Maryland
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27-0950358
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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100 Liberty Street, Warren, Pennsylvania
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16365
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(Address of principal executive offices)
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(Zip Code)
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PAGE
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PART I
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FINANCIAL INFORMATION
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Certifications
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September 30,
2017 |
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December 31,
2016 |
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Assets
|
|
|
|
|
|
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Cash and due from banks
|
$
|
104,372
|
|
|
119,403
|
|
Interest-earning deposits in other financial institutions
|
60,662
|
|
|
266,902
|
|
|
Federal funds sold and other short-term investments
|
642
|
|
|
3,562
|
|
|
Marketable securities available-for-sale (amortized cost of $867,311 and $825,552)
|
869,481
|
|
|
826,200
|
|
|
Marketable securities held-to-maturity (fair value of $32,282 and $20,426)
|
31,961
|
|
|
19,978
|
|
|
Total cash and investments
|
1,067,118
|
|
|
1,236,045
|
|
|
|
|
|
|
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Personal Banking loans:
|
|
|
|
|
|
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Residential mortgage loans held-for-sale
|
1,382
|
|
|
9,625
|
|
|
Residential mortgage loans
|
2,741,844
|
|
|
2,688,541
|
|
|
Home equity loans
|
1,313,435
|
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|
1,345,370
|
|
|
Consumer loans
|
673,920
|
|
|
642,961
|
|
|
Total Personal Banking loans
|
4,730,581
|
|
|
4,686,497
|
|
|
Commercial Banking loans:
|
|
|
|
|
|
|
Commercial real estate loans
|
2,398,886
|
|
|
2,342,089
|
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|
Commercial loans
|
596,671
|
|
|
528,761
|
|
|
Total Commercial Banking loans
|
2,995,557
|
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|
2,870,850
|
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|
Total loans
|
7,726,138
|
|
|
7,557,347
|
|
|
Allowance for loan losses
|
(56,927
|
)
|
|
(60,939
|
)
|
|
Total loans, net
|
7,669,211
|
|
|
7,496,408
|
|
|
|
|
|
|
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Assets held-for-sale
|
—
|
|
|
152,528
|
|
|
Federal Home Loan Bank stock, at cost
|
7,984
|
|
|
7,390
|
|
|
Accrued interest receivable
|
22,802
|
|
|
21,699
|
|
|
Real estate owned, net
|
5,462
|
|
|
4,889
|
|
|
Premises and equipment, net
|
152,761
|
|
|
161,185
|
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|
Bank owned life insurance
|
173,096
|
|
|
171,449
|
|
|
Goodwill
|
307,420
|
|
|
307,420
|
|
|
Other intangible assets
|
27,244
|
|
|
32,433
|
|
|
Other assets
|
26,716
|
|
|
32,194
|
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|
Total assets
|
$
|
9,459,814
|
|
|
9,623,640
|
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|
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Liabilities and Shareholders’ Equity
|
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Liabilities:
|
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Noninterest-bearing checking deposits
|
$
|
1,625,189
|
|
|
1,448,972
|
|
Interest-bearing checking deposits
|
1,451,818
|
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1,428,317
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Money market deposit accounts
|
1,759,395
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|
1,841,567
|
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Savings deposits
|
1,669,782
|
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|
1,622,879
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Time deposits
|
1,435,861
|
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|
1,540,586
|
|
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Total deposits
|
7,942,045
|
|
|
7,882,321
|
|
|
|
|
|
|
|||
Liabilities held-for-sale
|
—
|
|
|
215,657
|
|
|
Borrowed funds
|
115,388
|
|
|
142,899
|
|
|
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities
|
111,213
|
|
|
111,213
|
|
|
Advances by borrowers for taxes and insurance
|
21,864
|
|
|
36,879
|
|
|
Accrued interest payable
|
518
|
|
|
635
|
|
|
Other liabilities
|
62,939
|
|
|
63,373
|
|
|
Total liabilities
|
8,253,967
|
|
|
8,452,977
|
|
|
|
|
|
|
|||
Shareholders’ equity:
|
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|
|
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|
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued
|
—
|
|
|
—
|
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Common stock, $0.01 par value: 500,000,000 shares authorized, 102,565,667 and 101,699,406 shares issued, respectively
|
1,026
|
|
|
1,017
|
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|
Paid-in capital
|
728,163
|
|
|
718,834
|
|
|
Retained earnings
|
502,265
|
|
|
478,803
|
|
|
Accumulated other comprehensive loss
|
(25,607
|
)
|
|
(27,991
|
)
|
|
Total shareholders’ equity
|
1,205,847
|
|
|
1,170,663
|
|
|
Total liabilities and shareholders’ equity
|
$
|
9,459,814
|
|
|
9,623,640
|
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|
Quarter ended
September 30, |
|
Nine months ended
September 30, |
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
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Loans receivable
|
$
|
85,373
|
|
|
81,083
|
|
|
252,838
|
|
|
243,370
|
|
Mortgage-backed securities
|
3,118
|
|
|
2,030
|
|
|
8,327
|
|
|
6,374
|
|
|
Taxable investment securities
|
957
|
|
|
627
|
|
|
2,944
|
|
|
2,421
|
|
|
Tax-free investment securities
|
476
|
|
|
676
|
|
|
1,574
|
|
|
2,107
|
|
|
FHLB dividends
|
63
|
|
|
218
|
|
|
172
|
|
|
1,086
|
|
|
Interest-earning deposits
|
244
|
|
|
114
|
|
|
1,440
|
|
|
243
|
|
|
Total interest income
|
90,231
|
|
|
84,748
|
|
|
267,295
|
|
|
255,601
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,795
|
|
|
5,653
|
|
|
17,086
|
|
|
17,606
|
|
|
Borrowed funds
|
1,199
|
|
|
1,801
|
|
|
3,664
|
|
|
13,602
|
|
|
Total interest expense
|
6,994
|
|
|
7,454
|
|
|
20,750
|
|
|
31,208
|
|
|
Net interest income
|
83,237
|
|
|
77,294
|
|
|
246,545
|
|
|
224,393
|
|
|
Provision for loan losses
|
3,027
|
|
|
5,538
|
|
|
13,226
|
|
|
11,397
|
|
|
Net interest income after provision for loan losses
|
80,210
|
|
|
71,756
|
|
|
233,319
|
|
|
212,996
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investments
|
1,497
|
|
|
58
|
|
|
1,517
|
|
|
412
|
|
|
Service charges and fees
|
12,724
|
|
|
11,012
|
|
|
37,190
|
|
|
31,707
|
|
|
Trust and other financial services income
|
4,793
|
|
|
3,434
|
|
|
13,697
|
|
|
9,972
|
|
|
Insurance commission income
|
1,992
|
|
|
2,541
|
|
|
7,139
|
|
|
8,023
|
|
|
Gain/ (loss) on real estate owned, net
|
(193
|
)
|
|
(563
|
)
|
|
(490
|
)
|
|
(203
|
)
|
|
Income from bank owned life insurance
|
1,078
|
|
|
1,380
|
|
|
3,798
|
|
|
4,080
|
|
|
Mortgage banking income
|
519
|
|
|
1,886
|
|
|
1,193
|
|
|
2,550
|
|
|
Gain on sale of offices
|
—
|
|
|
—
|
|
|
17,186
|
|
|
—
|
|
|
Other operating income
|
2,184
|
|
|
1,070
|
|
|
6,345
|
|
|
4,000
|
|
|
Total noninterest income
|
24,594
|
|
|
20,818
|
|
|
87,575
|
|
|
60,541
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits
|
36,039
|
|
|
38,122
|
|
|
111,452
|
|
|
104,365
|
|
|
Premises and occupancy costs
|
6,951
|
|
|
6,094
|
|
|
21,570
|
|
|
18,906
|
|
|
Office operations
|
3,939
|
|
|
3,700
|
|
|
12,331
|
|
|
10,503
|
|
|
Collections expense
|
568
|
|
|
589
|
|
|
1,670
|
|
|
1,994
|
|
|
Processing expenses
|
9,650
|
|
|
8,844
|
|
|
29,198
|
|
|
25,430
|
|
|
Marketing expenses
|
2,488
|
|
|
2,239
|
|
|
7,482
|
|
|
6,671
|
|
|
Federal deposit insurance premiums
|
771
|
|
|
984
|
|
|
2,794
|
|
|
3,929
|
|
|
Professional services
|
2,321
|
|
|
1,815
|
|
|
7,348
|
|
|
5,777
|
|
|
Amortization of intangible assets
|
1,691
|
|
|
1,068
|
|
|
5,189
|
|
|
2,453
|
|
|
Real estate owned expense
|
310
|
|
|
206
|
|
|
809
|
|
|
812
|
|
|
Restructuring/ acquisition expense
|
1,398
|
|
|
7,183
|
|
|
4,255
|
|
|
11,204
|
|
|
FHLB prepayment penalty
|
—
|
|
|
—
|
|
|
—
|
|
|
36,978
|
|
|
Other expenses
|
2,673
|
|
|
2,836
|
|
|
9,609
|
|
|
10,055
|
|
|
Total noninterest expense
|
68,799
|
|
|
73,680
|
|
|
213,707
|
|
|
239,077
|
|
|
Income before income taxes
|
36,005
|
|
|
18,894
|
|
|
107,187
|
|
|
34,460
|
|
|
Federal and state income taxes expense
|
12,414
|
|
|
4,697
|
|
|
34,868
|
|
|
9,287
|
|
|
Net income
|
$
|
23,591
|
|
|
14,197
|
|
|
72,319
|
|
|
25,173
|
|
Basic earnings per share
|
$
|
0.23
|
|
|
0.14
|
|
|
0.72
|
|
|
0.25
|
|
Diluted earnings per share
|
$
|
0.23
|
|
|
0.14
|
|
|
0.71
|
|
|
0.25
|
|
|
Quarter ended
September 30, |
|
Nine months ended
September 30, |
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Net income
|
$
|
23,591
|
|
|
14,197
|
|
|
72,319
|
|
|
25,173
|
|
Other comprehensive income net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized holding gains/ (losses) on marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains/ (losses) net of tax of $164, $503, $(995), and $(2,377), respectively
|
(264
|
)
|
|
(785
|
)
|
|
1,684
|
|
|
3,717
|
|
|
Reclassification adjustment for (gains)/ losses included in net income, net of tax of $369, $23, $416, and $(1), respectively
|
(674
|
)
|
|
(36
|
)
|
|
(741
|
)
|
|
3
|
|
|
Net unrealized holding gains/ (losses) on marketable securities
|
(938
|
)
|
|
(821
|
)
|
|
943
|
|
|
3,720
|
|
|
|
|
|
|
|
|
|
|
|||||
Change in fair value of interest rate swaps, net of tax of $(138), $(253), $(419), and $(267), respectively
|
258
|
|
|
471
|
|
|
779
|
|
|
497
|
|
|
|
|
|
|
|
|
|
|
|||||
Defined benefit plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustment for prior period service costs included in net income, net of tax of $(153), $(144), $(460), and $(432), respectively
|
221
|
|
|
224
|
|
|
662
|
|
|
675
|
|
|
|
|
|
|
|
|
|
|
|||||
Other comprehensive income/(loss)
|
(459
|
)
|
|
(126
|
)
|
|
2,384
|
|
|
4,892
|
|
|
|
|
|
|
|
|
|
|
|||||
Total comprehensive income
|
$
|
23,132
|
|
|
14,071
|
|
|
74,703
|
|
|
30,065
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
Unallocated
|
|
Total
|
||||||||
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Comprehensive
|
|
common stock
|
|
Shareholders’
|
||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income/ (Loss)
|
|
of ESOP
|
|
Equity
|
||||||||
Balance at June 30, 2016
|
102,472,947
|
|
|
$
|
1,025
|
|
|
722,980
|
|
|
470,337
|
|
|
(19,517
|
)
|
|
(19,370
|
)
|
|
1,155,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
14,197
|
|
|
—
|
|
|
—
|
|
|
14,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive loss, net of tax of $129
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
(126
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total comprehensive income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
14,197
|
|
|
(126
|
)
|
|
—
|
|
|
14,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
ESOP loan payoff
|
(1,366,574
|
)
|
|
(14
|
)
|
|
(13,896
|
)
|
|
—
|
|
|
—
|
|
|
13,910
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Exercise of stock options
|
162,275
|
|
|
2
|
|
|
1,821
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense, including tax benefit of $81
|
—
|
|
|
—
|
|
|
1,069
|
|
|
—
|
|
|
—
|
|
|
5,460
|
|
|
6,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends paid ($0.15 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,075
|
)
|
|
—
|
|
|
—
|
|
|
(15,075
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at September 30, 2016
|
101,268,648
|
|
|
$
|
1,013
|
|
|
711,974
|
|
|
469,459
|
|
|
(19,643
|
)
|
|
—
|
|
|
1,162,803
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
Total
|
|||||||
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Comprehensive
|
|
Shareholders’
|
|||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income/ (Loss)
|
|
Equity
|
|||||||
Balance at June 30, 2017
|
102,478,146
|
|
|
$
|
1,025
|
|
|
726,036
|
|
|
495,017
|
|
|
(25,148
|
)
|
|
1,196,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
23,591
|
|
|
—
|
|
|
23,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other comprehensive loss, net of tax of $242
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(459
|
)
|
|
(459
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total comprehensive income/ (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
23,591
|
|
|
(459
|
)
|
|
23,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Exercise of stock options
|
87,521
|
|
|
1
|
|
|
1,033
|
|
|
—
|
|
|
—
|
|
|
1,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
1,094
|
|
|
—
|
|
|
—
|
|
|
1,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dividends paid ($0.16 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,343
|
)
|
|
—
|
|
|
(16,343
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Balance at September 30, 2017
|
102,565,667
|
|
|
$
|
1,026
|
|
|
728,163
|
|
|
502,265
|
|
|
(25,607
|
)
|
|
1,205,847
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
Unallocated
|
|
Total
|
||||||||
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Comprehensive
|
|
common stock
|
|
Shareholders’
|
||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income/ (Loss)
|
|
of ESOP
|
|
Equity
|
||||||||
Beginning balance at December 31, 2015
|
101,871,737
|
|
|
$
|
1,019
|
|
|
717,603
|
|
|
489,292
|
|
|
(24,535
|
)
|
|
(20,216
|
)
|
|
1,163,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
25,173
|
|
|
—
|
|
|
—
|
|
|
25,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income, net of tax of $(3,077)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,892
|
|
|
—
|
|
|
4,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
25,173
|
|
|
4,892
|
|
|
—
|
|
|
30,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
ESOP loan payoff
|
(1,366,574
|
)
|
|
(14
|
)
|
|
(13,896
|
)
|
|
—
|
|
|
—
|
|
|
13,910
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Exercise of stock options
|
585,668
|
|
|
7
|
|
|
6,399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense, including tax benefit of $287
|
323,717
|
|
|
3
|
|
|
3,618
|
|
|
—
|
|
|
—
|
|
|
6,306
|
|
|
9,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Share repurchases
|
(145,900
|
)
|
|
(2
|
)
|
|
(1,750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,752
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends paid ($0.45 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,006
|
)
|
|
—
|
|
|
—
|
|
|
(45,006
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ending balance at September 30, 2016
|
101,268,648
|
|
|
$
|
1,013
|
|
|
711,974
|
|
|
469,459
|
|
|
(19,643
|
)
|
|
—
|
|
|
1,162,803
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
Total
|
|||||||
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Comprehensive
|
|
Shareholders’
