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Delaware
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04-3510455
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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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60 State Street, Boston, Massachusetts
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02109
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of Exchange on which registered
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Common stock, par value $0.01 per share
|
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New York Stock Exchange
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Large Accelerated Filer
x
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Accelerated Filer
o
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Non-Accelerated Filer
o
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Smaller Reporting Company
o
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Emerging Growth Company
o
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ITEM 16
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TABLE INDEX
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•
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Greater Boston,
where the Company has relocated its headquarters in a prominent downtown Boston financial district location. This region includes 19 branch offices and several lending offices. The Company expanded in this region with its acquisition of Commerce Bancshares Corp. (“Commerce”) in October 2017. Berkshire’s asset based lending operations and the headquarters of its Firestone Financial subsidiary are located in this region. Greater Boston is the largest economic area in New England. The Greater Boston combined statistical area, including Worcester, is the sixth largest in the country. Boston is viewed as a leading commercial real estate market nationally, including foreign demand for investment real estate. Major local industries include biotechnology, technology, education, healthcare, trade, and financial service. The Boston MSA 2017 GDP was $439 billion and the Worcester 2017 MSA GDP was $44 billion.
|
•
|
Western New England
, with 23 branches, includes the Company’s traditional Berkshire County market, where it has a leading market share in many of its product lines. This region also includes Southern Vermont, and many of the region’s branches are in communities close to Route 7, which runs north/south through the valleys to the west of the Berkshire Hills and Green Mountains. This region is within commuting range of both Albany, N.Y., and Springfield, Mass., and is known throughout the world as a tourist and recreational destination area, with vacation and second home traffic from Boston and New York City. The Pittsfield 2017 MSA GDP totaled $7 billion.
|
•
|
New York,
with 40 branches serving the Albany Capital District and Central New York. Albany is the state capital and is part of New York’s Tech Valley which is gaining prominence as a world technology hub including leading edge nanotechnology initiatives representing a blend of private enterprise and public investment. The Company’s Central New York area includes operations in the Rome/Utica MSA and in the Syracuse MSA. These are markets along Interstate 90 with longstanding local industries and expansion influences from the Albany Capital District. The Albany/Schenectady 2017 MSA GDP was $54 billion, and the Rome/Utica/Syracuse total 2017 MSA GDP was $45 billion.
|
•
|
Hartford/Springfield,
with 25 branches serving the market along the Connecticut River in this region, which is the second largest economic area in New England. This region is centrally located between Boston and New York City at the crossroads of Interstate 91, which traverses the length of New England, and Interstate 90, which traverses the width of Massachusetts. This region also has easy access to Bradley International Airport, which is a major airport serving central New England. Major local industries include insurance, defense manufacturing, education, and assembly/distribution. The Springfield area is receiving major commercial
|
•
|
Mid-Atlantic
, with 8 branches and mortgage banking and SBA lending operations. Berkshire established its presence in this region in 2016 with its acquisition of First Choice Bank (“First Choice”) located in the Princeton, New Jersey area and its acquisition of the business assets and operations of 44 Business Capital, LLC ("44 Business Capital"), located in the greater Philadelphia area. Major local industries include bio-science, financial services, trade, iron, steel, and rubber. The Philadelphia MSA 2017 GDP was $445 billion, while the Trenton 2017 MSA GDP was $30 billion.
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
|
|
|
|
Percent
|
|
|
|
Percent
|
|
|
|
Percent
|
|
|
|
Percent
|
|
|
|
Percent
|
|||||||||||||||
|
|
|
|
of
|
|
|
|
of
|
|
|
|
of
|
|
|
|
of
|
|
|
|
of
|
|||||||||||||||
(In millions)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|||||||||||||||
Commercial real estate
|
|
$
|
3,400
|
|
|
38
|
%
|
|
$
|
3,264
|
|
|
39
|
%
|
|
$
|
2,617
|
|
|
40
|
%
|
|
$
|
2,060
|
|
|
36
|
%
|
|
$
|
1,612
|
|
|
35
|
%
|
Commercial and industrial loans
|
|
1,980
|
|
|
22
|
|
|
1,804
|
|
|
22
|
|
|
1,062
|
|
|
16
|
|
|
1,048
|
|
|
18
|
|
|
804
|
|
|
17
|
|
|||||
Total commercial loans
|
|
5,380
|
|
|
60
|
|
|
5,068
|
|
|
61
|
|
|
3,679
|
|
|
56
|
|
|
3,108
|
|
|
54
|
|
|
2,416
|
|
|
52
|
|
|||||
Residential mortgages
|
|
2,566
|
|
|
28
|
|
|
2,103
|
|
|
25
|
|
|
1,893
|
|
|
29
|
|
|
1,815
|
|
|
32
|
|
|
1,496
|
|
|
32
|
|
|||||
Consumer
|
|
1,097
|
|
|
12
|
|
|
1,128
|
|
|
14
|
|
|
978
|
|
|
15
|
|
|
802
|
|
|
14
|
|
|
768
|
|
|
16
|
|
|||||
Total loans
|
|
$
|
9,043
|
|
|
100
|
%
|
|
$
|
8,299
|
|
|
100
|
%
|
|
$
|
6,550
|
|
|
100
|
%
|
|
$
|
5,725
|
|
|
100
|
%
|
|
$
|
4,680
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Allowance for loan losses
|
|
(61
|
)
|
|
|
|
|
(52
|
)
|
|
|
|
|
(44
|
)
|
|
|
|
|
(39
|
)
|
|
|
|
|
(35
|
)
|
|
|
|
|||||
Net loans
|
|
$
|
8,982
|
|
|
|
|
|
$
|
8,247
|
|
|
|
|
|
$
|
6,506
|
|
|
|
|
|
$
|
5,686
|
|
|
|
|
|
$
|
4,645
|
|
|
|
|
Contractual Maturity
|
|
One Year
|
|
One to
|
|
More Than
|
|
|
||||||||
(In thousands)
|
|
or Less
|
|
Five Years
|
|
Five Years
|
|
Total
|
||||||||
Construction real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial
|
|
$
|
196,394
|
|
|
$
|
156,618
|
|
|
$
|
—
|
|
|
$
|
353,012
|
|
Residential
|
|
8,070
|
|
|
341
|
|
|
1,345
|
|
|
9,756
|
|
||||
Commercial and industrial loans
|
|
355,477
|
|
|
1,025,178
|
|
|
599,391
|
|
|
1,980,046
|
|
||||
Total
|
|
$
|
559,941
|
|
|
$
|
1,182,137
|
|
|
$
|
600,736
|
|
|
$
|
2,342,814
|
|
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Non-accruing loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
$
|
20,371
|
|
|
$
|
7,267
|
|
|
$
|
5,883
|
|
|
$
|
4,882
|
|
|
$
|
12,878
|
|
Commercial and industrial loans
|
|
6,003
|
|
|
7,311
|
|
|
7,523
|
|
|
8,259
|
|
|
1,705
|
|
|||||
Residential mortgages
|
|
2,217
|
|
|
2,883
|
|
|
3,795
|
|
|
3,966
|
|
|
3,908
|
|
|||||
Consumer
|
|
3,834
|
|
|
5,438
|
|
|
5,039
|
|
|
3,768
|
|
|
3,214
|
|
|||||
Total non-performing loans
|
|
32,425
|
|
|
22,899
|
|
|
22,240
|
|
|
20,875
|
|
|
21,705
|
|
|||||
Real estate owned
|
|
—
|
|
|
—
|
|
|
151
|
|
|
1,725
|
|
|
2,049
|
|
|||||
Repossessed assets
|
|
1,209
|
|
|
1,147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total non-performing assets
|
|
$
|
33,634
|
|
|
$
|
24,046
|
|
|
$
|
22,391
|
|
|
$
|
22,600
|
|
|
$
|
23,754
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Troubled debt restructurings (accruing)
|
|
$
|
11,871
|
|
|
$
|
36,172
|
|
|
$
|
28,241
|
|
|
$
|
12,497
|
|
|
$
|
12,612
|
|
Accruing loans 90+ days past due
|
|
$
|
19,690
|
|
|
$
|
16,480
|
|
|
$
|
9,863
|
|
|
$
|
5,229
|
|
|
$
|
4,568
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total non-performing loans/total loans
|
|
0.36
|
%
|
|
0.28
|
%
|
|
0.34
|
%
|
|
0.36
|
%
|
|
0.46
|
%
|
|||||
Total non-performing assets/total assets
|
|
0.28
|
%
|
|
0.21
|
%
|
|
0.24
|
%
|
|
0.29
|
%
|
|
0.37
|
%
|
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Balance at beginning of year
|
|
$
|
51,834
|
|
|
$
|
43,998
|
|
|
$
|
39,308
|
|
|
$
|
35,662
|
|
|
$
|
33,323
|
|
Charged-off loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
7,671
|
|
|
4,646
|
|
|
3,104
|
|
|
7,546
|
|
|
5,684
|
|
|||||
Commercial and industrial loans
|
|
4,799
|
|
|
4,217
|
|
|
5,715
|
|
|
3,110
|
|
|
3,010
|
|
|||||
Residential mortgages
|
|
1,248
|
|
|
1,603
|
|
|
2,865
|
|
|
1,857
|
|
|
2,596
|
|
|||||
Consumer
|
|
4,293
|
|
|
4,118
|
|
|
2,342
|
|
|
2,175
|
|
|
2,563
|
|
|||||
Total charged-off loans
|
|
18,011
|
|
|
14,584
|
|
|
14,026
|
|
|
14,688
|
|
|
13,853
|
|
|||||
Recoveries on charged-off loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
344
|
|
|
235
|
|
|
303
|
|
|
582
|
|
|
270
|
|
|||||
Commercial and industrial loans
|
|
906
|
|
|
424
|
|
|
389
|
|
|
458
|
|
|
228
|
|
|||||
Residential mortgages
|
|
165
|
|
|
313
|
|
|
304
|
|
|
205
|
|
|
365
|
|
|||||
Consumer
|
|
780
|
|
|
423
|
|
|
358
|
|
|
363
|
|
|
361
|
|
|||||
Total recoveries
|
|
2,195
|
|
|
1,395
|
|
|
1,354
|
|
|
1,608
|
|
|
1,224
|
|
|||||
Net loans charged-off
|
|
15,816
|
|
|
13,189
|
|
|
12,672
|
|
|
13,080
|
|
|
12,629
|
|
|||||
Provision for loan losses
|
|
25,451
|
|
|
21,025
|
|
|
17,362
|
|
|
16,726
|
|
|
14,968
|
|
|||||
Balance at end of year
|
|
$
|
61,469
|
|
|
$
|
51,834
|
|
|
$
|
43,998
|
|
|
$
|
39,308
|
|
|
$
|
35,662
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs/average loans
|
|
0.18
|
%
|
|
0.19
|
%
|
|
0.21
|
%
|
|
0.25
|
%
|
|
0.29
|
%
|
|||||
Recoveries/charged-off loans
|
|
12.19
|
|
|
9.57
|
|
|
9.65
|
|
|
10.95
|
|
|
8.84
|
|
|||||
Net loans charged-off/allowance for loan losses
|
|
25.73
|
|
|
25.44
|
|
|
28.80
|
|
|
33.28
|
|
|
35.41
|
|
|||||
Allowance for loan losses/total loans
|
|
0.68
|
|
|
0.62
|
|
|
0.67
|
|
|
0.69
|
|
|
0.76
|
|
|||||
Allowance for loan losses/non-accruing loans
|
|
189.57
|
|
|
226.36
|
|
|
197.83
|
|
|
188.30
|
|
|
164.30
|
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
Amount
Allocated |
|
Percent Allocated to Total Loans in Each Category
|
|
Amount
Allocated |
|
Percent Allocated to Total Loans in Each Category
|
|
Amount
Allocated |
|
Percent Allocated to Total Loans in Each Category
|
|
Amount
Allocated |
|
Percent Allocated to Total Loans in Each Category
|
|
Amount
Allocated |
|
Percent Allocated to Total Loans in Each Category
|
|||||||||||||||
Commercial real estate
|
|
$
|
24,885
|
|
|
0.73
|
%
|
|
$
|
20,699
|
|
|
0.63
|
%
|
|
$
|
18,801
|
|
|
0.72
|
%
|
|
$
|
16,494
|
|
|
0.80
|
%
|
|
$
|
15,539
|
|
|
0.96
|
%
|
Commercial and industrial loans
|
|
17,568
|
|
|
0.88
|
%
|
|
14,975
|
|
|
0.83
|
%
|
|
10,611
|
|
|
1.00
|
%
|
|
8,715
|
|
|
0.83
|
%
|
|
6,322
|
|
|
0.79
|
%
|
|||||
Residential mortgages
|
|
11,165
|
|
|
0.44
|
%
|
|
10,018
|
|
|
0.48
|
%
|
|
8,571
|
|
|
0.45
|
%
|
|
8,589
|
|
|
0.47
|
%
|
|
7,480
|
|
|
0.50
|
%
|
|||||
Consumer
|
|
7,851
|
|
|
0.72
|
%
|
|
6,142
|
|
|
0.54
|
%
|
|
6,015
|
|
|
0.61
|
%
|
|
5,510
|
|
|
0.69
|
%
|
|
6,321
|
|
|
0.82
|
%
|
|||||
Total
|
|
$
|
61,469
|
|
|
0.68
|
%
|
|
$
|
51,834
|
|
|
0.62
|
%
|
|
$
|
43,998
|
|
|
0.67
|
%
|
|
$
|
39,308
|
|
|
0.69
|
%
|
|
$
|
35,662
|
|
|
0.76
|
%
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
Amount
Allocated |
|
Percent of
Loans in Each Category to Total Loans |
|
Amount
Allocated |
|
Percent of
Loans in Each Category to Total Loans |
|
Amount
Allocated |
|
Percent of
Loans in Each Category to Total Loans |
|
Amount
Allocated |
|
Percent of
Loans in Each Category to Total Loans |
|
Amount
Allocated |
|
Percent of
Loans in Each Category to Total Loans |
|||||||||||||||
Commercial real estate
|
|
$
|
24,885
|
|
|
37.60
|
%
|
|
$
|
20,699
|
|
|
39.33
|
%
|
|
$
|
18,801
|
|
|
39.95
|
%
|
|
$
|
16,494
|
|
|
41.96
|
%
|
|
$
|
15,539
|
|
|
34.43
|
%
|
Commercial and industrial loans
|
|
17,568
|
|
|
21.90
|
%
|
|
14,975
|
|
|
21.74
|
%
|
|
10,611
|
|
|
16.22
|
%
|
|
8,715
|
|
|
22.10
|
%
|
|
6,322
|
|
|
17.19
|
%
|
|||||
Residential mortgages
|
|
11,165
|
|
|
28.37
|
%
|
|
10,018
|
|
|
25.34
|
%
|
|
8,571
|
|
|
28.90
|
%
|
|
8,589
|
|
|
21.91
|
%
|
|
7,480
|
|
|
31.97
|
%
|
|||||
Consumer
|
|
7,851
|
|
|
12.13
|
%
|
|
6,142
|
|
|
13.59
|
%
|
|
6,015
|
|
|
14.93
|
%
|
|
5,510
|
|
|
14.03
|
%
|
|
6,321
|
|
|
16.41
|
%
|
|||||
Total
|
|
$
|
61,469
|
|
|
100.00
|
%
|
|
$
|
51,834
|
|
|
100.00
|
%
|
|
$
|
43,998
|
|
|
100.00
|
%
|
|
$
|
39,308
|
|
|
100.00
|
%
|
|
$
|
35,662
|
|
|
100.00
|
%
|
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
(In thousands)
|
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
||||||||||||
Securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Municipal bonds and obligations
|
|
$
|
109,648
|
|
|
$
|
111,207
|
|
|
$
|
113,427
|
|
|
$
|
118,233
|
|
|
$
|
117,910
|
|
|
$
|
119,816
|
|
Mortgage-backed securities
|
|
1,182,552
|
|
|
1,160,130
|
|
|
1,142,656
|
|
|
1,130,403
|
|
|
948,661
|
|
|
945,129
|
|
||||||
Other bonds and obligations
|
|
129,073
|
|
|
128,310
|
|
|
131,167
|
|
|
132,278
|
|
|
78,877
|
|
|
79,051
|
|
||||||
Total securities available for sale
|
|
$
|
1,421,273
|
|
|
$
|
1,399,647
|
|
|
$
|
1,387,250
|
|
|
$
|
1,380,914
|
|
|
$
|
1,145,448
|
|
|
$
|
1,143,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Municipal bonds and obligations
|
|
$
|
264,524
|
|
|
$
|
264,492
|
|
|
$
|
270,310
|
|
|
$
|
278,895
|
|
|
$
|
203,463
|
|
|
$
|
204,986
|
|
Mortgage-backed securities
|
|
89,273
|
|
|
88,442
|
|
|
92,115
|
|
|
92,242
|
|
|
95,302
|
|
|
95,495
|
|
||||||
Tax advantaged economic development bonds
|
|
19,718
|
|
|
18,042
|
|
|
34,357
|
|
|
33,818
|
|
|
35,278
|
|
|
36,874
|
|
||||||
Other bonds and obligations
|
|
248
|
|
|
248
|
|
|
321
|
|
|
321
|
|
|
325
|
|
|
325
|
|
||||||
Total securities held to maturity
|
|
$
|
373,763
|
|
|
$
|
371,224
|
|
|
$
|
397,103
|
|
|
$
|
405,276
|
|
|
$
|
334,368
|
|
|
$
|
337,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trading account security
|
|
$
|
10,090
|
|
|
$
|
11,212
|
|
|
$
|
10,755
|
|
|
$
|
12,277
|
|
|
$
|
11,387
|
|
|
$
|
13,229
|
|
Marketable equity securities
|
|
$
|
55,471
|
|
|
$
|
56,638
|
|
|
$
|
36,483
|
|
|
$
|
45,185
|
|
|
$
|
47,858
|
|
|
$
|
65,541
|
|
Restricted equity securities
|
|
$
|
77,344
|
|
|
$
|
77,344
|
|
|
$
|
63,085
|
|
|
$
|
63,085
|
|
|
$
|
71,112
|
|
|
$
|
71,112
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
(In thousands)
|
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
||||||||||||
U.S. Treasuries, other Government agencies and corporations
|
|
$
|
1,327,296
|
|
|
$
|
1,305,210
|
|
|
$
|
1,271,254
|
|
|
$
|
1,267,830
|
|
|
$
|
1,091,821
|
|
|
$
|
1,106,165
|
|
Municipal bonds and obligations and
tax advantaged securities |
|
403,980
|
|
|
404,953
|
|
|
428,849
|
|
|
443,223
|
|
|
368,038
|
|
|
374,905
|
|
||||||
Other
|
|
206,665
|
|
|
205,902
|
|
|
194,573
|
|
|
195,684
|
|
|
150,314
|
|
|
150,488
|
|
||||||
Total Securities
|
|
$
|
1,937,941
|
|
|
$
|
1,916,065
|
|
|
$
|
1,894,676
|
|
|
$
|
1,906,737
|
|
|
$
|
1,610,173
|
|
|
$
|
1,631,558
|
|
|
One Year or Less
|
|
More than One
Year to Five Years |
|
More than Five Years
to Ten Years |
|
More than Ten Years
|
|
Total
|
|||||||||||||||||||||||||
(In millions)
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Weighted
Average Yield |
|||||||||||||||
Municipal bonds and obligations
|
$
|
5.4
|
|
|
2.0
|
%
|
|
$
|
28.8
|
|
|
3.0
|
%
|
|
$
|
24.3
|
|
|
3.0
|
%
|
|
$
|
309.3
|
|
|
3.0
|
%
|
|
$
|
367.8
|
|
|
3.0
|
%
|
Mortgage-backed securities
|
—
|
|
|
—
|
%
|
|
5.4
|
|
|
2.0
|
%
|
|
43.4
|
|
|
2.0
|
%
|
|
1,223.2
|
|
|
3.0
|
%
|
|
1,272.0
|
|
|
3.0
|
%
|
|||||
Other bonds and obligations
|
2.0
|
|
|
1.0
|
%
|
|
15.6
|
|
|
0.3
|
%
|
|
63.8
|
|
|
5.0
|
%
|
|
73.9
|
|
|
5.0
|
%
|
|
155.3
|
|
|
5.0
|
%
|
|||||
Total
|
$
|
7.4
|
|
|
2.1
|
%
|
|
$
|
49.8
|
|
|
2.7
|
%
|
|
$
|
131.5
|
|
|
3.7
|
%
|
|
$
|
1,606.4
|
|
|
2.9
|
%
|
|
$
|
1,795.1
|
|
|
3.0
|
%
|
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||||||||
(In millions)
|
|
Average
Balance |
|
Percent
of Total Average Deposits |
|
Weighted
Average Rate |
|
Average
Balance |
|
Percent
of Total Average Deposits |
|
Weighted
Average Rate |
|
Average
Balance |
|
Percent
of Total Average Deposits |
|
Weighted
Average Rate |
||||||||||||
Demand
|
|
$
|
1,622.4
|
|
|
19
|
%
|
|
—
|
%
|
|
$
|
1,296.4
|
|
|
18
|
%
|
|
—
|
%
|
|
$
|
1,081.0
|
|
|
19
|
%
|
|
—
|
%
|
NOW and other
|
|
824.7
|
|
|
9
|
|
|
0.5
|
|
|
591.0
|
|
|
8
|
|
|
0.3
|
|
|
487.8
|
|
|
8
|
|
|
0.1
|
|
|||
Money market
|
|
2,432.2
|
|
|
28
|
|
|
0.9
|
|
|
1,935.8
|
|
|
27
|
|
|
0.6
|
|
|
1,470.3
|
|
|
26
|
|
|
0.5
|
|
|||
Savings
|
|
740.8
|
|
|
9
|
|
|
0.2
|
|
|
680.1
|
|
|
10
|
|
|
0.1
|
|
|
610.8
|
|
|
11
|
|
|
0.1
|
|
|||
Time
|
|
3,075.5
|
|
|
35
|
|
|
1.7
|
|
|
2,581.1
|
|
|
37
|
|
|
1.2
|
|
|
2,094.8
|
|
|
36
|
|
|
1.1
|
|
|||
Total
|
|
$
|
8,695.6
|
|
|
100
|
%
|
|
0.9
|
%
|
|
$
|
7,084.4
|
|
|
100
|
%
|
|
0.6
|
%
|
|
$
|
5,744.7
|
|
|
100
|
%
|
|
0.5
|
%
|
Maturity Period
|
|
Amount
|
|
Weighted Average Rate
|
|||
(In thousands)
|
|
|
|
|
|
|
|
Three months or less
|
|
$
|
767,372
|
|
|
1.88
|
%
|
Over 3 months through 6 months
|
|
428,802
|
|
|
1.85
|
|
|
Over 6 months through 12 months
|
|
558,411
|
|
|
2.10
|
|
|
Over 12 months
|
|
813,443
|
|
|
2.27
|
|
|
Total
|
|
$
|
2,568,028
|
|
|
2.05
|
%
|
•
|
difficulty in estimating the value of the target company
|
•
|
payment of a premium over book and market values that may dilute the Company’s tangible book value and earnings per share in the short and long term;
|
•
|
exposure to unknown or contingent liabilities, or asset quality problems, of the target company;
|
•
|
unexpected regulatory responses to merger related applications
|
•
|
larger than anticipated merger-related expenses;
|
•
|
difficulty and expense of integrating the operations and personnel of the target company, and retaining key employees and customers;
|
•
|
inability to realize the expected revenue increases, cost savings, increases in geographic or product presence, and/or other projected benefits; and
|
•
|
potential diversion of Company management’s time and attention.
|
•
|
potential litigation could lead to additional expenses or prevent the completion of a merger agreement, which could result in the loss of the benefits which are targeted to offset merger costs.
|
2018
|
|
High
|
|
Low
|
|
Dividends
Declared |
||||||
First quarter
|
|
$
|
40.10
|
|
|
$
|
35.80
|
|
|
$
|
0.22
|
|
Second quarter
|
|
44.10
|
|
|
37.05
|
|
|
0.22
|
|
|||
Third quarter
|
|
44.25
|
|
|
40.00
|
|
|
0.22
|
|
|||
Fourth quarter
|
|
41.49
|
|
|
25.77
|
|
|
0.22
|
|
2017
|
|
|
|
|
|
|
||||||
First quarter
|
|
$
|
37.45
|
|
|
$
|
32.90
|
|
|
$
|
0.21
|
|
Second quarter
|
|
38.65
|
|
|
33.55
|
|
|
0.21
|
|
|||
Third quarter
|
|
39.00
|
|
|
32.85
|
|
|
0.21
|
|
|||
Fourth quarter
|
|
40.00
|
|
|
35.10
|
|
|
0.21
|
|
Period
|
|
Total number of
shares purchased |
|
Average price
paid per share |
|
Total number of shares
purchased as part of publicly announced plans or programs |
|
Maximum number of
shares that may yet be purchased under the plans or programs |
|||||
October 1-31, 2018
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
500,000
|
|
November 1-30, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|
December 1-31, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|
Total
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|
|
Period Ending
|
||||||||||||||||
Index
|
|
12/31/13
|
|
12/31/14
|
|
12/31/15
|
|
12/31/16
|
|
12/31/17
|
|
12/31/18
|
||||||
Berkshire Hills Bancorp, Inc.
