maturity | 36,611 | 39,193 | 51,961 | |||||||||||||||||
Net change in loans | (493,724) | (716,591) | (1,546,518) | |||||||||||||||||
Net change in New York branch loans held for sale | 1,146 | — | — | |||||||||||||||||
Proceeds from surrender of bank-owned life insurance | 2,672 | 2,002 | 2,311 | |||||||||||||||||
Purchase of Federal Home Loan Bank stock | (164,145) | (494,159) | (124,331) | |||||||||||||||||
Proceeds from sales of Federal Home Loan Bank stock | 167,269 | 478,689 | 127,912 | |||||||||||||||||
Net investment in limited partnership tax credits | (13,717) | (16,172) | (14,537) | |||||||||||||||||
Purchase of premises and equipment, net | (4,568) | (1,820) | (1,495) | |||||||||||||||||
Proceeds from sales of seasoned loan portfolios | 89,233 | — | 24,323 | |||||||||||||||||
Cash outflows from sale of business operations and other assets | (314,712) | — | — | |||||||||||||||||
Net cash (used) by investing activities | $ | (317,250) | $ | (284,461) | $ | (1,260,886) | ||||||||||||||
(Continued) |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net increase in deposits | $ | 160,143 | $ | 306,115 | $ | 258,316 | ||||||||||||||
Net change in NY branch deposits held for sale | (34,896) | — | — | |||||||||||||||||
Proceeds from Federal Home Loan Bank advances and other borrowings | 1,208,500 | 10,450,979 | 51,275 | |||||||||||||||||
Repayments of Federal Home Loan Bank advances and other borrowings | (1,277,241) | (10,070,200) | (60,196) | |||||||||||||||||
Issuance of common stock | 100,000 | — | — | |||||||||||||||||
Proceeds from issuance of subordinated debt | — | — | 98,032 | |||||||||||||||||
Repayment from calling of subordinated debt | — | — | (75,000) | |||||||||||||||||
Purchase of treasury stock | (17,536) | (23,844) | (124,519) | |||||||||||||||||
Exercise of stock options | 119 | — | 270 | |||||||||||||||||
Common and preferred stock cash dividends paid | (30,940) | (31,707) | (24,527) | |||||||||||||||||
Settlement of derivative contracts with financial institution counterparties | 9,060 | 13,851 | 84,044 | |||||||||||||||||
Net cash provided by financing activities | $ | 117,209 | $ | 645,194 | $ | 207,695 | ||||||||||||||
Net change in cash and cash equivalents | (74,835) | 517,889 | (942,452) | |||||||||||||||||
Cash and cash equivalents at beginning of year | 1,203,244 | 685,355 | 1,627,807 | |||||||||||||||||
Cash and cash equivalents at end of year | 1,128,409 | 1,203,244 | 685,355 | |||||||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Interest paid on deposits | $ | 232,314 | $ | 148,313 | $ | 32,782 | ||||||||||||||
Interest paid on borrowed funds | 34,798 | 46,584 | 9,043 | |||||||||||||||||
Income taxes (refunded)/paid, net | (1,425) | 12,307 | 28,439 | |||||||||||||||||
Other non-cash changes: | ||||||||||||||||||||
Other net comprehensive income/(loss) | $ | 36,673 | $ | 38,036 | $ | (177,809) | ||||||||||||||
Seasoned loan portfolios reclassified to held-for-sale, net | 91,754 | — | 3,369 | |||||||||||||||||
Held-for-sale loans reclassified to held-for-investment, net | 878 | — | 606 | |||||||||||||||||
Reclassification of New York branch loans from portfolio loans to assets held-for-sale, net | 58,455 | — | — | |||||||||||||||||
Reclassification of New York branch assets to assets held-for-sale | 13,936 | — | — | |||||||||||||||||
Reclassification of New York branch deposits to liabilities held-for-sale, net | 484,530 | — | — | |||||||||||||||||
Reclassification of New York branch liabilities to liabilities held-for-sale | 12,929 | — | — | |||||||||||||||||
Reclassification of New York branch loans held-for-sale to held-for investment, net | 7,183 | — | — | |||||||||||||||||
Reclassification of liabilities held-for-sale to deposits, net | 66,207 | — | — | |||||||||||||||||
Premises and equipment reclassified to held-for-sale | — | 8,714 | 1,380 | |||||||||||||||||
Impact to retained earnings from adoption of ASU 2022-02 | — | 401 | — | |||||||||||||||||
Premium payable on cash flow hedges | — | — | 2,296 | |||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance | |||||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
U.S Treasuries | $ | 6,986 | $ | 3 | $ | — | $ | 6,989 | $ | — | ||||||||||||||||||||||
Municipal bonds and obligations | 63,952 | 10 | (3,098) | 60,864 | — | |||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 328,569 | 146 | (64,153) | 264,562 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 273,969 | 4 | (53,733) | 220,240 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 85,686 | — | (18,975) | 66,711 | — | |||||||||||||||||||||||||||
Corporate bonds | 38,689 | 30 | (2,362) | 36,357 | — | |||||||||||||||||||||||||||
Total securities available for sale | 797,851 | 193 | (142,321) | 655,723 | — | |||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 235,883 | 129 | (22,619) | 213,393 | 44 | |||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 101,163 | — | (17,884) | 83,279 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 43,644 | — | (8,707) | 34,937 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 125,547 | — | (25,153) | 100,394 | — | |||||||||||||||||||||||||||
Tax advantaged economic development bonds | 1,144 | — | (42) | 1,102 | 20 | |||||||||||||||||||||||||||
Other bonds and obligations | 277 | — | — | 277 | — | |||||||||||||||||||||||||||
Total securities held to maturity | 507,658 | 129 | (74,405) | 433,382 | 64 | |||||||||||||||||||||||||||
Equity securities | 655 | 67 | (67) | 655 | — | |||||||||||||||||||||||||||
Total | $ | 1,306,164 | $ | 389 | $ | (216,793) | $ | 1,089,760 | $ | 64 | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
U.S Treasuries | $ | 7,980 | $ | 1 | $ | — | $ | 7,981 | $ | — | ||||||||||||||||||||||
Municipal bonds and obligations | 64,788 | 494 | (1,429) | 63,853 | — | |||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 426,986 | — | (79,112) | 347,874 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 492,633 | 2 | (75,155) | 417,480 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 174,879 | — | (29,553) | 145,326 | — | |||||||||||||||||||||||||||
Corporate bonds | 43,291 | 34 | (4,210) | 39,115 | — | |||||||||||||||||||||||||||
Other bonds and obligations | 655 | 67 | (66) | 656 | — | |||||||||||||||||||||||||||
Total securities available for sale | 1,211,212 | 598 | (189,525) | 1,022,285 | — | |||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 251,046 | 698 | (16,987) | 234,757 | 48 | |||||||||||||||||||||||||||
Agency collateralized mortgage-backed securities | 112,929 | — | (18,360) | 94,569 | — | |||||||||||||||||||||||||||
Agency mortgage-backed securities | 47,379 | — | (8,052) | 39,327 | — | |||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | 130,169 | — | (24,368) | 105,801 | — | |||||||||||||||||||||||||||
Tax advantaged economic development bonds | 1,540 | 6 | (60) | 1,486 | 20 | |||||||||||||||||||||||||||
Other bonds and obligations | 288 | — | — | 288 | — | |||||||||||||||||||||||||||
Total securities held to maturity | 543,351 | 704 | (67,827) | 476,228 | 68 | |||||||||||||||||||||||||||
Equity securities | 15,035 | — | (2,006) | 13,029 | — | |||||||||||||||||||||||||||
Total | $ | 1,769,598 | $ | 1,302 | $ | (259,358) | $ | 1,511,542 | $ | 68 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2023 | $ | 48 | $ | 20 | $ | 68 | |||||||||||
Provision (benefit) for credit losses | (4) | — | (4) | ||||||||||||||
Balance at December 31, 2024 | $ | 44 | $ | 20 | $ | 64 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2022 | $ | 66 | $ | 25 | $ | 91 | |||||||||||
Provision (benefit) for credit losses | (18) | (5) | (23) | ||||||||||||||
Balance at December 31, 2023 | $ | 48 | $ | 20 | $ | 68 |
(In thousands) | Municipal bonds and obligations | Tax advantaged economic development bonds | Total | ||||||||||||||
Balance at December 31, 2021 | $ | 70 | $ | 35 | $ | 105 | |||||||||||
Provision expense/(benefit) for credit losses | (4) | (10) | (14) | ||||||||||||||
Balance at December 31, 2022 | $ | 66 | $ | 25 | $ | 91 |
Available for sale | Held to maturity | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Within 1 year | $ | 7,640 | $ | 7,640 | $ | 346 | $ | 346 | ||||||||||||||||||
Over 1 year to 5 years | 21,117 | 20,782 | 2,980 | 2,930 | ||||||||||||||||||||||
Over 5 years to 10 years | 47,244 | 44,631 | 54,191 | 53,032 | ||||||||||||||||||||||
Over 10 years | 33,626 | 31,157 | 179,787 | 158,464 | ||||||||||||||||||||||
Total bonds and obligations | 109,627 | 104,210 | 237,304 | 214,772 | ||||||||||||||||||||||
Mortgage-backed securities | 688,224 | 551,513 | 270,354 | 218,610 | ||||||||||||||||||||||
Total | $ | 797,851 | $ | 655,723 | $ | 507,658 | $ | 433,382 |
2024 | 2023 | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Securities pledged to swap counterparties | $ | 9,574 | $ | 9,078 | $ | 9,780 | $ | 9,633 | ||||||||||||||||||
Securities pledged for municipal deposits | 286,183 | 218,665 | 289,740 | 250,979 | ||||||||||||||||||||||
Total | $ | 295,757 | $ | 227,743 | $ | 299,520 | $ | 260,612 |
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Gross recognized gains | $ | 21,488 | $ | 1,199 | $ | 72 | ||||||||||||||
Gross recognized losses | (71,566) | (26,083) | (2,009) | |||||||||||||||||
Net recognized (losses) | $ | (50,078) | $ | (24,884) | $ | (1,937) |
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, 2024 | ||||||||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | $ | 773 | $ | 30,299 | $ | 2,325 | $ | 25,916 | $ | 3,098 | $ | 56,215 | ||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 403 | 45,954 | 63,750 | 200,038 | 64,153 | 245,992 | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | 113 | 3,706 | 53,620 | 215,822 | 53,733 | 219,528 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-back securities | — | — | 18,975 | 66,711 | 18,975 | 66,711 | ||||||||||||||||||||||||||||||||
Corporate bonds | — | — | 2,362 | 32,538 | 2,362 | 32,538 | ||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 1,289 | $ | 79,959 | $ | 141,032 | $ | 541,025 | $ | 142,321 | $ | 620,984 | ||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 1,614 | 73,453 | 21,005 | 111,228 | 22,619 | 184,681 | ||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | — | — | 17,884 | 83,279 | 17,884 | 83,279 | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | — | — | 8,707 | 34,937 | 8,707 | 34,937 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-back securities | — | — | 25,153 | 100,394 | 25,153 | 100,394 | ||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | — | — | 42 | 1,102 | 42 | 1,102 | ||||||||||||||||||||||||||||||||
Total securities held to maturity | 1,614 | 73,453 | 72,791 | 330,940 | 74,405 | 404,393 | ||||||||||||||||||||||||||||||||
Total | $ | 2,903 | $ | 153,412 | $ | 213,823 | $ | 871,965 | $ | 216,726 | $ | 1,025,377 | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | $ | 76 | $ | 9,326 | $ | 1,353 | $ | 22,739 | $ | 1,429 | $ | 32,065 | ||||||||||||||||||||||||||