|
|||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income/ (Loss)
|
|
Equity
|
|||||||
Beginning balance at December 31, 2016
|
101,699,406
|
|
|
$
|
1,017
|
|
|
718,834
|
|
|
478,803
|
|
|
(27,991
|
)
|
|
1,170,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
72,319
|
|
|
—
|
|
|
72,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other comprehensive income, net of tax of $(1,458)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,384
|
|
|
2,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
72,319
|
|
|
2,384
|
|
|
74,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Exercise of stock options
|
488,211
|
|
|
5
|
|
|
5,611
|
|
|
—
|
|
|
—
|
|
|
5,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Stock-based compensation expense
|
378,050
|
|
|
4
|
|
|
3,718
|
|
|
—
|
|
|
—
|
|
|
3,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dividends paid ($0.48 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,857
|
)
|
|
—
|
|
|
(48,857
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ending balance at September 30, 2017
|
102,565,667
|
|
|
$
|
1,026
|
|
|
728,163
|
|
|
502,265
|
|
|
(25,607
|
)
|
|
1,205,847
|
|
|
Nine months ended
September 30, |
|||||
|
2017
|
|
2016
|
|||
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net Income
|
$
|
72,319
|
|
|
25,173
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
Provision for loan losses
|
13,226
|
|
|
11,397
|
|
|
Net gain on sale of assets
|
(1,443
|
)
|
|
(2,965
|
)
|
|
Net gain on sale of offices
|
(17,186
|
)
|
|
—
|
|
|
Net depreciation, amortization and accretion
|
10,951
|
|
|
9,974
|
|
|
Decrease in other assets
|
22,518
|
|
|
23,588
|
|
|
Increase in other liabilities
|
1,761
|
|
|
9,003
|
|
|
Net amortization on marketable securities
|
1,535
|
|
|
1,533
|
|
|
Noncash write-down of real estate owned
|
980
|
|
|
1,274
|
|
|
FHLB prepayment penalty
|
—
|
|
|
24,520
|
|
|
Deferred income tax benefit
|
—
|
|
|
(445
|
)
|
|
Origination of loans held for sale
|
(59,401
|
)
|
|
(188,474
|
)
|
|
Proceeds from sale of loans held for sale
|
68,041
|
|
|
158,058
|
|
|
Noncash compensation expense related to stock benefit plans
|
3,722
|
|
|
9,640
|
|
|
Net cash provided by operating activities
|
117,023
|
|
|
82,276
|
|
|
|
|
|
|
|||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Purchase of marketable securities held-to-maturity
|
(23,621
|
)
|
|
—
|
|
|
Purchase of marketable securities available-for-sale
|
(210,111
|
)
|
|
(238,673
|
)
|
|
Proceeds from maturities and principal reductions of marketable securities held-to-maturity
|
11,625
|
|
|
9,097
|
|
|
Proceeds from maturities and principal reductions of marketable securities available-for-sale
|
144,846
|
|
|
227,283
|
|
|
Proceeds from sale of marketable securities available-for-sale
|
23,501
|
|
|
91
|
|
|
Loan originations
|
(2,050,885
|
)
|
|
(1,950,953
|
)
|
|
Proceeds from loan maturities and principal reductions
|
2,002,816
|
|
|
1,849,593
|
|
|
Net (purchase)/ sale of Federal Home Loan Bank stock
|
(594
|
)
|
|
33,243
|
|
|
Proceeds from sale of real estate owned
|
3,687
|
|
|
6,557
|
|
|
Sale of real estate owned for investment, net
|
456
|
|
|
456
|
|
|
Net purchase of premises and equipment
|
(1,242
|
)
|
|
(12,485
|
)
|
|
Acquisitions, net of cash received
|
—
|
|
|
1,118,400
|
|
|
Net cash provided by/ (used in) investing activities
|
(99,522
|
)
|
|
1,042,609
|
|
|
Nine months ended
September 30, |
|||||
|
2017
|
|
2016
|
|||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Decrease in deposits, net
|
$
|
(155,925
|
)
|
|
(52,624
|
)
|
Repayments of long-term borrowings, including prepayment penalty
|
—
|
|
|
(774,863
|
)
|
|
Net increase/ (decrease) in short-term borrowings
|
(27,511
|
)
|
|
(88,773
|
)
|
|
Decrease in advances by borrowers for taxes and insurance
|
(15,015
|
)
|
|
(15,402
|
)
|
|
Cash dividends paid
|
(48,857
|
)
|
|
(45,006
|
)
|
|
Purchase of common stock for retirement
|
—
|
|
|
(1,752
|
)
|
|
Proceeds from stock options exercised
|
5,616
|
|
|
6,406
|
|
|
Excess tax benefit from stock-based compensation
|
—
|
|
|
287
|
|
|
Net cash used in financing activities
|
(241,692
|
)
|
|
(971,727
|
)
|
|
|
|
|
|
|||
Net increase/ (decrease) in cash and cash equivalents
|
$
|
(224,191
|
)
|
|
153,158
|
|
|
|
|
|
|||
Cash and cash equivalents at beginning of period
|
$
|
389,867
|
|
|
167,408
|
|
Net increase/ (decrease) in cash and cash equivalents
|
(224,191
|
)
|
|
153,158
|
|
|
Cash and cash equivalents at end of period
|
$
|
165,676
|
|
|
320,566
|
|
|
|
|
|
|||
Cash and cash equivalents:
|
|
|
|
|
|
|
Cash and due from banks
|
$
|
104,372
|
|
|
107,604
|
|
Interest-earning deposits in other financial institutions
|
60,662
|
|
|
210,723
|
|
|
Federal funds sold and other short-term investments
|
642
|
|
|
2,239
|
|
|
Total cash and cash equivalents
|
$
|
165,676
|
|
|
320,566
|
|
|
|
|
|
|||
Cash paid during the period for:
|
|
|
|
|
|
|
Interest on deposits and borrowings (including interest credited to deposit accounts of $16,644 and $16,556, respectively)
|
$
|
20,875
|
|
|
32,519
|
|
Income taxes
|
$
|
20,705
|
|
|
4,086
|
|
|
|
|
|
|||
Business acquisitions:
|
|
|
|
|
|
|
Fair value of assets acquired, excluding cash received
|
$
|
—
|
|
|
545,796
|
|
Cash paid, net
|
—
|
|
|
1,118,400
|
|
|
Liabilities assumed
|
$
|
—
|
|
|
1,664,196
|
|
|
|
|
|
|||
Non-cash activities:
|
|
|
|
|
|
|
Loan foreclosures and repossessions
|
$
|
4,750
|
|
|
2,877
|
|
Sale of real estate owned financed by the Company
|
$
|
1,810
|
|
|
1,773
|
|
(1)
|
Basis of Presentation and Informational Disclosures
|
(2)
|
Business Segments
|
|
|
Community
|
|
Consumer
|
|
|
|
|
|||||
September 30, 2017
|
|
Banking
|
|
Finance
|
|
All other (1)
|
|
Consolidated
|
|||||
External interest income
|
|
$
|
89,711
|
|
|
475
|
|
|
45
|
|
|
90,231
|
|
Intersegment interest income/ expense
|
|
138
|
|
|
—
|
|
|
(138
|
)
|
|
—
|
|
|
Interest expense
|
|
5,871
|
|
|
138
|
|
|
985
|
|
|
6,994
|
|
|
Provision for loan losses
|
|
8,693
|
|
|
(5,666
|
)
|
|
—
|
|
|
3,027
|
|
|
Noninterest income
|
|
23,922
|
|
|
36
|
|
|
636
|
|
|
24,594
|
|
|
Noninterest expense
|
|
67,493
|
|
|
1,941
|
|
|
(635
|
)
|
|
68,799
|
|
|
Income tax expense
|
|
10,656
|
|
|
1,700
|
|
|
58
|
|
|
12,414
|
|
|
Net income
|
|
$
|
21,058
|
|
|
2,398
|
|
|
135
|
|
|
23,591
|
|
Total assets
|
|
$
|
9,404,881
|
|
|
44,849
|
|
|
10,084
|
|
|
9,459,814
|
|
|
|
Community
|
|
Consumer
|
|
|
|
|
|||||
September 30, 2016
|
|
Banking
|
|
Finance
|
|
All other (1)
|
|
Consolidated
|
|||||
External interest income
|
|
$
|
80,245
|
|
|
4,264
|
|
|
239
|
|
|
84,748
|
|
Intersegment interest income/ expense
|
|
645
|
|
|
—
|
|
|
(645
|
)
|
|
—
|
|
|
Interest expense
|
|
6,338
|
|
|
645
|
|
|
471
|
|
|
7,454
|
|
|
Provision for loan losses
|
|
4,276
|
|
|
1,262
|
|
|
—
|
|
|
5,538
|
|
|
Noninterest income
|
|
20,424
|
|
|
372
|
|
|
22
|
|
|
20,818
|
|
|
Noninterest expense
|
|
70,580
|
|
|
2,908
|
|
|
192
|
|
|
73,680
|
|
|
Income tax expense/ (benefit)
|
|
5,147
|
|
|
(74
|
)
|
|
(376
|
)
|
|
4,697
|
|
|
Net income/ (loss)
|
|
$
|
14,973
|
|
|
(105
|
)
|
|
(671
|
)
|
|
14,197
|
|
Total assets
|
|
$
|
9,590,487
|
|
|
109,601
|
|
|
14,519
|
|
|
9,714,607
|
|
(1)
|
Consists of intercompany elimination entries and holding company income, expense and assets.
|
|
|
Community
|
|
Consumer
|
|
|
|
|
|||||
September 30, 2017
|
|
Banking
|
|
Finance
|
|
All other (1)
|
|
Consolidated
|
|||||
External interest income
|
|
$
|
259,160
|
|
|
8,008
|
|
|
127
|
|
|
267,295
|
|
Intersegment interest income
|
|
1,473
|
|
|
—
|
|
|
(1,473
|
)
|
|
—
|
|
|
Interest expense
|
|
17,344
|
|
|
1,473
|
|
|
1,933
|
|
|
20,750
|
|
|
Provision for loan losses
|
|
15,371
|
|
|
(2,145
|
)
|
|
—
|
|
|
13,226
|
|
|
Noninterest income
|
|
85,653
|
|
|
357
|
|
|
1,565
|
|
|
87,575
|
|
|
Noninterest expense
|
|
203,225
|
|
|
9,458
|
|
|
1,024
|
|
|
213,707
|
|
|
Income tax expense/ (benefit)
|
|
36,028
|
|
|
(175
|
)
|
|
(985
|
)
|
|
34,868
|
|
|
Net income/ (loss)
|
|
$
|
74,318
|
|
|
(246
|
)
|
|
(1,753
|
)
|
|
72,319
|
|
Total assets
|
|
$
|
9,404,881
|
|
|
44,849
|
|
|
10,084
|
|
|
9,459,814
|
|
(1)
|
Consists of intercompany elimination entries and holding company income, expense and assets.
|
|
|
Community
|
|
Consumer
|
|
|
|
|
|||||
September 30, 2016
|
|
Banking
|
|
Finance
|
|
All other (1)
|
|
Consolidated
|
|||||
External interest income
|
|
$
|
242,081
|
|
|
12,831
|
|
|
689
|
|
|
255,601
|
|
Intersegment interest income
|
|
1,918
|
|
|
—
|
|
|
(1,918
|
)
|
|
—
|
|
|
Interest expense
|
|
27,943
|
|
|
1,918
|
|
|
1,347
|
|
|
31,208
|
|
|
Provision for loan losses
|
|
8,854
|
|
|
2,543
|
|
|
—
|
|
|
11,397
|
|
|
Noninterest income
|
|
59,278
|
|
|
1,152
|
|
|
111
|
|
|
60,541
|
|
|
Noninterest expense
|
|
229,492
|
|
|
8,715
|
|
|
870
|
|
|
239,077
|
|
|
Income tax expense/ (benefit)
|
|
10,144
|
|
|
335
|
|
|
(1,192
|
)
|
|
9,287
|
|
|
Net income/ (loss)
|
|
$
|
26,844
|
|
|
472
|
|
|
(2,143
|
)
|
|
25,173
|
|
Total assets
|
|
$
|
9,590,487
|
|
|
109,601
|
|
|
14,519
|
|
|
9,714,607
|
|
(1)
|
Consists of intercompany elimination entries and holding company income, expense and assets.
|
|
Amortized
cost
|
|
Gross
unrealized
holding
gains
|
|
Gross
unrealized
holding
losses
|
|
Fair
value
|
|||||
Debt issued by the U.S. government and agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less
|
$
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|||||
Debt issued by government sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less
|
96,608
|
|
|
36
|
|
|
(244
|
)
|
|
96,400
|
|
|
Due in one year through five years
|
141,476
|
|
|
34
|
|
|
(1,543
|
)
|
|
139,967
|
|
|
Due in five years through ten years
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Due after ten years
|
5,304
|
|
|
—
|
|
|
(72
|
)
|
|
5,232
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity securities
|
824
|
|
|
131
|
|
|
(6
|
)
|
|
949
|
|
|
|
|
|
|
|
|
|
|
|||||
Municipal securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less
|
2,312
|
|
|
13
|
|
|
—
|
|
|
2,325
|
|
|
Due in one year through five years
|
7,472
|
|
|
142
|
|
|
(3
|
)
|
|
7,611
|
|
|
Due in five years through ten years
|
12,315
|
|
|
165
|
|
|
—
|
|
|
12,480
|
|
|
Due after ten years
|
30,226
|
|
|
572
|
|
|
—
|
|
|
30,798
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate debt issues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due after ten years
|
14,280
|
|
|
4,611
|
|
|
(213
|
)
|
|
18,678
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate pass-through
|
143,106
|
|
|
1,460
|
|
|
(2,070
|
)
|
|
142,496
|
|
|
Variable rate pass-through
|
35,140
|
|
|
1,573
|
|
|
(4
|
)
|
|
36,709
|
|
|
Fixed rate non-agency CMOs
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
Fixed rate agency CMOs
|
300,741
|
|
|
263
|
|
|
(2,855
|
)
|
|
298,149
|
|
|
Variable rate agency CMOs
|
77,464
|
|
|
274
|
|
|
(94
|
)
|
|
77,644
|
|
|
Total residential mortgage-backed securities
|
556,492
|
|
|
3,570
|
|
|
(5,023
|
)
|
|
555,039
|
|
|
Total marketable securities available-for-sale
|
$
|
867,311
|
|
|
9,274
|
|
|
(7,104
|
)
|
|
869,481
|
|
|
Amortized
cost
|
|
Gross
unrealized
holding
gains
|
|
Gross
unrealized
holding
losses
|
|
Fair
value
|
|||||
Debt issued by the U.S. government and agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less
|
$
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|||||
Debt issued by government sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less
|
74,980
|
|
|
5
|
|
|
(33
|
)
|
|
74,952
|
|
|
Due after one year through five years
|
220,937
|
|
|
203
|
|
|
(2,504
|
)
|
|
218,636
|
|
|
Due after five years through ten years
|
585
|
|
|
—
|
|
|
(3
|
)
|
|
582
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity securities
|
3,351
|
|
|
1,095
|
|
|
(6
|
)
|
|
4,440
|
|
|
|
|
|
|
|
|
|
|
|||||
Municipal securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less
|
2,449
|
|
|
7
|
|
|
—
|
|
|
2,456
|
|
|
Due after one year through five years
|
9,448
|
|
|
105
|
|
|
(21
|
)
|
|
9,532
|
|
|
Due after five years through ten years
|
11,794
|
|
|
137
|
|
|
(1
|
)
|
|
11,930
|
|
|
Due after ten years
|
38,141
|
|
|
1,027
|
|
|
(16
|
)
|
|
39,152
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate debt issues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due after ten years
|
14,367
|
|
|
2,935
|
|
|
(322
|
)
|
|
16,980
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate pass-through
|
175,398
|
|
|
1,849
|
|
|
(2,680
|
)
|
|
174,567
|
|
|
Variable rate pass-through
|
43,587
|
|
|
2,007
|
|
|
(6
|
)
|
|
45,588
|
|
|
Fixed rate non-agency CMOs
|
100
|
|
|
1
|
|
|
—
|
|
|
101
|
|
|
Fixed rate agency CMOs
|
165,535
|
|
|
185
|
|
|
(3,455
|
)
|
|
162,265
|
|
|
Variable rate agency CMOs
|
64,874
|
|
|
306
|
|
|
(167
|
)
|
|
65,013
|
|
|
Total residential mortgage-backed securities
|
449,494
|
|
|
4,348
|
|
|
(6,308
|
)
|
|
447,534
|
|
|
Total marketable securities available-for-sale
|
$
|
825,552
|
|
|
9,862
|
|
|
(9,214
|
)
|
|
826,200
|
|
|
Amortized
cost
|
|
Gross
unrealized
holding
gains
|
|
Gross
unrealized
holding
losses
|
|
Fair
value
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate pass-through
|
$
|
3,971
|
|
|
189
|
|
|
—
|
|
|
4,160
|
|
Variable rate pass-through
|
2,412
|
|
|
57
|
|
|
—
|
|
|
2,469
|
|
|
Fixed rate agency CMOs
|
24,791
|
|
|
87
|
|
|
(25
|
)
|
|
24,853
|
|
|
Variable rate agency CMOs
|
787
|
|
|
13
|
|
|
—
|
|
|
800
|
|
|
Total residential mortgage-backed securities
|
31,961
|
|
|
346
|
|
|
(25
|
)
|
|
32,282
|
|
|
Total marketable securities held-to-maturity
|
$
|
31,961
|
|
|
346
|
|
|
(25
|
)
|
|
32,282
|
|
|
Amortized
cost
|
|
Gross
unrealized
holding
gains
|
|
Gross
unrealized
holding
losses
|
|
Fair
value
|
|||||
Municipal securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due after ten years
|
$
|
4,808
|
|
|
65
|
|
|
—
|
|
|
4,873
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate pass-through
|
4,807
|
|
|
217
|
|
|
—
|
|
|
5,024
|
|
|
Variable rate pass-through
|
2,848
|
|
|
58
|
|
|
—
|
|
|
2,906
|
|
|
Fixed rate agency CMOs
|
6,674
|
|
|
94
|
|
|
—
|
|
|
6,768
|
|
|
Variable rate agency CMOs
|
841
|
|
|
14
|
|
|
—
|
|
|
855
|
|
|
Total residential mortgage-backed securities
|
15,170
|
|
|
383
|
|
|
—
|
|
|
15,553
|
|
|
Total marketable securities held-to-maturity
|
$
|
19,978
|
|
|
448
|
|
|
—
|
|
|
20,426
|
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||
|
Fair value
|
|
Unrealized
loss
|
|
Fair value
|
|
Unrealized
loss
|
|
Fair value
|
|
Unrealized
loss
|
|||||||
U.S. government sponsored enterprises
|
$
|
55,288
|
|
|
(161
|
)
|
|
174,633
|
|
|
(1,698
|
)
|
|
229,921
|
|
|
(1,859
|
)
|
Municipal securities
|
1,735
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
1,735
|
|
|
(3
|
)
|
|
Corporate issues
|
—
|
|
|
—
|
|
|
2,220
|
|
|
(213
|
)
|
|
2,220
|
|
|
(213
|
)
|
|
Equity securities
|
—
|
|
|
—
|
|
|
544
|
|
|
(6
|
)
|
|
544
|
|
|
(6
|
)
|
|
Residential mortgage-backed securities - agency
|
195,468
|
|
|
(814
|
)
|
|
177,277
|
|
|
(4,234
|
)
|