|
|
100.00
|
|
|
100.70
|
|
|
112.96
|
|
|
147.28
|
|
|
149.70
|
|
|
112.90
|
|
NYSE Composite Index
|
|
100.00
|
|
|
106.87
|
|
|
102.63
|
|
|
115.02
|
|
|
136.76
|
|
|
124.73
|
|
PHLX KBW Regional Banking Index
|
|
100.00
|
|
|
102.43
|
|
|
108.57
|
|
|
151.04
|
|
|
153.77
|
|
|
126.88
|
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
(In thousands, except per share data)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Per Common Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings, diluted
|
|
$
|
2.29
|
|
|
$
|
1.39
|
|
|
$
|
1.88
|
|
|
$
|
1.74
|
|
|
$
|
1.36
|
|
Total book value per common share
|
|
33.30
|
|
|
32.14
|
|
|
30.65
|
|
|
28.64
|
|
|
28.17
|
|
|||||
Dividends
|
|
0.88
|
|
|
0.84
|
|
|
0.80
|
|
|
0.76
|
|
|
0.72
|
|
|||||
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
High
|
|
44.25
|
|
|
40.00
|
|
|
37.35
|
|
|
30.40
|
|
|
27.28
|
|
|||||
Low
|
|
25.77
|
|
|
32.85
|
|
|
24.71
|
|
|
24.32
|
|
|
22.06
|
|
|||||
Close
|
|
26.97
|
|
|
36.60
|
|
|
36.85
|
|
|
29.11
|
|
|
26.66
|
|
|||||
Performance Ratios: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on assets
|
|
0.90
|
%
|
|
0.56
|
%
|
|
0.74
|
%
|
|
0.68
|
%
|
|
0.55
|
%
|
|||||
Return on equity
|
|
6.84
|
|
|
4.45
|
|
|
6.44
|
|
|
6.14
|
|
|
4.87
|
|
|||||
Net interest margin, fully taxable equivalent (FTE) (2)
|
|
3.40
|
|
|
3.40
|
|
|
3.31
|
|
|
3.34
|
|
|
3.30
|
|
|||||
Fee income/Net interest and fee income
|
|
23.36
|
|
|
29.41
|
|
|
22.80
|
|
|
21.18
|
|
|
23.02
|
|
|||||
Growth Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total commercial loans
|
|
6.17
|
%
|
|
37.79
|
%
|
|
18.39
|
%
|
|
28.65
|
%
|
|
14.80
|
%
|
|||||
Total loans
|
|
8.96
|
|
|
26.71
|
|
|
14.41
|
|
|
22.32
|
|
|
11.96
|
|
|||||
Total deposits
|
|
2.66
|
|
|
32.13
|
|
|
18.48
|
|
|
20.08
|
|
|
20.95
|
|
|||||
Total net revenues, (compared to prior year)
|
|
11.59
|
|
|
41.05
|
|
|
11.18
|
|
|
18.40
|
|
|
(0.23
|
)
|
|||||
Earnings per share, (compared to prior year)
|
|
64.75
|
|
|
(26.06
|
)
|
|
8.62
|
|
|
27.21
|
|
|
(17.58
|
)
|
|||||
Selected Financial Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
|
$
|
12,212,231
|
|
|
$
|
11,570,751
|
|
|
$
|
9,162,542
|
|
|
$
|
7,831,086
|
|
|
$
|
6,501,079
|
|
Total earning assets
|
|
11,140,307
|
|
|
10,509,163
|
|
|
8,340,287
|
|
|
7,140,387
|
|
|
5,923,462
|
|
|||||
Securities
|
|
1,918,604
|
|
|
1,898,564
|
|
|
1,628,246
|
|
|
1,371,316
|
|
|
1,205,794
|
|
|||||
Total loans
|
|
9,043,253
|
|
|
8,299,338
|
|
|
6,549,787
|
|
|
5,725,236
|
|
|
4,680,600
|
|
|||||
Allowance for loan losses
|
|
(61,469
|
)
|
|
(51,834
|
)
|
|
(43,998
|
)
|
|
(39,308
|
)
|
|
(35,662
|
)
|
|||||
Total intangible assets
|
|
551,743
|
|
|
557,583
|
|
|
422,551
|
|
|
334,607
|
|
|
276,270
|
|
|||||
Total deposits
|
|
8,982,381
|
|
|
8,749,530
|
|
|
6,622,092
|
|
|
5,589,135
|
|
|
4,654,679
|
|
|||||
Total borrowings
|
|
1,517,816
|
|
|
1,137,075
|
|
|
1,313,997
|
|
|
1,263,318
|
|
|
1,051,371
|
|
|||||
Total shareholders’ equity
|
|
1,552,918
|
|
|
1,496,264
|
|
|
1,093,298
|
|
|
887,189
|
|
|
709,287
|
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total interest and dividend income
|
|
$
|
471,161
|
|
|
$
|
360,258
|
|
|
$
|
280,439
|
|
|
$
|
247,030
|
|
|
$
|
207,042
|
|
Total interest expense
|
|
111,825
|
|
|
65,463
|
|
|
48,172
|
|
|
33,181
|
|
|
28,351
|
|
|||||
Net interest income (3)
|
|
359,336
|
|
|
294,795
|
|
|
232,267
|
|
|
213,849
|
|
|
178,691
|
|
|||||
Fee income
|
|
109,601
|
|
|
122,801
|
|
|
68,606
|
|
|
57,480
|
|
|
53,434
|
|
|||||
All other non-interest income (loss)
|
|
298
|
|
|
2,888
|
|
|
(2,755
|
)
|
|
(3,192
|
)
|
|
(5,664
|
)
|
|||||
Total net revenue
|
|
469,235
|
|
|
420,484
|
|
|
298,118
|
|
|
268,137
|
|
|
226,461
|
|
|||||
Provision for loan losses
|
|
25,451
|
|
|
21,025
|
|
|
17,362
|
|
|
16,726
|
|
|
14,968
|
|
|||||
Total non-interest expense
|
|
310,371
|
|
|
299,710
|
|
|
203,302
|
|
|
196,829
|
|
|
165,986
|
|
|||||
Income tax expense - continuing operations
|
|
27,648
|
|
|
44,502
|
|
|
18,784
|
|
|
5,064
|
|
|
11,763
|
|
|||||
Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
|
$
|
49,518
|
|
|
$
|
33,744
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends per preferred share
|
|
$
|
1.76
|
|
|
$
|
0.42
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Dividends per common share
|
|
0.88
|
|
|
0.84
|
|
|
0.80
|
|
|
0.76
|
|
|
0.72
|
|
|||||
Basic earnings per common share
|
|
2.30
|
|
|
1.40
|
|
|
1.89
|
|
|
1.74
|
|
|
1.36
|
|
|||||
Diluted earnings per common share
|
|
2.29
|
|
|
1.39
|
|
|
1.88
|
|
|
1.73
|
|
|
1.36
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average common shares outstanding - basic
|
|
46,024
|
|
|
39,456
|
|
|
30,988
|
|
|
28,393
|
|
|
24,730
|
|
|||||
Weighted average common shares outstanding - diluted
|
|
46,231
|
|
|
39,695
|
|
|
31,167
|
|
|
28,564
|
|
|
24,854
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality and Condition Ratios: (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net loans charged-off/average loans
|
|
0.18
|
%
|
|
0.19
|
%
|
|
0.21
|
%
|
|
0.25
|
%
|
|
0.29
|
%
|
|||||
Allowance for loan losses/total loans
|
|
0.68
|
|
|
0.62
|
|
|
0.67
|
|
|
0.69
|
|
|
0.76
|
|
|||||
Loans/deposits
|
|
101
|
|
|
95
|
|
|
99
|
|
|
102
|
|
|
101
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 capital to average assets - Company (5)
|
|
9.04
|
%
|
|
9.01
|
%
|
|
7.88
|
%
|
|
7.71
|
%
|
|
7.01
|
%
|
|||||
Total capital to risk-weighted assets - Company (5)
|
|
12.99
|
|
|
12.43
|
|
|
11.87
|
|
|
11.91
|
|
|
11.38
|
|
|||||
Tier 1 capital to risk-weighted assets - Company (5)
|
|
11.57
|
|
|
11.15
|
|
|
10.07
|
|
|
9.94
|
|
|
9.03
|
|
|||||
Shareholders’ equity/total assets
|
|
12.73
|
|
|
12.93
|
|
|
11.93
|
|
|
11.33
|
|
|
10.91
|
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
(Dollars in millions)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Rate
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
$
|
3,283.6
|
|
|
$
|
167.7
|
|
|
5.11
|
%
|
|
$
|
2,789.8
|
|
|
$
|
130.0
|
|
|
4.66
|
%
|
|
$
|
2,239.6
|
|
|
$
|
95.8
|
|
|
4.28
|
%
|
Commercial and industrial loans
|
|
1,867.9
|
|
|
107.6
|
|
|
5.76
|
|
|
1,259.9
|
|
|
65.7
|
|
|
5.21
|
|
|
1,019.7
|
|
|
51.2
|
|
|
5.02
|
|
||||||
Residential loans
|
|
2,353.1
|
|
|
86.3
|
|
|
3.67
|
|
|
1,962.4
|
|
|
71.5
|
|
|
3.64
|
|
|
1,808.8
|
|
|
66.1
|
|
|
3.66
|
|
||||||
Consumer loans
|
|
1,115.3
|
|
|
47.2
|
|
|
4.23
|
|
|
1,032.6
|
|
|
39.4
|
|
|
3.82
|
|
|
873.3
|
|
|
29.9
|
|
|
3.42
|
|
||||||
Total loans
|
|
8,619.9
|
|
|
408.8
|
|
|
4.74
|
|
|
7,044.7
|
|
|
306.6
|
|
|
4.35
|
|
|
5,941.4
|
|
|
243.0
|
|
|
4.09
|
|
||||||
Investment securities (2)
|
|
1,931.7
|
|
|
64.4
|
|
|
3.33
|
|
|
1,757.3
|
|
|
60.3
|
|
|
3.43
|
|
|
1,260.5
|
|
|
41.4
|
|
|
3.28
|
|
||||||
Short-term investments and loans held for sale
|
|
146.3
|
|
|
5.4
|
|
|
3.72
|
|
|
134.5
|
|
|
4.6
|
|
|
3.38
|
|
|
51.6
|
|
|
0.9
|
|
|
1.70
|
|
||||||
Total interest-earning assets
|
|
10,697.9
|
|
|
478.6
|
|
|
4.47
|
|
|
8,936.5
|
|
|
371.5
|
|
|
4.16
|
|
|
7,253.5
|
|
|
285.3
|
|
|
3.93
|
|
||||||
Intangible assets
|
|
554.6
|
|
|
0
|
|
|
|
|
|
449.7
|
|
|
|
|
|
|
|
|
347.7
|
|
|
|
|
|
|
|
||||||
Other non-interest earning assets
|
|
516.9
|
|
|
0
|
|
|
|
|
|
428.4
|
|
|
|
|
|
|
|
|
357.9
|
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
11,769.4
|
|
|
|
|
|
|
|
|
$
|
9,814.6
|
|
|
|
|
|
|
|
|
$
|
7,959.1
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and shareholders' equity
|
|||||||||||||||||||||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NOW and other
|
|
$
|
824.7
|
|
|
$
|
4.0
|
|
|
0.49
|
%
|
|
$
|
591.0
|
|
|
$
|
1.5
|
|
|
0.25
|
%
|
|
$
|
487.8
|
|
|
$
|
0.7
|
|
|
0.14
|
%
|
Money market
|
|
2,432.2
|
|
|
21.9
|
|
|
0.90
|
|
|
1,935.8
|
|
|
11.2
|
|
|
0.58
|
|
|
1,470.3
|
|
|
7.0
|
|
|
0.48
|
|
||||||
Savings
|
|
740.8
|
|
|
1.1
|
|
|
0.15
|
|
|
680.1
|
|
|
0.9
|
|
|
0.14
|
|
|
610.8
|
|
|
0.7
|
|
|
0.12
|
|
||||||
Certificates of deposit
|
|
3,075.5
|
|
|
51.3
|
|
|
1.67
|
|
|
2,581.1
|
|
|
30.3
|
|
|
1.17
|
|
|
2,094.8
|
|
|
22.5
|
|
|
1.07
|
|
||||||
Total interest-bearing deposits
|
|
7,073.2
|
|
|
78.4
|
|
|
1.11
|
|
|
5,788.0
|
|
|
43.9
|
|
|
0.76
|
|
|
4,663.7
|
|
|
30.9
|
|
|
0.66
|
|
||||||
Borrowings and notes (3)
|
|
1,409.0
|
|
|
33.4
|
|
|
2.37
|
|
|
1,373.8
|
|
|
21.6
|
|
|
1.57
|
|
|
1,218.2
|
|
|
17.3
|
|
|
1.42
|
|
||||||
Total interest-bearing liabilities
|
|
8,482.2
|
|
|
111.8
|
|
|
1.32
|
|
|
7,161.8
|
|
|
65.5
|
|
|
0.91
|
|
|
5,881.9
|
|
|
48.2
|
|
|
0.82
|
|
||||||
Non-interest-bearing demand deposits
|
|
1,622.4
|
|
|
|
|
|
|
|
|
1,296.4
|
|
|
|
|
|
|
|
|
1,081.0
|
|
|
|
|
|
|
|
||||||
Other non-interest-bearing liabilities
|
|
119.3
|
|
|
|
|
|
|
|
|
112.6
|
|
|
|
|
|
|
|
|
85.2
|
|
|
|
|
|
|
|
||||||
Total liabilities
|
|
10,223.9
|
|
|
|
|
|
|
|
|
8,570.8
|
|
|
|
|
|
|
|
|
7,048.1
|
|
|
|
|
|
|
|
||||||
Total shareholders' equity
|
|
1,545.5
|
|
|
|
|
|
|
|
|
1,243.8
|
|
|
|
|
|
|
|
|
911.0
|
|
|
|
|
|
|
|
||||||
Total liabilities and equity
|
|
$
|
11,769.4
|
|
|
|
|
|
|
|
|
$
|
9,814.6
|
|
|
|
|
|
|
|
|
$
|
7,959.1
|
|
|
|
|
|
|
|
|||
Net interest-earning assets
|
|
$
|
2,215.7
|
|
|
|
|
|
|
|
|
$
|
1,774.7
|
|
|
|
|
|
|
|
|
$
|
1,371.6
|
|
|
|
|
|
|
|
|||
Net interest income
|
|
|
|
$
|
366.8
|
|
|
|
|
|
|
$
|
306.0
|
|
|
|
|
|
|
$
|
237.1
|
|
|
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
(Dollars in millions)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/
Rate
|
|||||||||||||||
Net interest spread
|
|
|
|
|
|
|
|
3.16
|
%
|
|
|
|
|
|
|
|
3.25
|
%
|
|
|
|
|
|
|
|
3.11
|
%
|
||||||
Net interest margin (4)
|
|
|
|
|
|
|
|
3.40
|
|
|
|
|
|
|
|
|
3.40
|
|
|
|
|
|
|
|
|
3.31
|
|
||||||
Cost of funds
|
|
|
|
|
|
|
|
1.11
|
|
|
|
|
|
|
|
|
0.77
|
|
|
|
|
|
|
|
|
0.69
|
|
||||||
Cost of deposits
|
|
|
|
|
|
|
|
0.90
|
|
|
|
|
|
|
|
|
0.62
|
|
|
|
|
|
|
|
|
0.54
|
|
||||||
Interest-earning assets/interest-bearing liabilities
|
|
|
|
|
|
|
|
126.12
|
|
|
|
|
|
|
|
|
124.78
|
|
|
|
|
|
|
|
|
123.32
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Supplementary data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total non-maturity deposits
|
|
$
|
5,620.1
|
|
|
|
|
|
|
|
|
$
|
4,503.3
|
|
|
|
|
|
|
|
|
$
|
3,649.9
|
|
|
|
|
|
|
|
|||
Total deposits
|
|
8,695.6
|
|
|
|
|
|
|
|
|
7,084.4
|
|
|
|
|
|
|
|
|
5,744.7
|
|
|
|
|
|
|
|
||||||
Fully taxable equivalent adjustment
|
|
7.4
|
|
|
|
|
|
|
|
|
11.2
|
|
|
|
|
|
|
|
|
8.1
|
|
|
|
|
|
|
|
|
|
2018 Compared with 2017
|
|
2017 Compared with 2016
|
||||||||||||||||||||
|
|
(Decrease) Increase Due to
|
|
(Decrease) Increase Due to
|
||||||||||||||||||||
(In thousands)
|
|
Rate
|
|
Volume
|
|
Net
|
|
Rate
|
|
Volume
|
|
Net
|
||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
$
|
13,206
|
|
|
$
|
24,444
|
|
|
$
|
37,650
|
|
|
$
|
9,145
|
|
|
$
|
25,080
|
|
|
$
|
34,225
|
|
Commercial and industrial loans
|
|
7,492
|
|
|
34,426
|
|
|
41,918
|
|
|
1,999
|
|
|
12,457
|
|
|
14,456
|
|
||||||
Residential loans
|
|
467
|
|
|
14,318
|
|
|
14,785
|
|
|
(259
|
)
|
|
5,595
|
|
|
5,336
|
|
||||||
Consumer loans
|
|
4,487
|
|
|
3,304
|
|
|
7,791
|
|
|
3,698
|
|
|
5,839
|
|
|
9,537
|
|
||||||
Total loans
|
|
25,652
|
|
|
76,492
|
|
|
102,144
|
|
|
14,583
|
|
|
48,971
|
|
|
63,554
|
|
||||||
Investment securities
|
|
(1,784
|
)
|
|
5,853
|
|
|
4,069
|
|
|
1,985
|
|
|
16,978
|
|
|
18,963
|
|
||||||
Short-term investments and loans held for sale
|
|
470
|
|
|
418
|
|
|
888
|
|
|
1,405
|
|
|
2,271
|
|
|
3,676
|
|
||||||
Total interest income
|
|
$
|
24,338
|
|
|
$
|
82,763
|
|
|
$
|
107,101
|
|
|
$
|
17,973
|
|
|
$
|
68,220
|
|
|
$
|
86,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NOW accounts
|
|
$
|
1,809
|
|
|
$
|
739
|
|
|
$
|
2,548
|
|
|
$
|
627
|
|
|
$
|
165
|
|
|
$
|
792
|
|
Money market accounts
|
|
7,332
|
|
|
3,382
|
|
|
10,714
|
|
|
1,698
|
|
|
2,506
|
|
|
4,204
|
|
||||||
Savings accounts
|
|
77
|
|
|
87
|
|
|
164
|
|
|
122
|
|
|
88
|
|
|
210
|
|
||||||
Certificates of deposit
|
|
14,526
|
|
|
6,557
|
|
|
21,083
|
|
|
2,205
|
|
|
5,561
|
|
|
7,766
|
|
||||||
Total deposits
|
|
23,744
|
|
|
10,765
|
|
|
34,509
|
|
|
4,652
|
|
|
8,320
|
|
|
12,972
|
|
||||||
Borrowings
|
|
11,286
|
|
|
567
|
|
|
11,853
|
|
|
1,981
|
|
|
2,338
|
|
|
4,319
|
|
||||||
Total interest expense
|
|
$
|
35,030
|
|
|
$
|
11,332
|
|
|
$
|
46,362
|
|
|
$
|
6,633
|
|
|
$
|
10,658
|
|
|
$
|
17,291
|
|
Change in net interest income
|
|
$
|
(10,692
|
)
|
|
$
|
71,431
|
|
|
$
|
60,739
|
|
|
$
|
11,340
|
|
|
$
|
57,562
|
|
|
$
|
68,902
|
|
|
|
At or For the Years Ended
|
||||||||||
(Dollars in thousands)
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||
GAAP Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
Non-GAAP measures
|
|
|
|
|
|
|
|
|
||||
Adj: Loss/(gain) on securities, net
|
|
3,719
|
|
|
(12,598
|
)
|
|
551
|
|
|||
Adj: Net gains on sale of business operations
|
|
(460
|
)
|
|
(296
|
)
|
|
(1,085
|
)
|
|||
Adj: Loss on termination of hedges
|
|
—
|
|
|
6,629
|
|
|
—
|
|
|||
Adj: Acquisition, restructuring, conversion, and other related expenses (1)
|
|
10,752
|
|
|
31,558
|
|
|
15,761
|
|
|||
Adj: Employee and community investment
|
|
—
|
|
|
3,400
|
|
|
—
|
|
|||
Adj: Legal settlements
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|||
Adj: Systems vendor restructuring costs
|
|
8,379
|
|
|
—
|
|
|
—
|
|
|||
Adj: Deferred tax asset impairment
|
|
—
|
|
|
18,145
|
|
|
—
|
|
|||
Adj: Income taxes
|
|
(5,788
|
)
|
|
(11,277
|
)
|
|
(5,455
|
)
|
|||
Net non-operating charges
|
|
19,602
|
|
|
35,561
|
|
|
9,772
|
|
|||
Total adjusted net income (non-GAAP)
|
|
$
|
125,367
|
|
|
$
|
90,808
|
|
|
$
|
68,442
|
|
|
|
|
|
|
|
|
||||||
GAAP Total revenue
|
|
$
|
469,235
|
|
|
$
|
420,484
|
|
|
$
|
298,118
|
|
Adj: Loss/(gain) on securities, net
|
|
3,719
|
|
|
(12,598
|
)
|
|
551
|
|
|||
Adj: Net gains on sale of business operations
|
|
(460
|
)
|
|
(296
|
)
|
|
(1,085
|
)
|
|||
Adj: Loss on termination of hedges
|
|
—
|
|
|
6,629
|
|
|
—
|
|
|||
Total adjusted operating revenue (non-GAAP)
|
|
$
|
472,494
|
|
|
$
|
414,219
|
|
|
$
|
297,584
|
|
|
|
|
|
|
|
|
||||||
GAAP Total non-interest expense
|
|
$
|
310,371
|
|
|
$
|
299,710
|
|
|
$
|
203,302
|
|
Less: Total non-operating expense (see above)
|
|
(10,752
|
)
|
|
(31,558
|
)
|
|
(15,761
|
)
|
|||
Less: Employee and community reinvestment
|
|
—
|
|
|
(3,400
|
)
|
|
—
|
|
|||
Less: Legal settlements
|
|
(3,000
|
)
|
|
—
|
|
|
—
|
|
|||
Less: Systems vendor restructuring costs
|
|
(8,379
|
)
|
|
—
|
|
|
—
|
|
|||
Adjusted operating non-interest expense (non-GAAP)
|
|
$
|
288,240
|
|
|
$
|
264,752
|
|
|
$
|
187,541
|
|
(in millions, except per share data)
|
|
|
|
|
|
|
||||||
Total average assets
|
|
$
|
11,769
|
|
|
$
|
9,815
|
|
|
$
|
7,958
|
|
Total average shareholders' equity
|
|
1,546
|
|
|
1,244
|
|
|
911
|
|
|||
Total average tangible shareholders equity
|
|
991
|
|
|
793
|
|
|
563
|
|
|||
Total average tangible common shareholders equity
|
|
950
|
|
|
784
|
|
|
563
|
|
|||
Total tangible shareholders’ equity, period-end
|
|
1,001
|
|
|
939
|
|
|
671
|
|
|||
Total tangible common shareholders’ equity, period-end
|
|
961
|
|
|
898
|
|
|
671
|
|
|||
Total tangible assets, period-end
|
|
11,660
|
|
|
11,013
|
|
|
8,740
|
|
|||
Total common shares outstanding, period-end (thousands)
|
|
45,417
|
|
|
45,290
|
|
|
35,673
|
|
|||
Average diluted shares outstanding
(thousands)
|
|
46,231
|
|
|
39,695
|
|
|
31,167
|
|
|||
Earnings per share, diluted
|
|
$
|
2.29
|
|
|
$
|
1.39
|
|
|
$
|
1.88
|
|
Plus: Net adjustments per share, diluted
|
|
0.42
|
|
|
0.90
|
|
|
0.32
|
|
|||
Adjusted earnings per share, diluted
|
|
2.71
|
|
|
2.29
|
|
|
2.20
|
|
|||
Book value per common share, period-end
|
|
33.30
|
|
|
32.14
|
|
|
30.65
|
|
|||
Tangible book value per common share, period-end
|
|
21.15
|
|
|
19.83
|
|
|
18.81
|
|
|||
Total shareholders' equity/total assets
|
|
12.72
|
|
|
12.93
|
|
|
11.93
|
|
|||
Total tangible shareholders' equity/total tangible assets
|
|
8.59
|
|
|
8.52
|
|
|
7.68
|
|
|||
Performance Ratios
|
|
|
|
|
|
|
||||||
GAAP return on assets
|
|
0.90
|
|
|
0.56
|
|
|
0.74
|
|
|||
Adjusted return on assets
|
|
1.07
|
|
|
0.93
|
|
|
0.86
|
|
|||
GAAP return on equity
|
|
6.84
|
|
|
4.45
|
|
|
6.44
|
|
|||
Adjusted return on equity
|
|
8.11
|
|
|
7.31
|
|
|
7.51
|
|
|||
Adjusted return on tangible common equity
|
|
13.48
|
|
|
11.82
|
|
|
12.47
|
|
|||
Efficiency ratio
(2)
|
|
58.32
|
|
|
59.97
|
|
|
58.27
|
|
|||
Supplementary Data
(in thousands)
|
|
|
|
|
|
|
||||||
Tax benefit on tax-credit investments
|
|
5,876
|
|
|
10,182
|
|
|
11,134
|
|
|||
Non-interest income charge on tax-credit investments
|
|
(4,822
|
)
|
|
(8,693
|
)
|
|
(8,993
|
)
|
|||
Net income on tax-credit investments
|
|
1,054
|
|
|
1,489
|
|
|
2,143
|
|
|||
|
|
|
|
|
|
|
||||||
Intangible amortization
|
|
4,934
|
|
|
3,493
|
|
|
2,927
|
|
|||
Fully taxable equivalent income adjustment
|
|
7,423
|
|
|
11,227
|
|
|
8,098
|
|
(1)
|
Acquisition, restructuring, conversion, and other related expenses included $8.9 million of merger and acquisition expenses and $1.8 million of restructuring expenses for the year-ended December 31, 2018. For the year-ended 2017, these expenses included $24.9 million in merger and acquisition expenses and $6.7 million of restructuring expenses. For the year-ended 2016, these expenses included $13.5 million in merger and acquisition expenses and $2.3 million of restructuring, conversion, and other expenses.