Agency collateralized mortgage obligations | — | — | 79,112 | 347,874 | 79,112 | 347,874 | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | 1 | 22 | 75,154 | 417,151 | 75,155 | 417,173 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-backed securities | — | — | 29,553 | 145,326 | 29,553 | 145,326 | ||||||||||||||||||||||||||||||||
Corporate bonds | 457 | 6,543 | 3,753 | 31,690 | 4,210 | 38,233 | ||||||||||||||||||||||||||||||||
Other bonds and obligations | — | — | 66 | 295 | 66 | 295 | ||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 534 | $ | 15,891 | $ | 188,991 | $ | 965,075 | $ | 189,525 | $ | 980,966 | ||||||||||||||||||||||||||
Securities held to maturity | ||||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | 229 | 28,895 | 16,758 | 92,063 | 16,987 | 120,958 | ||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 1 | 21 | 18,359 | 94,548 | 18,360 | 94,569 | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | — | — | 8,052 | 39,327 | 8,052 | 39,327 | ||||||||||||||||||||||||||||||||
Agency commercial mortgage-back securities | — | — | 24,368 | 105,801 | 24,368 | 105,801 | ||||||||||||||||||||||||||||||||
Tax advantaged economic development bonds | — | — | 60 | 922 | 60 | 922 | ||||||||||||||||||||||||||||||||
Total securities held to maturity | 230 | 28,916 | 67,597 | 332,661 | 67,827 | 361,577 | ||||||||||||||||||||||||||||||||
Total | $ | 764 | $ | 44,807 | $ | 256,588 | $ | 1,297,736 | $ | 257,352 | $ | 1,342,543 |
(In thousands) | December 31, 2024 | December 31, 2023 | ||||||||||||
Construction | $ | 726,344 | $ | 640,371 | ||||||||||
Commercial multifamily | 636,805 | 599,145 | ||||||||||||
Commercial real estate owner occupied | 695,330 | 628,646 | ||||||||||||
Commercial real estate non-owner occupied | 2,769,447 | 2,606,409 | ||||||||||||
Commercial and industrial | 1,439,175 | 1,359,249 | ||||||||||||
Residential real estate | 2,771,769 | 2,760,312 | ||||||||||||
Home equity | 230,365 | 224,223 | ||||||||||||
Consumer other | 115,759 | 221,331 | ||||||||||||
Total loans | $ | 9,384,994 | $ | 9,039,686 | ||||||||||
Allowance for credit losses | 114,700 | 105,357 | ||||||||||||
Net loans | $ | 9,270,294 | $ | 8,934,329 |
(In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||
Year ended December 31, 2024 | ||||||||||||||||||||||||||||||||
Construction | $ | 2,885 | $ | — | $ | — | $ | 1,578 | $ | 4,463 | ||||||||||||||||||||||
Commercial multifamily | 2,475 | (1,164) | — | 2,773 | 4,084 | |||||||||||||||||||||||||||
Commercial real estate owner occupied | 9,443 | (403) | 231 | 2,032 | 11,303 | |||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 38,221 | (36) | 249 | 86 | 38,520 | |||||||||||||||||||||||||||
Commercial and industrial | 18,602 | (7,820) | 1,984 | 12,783 | 25,549 | |||||||||||||||||||||||||||
Residential real estate | 19,622 | (76) | 1,425 | 1,508 | 22,479 | |||||||||||||||||||||||||||
Home equity | 2,015 | — | 250 | 127 | 2,392 | |||||||||||||||||||||||||||
Consumer other | 12,094 | (11,026) | 1,726 | 3,116 | 5,910 | |||||||||||||||||||||||||||
Total allowance for credit losses | $ | 105,357 | $ | (20,525) | $ | 5,865 | $ | 24,003 | $ | 114,700 |
(In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | 1,227 | $ | — | $ | (1) | $ | — | $ | 1,659 | $ | 2,885 | ||||||||||||||||||||||||||
Commercial multifamily | 1,810 | — | — | 6 | 659 | 2,475 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 10,739 | 24 | (489) | 1,139 | (1,970) | 9,443 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 30,724 | — | (65) | 204 | 7,358 | 38,221 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 18,743 | (23) | (17,872) | 2,659 | 15,095 | 18,602 | ||||||||||||||||||||||||||||||||
Residential real estate | 18,666 | 2 | (313) | 610 | 657 | 19,622 | ||||||||||||||||||||||||||||||||
Home equity | 2,173 | — | (88) | 519 | (589) | 2,015 | ||||||||||||||||||||||||||||||||
Consumer other | 12,188 | (404) | (10,429) | 1,586 | 9,153 | 12,094 | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 96,270 | $ | (401) | $ | (29,257) | $ | 6,723 | $ | 32,022 | $ | 105,357 |
(In thousands) | Balance at Beginning of Period | Charge-offs | Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Construction | $ | 3,206 | $ | — | $ | — | $ | (1,979) | $ | 1,227 | ||||||||||||||||||||||
Commercial multifamily | 6,120 | (94) | 112 | (4,328) | 1,810 | |||||||||||||||||||||||||||
Commercial real estate owner occupied | 12,752 | (687) | 702 | (2,028) | 10,739 | |||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 32,106 | (5,894) | 1,549 | 2,963 | 30,724 | |||||||||||||||||||||||||||
Commercial and industrial | 22,584 | (18,447) | 3,050 | 11,556 | 18,743 | |||||||||||||||||||||||||||
Residential real estate | 22,406 | (555) | 1,019 | (4,204) | 18,666 | |||||||||||||||||||||||||||
Home equity | 4,006 | (166) | 283 | (1,950) | 2,173 | |||||||||||||||||||||||||||
Consumer other | 2,914 | (2,215) | 505 | 10,984 | 12,188 | |||||||||||||||||||||||||||
Total allowance for credit losses | $ | 106,094 | $ | (28,058) | $ | 7,220 | $ | 11,014 | $ | 96,270 |
(In thousands) | Total | |||||||
Balance at December 31, 2023 | $ | 9,256 | ||||||
Expense for credit losses | 565 | |||||||
Balance at December 31, 2024 | $ | 9,821 |
(In thousands) | Total | |||||||
Balance at December 31, 2022 | $ | 8,588 | ||||||
Expense for credit losses | 668 | |||||||
Balance at December 31, 2023 | $ | 9,256 |
(In thousands) | Total | |||||||
Balance at December 31, 2021 | $ | 7,043 | ||||||
Release of expense for credit losses | 1,545 | |||||||
Balance at December 31, 2022 | $ | 8,588 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2024 | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 40,549 | $ | 138,925 | $ | 436,850 | $ | 74,718 | $ | — | $ | 1,336 | $ | — | $ | 692,378 | |||||||||||||
Special Mention | — | — | 15,374 | — | — | — | — | — | 15,374 | ||||||||||||||||||||
Substandard | — | — | — | 18,592 | — | — | — | — | 18,592 | ||||||||||||||||||||
Total | $ | 40,549 | $ | 138,925 | $ | 452,224 | $ | 93,310 | $ | — | $ | 1,336 | $ | — | $ | — | $ | 726,344 | |||||||||||
Commercial multifamily: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,164 | $ | — | $ | — | $ | 1,164 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 85,160 | $ | 17,598 | $ | 203,001 | $ | 52,235 | $ | 38,211 | $ | 233,145 | $ | 428 | $ | — | $ | 629,778 | |||||||||||
Special Mention | — | — | — | — | — | 421 | — | — | 421 | ||||||||||||||||||||
Substandard | — | — | — | — | 2,477 | 4,129 | — | — | 6,606 | ||||||||||||||||||||
Total | $ | 85,160 | $ | 17,598 | $ | 203,001 | $ | 52,235 | $ | 40,688 | $ | 237,695 | $ | 428 | $ | — | $ | 636,805 | |||||||||||
Commercial real estate owner occupied: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | 45 | $ | 232 | $ | — | $ | 126 | $ | — | $ | — | $ | 403 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 122,082 | $ | 83,269 | $ | 112,718 | $ | 94,937 | $ | 67,652 | $ | 177,684 | $ | 2,947 | $ | — | $ | 661,289 | |||||||||||
Special Mention | 1,852 | 9,637 | 1,839 | 7,215 | 221 | 5,207 | — | — | 25,971 | ||||||||||||||||||||
Substandard | — | — | 411 | 595 | 37 | 7,027 | — | — | 8,070 | ||||||||||||||||||||
Total | $ | 123,934 | $ | 92,906 | $ | 114,968 | $ | 102,747 | $ | 67,910 | $ | 189,918 | $ | 2,947 | $ | — | $ | 695,330 | |||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 36 | $ | — | $ | — | $ | 36 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 246,619 | $ | 426,882 | $ | 591,563 | $ | 413,459 | $ | 142,739 | $ | 874,454 | $ | 5,961 | $ | 1,500 | $ | 2,703,177 | |||||||||||
Special Mention | — | — | — | 1,038 | 223 | 40,763 | — | — | 42,024 | ||||||||||||||||||||
Substandard | — | — | 368 | 2,782 | — | 18,840 | 2,256 | — | 24,246 | ||||||||||||||||||||
Total | $ | 246,619 | $ | 426,882 | $ | 591,931 | $ | 417,279 | $ | 142,962 | $ | 934,057 | $ | 8,217 | $ | 1,500 | $ | 2,769,447 | |||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | 324 | $ | 868 | $ | 1,564 | $ | 940 | $ | 816 | $ | 1,745 | $ | 1,563 | $ | — | $ | 7,820 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 205,831 | $ | 91,152 | $ | 126,327 | $ | 93,441 | $ | 18,613 | $ | 112,620 | $ | 689,036 | $ | 11,478 | $ | 1,348,498 | |||||||||||
Special Mention | 164 | 1,122 | 22,091 | 1,305 | 1,705 | 2,957 | 16,723 | 100 | 46,167 | ||||||||||||||||||||
Substandard | — | 2,422 | 1,740 | 10,825 | 929 | 12,075 | 16,314 | 205 | 44,510 | ||||||||||||||||||||
Total | $ | 205,995 | $ | 94,696 | $ | 150,158 | $ | 105,571 | $ | 21,247 | $ | 127,652 | $ | 722,073 | $ | 11,783 | $ | 1,439,175 | |||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 76 | $ | — | $ | — | $ | 76 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 291,826 | $ | 531,873 | $ | 908,916 | $ | 247,551 | $ | 77,706 | $ | 703,572 | $ | 136 | $ | — | $ | 2,761,580 | |||||||||||
Special Mention | — | — | 649 | 468 | — | 1,501 | — | — | 2,618 | ||||||||||||||||||||
Substandard | — | — | 124 | 188 | 374 | 6,885 | — | — | 7,571 | ||||||||||||||||||||
Total | $ | 291,826 | $ | 531,873 | $ | 909,689 | $ | 248,207 | $ | 78,080 | $ | 711,958 | $ | 136 | $ | — | $ | 2,771,769 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 104,507 | $ | 346,419 | $ | 138,802 | $ | 29,176 | $ | 2,545 | $ | 1,098 | $ | — | $ | — | $ | 622,547 | |||||||||||
Special Mention | — | — | 512 | — | — | — | — | — | 512 | ||||||||||||||||||||
Substandard | — | — | 17,312 | — | — | — | — | — | 17,312 | ||||||||||||||||||||
Total | $ | 104,507 | $ | 346,419 | $ | 156,626 | $ | 29,176 | $ | 2,545 | $ | 1,098 | $ | — | $ | — | $ | 640,371 | |||||||||||
Commercial multifamily: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 16,020 | $ | 216,477 | $ | 56,817 | $ | 26,566 | $ | 94,733 | $ | 179,923 | $ | 377 | $ | — | $ | 590,913 | |||||||||||
Special Mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Substandard | — | — | 242 | 2,554 | — | 5,436 | — | — | 8,232 | ||||||||||||||||||||
Total | $ | 16,020 | $ | 216,477 | $ | 57,059 | $ | 29,120 | $ | 94,733 | $ | 185,359 | $ | 377 | $ | — | $ | 599,145 | |||||||||||
Commercial real estate owner occupied: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | 380 | $ | — | $ | 109 | $ | — | $ | — | $ | 489 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 97,271 | $ | 120,327 | $ | 122,151 | $ | 37,914 | $ | 70,393 | $ | 165,224 | $ | 2,653 | $ | — | $ | 615,933 | |||||||||||
Special Mention | — | — | 424 | 222 | — | 788 | — | — | 1,434 | ||||||||||||||||||||
Substandard | — | — | 81 | 47 | 4,703 | 6,448 | — | — | 11,279 | ||||||||||||||||||||
Total | $ | 97,271 | $ | 120,327 | $ | 122,656 | $ | 38,183 | $ | 75,096 | $ | 172,460 | $ | 2,653 | $ | — | $ | 628,646 | |||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 65 | $ | — | $ | — | $ | 65 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 404,687 | $ | 591,897 | $ | 385,247 | $ | 135,134 | $ | 277,870 | $ | 736,566 | $ | 4,553 | $ | — | $ | 2,535,954 | |||||||||||
Special Mention | — | — | — | 229 | 19,465 | 726 | — | — | 20,420 | ||||||||||||||||||||
Substandard | — | — | — | 6,814 | 13,483 | 29,738 | — | — | 50,035 | ||||||||||||||||||||