|
372,745
|
|
|
(5,048
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total temporarily impaired securities
|
$
|
252,491
|
|
|
(978
|
)
|
|
354,674
|
|
|
(6,151
|
)
|
|
607,165
|
|
|
(7,129
|
)
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||
|
Fair value
|
|
Unrealized
loss
|
|
Fair value
|
|
Unrealized
loss
|
|
Fair value
|
|
Unrealized
loss
|
|||||||
U.S. government sponsored enterprises
|
$
|
238,003
|
|
|
(2,448
|
)
|
|
9,205
|
|
|
(92
|
)
|
|
247,208
|
|
|
(2,540
|
)
|
Municipal securities
|
5,621
|
|
|
(37
|
)
|
|
66
|
|
|
(1
|
)
|
|
5,687
|
|
|
(38
|
)
|
|
Corporate debt issues
|
—
|
|
|
—
|
|
|
2,107
|
|
|
(322
|
)
|
|
2,107
|
|
|
(322
|
)
|
|
Equity securities
|
—
|
|
|
—
|
|
|
544
|
|
|
(6
|
)
|
|
544
|
|
|
(6
|
)
|
|
Residential mortgage-backed securities - agency
|
213,662
|
|
|
(3,837
|
)
|
|
87,723
|
|
|
(2,471
|
)
|
|
301,385
|
|
|
(6,308
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total temporarily impaired securities
|
$
|
457,286
|
|
|
(6,322
|
)
|
|
99,645
|
|
|
(2,892
|
)
|
|
556,931
|
|
|
(9,214
|
)
|
|
2017
|
|
2016
|
|||
Beginning balance at July 1, (1)
|
$
|
7,942
|
|
|
8,408
|
|
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized
|
—
|
|
|
—
|
|
|
Reduction for losses realized during the quarter
|
—
|
|
|
(16
|
)
|
|
Reduction for securities sold/ called realized during the quarter
|
—
|
|
|
—
|
|
|
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized
|
—
|
|
|
—
|
|
|
Ending balance at September 30,
|
$
|
7,942
|
|
|
8,392
|
|
|
2017
|
|
2016
|
|||
Beginning balance at January 1, (1)
|
$
|
7,942
|
|
|
8,436
|
|
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized
|
—
|
|
|
—
|
|
|
Reduction for losses realized during the quarter
|
—
|
|
|
(44
|
)
|
|
Reduction for securities sold/ called realized during the nine months
|
—
|
|
|
—
|
|
|
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized
|
—
|
|
|
—
|
|
|
Ending balance at September 30,
|
$
|
7,942
|
|
|
8,392
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||||||||||||
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential mortgage loans (1)
|
$
|
2,624,216
|
|
|
119,463
|
|
|
2,743,679
|
|
|
2,565,620
|
|
|
133,511
|
|
|
2,699,131
|
|
Home equity loans
|
1,045,152
|
|
|
268,283
|
|
|
1,313,435
|
|
|
1,042,913
|
|
|
302,457
|
|
|
1,345,370
|
|
|
Consumer finance loans (2)
|
26,892
|
|
|
—
|
|
|
26,892
|
|
|
48,981
|
|
|
—
|
|
|
48,981
|
|
|
Consumer loans
|
522,604
|
|
|
110,611
|
|
|
633,215
|
|
|
418,656
|
|
|
163,622
|
|
|
582,278
|
|
|
Total Personal Banking
|
4,218,864
|
|
|
498,357
|
|
|
4,717,221
|
|
|
4,076,170
|
|
|
599,590
|
|
|
4,675,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2,210,699
|
|
|
312,192
|
|
|
2,522,891
|
|
|
2,140,678
|
|
|
372,991
|
|
|
2,513,669
|
|
|
Commercial loans
|
556,750
|
|
|
69,724
|
|
|
626,474
|
|
|
481,543
|
|
|
75,676
|
|
|
557,219
|
|
|
Total Commercial Banking
|
2,767,449
|
|
|
381,916
|
|
|
3,149,365
|
|
|
2,622,221
|
|
|
448,667
|
|
|
3,070,888
|
|
|
Total loans receivable, gross
|
6,986,313
|
|
|
880,273
|
|
|
7,866,586
|
|
|
6,698,391
|
|
|
1,048,257
|
|
|
7,746,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Deferred loan costs
|
24,707
|
|
|
1,799
|
|
|
26,506
|
|
|
20,081
|
|
|
2,294
|
|
|
22,375
|
|
|
Allowance for loan losses
|
(50,845
|
)
|
|
(6,082
|
)
|
|
(56,927
|
)
|
|
(55,293
|
)
|
|
(5,646
|
)
|
|
(60,939
|
)
|
|
Undisbursed loan proceeds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
(13,146
|
)
|
|
—
|
|
|
(13,146
|
)
|
|
(11,638
|
)
|
|
—
|
|
|
(11,638
|
)
|
|
Commercial real estate loans
|
(121,316
|
)
|
|
(2,689
|
)
|
|
(124,005
|
)
|
|
(168,595
|
)
|
|
(2,985
|
)
|
|
(171,580
|
)
|
|
Commercial loans
|
(28,519
|
)
|
|
(1,284
|
)
|
|
(29,803
|
)
|
|
(26,168
|
)
|
|
(2,290
|
)
|
|
(28,458
|
)
|
|
Total loans receivable, net
|
$
|
6,797,194
|
|
|
872,017
|
|
|
7,669,211
|
|
|
6,456,778
|
|
|
1,039,630
|
|
|
7,496,408
|
|
|
September 30,
2017 |
|
December 31,
2016 |
|||
Acquired loans evaluated individually for future credit losses:
|
|
|
|
|
||
Outstanding principal balance
|
$
|
10,344
|
|
|
16,108
|
|
Carrying value
|
7,393
|
|
|
12,665
|
|
|
|
|
|
|
|
||
Acquired loans evaluated collectively for future credit losses:
|
|
|
|
|
||
Outstanding principal balance
|
877,022
|
|
|
1,040,378
|
|
|
Carrying value
|
870,705
|
|
|
1,032,611
|
|
|
|
|
|
|
|
||
Total acquired loans:
|
|
|
|
|
||
Outstanding principal balance
|
887,366
|
|
|
1,056,486
|
|
|
Carrying value
|
878,098
|
|
|
1,045,276
|
|
|
Total
|
||
Balance at December 31, 2015
|
$
|
2,019
|
|
Accretion
|
(1,170
|
)
|
|
Net reclassification from nonaccretable yield
|
1,338
|
|
|
Balance at December 31, 2016
|
2,187
|
|
|
Accretion
|
(1,130
|
)
|
|
Net reclassification from nonaccretable yield
|
498
|
|
|
Balance at September 30, 2017
|
$
|
1,555
|
|
|
Carrying
value
|
|
Outstanding
principal
balance
|
|
Related
impairment
reserve
|
|
Average
recorded
investment
in impaired
loans
|
|
Interest
income
recognized
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
1,215
|
|
|
1,931
|
|
|
37
|
|
|
1,267
|
|
|
126
|
|
Home equity loans
|
1,166
|
|
|
2,274
|
|
|
9
|
|
|
1,264
|
|
|
124
|
|
|
Consumer loans
|
80
|
|
|
198
|
|
|
4
|
|
|
108
|
|
|
43
|
|
|
Total Personal Banking
|
2,461
|
|
|
4,403
|
|
|
50
|
|
|
2,639
|
|
|
293
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate loans
|
4,828
|
|
|
5,826
|
|
|
67
|
|
|
7,212
|
|
|
823
|
|
|
Commercial loans
|
104
|
|
|
115
|
|
|
—
|
|
|
178
|
|
|
14
|
|
|
Total Commercial Banking
|
4,932
|
|
|
5,941
|
|
|
67
|
|
|
7,390
|
|
|
837
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
7,393
|
|
|
10,344
|
|
|
117
|
|
|
10,029
|
|
|
1,130
|
|
|
Carrying
value |
|
Outstanding
principal balance |
|
Related
impairment reserve |
|
Average
recorded investment in impaired loans |
|
Interest
income recognized |
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage loans
|
$
|
1,319
|
|
|
2,062
|
|
|
204
|
|
|
1,650
|
|
|
202
|
|
Home equity loans
|
1,363
|
|
|
2,669
|
|
|
8
|
|
|
1,724
|
|
|
185
|
|
|
Consumer loans
|
136
|
|
|
303
|
|
|
3
|
|
|
201
|
|
|
51
|
|
|
Total Personal Banking
|
2,818
|
|
|
5,034
|
|
|
215
|
|
|
3,575
|
|
|
438
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate loans
|
9,596
|
|
|
10,809
|
|
|
52
|
|
|
10,942
|
|
|
721
|
|
|
Commercial loans
|
251
|
|
|
265
|
|
|
—
|
|
|
249
|
|
|
11
|
|
|
Total Commercial Banking
|
9,847
|
|
|
11,074
|
|
|
52
|
|
|
11,191
|
|
|
732
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
12,665
|
|
|
16,108
|
|
|
267
|
|
|
14,766
|
|
|
1,170
|
|
|
Balance
September 30, 2017 |
|
Current
period
provision
|
|
Charge-offs
|
|
Recoveries
|
|
Balance
June 30, 2017 |
||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
3,986
|
|
|
(462
|
)
|
|
(211
|
)
|
|
24
|
|
|
4,635
|
|
Home equity loans
|
3,295
|
|
|
615
|
|
|
(285
|
)
|
|
8
|
|
|
2,957
|
|
|
Consumer finance loans
|
4,876
|
|
|
4,220
|
|
|
(3,891
|
)
|
|
80
|
|
|
4,467
|
|
|
Consumer loans
|
7,383
|
|
|
4,594
|
|
|
(2,844
|
)
|
|
353
|
|
|
5,280
|
|
|
Total Personal Banking
|
19,540
|
|
|
8,967
|
|
|
(7,231
|
)
|
|
465
|
|
|
17,339
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
20,174
|
|
|
(2,529
|
)
|
|
(163
|
)
|
|
282
|
|
|
22,584
|
|
|
Commercial loans
|
11,131
|
|
|
(5,445
|
)
|
|
(204
|
)
|
|
76
|
|
|
16,704
|
|
|
Total Commercial Banking
|
31,305
|
|
|
(7,974
|
)
|
|
(367
|
)
|
|
358
|
|
|
39,288
|
|
|
Total originated loans
|
50,845
|
|
|
993
|
|
|
(7,598
|
)
|
|
823
|
|
|
56,627
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage loans
|
77
|
|
|
(11
|
)
|
|
(4
|
)
|
|
7
|
|
|
85
|
|
|
Home equity loans
|
748
|
|
|
324
|
|
|
(243
|
)
|
|
44
|
|
|
623
|
|
|
Consumer loans
|
594
|
|
|
106
|
|
|
(158
|
)
|
|
18
|
|
|
628
|
|
|
Total Personal Banking
|
1,419
|
|
|
419
|
|
|
(405
|
)
|
|
69
|
|
|
1,336
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
3,301
|
|
|
2,433
|
|
|
(1,738
|
)
|
|
160
|
|
|
2,446
|
|
|
Commercial loans
|
1,362
|
|
|
(818
|
)
|
|
(305
|
)
|
|
9
|
|
|
2,476
|
|
|
Total Commercial Banking
|
4,663
|
|
|
1,615
|
|
|
(2,043
|
)
|
|
169
|
|
|
4,922
|
|
|
Total acquired loans
|
6,082
|
|
|
2,034
|
|
|
(2,448
|
)
|
|
238
|
|
|
6,258
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
56,927
|
|
|
3,027
|
|
|
(10,046
|
)
|
|
1,061
|
|
|
62,885
|
|
|
Balance
September 30, 2016 |
|
Current period provision
|
|
Charge-offs
|
|
Recoveries
|
|
Balance
June 30, 2016 |
||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
4,002
|
|
|
1,109
|
|
|
(268
|
)
|
|
139
|
|
|
3,022
|
|
Home equity loans
|
3,519
|
|
|
296
|
|
|
(161
|
)
|
|
49
|
|
|
3,335
|
|
|
Consumer finance loans
|
3,429
|
|
|
1,014
|
|
|
(835
|
)
|
|
111
|
|
|
3,139
|
|
|
Consumer loans
|
5,667
|
|
|
2,331
|
|
|
(1,700
|
)
|
|
251
|
|
|
4,785
|
|
|
Total Personal Banking
|
16,617
|
|
|
4,750
|
|
|
(2,964
|
)
|
|
550
|
|
|
14,281
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
24,530
|
|
|
(1,041
|
)
|
|
(602
|
)
|
|
487
|
|
|
25,686
|
|
|
Commercial loans
|
16,877
|
|
|
1,668
|
|
|
(708
|
)
|
|
561
|
|
|
15,356
|
|
|
Total Commercial Banking
|
41,407
|
|
|
627
|
|
|
(1,310
|
)
|
|
1,048
|
|
|
41,042
|
|
|
Total originated loans
|
58,024
|
|
|
5,377
|
|
|
(4,274
|
)
|
|
1,598
|
|
|
55,323
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage loans
|
78
|
|
|
45
|
|
|
(86
|
)
|
|
58
|
|
|
61
|
|
|
Home equity loans
|
1,171
|
|
|
138
|
|
|
(127
|
)
|
|
32
|
|
|
1,128
|
|
|
Consumer loans
|
644
|
|
|
212
|
|
|
(166
|
)
|
|
46
|
|
|
552
|
|
|
Total Personal Banking
|
1,893
|
|
|
395
|
|
|
(379
|
)
|
|
136
|
|
|
1,741
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate loans
|
2,422
|
|
|
(588
|
)
|
|
(187
|
)
|
|
32
|
|
|
3,165
|
|
|
Commercial loans
|
907
|
|
|
354
|
|
|
—
|
|
|
1
|
|
|
552
|
|
|
Total Commercial Banking
|
3,329
|
|
|
(234
|
)
|
|
(187
|
)
|
|
33
|
|
|
3,717
|
|
|
Total acquired loans
|
5,222
|
|
|
161
|
|
|
(566
|
)
|
|
169
|
|
|
5,458
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
63,246
|
|
|
5,538
|
|
|
(4,840
|
)
|
|
1,767
|
|
|
60,781
|
|
|
Balance
September 30, 2017 |
|
Current
period
provision
|
|
Charge-offs
|
|
Recoveries
|
|
Balance
December 31, 2016 |
||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
$
|
3,986
|
|
|
(278
|
)
|
|
(678
|
)
|
|
286
|
|
|
4,656
|
|
Home equity loans
|
3,295
|
|
|
503
|
|
|
(803
|
)
|
|
109
|
|
|
3,486
|
|
|
Consumer finance loans
|
4,876
|
|
|
6,610
|
|
|
(5,469
|
)
|
|
290
|
|
|
3,445
|
|
|
Consumer loans
|
7,383
|
|
|
9,741
|
|
|
(7,912
|
)
|
|
1,025
|
|
|
4,529
|
|
|
Total Personal Banking
|
19,540
|
|
|
16,576
|
|
|
(14,862
|
)
|
|
1,710
|
|
|
16,116
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
20,174
|
|
|
(3,988
|
)
|
|
(498
|
)
|
|
993
|
|
|
23,667
|
|
|
Commercial loans
|
11,131
|
|
|
(3,517
|
)
|
|
(1,858
|
)
|
|
996
|
|
|
15,510
|
|
|
Total Commercial Banking
|
31,305
|
|
|
(7,505
|
)
|
|
(2,356
|
)
|
|
1,989
|
|
|
39,177
|
|
|
Total originated loans
|
50,845
|
|
|
9,071
|
|
|
(17,218
|
)
|
|
3,699
|
|
|
55,293
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage loans
|
77
|
|
|
130
|
|
|
(199
|
)
|
|
75
|
|
|
71
|
|
|
Home equity loans
|
748
|
|
|
512
|
|
|
(1,063
|
)
|
|
252
|
|
|
1,047
|
|
|
Consumer loans
|
594
|
|
|
405
|
|
|
(689
|
)
|
|
225
|
|
|
653
|
|
|
Total Personal Banking
|
1,419
|
|
|
1,047
|
|
|
(1,951
|
)
|
|
552
|
|
|
1,771
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate loans
|
3,301
|
|
|
1,832
|
|
|
(2,206
|
)
|
|
667
|
|
|
3,008
|
|
|
Commercial loans
|
1,362
|
|
|
1,276
|
|
|
(847
|
)
|
|
66
|
|
|
867
|
|
|
Total Commercial Banking
|
4,663
|
|
|
3,108
|
|
|
(3,053
|
)
|
|
733
|
|
|
3,875
|
|
|
Total acquired loans
|
6,082
|
|
|
4,155
|
|
|
(5,004
|
)
|
|
1,285
|
|
|
5,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
56,927
|
|
|
13,226
|
|
|
(22,222
|
)
|
|
4,984
|
|
|
60,939
|
|
|
Balance
September 30, 2016 |
|
Current
period
provision
|
|
Charge-offs
|
|
Recoveries
|
|
Balance
December 31, 2015 |
||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
4,002
|
|
|
1,612
|
|
|
(2,559
|
)
|
|
257
|
|
|
4,692
|
|
Home equity loans
|
3,519
|
|
|
253
|
|
|
(898
|
)
|
|
223
|
|
|
3,941
|
|
|
Consumer finance loans
|
3,429
|
|
|
2,163
|
|
|
(2,321
|
)
|
|
312
|
|
|
3,275
|
|
|
Consumer loans
|
5,667
|
|
|
5,205
|
|
|
(4,587
|
)
|
|
836
|
|
|
4,213
|
|
|
Total personal banking
|
16,617
|
|
|
9,233
|
|
|
(10,365
|
)
|
|
1,628
|
|
|
16,121
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
24,530
|
|
|
(8,756
|
)
|
|
(2,103
|
)
|
|
3,041
|
|
|
32,348
|
|
|
Commercial loans
|
16,877
|
|
|
5,008
|
|
|
(1,704
|
)
|
|
1,072
|
|
|
12,501
|
|
|
Total commercial banking
|
41,407
|
|
|
(3,748
|
)
|
|
(3,807
|
)
|
|
4,113
|
|
|
44,849
|
|
|
Total originated loans
|
58,024
|
|
|
5,485
|
|
|
(14,172
|
)
|
|
5,741
|
|
|
60,970
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
||||||
Personal banking:
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage loans
|
78
|
|
|
118
|
|
|
(211
|
)
|
|
153
|
|
|
18
|
|
|
Home equity loans
|
1,171
|
|
|
2,093
|
|
|
(1,320
|
)
|
|
297
|
|
|
101
|
|
|
Consumer loans
|
644
|
|
|
925
|
|
|
(528
|
)
|
|
137
|
|
|
110
|
|
|
Total personal banking
|
1,893
|
|
|
3,136
|
|
|
(2,059
|
)
|
|
587
|
|
|
229
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial banking:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate loans
|
2,422
|
|
|
1,886
|
|
|
(1,314
|
)
|
|
411
|
|
|
1,439
|
|
|
Commercial loans
|
907
|
|
|
890
|
|
|
(24
|
)
|
|
7
|
|
|
34
|
|
|
Total commercial banking
|
3,329
|
|
|
2,776
|
|
|
(1,338
|
)
|
|
418
|
|
|
1,473
|
|
|
Total acquired loans
|
5,222
|
|
|
5,912
|
|
|
(3,397
|
)
|
|
1,005
|
|
|
1,702
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
63,246
|
|
|
11,397
|
|
|
(17,569
|
)
|
|
6,746
|
|
|
62,672
|
|
|
Total loans
receivable
|
|
Allowance for
loan losses
|
|
Nonaccrual
loans (1)
|
|
Loans past
due 90 days
or more and
still accruing
(2)
|
|
TDRs (3)
|
|
Allowance
related to
TDRs
|
|
Additional
commitments
to customers
with loans
classified as
TDRs
|
||||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
2,743,226
|
|
|
4,063
|
|
|
13,195
|
|
|
—
|
|
|
7,807
|
|
|
782
|
|
|
—
|
|
Home equity loans
|
1,313,435
|
|
|
4,043
|
|
|
7,699
|
|
|
146
|
|
|
1,781
|
|
|
451
|
|
|
4
|
|
|
Consumer finance loans
|
26,892
|
|
|
4,876
|
|
|
333
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Consumer loans
|
647,028
|
|
|
7,977
|
|
|
4,108
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Personal Banking
|
4,730,581
|
|
|
20,959
|
|
|
25,335
|
|
|
398
|
|
|
9,588
|
|
|
1,233
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2,398,886
|
|
|
23,475
|
|
|
39,721
|
|
|
—
|
|
|
22,173
|
|
|
1,926
|
|
|
252
|
|
|
Commercial loans
|
596,671
|
|
|
12,493
|
|
|
8,278
|
|
|
—
|
|
|
6,708
|
|
|
1,025
|
|
|
23
|
|
|
Total Commercial Banking
|
2,995,557
|
|
|
35,968
|
|
|
47,999
|
|
|
—
|
|
|
28,881
|
|
|
2,951
|
|
|
275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
7,726,138
|
|
|
56,927
|
|
|
73,334
|
|
|
398
|
|
|
38,469
|
|
|
4,184
|
|
|
279
|
|
(1)
|
Includes
$17.8 million
of nonaccrual TDRs.