|
(2)
|
Efficiency ratio is computed by dividing total core tangible non-interest expense by the sum of total net interest income on a fully taxable equivalent basis and total core non-interest income adjusted to include tax credit benefit of tax shelter investments. The Company uses this non-GAAP measure to provide important information regarding its operational efficiency.
|
(In thousands)
|
|
Total
|
|
Less than One
Year
|
|
One to Three
Years
|
|
Three to Five
Years
|
|
After Five
Years
|
||||||||||
FHLBB borrowings (1)
|
|
$
|
1,428,298
|
|
|
$
|
1,268,882
|
|
|
$
|
152,840
|
|
|
$
|
5,165
|
|
|
$
|
1,411
|
|
Subordinated notes
|
|
89,518
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,518
|
|
|||||
Operating lease obligations (2)
|
|
99,146
|
|
|
13,554
|
|
|
24,021
|
|
|
18,722
|
|
|
42,849
|
|
|||||
Purchase obligations (3)
|
|
93,173
|
|
|
13,523
|
|
|
25,083
|
|
|
22,081
|
|
|
32,486
|
|
|||||
Total Contractual Obligations
|
|
$
|
1,710,135
|
|
|
$
|
1,295,959
|
|
|
$
|
201,944
|
|
|
$
|
45,968
|
|
|
$
|
166,264
|
|
Change in
Interest Rates-Basis
Points (Rate Ramp)
|
|
|
|
|
|
|
|
|
||||||
|
1- 12 Months
|
|
13- 24 Months
|
|||||||||||
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
|||||||
(In thousands)
|
|
|
|
|
|
|
|
|
||||||
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||
+300
|
|
$
|
8,200
|
|
|
2.20
|
%
|
|
$
|
4,400
|
|
|
1.20
|
%
|
+200
|
|
6,700
|
|
|
1.80
|
|
|
3,500
|
|
|
0.90
|
|
||
+100
|
|
4,600
|
|
|
1.20
|
|
|
2,100
|
|
|
0.60
|
|
||
-100
|
|
(5,900
|
)
|
|
(1.60
|
)
|
|
(9,500
|
)
|
|
(2.50
|
)
|
||
|
|
|
|
|
|
|
|
|
||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||
+300
|
|
$
|
9,806
|
|
|
2.95
|
%
|
|
$
|
11,193
|
|
|
3.40
|
%
|
+200
|
|
7,940
|
|
|
2.39
|
|
|
9,374
|
|
|
2.85
|
|
||
+100
|
|
4,683
|
|
|
1.41
|
|
|
5,890
|
|
|
1.79
|
|
||
-100
|
|
(6,424
|
)
|
|
(1.93
|
)
|
|
(12,532
|
)
|
|
(3.81
|
)
|
Name
|
Age
|
Position
|
Richard M. Marotta
|
60
|
President and Chief Executive Officer of the Company; Chief Executive Officer - Berkshire Bank
|
Sean A. Gray
|
43
|
Senior Executive Vice President of the Company; President - Berkshire Bank
|
James M. Moses
|
42
|
Senior Executive Vice President, Chief Financial Officer of the Company; Senior Executive Vice President, Chief Financial Officer - Berkshire Bank
|
George F. Bacigalupo
|
64
|
Senior Executive Vice President, Commercial Banking - Berkshire Bank
|
Michael D. Carroll
|
57
|
Executive Vice President, Commercial Banking and Specialty Lending - Berkshire Bank
|
Tami F. Gunsch
|
56
|
Senior Executive Vice President & Director of Relationship Banking - Berkshire Bank
|
Linda A. Johnston
|
66
|
Senior Executive Vice President of Human Resources - Berkshire Bank
|
Gregory D. Lindenmuth
|
51
|
Senior Executive Vice President, Chief Risk Officer - Berkshire Bank
|
Allison P. O'Rourke
|
43
|
Senior Executive Vice President, Chief Administrative Officer - Berkshire Bank
|
Wm. Gordon Prescott
|
57
|
Senior Executive Vice President, General Counsel and Corporate Secretary - Berkshire Bank
|
Richard M. Marotta. Age 60.
Mr. Marotta was appointed to the role of President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank in November 2018. Prior to these appointments, Mr. Marotta served as Senior Executive Vice President of the Company and President of the Bank from 2015. Mr. Marotta joined the Company in 2010 as Executive Vice President, Chief Risk Officer and has held additional positions including Chief Credit Officer and Chief Administrative Officer. Mr. Marotta has all functions reporting to him except for those reporting to Mr. Gray. Mr. Marotta was previously Executive Vice President and Group Head, Asset Recovery at KeyBank.
|
|
Sean A. Gray. Age 43.
Mr. Gray was appointed to the role of Senior Executive Vice President of the Company and President of the Bank in November 2018. Prior to this appointment, Mr. Gray was Senior Executive Vice President of the Company and Chief Operating Officer of the Bank from 2015. Mr. Gray joined the Company in 2007 as First Vice President, Retail Banking and has held various position including, Executive Vice President, Retail Banking and Senior Vice President. Mr. Gray has Ms. Gunsch and Ms. Johnston reporting to him, together with the wealth management, insurance, government banking, cash management, and home lending business lines, as well as marketing Prior to joining the Bank, Mr. Gray was Vice President and Consumer Market Manager at Bank of America, in Waltham, Massachusetts.
|
|
James M. Moses. Age 42.
Mr. Moses is Senior Executive Vice President, Chief Financial Officer of the Company and the Bank, since joining the Bank in July 2016. He is responsible for the accounting, treasury, tax, investor relations, capital markets functions, and facilities management. Mr. Moses previously served at Webster Bank as Senior Vice President and Asset/Liability Manager. Mr. Moses joined Webster Bank in 2011 from M&T Bank where he spent four years in various roles including head mortgage trader, deposit products pricing manager, and consumer credit card product manager.
|
|
George F. Bacigalupo. Age 64.
Mr. Bacigalupo was promoted to Senior Executive Vice President, Commercial Banking in September 2015, having previously served as an Executive Vice President since October 2013 and Senior Vice President, Chief Credit Officer since 2011. Mr. Bacigalupo is responsible for commercial banking, including the middle-market, business banking and asset based lending teams in Eastern and Central Massachusetts and Connecticut. Previously, Mr. Bacigalupo was EVP of Specialty Lending at TD Banknorth, where he established the ABL and other middle-market lending groups. Subsequently, at TD Bank, he was the Senior Lender for New England.
|
|
Michael D. Carroll. Age 57.
Mr. Carroll is Senior Executive Vice President, Commercial Banking and Specialty Lending of Berkshire Bank, a position he was promoted to 2018. Mr. Carroll has previously held the positions of EVP, Commercial Banking and Specialty Lending, EVP, Chief Risk Officer and SVP, Chief Credit Officer managing the risk and credit departments of the Bank. In his role as SEVP, Commercial Banking and Specialty Lending, he is responsible for Firestone Financial (equipment leasing) and 44 Business Capital (SBA lending) and is the executive leader of the regional commercial teams in Berkshire County, Vermont, Albany, Syracuse, and the Mid-Atlantic region. He joined the company in 2009 as SVP, New York Regional Commercial Leader. Previously, Mr. Carroll was Senior Vice President, Middle Market banking at KeyBank.
|
|
Tami F. Gunsch. Age 56.
Ms. Gunsch is Senior Executive Vice President & Director of Relationship Banking, she also serves as President of First Choice Loan Services, a subsidiary of Berkshire Bank. In this role, Ms. Gunsch is responsible for all aspects of the retail banking consumer experience, including branch operations, consumer lending, private banking, investment services, call center, electronic/mobile banking and MyBanker team, as well as the deployment of the Bank's relationship banking strategy across all lines of business. Ms. Gunsch has previously held the positions of EVP, Retail Banking and Senior Vice President. Ms. Gunsch joined Berkshire from Citizens Bank in 2009 as First VP of Retail Banking.
|
|
Linda A. Johnston. Age 66
. Ms. Johnston is Senior Executive Vice President of Human Resources for Berkshire Bank. Ms. Johnston is responsible for overseeing and directing the Company’s human resources functions including compensation and benefits, performance and talent management, training, recruitment, development, executive compensation, and initiatives and practices that support the Company’s strategic direction. Ms. Johnston also serves as a key advisor to the Compensation Committee of the Company’s Board of Directors and has been part of the Company for more than 30 years.
|
Gregory D. Lindenmuth. Age 51.
Mr. Lindenmuth is Senior Executive Vice President, Chief Risk Officer of the Bank, a position he was promoted to in October 2018. Mr. Lindenmuth is responsible for enterprise risk management as well as loan review, information security and strategic services. Mr. Lindenmuth joined Berkshire in 2016 from the FDIC where he was employed for 24 years and held multiple positions including Senior Risk Examiner for the Division of Risk Management Supervision and Acting Regional Manager for the Division of Insurance and Research. With the FDIC, Mr. Lindenmuth was also a Capital Markets, Mortgage Banking and Fraud Specialist.
|
|
Allison P. O’Rourke. Age 43.
Ms. O'Rourke is Senior Executive Vice President, Chief Administrative Officer of the Bank, a position she was promoted to in October 2018. In this role, Ms. O'Rourke is responsible for information technology and project management as well as leading corporate strategy and innovation. Ms. O'Rourke previously held the positions of EVP, Corporate Sales Director and EVP, Finance and Investor Relations. She joined the Bank as Vice President, Investor Relations Officer in 2013 from NYSE Euronext and previously worked in securities brokerage with Goldman Sachs.
|
|
Wm. Gordon Prescott, Age 57.
Mr. Prescott is Senior Executive Vice President, General Counsel and Corporate Secretary of the Bank, a position he was promoted to in October 2018. Mr. Prescott joined Berkshire in 2008 as VP, General Counsel and Corporate Secretary. Mr. Prescott has 30 plus years of experience in the legal profession, including extensive experience as in-house corporate counsel, and holds a law degree from Boston University School of Law.
|
Plan category
|
|
Number of securities
to be issued upon
exercise of
outstanding options, warrants and rights
|
|
Weighted-average
exercise price of
outstanding options, warrants and rights
|
|
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities reflected in the first column)
|
||||
Equity compensation plans approved by security holders
|
|
31,422
|
|
|
$
|
10.82
|
|
|
1,357,545
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
31,422
|
|
|
$
|
10.82
|
|
|
1,357,545
|
|
(a)
|
[1]
Consolidated Financial Statements
|
•
|
•
|
•
|
•
|
•
|
•
|
•
|
[2]
|
Financial Statement Schedules
|
[3]
|
Exhibits
|
3.1
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
|
3.4
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.3
|
|
|
|
10.4
|
|
|
|
10.5
|
|
|
|
10.6
|
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
|
|
10.14
|
|
|
|
21.0
|
|
|
|
23.1
|
|
|
|
23.2
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101
|
|
|
|
|
|
(1)
|
|
Incorporated herein by reference from the Exhibits to Form S-1, Registration Statement and amendments thereto, initially filed on March 10, 2000, Registration No. 333-32146.
|
(2)
|
|
Incorporated herein by reference from the Exhibits to the Form 8-K as filed on June 26, 2017.
|
(3)
|
|
Incorporated herein by reference from the Exhibits to the Form 10-Q as filed on November 9, 2017.
|
(4)
|
|
Incorporated herein by reference from the Exhibits to the Form 8-K as filed on October 16, 2017.
|
(5)
|
|
Incorporated herein by reference from the Exhibits to the Form 8-K as filed on September 26, 2012.
|
(6)
|
|
Incorporated herein by reference from the Exhibits to the Form 8-K as filed on February 22, 2019.
|
(7)
|
|
Incorporated herein by reference from the Exhibit to the Form 10-K as filed on March 17, 2014.
|
(8)
|
|
Incorporated herein by reference from the Exhibits to the Form 8-K as filed on September 23, 2016.
|
(9)
|
|
Incorporated herein by reference from the Exhibits to the Form 10-K as filed on March 16, 2011.
|
(10)
|
|
Incorporated herein by reference from the Exhibit to the Form 8-K as filed on January 19, 2011.
|
(11)
|
|
Incorporated herein by reference from the Appendix to the Proxy Statement as filed on March 24, 2011.
|
(12)
|
|
Incorporated herein by reference from the Appendix to the Proxy Statement as filed on April 2, 2013.
|
(13)
|
|
Incorporated herein by reference from the Exhibits to the Form 8-K as filed on January 23, 2015.
|
(14)
|
|
Incorporated herein by reference from the Appendix to the Proxy Statement as filed on April 6, 2018.
|
(15)
|
|
Incorporated herein by reference from the Exhibits to the Form 10-K as filed on March 1, 2018.
|
|
Berkshire Hills Bancorp, Inc.
|
|
Date: March 1, 2019
|
By:
|
/s/ Richard M. Marotta
|
|
|
Richard M. Marotta
|
|
|
President & Chief Executive Officer
|
/s/ Richard M. Marotta
|
|
President & Chief Executive Officer
|
|
March 1, 2019
|
Richard M. Marotta
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
/s/ James M. Moses
|
|
Senior Executive Vice President, Chief Financial Officer
|
|
March 1, 2019
|
James M. Moses
|
|
(principal financial and accounting officer)
|
|
|
|
|
|
|
|
/s/ William J. Ryan
|
|
Non-Executive Chairman
|
|
March 1, 2019
|
William J. Ryan
|
|
|
|
|
|
|
|
|
|
/s/ Paul T. Bossidy
|
|
Director
|
|
March 1, 2019
|
Paul T. Bossidy
|
|
|
|
|
|
|
|
|
|
/s/ David M. Brunelle
|
|
Director
|
|
March 1, 2019
|
David M. Brunelle
|
|
|
|
|
|
|
|
|
|
/s/ Robert M. Curley
|
|
Director
|
|
March 1, 2019
|
Robert M. Curley
|
|
|
|
|
|
|
|
|
|
/s/ John B. Davies
|
|
Director
|
|
March 1, 2019
|
John B. Davies
|
|
|
|
|
|
|
|
|
|
/s/ J. Williar Dunlaevy
|
|
Director
|
|
March 1, 2019
|
J. Williar Dunlaevy
|
|
|
|
|
|
|
|
|
|
/s/ Cornelius D. Mahoney
|
|
Director
|
|
March 1, 2019
|
Cornelius D. Mahoney
|
|
|
|
|
|
|
|
|
|
/s/ Pamela A. Massad
|
|
Director
|
|
March 1, 2019
|
Pamela A. Massad
|
|
|
|
|
|
|
|
|
|
/s/ Laurie Norton Moffatt
|
|
Director
|
|
March 1, 2019
|
Laurie Norton Moffatt
|
|
|
|
|
|
|
|
|
|
/s/ Richard J. Murphy
|
|
Director
|
|
March 1, 2019
|
Richard J. Murphy
|
|
|
|
|
|
|
|
|
|
/s/ Patrick J. Sheehan
|
|
Director
|
|
March 1, 2019
|
Patrick J. Sheehan
|
|
|
|
|
|
|
|
|
|
/s/ D. Jeffrey Templeton
|
|
Director
|
|
March 1, 2019
|
D. Jeffrey Templeton
|
|
|
|
|
/s/ Richard M. Marotta
|
|
/s/ James M. Moses
|
Richard M. Marotta
|
|
James M. Moses
|
President & Chief Executive Officer
|
|
Senior Executive Vice President & Chief Financial Officer
|
March 1, 2019
|
|
March 1, 2019
|
|
|
December 31,
|
||||||
(In thousands, except share data)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
|
|
||
Cash and due from banks
|
|
$
|
100,972
|
|
|
$
|
91,122
|
|
Short-term investments
|
|
82,217
|
|
|
157,641
|
|
||
Total cash and cash equivalents
|
|
183,189
|
|
|
248,763
|
|
||
|
|
|
|
|
||||
Trading security
|
|
11,212
|
|
|
12,277
|
|
||
Marketable equity securities, at fair value
|
|
56,638
|
|
|
45,185
|
|
||
Securities available for sale, at fair value
|
|
1,399,647
|
|
|
1,380,914
|
|
||
Securities held to maturity (fair values of $371,224 in 2018 and $405,276 in 2017)
|
|
373,763
|
|
|
397,103
|
|
||
Federal Home Loan Bank stock and other restricted securities
|
|
77,344
|
|
|
63,085
|
|
||
Total securities
|
|
1,918,604
|
|
|
1,898,564
|
|
||
|
|
|
|
|
||||
Loans held for sale, at fair value
|
|
96,233
|
|
|
153,620
|
|
||
|
|
|
|
|
||||
Commercial real estate loans
|
|
3,400,221
|
|
|
3,264,742
|
|
||
Commercial and industrial loans
|
|
1,980,046
|
|
|
1,803,939
|
|
||
Residential mortgages
|
|
2,566,424
|
|
|
2,102,807
|
|
||
Consumer loans
|
|
1,096,562
|
|
|
1,127,850
|
|
||
Total loans
|
|
9,043,253
|
|
|
8,299,338
|
|
||
Less: Allowance for loan losses
|
|
(61,469
|
)
|
|
(51,834
|
)
|
||
Net loans
|
|
8,981,784
|
|
|
8,247,504
|
|
||
|
|
|
|
|
||||
Premises and equipment, net
|
|
108,367
|
|
|
109,352
|
|
||
Other real estate owned
|
|
—
|
|
|
—
|
|
||
Goodwill
|
|
518,325
|
|
|
519,287
|
|
||
Other intangible assets
|
|
33,418
|
|
|
38,296
|
|
||
Cash surrender value of bank-owned life insurance
|
|
190,609
|
|
|
191,221
|
|
||
Deferred tax assets, net
|
|
39,164
|
|
|
47,061
|
|
||
Other assets
|
|
142,538
|
|
|
117,083
|
|
||
Total assets
|
|
$
|
12,212,231
|
|
|
$
|
11,570,751
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
||
Demand deposits
|
|
$
|
1,603,019
|
|
|
$
|
1,606,656
|
|
NOW and other deposits
|
|
1,122,321
|
|
|
734,558
|
|
||
Money market deposits
|
|
2,245,195
|
|
|
2,776,157
|
|
||
Savings deposits
|
|
724,129
|
|
|
741,954
|
|
||
Time deposits
|
|
3,287,717
|
|
|
2,890,205
|
|
||
Total deposits
|
|
8,982,381
|
|
|
8,749,530
|
|
||
Short-term debt
|
|
1,118,832
|
|
|
667,300
|
|
||
Long-term Federal Home Loan Bank advances
|
|
309,466
|
|
|
380,436
|
|
||
Subordinated notes
|
|
89,518
|
|
|
89,339
|
|
||
Total borrowings
|
|
1,517,816
|
|
|
1,137,075
|
|
||
Other liabilities
|
|
159,116
|
|
|
187,882
|
|
||
Total liabilities
|
|
10,659,313
|
|
|
10,074,487
|
|
Shareholders’ equity
|
|
|
|
|
|
|
||
Preferred Stock (Series B non-voting convertible preferred stock - $0.01 par value; 2,000,000 shares authorized, 521,607 shares issued and outstanding in 2018; 1,000,000 shares authorized, 521,607 shares issued and outstanding in 2017)
|
|
40,633
|
|
|
40,633
|
|
||
Common stock ($.01 par value; 100,000,000 shares authorized, 46,211,894 shares issued, and 45,416,855 shares outstanding in 2018; 50,000,000 shares authorized, 46,211,894 shares issued, and 45,290,433 shares outstanding in 2017)
|
|
460
|
|
|
460
|
|
||
Additional paid-in capital - common stock
|
|
1,245,013
|
|
|
1,242,487
|
|
||
Unearned compensation
|
|
(6,594
|
)
|
|
(6,531
|
)
|
||
Retained earnings
|
|
308,839
|
|
|
239,179
|
|
||
Accumulated other comprehensive (loss)/income
|
|
(13,470
|
)
|
|
4,161
|
|
||
Treasury stock, at cost (795,039 shares in 2018 and 921,461 shares in 2017)
|
|
(21,963
|
)
|
|
(24,125
|
)
|
||
Total shareholders’ equity
|
|
1,552,918
|
|
|
1,496,264
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
12,212,231
|
|
|
$
|
11,570,751
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Interest and dividend income
|
|
|
|
|
|
|
|
|
|
|||
Loans
|
|
$
|
411,489
|
|
|
$
|
308,099
|
|
|
$
|
242,600
|
|
Securities and other
|
|
59,672
|
|
|
52,159
|
|
|
37,839
|
|
|||
Total interest and dividend income
|
|
471,161
|
|
|
360,258
|
|
|
280,439
|
|
|||
Interest expense
|
|
|
|
|
|
|
|
|
|
|||
Deposits
|
|
78,364
|
|
|
43,855
|
|
|
30,883
|
|
|||
Borrowings and subordinated notes
|
|
33,461
|
|
|
21,608
|
|
|
17,289
|
|
|||
Total interest expense
|
|
111,825
|
|
|
65,463
|
|
|
48,172
|
|
|||
Net interest income
|
|
359,336
|
|
|
294,795
|
|
|
232,267
|
|
|||
Non-interest income
|
|
|
|
|
|
|
|
|
|
|||
Mortgage banking income
|
|
35,197
|
|
|
54,251
|
|
|
7,555
|
|
|||
Loan related income
|
|
24,168
|
|
|
21,401
|
|
|
16,694
|
|
|||
Deposit related fees
|
|
29,806
|
|
|
27,165
|
|
|
24,963
|
|
|||
Insurance commissions and fees
|
|
10,983
|
|
|
10,589
|
|
|
10,477
|
|
|||
Wealth management fees
|
|
9,447
|
|
|
9,395
|
|
|
8,917
|
|
|||
Total fee income
|
|
109,601
|
|
|
122,801
|
|
|
68,606
|
|
|||
Other
|
|
3,557
|
|
|
(3,377
|
)
|
|
(3,289
|
)
|
|||
(Loss)/Gain on securities, net
|
|
(3,719
|
)
|
|
12,598
|
|
|
(551
|
)
|
|||
Gain on sale of business operations, net
|
|
460
|
|
|
296
|
|
|
1,085
|
|
|||
Loss on termination of hedges
|
|
—
|
|
|
(6,629
|
)
|
|
—
|
|
|||
Total non-interest income
|
|
109,899
|
|
|
125,689
|
|
|
65,851
|
|
|||
Total net revenue
|
|
469,235
|
|
|
420,484
|
|
|
298,118
|
|
|||
Provision for loan losses
|
|
25,451
|
|
|
21,025
|
|
|
17,362
|
|
|||
Non-interest expense
|
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits
|
|
165,185
|
|
|
152,979
|
|
|