Total | $ | 404,687 | $ | 591,897 | $ | 385,247 | $ | 142,177 | $ | 310,818 | $ | 767,030 | $ | 4,553 | $ | — | $ | 2,606,409 | |||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | 1,154 | $ | 863 | $ | 2,763 | $ | 1,496 | $ | 9,283 | $ | 2,313 | $ | — | $ | 17,872 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 142,946 | $ | 203,126 | $ | 118,191 | $ | 69,722 | $ | 39,437 | $ | 112,770 | $ | 554,153 | $ | — | $ | 1,240,345 | |||||||||||
Special Mention | 526 | 23,149 | 3,735 | 1,621 | 610 | 1,353 | 35,244 | — | 66,238 | ||||||||||||||||||||
Substandard | 432 | 761 | 11,702 | 1,135 | 3,785 | 12,538 | 22,313 | — | 52,666 | ||||||||||||||||||||
Total | $ | 143,904 | $ | 227,036 | $ | 133,628 | $ | 72,478 | $ | 43,832 | $ | 126,661 | $ | 611,710 | $ | — | $ | 1,359,249 | |||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | 50 | $ | — | $ | 50 | $ | 174 | $ | 39 | $ | — | $ | — | $ | 313 | |||||||||||
Risk rating | |||||||||||||||||||||||||||||
Pass | $ | 599,124 | $ | 973,031 | $ | 266,055 | $ | 88,302 | $ | 66,837 | $ | 755,372 | $ | 81 | $ | — | $ | 2,748,802 | |||||||||||
Special Mention | — | — | — | — | 140 | 664 | — | — | 804 | ||||||||||||||||||||
Substandard | — | 129 | 1,176 | 379 | 574 | 8,448 | — | — | 10,706 | ||||||||||||||||||||
Total | $ | 599,124 | $ | 973,160 | $ | 267,231 | $ | 88,681 | $ | 67,551 | $ | 764,484 | $ | 81 | $ | — | $ | 2,760,312 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2024 | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | — | $ | — | $ | — | $ | — | $ | 423 | $ | 2,529 | $ | 226,822 | $ | — | $ | 229,774 | |||||||||||
Nonperforming | — | — | — | — | — | — | 591 | — | 591 | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | 423 | $ | 2,529 | $ | 227,413 | $ | — | $ | 230,365 | |||||||||||
Consumer other: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | 214 | $ | 9,723 | $ | 760 | $ | 2 | $ | 113 | $ | 214 | $ | — | $ | 11,026 | |||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 30,524 | $ | 33,849 | $ | 23,397 | $ | 10,072 | $ | 3,718 | $ | 3,825 | $ | 10,066 | $ | — | $ | 115,451 | |||||||||||
Nonperforming | — | 1 | 43 | 121 | — | 107 | 36 | — | 308 | ||||||||||||||||||||
Total | $ | 30,524 | $ | 33,850 | $ | 23,440 | $ | 10,193 | $ | 3,718 | $ | 3,932 | $ | 10,102 | $ | — | $ | 115,759 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | ||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | — | $ | — | $ | — | $ | 70 | $ | — | $ | — | $ | 18 | $ | — | $ | 88 | |||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | — | $ | — | $ | — | $ | 439 | $ | — | $ | 2,614 | $ | 220,209 | $ | — | $ | 223,262 | |||||||||||
Nonperforming | — | — | — | — | — | — | 961 | — | 961 | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 439 | $ | — | $ | 2,614 | $ | 221,170 | $ | — | $ | 224,223 | |||||||||||
Consumer other: | |||||||||||||||||||||||||||||
Current period gross write-offs | $ | 109 | $ | 8,843 | $ | 1,149 | $ | 11 | $ | 78 | $ | 239 | $ | — | $ | — | $ | 10,429 | |||||||||||
Payment performance | |||||||||||||||||||||||||||||
Performing | $ | 49,588 | $ | 108,284 | $ | 19,679 | $ | 5,843 | $ | 7,054 | $ | 19,587 | $ | 10,614 | $ | — | $ | 220,649 | |||||||||||
Nonperforming | 77 | 104 | 47 | 26 | 110 | 284 | 34 | — | 682 | ||||||||||||||||||||
Total | $ | 49,665 | $ | 108,388 | $ | 19,726 | $ | 5,869 | $ | 7,164 | $ | 19,871 | $ | 10,648 | $ | — | $ | 221,331 |
(In thousands) | December 31, 2024 | December 31, 2023 | ||||||||||||
Nonaccrual | $ | 24,447 | $ | 21,407 | ||||||||||
Substandard Accruing | 88,009 | 131,689 | ||||||||||||
Total Classified | 112,456 | 153,096 | ||||||||||||
Special Mention | 133,408 | 91,502 | ||||||||||||
Total Criticized | $ | 245,864 | $ | 244,598 |
(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, 2024 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | 594 | $ | 594 | $ | 725,750 | $ | 726,344 | ||||||||||||||||||||||||||
Commercial multifamily | 421 | — | 4,129 | 4,550 | 632,255 | 636,805 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 484 | 456 | 2,330 | 3,270 | 692,060 | 695,330 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 295 | — | 3,532 | 3,827 | 2,765,620 | 2,769,447 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 2,613 | 1,116 | 9,823 | 13,552 | 1,425,623 | 1,439,175 | ||||||||||||||||||||||||||||||||
Residential real estate | 8,571 | 1,969 | 7,570 | 18,110 | 2,753,659 | 2,771,769 | ||||||||||||||||||||||||||||||||
Home equity | 629 | 519 | 1,491 | 2,639 | 227,726 | 230,365 | ||||||||||||||||||||||||||||||||
Consumer other | 884 | 327 | 1,395 | 2,606 | 113,153 | 115,759 | ||||||||||||||||||||||||||||||||
Total | $ | 13,897 | $ | 4,387 | $ | 30,864 | $ | 49,148 | $ | 9,335,846 | $ | 9,384,994 |
(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, 2023 | ||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | 640,371 | $ | 640,371 | ||||||||||||||||||||||||||
Commercial multifamily | 5,436 | 187 | — | 5,623 | 593,522 | 599,145 | ||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 581 | 286 | 804 | 1,671 | 626,975 | 628,646 | ||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 139 | 251 | 3,798 | 4,188 | 2,602,221 | 2,606,409 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 2,749 | 689 | 8,769 | 12,207 | 1,347,042 | 1,359,249 | ||||||||||||||||||||||||||||||||
Residential real estate | 5,669 | 943 | 10,687 | 17,299 | 2,743,013 | 2,760,312 | ||||||||||||||||||||||||||||||||
Home equity | 707 | 498 | 1,281 | 2,486 | 221,737 | 224,223 | ||||||||||||||||||||||||||||||||
Consumer other | 2,363 | 1,642 | 1,606 | 5,611 | 215,720 | 221,331 | ||||||||||||||||||||||||||||||||
Total | $ | 17,644 | $ | 4,496 | $ | 26,945 | $ | 49,085 | $ | 8,990,601 | $ | 9,039,686 |
December 31, 2024 | ||||||||||||||||||||||||||
(In thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or Greater and Accruing | Interest Income Recognized on Nonaccrual | ||||||||||||||||||||||
Construction | $ | 594 | $ | 594 | $ | — | $ | — | ||||||||||||||||||
Commercial multifamily | 4,129 | 4,129 | — | — | ||||||||||||||||||||||
Commercial real estate owner occupied | 2,330 | 2,330 | — | — | ||||||||||||||||||||||
Commercial real estate non-owner occupied | 3,532 | 3,532 | — | — | ||||||||||||||||||||||
Commercial and industrial | 8,964 | 8,614 | 859 | — | ||||||||||||||||||||||
Residential real estate | 3,999 | 3,999 | 3,571 | — | ||||||||||||||||||||||
Home equity | 591 | 591 | 900 | — | ||||||||||||||||||||||
Consumer other | 308 | 308 | 1,087 | — | ||||||||||||||||||||||
Total | $ | 24,447 | $ | 24,097 | $ | 6,417 | $ | — |
December 31, 2023 | ||||||||||||||||||||||||||
(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 | — | — | — | — | ||||||||||||||||||||||
Commercial real estate owner occupied | 605 | 285 | 199 | — | ||||||||||||||||||||||
Commercial real estate non-owner occupied | 3,798 | 45 | — | — | ||||||||||||||||||||||
Commercial and industrial | 8,665 | 5,586 | 104 | — | ||||||||||||||||||||||
Residential real estate | 6,696 | 2,796 | 3,991 | — | ||||||||||||||||||||||
Home equity | 961 | 122 | 320 | — | ||||||||||||||||||||||
Consumer other | 682 | — | 924 | — | ||||||||||||||||||||||
Total | $ | 21,407 | $ | 8,834 | $ | 5,538 | $ | — |
Type of Collateral | ||||||||||||||||||||
(In thousands) | Real Estate | Investment Securities/Cash | Other | |||||||||||||||||
December 31, 2024 | ||||||||||||||||||||
Construction | $ | 594 | $ | — | $ | — | ||||||||||||||
Commercial multifamily | 4,129 | — | — | |||||||||||||||||
Commercial real estate owner occupied | 1,562 | — | — | |||||||||||||||||
Commercial real estate non-owner occupied | 294 | — | — | |||||||||||||||||
Commercial and industrial | 4,828 | — | 700 | |||||||||||||||||
Residential real estate | 1,243 | — | — | |||||||||||||||||
Home equity | 49 | — | — | |||||||||||||||||
Consumer other | — | — | — | |||||||||||||||||
Total loans | $ | 12,699 | $ | — | $ | 700 |
Type of Collateral | ||||||||||||||||||||
(In thousands) | Real Estate | Investment Securities/Cash | Other | |||||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | ||||||||||||||
Commercial multifamily | — | — | — | |||||||||||||||||
Commercial real estate owner occupied | 650 | — | — | |||||||||||||||||
Commercial real estate non-owner occupied | 342 | — | — | |||||||||||||||||
Commercial and industrial | 4,788 | — | 944 | |||||||||||||||||
Residential real estate | 5,035 | — | — | |||||||||||||||||
Home equity | 135 | — | — | |||||||||||||||||
Consumer other | 40 | — | — | |||||||||||||||||
Total loans | $ | 10,990 | $ | — | $ | 944 |
(In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||
Year ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
Commercial multifamily | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | — | — | 12,356 | — | — | 645 | 0.47 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | 87 | 12,236 | — | — | — | 0.86 | |||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Consumer other | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 87 | $ | 24,592 | $ | — | $ | — | $ | 645 | 0.27 | % |
(In thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Combination Term Extension and Principal Forgiveness | Combination Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||
Commercial multifamily | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | — | — | 222 | — | — | — | 0.04 | |||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | — | — | 11,454 | — | — | 3,600 | 0.58 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | 34 | 16,005 | — | — | 9 | 1.18 | % | ||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Consumer other | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 34 | $ | 27,681 | $ | — | $ | — | $ | 3,609 | 0.35 | % |
(In thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | ||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial multifamily | — | — | — | — | ||||||||||||||||||||||
Commercial real estate owner occupied | — | — | — | — | ||||||||||||||||||||||
Commercial real estate non-owner occupied | — | — | — | — | ||||||||||||||||||||||
Commercial and industrial | — | — | — | — | ||||||||||||||||||||||
Residential real estate | — | — | — | — | ||||||||||||||||||||||
Home equity | — | — | — | — | ||||||||||||||||||||||
Consumer other | — | — | — | — | ||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — |
(In thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Commercial multifamily | — | — | — | — | ||||||||||||||||||||||
Commercial real estate owner occupied | — | — | — | — | ||||||||||||||||||||||
Commercial real estate non-owner occupied | — | — | — | — | ||||||||||||||||||||||
Commercial and industrial | 34 | — | — | 34 | ||||||||||||||||||||||
Residential real estate | — | — | — | — | ||||||||||||||||||||||
Home equity | — | — | — | — | ||||||||||||||||||||||
Consumer other | — | — | — | — | ||||||||||||||||||||||
Total | $ | 34 | $ | — | $ | — | $ | 34 |
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
Years ended December 31, 2024 | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 0 | ||||||||||||||