|
(2)
|
Represents loans 90 days past maturity and still accruing.
|
(3)
|
Includes
$17.8 million
of nonaccrual, and
$20.7 million
of accruing TDRs.
|
|
Total loans
receivable
|
|
Allowance for
loan losses
|
|
Nonaccrual
loans (1)
|
|
Loans past
due 90 days
or more and
still accruing
(2)
|
|
TDRs (3)
|
|
Allowance
related to
TDRs
|
|
Additional
commitments
to customers
with loans
classified as
TDRs
|
||||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
2,698,166
|
|
|
4,727
|
|
|
18,264
|
|
|
—
|
|
|
7,299
|
|
|
708
|
|
|
—
|
|
Home equity loans
|
1,345,370
|
|
|
4,533
|
|
|
7,865
|
|
|
—
|
|
|
1,813
|
|
|
450
|
|
|
4
|
|
|
Consumer finance loans
|
48,981
|
|
|
3,445
|
|
|
743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Consumer loans
|
593,980
|
|
|
5,182
|
|
|
4,366
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Personal Banking
|
4,686,497
|
|
|
17,887
|
|
|
31,238
|
|
|
85
|
|
|
9,112
|
|
|
1,158
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2,342,089
|
|
|
26,675
|
|
|
38,724
|
|
|
564
|
|
|
24,483
|
|
|
2,072
|
|
|
417
|
|
|
Commercial loans
|
528,761
|
|
|
16,377
|
|
|
9,574
|
|
|
—
|
|
|
9,331
|
|
|
1,360
|
|
|
17
|
|
|
Total Commercial Banking
|
2,870,850
|
|
|
43,052
|
|
|
48,298
|
|
|
564
|
|
|
33,814
|
|
|
3,432
|
|
|
434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
7,557,347
|
|
|
60,939
|
|
|
79,536
|
|
|
649
|
|
|
42,926
|
|
|
4,590
|
|
|
438
|
|
(1)
|
Includes
$16.3 million
of nonaccrual TDRs.
|
(2)
|
Represents loans 90 days past maturity and still accruing.
|
(3)
|
Includes
$16.3 million
of nonaccrual, and
$26.6 million
of accruing TDRs.
|
|
Nonaccrual
loans 90 or
more days
delinquent
|
|
Nonaccrual
loans less
than 90
days
delinquent
|
|
Loans less
than 90
days
delinquent
reviewed for
impairment
|
|
TDRs less
than 90
days
delinquent
not included
elsewhere
|
|
Total
impaired
loans
|
|
Average
recorded
investment
in impaired
loans
|
|
Interest
income
recognized
on impaired
loans
|
||||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
11,785
|
|
|
1,410
|
|
|
—
|
|
|
6,894
|
|
|
20,089
|
|
|
21,521
|
|
|
706
|
|
Home equity loans
|
6,295
|
|
|
1,404
|
|
|
—
|
|
|
1,436
|
|
|
9,135
|
|
|
8,878
|
|
|
320
|
|
|
Consumer finance loans
|
332
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|
428
|
|
|
15
|
|
|
Consumer loans
|
3,244
|
|
|
864
|
|
|
—
|
|
|
—
|
|
|
4,108
|
|
|
3,887
|
|
|
132
|
|
|
Total Personal Banking
|
21,656
|
|
|
3,679
|
|
|
—
|
|
|
8,330
|
|
|
33,665
|
|
|
34,714
|
|
|
1,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
22,583
|
|
|
17,138
|
|
|
4,707
|
|
|
4,804
|
|
|
49,232
|
|
|
52,813
|
|
|
1,381
|
|
|
Commercial loans
|
4,177
|
|
|
4,101
|
|
|
943
|
|
|
2,447
|
|
|
11,668
|
|
|
12,402
|
|
|
544
|
|
|
Total Commercial Banking
|
26,760
|
|
|
21,239
|
|
|
5,650
|
|
|
7,251
|
|
|
60,900
|
|
|
65,215
|
|
|
1,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
48,416
|
|
|
24,918
|
|
|
5,650
|
|
|
15,581
|
|
|
94,565
|
|
|
99,929
|
|
|
3,098
|
|
|
Nonaccrual
loans 90 or
more days
delinquent
|
|
Nonaccrual
loans less
than 90
days
delinquent
|
|
Loans less
than 90
days
delinquent
reviewed for
impairment
|
|
TDRs less
than 90
days
delinquent
not included
elsewhere
|
|
Total
impaired
loans
|
|
Average
recorded
investment
in impaired
loans
|
|
Interest
income
recognized
on impaired
loans
|
||||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
13,169
|
|
|
5,095
|
|
|
—
|
|
|
5,929
|
|
|
24,193
|
|
|
24,483
|
|
|
1,079
|
|
Home equity loans
|
5,552
|
|
|
2,313
|
|
|
—
|
|
|
1,439
|
|
|
9,304
|
|
|
9,234
|
|
|
496
|
|
|
Consumer finance loans
|
743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
743
|
|
|
772
|
|
|
35
|
|
|
Consumer loans
|
3,080
|
|
|
1,286
|
|
|
—
|
|
|
—
|
|
|
4,366
|
|
|
2,931
|
|
|
131
|
|
|
Total Personal Banking
|
22,544
|
|
|
8,694
|
|
|
—
|
|
|
7,368
|
|
|
38,606
|
|
|
37,420
|
|
|
1,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
19,264
|
|
|
19,460
|
|
|
3,622
|
|
|
11,582
|
|
|
53,928
|
|
|
64,350
|
|
|
2,864
|
|
|
Commercial loans
|
3,373
|
|
|
6,201
|
|
|
2,837
|
|
|
3,116
|
|
|
15,527
|
|
|
16,905
|
|
|
991
|
|
|
Total Commercial Banking
|
22,637
|
|
|
25,661
|
|
|
6,459
|
|
|
14,698
|
|
|
69,455
|
|
|
81,255
|
|
|
3,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
45,181
|
|
|
34,355
|
|
|
6,459
|
|
|
22,066
|
|
|
108,061
|
|
|
118,675
|
|
|
5,596
|
|
|
Loans
collectively
evaluated for
impairment
|
|
Loans
individually
evaluated for
impairment
|
|
Loans
individually
evaluated for
impairment
for which
there is a
related
impairment
reserve
|
|
Related
impairment
reserve
|
|
Loans
individually
evaluated for
impairment
for which
there is no
related
reserve
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
2,734,753
|
|
|
8,473
|
|
|
8,473
|
|
|
783
|
|
|
—
|
|
Home equity loans
|
1,311,654
|
|
|
1,781
|
|
|
1,781
|
|
|
451
|
|
|
—
|
|
|
Consumer finance loans
|
26,892
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Consumer loans
|
646,933
|
|
|
95
|
|
|
95
|
|
|
23
|
|
|
—
|
|
|
Total Personal Banking
|
4,720,232
|
|
|
10,349
|
|
|
10,349
|
|
|
1,257
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2,370,814
|
|
|
28,072
|
|
|
25,223
|
|
|
3,028
|
|
|
2,849
|
|
|
Commercial loans
|
587,013
|
|
|
9,658
|
|
|
9,150
|
|
|
1,530
|
|
|
508
|
|
|
Total Commercial Banking
|
2,957,827
|
|
|
37,730
|
|
|
34,373
|
|
|
4,558
|
|
|
3,357
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
7,678,059
|
|
|
48,079
|
|
|
44,722
|
|
|
5,815
|
|
|
3,357
|
|
|
Loans
collectively
evaluated for
impairment
|
|
Loans
individually
evaluated for
impairment
|
|
Loans
individually
evaluated for
impairment
for which
there is a
related
impairment
reserve
|
|
Related
impairment
reserve
|
|
Loans
individually
evaluated for
impairment
for which
there is no
related
reserve
|
||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
2,689,886
|
|
|
8,280
|
|
|
8,280
|
|
|
709
|
|
|
—
|
|
Home equity loans
|
1,343,556
|
|
|
1,814
|
|
|
1,814
|
|
|
450
|
|
|
—
|
|
|
Consumer finance loans
|
48,981
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Consumer loans
|
593,854
|
|
|
126
|
|
|
126
|
|
|
29
|
|
|
—
|
|
|
Total Personal Banking
|
4,676,277
|
|
|
10,220
|
|
|
10,220
|
|
|
1,188
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2,309,186
|
|
|
32,903
|
|
|
27,594
|
|
|
3,545
|
|
|
5,309
|
|
|
Commercial loans
|
518,449
|
|
|
10,312
|
|
|
10,242
|
|
|
1,390
|
|
|
70
|
|
|
Total Commercial Banking
|
2,827,635
|
|
|
43,215
|
|
|
37,836
|
|
|
4,935
|
|
|
5,379
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
$
|
7,503,912
|
|
|
53,435
|
|
|
48,056
|
|
|
6,123
|
|
|
5,379
|
|
|
For the quarters ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
|
Number of
contracts
|
|
Amount
|
|
Number of
contracts
|
|
Amount
|
||||||
Beginning TDR balance:
|
203
|
|
|
$
|
41,860
|
|
|
230
|
|
|
$
|
49,113
|
|
New TDRs
|
6
|
|
|
546
|
|
|
5
|
|
|
245
|
|
||
Re-modified TDRs
|
2
|
|
|
265
|
|
|
1
|
|
|
799
|
|
||
Net paydowns
|
|
|
|
(987
|
)
|
|
|
|
|
(1,781
|
)
|
||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Home equity loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Commercial real estate loans
|
2
|
|
|
(2,498
|
)
|
|
—
|
|
|
—
|
|
||
Commercial loans
|
—
|
|
|
—
|
|
|
1
|
|
|
(99
|
)
|
||
Paid-off loans:
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
—
|
|
|
—
|
|
|
3
|
|
|
(143
|
)
|
||
Home equity loans
|
3
|
|
|
(30
|
)
|
|
2
|
|
|
(264
|
)
|
||
Commercial real estate loans
|
1
|
|
|
(564
|
)
|
|
8
|
|
|
(1,022
|
)
|
||
Commercial loans
|
2
|
|
|
(123
|
)
|
|
3
|
|
|
(253
|
)
|
||
Ending TDR balance:
|
201
|
|
|
$
|
38,469
|
|
|
218
|
|
|
$
|
46,595
|
|
|
|
|
|
|
|
|
|
||||||
Accruing TDRs
|
|
|
|
$
|
20,660
|
|
|
|
|
|
$
|
29,221
|
|
Non-accrual TDRs
|
|
|
|
17,809
|
|
|
|
|
|
17,374
|
|
|
For the nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
|
Number of
contracts
|
|
Amount
|
|
Number of
contracts
|
|
Amount
|
||||||
Beginning TDR balance:
|
225
|
|
|
$
|
42,926
|
|
|
227
|
|
|
$
|
51,115
|
|
New TDRs
|
13
|
|
|
4,685
|
|
|
23
|
|
|
5,256
|
|
||
Re-modified TDRs
|
3
|
|
|
710
|
|
|
5
|
|
|
1,862
|
|
||
Net paydowns
|
|
|
|
(3,668
|
)
|
|
|
|
|
(4,685
|
)
|
||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Home equity loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Commercial real estate loans
|
2
|
|
|
(2,498
|
)
|
|
—
|
|
|
—
|
|
||
Commercial loans
|
6
|
|
|
(259
|
)
|
|
2
|
|
|
(142
|
)
|
||
Paid-off loans:
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
—
|
|
|
—
|
|
|
3
|
|
|
(143
|
)
|
||
Home equity loans
|
8
|
|
|
(62
|
)
|
|
5
|
|
|
(496
|
)
|
||
Commercial real estate loans
|
11
|
|
|
(1,109
|
)
|
|
16
|
|
|
(5,584
|
)
|
||
Commercial loans
|
10
|
|
|
(2,256
|
)
|
|
6
|
|
|
(588
|
)
|
||
Ending TDR balance:
|
201
|
|
|
$
|
38,469
|
|
|
218
|
|
|
$
|
46,595
|
|
|
|
|
|
|
|
|
|
||||||
Accruing TDRs
|
|
|
|
$
|
20,660
|
|
|
|
|
|
$
|
29,221
|
|
Non-accrual TDRs
|
|
|
|
17,809
|
|
|
|
|
|
17,374
|
|
|
For the quarter ended
September 30, 2017 |
|
For the nine months ended September 30, 2017
|
||||||||||||||||||||||
|
Number
of
contracts
|
|
Recorded
investment
at the time of
modification
|
|
Current
recorded
investment
|
|
Current
allowance
|
|
Number
of
contracts
|
|
Recorded
investment
at the time of
modification
|
|
Current
recorded
investment
|
|
Current
allowance
|
||||||||||
Troubled debt restructurings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
2
|
|
|
$
|
403
|
|
|
402
|
|
|
40
|
|
|
5
|
|
|
$
|
1,297
|
|
|
1,276
|
|
|
128
|
|
Home equity loans
|
2
|
|
|
122
|
|
|
119
|
|
|
30
|
|
|
2
|
|
|
122
|
|
|
119
|
|
|
30
|
|
||
Total Personal Banking
|
4
|
|
|
525
|
|
|
521
|
|
|
70
|
|
|
7
|
|
|
1,419
|
|
|
1,395
|
|
|
158
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial real estate loans
|
2
|
|
|
114
|
|
|
116
|
|
|
13
|
|
|
6
|
|
|
3,600
|
|
|
3,282
|
|
|
285
|
|
||
Commercial loans
|
2
|
|
|
172
|
|
|
170
|
|
|
71
|
|
|
3
|
|
|
376
|
|
|
352
|
|
|
84
|
|
||
Total Commercial Banking
|
4