104,600
|
|
|||
Occupancy and equipment
|
|
40,841
|
|
|
35,422
|
|
|
27,220
|
|
|||
Technology and communications
|
|
28,600
|
|
|
25,900
|
|
|
19,883
|
|
|||
Marketing and promotion
|
|
7,980
|
|
|
11,877
|
|
|
3,161
|
|
|||
Professional services
|
|
8,693
|
|
|
9,165
|
|
|
6,199
|
|
|||
FDIC premiums and assessments
|
|
5,734
|
|
|
6,457
|
|
|
5,066
|
|
|||
Other real estate owned and foreclosures
|
|
68
|
|
|
44
|
|
|
691
|
|
|||
Amortization of intangible assets
|
|
4,934
|
|
|
3,493
|
|
|
2,927
|
|
|||
Merger, restructuring and conversion related expenses
|
|
22,144
|
|
|
31,558
|
|
|
15,461
|
|
|||
Other
|
|
26,192
|
|
|
22,815
|
|
|
18,094
|
|
|||
Total non-interest expense
|
|
310,371
|
|
|
299,710
|
|
|
203,302
|
|
|||
Income from continuing operations before income taxes
|
|
133,413
|
|
|
99,749
|
|
|
77,454
|
|
|||
Income tax expense
|
|
27,648
|
|
|
44,502
|
|
|
18,784
|
|
|||
Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
Preferred stock dividend
|
|
918
|
|
|
219
|
|
|
—
|
|
|||
Income available to common shareholders
|
|
$
|
104,847
|
|
|
$
|
55,028
|
|
|
$
|
58,670
|
|
|
|
|
|
|
|
|
||||||
Earnings per common share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
2.30
|
|
|
$
|
1.40
|
|
|
$
|
1.89
|
|
Diluted
|
|
$
|
2.29
|
|
|
$
|
1.39
|
|
|
$
|
1.88
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
46,024
|
|
|
39,456
|
|
|
30,988
|
|
|||
Diluted
|
|
46,231
|
|
|
39,695
|
|
|
31,167
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
|
|
|||
Changes in unrealized gains and losses on securities available-for-sale
|
|
(16,923
|
)
|
|
(15,142
|
)
|
|
18,859
|
|
|||
Changes in unrealized gains and losses on derivative hedges
|
|
—
|
|
|
6,573
|
|
|
1,959
|
|
|||
Changes in unrealized gains and losses on pension
|
|
336
|
|
|
(94
|
)
|
|
515
|
|
|||
Total other comprehensive (loss)/income, before tax
|
|
(16,587
|
)
|
|
(8,663
|
)
|
|
21,333
|
|
|||
Income taxes related to other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|||
Changes in unrealized gains and losses on securities available-for-sale
|
|
4,421
|
|
|
5,610
|
|
|
(7,199
|
)
|
|||
Changes in unrealized gains and losses on derivative hedges
|
|
—
|
|
|
(2,589
|
)
|
|
(835
|
)
|
|||
Changes in unrealized gains and losses on pension
|
|
(108
|
)
|
|
37
|
|
|
(228
|
)
|
|||
Total income tax (expense) benefit related to other comprehensive income (loss)
|
|
4,313
|
|
|
3,058
|
|
|
(8,262
|
)
|
|||
Total other comprehensive (loss)/income
|
|
(12,274
|
)
|
|
(5,605
|
)
|
|
13,071
|
|
|||
Total comprehensive income
|
|
$
|
93,491
|
|
|
$
|
49,642
|
|
|
$
|
71,741
|
|
|
Preferred Stock
|
Common Stock
|
Additional paid-in
|
Unearned
|
Retained
|
Accumulated other comprehensive
|
Treasury
|
|
||||||||||||||||||||
(In thousands, except per share data)
|
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
compensation
|
earnings
|
(loss) income
|
stock
|
Total
|
||||||||||||||||||
Balance at January 1, 2016
|
—
|
|
—
|
|
30,974
|
|
$
|
322
|
|
$
|
742,619
|
|
$
|
(6,997
|
)
|
$
|
183,885
|
|
$
|
(3,305
|
)
|
$
|
(29,335
|
)
|
$
|
887,189
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
58,670
|
|
—
|
|
—
|
|
58,670
|
|
||||||||
Other net comprehensive (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
13,071
|
|
—
|
|
13,071
|
|
||||||||
Total comprehensive income
|
=sum(J5:J6)
|
|
=sum(J5:J6)
|
|
=sum(J5:J6)
|
|
=sum(J5:J6)
|
|
=sum(J5:J6)
|
|
=sum(J5:J6)
|
|
58,670
|
|
13,071
|
|
—
|
|
71,741
|
|
||||||||
Acquisition of 44 Business Capital
|
—
|
|
—
|
|
45
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,217
|
|
1,217
|
|
||||||||
Acquisition of First Choice Bank
|
—
|
|
—
|
|
4,410
|
|
44
|
|
151,004
|
|
—
|
|
—
|
|
—
|
|
—
|
|
151,048
|
|
||||||||
Cash dividends declared on common shares ($0.80 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(24,916
|
)
|
—
|
|
—
|
|
(24,916
|
)
|
||||||||
Treasury stock adjustment (1)
|
—
|
|
—
|
|
—
|
|
—
|
|
4,632
|
|
—
|
|
—
|
|
—
|
|
(4,632
|
)
|
—
|
|
||||||||
Forfeited shares
|
—
|
|
—
|
|
(70
|
)
|
—
|
|
148
|
|
1,789
|
|
—
|
|
—
|
|
(1,937
|
)
|
—
|
|
||||||||
Exercise of stock options
|
—
|
|
—
|
|
151
|
|
—
|
|
—
|
|
—
|
|
(145
|
)
|
—
|
|
3,857
|
|
3,712
|
|
||||||||
Restricted stock grants
|
—
|
|
—
|
|
211
|
|
—
|
|
575
|
|
(5,787
|
)
|
—
|
|
—
|
|
5,212
|
|
—
|
|
||||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,621
|
|
—
|
|
—
|
|
—
|
|
4,621
|
|
||||||||
Net tax benefit related to stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
||||||||
Other, net
|
—
|
|
—
|
|
(48
|
)
|
—
|
|
12
|
|
—
|
|
—
|
|
—
|
|
(1,325
|
)
|
(1,313
|
)
|
||||||||
Balance at December 31, 2016
|
—
|
|
—
|
|
35,673
|
|
$
|
366
|
|
$
|
898,989
|
|
$
|
(6,374
|
)
|
$
|
217,494
|
|
$
|
9,766
|
|
$
|
(26,943
|
)
|
$
|
1,093,298
|
|
|
Comprehensive income:
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
55,247
|
|
—
|
|
—
|
|
55,247
|
|
||||||||
Other net comprehensive (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,605
|
)
|
—
|
|
(5,605
|
)
|
||||||||
Total comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
55,247
|
|
(5,605
|
)
|
—
|
|
49,642
|
|
||||||||
Acquisition of Commerce Bank
|
522
|
|
40,633
|
|
4,842
|
|
48
|
|
188,552
|
|
—
|
|
—
|
|
—
|
|
—
|
|
229,233
|
|
||||||||
Common stock issued, net of $7.1 million offering costs
|
—
|
|
—
|
|
4,638
|
|
46
|
|
152,938
|
|
—
|
|
—
|
|
—
|
|
—
|
|
152,984
|
|
||||||||
Cash dividends declared on common shares ($0.84 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(33,022
|
)
|
—
|
|
—
|
|
(33,022
|
)
|
||||||||
Cash dividends declared on preferred shares ($0.42 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(219
|
)
|
—
|
|
—
|
|
(219
|
)
|
||||||||
Forfeited shares
|
—
|
|
—
|
|
(17
|
)
|
—
|
|
102
|
|
516
|
|
—
|
|
—
|
|
(618
|
)
|
—
|
|
||||||||
Exercise of stock options
|
—
|
|
—
|
|
19
|
|
—
|
|
—
|
|
—
|
|
(158
|
)
|
—
|
|
487
|
|
329
|
|
||||||||
Restricted stock grants
|
—
|
|
—
|
|
161
|
|
—
|
|
1,650
|
|
(5,775
|
)
|
—
|
|
—
|
|
4,125
|
|
—
|
|
||||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,102
|
|
—
|
|
—
|
|
—
|
|
5,102
|
|
||||||||
Other, net
|
—
|
|
—
|
|
(26
|
)
|
—
|
|
256
|
|
—
|
|
(163
|
)
|
—
|
|
(1,176
|
)
|
(1,083
|
)
|
||||||||
Balance at December 31, 2017
|
522
|
|
40,633
|
|
45,290
|
|
$
|
460
|
|
$
|
1,242,487
|
|
$
|
(6,531
|
)
|
$
|
239,179
|
|
$
|
4,161
|
|
$
|
(24,125
|
)
|
$
|
1,496,264
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
105,765
|
|
—
|
|
—
|
|
105,765
|
|
||||||||
Other net comprehensive (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,274
|
)
|
—
|
|
(12,274
|
)
|
||||||||
Total comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
105,765
|
|
(12,274
|
)
|
—
|
|
93,491
|
|
||||||||
Adoption of ASU No 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Liabilities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,253
|
|
(6,253
|
)
|
—
|
|
—
|
|
||||||||
Adoption of ASU No 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(896
|
)
|
896
|
|
—
|
|
—
|
|
||||||||
Cash dividends declared on common shares ($0.88 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(39,966
|
)
|
—
|
|
—
|
|
(39,966
|
)
|
||||||||
Cash dividends declared on preferred shares ($1.76 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(918
|
)
|
—
|
|
—
|
|
(918
|
)
|
||||||||
Forfeited shares
|
—
|
|
—
|
|
(65
|
)
|
—
|
|
90
|
|
2,189
|
|
—
|
|
—
|
|
(2,279
|
)
|
—
|
|
||||||||
Exercise of stock options
|
—
|
|
—
|
|
33
|
|
—
|
|
—
|
|
—
|
|
(578
|
)
|
—
|
|
904
|
|
326
|
|
||||||||
Restricted stock grants
|
—
|
|
—
|
|
185
|
|
—
|
|
2,157
|
|
(7,011
|
)
|
—
|
|
—
|
|
4,854
|
|
—
|
|
||||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,759
|
|
—
|
|
—
|
|
—
|
|
4,759
|
|
||||||||
Other, net
|
—
|
|
—
|
|
(26
|
)
|
—
|
|
279
|
|
—
|
|
—
|
|
—
|
|
(1,317
|
)
|
(1,038
|
)
|
||||||||
Balance at December 31, 2018
|
522
|
|
$
|
40,633
|
|
45,417
|
|
$
|
460
|
|
$
|
1,245,013
|
|
$
|
(6,594
|
)
|
$
|
308,839
|
|
$
|
(13,470
|
)
|
$
|
(21,963
|
)
|
$
|
1,552,918
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Provision for loan losses
|
|
25,451
|
|
|
21,025
|
|
|
17,362
|
|
|||
Net amortization of securities
|
|
2,837
|
|
|
1,678
|
|
|
4,052
|
|
|||
Change in unamortized net loan origination costs and premiums
|
|
(1,004
|
)
|
|
2,232
|
|
|
(4,138
|
)
|
|||
Premises and equipment depreciation and amortization expense
|
|
10,795
|
|
|
9,916
|
|
|
8,393
|
|
|||
Stock-based compensation expense
|
|
4,759
|
|
|
5,102
|
|
|
4,621
|
|
|||
Accretion of purchase accounting entries, net
|
|
(24,000
|
)
|
|
(18,189
|
)
|
|
(9,407
|
)
|
|||
Amortization of other intangibles
|
|
4,934
|
|
|
3,493
|
|
|
2,927
|
|
|||
Write down of other real estate owned
|
|
—
|
|
|
10
|
|
|
395
|
|
|||
Excess tax loss from stock-based payment arrangements
|
|
—
|
|
|
—
|
|
|
(105
|
)
|
|||
Income from cash surrender value of bank-owned life insurance policies
|
|
(6,232
|
)
|
|
(3,615
|
)
|
|
(3,913
|
)
|
|||
Securities losses (gains), net
|
|
3,719
|
|
|
(12,598
|
)
|
|
551
|
|
|||
Net decrease (increase) in loans held-for-sale
|
|
57,387
|
|
|
(32,947
|
)
|
|
5,185
|
|
|||
Loss on disposition of assets
|
|
152
|
|
|
912
|
|
|
1,318
|
|
|||
(Gain) loss on sale of real estate
|
|
—
|
|
|
(51
|
)
|
|
40
|
|
|||
Amortization of interest in tax-advantaged projects
|
|
4,618
|
|
|
8,477
|
|
|
8,882
|
|
|||
Remeasurement of deferred tax asset
|
|
—
|
|
|
18,145
|
|
|
—
|
|
|||
Net change in other
|
|
33,073
|
|
|
19,254
|
|
|
3,309
|
|
|||
Net cash provided by operating activities
|
|
222,254
|
|
|
78,091
|
|
|
98,142
|
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Net decrease in trading security
|
|
665
|
|
|
632
|
|
|
599
|
|
|||
Proceeds from sales of marketable equity securities and securities available for sale
|
|
38,603
|
|
|
188,921
|
|
|
421,843
|
|
|||
Purchases of marketable equity securities and securities available for sale
|
|
(282,085
|
)
|
|
(498,646
|
)
|
|
(400,053
|
)
|
|||
Proceeds from maturities, calls, and prepayments of securities available for sale
|
|
188,076
|
|
|
206,648
|
|
|
166,736
|
|
|||
Proceeds from maturities, calls, and prepayments of securities held to maturity
|
|
36,746
|
|
|
12,600
|
|
|
7,734
|
|
|||
Purchases of securities held to maturity
|
|
(15,391
|
)
|
|
(77,208
|
)
|
|
(7,115
|
)
|
|||
Net change in loans
|
|
(801,876
|
)
|
|
(468,331
|
)
|
|
(334,347
|
)
|
|||
Acquisitions, net of cash paid
|
|
—
|
|
|
374,611
|
|
|
(48,180
|
)
|
|||
Proceeds from surrender of bank-owned life insurance
|
|
854
|
|
|
310
|
|
|
258
|
|
|||
Purchase of bank-owned life insurance
|
|
—
|
|
|
(20,000
|
)
|
|
—
|
|
|||
Proceeds from sale of Federal Home Loan Bank stock
|
|
61,831
|
|
|
96,378
|
|
|
19,461
|
|
|||
Purchase of Federal Home Loan Bank stock
|
|
(76,090
|
)
|
|
(88,351
|
)
|
|
(19,555
|
)
|
|||
Net investment in limited partnership tax credits
|
|
(4,724
|
)
|
|
(5,102
|
)
|
|
(7,616
|
)
|
|||
Proceeds from sale of premises and equipment
|
|
—
|
|
|
—
|
|
|
226
|
|
|||
Purchase of premises and equipment, net
|
|
(9,726
|
)
|
|
(12,528
|
)
|
|
(9,101
|
)
|
|||
Payment to terminate cash flow hedges
|
|
—
|
|
|
6,573
|
|
|
—
|
|
|||
Proceeds from sale of other real estate owned
|
|
1,600
|
|
|
590
|
|
|
1,515
|
|
|||
Net cash used in investing activities
|
|
(861,517
|
)
|
|
(282,903
|
)
|
|
(207,595
|
)
|
|
|
Years ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|||
Net increase in deposits
|
|
$
|
233,704
|
|
|
$
|
418,550
|
|
|
$
|
140,730
|
|
Proceeds from Federal Home Loan Bank advances and other borrowings
|
|
4,767,766
|
|
|
5,978,358
|
|
|
9,364,599
|
|
|||
Repayments of Federal Home Loan Bank advances and other borrowings
|
|
(4,387,223
|
)
|
|
(6,174,781
|
)
|
|
(9,365,159
|
)
|
|||
Issuance of common stock, net
|
|
—
|
|
|
152,985
|
|
|
—
|
|
|||
Exercise of stock options
|
|
326
|
|
|
329
|
|
|
3,712
|
|
|||
Common and preferred stock cash dividends paid
|
|
(40,884
|
)
|
|
(33,241
|
)
|
|
(24,916
|
)
|
|||
Acquisition contingent consideration paid
|
|
—
|
|
|
(1,700
|
)
|
|
—
|
|
|||
Net cash provided by financing activities
|
|
573,689
|
|
|
340,500
|
|
|
118,966
|
|
|||
|
|
|
|
|
|
|
||||||
Net change in cash and cash equivalents
|
|
(65,574
|
)
|
|
135,688
|
|
|
9,513
|
|
|||
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of year
|
|
248,763
|
|
|
113,075
|
|
|
103,562
|
|
|||
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at end of year
|
|
$
|
183,189
|
|
|
$
|
248,763
|
|
|
$
|
113,075
|
|
|
|
|
|
|
|
|
||||||
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|||
Interest paid on deposits
|
|
$
|
74,565
|
|
|
$
|
43,133
|
|
|
$
|
28,777
|
|
Interest paid on borrowed funds
|
|
32,274
|
|
|
21,336
|
|
|
16,674
|
|
|||
Income taxes paid, net
|
|
3,029
|
|
|
18,323
|
|
|
16,229
|
|
|||
|
|
|
|
|
|
|
||||||
Acquisition of non-cash assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|||
Assets acquired
|
|
—
|
|
|
1,584,786
|
|
|
1,169,086
|
|
|||
Liabilities assumed
|
|
—
|
|
|
(1,959,489
|
)
|
|
(965,529
|
)
|
|||
|
|
|
|
|
|
|
||||||
Other non-cash changes:
|
|
|
|
|
|
|
|
|
|
|||
Other net comprehensive (loss) income
|
|
(12,274
|
)
|
|
(5,605
|
)
|
|
13,071
|
|
|||
Real estate owned acquired in settlement of loans
|
|
1,600
|
|
|
490
|
|
|
340
|
|
|
|
|
Fair Value
|
As Recorded by
|
|||||
(In thousands)
|
|
As Acquired
|
Adjustments
|
the Company
|
|||||
Consideration Paid:
|
|
|
|
|
|||||
Company common stock issued to Commerce common shareholders
|
|
|
|
$
|
188,599
|
|
|||
Company preferred stock issued to certain Commerce shareholders
|
|
|
|
40,633
|
|
||||
Cash in lieu paid to Commerce shareholders
|
|
|
|
1
|
|
||||
Total consideration paid
|
|
|
|
229,233
|
|
||||
Recognized amounts of identifiable assets acquired and (liabilities) assumed, at fair value:
|
|
|
|||||||
Cash and short-term investments
|
|
$
|
374,611
|
|
—
|
|
$
|
374,611
|
|
Investment securities
|
|
115,274
|
|
(1,427
|
)
|
113,847
|
|
||
Loans, net
|
|
1,327,256
|
|
(86,505
|
)
|
1,240,751
|
|
||
Premises and equipment
|
|
8,931
|
|
5,346
|
|
14,277
|
|
||
Core deposit intangibles
|
|
—
|
|
22,400
|
|
22,400
|
|
||
Deferred tax assets, net
|
|
7,956
|
|
27,060
|
|
35,016
|
|
||
Goodwill and other intangibles
|
|
11,233
|
|
(11,233
|
)
|
—
|
|
||
Other assets
|
|
52,709
|
|
(3,182
|
)
|
49,527
|
|
||
Deposits
|
|
(1,710,872
|
)
|
(1,180
|
)
|
(1,712,052
|
)
|
||
Borrowings
|
|
(19,542
|
)
|
—
|
|
(19,542
|
)
|
||
Other liabilities
|
|
(5,086
|
)
|
265
|
|
(4,821
|
)
|
||
Total identifiable net assets
|
|
$
|
162,470
|
|
(48,456
|
)
|
114,014
|
|
|
|
|
|
|
|
|||||
Goodwill
|
|
|
|
115,219
|
|
•
|
National and local economic conditions, regulatory/legislative changes, or other competitive factors affecting the collectability of the portfolio
|
•
|
Trends in underwriting characteristics, composition of the portfolio, and/or asset quality
|
•
|
Changes in underwriting standards and/or collection, charge off, recovery, and account management practice
|
•
|
The existence and effect of any concentrations of credit
|
•
|
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (additional information is disclosed in Note 23 - Revenue of the Consolidated Financial Statements);
|
•
|
ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
|
(In thousands)
|
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Municipal bonds and obligations
|
|
$
|
109,648
|
|
|
$
|
2,272
|
|
|
$
|
(713
|
)
|
|
$
|
111,207
|
|
Agency collateralized mortgage obligations
|
|
944,946
|
|
|
1,130
|
|
|
(15,192
|
)
|
|
930,884
|
|
||||
Agency mortgage-backed securities
|
|
175,406
|
|
|
36
|
|
|
(5,121
|
)
|
|
170,321
|
|
||||
Agency commercial mortgage-backed securities
|
|
62,200
|
|
|
—
|
|
|
(3,275
|
)
|
|
58,925
|
|
||||
Corporate bonds
|
|
112,404
|
|
|
342
|
|
|
(1,256
|
)
|
|
111,490
|
|
||||
Trust preferred securities
|
|
8,314
|
|
|
251
|
|
|
(99
|
)
|
|
8,466
|
|
||||
Other bonds and obligations
|
|
8,355
|
|
|
34
|
|
|
(35
|
)
|
|
8,354
|
|
||||
Total securities available for sale
|
|
1,421,273
|
|
|
4,065
|
|
|
(25,691
|
)
|
|
1,399,647
|
|
||||
Securities held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Municipal bonds and obligations
|
|
264,524
|
|
|
3,569
|
|
|
(3,601
|
)
|
|
264,492
|
|
||||
Agency collateralized mortgage obligations
|
|
71,637
|
|
|
533
|
|
|
(778
|
)
|
|
71,392
|
|
||||
Agency mortgage-backed securities
|
|
7,219
|
|
|
—
|
|
|
(297
|
)
|
|
6,922
|
|
||||
Agency commercial mortgage-backed securities
|
|
10,417
|
|
|
—
|
|
|
(289
|
)
|
|
10,128
|
|
||||
Tax advantaged economic development bonds
|
|
19,718
|
|
|
22
|
|
|
(1,698
|
)
|
|
18,042
|
|
||||
Other bonds and obligations
|
|
248
|
|
|
—
|
|
|
—
|
|
|
248
|
|
||||
Total securities held to maturity
|
|
373,763
|
|
|
4,124
|
|
|
(6,663
|
)
|
|
371,224
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Marketable equity securities
|
|
55,471
|
|
|
4,370
|
|
|
(3,203
|
)
|
|
56,638
|
|
||||
Total
|
|
$
|
1,850,507
|
|
|
$
|
12,559
|
|
|
$
|
(35,557
|
)
|
|
$
|
1,827,509
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Municipal bonds and obligations
|
|
$
|
113,427
|
|
|
$
|
5,012
|
|
|
$
|
(206
|
)
|
|
$
|
118,233
|
|
Agency collateralized mortgage obligations
|
|
859,705
|
|
|
397
|
|
|
(8,944
|
)
|
|
851,158
|
|
||||
Agency mortgage-backed securities
|
|
218,926
|
|
|
279
|
|
|
(2,265
|
)
|
|
216,940
|
|
||||
Agency commercial mortgage-backed securities
|
|
64,025
|
|
|
41
|
|
|
(1,761
|
)
|
|
62,305
|
|
||||
Corporate bonds
|
|
110,076
|
|
|
882
|
|
|
(237
|
)
|
|
110,721
|
|
||||
Trust preferred securities
|
|
11,334
|
|
|
343
|
|
|
—
|
|
|
11,677
|
|
||||
Other bonds and obligations
|
|
9,757
|
|
|
154
|
|
|
(31
|
)
|
|
9,880
|
|
||||
Total securities available for sale
|
|
1,387,250
|
|
|
7,108
|
|
|
(13,444
|
)
|
|
1,380,914
|
|
||||
Securities held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Municipal bonds and obligations
|
|
270,310
|
|
|
8,675
|
|
|
(90
|
)
|
|
278,895
|
|
||||
Agency collateralized mortgage-backed securities
|
|
73,742
|
|
|
1,045
|
|
|
(486
|
)
|
|
74,301
|
|
||||
Agency mortgage-backed securities
|
|
7,892
|
|
|
—
|
|
|
(164
|
)
|
|
7,728
|
|
||||
Agency commercial mortgage-backed securities
|
|
10,481
|
|
|
—
|
|
|
(268
|
)
|
|
10,213
|
|
||||
Tax advantaged economic development bonds
|
|
34,357
|
|
|
596
|
|
|
(1,135
|
)
|
|
33,818
|
|
||||
Other bonds and obligations
|
|
321
|
|
|
—
|
|
|
—
|
|
|
321
|
|
||||
Total securities held to maturity
|
|
397,103
|
|
|
10,316
|
|
|
(2,143
|
)
|
|
405,276
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Marketable equity securities
|
|
36,483
|
|
|
9,211
|
|
|
(509
|
)
|
|
45,185
|
|
||||
Total
|
|
$
|
1,820,836
|
|
|
$
|
26,635
|
|
|
$
|
(16,096
|
)
|
|
$
|
1,831,375
|
|
|
|
Available for sale
|
|
Held to maturity
|
||||||||||||
(In thousands)
|
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
||||||||
Within 1 year
|
|
$
|
4,277
|
|
|
$
|
4,264
|
|
|
$
|
3,151
|
|
|
$
|
3,151
|
|
Over 1 year to 5 years
|
|
30,065
|
|
|
30,123
|
|
|
14,286
|
|
|
14,256
|
|
||||
Over 5 years to 10 years
|
|
75,361
|
|
|
75,614
|
|
|
12,766
|
|
|
12,826
|
|
||||
Over 10 years
|
|
129,018
|
|
|
129,516
|
|
|
254,287
|
|
|
252,549
|
|
||||
Total bonds and obligations
|
|
238,721
|
|
|
239,517
|
|
|
284,490
|
|
|
282,782
|
|
||||
Mortgage-backed securities
|
|
1,182,552
|
|
|
1,160,130
|
|
|
89,273
|
|
|
88,442
|
|
||||
Total
|
|
$
|
1,421,273
|
|