Commercial real estate non-owner occupied | — | 2.62 | 26 | ||||||||||||||
Commercial and industrial | — | — | 28 | ||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(In thousands) | Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (months) | ||||||||||||||
Years ended December 31, 2023 | |||||||||||||||||
Construction | $ | — | — | % | 0 | ||||||||||||
Commercial multifamily | — | — | 0 | ||||||||||||||
Commercial real estate owner occupied | — | — | 120 | ||||||||||||||
Commercial real estate non-owner occupied | — | 0.05 | 16 | ||||||||||||||
Commercial and industrial | — | 1.25 | 23 | ||||||||||||||
Residential real estate | — | — | 0 | ||||||||||||||
Home equity | — | — | 0 | ||||||||||||||
Consumer other | — | — | 0 | ||||||||||||||
(in thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | |||||||||||||||||||
Year ended December 31, 2024 | |||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Commercial multifamily | — | — | — | — | |||||||||||||||||||
Commercial real estate owner occupied | — | — | — | — | |||||||||||||||||||
Commercial real estate non-owner occupied | — | — | — | — | |||||||||||||||||||
Commercial and industrial | — | — | 202 | — | |||||||||||||||||||
Residential real estate | — | — | — | — | |||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||||
Consumer other | — | — | — | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | 202 | $ | — |
(In thousands) | 2024 | 2023 | Estimated Useful Life | |||||||||||||||||
Land | $ | 11,828 | $ | 12,525 | N/A | |||||||||||||||
Buildings and improvements | 72,576 | 89,222 | 5 - 39 years | |||||||||||||||||
Furniture and equipment | 60,597 | 64,290 | 3 - 7 years | |||||||||||||||||
Construction in process | 3,738 | 327 | ||||||||||||||||||
Premises and equipment, gross | 148,739 | 166,364 | ||||||||||||||||||
Accumulated depreciation and amortization | (92,130) | (97,449) | ||||||||||||||||||
Premises and equipment, net | $ | 56,609 | $ | 68,915 | ||||||||||||||||
(In thousands) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||||||||||
December 31, 2024 | ||||||||||||||||||||
Non-maturity deposits (core deposit intangible) | $ | 77,213 | $ | (63,093) | $ | 14,120 | ||||||||||||||
All other intangible assets | 7,866 | (6,922) | 944 | |||||||||||||||||
Total | $ | 85,079 | $ | (70,015) | $ | 15,064 | ||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Non-maturity deposits (core deposit intangible) | $ | 77,213 | $ | (58,965) | $ | 18,248 | ||||||||||||||
All other intangible assets | 7,866 | (6,450) | 1,416 | |||||||||||||||||
Total | $ | 85,079 | $ | (65,415) | $ | 19,664 |
(In thousands) | 2024 | 2023 | ||||||||||||
Capitalized servicing rights | $ | 11,790 | $ | 12,095 | ||||||||||
Accrued interest receivable | 49,410 | 53,096 | ||||||||||||
Accrued federal and state tax receivable | 36,610 | 33,564 | ||||||||||||
Right-of-use assets | 50,195 | 47,348 | ||||||||||||
Derivative assets | 47,923 | 45,668 | ||||||||||||
Deferred tax asset | 97,449 | 110,068 | ||||||||||||
Tax credits investments | 35,597 | 16,644 | ||||||||||||
Other | 29,468 | 23,274 | ||||||||||||
Total other assets | $ | 358,442 | $ | 341,757 | ||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Balance at beginning of year | $ | 12,095 | $ | 13,047 | $ | 16,022 | ||||||||||||||
Additions | 3,746 | 2,892 | 3,119 | |||||||||||||||||
Amortization | (3,895) | (4,330) | (4,590) | |||||||||||||||||
Payoffs | (1,056) | (952) | (958) | |||||||||||||||||
Allowance adjustment | 900 | 1,438 | (546) | |||||||||||||||||
Balance at end of year | $ | 11,790 | $ | 12,095 | $ | 13,047 |
(In thousands) | 2024 | 2023 | ||||||||||||
Maturity date: | ||||||||||||||
Within 1 year | $ | 2,295,935 | $ | 2,364,280 | ||||||||||
Over 1 year to 2 years | 252,981 | 270,630 | ||||||||||||
Over 2 years to 3 years | 10,574 | 26,039 | ||||||||||||
Over 3 years to 4 years | 6,800 | 9,020 | ||||||||||||
Over 4 years to 5 years | 3,754 | 9,864 | ||||||||||||
Over 5 years | 6,638 | 6,417 | ||||||||||||
Total | $ | 2,576,682 | $ | 2,686,250 | ||||||||||
Account balances: | ||||||||||||||
Less than $100,000 | $ | 707,936 | $ | 724,911 | ||||||||||
$100,000 through $250,000 | 1,157,227 | 1,276,175 | ||||||||||||
$250,000 or more | 711,519 | 685,164 | ||||||||||||
Total | $ | 2,576,682 | $ | 2,686,250 |
2024 | 2023 | |||||||||||||||||||||||||
(in thousands, except rates) | Principal | Weighted Average Rate | Principal | Weighted Average Rate | ||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||
Advances from the FHLBB | $ | 103,500 | 5.33 | % | $ | 260,000 | 5.54 | % | ||||||||||||||||||
Total short-term borrowings: | 103,500 | 5.33 | 260,000 | 5.54 | ||||||||||||||||||||||
Long-term borrowings: | ||||||||||||||||||||||||||
Advances from the FHLBB | 212,982 | 4.48 | 125,223 | 4.80 | ||||||||||||||||||||||
Subordinated notes | 98,532 | 5.50 | 98,335 | 5.50 | ||||||||||||||||||||||
Junior subordinated borrowing - Trust I | 15,464 | 6.63 | 15,464 | 7.49 | ||||||||||||||||||||||
Junior subordinated borrowing - Trust II | 7,616 | 6.32 | 7,564 | 7.35 | ||||||||||||||||||||||
Total long-term borrowings: | 334,594 | 4.92 | 246,586 | 5.33 | ||||||||||||||||||||||
Total | $ | 438,094 | 5.02 | % | $ | 506,586 | 5.44 | % |
2024 | ||||||||||||||
(In thousands) | Amount | Weighted Average Rate | ||||||||||||
Fixed rate advances maturing: | ||||||||||||||
2025 | $ | 258,500 | 5.08 | % | ||||||||||
2026 | 25,484 | 3.75 | ||||||||||||
2027 | 25,147 | 3.65 | ||||||||||||
2028 | 779 | — | ||||||||||||
2029 and beyond | 6,572 | 0.68 | ||||||||||||
Total FHLBB advances | $ | 316,482 | 4.76 | % |
(In thousands) | 2024 | 2023 | ||||||||||||
Derivative liabilities | $ | 79,039 | $ | 75,957 | ||||||||||
Collateral on interest rate swaps | 32,500 | 25,520 | ||||||||||||
Finance lease liabilities | 891 | 8,681 | ||||||||||||
Employee benefits liability | 38,772 | 43,042 | ||||||||||||
Operating lease liabilities | 55,986 | 53,026 | ||||||||||||
Delayed equity contributions | 18,743 | — | ||||||||||||
Accrued interest payable | 9,005 | 13,766 | ||||||||||||
Customer transaction clearing accounts | 7,931 | 12,366 | ||||||||||||
Allowance for credit losses on unfunded commitments | 9,821 | 9,256 | ||||||||||||
Other | 39,998 | 37,016 | ||||||||||||
Total other liabilities | $ | 292,686 | $ | 278,630 | ||||||||||
December 31, | ||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||
Change in projected benefit obligation: | ||||||||||||||
Projected benefit obligation at beginning of year | $ | 3,642 | $ | 3,729 | ||||||||||
Service Cost | 42 | 59 | ||||||||||||
Interest cost | 175 | 186 | ||||||||||||
Actuarial loss | (360) | (20) | ||||||||||||
Benefits paid | (264) | (250) | ||||||||||||
Settlements | — | (62) | ||||||||||||
Projected benefit obligation at end of year | 3,235 | 3,642 | ||||||||||||
Accumulated benefit obligation | 3,235 | 3,642 | ||||||||||||
Change in fair value of plan assets: | ||||||||||||||
Fair value of plan assets at plan beginning of year | 4,999 | 4,683 | ||||||||||||
Actual return on plan assets | 521 | 628 | ||||||||||||
Contributions by employer | — | — | ||||||||||||
Benefits paid | (264) | (250) | ||||||||||||
Settlements | — | (62) | ||||||||||||
Fair value of plan assets at end of year | 5,256 | 4,999 | ||||||||||||
(Overfunded) status | $ | (2,021) | $ | (1,357) |
Amounts Recognized on Consolidated Balance Sheets | ||||||||||||||
Other assets | $ | 2,021 | $ | 1,357 | ||||||||||
Other liabilities | — | — |
December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Service Cost | $ | 42 | $ | 59 | $ | 68 | ||||||||||||||
Interest Cost | 175 | 186 | 141 | |||||||||||||||||
Expected return on plan assets | (316) | (295) | (376) | |||||||||||||||||
Amortization of unrecognized actuarial loss | — | 6 | 11 | |||||||||||||||||
Net periodic pension (credit) | $ | (99) | $ | (44) | $ | (156) |
December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Amortization of actuarial (loss) | $ | — | $ | (6) | $ | (11) | ||||||||||||||
Actuarial (gain) | (565) | (353) | (154) | |||||||||||||||||
Settlement charge | — | — | — | |||||||||||||||||
Total recognized in accumulated other comprehensive income | (565) | (359) | (165) | |||||||||||||||||
Total recognized in net periodic pension cost recognized and other comprehensive income | $ | (664) | $ | (403) | $ | (321) |
December 31, | ||||||||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||
Projected benefit obligation | ||||||||||||||||||||
Discount rate | 5.55 | % | 4.99 | % | 5.21 | % | ||||||||||||||
Net periodic pension cost | ||||||||||||||||||||
Discount rate | 4.99 | % | 5.21 | % | 2.73 | % | ||||||||||||||
Long term rate of return on plan assets | 6.50 | % | 6.50 | % | 6.50 | % |
December 31, 2024 | ||||||||||||||||||||
Asset Category (In thousands) | Total | Level 1 | Level 2 | |||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||
Large-Cap | $ | 1,615 | $ | 1,615 | $ | — | ||||||||||||||
Mid-Cap | 398 | 398 | — | |||||||||||||||||
Small-Cap | 413 | 413 | — | |||||||||||||||||
International | 811 | 811 | — | |||||||||||||||||
Fixed Income Mutual Funds: | ||||||||||||||||||||
Intermediate Duration | 1,614 | 1,614 | — | |||||||||||||||||
Equity Common/Collective Trusts: | ||||||||||||||||||||
Large-Cap | 360 | — | 360 | |||||||||||||||||
Cash Equivalents - money market | 45 | 45 | — | |||||||||||||||||
Total | $ | 5,256 | $ | 4,896 | $ | 360 |
December 31, 2023 | ||||||||||||||||||||
Asset Category (In thousands) | Total | Level 1 | Level 2 | |||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||
Large-Cap | $ | 1,357 | $ | 1,357 | $ | — | ||||||||||||||
Mid-Cap | 364 | 364 | — | |||||||||||||||||
Small-Cap | 386 | 386 | — | |||||||||||||||||
International | 828 | 828 | — | |||||||||||||||||
Fixed Income Mutual Funds | ||||||||||||||||||||
Intermediate Duration | 1,674 | 1,674 | — | |||||||||||||||||
Equity Common/Collective Trusts: | ||||||||||||||||||||
Large-Cap | 336 | — | 336 | |||||||||||||||||
Cash Equivalents - money market | 54 | 54 | — | |||||||||||||||||
Total | $ | 4,999 | $ | 4,663 | $ | 336 |
Year | Payments (In thousands) | |||||||
2025 | 254 | |||||||
2026 | 249 | |||||||
2027 | 244 | |||||||
2028 | 246 | |||||||
2029 - 2034 | 1,493 | |||||||
December 31, | ||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||
Change in accumulated postretirement benefit obligation: | ||||||||||||||
Accumulated post-retirement benefit obligation at beginning of year | $ | 3,306 | $ | 3,215 | ||||||||||
Service Cost | 8 | 7 | ||||||||||||
Interest cost | 165 | 166 | ||||||||||||
Participant contributions | — | — | ||||||||||||
Actuarial loss | (289) | 58 | ||||||||||||
Benefits paid | (108) | (140) | ||||||||||||
Accumulated post-retirement benefit obligation at end of year | $ | 3,082 | $ | 3,306 | ||||||||||
Change in plan assets: | ||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||||
Contributions by employer | 108 | 140 | ||||||||||||
Contributions by participant | — | — | ||||||||||||
Benefits paid | (108) | (140) | ||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — |
Amounts Recognized on Consolidated Balance Sheets | ||||||||||||||
Other Liabilities | $ | 3,082 | $ | 3,306 |
December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Service cost | $ | 8 | $ | 7 | $ | 12 | ||||||||||||||
Interest costs | 165 | 166 | 122 | |||||||||||||||||
Amortization of net prior service credit | 94 | 83 | 83 | |||||||||||||||||
Amortization of net actuarial loss | (51) | (64) | 30 | |||||||||||||||||
Net periodic post-retirement costs | $ | 216 | $ | 192 | $ | 247 |
December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Amortization of prior service credit | $ | (94) | $ | (83) | $ | (83) | ||||||||||||||
Net actuarial (gain) | (139) | (1,148) | (1,426) | |||||||||||||||||
Total recognized in accumulated other comprehensive income | (233) | (1,231) | (1,509) | |||||||||||||||||
Accrued post-retirement liability recognized | $ | 3,082 | $ | 3,306 | $ | 3,215 |
December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Net prior service cost | $ | 981 | $ | 1,075 | $ | 1,159 | ||||||||||||||
Net actuarial (gain)/loss | (928) | (690) | (812) | |||||||||||||||||
Total recognized in accumulated other comprehensive income | $ | 53 | $ | 385 | $ | 347 |
Year | Payments (In thousands) | |||||||
2025 | 99 | |||||||
2026 | 97 | |||||||
2027 | 104 | |||||||
2028 | 101 | |||||||
2029 - 2034 | 900 | |||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal tax expense | $ | 11,136 | $ | 5,596 | $ | 17,915 | ||||||||||||||
State tax expense | 7,001 | 7,497 | 6,831 | |||||||||||||||||
Total current tax expense | 18,137 | 13,093 | 24,746 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal tax expense/(benefit) | 1,135 | (2,658) | (2,274) | |||||||||||||||||
State tax (benefit) | (760) | (1,711) | (1,187) | |||||||||||||||||
Total deferred tax expense/(benefit) | 375 | (4,369) | (3,461) | |||||||||||||||||
Change in valuation allowance | — | — | — | |||||||||||||||||
Income tax expense | $ | 18,512 | $ | 8,724 | $ | 21,285 | ||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
(In thousands, except rates) | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||||||||
Statutory tax rate | $ | 16,698 | 21.0 | % | $ | 16,448 | 21.0 | % | $ | 23,902 | 21.0 | % | ||||||||||||||||||||||||||
Increase (decrease) resulting from: | ||||||||||||||||||||||||||||||||||||||
State taxes, net of federal tax benefit | 4,722 | 6.2 | 4,570 | 5.8 | 4,459 | 3.9 | ||||||||||||||||||||||||||||||||
Tax exempt income - investments, net | (3,431) | (4.3) | (3,611) | (4.6) | (3,515) | (3.1) | ||||||||||||||||||||||||||||||||
Bank-owned life insurance | (1,762) | (2.2) | (1,568) | (2.0) | (1,258) | (1.1) | ||||||||||||||||||||||||||||||||
Non-deductible merger costs | 1,306 | 1.6 | — | — | — | — | ||||||||||||||||||||||||||||||||
Tax credits, net of basis reduction | 325 | 0.2 | (7,804) | (10.0) | (2,129) | (1.9) | ||||||||||||||||||||||||||||||||
Other, net | 654 | 0.8 | 689 | 0.9 | (174) | (0.1) | ||||||||||||||||||||||||||||||||
Effective tax rate | $ | 18,512 | 23.3 | % | $ | 8,724 | 11.1 | % | $ | 21,285 | 18.7 | % |
(In thousands) | 2024 | 2023 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for credit losses | $ | 34,410 | $ | 31,181 | ||||||||||
Unrealized capital loss on tax credit investments | 275 | 2,688 | ||||||||||||
Net unrealized loss on securities available for sale, swaps, and pension in OCI | 38,459 | 50,704 | ||||||||||||
Employee benefit plans | 11,571 | 12,102 | ||||||||||||
Purchase accounting adjustments | 3,240 | 4,587 | ||||||||||||
Net operating loss carryforwards | 99 | 202 | ||||||||||||
Deferred loan fees | 6,055 | 5,654 | ||||||||||||
Lease liability | 14,701 | 13,583 | ||||||||||||
Premises and equipment | 1,979 | 1,188 | ||||||||||||
Nonaccrual interest | 528 | 890 | ||||||||||||
Intangible amortization | 1,297 | 1,020 | ||||||||||||
Other | 2,176 | 2,337 | ||||||||||||
Deferred tax assets, net before valuation allowances | 114,790 | 126,136 | ||||||||||||
Valuation allowance | (400) | (400) | ||||||||||||
Deferred tax assets, net of valuation allowances | $ | 114,390 | $ | 125,736 | ||||||||||
Deferred tax liabilities: | ||||||||||||||
Loan servicing rights | $ | (1,126) | $ | (1,133) | ||||||||||
Unamortized tax credit reserve | (1,949) | (1,661) | ||||||||||||
Right-of-use asset | (13,866) | (12,874) | ||||||||||||
Deferred tax liabilities | $ | (16,941) | $ | (15,668) | ||||||||||
Deferred tax assets, net | $ | 97,449 | $ | 110,068 | ||||||||||
(in thousands) | 2024 | 2023 | ||||||||||||
State valuation allowances | $ | (400) | $ | (400) |
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Unrecognized tax benefits at January 1 | $ | 1,824 | $ | 1,042 | $ | 1,025 | ||||||||||||||
Increase in gross amounts of tax positions related to prior years | 1,456 | 782 | 17 | |||||||||||||||||
Decrease in gross amounts of tax positions related to prior years | (1,182) | — | — | |||||||||||||||||
Unrecognized tax benefits at December 31 | $ | 2,098 | $ | 1,824 | $ | 1,042 |
Notional Amount | Weighted Average Maturity | Weighted Average Rate | Estimated Fair Value Asset (Liability) | |||||||||||||||||||||||||||||
December 31, 2024 | Received | Contract pay rate | ||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||
Interest rate swaps on commercial loans (1) | $ | 600,000 | 0.9 | 3.64 | % | 4.53 | % | $ | — | |||||||||||||||||||||||
Interest rate collars on commercial loans | 200,000 | 1.5 | 193 | |||||||||||||||||||||||||||||
Total cash flow hedges | 800,000 | 193 | ||||||||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | $ | 5,297 | 4.9 | 5.03 | % | 5.09 | % | $ | (79) | |||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers (1) | 1,859,480 | 4.5 | 4.65 | % | 5.35 | % | (72,911) | |||||||||||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers (1) | 1,859,480 | 4.5 | 5.35 | % | 4.65 | % | 41,501 | |||||||||||||||||||||||||
Risk participation agreements with dealer banks | 345,367 | 5.1 | 56 | |||||||||||||||||||||||||||||
Forward sale commitments | 2,991 | 0.2 | 34 | |||||||||||||||||||||||||||||
Total economic hedges | 4,072,615 | (31,399) | ||||||||||||||||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||||||||||||||
Commitments to lend | 10,512 | 0.2 | 90 | |||||||||||||||||||||||||||||
Total non-hedging derivatives | 10,512 | 90 | ||||||||||||||||||||||||||||||
Total | $ | 4,883,127 | $ | (31,116) |
Notional Amount | Weighted Average Maturity | Weighted Average Rate | Estimated Fair Value Asset (Liability) | |||||||||||||||||||||||||||||
December 31, 2023 | Received | Contract pay rate | ||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||
Interest rate swaps on commercial loans (1) | $ | 600,000 | 1.9 | 3.64 | % | 5.35 | % | $ | — | |||||||||||||||||||||||
Interest rate collars on commercial loans | 200,000 | 2.5 | 1,658 | |||||||||||||||||||||||||||||
Total cash flow hedges | 800,000 | 1,658 | ||||||||||||||||||||||||||||||
Economic hedges: | ||||||||||||||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | $ | 6,202 | 5.9 | 5.82 | % | 5.09 | % | $ | (172) | |||||||||||||||||||||||
Interest rate swaps on loans with commercial loan customers | 1,795,562 | 4.9 | 4.36 | % | 6.27 | % | (63,865) | |||||||||||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers (1) | 1,795,562 | 4.9 | 6.27 | % | 4.36 | % | 32,053 | |||||||||||||||||||||||||
Risk participation agreements with dealer banks | 376,553 | 5.5 | (18) | |||||||||||||||||||||||||||||
Forward sale commitments | 2,207 | 0.2 | 21 | |||||||||||||||||||||||||||||
Total economic hedges | 3,976,086 | (31,981) | ||||||||||||||||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||||||||||||||
Commitments to lend | 11,104 | 0.2 | 34 | |||||||||||||||||||||||||||||
Total non-hedging derivatives | 11,104 | 34 | ||||||||||||||||||||||||||||||
Total | $ | 4,787,190 | $ | (30,289) |
Years Ended December 31, | |||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | ||||||||||||||
Interest rate swaps and collars on commercial loans: | |||||||||||||||||
Unrealized gain/(loss) recognized in accumulated other comprehensive loss | $ | 596 | $ | 1,770 | $ | (6,667) | |||||||||||
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest income | (632) | (632) | — | ||||||||||||||
Net tax benefit/(expense) on items recognized in accumulated other comprehensive income | (321) | (630) | 1,789 | ||||||||||||||
Other comprehensive gain/(loss) recorded in accumulated other comprehensive income/(loss), net of reclassification adjustments and tax effects | $ | 907 | $ | 1,772 | $ | (4,878) | |||||||||||
Net interest expense recognized on hedged commercial loans | $ | 9,889 | $ | 9,026 | $ | (15) |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Economic hedges | ||||||||||||||||||||
Interest rate swap on industrial revenue bond: | ||||||||||||||||||||
Unrealized gain recognized in other non-interest income | $ | 93 | $ | 21 | $ | 941 | ||||||||||||||
Interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized (loss)/gain recognized in other non-interest income | (9,108) | 31,310 | (171,272) | |||||||||||||||||
Favorable change in credit valuation adjustment recognized in other non-interest income | — | — | 1,809 | |||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | 9,108 | (31,310) | 171,272 | |||||||||||||||||
Risk Participation Agreements: | ||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | 74 | (74) | (521) | |||||||||||||||||
Forward Commitments: | ||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | 13 | 13 | (126) | |||||||||||||||||
Non-hedging derivatives | ||||||||||||||||||||
Commitments to lend: | ||||||||||||||||||||
Unrealized gain/(loss) recognized in other non-interest income | $ | 56 | $ | 17 | $ | (107) | ||||||||||||||
Realized gain in other non-interest income | 1,509 | 536 | 462 | |||||||||||||||||
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, 2024 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | 76,242 | $ | (31,410) | $ | 44,832 | $ | — | $ | (32,500) | $ | 12,332 | ||||||||||||||||||||||||||
Commercial counterparties | 3,092 | — | 3,092 | — | — | 3,092 | ||||||||||||||||||||||||||||||||
Total | $ | 79,334 | $ | (31,410) | $ | 47,924 | $ | — | $ | (32,500) | $ | 15,424 |
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, 2024 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | (5,741) | $ | 2,659 | $ | (3,082) | $ | 9,078 | $ | — | $ | 5,996 | ||||||||||||||||||||||||||
Commercial counterparties | (76,003) | — | (76,003) | — | — | (76,003) | ||||||||||||||||||||||||||||||||
Total | $ | (81,744) | $ | 2,659 | $ | (79,085) | $ | 9,078 | $ | — | $ | (70,007) |
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, 2023 | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | 71,579 | $ | (31,812) | $ | 39,767 | $ | — | $ | — | $ | 39,767 | ||||||||||||||||||||||||||
Commercial counterparties | 5,992 | — | 5,992 | — | — | 5,992 | ||||||||||||||||||||||||||||||||
Total | $ | 77,571 | $ | (31,812) | $ | 45,759 | $ | — | $ | — | $ | 45,759 |