|
|
|
286
|
|
|
286
|
|
|
84
|
|
|
9
|
|
|
3,976
|
|
|
3,634
|
|
|
369
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
8
|
|
|
$
|
811
|
|
|
807
|
|
|
154
|
|
|
16
|
|
|
$
|
5,395
|
|
|
5,029
|
|
|
527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
Home equity loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total Personal Banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial real estate loans
|
1
|
|
|
90
|
|
|
90
|
|
|
11
|
|
|
1
|
|
|
90
|
|
|
90
|
|
|
11
|
|
||
Commercial loans
|
1
|
|
|
150
|
|
|
150
|
|
|
70
|
|
|
1
|
|
|
150
|
|
|
150
|
|
|
70
|
|
||
Total Commercial Banking
|
2
|
|
|
240
|
|
|
240
|
|
|
81
|
|
|
2
|
|
|
240
|
|
|
240
|
|
|
81
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
2
|
|
|
$
|
240
|
|
|
240
|
|
|
81
|
|
|
2
|
|
|
$
|
240
|
|
|
240
|
|
|
81
|
|
|
For the quarter ended
September 30, 2016 |
|
For the nine months ended September 30, 2016
|
||||||||||||||||||||||
|
Number
of
contracts
|
|
Recorded
investment
at the time of
modification
|
|
Current
recorded
investment
|
|
Current
allowance
|
|
Number
of
contracts
|
|
Recorded
investment
at the time of
modification
|
|
Current
recorded
investment
|
|
Current
allowance
|
||||||||||
Troubled debt restructurings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
1
|
|
|
$
|
9
|
|
|
8
|
|
|
1
|
|
|
6
|
|
|
$
|
1,041
|
|
|
1,031
|
|
|
105
|
|
Home equity loans
|
1
|
|
|
3
|
|
|
3
|
|
|
1
|
|
|
6
|
|
|
284
|
|
|
281
|
|
|
60
|
|
||
Total Personal Banking
|
2
|
|
|
12
|
|
|
11
|
|
|
2
|
|
|
12
|
|
|
1,325
|
|
|
1,312
|
|
|
165
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial real estate loans
|
1
|
|
|
154
|
|
|
153
|
|
|
11
|
|
|
5
|
|
|
2,250
|
|
|
2,218
|
|
|
295
|
|
||
Commercial loans
|
3
|
|
|
878
|
|
|
877
|
|
|
64
|
|
|
11
|
|
|
3,543
|
|
|
2,591
|
|
|
632
|
|
||
Total Commercial Banking
|
4
|
|
|
1,032
|
|
|
1,030
|
|
|
75
|
|
|
16
|
|
|
5,793
|
|
|
4,809
|
|
|
927
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
6
|
|
|
$
|
1,044
|
|
|
1,041
|
|
|
77
|
|
|
28
|
|
|
$
|
7,118
|
|
|
6,121
|
|
|
1,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
Home equity loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total Personal Banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial real estate loans
|
1
|
|
|
6,256
|
|
|
6,113
|
|
|
893
|
|
|
1
|
|
|
6,256
|
|
|
6,113
|
|
|
893
|
|
||
Commercial loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total Commercial Banking
|
1
|
|
|
6,256
|
|
|
6,113
|
|
|
893
|
|
|
1
|
|
|
6,256
|
|
|
6,113
|
|
|
893
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
1
|
|
|
$
|
6,256
|
|
|
6,113
|
|
|
893
|
|
|
1
|
|
|
$
|
6,256
|
|
|
6,113
|
|
|
893
|
|
|
|
|
Type of modification
|
|
|
|||||||||||||
|
Number of
contracts
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
2
|
|
|
$
|
250
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
402
|
|
Home equity loans
|
2
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
Total Personal Banking
|
4
|
|
|
369
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2
|
|
|
—
|
|
|
—
|
|
|
116
|
|
|
—
|
|
|
116
|
|
|
Commercial loans
|
2
|
|
|
—
|
|
|
—
|
|
|
170
|
|
|
—
|
|
|
170
|
|
|
Total Commercial Banking
|
4
|
|
|
—
|
|
|
—
|
|
|
286
|
|
|
—
|
|
|
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
8
|
|
|
$
|
369
|
|
|
—
|
|
|
286
|
|
|
152
|
|
|
807
|
|
|
|
|
Type of modification
|
|
|
|||||||||||||
|
Number of
contracts
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
1
|
|
|
$
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
Home equity loans
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
Total Personal Banking
|
2
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
1
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|
153
|
|
|
Commercial loans
|
3
|
|
|
—
|
|
|
799
|
|
|
78
|
|
|
—
|
|
|
877
|
|
|
Total Commercial Banking
|
4
|
|
|
—
|
|
|
799
|
|
|
231
|
|
|
—
|
|
|
1,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
6
|
|
|
$
|
—
|
|
|
799
|
|
|
242
|
|
|
—
|
|
|
1,041
|
|
|
|
|
Type of modification
|
|
|
|||||||||||||
|
Number of
contracts
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
5
|
|
|
$
|
360
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
1,276
|
|
Home equity loans
|
2
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
Total Personal Banking
|
7
|
|
|
479
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
1,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
6
|
|
|
—
|
|
|
2,710
|
|
|
572
|
|
|
—
|
|
|
3,282
|
|
|
Commercial loans
|
3
|
|
|
—
|
|
|
—
|
|
|
352
|
|
|
—
|
|
|
352
|
|
|
Total Commercial Banking
|
9
|
|
|
—
|
|
|
2,710
|
|
|
924
|
|
|
—
|
|
|
3,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
16
|
|
|
$
|
479
|
|
|
2,710
|
|
|
924
|
|
|
916
|
|
|
5,029
|
|
|
|
|
Type of modification
|
|
|
|||||||||||||
|
Number of
contracts
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
6
|
|
|
$
|
361
|
|
|
—
|
|
|
622
|
|
|
48
|
|
|
1,031
|
|
Home equity loans
|
6
|
|
|
121
|
|
|
—
|
|
|
3
|
|
|
157
|
|
|
281
|
|
|
Total Personal Banking
|
12
|
|
|
482
|
|
|
—
|
|
|
625
|
|
|
205
|
|
|
1,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
5
|
|
|
—
|
|
|
429
|
|
|
535
|
|
|
1,254
|
|
|
2,218
|
|
|
Commercial loans
|
11
|
|
|
—
|
|
|
799
|
|
|
1,042
|
|
|
750
|
|
|
2,591
|
|
|
Total Commercial Banking
|
16
|
|
|
—
|
|
|
1,228
|
|
|
1,577
|
|
|
2,004
|
|
|
4,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
28
|
|
|
$
|
482
|
|
|
1,228
|
|
|
2,202
|
|
|
2,209
|
|
|
6,121
|
|
|
|
|
Type of re-modification
|
|
|
|||||||||||||
|
Number of
re-modified
TDRs
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
1
|
|
|
$
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
Home equity loans
|
1
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
Total Personal Banking
|
2
|
|
|
263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Commercial Banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
2
|
|
|
$
|
263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
263
|
|
|
|
|
Type of re-modification
|
|
|
|||||||||||||
|
Number of
re-modified
TDRs
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Home equity loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Personal Banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial loans
|
1
|
|
|
—
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
799
|
|
|
Total Commercial Banking
|
1
|
|
|
—
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
1
|
|
|
$
|
—
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
799
|
|
|
|
|
Type of re-modification
|
|
|
|||||||||||||
|
Number of
re-modified
TDRs
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
2
|
|
|
$
|
250
|
|
|
—
|
|
|
—
|
|
|
430
|
|
|
680
|
|
Home equity loans
|
1
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
Total Personal Banking
|
3
|
|
|
263
|
|
|
—
|
|
|
—
|
|
|
430
|
|
|
693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Commercial Banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
3
|
|
|
$
|
263
|
|
|
—
|
|
|
—
|
|
|
430
|
|
|
693
|
|
|
|
|
Type of re-modification
|
|
|
|||||||||||||
|
Number of
re-modified
TDRs
|
|
Rate
|
|
Payment
|
|
Maturity
date
|
|
Other
|
|
Total
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Home equity loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Personal Banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
182
|
|
|
182
|
|
|
Commercial loans
|
4
|
|
|
—
|
|
|
1,662
|
|
|
—
|
|
|
—
|
|
|
1,662
|
|
|
Total Commercial Banking
|
5
|
|
|
—
|
|
|
1,662
|
|
|
—
|
|
|
182
|
|
|
1,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
5
|
|
|
$
|
—
|
|
|
1,662
|
|
|
—
|
|
|
182
|
|
|
1,844
|
|
|
30-59 Days
delinquent
|
|
60-89 Days
delinquent
|
|
90 Days or
greater
delinquent
|
|
Total
delinquency
|
|
Current
|
|
Total loans
receivable
|
|
90 Days or
greater
delinquent
and accruing
(1)
|
||||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
2,771
|
|
|
6,133
|
|
|
11,315
|
|
|
20,219
|
|
|
2,603,544
|
|
|
2,623,763
|
|
|
—
|
|
Home equity loans
|
6,636
|
|
|
2,219
|
|
|
5,158
|
|
|
14,013
|
|
|
1,031,139
|
|
|
1,045,152
|
|
|
—
|
|
|
Consumer finance loans
|
3,065
|
|
|
2,190
|
|
|
332
|
|
|
5,587
|
|
|
21,305
|
|
|
26,892
|
|
|
—
|
|
|
Consumer loans
|
8,248
|
|
|
2,963
|
|
|
2,939
|
|
|
14,150
|
|
|
520,468
|
|
|
534,618
|
|
|
—
|
|
|
Total Personal Banking
|
20,720
|
|
|
13,505
|
|
|
19,744
|
|
|
53,969
|
|
|
4,176,456
|
|
|
4,230,425
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
3,586
|
|
|
7,290
|
|
|
18,069
|
|
|
28,945
|
|
|
2,060,438
|
|
|
2,089,383
|
|
|
—
|
|
|
Commercial loans
|
271
|
|
|
2
|
|
|
3,288
|
|
|
3,561
|
|
|
524,670
|
|
|
528,231
|
|
|
—
|
|
|
Total Commercial Banking
|
3,857
|
|
|
7,292
|
|
|
21,357
|
|
|
32,506
|
|
|
2,585,108
|
|
|
2,617,614
|
|
|
—
|
|
|
Total originated loans
|
24,577
|
|
|
20,797
|
|
|
41,101
|
|
|
86,475
|
|
|
6,761,564
|
|
|
6,848,039
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
—
|
|
|
1,063
|
|
|
875
|
|
|
1,938
|
|
|
117,525
|
|
|
119,463
|
|
|
405
|
|
|
Home equity loans
|
694
|
|
|
171
|
|
|
1,239
|
|
|
2,104
|
|
|
266,179
|
|
|
268,283
|
|
|
102
|
|
|
Consumer loans
|
1,262
|
|
|
320
|
|
|
315
|
|
|
1,897
|
|
|
110,513
|
|
|
112,410
|
|
|
10
|
|
|
Total Personal Banking
|
1,956
|
|
|
1,554
|
|
|
2,429
|
|
|
5,939
|
|
|
494,217
|
|
|
500,156
|
|
|
517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2,167
|
|
|
376
|
|
|
5,241
|
|
|
7,784
|
|
|
301,719
|
|
|
309,503
|
|
|
727
|
|
|
Commercial loans
|
475
|
|
|
194
|
|
|
889
|
|
|
1,558
|
|
|
66,882
|
|
|
68,440
|
|
|
—
|
|
|
Total Commercial Banking
|
2,642
|
|
|
570
|
|
|
6,130
|
|
|
9,342
|
|
|
368,601
|
|
|
377,943
|
|
|
727
|
|
|
Total acquired loans
|
4,598
|
|
|
2,124
|
|
|
8,559
|
|
|
15,281
|
|
|
862,818
|
|
|
878,099
|
|
|
1,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans
|
$
|
29,175
|
|
|
22,921
|
|
|
49,660
|
|
|
101,756
|
|
|
7,624,382
|
|
|
7,726,138
|
|
|
1,244
|
|
(1)
|
Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income.