|
$
|
1,399,647
|
|
|
$
|
373,763
|
|
|
$
|
371,224
|
|
|
|
2018
|
|
2017
|
||||||||||||
(In thousands)
|
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
||||||||
Securities pledged to swap counterparties
|
|
$
|
13,093
|
|
|
$
|
12,819
|
|
|
$
|
24,410
|
|
|
$
|
24,240
|
|
Securities pledged for municipal deposits
|
|
187,636
|
|
|
188,423
|
|
|
210,382
|
|
|
214,513
|
|
||||
Total
|
|
$
|
200,729
|
|
|
$
|
201,242
|
|
|
$
|
234,792
|
|
|
$
|
238,753
|
|
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Gross recognized gains
|
|
$
|
3,256
|
|
|
$
|
13,877
|
|
|
$
|
2,762
|
|
Gross recognized losses
|
|
(6,975
|
)
|
|
(1,279
|
)
|
|
(3,313
|
)
|
|||
Net recognized (losses)/gains
|
|
$
|
(3,719
|
)
|
|
$
|
12,598
|
|
|
$
|
(551
|
)
|
|
|
Less Than Twelve Months
|
|
Over Twelve Months
|
|
Total
|
||||||||||||||||||
(In thousands)
|
|
Gross
Unrealized Losses |
|
Fair
Value |
|
Gross
Unrealized Losses |
|
Fair
Value |
|
Gross
Unrealized Losses |
|
Fair
Value |
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Municipal bonds and obligations
|
|
$
|
55
|
|
|
$
|
3,186
|
|
|
$
|
658
|
|
|
$
|
11,787
|
|
|
$
|
713
|
|
|
$
|
14,973
|
|
Agency collateralized mortgage obligations
|
|
76
|
|
|
39,114
|
|
|
15,116
|
|
|
755,528
|
|
|
15,192
|
|
|
794,642
|
|
||||||
Agency mortgage-backed securities
|
|
53
|
|
|
5,500
|
|
|
5,068
|
|
|
162,439
|
|
|
5,121
|
|
|
167,939
|
|
||||||
Agency commercial mortgage-back securities
|
|
44
|
|
|
1,503
|
|
|
3,231
|
|
|
57,422
|
|
|
3,275
|
|
|
58,925
|
|
||||||
Corporate bonds
|
|
1,249
|
|
|
74,434
|
|
|
7
|
|
|
2,561
|
|
|
1,256
|
|
|
76,995
|
|
||||||
Trust preferred securities
|
|
99
|
|
|
7,068
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
7,068
|
|
||||||
Other bonds and obligations
|
|
—
|
|
|
—
|
|
|
35
|
|
|
3,030
|
|
|
35
|
|
|
3,030
|
|
||||||
Total securities available for sale
|
|
$
|
1,576
|
|
|
$
|
130,805
|
|
|
$
|
24,115
|
|
|
$
|
992,767
|
|
|
$
|
25,691
|
|
|
$
|
1,123,572
|
|
Securities held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Municipal bonds and obligations
|
|
127
|
|
|
17,596
|
|
|
3,474
|
|
|
103,759
|
|
|
3,601
|
|
|
121,355
|
|
||||||
Agency collateralized mortgage obligations
|
|
—
|
|
|
—
|
|
|
778
|
|
|
43,138
|
|
|
778
|
|
|
43,138
|
|
||||||
Agency mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
297
|
|
|
6,922
|
|
|
297
|
|
|
6,922
|
|
||||||
Agency commercial mortgage-back securities
|
|
—
|
|
|
—
|
|
|
289
|
|
|
10,128
|
|
|
289
|
|
|
10,128
|
|
||||||
Tax advantaged economic development bonds
|
|
65
|
|
|
8,078
|
|
|
1,633
|
|
|
6,512
|
|
|
1,698
|
|
|
14,590
|
|
||||||
Total securities held to maturity
|
|
192
|
|
|
25,674
|
|
|
6,471
|
|
|
170,459
|
|
|
6,663
|
|
|
196,133
|
|
||||||
Total
|
|
$
|
1,768
|
|
|
$
|
156,479
|
|
|
$
|
30,586
|
|
|
$
|
1,163,226
|
|
|
$
|
32,354
|
|
|
$
|
1,319,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Municipal bonds and obligations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
206
|
|
|
$
|
8,985
|
|
|
$
|
206
|
|
|
$
|
8,985
|
|
Agency collateralized mortgage obligations
|
|
6,849
|
|
|
655,479
|
|
|
2,095
|
|
|
80,401
|
|
|
8,944
|
|
|
735,880
|
|
||||||
Agency mortgage-backed securities
|
|
765
|
|
|
95,800
|
|
|
1,500
|
|
|
65,323
|
|
|
2,265
|
|
|
161,123
|
|
||||||
Agency commercial mortgage-backed securities
|
|
334
|
|
|
17,379
|
|
|
1,427
|
|
|
39,268
|
|
|
1,761
|
|
|
56,647
|
|
||||||
Corporate bonds
|
|
1
|
|
|
328
|
|
|
236
|
|
|
15,769
|
|
|
237
|
|
|
16,097
|
|
||||||
Trust preferred securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other bonds and obligations
|
|
11
|
|
|
1,096
|
|
|
20
|
|
|
2,004
|
|
|
31
|
|
|
3,100
|
|
||||||
Total securities available for sale
|
|
$
|
7,960
|
|
|
$
|
770,082
|
|
|
$
|
5,484
|
|
|
$
|
211,750
|
|
|
$
|
13,444
|
|
|
$
|
981,832
|
|
Securities held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Municipal bonds and obligations
|
|
35
|
|
|
10,213
|
|
|
55
|
|
|
2,059
|
|
|
90
|
|
|
12,272
|
|
||||||
Agency collateralized mortgage obligations
|
|
—
|
|
|
—
|
|
|
486
|
|
|
12,946
|
|
|
486
|
|
|
12,946
|
|
||||||
Agency mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
164
|
|
|
7,728
|
|
|
164
|
|
|
7,728
|
|
||||||
Agency commercial mortgage-back securities
|
|
—
|
|
|
—
|
|
|
268
|
|
|
10,213
|
|
|
268
|
|
|
10,213
|
|
||||||
Tax advantaged economic development bonds
|
|
1,135
|
|
|
7,305
|
|
|
—
|
|
|
—
|
|
|
1,135
|
|
|
7,305
|
|
||||||
Total securities held to maturity
|
|
1,170
|
|
|
17,518
|
|
|
973
|
|
|
32,946
|
|
|
2,143
|
|
|
50,464
|
|
||||||
Total
|
|
$
|
9,130
|
|
|
$
|
787,600
|
|
|
$
|
6,457
|
|
|
$
|
244,696
|
|
|
$
|
15,587
|
|
|
$
|
1,032,296
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(In thousands)
|
|
Business Activities Loans
|
|
Acquired Loans
|
|
Total
|
|
Business Activities Loans
|
|
Acquired Loans
|
|
Total
|
||||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction
|
|
$
|
327,792
|
|
|
$
|
25,220
|
|
|
$
|
353,012
|
|
|
$
|
181,371
|
|
|
$
|
84,965
|
|
|
$
|
266,336
|
|
Other commercial real estate
|
|
2,260,919
|
|
|
786,290
|
|
|
3,047,209
|
|
|
2,036,336
|
|
|
962,070
|
|
|
2,998,406
|
|
||||||
Total commercial real estate
|
|
2,588,711
|
|
|
811,510
|
|
|
3,400,221
|
|
|
2,217,707
|
|
|
1,047,035
|
|
|
3,264,742
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial loans
|
|
1,513,538
|
|
|
466,508
|
|
|
1,980,046
|
|
|
1,182,569
|
|
|
621,370
|
|
|
1,803,939
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total commercial loans
|
|
4,102,249
|
|
|
1,278,018
|
|
|
5,380,267
|
|
|
3,400,276
|
|
|
1,668,405
|
|
|
5,068,681
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-4 family
|
|
2,317,716
|
|
|
238,952
|
|
|
2,556,668
|
|
|
1,808,024
|
|
|
289,373
|
|
|
2,097,397
|
|
||||||
Construction
|
|
9,582
|
|
|
174
|
|
|
9,756
|
|
|
5,177
|
|
|
233
|
|
|
5,410
|
|
||||||
Total residential mortgages
|
|
2,327,298
|
|
|
239,126
|
|
|
2,566,424
|
|
|
1,813,201
|
|
|
289,606
|
|
|
2,102,807
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Home equity
|
|
289,961
|
|
|
86,719
|
|
|
376,680
|
|
|
294,954
|
|
|
115,227
|
|
|
410,181
|
|
||||||
Auto and other
|
|
647,236
|
|
|
72,646
|
|
|
719,882
|
|
|
603,767
|
|
|
113,902
|
|
|
717,669
|
|
||||||
Total consumer loans
|
|
937,197
|
|
|
159,365
|
|
|
1,096,562
|
|
|
898,721
|
|
|
229,129
|
|
|
1,127,850
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans
|
|
$
|
7,366,744
|
|
|
$
|
1,676,509
|
|
|
$
|
9,043,253
|
|
|
$
|
6,112,198
|
|
|
$
|
2,187,140
|
|
|
$
|
8,299,338
|
|
(In thousands)
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
Unamortized net loan origination costs
|
|
$
|
25,761
|
|
|
$
|
24,669
|
|
Unamortized net premium on purchased loans
|
|
2,792
|
|
|
4,311
|
|
||
Total unamortized net costs and premiums
|
|
$
|
28,553
|
|
|
$
|
28,980
|
|
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Balance at beginning of period
|
|
$
|
11,561
|
|
|
$
|
8,738
|
|
|
$
|
6,925
|
|
Accretion
|
|
(23,109
|
)
|
|
(14,810
|
)
|
|
(8,149
|
)
|
|||
Additions
|
|
—
|
|
|
10,815
|
|
|
6,125
|
|
|||
Net reclassification from/(to) nonaccretable difference
|
|
17,347
|
|
|
9,198
|
|
|
7,040
|
|
|||
Payments received, net
|
|
(2,878
|
)
|
|
(2,380
|
)
|
|
(3,018
|
)
|
|||
Reclassification to TDR
|
|
—
|
|
|
—
|
|
|
(185
|
)
|
|||
Disposals
|
|
(81
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at end of period
|
|
$
|
2,840
|
|
|
$
|
11,561
|
|
|
$
|
8,738
|
|
(in thousands)
|
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
>90 Days Past Due
|
|
Total Past
Due |
|
Current
|
|
Total Loans
|
|
Past Due >
90 days and Accruing |
||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
327,792
|
|
|
$
|
327,792
|
|
|
$
|
—
|
|
Commercial real estate
|
|
913
|
|
|
276
|
|
|
18,833
|
|
|
20,022
|
|
|
2,240,897
|
|
|
2,260,919
|
|
|
993
|
|
|||||||
Total
|
|
913
|
|
|
276
|
|
|
18,833
|
|
|
20,022
|
|
|
2,568,689
|
|
|
2,588,711
|
|
|
993
|
|
|||||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
|
4,694
|
|
|
975
|
|
|
4,636
|
|
|
10,305
|
|
|
1,503,233
|
|
|
1,513,538
|
|
|
4
|
|
|||||||
Residential mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1-4 family
|
|
1,631
|
|
|
1,619
|
|
|
1,440
|
|
|
4,690
|
|
|
2,313,026
|
|
|
2,317,716
|
|
|
66
|
|
|||||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,582
|
|
|
9,582
|
|
|
—
|
|
|||||||
Total
|
|
1,631
|
|
|
1,619
|
|
|
1,440
|
|
|
4,690
|
|
|
2,322,608
|
|
|
2,327,298
|
|
|
66
|
|
|||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Home equity
|
|
618
|
|
|
15
|
|
|
933
|
|
|
1,566
|
|
|
288,395
|
|
|
289,961
|
|
|
—
|
|
|||||||
Auto and other
|
|
3,543
|
|
|
615
|
|
|
1,699
|
|
|
5,857
|
|
|
641,379
|
|
|
647,236
|
|
|
—
|
|
|||||||
Total
|
|
4,161
|
|
|
630
|
|
|
2,632
|
|
|
7,423
|
|
|
929,774
|
|
|
937,197
|
|
|
—
|
|
|||||||
Total
|
|
$
|
11,399
|
|
|
$
|
3,500
|
|
|
$
|
27,541
|
|
|
$
|
42,440
|
|
|
$
|
7,324,304
|
|
|
$
|
7,366,744
|
|
|
$
|
1,063
|
|
(in thousands)
|
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
>90 Days Past Due
|
|
Total Past
Due |
|
Current
|
|
Total Loans
|
|
Past Due >
90 days and Accruing |
||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
181,371
|
|
|
$
|
181,371
|
|
|
$
|
—
|
|
Commercial real estate
|
|
1,925
|
|
|
48
|
|
|
5,474
|
|
|
7,447
|
|
|
2,028,889
|
|
|
2,036,336
|
|
|
457
|
|
|||||||
Total
|
|
1,925
|
|
|
48
|
|
|
5,474
|
|
|
7,447
|
|
|
2,210,260
|
|
|
2,217,707
|
|
|
457
|
|
|||||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
|
4,031
|
|
|
1,912
|
|
|
6,023
|
|
|
11,966
|
|
|
1,170,603
|
|
|
1,182,569
|
|
|
128
|
|
|||||||
Residential mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1-4 family
|
|
2,412
|
|
|
242
|
|
|
2,186
|
|
|
4,840
|
|
|
1,803,184
|
|
|
1,808,024
|
|
|
520
|
|
|||||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,177
|
|
|
5,177
|
|
|
—
|
|
|||||||
Total
|
|
2,412
|
|
|
242
|
|
|
2,186
|
|
|
4,840
|
|
|
1,808,361
|
|
|
1,813,201
|
|
|
520
|
|
|||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Home equity
|
|
444
|
|
|
1,235
|
|
|
1,747
|
|
|
3,426
|
|
|
291,528
|
|
|
294,954
|
|
|
120
|
|
|||||||
Auto and other
|
|
3,389
|
|
|
599
|
|
|
1,597
|
|
|
5,585
|
|
|
598,182
|
|
|
603,767
|
|
|
143
|
|
|||||||
Total
|
|
3,833
|
|
|
1,834
|
|
|
3,344
|
|
|
9,011
|
|
|
889,710
|
|
|
898,721
|
|
|
263
|
|
|||||||
Total
|
|
$
|
12,201
|
|
|
$
|
4,036
|
|
|
$
|
17,027
|
|
|
$
|
33,264
|
|
|
$
|
6,078,934
|
|
|
$
|
6,112,198
|
|
|
$
|
1,368
|
|
(in thousands)
|
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
>90 Days Past Due
|
|
Total Past
Due |
|
Acquired
Credit Impaired |
|
Total Loans
|
|
Past Due >
90 days and Accruing |
||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,220
|
|
|
$
|
—
|
|
Commercial real estate
|
|
2,603
|
|
|
1,127
|
|
|
4,183
|
|
|
7,913
|
|
|
11,994
|
|
|
786,290
|
|
|
1,652
|
|
|||||||
Total
|
|
2,603
|
|
|
1,127
|
|
|
4,183
|
|
|
7,913
|
|
|
11,994
|
|
|
811,510
|
|
|
1,652
|
|
|||||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
|
217
|
|
|
147
|
|
|
1,515
|
|
|
1,879
|
|
|
29,539
|
|
|
466,508
|
|
|
144
|
|
|||||||
Residential mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1-4 family
|
|
1,382
|
|
|
144
|
|
|
918
|
|
|
2,444
|
|
|
4,888
|
|
|
238,952
|
|
|
75
|
|
|||||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174
|
|
|
—
|
|
|||||||
Total
|
|
1,382
|
|
|
144
|
|
|
918
|
|
|
2,444
|
|
|
4,888
|
|
|
239,126
|
|
|
75
|
|
|||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Home equity
|
|
290
|
|
|
148
|
|
|
751
|
|
|
1,189
|
|
|
553
|
|
|
86,719
|
|
|
—
|
|
|||||||
Auto and other
|
|
193
|
|
|
62
|
|
|
547
|
|
|
802
|
|
|
314
|
|
|
72,646
|
|
|
96
|
|
|||||||
Total
|
|
483
|
|
|
210
|
|
|
1,298
|
|
|
1,991
|
|
|
867
|
|
|
159,365
|
|
|
96
|
|
|||||||
Total
|
|
$
|
4,685
|
|
|
$
|
1,628
|
|
|
$
|
7,914
|
|
|
$
|
14,227
|
|
|
$
|
47,288
|
|
|
$
|
1,676,509
|
|
|
$
|
1,967
|
|
(in thousands)
|
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
>90 Days Past Due
|
|
Total Past
Due |
|
Acquired
Credit Impaired |
|
Total Loans
|
|
Past Due >
90 days and Accruing |
||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,655
|
|
|
$
|
84,965
|
|
|
$
|
—
|
|
Commercial real estate
|
|
1,487
|
|
|
1,875
|
|
|
2,359
|
|
|
5,721
|
|
|
45,647
|
|
|
962,070
|
|
|
109
|
|
|||||||
Total
|
|
1,487
|
|
|
1,875
|
|
|
2,359
|
|
|
5,721
|
|
|
53,302
|
|
|
1,047,035
|
|
|
109
|
|
|||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
|
1,252
|
|
|
268
|
|
|
1,439
|
|
|
2,959
|
|
|
34,629
|
|
|
621,370
|
|
|
23
|
|
|||||||
Residential mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1-4 family
|
|
957
|
|
|
2,581
|
|
|
1,247
|
|
|
4,785
|
|
|
6,974
|
|
|
289,373
|
|
|
30
|
|
|||||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233
|
|
|
—
|
|
|||||||
Total
|
|
957
|
|
|
2,581
|
|
|
1,247
|
|
|
4,785
|
|
|
6,974
|
|
|
289,606
|
|
|
30
|
|
|||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Home equity
|
|
286
|
|
|
40
|
|
|
1,965
|
|
|
2,291
|
|
|
1,956
|
|
|
115,227
|
|
|
—
|
|
|||||||
Auto and other
|
|
346
|
|
|
135
|
|
|
430
|
|
|
911
|
|
|
483
|
|
|
113,902
|
|
|
38
|
|
|||||||
Total
|
|
632
|
|
|
175
|
|
|
2,395
|
|
|
3,202
|
|
|
2,439
|
|
|
229,129
|
|
|
38
|
|
|||||||
Total
|
|
$
|
4,328
|
|
|
$
|
4,899
|
|
|
$
|
7,440
|
|
|
$
|
16,667
|
|
|
$
|
97,344
|
|
|
$
|
2,187,140
|
|
|
$
|
200
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(In thousands)
|
|
Business Activities
Loans |
|
Acquired Loans
|
|
Total
|
|
Business Activities
Loans |
|
Acquired Loans
|
|
Total
|
||||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
17,840
|
|
|
2,531
|
|
|
20,371
|
|
|
5,017
|
|
|
2,250
|
|
|
7,267
|
|
||||||
Total
|
|
17,840
|
|
|
2,531
|
|
|
20,371
|
|
|
5,017
|
|
|
2,250
|
|
|
7,267
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total
|
|
4,632
|
|
|
1,371
|
|
|
6,003
|
|
|
5,895
|
|
|
1,333
|
|
|
7,228
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-4 family
|
|
1,374
|
|
|
843
|
|
|
2,217
|
|
|
1,666
|
|
|
1,217
|
|
|
2,883
|
|
||||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
1,374
|
|
|
843
|
|
|
2,217
|
|
|
1,666
|
|
|
1,217
|
|
|
2,883
|
|
||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Home equity
|
|
933
|
|
|
751
|
|
|
1,684
|
|
|
1,627
|
|
|
1,965
|
|
|
3,592
|
|
||||||
Auto and other
|
|
1,699
|
|
|
451
|
|
|
2,150
|
|
|
1,454
|
|
|
392
|
|
|
1,846
|
|
||||||
Total
|
|
2,632
|
|
|
1,202
|
|
|
3,834
|
|
|
3,081
|
|
|
2,357
|
|
|
5,438
|
|
||||||
Total non-accrual loans
|
|
$
|
26,478
|
|
|
$
|
5,947
|
|
|
$
|
32,425
|
|
|
$
|
15,659
|
|
|
$
|
7,157
|
|
|
$
|
22,816
|
|
(In thousands)
2018 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at end of year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
|
$
|
23,345
|
|
|
$
|
2,825
|
|
|
$
|
2,089
|
|
|
$
|
342
|
|
|
$
|
28,601
|
|
Collectively evaluated
|
|
2,565,366
|
|
|
1,510,713
|
|
|
2,325,209
|
|
|
936,855
|
|
|
7,338,143
|
|
|||||
Total
|
|
$
|
2,588,711
|
|
|
$
|
1,513,538
|
|
|
$
|
2,327,298
|
|
|
$
|
937,197
|
|
|
$
|
7,366,744
|
|
(In thousands)
2017 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at end of year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
|
$
|
33,732
|
|
|
$
|
5,761
|
|
|
$
|
3,872
|
|
|
$
|
—
|
|
|
$
|
43,365
|
|
Collectively evaluated
|
|
2,183,975
|
|
|
1,176,808
|
|
|
1,809,329
|
|
|
898,721
|
|
|
6,068,833
|
|
|||||
Total
|
|
$
|
2,217,707
|
|
|
$
|
1,182,569
|
|
|
$
|
1,813,201
|
|
|
$
|
898,721
|
|
|
$
|
6,112,198
|
|
(In thousands)
2018 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at end of year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
|
$
|
3,980
|
|
|
$
|
763
|
|
|
$
|
362
|
|
|
$
|
646
|
|
|
$
|
5,751
|
|
Purchased credit-impaired loans
|
|
11,994
|
|
|
29,539
|
|
|
4,888
|
|
|
867
|
|
|
47,288
|
|
|||||
Collectively evaluated
|
|
795,536
|
|
|
436,206
|
|
|
233,876
|
|
|
157,852
|
|
|
1,623,470
|
|
|||||
Total
|
|
$
|
811,510
|
|
|
$
|
466,508
|
|
|
$
|
239,126
|
|
|
$
|
159,365
|
|
|
$
|
1,676,509
|
|
(In thousands)
2017 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at end of year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Individually evaluated for impairment
|
|
$
|
4,244
|
|
|
$
|
421
|
|
|
$
|
2,617
|
|
|
$
|
27
|
|
|
$
|
7,309
|
|
Purchased credit-impaired loans
|
|
53,302
|
|
|
34,629
|
|
|
6,974
|
|
|
2,439
|
|
|
97,344
|
|
|||||
Collectively evaluated
|
|
989,489
|
|
|
586,320
|
|
|
280,015
|
|
|
226,663
|
|
|
2,082,487
|
|
|||||
Total
|
|
$
|
1,047,035
|
|
|
$
|
621,370
|
|
|
$
|
289,606
|
|
|
$
|
229,129
|
|
|
$
|
2,187,140
|
|
|
|
At December 31, 2018
|
||||||||||
(In thousands)
|
|
Recorded Investment (1)
|
|
Unpaid Principal
Balance (2) |
|
Related Allowance
|
||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate - construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
22,606
|
|
|
31,038
|
|
|
—
|
|
|||
Other commercial and industrial loans
|
|
1,584
|
|
|
2,566
|
|
|
—
|
|
|||
Residential mortgages - 1-4 family
|
|
443
|
|
|
441
|
|
|
—
|
|
|||
Consumer - home equity
|
|
230
|
|
|
242
|
|
|
—
|
|
|||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate - construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
666
|
|
|
670
|
|
|
9
|
|
|||
Other commercial and industrial loans
|
|
1,251
|
|
|
1,235
|
|
|
49
|
|
|||
Residential mortgages - 1-4 family
|
|
1,663
|
|
|
1,779
|
|
|
128
|
|
|||
Consumer - home equity
|
|
100
|
|
|
106
|
|
|
10
|
|
|||
Consumer - other
|
|
13
|
|
|
13
|
|
|
1
|
|
|||
|
|
|
|
|
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
|
$
|
23,272
|
|
|
$
|
31,708
|
|
|
$
|
9
|
|
Commercial and industrial
|
|
2,835
|
|
|
3,801
|
|
|
49
|
|
|||
Residential mortgages
|
|
2,106
|
|
|
2,220
|
|
|
128
|
|
|||
Consumer
|
|
343
|
|
|
361
|
|
|
11
|
|
|||
Total impaired loans
|
|
$
|
28,556
|
|
|
$
|
38,090
|
|
|
$
|
197
|
|
|
|
At December 31, 2017
|
||||||||||
(In thousands)
|
|
Recorded Investment (1)
|
|
Unpaid Principal
Balance (2) |
|
Related Allowance
|
||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate - construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
19,362
|
|
|
22,218
|
|
|
—
|
|
|||
Other commercial and industrial loans
|
|
2,060
|
|
|
2,629
|
|
|
—
|
|
|||
Residential mortgages - 1-4 family
|
|
660
|
|
|
1,075
|
|
|
—
|
|
|||
Consumer - home equity
|
|
867
|
|
|
1,504
|
|
|
—
|
|
|||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate - construction
|
|
$
|
159
|
|
|
$
|
159
|
|
|
$
|
1
|
|
Other commercial real estate
|
|
14,480
|
|
|
15,406
|
|
|
228
|
|
|||
Other commercial and industrial loans
|
|
3,716
|
|
|
4,249
|
|
|
66
|
|
|||
Residential mortgages - 1-4 family
|
|
1,344
|
|
|
1,446
|
|
|
130
|
|
|||
Consumer - home equity
|
|
1,014
|
|
|
999
|
|
|
34
|
|
|||
Consumer - other
|
|
17
|
|
|
17
|
|
|
1
|
|
|||
|
|
|
|
|
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
|
$
|
34,001
|
|
|
$
|
37,783
|
|
|
$
|
229
|
|
Commercial and industrial
|
|
5,776
|
|
|
6,878
|
|
|
66
|
|
|||
Residential mortgages
|
|
2,004
|
|
|
2,521
|
|
|
130
|
|
|||
Consumer
|
|
1,898
|
|
|
2,520
|
|
|
35
|
|
|||
Total impaired loans
|
|
$
|
43,679
|
|
|
$
|
49,702
|
|
|
$
|
460
|
|
|
|
At December 31, 2018
|
||||||||||
(In thousands)
|
|
Recorded Investment (1)
|
|
Unpaid Principal
Balance (2) |
|
Related Allowance
|
||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
|||
Other commercial real estate loans
|
|
$
|
3,055
|
|
|
$
|
5,959
|
|
|
$
|
—
|
|