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, 2023 | |||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements: | |||||||||||||||||||||||||||||||||||
Institutional counterparties | $ | (11,277) | $ | 5,142 | $ | (6,135) | $ | 9,633 | $ | — | $ | 3,498 | |||||||||||||||||||||||
Commercial counterparties | (69,796) | — | (69,796) | — | — | (69,796) | |||||||||||||||||||||||||||||
Total | $ | (81,073) | $ | 5,142 | $ | (75,931) | $ | 9,633 | $ | — | $ | (66,298) |
(In thousands) | December 31, 2024 | December 31, 2023 | ||||||||||||||||||
Lease Right-of-Use Assets | Classification | |||||||||||||||||||
Operating lease right-of-use assets | $ | 50,195 | $ | 47,348 | ||||||||||||||||
Finance lease right-of-use assets | 629 | 5,597 | ||||||||||||||||||
Total Lease Right-of-Use Assets | $ | 50,824 | $ | 52,945 | ||||||||||||||||
Lease Liabilities | ||||||||||||||||||||
Operating lease liabilities | $ | 55,986 | $ | 53,026 | ||||||||||||||||
Finance lease liabilities | 891 | 8,681 | ||||||||||||||||||
Total Lease Liabilities | $ | 56,877 | $ | 61,707 |
December 31, 2024 | December 31, 2023 | ||||||||||
Weighted-Average Remaining Lease Term (in years) | |||||||||||
Operating leases | 8.1 | 8.3 | |||||||||
Finance leases | 13.0 | 10.8 | |||||||||
Weighted-Average Discount Rate | |||||||||||
Operating leases | 3.53 | % | 2.90 | % | |||||||
Finance leases | 5.00 | % | 5.00 | % |
(In thousands) | December 31, 2024 | December 31, 2023 | December 31, 2022 | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
Operating cash flows from operating leases | $ | 8,302 | $ | 9,009 | $ | 9,438 | ||||||||||||||
Operating cash flows from finance leases | 46 | 446 | 476 | |||||||||||||||||
Financing cash flows from finance leases | 47 | 593 | 555 | |||||||||||||||||
(In thousands) | Operating Leases | Finance Leases | ||||||||||||
2025 | $ | 9,053 | $ | 93 | ||||||||||
2026 | 9,194 | 93 | ||||||||||||
2027 | 8,507 | 93 | ||||||||||||
2028 | 7,400 | 93 | ||||||||||||
2029 | 6,494 | 93 | ||||||||||||
Thereafter | 23,250 | 744 | ||||||||||||
Total undiscounted lease payments | 63,898 | 1,209 | ||||||||||||
Less amounts representing interest | (7,912) | (318) | ||||||||||||
Lease liability | $ | 55,986 | $ | 891 |
(In thousands) | 2024 | 2023 | ||||||||||||
Commitments to originate new loans | $ | 308,480 | $ | 256,877 | ||||||||||
Unused funds on commercial and other lines of credit | 1,075,159 | 1,146,415 | ||||||||||||
Unadvanced funds on home equity lines of credit | 335,878 | 347,543 | ||||||||||||
Unadvanced funds on construction and real estate loans | 365,235 | 467,702 | ||||||||||||
Standby letters of credit | 34,042 | 18,975 | ||||||||||||
Total | $ | 2,118,794 | $ | 2,237,512 |
Minimum Capital Requirement | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||
Company (Consolidated) | ||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,505,487 | 15.45 | % | $ | 779,790 | 8.00 | % | ||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,266,641 | 12.99 | 438,632 | 4.50 | ||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,289,029 | 13.22 | 584,843 | 6.00 | ||||||||||||||||||||||
Tier 1 capital to average assets | 1,289,029 | 10.97 | 389,895 | 4.00 | ||||||||||||||||||||||
Total risk-weighted assets | 9,747,379 | N/A | N/A | N/A | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Company (Consolidated) | ||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,371,740 | 14.36 | % | $ | 764,130 | 8.00 | % | ||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,149,620 | 12.04 | 429,823 | 4.50 | ||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,171,957 | 12.27 | 573,098 | 6.00 | ||||||||||||||||||||||
Tier 1 capital to average assets | 1,171,957 | 9.65 | 382,065 | 4.00 | ||||||||||||||||||||||
Total risk-weighted assets | 9,551,627 | 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, 2024 | ||||||||||||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,342,307 | 13.78 | % | $ | 779,226 | 8.00 | % | $ | 974,032 | 10.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,225,075 | 12.58 | 438,314 | 4.50 | 633,121 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,225,075 | 12.58 | 584,419 | 6.00 | 779,226 | 8.00 | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | 1,225,075 | 10.44 | 389,613 | 4.00 | 487,016 | 5.00 | ||||||||||||||||||||||||||||||||
Total risk-weighted assets | 9,740,322 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Bank | ||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 1,268,037 | 13.29 | % | $ | 763,503 | 8.00 | % | $ | 954,379 | 10.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital to risk weighted assets | 1,167,282 | 12.23 | 429,470 | 4.50 | 620,346 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,167,282 | 12.23 | 572,627 | 6.00 | 763,503 | 8.00 | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets | 1,167,282 | 9.61 | 381,751 | 4.00 | 477,189 | 5.00 | ||||||||||||||||||||||||||||||||
Total risk-weighted assets | 9,543,786 | N/A | N/A | N/A | N/A | N/A |
(In thousands) | 2024 | 2023 | ||||||||||||
Other accumulated comprehensive (loss), before tax: | ||||||||||||||
Net unrealized holding (loss) on AFS securities | $ | (142,127) | $ | (188,927) | ||||||||||
Net (loss) on effective cash flow hedging derivatives | (3,037) | (4,265) | ||||||||||||
Net unrealized holding (loss) on pension plans | 365 | (528) | ||||||||||||
Income taxes related to items of accumulated other comprehensive (loss): | ||||||||||||||
Net unrealized holding loss on AFS securities | 37,716 | 49,401 | ||||||||||||
Net loss on effective cash flow hedging derivatives | 838 | 1,159 | ||||||||||||
Net unrealized holding loss on pension plans | (98) | 144 | ||||||||||||
Accumulated other comprehensive (loss) | $ | (106,343) | $ | (143,016) |
(In thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Year Ended December 31, 2024 | ||||||||||||||||||||
Net unrealized holding gain on AFS securities: | ||||||||||||||||||||
Net unrealized (loss) arising during the period | $ | (3,137) | $ | 1,878 | $ | (1,259) | ||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | (49,937) | 13,563 | (36,374) | |||||||||||||||||
Net unrealized holding gain on AFS securities | 46,800 | (11,685) | 35,115 | |||||||||||||||||
Net gain on cash flow hedging derivatives: | ||||||||||||||||||||
Net unrealized gain arising during the period | 596 | (149) | 447 | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | (632) | 172 | (460) | |||||||||||||||||
Net gain on cash flow hedging derivatives | 1,228 | (321) | 907 | |||||||||||||||||
Net unrealized holding gain on pension plans | ||||||||||||||||||||
Net unrealized gain arising during the period | 893 | (242) | 651 | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding gain on pension plans | 893 | (242) | 651 | |||||||||||||||||
Other comprehensive income | $ | 48,921 | $ | (12,248) | $ | 36,673 |
(In thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||
Net unrealized holding gain on AFS securities: | ||||||||||||||||||||
Net unrealized gain arising during the period | $ | 22,903 | $ | (5,122) | $ | 17,781 | ||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | (25,057) | 6,806 | (18,251) | |||||||||||||||||
Net unrealized holding gain on AFS securities | 47,960 | (11,928) | 36,032 | |||||||||||||||||
Net gain on cash flow hedging derivatives: | ||||||||||||||||||||
Net unrealized gain arising during the period | 1,770 | (458) | 1,312 | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | (632) | 172 | (460) | |||||||||||||||||
Net gain on cash flow hedging derivatives | 2,402 | (630) | 1,772 | |||||||||||||||||
Net unrealized holding gain on pension plans | ||||||||||||||||||||
Net unrealized gain arising during the period | 316 | (84) | 232 | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding gain on pension plans | 316 | (84) | 232 | |||||||||||||||||
Other comprehensive income | $ | 50,678 | $ | (12,642) | $ | 38,036 |
(In thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||
Net unrealized holding (loss) on AFS securities: | ||||||||||||||||||||
Net unrealized (loss) arising during the period | $ | (235,075) | $ | 60,920 | $ | (174,155) | ||||||||||||||
Less: reclassification adjustment for gains realized in net income | 6 | (2) | 4 | |||||||||||||||||
Net unrealized holding (loss) on AFS securities | (235,081) | 60,922 | (174,159) | |||||||||||||||||
Net (loss) on cash flow hedging derivatives: | ||||||||||||||||||||
Net unrealized (loss) arising during the period | $ | (6,667) | $ | 1,789 | $ | (4,878) | ||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net (loss) on cash flow hedging derivatives | (6,667) | 1,789 | (4,878) | |||||||||||||||||
Net unrealized holding gain on pension plans | ||||||||||||||||||||
Net unrealized gain arising during the period | 1,674 | (446) | 1,228 | |||||||||||||||||
Less: reclassification adjustment for (losses) realized in net income | — | — | — | |||||||||||||||||
Net unrealized holding gain on pension plans | 1,674 | (446) | 1,228 | |||||||||||||||||
Other comprehensive (loss) | $ | (240,074) | $ | 62,265 | $ | (177,809) | ||||||||||||||
(in thousands) | Net unrealized holding gain (loss) on AFS Securities | Net loss on effective cash flow hedging derivatives | Net unrealized holding gain (loss) on pension plans | Total | ||||||||||||||||||||||
Year Ended December 31, 2024 | ||||||||||||||||||||||||||
Balance at Beginning of Year | $ | (139,525) | $ | (3,106) | $ | (385) | $ | (143,016) | ||||||||||||||||||
Other comprehensive income before reclassifications | (1,259) | 447 | 651 | (161) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (36,374) | (460) | — | (36,834) | ||||||||||||||||||||||
Total other comprehensive income | 35,115 | 907 | 651 | 36,673 | ||||||||||||||||||||||
Balance at End of Period | $ | (104,410) | $ | (2,199) | $ | 266 | $ | (106,343) | ||||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||||||||
Balance at Beginning of Year | $ | (175,557) | $ | (4,878) | $ | (617) | $ | (181,052) | ||||||||||||||||||
Other comprehensive (loss)/income before reclassifications | 17,781 | 1,312 | 232 | 19,325 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (18,251) | (460) | — | (18,711) | ||||||||||||||||||||||
Total other comprehensive (loss)/income | 36,032 | 1,772 | 232 | 38,036 | ||||||||||||||||||||||
Balance at End of Period | $ | (139,525) | $ | (3,106) | $ | (385) | $ | (143,016) | ||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||||||||
Balance at Beginning of Year | $ | (1,398) | $ | — | $ | (1,845) | $ | (3,243) | ||||||||||||||||||
Other comprehensive (loss)/income before reclassifications | (174,155) | (4,878) | 1,228 | (177,805) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 4 | — | — | 4 | ||||||||||||||||||||||
Total other comprehensive (loss)/income | (174,159) | (4,878) | 1,228 | (177,809) | ||||||||||||||||||||||
Balance at End of Period | $ | (175,557) | $ | (4,878) | $ | (617) | $ | (181,052) |
Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2022 | |||||||||||||||||||||||