|
|
30-59 Days
delinquent
|
|
60-89 Days
delinquent
|
|
90 Days or
greater
delinquent
|
|
Total
delinquency
|
|
Current
|
|
Total loans
receivable
|
|
90 Days or
greater delinquent and accruing (1) |
||||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
$
|
26,212
|
|
|
5,806
|
|
|
12,792
|
|
|
44,810
|
|
|
2,536,443
|
|
|
2,564,655
|
|
|
—
|
|
Home equity loans
|
5,785
|
|
|
1,305
|
|
|
4,783
|
|
|
11,873
|
|
|
1,014,442
|
|
|
1,042,913
|
|
|
—
|
|
|
Consumer finance loans
|
1,255
|
|
|
766
|
|
|
743
|
|
|
2,764
|
|
|
46,217
|
|
|
48,981
|
|
|
—
|
|
|
Consumer loans
|
7,343
|
|
|
2,438
|
|
|
2,775
|
|
|
12,556
|
|
|
415,508
|
|
|
428,064
|
|
|
—
|
|
|
Total Personal Banking
|
40,595
|
|
|
10,315
|
|
|
21,093
|
|
|
72,003
|
|
|
4,012,610
|
|
|
4,084,613
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
7,674
|
|
|
3,674
|
|
|
16,508
|
|
|
27,856
|
|
|
1,944,227
|
|
|
1,972,083
|
|
|
—
|
|
|
Commercial loans
|
1,067
|
|
|
1,957
|
|
|
3,107
|
|
|
6,131
|
|
|
449,244
|
|
|
455,375
|
|
|
—
|
|
|
Total Commercial Banking
|
8,741
|
|
|
5,631
|
|
|
19,615
|
|
|
33,987
|
|
|
2,393,471
|
|
|
2,427,458
|
|
|
—
|
|
|
Total originated loan
|
49,336
|
|
|
15,946
|
|
|
40,708
|
|
|
105,990
|
|
|
6,406,081
|
|
|
6,512,071
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage loans
|
1,174
|
|
|
421
|
|
|
829
|
|
|
2,424
|
|
|
131,087
|
|
|
133,511
|
|
|
452
|
|
|
Home equity loans
|
1,020
|
|
|
258
|
|
|
973
|
|
|
2,251
|
|
|
300,206
|
|
|
302,457
|
|
|
204
|
|
|
Consumer loans
|
1,270
|
|
|
405
|
|
|
320
|
|
|
1,995
|
|
|
163,921
|
|
|
165,916
|
|
|
15
|
|
|
Total Personal Banking
|
3,464
|
|
|
1,084
|
|
|
2,122
|
|
|
6,670
|
|
|
595,214
|
|
|
601,884
|
|
|
671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
2,703
|
|
|
821
|
|
|
4,762
|
|
|
8,286
|
|
|
361,720
|
|
|
370,006
|
|
|
2,006
|
|
|
Commercial loans
|
111
|
|
|
124
|
|
|
413
|
|
|
648
|
|
|
72,738
|
|
|
73,386
|
|
|
147
|
|
|
Total Commercial Banking
|
2,814
|
|
|
945
|
|
|
5,175
|
|
|
8,934
|
|
|
434,458
|
|
|
443,392
|
|
|
2,153
|
|
|
Total acquired loan
|
6,278
|
|
|
2,029
|
|
|
7,297
|
|
|
15,604
|
|
|
1,029,672
|
|
|
1,045,276
|
|
|
2,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
55,614
|
|
|
17,975
|
|
|
48,005
|
|
|
121,594
|
|
|
7,435,753
|
|
|
7,557,347
|
|
|
2,824
|
|
|
Pass
|
|
Special
mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total loans
receivable
|
|||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
2,607,925
|
|
|
—
|
|
|
15,838
|
|
|
—
|
|
|
—
|
|
|
2,623,763
|
|
Home equity loans
|
1,037,567
|
|
|
—
|
|
|
7,585
|
|
|
—
|
|
|
—
|
|
|
1,045,152
|
|
|
Consumer finance loans
|
26,560
|
|
|
—
|
|
|
332
|
|
|
—
|
|
|
—
|
|
|
26,892
|
|
|
Consumer loans
|
531,310
|
|
|
—
|
|
|
3,308
|
|
|
—
|
|
|
—
|
|
|
534,618
|
|
|
Total Personal Banking
|
4,203,362
|
|
|
—
|
|
|
27,063
|
|
|
—
|
|
|
—
|
|
|
4,230,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
1,927,940
|
|
|
50,962
|
|
|
110,481
|
|
|
—
|
|
|
—
|
|
|
2,089,383
|
|
|
Commercial loans
|
467,664
|
|
|
15,204
|
|
|
45,363
|
|
|
—
|
|
|
—
|
|
|
528,231
|
|
|
Total Commercial Banking
|
2,395,604
|
|
|
66,166
|
|
|
155,844
|
|
|
—
|
|
|
—
|
|
|
2,617,614
|
|
|
Total originated loans
|
6,598,966
|
|
|
66,166
|
|
|
182,907
|
|
|
—
|
|
|
—
|
|
|
6,848,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
117,135
|
|
|
—
|
|
|
2,328
|
|
|
—
|
|
|
—
|
|
|
119,463
|
|
|
Home equity loans
|
264,469
|
|
|
—
|
|
|
3,814
|
|
|
—
|
|
|
—
|
|
|
268,283
|
|
|
Consumer loans
|
111,662
|
|
|
—
|
|
|
748
|
|
|
—
|
|
|
—
|
|
|
112,410
|
|
|
Total Personal Banking
|
493,266
|
|
|
—
|
|
|
6,890
|
|
|
—
|
|
|
—
|
|
|
500,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
268,570
|
|
|
5,156
|
|
|
35,777
|
|
|
—
|
|
|
—
|
|
|
309,503
|
|
|
Commercial loans
|
59,160
|
|
|
3,720
|
|
|
5,560
|
|
|
—
|
|
|
—
|
|
|
68,440
|
|
|
Total Commercial Banking
|
327,730
|
|
|
8,876
|
|
|
41,337
|
|
|
—
|
|
|
—
|
|
|
377,943
|
|
|
Total acquired loans
|
820,996
|
|
|
8,876
|
|
|
48,227
|
|
|
—
|
|
|
—
|
|
|
878,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total loans
|
$
|
7,419,962
|
|
|
75,042
|
|
|
231,134
|
|
|
—
|
|
|
—
|
|
|
7,726,138
|
|
|
Pass
|
|
Special
mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total loans
receivable
|
|||||||
Originated loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
2,548,390
|
|
|
—
|
|
|
16,265
|
|
|
—
|
|
|
—
|
|
|
2,564,655
|
|
Home equity loans
|
1,035,496
|
|
|
—
|
|
|
7,417
|
|
|
—
|
|
|
—
|
|
|
1,042,913
|
|
|
Consumer finance loans
|
48,238
|
|
|
—
|
|
|
743
|
|
|
—
|
|
|
—
|
|
|
48,981
|
|
|
Consumer loans
|
425,712
|
|
|
—
|
|
|
2,352
|
|
|
—
|
|
|
—
|
|
|
428,064
|
|
|
Total Personal Banking
|
4,057,836
|
|
|
—
|
|
|
26,777
|
|
|
—
|
|
|
—
|
|
|
4,084,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
1,821,548
|
|
|
36,321
|
|
|
114,214
|
|
|
—
|
|
|
—
|
|
|
1,972,083
|
|
|
Commercial loans
|
401,866
|
|
|
15,203
|
|
|
38,306
|
|
|
—
|
|
|
—
|
|
|
455,375
|
|
|
Total Commercial Banking
|
2,223,414
|
|
|
51,524
|
|
|
152,520
|
|
|
—
|
|
|
—
|
|
|
2,427,458
|
|
|
Total originated loans
|
6,281,250
|
|
|
51,524
|
|
|
179,297
|
|
|
—
|
|
|
—
|
|
|
6,512,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Personal Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage loans
|
131,717
|
|
|
—
|
|
|
1,794
|
|
|
—
|
|
|
—
|
|
|
133,511
|
|
|
Home equity loans
|
300,100
|
|
|
—
|
|
|
2,357
|
|
|
—
|
|
|
—
|
|
|
302,457
|
|
|
Consumer loans
|
165,094
|
|
|
—
|
|
|
822
|
|
|
—
|
|
|
—
|
|
|
165,916
|
|
|
Total Personal Banking
|
596,911
|
|
|
—
|
|
|
4,973
|
|
|
—
|
|
|
—
|
|
|
601,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
331,780
|
|
|
7,403
|
|
|
30,823
|
|
|
—
|
|
|
—
|
|
|
370,006
|
|
|
Commercial loans
|
68,127
|
|
|
1,989
|
|
|
3,270
|
|
|
—
|
|
|
—
|
|
|
73,386
|
|
|
Total Commercial Banking
|
399,907
|
|
|
9,392
|
|
|
34,093
|
|
|
—
|
|
|
—
|
|
|
443,392
|
|
|
Total acquired loans
|
996,818
|
|
|
9,392
|
|
|
39,066
|
|
|
—
|
|
|
—
|
|
|
1,045,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
7,278,068
|
|
|
60,916
|
|
|
218,363
|
|
|
—
|
|
|
—
|
|
|
7,557,347
|
|
(5)
|
Goodwill and Other Intangible Assets
|
|
September 30,
2017 |
|
December 31,
2016 |
|||
Amortizable intangible assets:
|
|
|
|
|
|
|
Core deposit intangibles — gross
|
$
|
63,685
|
|
|
37,953
|
|
Acquisitions
|
—
|
|
|
25,732
|
|
|
Less: accumulated amortization
|
(38,725
|
)
|
|
(34,378
|
)
|
|
Core deposit intangibles — net
|
24,960
|
|
|
29,307
|
|
|
Customer and Contract intangible assets — gross
|
10,474
|
|
|
8,496
|
|
|
Acquisitions
|
—
|
|
|
1,978
|
|
|
Less: accumulated amortization
|
(8,190
|
)
|
|
(7,348
|
)
|
|
Customer and Contract intangible assets — net
|
$
|
2,284
|
|
|
3,126
|
|
For the quarter ended September 30, 2017
|
$
|
1,691
|
|
For the quarter ended September 30, 2016
|
1,068
|
|
|
For the nine months ended September 30, 2017
|
5,189
|
|
|
For the nine months ended September 30, 2016
|
2,453
|
|
|
For the year ending December 31, 2017
|
6,764
|
|
|
For the year ending December 31, 2018
|
5,848
|
|
|
For the year ending December 31, 2019
|
4,933
|
|
|
For the year ending December 31, 2020
|
4,017
|
|
|
For the year ending December 31, 2021
|
3,188
|
|
|
For the year ending December 31, 2022
|
2,456
|
|
|
|
Total
|
|
Balance at December 31, 2015
|
|
261,736
|
|
Goodwill acquired
|
|
45,684
|
|
Balance at December 31, 2016
|
|
307,420
|
|
Goodwill acquired
|
|
—
|
|
Impairment losses
|
|
—
|
|
Balance at September 30, 2017
|
|
307,420
|
|
(6)
|
Guarantees
|
(7)
|
Earnings Per Share
|
|
Quarter ended
September 30, |
|
Nine months ended
September 30, 2017 |
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Reported net income
|
$
|
23,591
|
|
|
14,197
|
|
|
72,319
|
|
|
25,173
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding
|
101,163,534
|
|
|
99,602,535
|
|
|
100,921,322
|
|
|
99,224,565
|
|
|
Dilutive potential shares due to effect of stock options
|
1,400,942
|
|
|
1,465,710
|
|
|
1,617,020
|
|
|
1,008,942
|
|
|
Total weighted average common shares and dilutive potential shares
|
102,564,476
|
|
|
101,068,245
|
|
|
102,538,342
|
|
|
100,233,507
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per share:
|
$
|
0.23
|
|
|
0.14
|
|
|
0.72
|
|
|
0.25
|
|
|
|
|
|
|
|
|
|
|||||
Diluted earnings per share:
|
$
|
0.23
|
|
|
0.14
|
|
|
0.71
|
|
|
0.25
|
|
|
Quarter ended September 30,
|
|||||||||||
|
Pension benefits
|
|
Other post-retirement benefits
|
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Service cost
|
$
|
1,537
|
|
|
1,374
|
|
|
—
|
|
|
—
|
|
Interest cost
|
1,719
|
|
|
1,695
|
|
|
17
|
|
|
18
|
|
|
Expected return on plan assets
|
(2,628
|
)
|
|
(2,474
|
)
|
|
—
|
|
|
—
|
|
|
Amortization of prior service cost
|
(580
|
)
|
|
(581
|
)
|
|
—
|
|
|
—
|
|
|
Amortization of the net loss
|
928
|
|
|
927
|
|
|
27
|
|
|
22
|
|
|
Net periodic cost
|
$
|
976
|
|
|
941
|
|
|
44
|
|
|
40
|
|
|
Nine Months Ended September 30, 2016
|
|||||||||||
|
Pension benefits
|
|
Other post-retirement benefits
|
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Service cost
|
$
|
4,612
|
|
|
4,122
|
|
|
—
|
|
|
—
|
|
Interest cost
|
5,159
|
|
|
5,087
|
|
|
51
|
|
|
53
|
|
|
Expected return on plan assets
|
(7,884
|
)
|
|
(7,423
|
)
|
|
—
|
|
|
—
|
|
|
Amortization of prior service cost
|
(1,742
|
)
|
|
(1,742
|
)
|
|
—
|
|
|
—
|
|
|
Amortization of the net loss
|
2,783
|
|
|
2,782
|
|
|
81
|
|
|
67
|
|
|
Net periodic cost
|
$
|
2,928
|
|
|
2,826
|
|
|
132
|
|
|
120
|
|
(9)
|
Disclosures About Fair Value of Financial Instruments
|
•
|
Level 1 — Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities.
|
•
|
Level 2 — Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing.
|
•
|
Level 3 — Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following:
|
•
|
Quotes from brokers or other external sources that are not considered binding;
|
•
|
Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price;
|
•
|
Quotes and other information from brokers or other external sources where the inputs are not deemed observable.
|
|
Carrying
amount
|
|
Estimated
fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
165,676
|
|
|
165,676
|
|
|
165,676
|
|
|
—
|
|
|
—
|
|
Securities available-for-sale
|
869,481
|
|
|
869,481
|
|
|
949
|
|
|
857,873
|
|
|
10,659
|
|
|
Securities held-to-maturity
|
31,961
|
|
|
32,282
|
|
|
—
|
|
|
32,282
|
|
|
—
|
|
|
Loans receivable, net
|
7,669,211
|
|
|
7,746,906
|
|
|
1,382
|
|
|
—
|
|
|
7,745,524
|
|
|
Accrued interest receivable
|
22,802
|
|
|
22,802
|
|
|
22,802
|
|
|
—
|
|
|
—
|
|
|
FHLB Stock
|
7,984
|
|
|
7,984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total financial assets
|
$
|
8,767,115
|
|
|
8,845,131
|
|
|
190,809
|
|
|
890,155
|
|
|
7,756,183
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and checking deposits
|
$
|
6,506,184
|
|
|
6,506,184
|
|
|
6,506,184
|
|
|
—
|
|
|
—
|
|
Time deposits
|
1,435,861
|
|
|
1,455,485
|
|
|
—
|
|
|
—
|
|
|
1,455,485
|
|
|
Borrowed funds
|
115,388
|
|
|
115,388
|
|
|
115,388
|
|
|
—
|
|
|
—
|
|
|
Junior subordinated debentures
|
111,213
|
|
|
112,954
|
|
|
—
|
|
|
—
|
|
|
112,954
|
|
|
Cash flow hedges - swaps
|
1,538
|
|
|
1,538
|
|
|
—
|
|
|
1,538
|
|
|
—
|
|
|
Accrued interest payable
|
518
|
|
|
518
|
|
|
518
|
|
|
—
|
|
|
—
|
|
|
Total financial liabilities
|
$
|
8,170,702
|
|
|
8,192,067
|
|
|
6,622,090
|
|
|
1,538
|
|
|
1,568,439
|
|
|
Carrying
amount
|
|
Estimated
fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
389,867
|
|
|
389,867
|
|
|
389,867
|
|
|
—
|
|
|
—
|
|
Securities available-for-sale
|
826,200
|
|
|
826,200
|
|
|
4,440
|
|
|
812,394
|
|
|
9,366
|
|
|
Securities held-to-maturity
|
19,978
|
|
|
20,426
|
|
|
—
|
|
|
20,426
|
|
|
—
|
|
|
Loans receivable, net
|
7,496,408
|
|
|
7,878,815
|
|
|
9,625
|
|
|
—
|
|
|
7,869,190
|
|
|
Assets held-for-sale
|
146,660
|
|
|
146,660
|
|
|
146,660
|
|
|
—
|
|
|
—
|
|
|
Accrued interest receivable
|
21,699
|
|
|
21,699
|
|
|
21,699
|
|
|
—
|
|
|
—
|
|
|
FHLB Stock
|
7,390
|
|
|
7,390
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total financial assets
|
$
|
8,908,202
|
|
|
9,291,057
|
|
|
572,291
|
|
|
832,820
|
|
|
7,878,556
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and checking accounts
|
$
|
6,341,735
|
|
|
6,341,735
|
|
|
6,341,735
|
|
|
—
|
|
|
—
|
|
Time deposits
|
1,540,586
|
|
|
1,626,434
|
|
|
—
|
|
|
—
|
|
|
1,626,434
|
|
|
Liabilities held-for-sale
|
215,649
|
|
|
215,649
|
|
|
215,649
|
|
|
—
|
|
|
—
|
|
|
Borrowed funds
|
142,899
|
|
|
142,899
|
|
|
142,899
|
|
|
—
|
|
|
—
|
|
|
Junior subordinated debentures
|
111,213
|
|
|
113,313
|
|
|
—
|
|
|
—
|
|
|
113,313
|
|
|
Cash flow hedges - swaps
|
2,736
|
|
|
2,736
|
|
|
—
|
|
|
2,736
|
|
|
—
|
|
|
Accrued interest payable
|
643
|
|
|
643
|
|
|
643
|
|
|
—
|
|
|
—
|
|
|
Total financial liabilities
|
$
|
8,355,461
|
|
|
8,443,409
|
|
|
6,700,926
|
|
|
2,736
|
|
|
1,739,747
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
assets at
fair value
|
|||||
Equity securities
|
$
|
949
|
|
|
—
|
|
|
—
|
|
|
949
|
|
|
|
|
|
|
|
|
|
|||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agencies
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
Government sponsored enterprises
|
—
|
|
|
241,599
|
|
|
—
|
|
|
241,599
|
|
|
States and political subdivisions
|
—
|
|
|
53,214
|
|
|
—
|
|
|
53,214
|
|
|
Corporate
|
—
|
|
|
8,019
|
|
|
10,659
|
|
|
18,678
|
|
|
Total debt securities
|
—
|
|
|
302,834
|
|
|
10,659
|
|
|
313,493
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
GNMA
|
—
|
|
|
28,388
|
|
|
—
|
|
|
28,388
|
|
|
FNMA
|
—
|
|
|
82,023
|
|
|
—
|
|
|
82,023
|
|
|
FHLMC
|
—
|
|
|
68,234
|
|
|
—
|
|
|
68,234
|
|
|
Non-agency
|
—
|
|
|
560
|
|
|
—
|
|
|
560
|
|
|
Collateralized mortgage obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
GNMA
|
—
|
|
|
5,152
|
|
|
—
|
|
|
5,152
|
|
|
FNMA
|
—
|
|
|
202,459
|
|
|
—
|
|
|
202,459
|
|
|
FHLMC
|
—
|
|
|
168,182
|
|
|
—
|
|
|
168,182
|
|
|
SBA
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-agency
|
—
|
|
|
41
|
|
|
—
|
|
|
41
|
|
|
Total mortgage-backed securities
|
—
|
|
|
555,039
|
|
|
—
|
|
|
555,039
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate swaps
|
—
|
|
|
(1,538
|
)
|
|
—
|
|
|
(1,538
|
)
|
|
|
|
|
|
|
|
|
|
|||||
Total assets and liabilities