Other commercial and industrial loans
|
|
538
|
|
|
644
|
|
|
—
|
|
|||
Residential mortgages - 1-4 family
|
|
271
|
|
|
324
|
|
|
—
|
|
|||
Consumer - home equity
|
|
399
|
|
|
1,053
|
|
|
—
|
|
|||
Consumer - other
|
|
—
|
|
|
11
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Other commercial real estate loans
|
|
$
|
925
|
|
|
$
|
947
|
|
|
$
|
9
|
|
Other commercial and industrial loans
|
|
228
|
|
|
232
|
|
|
4
|
|
|||
Residential mortgages - 1-4 family
|
|
94
|
|
|
117
|
|
|
36
|
|
|||
Consumer - home equity
|
|
205
|
|
|
196
|
|
|
41
|
|
|||
Consumer - other
|
|
43
|
|
|
40
|
|
|
7
|
|
|||
|
|
|
|
|
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
|
$
|
3,980
|
|
|
$
|
6,906
|
|
|
$
|
9
|
|
Commercial and industrial
|
|
766
|
|
|
876
|
|
|
4
|
|
|||
Residential mortgages
|
|
365
|
|
|
441
|
|
|
36
|
|
|||
Consumer
|
|
647
|
|
|
1,300
|
|
|
48
|
|
|||
Total impaired loans
|
|
$
|
5,758
|
|
|
$
|
9,523
|
|
|
$
|
97
|
|
|
|
December 31, 2017
|
||||||||||
(In thousands)
|
|
Recorded Investment (1)
|
|
Unpaid Principal
Balance (2) |
|
Related Allowance
|
||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
|||
Other commercial real estate loans
|
|
$
|
1,327
|
|
|
$
|
3,084
|
|
|
$
|
—
|
|
Other commercial and industrial loans
|
|
255
|
|
|
310
|
|
|
—
|
|
|||
Residential mortgages - 1-4 family
|
|
658
|
|
|
671
|
|
|
—
|
|
|||
Consumer - home equity
|
|
1,374
|
|
|
1,654
|
|
|
—
|
|
|||
Consumer - other
|
|
27
|
|
|
27
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Other commercial real estate loans
|
|
$
|
2,930
|
|
|
$
|
2,541
|
|
|
$
|
56
|
|
Other commercial and industrial loans
|
|
165
|
|
|
166
|
|
|
1
|
|
|||
Residential mortgages - 1-4 family
|
|
166
|
|
|
185
|
|
|
9
|
|
|||
Consumer - home equity
|
|
433
|
|
|
540
|
|
|
45
|
|
|||
|
|
|
|
|
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
|
$
|
4,257
|
|
|
$
|
5,625
|
|
|
$
|
56
|
|
Commercial and industrial
|
|
420
|
|
|
476
|
|
|
1
|
|
|||
Residential mortgages
|
|
824
|
|
|
856
|
|
|
9
|
|
|||
Consumer
|
|
1,834
|
|
|
2,221
|
|
|
45
|
|
|||
Total impaired loans
|
|
$
|
7,335
|
|
|
$
|
9,178
|
|
|
$
|
111
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||
(in thousands)
|
|
Average Recorded
Investment |
|
Cash Basis Interest
Income Recognized |
|
Average Recorded
Investment |
|
Cash Basis Interest
Income Recognized |
|
Average Recorded
Investment |
|
Cash Basis Interest
Income Recognized |
||||||||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate - construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
24,078
|
|
|
373
|
|
|
21,208
|
|
|
1,337
|
|
|
6,499
|
|
|
1,156
|
|
||||||
Other commercial and industrial
|
|
914
|
|
|
245
|
|
|
4,437
|
|
|
265
|
|
|
3,349
|
|
|
131
|
|
||||||
Residential mortgages - 1-4 family
|
|
428
|
|
|
20
|
|
|
1,128
|
|
|
31
|
|
|
2,403
|
|
|
91
|
|
||||||
Consumer-home equity
|
|
107
|
|
|
10
|
|
|
1,291
|
|
|
30
|
|
|
612
|
|
|
5
|
|
||||||
Consumer-other
|
|
—
|
|
|
—
|
|
|
72
|
|
|
3
|
|
|
2
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial mortgages - construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
555
|
|
|
30
|
|
|
11,541
|
|
|
532
|
|
|
7,591
|
|
|
355
|
|
||||||
Other commercial and industrial
|
|
1,259
|
|
|
139
|
|
|
3,251
|
|
|
267
|
|
|
2,002
|
|
|
225
|
|
||||||
Residential mortgages - 1-4 family
|
|
1,407
|
|
|
75
|
|
|
1,289
|
|
|
59
|
|
|
682
|
|
|
26
|
|
||||||
Consumer-home equity
|
|
98
|
|
|
6
|
|
|
1,007
|
|
|
29
|
|
|
999
|
|
|
35
|
|
||||||
Consumer - other
|
|
15
|
|
|
1
|
|
|
4
|
|
|
1
|
|
|
103
|
|
|
4
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
|
$
|
24,633
|
|
|
$
|
403
|
|
|
$
|
32,790
|
|
|
$
|
1,872
|
|
|
$
|
14,090
|
|
|
$
|
1,511
|
|
Commercial and industrial
|
|
2,173
|
|
|
384
|
|
|
7,688
|
|
|
532
|
|
|
5,351
|
|
|
356
|
|
||||||
Residential mortgages
|
|
1,835
|
|
|
95
|
|
|
2,417
|
|
|
90
|
|
|
3,085
|
|
|
117
|
|
||||||
Consumer loans
|
|
220
|
|
|
17
|
|
|
2,374
|
|
|
63
|
|
|
1,716
|
|
|
44
|
|
||||||
Total impaired loans
|
|
$
|
28,861
|
|
|
$
|
899
|
|
|
$
|
45,269
|
|
|
$
|
2,557
|
|
|
$
|
24,242
|
|
|
$
|
2,028
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||
(in thousands)
|
|
Average Recorded
Investment |
|
Cash Basis Interest
Income Recognized |
|
Average Recorded
Investment |
|
Cash Basis Interest
Income Recognized |
|
Average Recorded
Investment |
|
Cash Basis Interest
Income Recognized |
||||||||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate - construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
3,280
|
|
|
263
|
|
|
829
|
|
|
321
|
|
|
521
|
|
|
20
|
|
||||||
Other commercial and industrial
|
|
428
|
|
|
68
|
|
|
581
|
|
|
43
|
|
|
492
|
|
|
9
|
|
||||||
Residential mortgages - 1-4 family
|
|
290
|
|
|
9
|
|
|
390
|
|
|
28
|
|
|
293
|
|
|
12
|
|
||||||
Consumer - home equity
|
|
635
|
|
|
4
|
|
|
773
|
|
|
22
|
|
|
—
|
|
|
—
|
|
||||||
Consumer - other
|
|
13
|
|
|
1
|
|
|
7
|
|
|
1
|
|
|
105
|
|
|
1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate - construction
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
950
|
|
|
53
|
|
|
2,622
|
|
|
138
|
|
|
3,682
|
|
|
280
|
|
||||||
Other commercial and industrial
|
|
197
|
|
|
41
|
|
|
47
|
|
|
13
|
|
|
369
|
|
|
17
|
|
||||||
Residential mortgages - 1-4 family
|
|
26
|
|
|
9
|
|
|
173
|
|
|
9
|
|
|
214
|
|
|
25
|
|
||||||
Consumer - home equity
|
|
89
|
|
|
12
|
|
|
400
|
|
|
21
|
|
|
—
|
|
|
—
|
|
||||||
Consumer - other
|
|
11
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
|
$
|
4,230
|
|
|
$
|
316
|
|
|
$
|
3,451
|
|
|
$
|
459
|
|
|
$
|
4,203
|
|
|
$
|
300
|
|
Commercial and industrial
|
|
625
|
|
|
109
|
|
|
628
|
|
|
56
|
|
|
861
|
|
|
26
|
|
||||||
Residential mortgages
|
|
316
|
|
|
18
|
|
|
563
|
|
|
37
|
|
|
507
|
|
|
37
|
|
||||||
Consumer loans
|
|
748
|
|
|
20
|
|
|
1,180
|
|
|
44
|
|
|
105
|
|
|
1
|
|
||||||
Total impaired loans
|
|
$
|
5,919
|
|
|
$
|
463
|
|
|
$
|
5,822
|
|
|
$
|
596
|
|
|
$
|
5,676
|
|
|
$
|
364
|
|
|
|
Modifications by Class
For the twelve months ending December 31, 2018 |
|||||||||
|
|
Number of
Modifications |
|
Pre-Modification
Outstanding Recorded Investment (In thousands) |
|
Post-Modification
Outstanding Recorded Investment |
|||||
Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
|
||
Other commercial real estate
|
|
5
|
|
|
$
|
2,061
|
|
|
$
|
2,061
|
|
Other commercial and industrial loans
|
|
1
|
|
|
43
|
|
|
43
|
|
||
Residential mortgages - 1-4 family
|
|
4
|
|
|
581
|
|
|
581
|
|
||
Consumer - home equity
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
10
|
|
|
$
|
2,685
|
|
|
$
|
2,685
|
|
|
|
Modifications by Class
For the twelve months ending December 31, 2017 |
|||||||||
|
|
Number of
Modifications |
|
Pre-Modification
Outstanding Recorded Investment (In thousands) |
|
Post-Modification
Outstanding Recorded Investment |
|||||
Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
|
||
Other commercial real estate
|
|
16
|
|
|
$
|
13,680
|
|
|
$
|
11,953
|
|
Other commercial and industrial loans
|
|
12
|
|
|
3,507
|
|
|
3,507
|
|
||
Residential mortgages - 1-4 family
|
|
4
|
|
|
331
|
|
|
314
|
|
||
Consumer - home equity
|
|
3
|
|
|
122
|
|
|
122
|
|
||
|
|
35
|
|
|
$
|
17,640
|
|
|
$
|
15,896
|
|
|
|
Modifications by Class
For the twelve months ending December 31, 2016 |
|||||||||
|
|
Number of
Modifications |
|
Pre-Modification
Outstanding Recorded Investment (In thousands) |
|
Post-Modification
Outstanding Recorded Investment |
|||||
Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
|
||
Other commercial real estate
|
|
10
|
|
|
$
|
17,088
|
|
|
$
|
17,088
|
|
Other commercial and industrial loans
|
|
4
|
|
|
555
|
|
|
555
|
|
||
Residential mortgages - 1-4 family
|
|
2
|
|
|
5
|
|
|
5
|
|
||
Consumer - home equity
|
|
1
|
|
|
117
|
|
|
117
|
|
||
|
|
17
|
|
|
$
|
17,765
|
|
|
$
|
17,765
|
|
|
|
Modifications that subsequently defaulted
for the twelve months ending December 31, 2017
|
|||||
|
|
Number of Contracts
|
|
Recorded Investment
|
|||
Troubled Debt Restructurings
|
|
|
|
|
|
|
|
Other commercial real estate
|
|
1
|
|
|
$
|
113
|
|
Other commercial and industrial loans
|
|
2
|
|
|
492
|
|
|
Residential mortgages - 1-4 family
|
|
—
|
|
|
—
|
|
|
|
|
3
|
|
|
$
|
605
|
|
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Balance at beginning of year
|
|
$
|
41,990
|
|
|
$
|
33,829
|
|
|
$
|
22,048
|
|
Principal payments
|
|
(8,547
|
)
|
|
(3,213
|
)
|
|
(5,870
|
)
|
|||
TDR status change (1)
|
|
—
|
|
|
—
|
|
|
2,235
|
|
|||
Other reductions (2)
|
|
(8,713
|
)
|
|
(4,522
|
)
|
|
(2,349
|
)
|
|||
Newly identified TDRs
|
|
2,685
|
|
|
15,896
|
|
|
17,765
|
|
|||
Balance at end of year
|
|
$
|
27,415
|
|
|
$
|
41,990
|
|
|
$
|
33,829
|
|
(In thousands)
2018 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Balance at beginning of year
|
|
$
|
16,843
|
|
|
$
|
13,850
|
|
|
$
|
9,420
|
|
|
$
|
5,807
|
|
|
$
|
45,920
|
|
Charged-off loans
|
|
5,859
|
|
|
4,275
|
|
|
157
|
|
|
3,187
|
|
|
13,478
|
|
|||||
Recoveries on charged-off loans
|
|
50
|
|
|
620
|
|
|
114
|
|
|
363
|
|
|
1,147
|
|
|||||
Provision for loan losses
|
|
10,698
|
|
|
6,309
|
|
|
1,158
|
|
|
4,385
|
|
|
22,550
|
|
|||||
Balance at end of year
|
|
$
|
21,732
|
|
|
$
|
16,504
|
|
|
$
|
10,535
|
|
|
$
|
7,368
|
|
|
$
|
56,139
|
|
Individually evaluated for impairment
|
|
9
|
|
|
49
|
|
|
128
|
|
|
11
|
|
|
197
|
|
|||||
Collectively evaluated
|
|
21,723
|
|
|
16,455
|
|
|
10,407
|
|
|
7,357
|
|
|
55,942
|
|
|||||
Total
|
|
$
|
21,732
|
|
|
$
|
16,504
|
|
|
$
|
10,535
|
|
|
$
|
7,368
|
|
|
$
|
56,139
|
|
(In thousands)
2017 |
|
Commercial real estate
|
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Balance at beginning of year
|
|
$
|
16,498
|
|
|
$
|
9,447
|
|
|
$
|
7,805
|
|
|
$
|
5,479
|
|
|
$
|
39,229
|
|
Charged-off loans
|
|
3,875
|
|
|
3,373
|
|
|
806
|
|
|
3,470
|
|
|
11,524
|
|
|||||
Recoveries on charged-off loans
|
|
170
|
|
|
179
|
|
|
270
|
|
|
270
|
|
|
889
|
|
|||||
Provision for loan losses
|
|
4,050
|
|
|
7,597
|
|
|
2,151
|
|
|
3,528
|
|
|
17,326
|
|
|||||
Balance at end of year
|
|
$
|
16,843
|
|
|
$
|
13,850
|
|
|
$
|
9,420
|
|
|
$
|
5,807
|
|
|
$
|
45,920
|
|
Individually evaluated for impairment
|
|
229
|
|
|
66
|
|
|
130
|
|
|
35
|
|
|
460
|
|
|||||
Collectively evaluated
|
|
16,614
|
|
|
13,784
|
|
|
9,290
|
|
|
5,772
|
|
|
45,460
|
|
|||||
Total
|
|
$
|
16,843
|
|
|
$
|
13,850
|
|
|
$
|
9,420
|
|
|
$
|
5,807
|
|
|
$
|
45,920
|
|
(In thousands)
2016 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Balance at beginning of year
|
|
$
|
14,591
|
|
|
$
|
7,385
|
|
|
$
|
7,613
|
|
|
$
|
4,985
|
|
|
$
|
34,574
|
|
Charged-off loans
|
|
2,127
|
|
|
4,620
|
|
|
2,036
|
|
|
1,722
|
|
|
10,505
|
|
|||||
Recoveries on charged-off loans
|
|
243
|
|
|
123
|
|
|
159
|
|
|
267
|
|
|
792
|
|
|||||
Provision for loan losses
|
|
3,791
|
|
|
6,559
|
|
|
2,069
|
|
|
1,949
|
|
|
14,368
|
|
|||||
Balance at end of year
|
|
$
|
16,498
|
|
|
$
|
9,447
|
|
|
$
|
7,805
|
|
|
$
|
5,479
|
|
|
$
|
39,229
|
|
Individually evaluated for impairment
|
|
158
|
|
|
264
|
|
|
136
|
|
|
156
|
|
|
714
|
|
|||||
Collectively evaluated
|
|
16,340
|
|
|
9,183
|
|
|
7,669
|
|
|
5,323
|
|
|
38,515
|
|
|||||
Total
|
|
$
|
16,498
|
|
|
$
|
9,447
|
|
|
$
|
7,805
|
|
|
$
|
5,479
|
|
|
$
|
39,229
|
|
(In thousands)
2018 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Balance at beginning of year
|
|
$
|
3,856
|
|
|
$
|
1,125
|
|
|
$
|
598
|
|
|
$
|
335
|
|
|
$
|
5,914
|
|
Charged-off loans
|
|
1,812
|
|
|
524
|
|
|
1,091
|
|
|
1,106
|
|
|
4,533
|
|
|||||
Recoveries on charged-off loans
|
|
294
|
|
|
286
|
|
|
51
|
|
|
417
|
|
|
1,048
|
|
|||||
Provision for loan losses
|
|
815
|
|
|
177
|
|
|
1,072
|
|
|
837
|
|
|
2,901
|
|
|||||
Balance at end of year
|
|
$
|
3,153
|
|
|
$
|
1,064
|
|
|
$
|
630
|
|
|
$
|
483
|
|
|
$
|
5,330
|
|
Individually evaluated for impairment
|
|
9
|
|
|
4
|
|
|
36
|
|
|
48
|
|
|
97
|
|
|||||
Collectively evaluated
|
|
3,144
|
|
|
1,060
|
|
|
594
|
|
|
435
|
|
|
5,233
|
|
|||||
Total
|
|
$
|
3,153
|
|
|
$
|
1,064
|
|
|
$
|
630
|
|
|
$
|
483
|
|
|
$
|
5,330
|
|
(In thousands)
2017 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Balance at beginning of year
|
|
$
|
2,303
|
|
|
$
|
1,164
|
|
|
$
|
766
|
|
|
$
|
536
|
|
|
$
|
4,769
|
|
Charged-off loans
|
|
771
|
|
|
844
|
|
|
797
|
|
|
648
|
|
|
3,060
|
|
|||||
Recoveries on charged-off loans
|
|
65
|
|
|
245
|
|
|
43
|
|
|
153
|
|
|
506
|
|
|||||
Provision for loan losses
|
|
2,259
|
|
|
560
|
|
|
586
|
|
|
294
|
|
|
3,699
|
|
|||||
Balance at end of year
|
|
$
|
3,856
|
|
|
$
|
1,125
|
|
|
$
|
598
|
|
|
$
|
335
|
|
|
$
|
5,914
|
|
Individually evaluated for impairment
|
|
56
|
|
|
1
|
|
|
9
|
|
|
45
|
|
|
111
|
|
|||||
Collectively evaluated
|
|
3,800
|
|
|
1,124
|
|
|
589
|
|
|
290
|
|
|
5,803
|
|
|||||
Total
|
|
$
|
3,856
|
|
|
$
|
1,125
|
|
|
$
|
598
|
|
|
$
|
335
|
|
|
$
|
5,914
|
|
(In thousands)
2016 |
|
Commercial
real estate |
|
Commercial
and industrial |
|
Residential
mortgages |
|
Consumer
|
|
Total
|
||||||||||
Balance at beginning of year
|
|
$
|
1,903
|
|
|
$
|
1,330
|
|
|
$
|
976
|
|
|
$
|
525
|
|
|
$
|
4,734
|
|
Charged-off loans
|
|
977
|
|
|
1,095
|
|
|
829
|
|
|
620
|
|
|
3,521
|
|
|||||
Recoveries on charged-off loans
|
|
61
|
|
|
266
|
|
|
144
|
|
|
91
|
|
|
562
|
|
|||||
Provision for loan losses
|
|
1,316
|
|
|
663
|
|
|
475
|
|
|
540
|
|
|
2,994
|
|
|||||
Balance at end of year
|
|
$
|
2,303
|
|
|
$
|
1,164
|
|
|
$
|
766
|
|
|
$
|
536
|
|
|
$
|
4,769
|
|
Individually evaluated for impairment
|
|
250
|
|
|
59
|
|
|
11
|
|
|
114
|
|
|
434
|
|
|||||
Collectively evaluated
|
|
2,053
|
|
|
1,105
|
|
|
755
|
|
|
422
|
|
|
4,335
|
|
|||||
Total
|
|
$
|
2,303
|
|
|
$
|
1,164
|
|
|
$
|
766
|
|
|
$
|
536
|
|
|
$
|
4,769
|
|
|
|
Construction
|
|
Real Estate
|
|
Total commercial real estate
|
||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Grade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pass
|
|
$
|
327,792
|
|
|
$
|
181,371
|
|
|
$
|
2,198,129
|
|
|
$
|
1,989,380
|
|
|
$
|
2,525,921
|
|
|
$
|
2,170,751
|
|
Special mention
|
|
—
|
|
|
—
|
|
|
9,805
|
|
|
13,503
|
|
|
9,805
|
|
|
13,503
|
|
||||||
Substandard
|
|
—
|
|
|
—
|
|
|
52,985
|
|
|
33,453
|
|
|
52,985
|
|
|
33,453
|
|
||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
327,792
|
|
|
$
|
181,371
|
|
|
$
|
2,260,919
|
|
|
$
|
2,036,336
|
|
|
$
|
2,588,711
|
|
|
$
|
2,217,707
|
|
|
|
Total comm. and industrial
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Grade:
|
|
|
|
|
|
|
||
Pass
|
|
$
|
1,469,139
|
|
|
$
|
1,156,240
|
|
Special mention
|
|
14,279
|
|
|
12,806
|
|
||
Substandard
|
|
29,176
|
|
|
11,123
|
|
||
Doubtful
|
|
944
|
|
|
2,400
|
|
||
Total
|
|
$
|
1,513,538
|
|
|
$
|
1,182,569
|
|
|
|
1-4 family
|
|
Construction
|
|
Total residential mortgages
|
||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Grade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pass
|
|
$
|
2,314,657
|
|
|
$
|
1,805,596
|
|
|
$
|
9,582
|
|
|
$
|
5,177
|
|
|
$
|
2,324,239
|
|
|
$
|
1,810,773
|
|
Special mention
|
|
1,619
|
|
|
242
|
|
|
—
|
|
|
—
|
|
|
1,619
|
|
|
242
|
|
||||||
Substandard
|
|
1,440
|
|
|
2,186
|
|
|
—
|
|
|
—
|
|
|
1,440
|
|
|
2,186
|
|
||||||
Total
|
|
$
|
2,317,716
|
|
|
$
|
1,808,024
|
|
|
$
|
9,582
|
|
|
$
|
5,177
|
|
|
$
|
2,327,298
|
|
|
$
|
1,813,201
|
|
|
|
Home equity
|
|
Auto and other
|
|
Total consumer
|
||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Performing
|
|
$
|
289,028
|
|
|
$
|
293,327
|
|
|
$
|
645,537
|
|
|
$
|
602,313
|
|
|
$
|
934,565
|
|
|
$
|
895,640
|
|
Nonperforming
|
|
933
|
|
|
1,627
|
|
|
1,699
|
|
|
1,454
|
|
|
2,632
|
|
|
3,081
|
|
||||||
Total
|
|
$
|
289,961
|
|
|
$
|
294,954
|
|
|
$
|
647,236
|
|
|
$
|
603,767
|
|
|
$
|
937,197
|
|
|
$
|
898,721
|
|
|
|
Construction
|
|
Real Estate
|
|
Total commercial real estate
|
||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Grade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pass
|
|
$
|
24,519
|
|
|
$
|
76,611
|
|
|
$
|
743,684
|
|
|
$
|
888,470
|
|
|
$
|
768,203
|
|
|
$
|
965,081
|
|
Special mention
|
|
—
|
|
|
—
|
|
|
9,086
|
|
|
22,673
|
|
|
9,086
|
|
|
22,673
|
|
||||||
Substandard
|
|
701
|
|
|
8,354
|
|
|
33,520
|
|
|
50,927
|
|
|
34,221
|
|
|
59,281
|
|
||||||
Total
|
|
$
|
25,220
|
|
|
$
|
84,965
|
|
|
$
|
786,290
|
|
|
$
|
962,070
|
|
|
$
|
811,510
|
|
|
$
|
1,047,035
|
|
|
|
Total comm. and industrial
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Grade:
|
|
|
|
|
|
|
||
Pass
|
|
$
|
439,603
|
|
|
$
|
606,922
|
|
Special mention
|
|
11,374
|
|
|
1,241
|
|
||
Substandard
|
|
15,532
|
|
|
13,207
|
|
||
Total
|
|
$
|
466,509
|
|
|
$
|
621,370
|
|
|
|
1-4 family
|
|
Construction
|
|
Total residential mortgages
|
||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Grade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pass
|
|
$
|
235,172
|
|
|
$
|
281,160
|
|
|
$
|
174
|
|
|
$
|
233
|
|
|
$
|
235,346
|
|
|
$
|
281,393
|
|
Special mention
|
|
144
|
|
|
2,704
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|
2,704
|
|
||||||
Substandard
|
|
3,635
|
|
|
5,509
|
|
|
—
|
|
|
—
|
|
|
3,635
|
|
|
5,509
|
|
||||||
Total
|
|
$
|
238,951
|
|
|
$
|
289,373
|
|
|
$
|
174
|
|
|
$
|
233
|
|
|
$
|
239,125
|
|
|
$
|
289,606
|
|
|
|
Home equity
|
|
Auto and other
|
|
Total consumer
|
||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Performing
|
|
$
|
85,968
|
|
|
$
|
113,262
|
|
|
$
|
72,195
|
|
|
$
|
113,510
|
|
|
$
|
158,163
|
|
|
$
|
226,772
|
|
Nonperforming
|
|
751
|
|
|
1,965
|
|
|
451
|
|
|
392
|
|
|
1,202
|
|
|
2,357
|
|
||||||
Total
|
|
$
|
86,719
|
|
|
$
|
115,227
|
|
|
$
|
72,646
|
|
|
$
|
113,902
|
|
|
$
|
159,365
|
|
|
$
|
229,129
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(In thousands)
|
|
Business
Activities Loans |
|
Acquired Loans
|
|
Total
|
|
Business
Activities Loans |
|
Acquired Loans
|
|
Total
|
||||||||||||
Non-Accrual
|
|
$
|
26,478
|
|
|
$
|
5,947
|
|
|
$
|
32,425
|
|
|
$
|
15,659
|
|
|
$
|
7,240
|
|
|
$
|
22,899
|
|
Substandard Accruing
|
|
60,698
|
|
|
48,792
|
|
|
109,490
|
|
|
36,846
|
|
|
73,412
|
|
|
110,258
|
|
||||||
Total Classified
|
|
87,176
|
|
|
54,739
|
|
|
141,915
|
|
|
52,505
|
|
|
80,652
|
|
|
133,157
|
|
||||||
Special Mention
|
|
26,333
|
|
|
20,833
|
|
|
47,166
|
|
|
28,387
|
|
|
26,802
|
|
|
55,189
|
|
||||||
Total Criticized
|
|
$
|
113,509
|
|
|
$
|
75,572
|
|
|
$
|
189,081
|
|
|
$
|
80,892
|
|
|
$
|
107,454
|
|
|
$
|
188,346
|
|
(In thousands)
|
|
2018
|
|
2017
|
|
Estimated Useful
Life |
||||
Land
|
|
$
|
14,096
|
|
|
$
|
14,177
|
|
|
N/A
|
Buildings and improvements
|
|
105,190
|
|
|
99,821
|
|
|
5 - 39 years
|
||
Furniture and equipment
|
|
56,207
|
|
|
49,600
|
|
|
3 - 7 years
|
||
Construction in process
|
|
1,314
|
|
|
5,177
|
|
|
|
||
Premises and equipment, gross
|
|
176,807
|
|
|
168,775
|
|
|
|
||
Accumulated depreciation and amortization
|
|
(68,440
|
)
|
|
(59,423
|
)
|
|
|
||
Premises and equipment, net
|
|
$
|
108,367
|
|
|
$
|
109,352
|
|
|
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Balance, beginning of the period
|
|
$
|
519,287
|
|
|
$
|
403,106
|
|
Goodwill acquired and adjusted:
|
|
|
|
|
||||
Commerce Bank
|
|
—
|
|
|
116,181
|
|
||
Adjustments (1)
|
|
(962
|
)
|
|
—
|
|
||
Balance, end of the period
|
|
$
|
518,325
|
|
|
$
|
519,287
|
|
(1)
|
In 2018, goodwill related to the Commerce acquisition was adjusted to reflect new information available during the one-year measurement period.