Realized (losses)/gains on AFS securities: | ||||||||||||||||||||||||||
$ | (49,937) | $ | (25,057) | $ | 6 | Non-interest income | ||||||||||||||||||||
13,563 | 6,806 | (2) | Tax expense | |||||||||||||||||||||||
(36,374) | (18,251) | 4 | ||||||||||||||||||||||||
Realized (losses) on cash flow hedging derivatives: | ||||||||||||||||||||||||||
(632) | (632) | — | Interest expense | |||||||||||||||||||||||
— | — | — | Non-interest expense | |||||||||||||||||||||||
172 | 172 | — | Tax benefit | |||||||||||||||||||||||
(460) | (460) | — | ||||||||||||||||||||||||
Realized (losses) on pension plans: | ||||||||||||||||||||||||||
— | — | — | Non-interest expense | |||||||||||||||||||||||
— | — | — | Tax expense | |||||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||
Total reclassifications for the period | $ | (36,834) | $ | (18,711) | $ | 4 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands, except per share data) | 2024 | 2023 | 2022 | |||||||||||||||||
Net income | $ | 61,003 | $ | 69,598 | $ | 92,533 | ||||||||||||||
Average number of common shares issued | 51,903 | 51,903 | 51,903 | |||||||||||||||||
Less: average number of treasury shares | 8,593 | 7,820 | 5,577 | |||||||||||||||||
Less: average number of unvested stock award shares | 802 | 795 | 762 | |||||||||||||||||
Average number of basic common shares outstanding | 42,508 | 43,288 | 45,564 | |||||||||||||||||
Plus: dilutive effect of unvested stock award shares | 253 | 216 | 345 | |||||||||||||||||
Plus: dilutive effect of stock options outstanding | — | — | 5 | |||||||||||||||||
Average number of diluted common shares outstanding | 42,761 | 43,504 | 45,914 | |||||||||||||||||
Basic earnings per common share | $ | 1.44 | $ | 1.61 | $ | 2.03 | ||||||||||||||
Diluted earnings per common share | $ | 1.43 | $ | 1.60 | $ | 2.02 |
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, 2023 | 785 | $ | 24.92 | 49 | $ | 26.46 | ||||||||||||||||||||
Granted | 500 | 23.25 | — | — | ||||||||||||||||||||||
Stock options exercised | — | — | (5) | 24.71 | ||||||||||||||||||||||
Stock awards vested | (359) | 12.56 | — | — | ||||||||||||||||||||||
Forfeited | (130) | 25.55 | — | — | ||||||||||||||||||||||
Expired | — | — | — | — | ||||||||||||||||||||||
Balance, December 31, 2024 | 796 | $ | 24.94 | 44 | $ | 26.65 | ||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||
(In thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||||
Trading security | $ | — | $ | — | $ | 5,258 | $ | 5,258 | ||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S Treasuries | 6,989 | — | — | 6,989 | ||||||||||||||||||||||
Municipal bonds and obligations | — | 60,864 | — | 60,864 | ||||||||||||||||||||||
Agency collateralized mortgage obligations | — | 264,562 | — | 264,562 | ||||||||||||||||||||||
Agency residential mortgage-backed securities | — | 220,240 | — | 220,240 | ||||||||||||||||||||||
Agency commercial mortgage-backed securities | — | 66,711 | — | 66,711 | ||||||||||||||||||||||
Corporate bonds | — | 32,456 | 3,901 | 36,357 | ||||||||||||||||||||||
Marketable equity securities | — | 655 | — | 655 | ||||||||||||||||||||||
Loans held for investment | — | — | 325 | 325 | ||||||||||||||||||||||
Loans held for sale | — | 3,076 | — | 3,076 | ||||||||||||||||||||||
Derivative assets | — | 47,799 | 124 | 47,923 | ||||||||||||||||||||||
Capitalized servicing rights | — | — | 1,706 | 1,706 | ||||||||||||||||||||||
Derivative liabilities | — | 79,039 | — | 79,039 |
December 31, 2023 | |||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Trading security | $ | — | $ | — | $ | 6,142 | $ | 6,142 | |||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S Treasuries | 7,981 | — | — | 7,981 | |||||||||||||||||||
Municipal bonds and obligations | — | 63,853 | — | 63,853 | |||||||||||||||||||
Agency collateralized mortgage obligations | — | 347,874 | — | 347,874 | |||||||||||||||||||
Agency residential mortgage-backed securities | — | 417,480 | — | 417,480 | |||||||||||||||||||
Agency commercial mortgage-backed securities | — | 145,326 | — | 145,326 | |||||||||||||||||||
Corporate bonds | — | 35,192 | 3,923 | 39,115 | |||||||||||||||||||
Other bonds and obligations | — | 656 | 656 | ||||||||||||||||||||
Marketable equity securities | 13,029 | — | — | 13,029 | |||||||||||||||||||
Loans held for investment at fair value | — | — | 374 | 374 | |||||||||||||||||||
Loans held for sale | — | 2,237 | — | 2,237 | |||||||||||||||||||
Derivative assets | — | 45,613 | 55 | 45,668 | |||||||||||||||||||
Capitalized servicing rights | — | — | 1,526 | 1,526 | |||||||||||||||||||
Derivative liabilities | — | 75,957 | — | 75,957 |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2024 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for investment at fair value | $ | 325 | $ | 6,541 | $ | (6,216) |
Aggregate Fair Value | ||||||||||||||||||||
December 31, 2023 | Aggregate | Aggregate | Less Aggregate | |||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | |||||||||||||||||
Loans held for investment at fair value | $ | 374 | $ | 8,809 | $ | (8,435) |
Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | ||||||||||||||||||
December 31, 2024 (In thousands) | ||||||||||||||||||||
Loans held for sale | $ | 3,076 | $ | 3,015 | $ | 61 |
Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | ||||||||||||||||||
December 31, 2023 (In thousands) | ||||||||||||||||||||
Loans held for sale | $ | 2,237 | $ | 2,205 | $ | 32 |
Assets (Liabilities) | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Trading Security | Securities Available for Sale | Loans Held for Investment | Commitments to Lend | Forward Commitments | Capitalized Servicing Rights | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 6,708 | $ | 4,000 | $ | 605 | $ | 17 | $ | 8 | $ | 1,846 | ||||||||||||||||||||||||||
Unrealized gain/(loss), net recognized in other non-interest income | 294 | — | (128) | 305 | 13 | (320) | ||||||||||||||||||||||||||||||||
Unrealized (loss) included in accumulated other comprehensive loss | — | (77) | — | — | — | — | ||||||||||||||||||||||||||||||||
Paydown of asset | (860) | — | (103) | — | — | — | ||||||||||||||||||||||||||||||||
Transfers to loans held for sale | — | — | — | (288) | — | — | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | 6,142 | $ | 3,923 | $ | 374 | $ | 34 | $ | 21 | $ | 1,526 | ||||||||||||||||||||||||||
Unrealized gain/(loss), net recognized in other non-interest income | 21 | — | 27 | 1,256 | 13 | 180 | ||||||||||||||||||||||||||||||||
Unrealized (loss) in included in accumulated other comprehensive loss | — | (22) | — | — | — | — | ||||||||||||||||||||||||||||||||
Paydown of asset | (905) | — | (76) | — | — | — | ||||||||||||||||||||||||||||||||
Transfers to loans held for sale | — | — | (1,200) | — | — | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2024 | $ | 5,258 | $ | 3,901 | $ | 325 | $ | 90 | $ | 34 | $ | 1,706 | ||||||||||||||||||||||||||
Unrealized (losses)/gains relating to instruments still held at December 31, 2024 | $ | (39) | $ | (99) | $ | — | $ | 90 | $ | 34 | $ | — | ||||||||||||||||||||||||||
Unrealized (losses)/gains relating to instruments still held at December 31, 2023 | $ | (60) | $ | (77) | $ | — | $ | 34 | $ | 21 | $ | — |
Fair Value | Significant Unobservable Input Value | |||||||||||||||||||||||||
(In thousands) | December 31, 2024 | Valuation Techniques | Unobservable Inputs | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Trading Security | $ | 5,258 | Discounted Cash Flow | Discount Rate | 3.36 | % | ||||||||||||||||||||
Securities Available for Sale | 3,901 | Indication from Market Maker | Price | 97.53 | % | |||||||||||||||||||||
Loans held for investment | 325 | Discounted Cash Flow | Discount Rate | 25.00 | % | |||||||||||||||||||||
Collateral Value | $0.0 - $18.8 | |||||||||||||||||||||||||
Commitments to Lend | 90 | Historical Trend | Closing Ratio | 83.21 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Forward Commitments | 34 | Historical Trend | Closing Ratio | 83.21 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Capitalized Servicing Rights | 1,706 | Discounted cash flow | Constant prepayment rate (CPR) | 7.21 | % | |||||||||||||||||||||
Discount rate | 10.09 | % | ||||||||||||||||||||||||
Total | $ | 11,314 |
Fair Value | Significant Unobservable Input Value | |||||||||||||||||||||||||
(In thousands) | December 31, 2023 | Valuation Techniques | Unobservable Inputs | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Trading Security | $ | 6,142 | Discounted Cash Flow | Discount Rate | 4.19 | % | ||||||||||||||||||||
Securities Available for Sale | 3,923 | Indication from Market Maker | Price | 98.07 | % | |||||||||||||||||||||
Loans held for investment | 374 | Discounted Cash Flow | Discount Rate | 25.00 | % | |||||||||||||||||||||
Collateral Value | $0.0 -$18.3 | |||||||||||||||||||||||||
Commitments to Lend | 34 | Historical Trend | Closing Ratio | 84.29 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Forward Commitments | 21 | Historical Trend | Closing Ratio | 84.29 | % | |||||||||||||||||||||
Pricing Model | Origination Costs, per loan | $ | 3 | |||||||||||||||||||||||
Capitalized Servicing Rights | 1,526 | Discounted cash flow | Constant prepayment rate (CPR) | 7.63 | % | |||||||||||||||||||||
Discount rate | 11.08 | % | ||||||||||||||||||||||||
Total | $ | 12,020 |
December 31, 2024 | Fair Value Measurements as of December 31, 2024 | |||||||||||||
(In thousands) | Level 3 Inputs | Level 3 Inputs | ||||||||||||
Assets | ||||||||||||||
Individually evaluated loans | $ | 2,195 | December 2024 | |||||||||||
Capitalized servicing rights | 10,084 | December 2024 | ||||||||||||
Total | $ | 12,279 |
December 31, 2023 | Fair Value Measurements as of December 31, 2023 | ||||||||||||||||
(In thousands) | Level 3 Inputs | Level 3 Inputs | |||||||||||||||
Assets | |||||||||||||||||
Individually evaluated loans | $ | 4,395 | December 2023 | ||||||||||||||
Capitalized servicing rights | 10,569 | December 2023 | |||||||||||||||
Total | $ | 14,964 |
(in thousands) | December 31, 2024 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated loans | $ | 2,195 | Fair value of collateral | Discounted Cash Flow- Loss Severity | (100.00)% to (0.03)% ((66.97)%) | |||||||||||||||||||||
Appraised value | $0 to $180 ($153) | |||||||||||||||||||||||||
Capitalized servicing rights | 10,084 | Discounted cash flow | Constant prepayment rate (CPR) | 4.87% to 14.58% (13.33%) | ||||||||||||||||||||||
Discount rate | 10.47% to 12.97% (11.56%) | |||||||||||||||||||||||||
Total Assets | $ | 12,279 |
(in thousands) | December 31, 2023 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated loans | $ | 4,395 | Fair value of collateral | Discounted Cash Flow- Loss Severity | (100.00)% to (0.08)% ((67.00)%) | |||||||||||||||||||||
Appraised value | $0 to $3,389 ($2,774) | |||||||||||||||||||||||||
Capitalized servicing rights | 10,569 | Discounted cash flow | Constant prepayment rate (CPR) | 5.43% to 17.15% (12.31%) | ||||||||||||||||||||||
Discount rate | 10.09% to 16.59% (13.82%) | |||||||||||||||||||||||||