|
$
|
949
|
|
|
856,335
|
|
|
10,659
|
|
|
867,943
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
assets at
fair value
|
|||||
Equity securities
|
$
|
4,440
|
|
|
—
|
|
|
—
|
|
|
4,440
|
|
|
|
|
|
|
|
|
|
|||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agencies
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
Government sponsored enterprises
|
—
|
|
|
294,170
|
|
|
—
|
|
|
294,170
|
|
|
States and political subdivisions
|
—
|
|
|
63,070
|
|
|
—
|
|
|
63,070
|
|
|
Corporate
|
—
|
|
|
7,614
|
|
|
9,366
|
|
|
16,980
|
|
|
Total debt securities
|
—
|
|
|
364,860
|
|
|
9,366
|
|
|
374,226
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
GNMA
|
—
|
|
|
30,883
|
|
|
—
|
|
|
30,883
|
|
|
FNMA
|
—
|
|
|
106,578
|
|
|
—
|
|
|
106,578
|
|
|
FHLMC
|
—
|
|
|
82,115
|
|
|
—
|
|
|
82,115
|
|
|
Non-agency
|
—
|
|
|
579
|
|
|
—
|
|
|
579
|
|
|
Collateralized mortgage obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
GNMA
|
—
|
|
|
6,287
|
|
|
—
|
|
|
6,287
|
|
|
FNMA
|
—
|
|
|
95,186
|
|
|
—
|
|
|
95,186
|
|
|
FHLMC
|
—
|
|
|
119,197
|
|
|
—
|
|
|
119,197
|
|
|
SBA
|
—
|
|
|
6,608
|
|
|
—
|
|
|
6,608
|
|
|
Non-agency
|
—
|
|
|
101
|
|
|
—
|
|
|
101
|
|
|
Total mortgage-backed securities
|
—
|
|
|
447,534
|
|
|
—
|
|
|
447,534
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate swaps
|
—
|
|
|
(2,736
|
)
|
|
—
|
|
|
(2,736
|
)
|
|
|
|
|
|
|
|
|
|
|||||
Total assets and liabilities
|
$
|
4,440
|
|
|
809,658
|
|
|
9,366
|
|
|
823,464
|
|
|
Quarter ended
|
|
Nine Months Ended
|
|||||||||
|
September 30,
2017 |
|
September 30,
2016 |
|
September 30,
2017 |
|
September 30,
2016 |
|||||
Beginning balance
|
$
|
10,638
|
|
|
8,719
|
|
|
9,366
|
|
|
8,955
|
|
|
|
|
|
|
|
|
|
|||||
Net change in unrealized appreciation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in net income as OTTI
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
Included in other comprehensive income
|
21
|
|
|
510
|
|
|
1,293
|
|
|
274
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Transfers in to Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||
Ending balance
|
$
|
10,659
|
|
|
9,229
|
|
|
10,659
|
|
|
9,229
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
assets at
fair value
|
|||||
Loans measured for impairment
|
$
|
—
|
|
|
—
|
|
|
38,907
|
|
|
38,907
|
|
Real estate owned
|
—
|
|
|
—
|
|
|
5,462
|
|
|
5,462
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
$
|
—
|
|
|
—
|
|
|
44,369
|
|
|
44,369
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
assets at
fair value
|
|||||
Loans measured for impairment
|
$
|
—
|
|
|
—
|
|
|
41,933
|
|
|
41,933
|
|
Mortgage loan servicing
|
—
|
|
|
—
|
|
|
246
|
|
|
246
|
|
|
Real estate owned
|
—
|
|
|
—
|
|
|
4,889
|
|
|
4,889
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
$
|
—
|
|
|
—
|
|
|
47,068
|
|
|
47,068
|
|
|
Fair value
|
|
Valuation
techniques
|
|
Significant
unobservable inputs
|
|
Range (weighted
average)
|
||
Debt securities
|
$
|
10,659
|
|
|
Discounted cash
|
|
Discount margin
|
|
0.4% to 2.1% (0.7%)
|
|
|
|
flow
|
|
Default rates
|
|
1.0%
|
||
|
|
|
|
|
Prepayment speeds
|
|
1.0 annually
|
||
|
|
|
|
|
|
|
|
||
Loans measured for impairment
|
38,907
|
|
|
Appraisal value (1)
|
|
Estimated cost to sell
|
|
10.0%
|
|
|
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
4.25% to 10.0% (7.50%)
|
|
|
|
|
|
|
|
|
|
||
Real estate owned
|
5,462
|
|
|
Appraisal value (1)
|
|
Estimated cost to sell
|
|
10.0%
|
(10)
|
Guaranteed Preferred Beneficial Interests in the Company’s Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Derivatives
|
|
September 30,
2017 |
|
December 31,
2016 |
|||
Derivatives designed as hedging instruments:
|
|
|
|
|||
Fair value (1)
|
$
|
1,538
|
|
|
2,736
|
|
Notional amount
|
50,000
|
|
|
50,000
|
|
|
Collateral posted
|
2,055
|
|
|
3,005
|
|
|
|
|
|
|
|||
Derivatives not designed as hedging instruments:
|
|
|
|
|||
Foreign exchange fair value (2)
|
44
|
|
|
—
|
|
|
Notional amount
|
4,578
|
|
|
—
|
|
(12)
|
Changes in Accumulated Other Comprehensive Income/ (Loss)
|
|
For the quarter ended September 30, 2017
|
|||||||||||
|
Unrealized
gains and
(losses) on
securities
available-
for-sale
|
|
Change in
fair value of
interest rate
swaps
|
|
Change in
defined
benefit
pension
plans
|
|
Total
|
|||||
Balance as of June 30, 2017
|
$
|
2,276
|
|
|
(1,257
|
)
|
|
(26,167
|
)
|
|
(25,148
|
)
|
Other comprehensive income before reclassification adjustments
|
(264
|
)
|
|
258
|
|
|
—
|
|
|
(6
|
)
|
|
Amounts reclassified from accumulated other comprehensive income (1), (2)
|
(674
|
)
|
|
—
|
|
|
221
|
|
|
(453
|
)
|
|
Net other comprehensive income
|
(938
|
)
|
|
258
|
|
|
221
|
|
|
(459
|
)
|
|
Balance as of September 30, 2017
|
$
|
1,338
|
|
|
(999
|
)
|
|
(25,946
|
)
|
|
(25,607
|
)
|
|
For the quarter ended September 30, 2016
|
|||||||||||
|
Unrealized
gains and
(losses) on
securities
available-
for-sale
|
|
Change in
fair value of
interest rate
swaps
|
|
Change in
defined
benefit
pension
plans
|
|
Total
|
|||||
Balance as of June 30, 2016
|
$
|
7,866
|
|
|
(2,753
|
)
|
|
(24,630
|
)
|
|
(19,517
|
)
|
Other comprehensive income before reclassification adjustments
|
(785
|
)
|
|
471
|
|
|
—
|
|
|
(314
|
)
|
|
Amounts reclassified from accumulated other comprehensive income (3), (4)
|
(36
|
)
|
|
—
|
|
|
224
|
|
|
188
|
|
|
Net other comprehensive income
|
(821
|
)
|
|
471
|
|
|
224
|
|
|
(126
|
)
|
|
Balance as of September 30, 2016
|
$
|
7,045
|
|
|
(2,282
|
)
|
|
(24,406
|
)
|
|
(19,643
|
)
|
(1)
|
Consists of realized gain on securities (gain on sales of investments, net) of
$1,043
, net of tax (income tax expense) of
$(369)
.
|
(2)
|
Consists of amortization of prior service cost (compensation and employee benefits) of
$580
and amortization of net loss (compensation and employee benefits) of
$(954)
, net of tax (income tax expense) of
$153
. See note 9.
|
(3)
|
Consists of realized loss on securities (gain on sales of investments, net) of
$59
, net of tax (income tax expense) of
$(23)
.
|
(4)
|
Consists of amortization of prior service cost (compensation and employee benefits) of
$581
and amortization of net loss (compensation and employee benefits) of
$(949)
, net of tax (income tax expense) of
$144
. See note 9.
|
|
For the nine months ended September 30, 2017
|
|||||||||||
|
Unrealized
gains and
(losses) on
securities
available-
for-sale
|
|
Change in
fair value of
interest rate
swaps
|
|
Change in
defined
benefit
pension
plans
|
|
Total
|
|||||
Balance as of December 31, 2016
|
$
|
395
|
|
|
(1,778
|
)
|
|
(26,608
|
)
|
|
(27,991
|
)
|
Other comprehensive income before reclassification adjustments
|
1,684
|
|
|
779
|
|
|
—
|
|
|
2,463
|
|
|
Amounts reclassified from accumulated other comprehensive income (1), (2)
|
(741
|
)
|
|
—
|
|
|
662
|
|
|
(79
|
)
|
|
Net other comprehensive income
|
943
|
|
|
779
|
|
|
662
|
|
|
2,384
|
|
|
Balance as of September 30, 2017
|
$
|
1,338
|
|
|
(999
|
)
|
|
(25,946
|
)
|
|
(25,607
|
)
|
|
For the nine months ended September 30, 2016
|
|||||||||||
|
Unrealized
gains and
(losses) on
securities
available-
for-sale
|
|
Change in
fair value of
interest rate
swaps
|
|
Change in
defined
benefit
pension
plans
|
|
Total
|
|||||
Balance as of December 31, 2015
|
$
|
3,325
|
|
|
(2,779
|
)
|
|
(25,081
|
)
|
|
(24,535
|
)
|
Other comprehensive income before reclassification adjustments
|
3,717
|
|
|
497
|
|
|
—
|
|
|
4,214
|
|
|
Amounts reclassified from accumulated other comprehensive income (3), (4)
|
3
|
|
|
—
|
|
|
675
|
|
|
678
|
|
|
Net other comprehensive income
|
3,720
|
|
|
497
|
|
|
675
|
|
|
4,892
|
|
|
Balance as of September 30, 2016
|
$
|
7,045
|
|
|
(2,282
|
)
|
|
(24,406
|
)
|
|
(19,643
|
)
|
(1)
|
Consists of realized gains on securities (gain on sales of investments, net) of
$1,157
, net of tax (income tax expense) of
$(416)
.
|
(2)
|
Consists of amortization of prior service cost (compensation and employee benefits) of
$1,742
and amortization of net loss (compensation and employee benefits) of
$(2,864)
, net of tax (income tax expense) of
$460
. See note 9.
|
(3)
|
Consists of realized gains on securities (gain on sales of investments, net) of
$(4)
, net of tax (income tax expense) of
$1
.
|
(4)
|
Consists of amortization of prior service cost (compensation and employee benefits) of
$1,742
and amortization of net loss (compensation and employee benefits) of
$(2,849)
, net of tax (income tax expense) of
$432
. See note 9.
|
•
|
changes in laws, government regulations or policies affecting financial institutions, including regulatory fees and capital requirements;
|
•
|
general economic conditions, either nationally or in our market areas, that are different than expected;
|
•
|
competition among other financial institutions and non-depository entities;
|
•
|
inflation and changes in the interest rate environment that impact our margins or the fair value of financial instruments;
|
•
|
adverse changes in the securities markets;
|
•
|
cyber security concerns, including an interruption or breach in the security of our information systems;
|
•
|
our ability to enter new markets successfully and/or capitalize on growth opportunities;
|
•
|
managing our internal growth and our ability to successfully integrate acquired entities, businesses and branch offices;
|
•
|
changes in consumer spending, borrowing and savings habits;
|
•
|
our ability to continue to increase and manage our business and personal loans;
|
•
|
possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;
|
•
|
the impact of the economy on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities;
|
•
|
our ability to receive regulatory approvals for proposed transactions or new lines of business:
|
•
|
the impact of the current governmental effort to restructure the U.S. financial and regulatory system;
|
•
|
changes in the financial performance and/or condition of our borrowers; and
|
•
|
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
|
|
At September 30, 2017
|
|||||||||||||||||
|
|
|
|
|
Minimum capital
|
|
Well capitalized
|
|||||||||||
|
Actual
|
|
requirements (1)
|
|
requirements
|
|||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||
Total capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc.
|
$
|
1,077,603
|
|
|
15.152
|
%
|
|
657,874
|
|
|
9.250
|
%
|
|
711,216
|
|
|
10.00
|
%
|
Northwest Bank
|
1,032,725
|
|
|
14.538
|
%
|
|
657,102
|
|
|
9.250
|
%
|
|
710,381
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tier 1 capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Northwest Bancshares, Inc.
|
1,020,620
|
|
|
14.350
|
%
|
|
515,631
|
|
|
7.250
|
%
|
|
568,972
|
|
|
8.00
|
%
|
|
Northwest Bank
|
975,788
|
|
|
13.736
|
%
|
|
515,026
|
|
|
7.250
|
%
|
|
568,304
|
|
|
8.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CET1 capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Northwest Bancshares, Inc.
|
912,745
|
|
|
12.834
|
%
|
|
408,949
|
|
|
5.750
|
%
|
|
462,290
|
|
|
6.50
|
%
|
|
Northwest Bank
|
975,788
|
|
|
13.736
|
%
|
|
408,469
|
|
|
5.750
|
%
|
|
461,747
|
|
|
6.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tier 1 capital (leverage) (to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Northwest Bancshares, Inc.
|
1,020,620
|
|
|
10.994
|
%
|
|
371,341
|
|
|
4.000
|
%
|
|
464,176
|
|
|
5.000
|
%
|
|
Northwest Bank
|
975,788
|
|
|
10.521
|
%
|
|
370,992
|
|
|
4.000
|
%
|
|
463,740
|
|
|
5.000
|
%
|
|
At December 31, 2016
|
|||||||||||||||||
|
|
|
|
|
Minimum capital
|
|
Well capitalized
|
|||||||||||
|
Actual
|
|
requirements (1)
|
|
requirements
|
|||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||
Total capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc.
|
$
|
1,051,582
|
|
|
14.873
|
%
|
|
609,835
|
|
|
8.625
|
%
|
|
751,246
|
|
|
10.00
|
%
|
Northwest Bank
|
961,279
|
|
|
13.609
|
%
|
|
609,248
|
|
|
8.625
|
%
|
|
750,523
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tier I capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc.
|
990,153
|
|
|
14.004
|
%
|
|
468,424
|
|
|
6.625
|
%
|
|
609,835
|
|
|
8.00
|
%
|
|
Northwest Bank
|
900,328
|
|
|
12.746
|
%
|
|
467,973
|
|
|
6.625
|
%
|
|
609,248
|
|
|
8.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CET1 capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Northwest Bancshares, Inc.
|
882,278
|
|
|
12.478
|
%
|
|
362,366
|
|
|
5.125
|
%
|
|
503,777
|
|
|
6.50
|
%
|
|
Northwest Bank
|
900,328
|
|
|
12.746
|
%
|
|
362,017
|
|
|
5.125
|
%
|
|
503,292
|
|
|
6.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tier I capital (leverage) (to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc.
|
990,153
|
|
|
10.530
|
%
|
|
376,116
|
|
|
4.000
|
%
|
|
470,145
|
|
|
5.000
|
%
|
|
Northwest Bank
|
900,328
|
|
|
9.585
|
%
|
|
375,735
|
|
|
4.000
|
%
|
|
469,669
|
|
|
5.000
|
%
|
|
September 30, 2017
|
|
December 31, 2016
|
|||
|
(Dollars in thousands)
|
|||||
Loans 90 days or more past due
|
|
|
|
|
|
|
Residential mortgage loans
|
$
|
12,190
|
|
|
13,621
|
|
Home equity loans
|
6,543
|
|
|
5,756
|
|
|
Consumer legacy finance loans
|
332
|
|
|
743
|
|
|
Consumer loans
|
3,506
|
|
|
3,180
|
|
|
Commercial real estate loans
|
23,310
|
|
|
21,834
|
|
|
Commercial loans
|
4,177
|
|
|
3,520
|
|
|
Total loans 90 days or more past due
|
$
|
50,058
|
|
|
48,654
|
|
Total real estate owned (REO)
|
5,462
|
|
|
4,889
|
|
|
Total loans 90 days or more past due and REO
|
55,520
|
|
|
53,543
|
|
|
Total loans 90 days or more past due to net loans receivable
|
0.65
|
%
|
|
0.65
|
%
|
|
Total loans 90 days or more past due and REO to total assets
|
0.59
|
%
|
|
0.56
|
%
|
|
Nonperforming loans:
|
|
|
|
|
|
|
Nonaccrual loans - loans 90 days or more delinquent
|
$
|
48,416
|
|
|
45,181
|
|
Nonaccrual loans - loans less than 90 days delinquent
|
24,918
|
|
|
34,355
|
|
|
Loans 90 days or more past maturity and still accruing
|
398
|
|
|
649
|
|
|
Total nonperforming loans
|
73,732
|
|
|
80,185
|
|
|
Total nonperforming assets
|
$
|
79,194
|
|
|
85,074
|
|
Nonaccrual troubled debt restructured loans (1)
|
$
|
17,809
|
|
|
16,346
|
|
Accruing troubled debt restructured loans
|
20,660
|
|
|
26,580
|
|
|
Total troubled debt restructured loans
|
$
|
38,469
|
|
|
42,926
|
|
(1)
|
Included in nonaccurual loans above.