|
(In thousands)
|
|
Gross Intangible
Assets
|
|
Accumulated
Amortization
|
|
Net Intangible
Assets
|
||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|||
Non-maturity deposits (core deposit intangible)
|
|
$
|
66,923
|
|
|
$
|
(37,410
|
)
|
|
$
|
29,513
|
|
Insurance contracts
|
|
7,558
|
|
|
(7,542
|
)
|
|
16
|
|
|||
All other intangible assets
|
|
7,866
|
|
|
(3,977
|
)
|
|
3,889
|
|
|||
Total
|
|
$
|
82,347
|
|
|
$
|
(48,929
|
)
|
|
$
|
33,418
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|||
Non-maturity deposits (core deposit intangible)
|
|
$
|
66,923
|
|
|
$
|
(33,024
|
)
|
|
$
|
33,899
|
|
Insurance contracts
|
|
7,558
|
|
|
(7,526
|
)
|
|
32
|
|
|||
All other intangible assets
|
|
7,810
|
|
|
(3,445
|
)
|
|
4,365
|
|
|||
Total
|
|
$
|
82,291
|
|
|
$
|
(43,995
|
)
|
|
$
|
38,296
|
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Capitalized servicing rights
|
|
$
|
23,376
|
|
|
$
|
16,361
|
|
Accrued interest receivable
|
|
36,879
|
|
|
33,739
|
|
||
Accrued federal and state tax receivable
|
|
23,923
|
|
|
33,101
|
|
||
Derivative assets
|
|
35,654
|
|
|
19,308
|
|
||
Assets held for sale
|
|
1,541
|
|
|
1,392
|
|
||
Other
|
|
21,165
|
|
|
13,182
|
|
||
Total other assets
|
|
$
|
142,538
|
|
|
$
|
117,083
|
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Balance at beginning of year
|
|
$
|
16,361
|
|
|
$
|
11,524
|
|
Additions
|
|
10,660
|
|
|
7,604
|
|
||
Amortization
|
|
(3,124
|
)
|
|
(2,446
|
)
|
||
Change in fair value
|
|
29
|
|
|
(221
|
)
|
||
Allowance adjustment
|
|
(550
|
)
|
|
(100
|
)
|
||
Balance at end of year
(1)
|
|
$
|
23,376
|
|
|
$
|
16,361
|
|
(1)
|
The balances of servicing rights accounted for at fair value as of December 31, 2018 and December 31, 2017 were
$11.5 million
and
$3.8 million
, respectively.
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Maturity date:
|
|
|
|
|
|
|
||
Within 1 year
|
|
$
|
2,142,943
|
|
|
$
|
1,790,056
|
|
Over 1 year to 2 years
|
|
717,706
|
|
|
546,381
|
|
||
Over 2 years to 3 years
|
|
217,840
|
|
|
268,897
|
|
||
Over 3 years to 4 years
|
|
109,891
|
|
|
161,314
|
|
||
Over 4 years to 5 years
|
|
96,479
|
|
|
121,400
|
|
||
Over 5 years
|
|
2,858
|
|
|
2,157
|
|
||
Total
|
|
$
|
3,287,717
|
|
|
$
|
2,890,205
|
|
Account balances:
|
|
|
|
|
|
|
||
Less than $100,000
|
|
$
|
719,689
|
|
|
$
|
733,785
|
|
$100,000 through $250,000
|
|
2,060,500
|
|
|
1,717,050
|
|
||
$250,000 or more
|
|
507,528
|
|
|
439,370
|
|
||
Total
|
|
$
|
3,287,717
|
|
|
$
|
2,890,205
|
|
|
|
2018
|
|
2017
|
||||||||||
(in thousands, except rates)
|
|
Principal
|
|
Weighted
Average Rate |
|
Principal
|
|
Weighted
Average Rate |
||||||
Short-term borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Advances from the FHLBB
|
|
$
|
1,118,832
|
|
|
2.58
|
%
|
|
$
|
667,300
|
|
|
1.48
|
%
|
Total short-term borrowings:
|
|
1,118,832
|
|
|
2.58
|
|
|
667,300
|
|
|
1.48
|
|
||
Long-term borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Advances from the FHLBB
|
|
309,466
|
|
|
2.17
|
|
|
380,436
|
|
|
1.54
|
|
||
Subordinated notes
|
|
74,054
|
|
|
7.00
|
|
|
73,875
|
|
|
7.00
|
|
||
Junior subordinated notes
|
|
15,464
|
|
|
4.50
|
|
|
15,464
|
|
|
3.30
|
|
||
Total long-term borrowings:
|
|
398,984
|
|
|
3.16
|
|
|
469,775
|
|
|
2.46
|
|
||
Total
|
|
$
|
1,517,816
|
|
|
2.73
|
%
|
|
$
|
1,137,075
|
|
|
1.88
|
%
|
|
|
2018
|
|||||
(In thousands)
|
|
Amount
|
|
Weighted
Average Rate |
|||
Fixed rate advances maturing:
|
|
|
|
|
|
|
|
2019
|
|
$
|
1,268,880
|
|
|
2.47
|
%
|
2020
|
|
152,634
|
|
|
2.69
|
|
|
2021
|
|
206
|
|
|
2.50
|
|
|
2022
|
|
35
|
|
|
2.00
|
|
|
2023 and beyond
|
|
6,543
|
|
|
2.52
|
|
|
Total FHLBB advances
|
|
$
|
1,428,298
|
|
|
2.49
|
%
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Derivative liabilities
|
|
$
|
33,973
|
|
|
$
|
15,838
|
|
Capital and financing lease obligations
|
|
10,986
|
|
|
11,323
|
|
||
Asset purchase settlement payable
|
|
5,727
|
|
|
70,637
|
|
||
Employee benefits liability
|
|
27,229
|
|
|
27,093
|
|
||
Level lease liability
|
|
5,674
|
|
|
5,766
|
|
||
Accrued interest payable
|
|
11,808
|
|
|
6,813
|
|
||
Customer transaction clearing accounts
|
|
17,574
|
|
|
9,118
|
|
||
Other
|
|
46,145
|
|
|
41,294
|
|
||
Total other liabilities
|
|
$
|
159,116
|
|
|
$
|
187,882
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Change in projected benefit obligation:
|
|
|
|
|
|
|
||
Projected benefit obligation at beginning of year
|
|
$
|
6,353
|
|
|
$
|
6,126
|
|
Service Cost
|
|
74
|
|
|
66
|
|
||
Interest cost
|
|
217
|
|
|
237
|
|
||
Actuarial gain
|
|
(503
|
)
|
|
309
|
|
||
Benefits paid
|
|
(323
|
)
|
|
(324
|
)
|
||
Settlements
|
|
(149
|
)
|
|
(61
|
)
|
||
Projected benefit obligation at end of year
|
|
5,669
|
|
|
6,353
|
|
||
Accumulated benefit obligation
|
|
5,669
|
|
|
6,353
|
|
||
|
|
|
|
|
||||
Change in fair value of plan assets:
|
|
|
|
|
|
|
||
Fair value of plan assets at plan beginning of year
|
|
5,446
|
|
|
5,121
|
|
||
Actual return on plan assets
|
|
(359
|
)
|
|
710
|
|
||
Contributions by employer
|
|
907
|
|
|
—
|
|
||
Benefits paid
|
|
(323
|
)
|
|
(324
|
)
|
||
Settlements
|
|
(149
|
)
|
|
(61
|
)
|
||
Fair value of plan assets at end of year
|
|
5,522
|
|
|
5,446
|
|
||
|
|
|
|
|
||||
Underfunded status
|
|
$
|
147
|
|
|
$
|
907
|
|
Amounts Recognized on Consolidated Balance Sheets
|
|
|
|
|
||||
Other Liabilities
|
|
$
|
147
|
|
|
$
|
907
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Service Cost
|
|
$
|
74
|
|
|
$
|
66
|
|
Interest Cost
|
|
217
|
|
|
237
|
|
||
Expected return on plan assets
|
|
(369
|
)
|
|
(346
|
)
|
||
Amortization of unrecognized actuarial loss
|
|
84
|
|
|
100
|
|
||
Net periodic pension costs
|
|
$
|
6
|
|
|
$
|
57
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Amortization of actuarial (loss)
|
|
$
|
(84
|
)
|
|
$
|
(100
|
)
|
Actuarial loss (gain)
|
|
225
|
|
|
(54
|
)
|
||
Total recognized in accumulated other comprehensive income
|
|
141
|
|
|
(154
|
)
|
||
Total recognized in net periodic pension cost recognized and other comprehensive income
|
|
$
|
147
|
|
|
$
|
(97
|
)
|
|
|
December 31,
|
||||
|
|
2018
|
|
2017
|
||
Projected benefit obligation
|
|
|
|
|
|
|
Discount rate
|
|
4.160
|
%
|
|
3.510
|
%
|
Net periodic pension cost
|
|
|
|
|
|
|
Discount rate
|
|
3.510
|
%
|
|
3.980
|
%
|
Long term rate of return on plan assets
|
|
7.000
|
%
|
|
7.000
|
%
|
|
|
December 31, 2018
|
||||||||||
Asset Category (In thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
||||||
Equity Mutual Funds:
|
|
|
|
|
|
|
|
|
||||
Large-Cap
|
|
$
|
1,659
|
|
|
$
|
—
|
|
|
$
|
1,659
|
|
Mid-Cap
|
|
407
|
|
|
—
|
|
|
407
|
|
|||
Small-Cap
|
|
418
|
|
|
—
|
|
|
418
|
|
|||
International
|
|
751
|
|
|
—
|
|
|
751
|
|
|||
Fixed Income Funds
|
|
|
|
|
|
|
||||||
Fixed Income - US Core
|
|
1,628
|
|
|
—
|
|
|
1,628
|
|
|||
Intermediate Duration
|
|
545
|
|
|
—
|
|
|
545
|
|
|||
Cash Equivalents - money market
|
|
114
|
|
|
52
|
|
|
62
|
|
|||
Total
|
|
$
|
5,522
|
|
|
$
|
52
|
|
|
$
|
5,470
|
|
|
|
December 31, 2017
|
||||||||||
Asset Category (In thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
||||||
Equity Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|||
Large-Cap
|
|
$
|
1,820
|
|
|
$
|
—
|
|
|
$
|
1,820
|
|
Mid-Cap
|
|
439
|
|
|
—
|
|
|
439
|
|
|||
Small-Cap
|
|
438
|
|
|
—
|
|
|
438
|
|
|||
International
|
|
893
|
|
|
—
|
|
|
893
|
|
|||
Fixed Income Funds
|
|
|
|
|
|
|
|
|
|
|||
Fixed Income - US Core
|
|
1,308
|
|
|
—
|
|
|
1,308
|
|
|||
Intermediate Duration
|
|
437
|
|
|
—
|
|
|
437
|
|
|||
Cash Equivalents - money market
|
|
111
|
|
|
29
|
|
|
82
|
|
|||
Total
|
|
$
|
5,446
|
|
|
$
|
29
|
|
|
$
|
5,417
|
|
Year
|
|
Payments (In thousands)
|
|
2019
|
|
380
|
|
2020
|
|
372
|
|
2021
|
|
362
|
|
2022
|
|
387
|
|
2023
|
|
375
|
|
2024 - 2028
|
|
1,729
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Change in accumulated postretirement benefit obligation:
|
|
|
|
|
|
|
||
Accumulated post-retirement benefit obligation at beginning of year
|
|
$
|
3,693
|
|
|
$
|
3,249
|
|
Service Cost
|
|
40
|
|
|
35
|
|
||
Interest cost
|
|
130
|
|
|
131
|
|
||
Participant contributions
|
|
46
|
|
|
46
|
|
||
Actuarial loss (gain)
|
|
(391
|
)
|
|
326
|
|
||
Benefits paid
|
|
(96
|
)
|
|
(94
|
)
|
||
Accumulated post-retirement benefit obligation at end of year
|
|
$
|
3,422
|
|
|
$
|
3,693
|
|
|
|
|
|
|
||||
Change in plan assets:
|
|
|
|
|
|
|
||
Fair value of plan assets at beginning of year
|
|
$
|
—
|
|
|
$
|
—
|
|
Contributions by employer
|
|
50
|
|
|
48
|
|
||
Contributions by participant
|
|
46
|
|
|
46
|
|
||
Benefits paid
|
|
(96
|
)
|
|
(94
|
)
|
||
Fair value of plan assets at end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
Amounts Recognized on Consolidated Balance Sheets
|
|
|
|
|
|
|
||
Other Liabilities
|
|
$
|
3,422
|
|
|
$
|
3,693
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Service cost
|
|
$
|
40
|
|
|
$
|
35
|
|
Interest costs
|
|
130
|
|
|
131
|
|
||
Amortization of net prior service credit
|
|
83
|
|
|
83
|
|
||
Amortization of net actuarial loss
|
|
—
|
|
|
—
|
|
||
Net periodic post-retirement costs
|
|
$
|
253
|
|
|
$
|
249
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Amortization of actuarial loss
|
|
$
|
—
|
|
|
$
|
—
|
|
Amortization of prior service credit
|
|
(83
|
)
|
|
(83
|
)
|
||
Net actuarial (gain) loss
|
|
(191
|
)
|
|
199
|
|
||
Total recognized in accumulated other comprehensive income
|
|
(274
|
)
|
|
116
|
|
||
Accrued post-retirement liability recognized
|
|
$
|
3,422
|
|
|
$
|
1,918
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Net prior service cost (credit)
|
|
$
|
1,492
|
|
|
$
|
1,576
|
|
Net actuarial (gain) loss
|
|
(191
|
)
|
|
199
|
|
||
Total recognized in accumulated other comprehensive income
|
|
$
|
1,301
|
|
|
$
|
1,775
|
|
Year
|
|
Payments (In thousands)
|
|
2019
|
|
106
|
|
2020
|
|
105
|
|
2021
|
|
110
|
|
2022
|
|
110
|
|
2023
|
|
109
|
|
2024 - 2028
|
|
573
|
|
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Current:
|
|
|
|
|
|
|
|
|
|
|||
Federal tax expense
|
|
$
|
11,726
|
|
|
$
|
11,686
|
|
|
$
|
6,758
|
|
State tax expense
|
|
3,708
|
|
|
1,112
|
|
|
1,101
|
|
|||
Total current expense
|
|
15,434
|
|
|
12,798
|
|
|
7,859
|
|
|||
Deferred:
|
|
|
|
|
|
|
|
|
|
|||
Federal tax expense
|
|
8,443
|
|
|
29,824
|
|
|
9,438
|
|
|||
State tax expense
|
|
3,771
|
|
|
1,805
|
|
|
1,591
|
|
|||
Total deferred tax expense
(1)
|
|
12,214
|
|
|
31,629
|
|
|
11,029
|
|
|||
Change in valuation allowance
|
|
—
|
|
|
75
|
|
|
(104
|
)
|
|||
Total income tax expense
|
|
$
|
27,648
|
|
|
$
|
44,502
|
|
|
$
|
18,784
|
|
(1)
|
2017 deferred tax expense of
$31.6 million
includes an
$18.1 million
charge to re-measure the net deferred tax asset at December 31, 2017 pursuant to the reduction in the corporate income tax rate from 35% to 21%, effective January 1, 2018, per the Tax Cuts and Jobs Act enacted on December 22, 2017.