Total Assets | $ | 14,964 |
December 31, 2024 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,128,409 | $ | 1,128,409 | $ | 1,128,409 | $ | — | $ | — | ||||||||||||||||||||||
Trading security | 5,258 | 5,258 | — | — | 5,258 | |||||||||||||||||||||||||||
Marketable equity securities | 655 | 655 | — | 655 | — | |||||||||||||||||||||||||||
Securities available for sale | 655,723 | 655,723 | 6,989 | 644,833 | 3,901 | |||||||||||||||||||||||||||
Securities held to maturity | 507,658 | 433,382 | — | 432,280 | 1,102 | |||||||||||||||||||||||||||
FHLB stock and restricted equity securities | 19,565 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Net loans | 9,270,294 | 8,984,103 | — | — | 8,984,103 | |||||||||||||||||||||||||||
Loans held for sale | 3,076 | 3,076 | — | 3,076 | — | |||||||||||||||||||||||||||
Accrued interest receivable | 49,410 | 49,410 | — | 49,410 | — | |||||||||||||||||||||||||||
Derivative assets | 47,923 | 47,923 | — | 47,799 | 124 | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Total deposits | 10,375,204 | 10,367,636 | — | 10,367,636 | — | |||||||||||||||||||||||||||
Short-term debt | 103,500 | 103,635 | — | 103,635 | — | |||||||||||||||||||||||||||
Long-term FHLB advances | 212,982 | 209,736 | — | 209,736 | — | |||||||||||||||||||||||||||
Subordinated notes | 121,612 | 110,447 | — | 110,447 | — | |||||||||||||||||||||||||||
Accrued interest payable | 9,005 | 9,005 | — | 9,005 | — | |||||||||||||||||||||||||||
Derivative liabilities | 79,039 | 79,039 | — | 79,039 | — | |||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,203,244 | $ | 1,203,244 | $ | 1,203,244 | $ | — | $ | — | ||||||||||||||||||||||
Trading security | 6,142 | 6,142 | — | — | 6,142 | |||||||||||||||||||||||||||
Marketable equity securities | 13,029 | 13,029 | 13,029 | — | — | |||||||||||||||||||||||||||
Securities available for sale | 1,022,285 | 1,022,285 | 7,981 | 1,010,381 | 3,923 | |||||||||||||||||||||||||||
Securities held to maturity | 543,351 | 476,228 | — | 474,742 | 1,486 | |||||||||||||||||||||||||||
FHLB stock and restricted equity securities | 22,689 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Net loans | 8,934,329 | 8,768,108 | — | — | 8,768,108 | |||||||||||||||||||||||||||
Loans held for sale | 2,237 | 2,237 | — | 2,237 | — | |||||||||||||||||||||||||||
Accrued interest receivable | 53,096 | 53,096 | — | 53,096 | — | |||||||||||||||||||||||||||
Derivative assets | 45,668 | 45,668 | — | 45,613 | 55 | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Total deposits | 10,633,384 | 10,615,655 | — | 10,615,655 | — | |||||||||||||||||||||||||||
Short-term debt | 260,000 | 260,035 | — | 260,035 | — | |||||||||||||||||||||||||||
Long-term FHLB advances | 125,223 | 123,747 | — | 123,747 | — | |||||||||||||||||||||||||||
Subordinated notes | 121,363 | 98,138 | — | 98,138 | — | |||||||||||||||||||||||||||
Accrued interest payable | 13,766 | 13,766 | — | 13,766 | — | |||||||||||||||||||||||||||
Derivative liabilities | 75,957 | 75,957 | — | 75,957 | — | |||||||||||||||||||||||||||
December 31, | ||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||
Assets | ||||||||||||||
Cash due from Berkshire Bank | $ | 163,605 | $ | 98,452 | ||||||||||
Investment in subsidiaries | 1,134,014 | 1,038,039 | ||||||||||||
Other assets | 218 | 399 | ||||||||||||
Total assets | $ | 1,297,837 | $ | 1,136,890 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Subordinated notes | $ | 121,612 | $ | 121,363 | ||||||||||
Accrued expenses | 8,801 | 3,306 | ||||||||||||
Shareholders’ equity | 1,167,424 | 1,012,221 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,297,837 | $ | 1,136,890 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from subsidiaries | $ | 14,000 | $ | 62,000 | $ | 108,000 | ||||||||||||||
Other | 53 | 50 | 23 | |||||||||||||||||
Total income | 14,053 | 62,050 | 108,023 | |||||||||||||||||
Interest expense | 5,697 | 5,697 | 7,044 | |||||||||||||||||
Non-interest expenses | 9,121 | 3,702 | 2,754 | |||||||||||||||||
Total expense | 14,818 | 9,399 | 9,798 | |||||||||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | (765) | 52,651 | 98,225 | |||||||||||||||||
Income tax (benefit) | (2,463) | (2,500) | (2,586) | |||||||||||||||||
Income before equity in undistributed income of subsidiaries | 1,698 | 55,151 | 100,811 | |||||||||||||||||
Equity in undistributed results of operations of subsidiaries | 59,305 | 14,447 | (8,278) | |||||||||||||||||
Net income | 61,003 | 69,598 | 92,533 | |||||||||||||||||
Comprehensive income/(loss) | $ | 97,676 | $ | 107,634 | $ | (85,276) |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 61,003 | $ | 69,598 | $ | 92,533 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in undistributed results of operations of subsidiaries | (59,305) | (14,447) | 8,278 | |||||||||||||||||
Other, net | 11,569 | 8,688 | 5,998 | |||||||||||||||||
Net cash provided by operating activities | 13,267 | 63,839 | 106,809 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Sale of securities | — | — | — | |||||||||||||||||
Net cash provided by investing activities | — | — | — | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of long term debt | — | — | 98,032 | |||||||||||||||||
Repayment of long term debt | — | — | (75,000) | |||||||||||||||||
Net proceeds from common stock | 100,000 | — | — | |||||||||||||||||
Payment to repurchase common stock | (17,536) | (23,844) | (124,519) | |||||||||||||||||
Common stock cash dividends paid | (30,940) | (31,707) | (24,527) | |||||||||||||||||
Other, net | 362 | 142 | 281 | |||||||||||||||||
Net cash (used) in financing activities | 51,886 | (55,409) | (125,733) | |||||||||||||||||
Net change in cash and cash equivalents | 65,153 | 8,430 | (18,924) | |||||||||||||||||
Cash and cash equivalents at beginning of year | 98,452 | 90,022 | 108,946 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 163,605 | $ | 98,452 | $ | 90,022 |
2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 150,555 | $ | 157,268 | $ | 154,109 | $ | 152,006 | $ | 150,537 | $ | 148,021 | $ | 145,425 | $ | 132,316 | ||||||||||||||||||||||||||||||||||
Interest expense | 63,700 | 69,209 | 65,577 | 63,866 | 62,116 | 57,687 | 52,666 | 34,783 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | 86,855 | 88,059 | 88,532 | 88,140 | 88,421 | 90,334 | 92,759 | 97,533 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 23,325 | 37,555 | 20,133 | (32,599) | (8,383) | 17,465 | 17,094 | 16,606 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue | 110,180 | 125,614 | 108,665 | 55,541 | 80,038 | 107,799 | 109,853 | 114,139 | ||||||||||||||||||||||||||||||||||||||||||
Provision expense for credit losses | 6,000 | 5,500 | 6,499 | 6,000 | 7,000 | 8,000 | 8,000 | 8,999 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 77,575 | 71,960 | 70,931 | 76,020 | 78,992 | 76,513 | 74,048 | 71,955 | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 26,605 | 48,154 | 31,235 | (26,479) | (5,954) | 23,286 | 27,805 | 33,185 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | 6,948 | 10,645 | 7,210 | (6,291) | (4,509) | 3,741 | 3,944 | 5,548 | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 19,657 | $ | 37,509 | $ | 24,025 | $ | (20,188) | $ | (1,445) | $ | 19,545 | $ | 23,861 | $ | 27,637 | ||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.46 | $ | 0.89 | $ | 0.57 | $ | (0.47) | $ | (0.03) | $ | 0.45 | $ | 0.55 | $ | 0.63 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.46 | $ | 0.88 | $ | 0.57 | $ | (0.47) | $ | (0.03) | $ | 0.45 | $ | 0.55 | $ | 0.63 | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 42,661 | 42,170 | 42,437 | 42,777 | 42,852 | 43,164 | 43,443 | 43,693 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | 43,064 | 42,454 | 42,508 | 43,028 | 43,101 | 43,347 | 43,532 | 44,036 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Net interest income | $ | 351,586 | $ | 369,047 | $ | 344,597 | ||||||||||||||
Provision expense for credit losses | 23,999 | 31,999 | 11,000 | |||||||||||||||||
Net interest income after provision for credit losses | 327,587 | 337,048 | 333,597 | |||||||||||||||||
Total non-interest income | 48,414 | 42,782 | 68,937 | |||||||||||||||||
Total non-interest expense | 296,486 | 301,508 | 288,716 | |||||||||||||||||
Income before income taxes | 79,515 | 78,322 | 113,818 | |||||||||||||||||
Income tax expense | 18,512 | 8,724 | 21,285 | |||||||||||||||||
Net income | 61,003 | 69,598 | 92,533 | |||||||||||||||||
(In thousands) | Delayed Equity Contributions | ||||
2025 | $ | 11,680 | |||
2026 | 3,921 | ||||
2027 | 2,887 | ||||
2028 | 18 | ||||
Thereafter | 237 | ||||
Total delayed equity contributions | $ | 18,743 |
(In thousands) | Year Ended December 31, 2024 | ||||
Provision for Income Taxes: | |||||
$ | (10,420) | ||||
11,934 | |||||
1,514 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | |||||||||||||||||
Non-interest income | ||||||||||||||||||||
In-scope of Topic 606: | ||||||||||||||||||||
Service charges on deposit accounts | $ | 24,084 | $ | 24,160 | $ | 22,396 | ||||||||||||||
Wealth management fees | 10,840 | 10,197 | 10,008 | |||||||||||||||||
Interchange income | 8,298 | 8,395 | 8,470 | |||||||||||||||||
Non-interest income (in-scope of Topic 606) | $ | 43,222 | $ | 42,752 | $ | 40,874 | ||||||||||||||
Non-interest income (out-of-scope of Topic 606) | 5,192 | 30 | 28,063 | |||||||||||||||||
Total non-interest income | $ | 48,414 | $ | 42,782 | $ | 68,937 |
![]() | Policy Regarding Insider Trading | Exhibit 19 |
![]() | Policy Regarding Insider Trading | Exhibit 19 |
![]() | Policy Regarding Insider Trading | Exhibit 19 |
![]() | Policy Regarding Insider Trading | Exhibit 19 |
![]() | Policy Regarding Insider Trading | Exhibit 19 |
![]() | Policy Regarding Insider Trading | Exhibit 19 |
![]() | Policy Regarding Insider Trading | Exhibit 19 |
Committee Approval | Approval Date | ||||
POLICY COMMITTEE | 01/21/2025 | ||||
ENTERPRISE RISK MANAGEMENT COMMITTEE | 02/04/2025 | ||||
CORPORATE GOVERNANCE/NOMINATING COMMITTEE | 02/05/2025 | ||||
BHLB BOARD OF DIRECTORS | 02/06/2025 | ||||
SUPERSEDES POLICY DATE | 11/02/2023 |
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, Inc. | Massachusetts | |||||||
Berkshire Mortgage Servicing Company | Connecticut | |||||||
SI Realty Company, Inc. | Connecticut | |||||||
North Street Insurance Services, Inc. | Massachusetts | |||||||
Commerce Acquisition Sub. Inc. | Delaware | |||||||
Berkshire Hills Capital Trust I | Delaware | |||||||
SI Capital Trust II | Delaware |
Date: March 3, 2025 | /s/ Nitin J. Mhatre | ||||
Nitin J. Mhatre | |||||
President and Chief Executive Officer |
Date: March 3, 2025 | /s/ Brett J. Brbovic | ||||
Brett J. Brbovic | |||||
Executive Vice President, | |||||
Chief Financial Officer |
March 3, 2025 | /s/ Nitin J. Mhatre | |||||||
Nitin J. Mhatre | ||||||||
President and Chief Executive Officer | ||||||||
March 3, 2025 | /s/ Brett J. Brbovic | |||||||
Brett J. Brbovic | ||||||||
Executive Vice President | ||||||||
Chief Financial Officer | ||||||||