|
|
Quarter ended September 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (g)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (g)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage loans
|
$
|
2,732,546
|
|
|
28,279
|
|
|
4.14
|
%
|
|
$
|
2,739,099
|
|
|
27,952
|
|
|
4.08
|
%
|
Home equity loans
|
1,299,473
|
|
|
14,694
|
|
|
4.49
|
%
|
|
1,192,929
|
|
|
12,884
|
|
|
4.30
|
%
|
||
Consumer loans
|
617,754
|
|
|
7,627
|
|
|
4.90
|
%
|
|
504,376
|
|
|
6,267
|
|
|
4.94
|
%
|
||
Legacy consumer finance loans
|
33,469
|
|
|
1,433
|
|
|
17.13
|
%
|
|
50,578
|
|
|
2,664
|
|
|
21.07
|
%
|
||
Commercial real estate loans
|
2,389,969
|
|
|
27,234
|
|
|
4.46
|
%
|
|
2,394,001
|
|
|
26,683
|
|
|
4.36
|
%
|
||
Commercial loans
|
593,143
|
|
|
6,659
|
|
|
4.39
|
%
|
|
476,715
|
|
|
5,193
|
|
|
4.26
|
%
|
||
Loans receivable (a) (b) (includes FTE adjustments of $553 and $560, respectively)
|
7,666,354
|
|
|
85,926
|
|
|
4.45
|
%
|
|
7,357,698
|
|
|
81,643
|
|
|
4.41
|
%
|
||
Mortgage-backed securities (c)
|
607,454
|
|
|
3,118
|
|
|
2.05
|
%
|
|
440,966
|
|
|
2,030
|
|
|
1.84
|
%
|
||
Investment securities (c) (includes FTE adjustments of $257 and $364, respectively)
|
352,813
|
|
|
1,690
|
|
|
1.92
|
%
|
|
275,718
|
|
|
1,667
|
|
|
2.42
|
%
|
||
FHLB stock
|
7,748
|
|
|
63
|
|
|
3.23
|
%
|
|
27,761
|
|
|
218
|
|
|
3.12
|
%
|
||
Other interest-earning deposits
|
71,482
|
|
|
243
|
|
|
1.33
|
%
|
|
91,243
|
|
|
114
|
|
|
0.49
|
%
|
||
Total interest-earning assets (includes FTE adjustments of $809 and $924, respectively)
|
8,705,851
|
|
|
91,040
|
|
|
4.15
|
%
|
|
8,193,386
|
|
|
85,672
|
|
|
4.16
|
%
|
||
Noninterest earning assets (d)
|
755,026
|
|
|
|
|
|
|
|
835,500
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
9,460,877
|
|
|
|
|
|
|
|
$
|
9,028,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Savings deposits
|
$
|
1,681,777
|
|
|
776
|
|
|
0.18
|
%
|
|
$
|
1,485,763
|
|
|
744
|
|
|
0.20
|
%
|
Interest-bearing checking deposits
|
1,435,143
|
|
|
297
|
|
|
0.08
|
%
|
|
1,179,557
|
|
|
78
|
|
|
0.03
|
%
|
||
Money market deposit accounts
|
1,789,082
|
|
|
1,048
|
|
|
0.23
|
%
|
|
1,418,779
|
|
|
826
|
|
|
0.23
|
%
|
||
Time deposits
|
1,449,830
|
|
|
3,674
|
|
|
1.01
|
%
|
|
1,597,542
|
|
|
4,005
|
|
|
1.00
|
%
|
||
Borrowed funds (e)
|
106,282
|
|
|
49
|
|
|
0.18
|
%
|
|
560,407
|
|
|
657
|
|
|
0.47
|
%
|
||
Junior subordinated debentures
|
111,213
|
|
|
1,150
|
|
|
4.05
|
%
|
|
111,213
|
|
|
1,144
|
|
|
4.03
|
%
|
||
Total interest-bearing liabilities
|
6,573,327
|
|
|
6,994
|
|
|
0.42
|
%
|
|
6,353,261
|
|
|
7,454
|
|
|
0.47
|
%
|
||
Noninterest-bearing checking deposits (f)
|
1,573,112
|
|
|
|
|
|
|
|
|
1,243,474
|
|
|
|
|
|
|
|
||
Noninterest-bearing liabilities
|
116,021
|
|
|
|
|
|
|
|
|
276,014
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities
|
8,262,460
|
|
|
|
|
|
|
|
|
7,872,749
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
1,198,417
|
|
|
|
|
|
|
|
|
1,156,137
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
9,460,877
|
|
|
|
|
|
|
|
|
$
|
9,028,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income/ Interest rate spread
|
|
|
|
84,046
|
|
|
3.73
|
%
|
|
|
|
|
78,218
|
|
|
3.69
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest-earning assets/ Net interest margin
|
$
|
2,132,524
|
|
|
|
|
|
3.86
|
%
|
|
$
|
1,840,125
|
|
|
|
|
|
3.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
1.32X
|
|
|
|
|
|
|
|
|
1.29
|
X
|
|
|
|
|
|
|
(a)
|
Average gross loans includes loans held as available-for-sale and loans placed on nonaccrual status.
|
(b)
|
Interest income includes accretion/ amortization of deferred loan fees/ expenses, which were not material.
|
(c)
|
Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.
|
(d)
|
Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.
|
(e)
|
Average balances include FHLB borrowings and collateralized borrowings.
|
(f)
|
Average cost of total deposits including noninterest-bearing checking was 0.29% and 0.35%, respectively.
|
(g)
|
Annualized. Shown on a fully tax-equivalent basis (“FTE”). The FTE basis adjusts for the tax benefit of income on certain tax exempt loans and investments using the federal statutory rate of 35% for each period presented. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts. GAAP basis yields were: Loans — 4.42% and 4.38%, respectively; Investment securities — 1.62% and 1.89%, respectively; interest-earning assets — 4.11% and 4.11%, respectively. GAAP basis net interest rate spreads were 3.69% and 3.65%, respectively; and GAAP basis net interest margins were 3.82% and 3.77%, respectively.
|
|
Rate
|
|
Volume
|
|
Net
Change
|
||||
Interest earning assets:
|
|
|
|
|
|
|
|||
Loans receivable
|
$
|
1,145
|
|
|
3,138
|
|
|
4,283
|
|
Mortgage-backed securities
|
321
|
|
|
767
|
|
|
1,088
|
|
|
Investment securities
|
(443
|
)
|
|
466
|
|
|
23
|
|
|
FHLB stock
|
4
|
|
|
(159
|
)
|
|
(155
|
)
|
|
Other interest-earning deposits
|
196
|
|
|
(67
|
)
|
|
129
|
|
|
Total interest-earning assets
|
1,223
|
|
|
4,145
|
|
|
5,368
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
Savings deposits
|
(60
|
)
|
|
92
|
|
|
32
|
|
|
Interest-bearing checking deposits
|
166
|
|
|
53
|
|
|
219
|
|
|
Money market deposit accounts
|
3
|
|
|
219
|
|
|
222
|
|
|
Time deposits
|
32
|
|
|
(363
|
)
|
|
(331
|
)
|
|
Borrowed funds
|
(100
|
)
|
|
(508
|
)
|
|
(608
|
)
|
|
Junior subordinated debentures
|
6
|
|
|
—
|
|
|
6
|
|
|
Total interest-bearing liabilities
|
47
|
|
|
(507
|
)
|
|
(460
|
)
|
|
|
|
|
|
|
|
||||
Net change in net interest income
|
$
|
1,176
|
|
|
4,652
|
|
|
5,828
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (g)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (g)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential mortgage loans
|
$
|
2,724,348
|
|
|
83,833
|
|
|
4.10
|
%
|
|
$
|
2,743,480
|
|
|
86,826
|
|
|
4.22
|
%
|
Home equity loans
|
1,314,344
|
|
|
43,239
|
|
|
4.40
|
%
|
|
1,178,133
|
|
|
38,229
|
|
|
4.33
|
%
|
||
Consumer loans
|
598,056
|
|
|
22,251
|
|
|
4.97
|
%
|
|
477,814
|
|
|
17,768
|
|
|
4.97
|
%
|
||
Legacy consumer finance loans
|
40,241
|
|
|
6,025
|
|
|
19.96
|
%
|
|
51,542
|
|
|
8,080
|
|
|
20.90
|
%
|
||
Commercial real estate loans
|
2,425,302
|
|
|
80,867
|
|
|
4.40
|
%
|
|
2,367,014
|
|
|
79,367
|
|
|
4.41
|
%
|
||
Commercial loans
|
560,677
|
|
|
18,260
|
|
|
4.29
|
%
|
|
460,228
|
|
|
14,817
|
|
|
4.23
|
%
|
||
Loans receivable (a) (b) (includes FTE adjustments of $1,637 and $1,717, respectively)
|
7,662,968
|
|
|
254,475
|
|
|
4.44
|
%
|
|
7,278,211
|
|
|
245,087
|
|
|
4.50
|
%
|
||
Mortgage-backed securities (c)
|
557,846
|
|
|
8,327
|
|
|
1.99
|
%
|
|
462,474
|
|
|
6,374
|
|
|
1.84
|
%
|
||
Investment securities (c) (includes FTE adjustments of $848 and $1,134, respectively)
|
367,585
|
|
|
5,366
|
|
|
1.95
|
%
|
|
325,427
|
|
|
5,662
|
|
|
2.32
|
%
|
||
FHLB stock
|
7,553
|
|
|
172
|
|
|
3.04
|
%
|
|
32,702
|
|
|
1,086
|
|
|
4.44
|
%
|
||
Other interest-earning deposits
|
201,643
|
|
|
1,440
|
|
|
0.94
|
%
|
|
57,996
|
|
|
243
|
|
|
0.55
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total interest-earning assets (includes FTE adjustments of $2,485 and $2,851, respectively)
|
8,797,595
|
|
|
269,780
|
|
|
4.10
|
%
|
|
8,156,810
|
|
|
258,452
|
|
|
4.23
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest earning assets (d)
|
742,837
|
|
|
|
|
|
|
|
783,838
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
9,540,432
|
|
|
|
|
|
|
|
|
$
|
8,940,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Savings deposits
|
$
|
1,699,455
|
|
|
2,300
|
|
|
0.18
|
%
|
|
$
|
1,444,302
|
|
|
2,446
|
|
|
0.23
|
%
|
Interest-bearing checking deposits
|
1,436,442
|
|
|
696
|
|
|
0.06
|
%
|
|
1,134,669
|
|
|
378
|
|
|
0.04
|
%
|
||
Money market deposit accounts
|
1,835,638
|
|
|
3,186
|
|
|
0.23
|
%
|
|
1,334,158
|
|
|
2,520
|
|
|
0.25
|
%
|
||
Time deposits
|
1,513,565
|
|
|
10,904
|
|
|
0.96
|
%
|
|
1,625,936
|
|
|
12,262
|
|
|
1.01
|
%
|
||
Borrowed funds (e)
|
123,168
|
|
|
161
|
|
|
0.17
|
%
|
|
743,353
|
|
|
10,213
|
|
|
1.84
|
%
|
||
Junior subordinated debentures
|
111,213
|
|
|
3,503
|
|
|
4.15
|
%
|
|
111,213
|
|
|
3,389
|
|
|
4.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total interest-bearing liabilities
|
6,719,481
|
|
|
20,750
|
|
|
0.41
|
%
|
|
6,393,631
|
|
|
31,208
|
|
|
0.65
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing checking deposits (f)
|
1,541,845
|
|
|
|
|
|
|
|
|
1,196,737
|
|
|
|
|
|
|
|
||
Noninterest-bearing liabilities
|
94,546
|
|
|
|
|
|
|
|
|
191,934
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities
|
8,355,872
|
|
|
|
|
|
|
|
|
7,782,302
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
1,184,560
|
|
|
|
|
|
|
|
|
1,158,346
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
9,540,432
|
|
|
|
|
|
|
|
|
$
|
8,940,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income/ Interest rate spread
|
|
|
|
249,030
|
|
|
3.69
|
%
|
|
|
|
|
227,244
|
|
|
3.58
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest-earning assets/ Net interest margin
|
$
|
2,078,114
|
|
|
|
|
|
3.77
|
%
|
|
$
|
1,763,179
|
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
1.31
|
X
|
|
|
|
|
|
|
|
1.28
|
X
|
|
|
|
|
|
|
(a)
|
Average gross loans includes loans held as available-for-sale and loans placed on nonaccrual status.
|
(b)
|
Interest income includes accretion/ amortization of deferred loan fees/ expenses, which were not material.
|
(c)
|
Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.
|
(d)
|
Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.
|
(e)
|
Average balances include FHLB borrowings and collateralized borrowings.
|
(f)
|
Average cost of total deposits including noninterest-bearing checking
was 0.28% and 0.35%, respectively.
|
(g)
|
Annualized. Shown on a fully tax-equivalent basis (“FTE”). The FTE basis adjusts for the tax benefit of income on certain tax exempt loans and investments using the federal statutory rate of 35% for each period presented. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts. GAAP basis yields were: Loans – 4.41% and 4.47%, respectively; Investment securities – 1.64% and 1.86%, respectively; interest-earning assets – 4.06% and 4.19%, respectively. GAAP basis net interest rate spreads were 3.65% and 3.53%, respectively; and GAAP basis net interest margins were 3.74% and 3.67%, respectively.
|
|
Rate
|
|
Volume
|
|
Net
Change
|
||||
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
$
|
(2,256
|
)
|
|
11,643
|
|
|
9,387
|
|
Mortgage-backed securities
|
639
|
|
|
1,314
|
|
|
1,953
|
|
|
Investment securities
|
(1,029
|
)
|
|
733
|
|
|
(296
|
)
|
|
FHLB stock
|
(209
|
)
|
|
(705
|
)
|
|
(914
|
)
|
|
Other interest-earning deposits
|
373
|
|
|
825
|
|
|
1,198
|
|
|
Total interest-earning assets
|
(2,482
|
)
|
|
13,810
|
|
|
11,328
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
Savings deposits
|
(489
|
)
|
|
343
|
|
|
(146
|
)
|
|
Interest-bearing checking deposits
|
172
|
|
|
146
|
|
|
318
|
|
|
Money market deposit accounts
|
(202
|
)
|
|
868
|
|
|
666
|
|
|
Time deposits
|
(511
|
)
|
|
(847
|
)
|
|
(1,358
|
)
|
|
Borrowed funds
|
(4,232
|
)
|
|
(5,820
|
)
|
|
(10,052
|
)
|
|
Junior subordinated debentures
|
114
|
|
|
—
|
|
|
114
|
|
|
Total interest-bearing liabilities
|
(5,148
|
)
|
|
(5,310
|
)
|
|
(10,458
|
)
|
|
|
|
|
|
|
|
||||
Net change in net interest income
|
$
|
2,666
|
|
|
19,120
|
|
|
21,786
|
|
|
|
Increase
|
|
Decrease
|
||||||||||||
Non-parallel shift in interest rates over the next 12 months
|
|
100 bps
|
|
200 bps
|
|
300 bps
|
|
100 bps
|
||||||||
Projected percentage increase/ (decrease) in net interest income
|
|
(0.2
|
)%
|
|
(0.2
|
)%
|
|
(0.1
|
)%
|
|
(4.6
|
)%
|
||||
Projected percentage increase/ (decrease) in net income
|
|
0.5
|
%
|
|
1.2
|
%
|
|
2.6
|
%
|
|
(11.0
|
)%
|
||||
Projected increase/ (decrease) in return on average equity
|
|
0.6
|
%
|
|
1.1
|
%
|
|
2.5
|
%
|
|
(10.5
|
)%
|
||||
Projected increase/ (decrease) in earnings per share
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.03
|
|
|
$
|
(0.12
|
)
|
Projected percentage increase/ (decrease) in market value of equity
|
|
(4.6
|
)%
|
|
(9.6
|
)%
|
|
(13.2
|
)%
|
|
(1.8
|
)%
|
Month
|
|
Number of
shares
purchased
|
|
Average price
paid per
share
|
|
Total number of shares
purchased as part of a
publicly announced
repurchase plan (1)
|
|
Maximum number of
shares yet to be
purchased under the
plan (1)
|
|||||
July
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,834,089
|
|
August
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,834,089
|
|
|
September
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,834,089
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
(1)
|
Reflects the program for 5,000,000 shares announced December 13, 2012. This program does not have an expiration date.
|
|
Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
NORTHWEST BANCSHARES, INC.
|
|||
(Registrant)
|
|||
|
|
|
|
|
|
|
|
Date:
|
November 9, 2017
|
By:
|
/s/ William J. Wagner
|
|
|
William J. Wagner
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Duly Authorized Officer)
|
|
|
|
|
|
|
|
|
|
Date:
|
November 9, 2017
|
By:
|
/s/ Gerald J. Ritzert
|
|
|
|
Gerald J. Ritzert
|
|
|
Controller
|
|
|
|
(Principal Accounting Officer)
|
November 9, 2017
|
|
/s/ William J. Wagner
|
Date
|
|
William J. Wagner
|
|
|
Chief Executive Officer
|
November 9, 2017
|
|
/s/ William W. Harvey, Jr.
|
Date
|
|
William W. Harvey, Jr.
|
|
|
Chief Financial Officer
|
November 9, 2017
|
|
/s/ William J. Wagner
|
Date
|
|
William J. Wagner
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
November 9, 2017
|
|
/s/ William W. Harvey, Jr.
|
Date
|
|
William W. Harvey, Jr.
|
|
|
Chief Financial Officer
|