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
(In thousands, except rates)
|
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|||||||||
Statutory tax rate
|
|
$
|
28,017
|
|
|
21.0
|
%
|
|
$
|
34,912
|
|
|
35.0
|
%
|
|
$
|
27,108
|
|
|
35.0
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
State taxes, net of federal tax benefit
|
|
6,761
|
|
|
5.1
|
|
|
2,232
|
|
|
2.2
|
|
|
1,675
|
|
|
2.2
|
|
|||
Tax exempt income - investments, net
|
|
(3,620
|
)
|
|
(2.7
|
)
|
|
(5,395
|
)
|
|
(5.4
|
)
|
|
(3,849
|
)
|
|
(5.0
|
)
|
|||
Bank-owned life insurance
|
|
(1,337
|
)
|
|
(1.0
|
)
|
|
(1,556
|
)
|
|
(1.6
|
)
|
|
(1,364
|
)
|
|
(1.8
|
)
|
|||
Non-deductible merger costs
|
|
181
|
|
|
0.1
|
|
|
368
|
|
|
0.4
|
|
|
542
|
|
|
0.7
|
|
|||
Tax credits, net of basis reduction
|
|
(3,574
|
)
|
|
(2.7
|
)
|
|
(4,656
|
)
|
|
(4.7
|
)
|
|
(6,225
|
)
|
|
(8.0
|
)
|
|||
Change in valuation allowance
|
|
—
|
|
|
—
|
|
|
75
|
|
|
0.1
|
|
|
125
|
|
|
0.2
|
|
|||
Impact of federal tax reform enactment
(1)
|
|
—
|
|
|
—
|
|
|
18,145
|
|
|
18.2
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
|
1,220
|
|
|
0.9
|
|
|
377
|
|
|
0.4
|
|
|
772
|
|
|
1.0
|
|
|||
Effective tax rate
|
|
$
|
27,648
|
|
|
20.7
|
%
|
|
$
|
44,502
|
|
|
44.6
|
%
|
|
$
|
18,784
|
|
|
24.3
|
%
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Deferred tax assets:
|
|
|
|
|
|
|
||
Allowance for loan losses
|
|
$
|
16,754
|
|
|
$
|
14,578
|
|
Tax credit carryforwards
|
|
—
|
|
|
4,100
|
|
||
Unrealized capital loss on tax credit investments
|
|
6,045
|
|
|
6,502
|
|
||
Net unrealized loss on securities available for sale and pension in OCI
|
|
4,554
|
|
|
—
|
|
||
Employee benefit plans
|
|
5,161
|
|
|
4,983
|
|
||
Purchase accounting adjustments
|
|
27,249
|
|
|
37,843
|
|
||
Net operating loss carryforwards
|
|
1,162
|
|
|
1,374
|
|
||
Other
|
|
2,457
|
|
|
3,549
|
|
||
Deferred tax assets, net before valuation allowances
|
|
63,382
|
|
|
72,929
|
|
||
Valuation allowance
|
|
(200
|
)
|
|
(200
|
)
|
||
Deferred tax assets, net of valuation allowances
|
|
$
|
63,182
|
|
|
$
|
72,729
|
|
|
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
|
||
Net unrealized gain on securities available for sale and pension in OCI
|
|
$
|
—
|
|
|
$
|
(1,888
|
)
|
Premises and equipment
|
|
(1,654
|
)
|
|
(1,126
|
)
|
||
Loan servicing rights
|
|
(3,944
|
)
|
|
(2,174
|
)
|
||
Deferred loan fees
|
|
(3,310
|
)
|
|
(3,900
|
)
|
||
Intangible amortization
|
|
(13,940
|
)
|
|
(15,001
|
)
|
||
Unamortized tax credit reserve
|
|
(1,170
|
)
|
|
(1,579
|
)
|
||
Deferred tax liabilities
|
|
$
|
(24,018
|
)
|
|
$
|
(25,668
|
)
|
Deferred tax assets, net
|
|
$
|
39,164
|
|
|
$
|
47,061
|
|
(in thousands)
|
|
2018
|
|
2017
|
||||
State tax basis difference, net of Federal tax benefit
|
|
$
|
(200
|
)
|
|
$
|
(200
|
)
|
Valuation allowances
|
|
$
|
(200
|
)
|
|
$
|
(200
|
)
|
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Unrecognized tax benefits at January 1
|
|
$
|
304
|
|
|
$
|
460
|
|
|
$
|
307
|
|
Increase in gross amounts of tax positions related to prior years
|
|
533
|
|
|
—
|
|
|
270
|
|
|||
Decrease in gross amounts of tax positions related to prior years
|
|
(370
|
)
|
|
(156
|
)
|
|
—
|
|
|||
Decrease due to settlement with taxing authority
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Increase in gross amounts of tax positions related to current year
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Decrease due to lapse in statute of limitations
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
|||
Unrecognized tax benefits at December 31
|
|
$
|
467
|
|
|
$
|
304
|
|
|
$
|
460
|
|
|
|
Notional
Amount
|
|
Weighted
Average
Maturity
|
|
Weighted Average Rate
|
|
Estimated
Fair Value
Asset (Liability)
|
||||||||
December 31, 2018
|
|
|
|
Received
|
|
Contract pay rate
|
|
|||||||||
|
|
(In thousands)
|
|
(In years)
|
|
|
|
|
|
(In thousands)
|
||||||
Economic hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate swap on tax advantaged economic development bond
|
|
10,090
|
|
|
10.9
|
|
2.72
|
%
|
|
5.09
|
%
|
|
(1,240
|
)
|
||
Interest rate swaps on loans with commercial loan customers
|
|
1,346,894
|
|
|
6.7
|
|
4.04
|
%
|
|
4.53
|
%
|
|
(11,953
|
)
|
||
Reverse interest rate swaps on loans with commercial loan customers
|
|
1,346,894
|
|
|
6.7
|
|
4.53
|
%
|
|
4.04
|
%
|
|
11,443
|
|
||
Risk participation agreements with dealer banks
|
|
243,806
|
|
|
5.7
|
|
|
|
|
|
237
|
|
||||
Forward sale commitments
|
|
190,807
|
|
|
0.2
|
|
|
|
|
|
|
|
(734
|
)
|
||
Total economic hedges
|
|
3,138,491
|
|
|
|
|
|
|
|
|
|
|
(2,247
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-hedging derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commitments to lend
|
|
165,079
|
|
|
0.2
|
|
|
|
|
|
|
|
3,927
|
|
||
Total non-hedging derivatives
|
|
165,079
|
|
|
|
|
|
|
|
|
|
|
3,927
|
|
||
Total
|
|
$
|
3,303,570
|
|
|
|
|
|
|
|
|
|
|
$
|
1,680
|
|
|
|
Notional
Amount
|
|
Weighted
Average
Maturity
|
|
Weighted Average Rate
|
|
Estimated
Fair Value
Asset (Liability)
|
||||||||
December 31, 2017
|
|
|
|
Received
|
|
Contract pay rate
|
|
|||||||||
|
|
(In thousands)
|
|
(In years)
|
|
|
|
|
|
(In thousands)
|
||||||
Economic hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate swap on tax advantaged economic development bond
|
|
10,755
|
|
|
11.9
|
|
1.73
|
%
|
|
5.09
|
%
|
|
(1,649
|
)
|
||
Interest rate swaps on loans with commercial loan customers
|
|
943,795
|
|
|
5.9
|
|
3.26
|
%
|
|
4.25
|
%
|
|
(3,195
|
)
|
||
Reverse interest rate swaps on loans with commercial loan customers
|
|
943,795
|
|
|
5.9
|
|
4.25
|
%
|
|
3.26
|
%
|
|
3,204
|
|
||
Risk participation agreements with dealer banks
|
|
142,054
|
|
|
8.4
|
|
|
|
|
|
|
|
(26
|
)
|
||
Forward sale commitments
|
|
276,572
|
|
|
0.2
|
|
|
|
|
|
|
|
(123
|
)
|
||
Total economic hedges
|
|
2,316,971
|
|
|
|
|
|
|
|
|
|
|
(1,789
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commitments to lend
|
|
193,966
|
|
|
0.2
|
|
|
|
|
|
|
|
5,259
|
|
||
Total non-hedging derivatives
|
|
193,966
|
|
|
|
|
|
|
|
|
|
|
5,259
|
|
||
Total
|
|
$
|
2,510,937
|
|
|
|
|
|
|
|
|
|
|
$
|
3,470
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Interest rate swaps on FHLB borrowings:
|
|
|
|
|
|
|
|
|
||||
Unrealized (loss) recognized in accumulated other comprehensive loss
|
|
$
|
—
|
|
|
$
|
(449
|
)
|
|
$
|
(2,023
|
)
|
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense
|
|
—
|
|
|
(393
|
)
|
|
(3,981
|
)
|
|||
Less: reclassification of unrealized (loss) from accumulated other
comprehensive income to other non-interest expense |
|
—
|
|
|
(6,629
|
)
|
|
—
|
|
|||
Net tax effect on items recognized in accumulated other comprehensive income
|
|
—
|
|
|
(2,589
|
)
|
|
(835
|
)
|
|||
Other comprehensive income recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects
|
|
$
|
—
|
|
|
$
|
3,984
|
|
|
$
|
1,123
|
|
•
|
Best efforts loan sales,
|
•
|
Mandatory delivery loan sales, and
|
•
|
To be announced (TBA) mortgage-backed securities sales.
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Economic hedges
|
|
|
|
|
|
|
|
|
||||
Interest rate swap on industrial revenue bond:
|
|
|
|
|
|
|
|
|
||||
Unrealized gain (loss) recognized in other non-interest income
|
|
$
|
409
|
|
|
$
|
371
|
|
|
$
|
(75
|
)
|
Interest rate swaps on loans with commercial loan customers:
|
|
|
|
|
|
|
|
|
||||
Unrealized (loss)/gain recognized in other non-interest income
|
|
(8,758
|
)
|
|
3,557
|
|
|
1,312
|
|
|||
Reverse interest rate swaps on loans with commercial loan customers:
|
|
|
|
|
|
|
|
|
||||
Unrealized gain/(loss) recognized in other non-interest income
|
|
8,758
|
|
|
(3,557
|
)
|
|
(1,312
|
)
|
|||
(Unfavorable) Favorable change in credit valuation adjustment recognized in other non-interest income
|
|
(519
|
)
|
|
(316
|
)
|
|
338
|
|
|||
Risk Participation Agreements:
|
|
|
|
|
|
|
|
|
||||
Unrealized gain/(loss) recognized in other non-interest income
|
|
263
|
|
|
(31
|
)
|
|
(61
|
)
|
|||
Forward Commitments:
|
|
|
|
|
|
|
|
|
||||
Unrealized (loss) recognized in non-interest income
|
|
(611
|
)
|
|
(123
|
)
|
|
(1,176
|
)
|
|||
Realized gain/(loss) in non-interest income
|
|
(1,532
|
)
|
|
(1,764
|
)
|
|
(3,705
|
)
|
|||
|
|
|
|
|
|
|
||||||
Non-hedging derivatives
|
|
|
|
|
|
|
|
|
||||
Commitments to lend:
|
|
|
|
|
|
|
|
|
||||
Unrealized gain recognized in non-interest income
|
|
$
|
3,358
|
|
|
$
|
5,259
|
|
|
$
|
8,373
|
|
Realized gain in non-interest income
|
|
33,982
|
|
|
50,879
|
|
|
3,650
|
|
|
|
Gross
Amounts of Recognized Assets |
|
Gross Amounts
Offset in the Statements of Condition |
|
Net Amounts of Assets
Presented in the Statements of Condition |
|
Gross Amounts Not Offset in the Statements
of Condition |
|
|
||||||||||||||
|
|
|
|
|
Financial
Instruments |
|
Cash
Collateral Received |
|
|
|||||||||||||||
(in thousands)
|
|
|
|
|
|
|
Net Amount
|
|||||||||||||||||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swap Agreements:
|
||||||||||||||||||||||||
Institutional counterparties
|
|
$
|
9,485
|
|
|
$
|
(3,592
|
)
|
|
$
|
5,893
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,893
|
|
Commercial counterparties
|
|
21,345
|
|
|
(157
|
)
|
|
21,188
|
|
|
—
|
|
|
—
|
|
|
21,188
|
|
||||||
Total
|
|
$
|
30,830
|
|
|
$
|
(3,749
|
)
|
|
$
|
27,081
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,081
|
|
|
|
Gross
Amounts of Recognized Liabilities |
|
Gross Amounts
Offset in the Statements of Condition |
|
Net Amounts of Liabilities
Presented in the Statement of Condition |
|
Gross Amounts Not Offset in the Statements
of Condition |
|
|
||||||||||||||
|
|
|
|
|
Financial
Instruments |
|
Cash
Collateral Received |
|
|
|||||||||||||||
(in thousands)
|
|
|
|
|
|
|
Net Amount
|
|||||||||||||||||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swap Agreements:
|
||||||||||||||||||||||||
Institutional counterparties
|
|
$
|
(19,949
|
)
|
|
$
|
1,101
|
|
|
$
|
(18,848
|
)
|
|
$
|
—
|
|
|
$
|
25,412
|
|
|
$
|
6,564
|
|
Commercial counterparties
|
|
(9,932
|
)
|
|
187
|
|
|
(9,745
|
)
|
|
—
|
|
|
—
|
|
|
(9,745
|
)
|
||||||
Total
|
|
$
|
(29,881
|
)
|
|
$
|
1,288
|
|
|
$
|
(28,593
|
)
|
|
$
|
—
|
|
|
$
|
25,412
|
|
|
$
|
(3,181
|
)
|
|
|
Gross
Amounts of Recognized Assets |
|
Gross Amounts
Offset in the Statements of Condition |
|
Net Amounts of Assets
Presented in the Statements of Condition |
|
Gross Amounts Not Offset in the Statements
of Condition |
|
|
||||||||||||||
|
|
|
|
|
Financial
Instruments |
|
Cash
Collateral Received |
|
|
|||||||||||||||
(in thousands)
|
|
|
|
|
|
|
Net Amount
|
|||||||||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swap Agreements:
|
||||||||||||||||||||||||
Institutional counterparties
|
|
$
|
2,692
|
|
|
$
|
(1,622
|
)
|
|
$
|
1,070
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,070
|
|
Commercial counterparties
|
|
8,577
|
|
|
—
|
|
|
8,577
|
|
|
—
|
|
|
—
|
|
|
8,577
|
|
||||||
Total
|
|
$
|
11,269
|
|
|
$
|
(1,622
|
)
|
|
$
|
9,647
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,647
|
|
|
|
Gross
Amounts of Recognized Liabilities |
|
Gross Amounts
Offset in the Statements of Condition |
|
Net Amounts of Liabilities
Presented in the Statement of Condition |
|
Gross Amounts Not Offset in the Statements
of Condition |
|
|
|||||||||||||
|
|
|
|
|
Financial
Instruments |
Cash
Collateral Received |
|
|
|||||||||||||||
(in thousands)
|
|
|
|
|
|
Net Amount
|
|||||||||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swap Agreements:
|
|||||||||||||||||||||||
Institutional counterparties
|
|
$
|
(8,777
|
)
|
|
$
|
2,835
|
|
|
$
|
(5,942
|
)
|
|
$
|
3,982
|
|
$
|
1,960
|
|
|
$
|
—
|
|
Commercial counterparties
|
|
(5,375
|
)
|
|
2
|
|
|
(5,373
|
)
|
|
—
|
|
—
|
|
|
(5,373
|
)
|
||||||
Total
|
|
$
|
(14,152
|
)
|
|
$
|
2,837
|
|
|
$
|
(11,315
|
)
|
|
$
|
3,982
|
|
$
|
1,960
|
|
|
$
|
(5,373
|
)
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Commitments to originate new loans
|
|
$
|
202,789
|
|
|
$
|
244,252
|
|
Unused funds on commercial and other lines of credit
|
|
831,853
|
|
|
678,567
|
|
||
Unadvanced funds on home equity lines of credit
|
|
332,359
|
|
|
297,367
|
|
||
Unadvanced funds on construction and real estate loans
|
|
424,347
|
|
|
360,472
|
|
||
Standby letters of credit
|
|
17,295
|
|
|
13,613
|
|
||
Lease obligation
|
|
10,986
|
|
|
11,323
|
|
||
Total
|
|
$
|
1,819,629
|
|
|
$
|
1,605,594
|
|
|
|
|
|
|
|
Minimum
Capital
Requirement
|
|
Minimum to be Well
Capitalized Under
Prompt Corrective
Action Provisions
|
|||||||||||||
|
|
Actual
|
|
|
|||||||||||||||||
(Dollars in thousands)
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Company (Consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total capital to risk-weighted assets
|
|
$
|
1,172,120
|
|
|
12.99
|
%
|
|
$
|
721,605
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Common Equity Tier 1 Capital to risk weighted assets
|
|
1,029,724
|
|
|
11.42
|
|
|
405,903
|
|
|
4.50
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to risk-weighted assets
|
|
1,043,898
|
|
|
11.57
|
|
|
541,203
|
|
|
6.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to average assets
|
|
1,043,898
|
|
|
9.04
|
|
|
360,802
|
|
|
4.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total capital to risk-weighted assets
|
|
$
|
1,100,783
|
|
|
12.21
|
%
|
|
$
|
721,185
|
|
|
8.00
|
%
|
|
$
|
901,481
|
|
|
10.00
|
%
|
Common Equity Tier 1 Capital to risk weighted assets
|
|
1,043,401
|
|
|
11.57
|
|
|
405,667
|
|
|
4.50
|
|
|
585,963
|
|
|
6.50
|
|
|||
Tier 1 capital to risk-weighted assets
|
|
1,043,401
|
|
|
11.57
|
|
|
540,889
|
|
|
6.00
|
|
|
721,185
|
|
|
8.00
|
|
|||
Tier 1 capital to average assets
|
|
1,043,401
|
|
|
9.04
|
|
|
360,593
|
|
|
4.00
|
|
|
450,741
|
|
|
5.00
|
|
|||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Company (Consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total capital to risk-weighted assets
|
|
$
|
1,063,843
|
|
|
12.43
|
%
|
|
$
|
684,692
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Common Equity Tier 1 Capital to risk weighted assets
|
|
942,389
|
|
|
11.01
|
|
|
385,139
|
|
|
4.50
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to risk-weighted assets
|
|
954,103
|
|
|
11.15
|
|
|
513,519
|
|
|
6.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to average assets
|
|
954,103
|
|
|
9.01
|
|
|
342,346
|
|
|
4.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total capital to risk-weighted assets
|
|
$
|
954,172
|
|
|
11.17
|
%
|
|
$
|
683,103
|
|
|
8.00
|
%
|
|
$
|
853,879
|
|
|
10.00
|
%
|
Common Equity Tier 1 Capital to risk weighted assets
|
|
881,324
|
|
|
10.32
|
|
|
384,245
|
|
|
4.50
|
|
|
555,021
|
|
|
6.50
|
|
|||
Tier 1 capital to risk-weighted assets
|
|
881,324
|
|
|
10.32
|
|
|
512,327
|
|
|
6.00
|
|
|
683,103
|
|
|
8.00
|
|
|||
Tier 1 capital to average assets
|
|
881,324
|
|
|
8.32
|
|
|
341,552
|
|
|
4.00
|
|
|
426,939
|
|
|
5.00
|
|
(In thousands)
|
|
2018
|
|
2017
|
||||
Other accumulated comprehensive (loss)/income, before tax:
|
|
|
|
|
|
|
||
Net unrealized holding (loss)/gain on AFS securities
|
|
$
|
(15,267
|
)
|
|
$
|
10,034
|
|
Net (loss) on effective cash flow hedging derivatives
|
|
—
|
|
|
—
|
|
||
Net unrealized holding (loss) on pension plans
|
|
(2,753
|
)
|
|
(3,048
|
)
|
||
|
|
|
|
|
||||
Income taxes related to items of accumulated other comprehensive (loss)/income:
|
|
|
|
|
|
|
||
Net unrealized holding loss/(gain) on AFS securities
|
|
3,814
|
|
|
(4,026
|
)
|
||
Net loss on effective cash flow hedging derivatives
|
|
—
|
|
|
—
|
|
||
Net unrealized holding loss on pension plans
|
|
736
|
|
|
1,201
|
|
||
Accumulated other comprehensive (loss)/income
|
|
$
|
(13,470
|
)
|
|
$
|
4,161
|
|
(In thousands)
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized holding (loss) on AFS securities:
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized (loss) arising during the period
|
|
$
|
(16,917
|
)
|
|
$
|
4,419
|
|
|
$
|
(12,498
|
)
|
Less: reclassification adjustment for gains realized in net income
|
|
6
|
|
|
(2
|
)
|
|
4
|
|
|||
Net unrealized holding (loss) on AFS securities
|
|
(16,923
|
)
|
|
4,421
|
|
|
(12,502
|
)
|
|||
|
|
|
|
|
|
|
||||||
Net unrealized holding (loss) on pension plans
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized gain arising during the period
|
|
135
|
|
|
(54
|
)
|
|
81
|
|
|||
Less: reclassification adjustment for losses realized in net income
|
|
(201
|
)
|
|
54
|
|
|
(147
|
)
|
|||
Net unrealized holding gain on pension plans
|
|
336
|
|
|
(108
|
)
|
|
228
|
|
|||
Other comprehensive (loss)
|
|
$
|
(16,587
|
)
|
|
$
|
4,313
|
|
|
$
|
(12,274
|
)
|
Less: reclassification related to adoption of ASU 2016-01
|
|
8,379
|
|
|
(2,126
|
)
|
|
6,253
|
|
|||
Less: reclassification related to adoption of ASU 2018-02
|
|
—
|
|
|
(896
|
)
|
|
(896
|
)
|
|||
Total change to accumulated other comprehensive (loss)
|
|
$
|
(24,966
|
)
|
|
$
|
7,335
|
|
|
$
|
(17,631
|
)
|
(In thousands)
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized holding gain on AFS securities:
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized (loss) arising during the period
|
|
$
|
(2,544
|
)
|
|
$
|
1,075
|
|
|
$
|
(1,469
|
)
|
Less: reclassification adjustment for gains realized in net income
|
|
12,598
|
|
|
(4,535
|
)
|
|
8,063
|
|
|||
Net unrealized holding (loss) on AFS securities
|
|
(15,142
|
)
|
|
5,610
|
|
|
(9,532
|
)
|
|||
|
|
|
|
|
|
|
||||||
Net (loss) on cash flow hedging derivatives:
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized (loss) arising during the period
|
|
(449
|
)
|
|
180
|
|
|
(269
|
)
|
|||
Less: reclassification adjustment for (losses) realized in net income
|
|
(7,022
|
)
|
|
2,769
|
|
|
(4,253
|
)
|
|||
Net gain on cash flow hedging derivatives
|
|
6,573
|
|
|
(2,589
|
)
|
|
3,984
|
|
|||
|
|
|
|
|
|
|
||||||
Net unrealized holding (loss) on pension plans
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized (loss) arising during the period
|
|
(311
|
)
|
|
124
|
|
|
(187
|
)
|
|||
Less: reclassification adjustment for (losses) realized in net income
|
|
(217
|
)
|
|
87
|
|
|
(130
|
)
|
|||
Net unrealized holding (loss) on pension plans
|
|
(94
|
)
|
|
37
|
|
|
(57
|
)
|
|||
Other comprehensive (loss)
|
|
$
|
(8,663
|
)
|
|
$
|
3,058
|
|
|
$
|
(5,605
|
)
|
(In thousands)
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized holding gain on AFS securities:
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized gain arising during the period
|
|
$
|
18,308
|
|
|
$
|
(6,979
|
)
|
|
$
|
11,329
|
|
Less: reclassification adjustment for (losses) realized in net income
|
|
(551
|
)
|
|
220
|
|
|
(331
|
)
|
|||
Net unrealized holding gain on AFS securities
|
|
18,859
|
|
|
(7,199
|
)
|
|
11,660
|
|
|||
|
|
|
|
|
|
|
||||||
Net (loss) on cash flow hedging derivatives:
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized (loss) arising during the period
|
|
(2,022
|
)
|
|
754
|
|
|
(1,268
|
)
|
|||
Less: reclassification adjustment for (losses) realized in net income
|
|
(3,981
|
)
|
|
1,589
|
|
|
(2,392
|
)
|
|||
Net gain on cash flow hedging derivatives
|
|
1,959
|
|
|
(835
|
)
|
|
1,124
|
|
|||
|
|
|
|
|
|
|
||||||
Net unrealized holding (loss) on pension plans
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized gain arising during the period
|
|
351
|
|
|
(155
|
)
|
|
196
|
|
|||
Less: reclassification adjustment for (losses) realized in net income
|
|
(164
|
)
|
|
73
|
|
|
(91
|
)
|
|||
Net unrealized holding gain on pension plans
|
|
515
|
|
|
(228
|
)
|
|
287
|
|
|||
Other comprehensive income
|
|
$
|
21,333
|
|
|
$
|
(8,262
|
)
|
|
$
|
13,071
|
|
(in thousands)
|
|
Net unrealized holding gain (loss) on AFS Securities
|
|
Net loss on effective cash flow hedging derivatives
|
|
Net unrealized holding gain (loss) on pension plans
|
|
Total
|
||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at Beginning of Year
|
|
$
|
6,008
|
|
|
$
|
—
|
|
|
$
|
(1,847
|
)
|
|
$
|
4,161
|
|
Other comprehensive gain/(loss) before reclassifications
|
|
(12,498
|
)
|
|
—
|
|
|
81
|
|
|
(12,417
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
|
4
|
|
|
—
|
|
|
(147
|
)
|
|
(143
|
)
|
||||
Total other comprehensive (loss)/income
|
|
(12,502
|
)
|
|
—
|
|
|
228
|
|
|
(12,274
|
)
|
||||
Less: amounts reclassified from accumulated other
comprehensive income (loss) related to adoption of ASU 2016-01 and ASU 2018-02
|
|
4,959
|
|
|
—
|
|
|
398
|
|
|
5,357
|
|
||||
Balance at End of Period
|
|
$
|
(11,453
|
)
|
|
$
|
—
|
|
|
$
|
(2,017
|
)
|
|
$
|
(13,470
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at Beginning of Year
|
|
$
|
15,540
|
|
|
$
|
(3,984
|
)
|
|
$
|
(1,790
|
)
|
|
$
|
9,766
|
|
Other comprehensive gain/(loss) before reclassifications
|
|
(1,469
|
)
|
|
(269
|
)
|
|
(187
|
)
|
|
(1,925
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
|
8,063
|
|
|
(4,253
|
)
|
|
(130
|
)
|
|
3,680
|
|
||||
Total other comprehensive (loss)/income
|
|
(9,532
|
)
|
|
3,984
|
|
|
(57
|
)
|
|
(5,605
|
)
|
||||
Balance at End of Period
|
|
$
|
6,008
|
|
|
$
|
—
|
|
|
$
|
(1,847
|
)
|
|
$
|
4,161
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at Beginning of Year
|
|
$
|
3,880
|
|
|
$
|
(5,108
|
)
|
|
$
|
(2,077
|
)
|
|
$
|
(3,305
|
)
|
Other comprehensive gain/(loss) Before reclassifications
|
|
11,329
|
|
|
(1,268
|
)
|
|
196
|
|
|
10,257
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
|
(331
|
)
|
|
(2,392
|
)
|
|
(91
|
)
|
|
(2,814
|
)
|
||||
Total other comprehensive income
|
|
11,660
|
|
|
1,124
|
|
|
287
|
|
|
13,071
|
|
||||
Balance at End of Period
|
|
$
|
15,540
|
|
|
$
|
(3,984
|
)
|
|
$
|
(1,790
|
)
|
|
$
|
9,766
|
|
|
|
|
|
|
|
|
|
Affected Line Item in the
Statement Where Net Income Is Presented |
||||||
|
|
Years Ended December 31,
|
|
|||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
|||||||
Realized gains/(losses) on AFS securities:
|
||||||||||||||
|
|
$
|
6
|
|
|
$
|
12,598
|
|
|
$
|
(551
|
)
|
|
Non-interest income
|
|
|
(2
|
)
|
|
(4,535
|
)
|
|
220
|
|
|
Tax expense
|
|||
|
|
4
|
|
|
8,063
|
|
|
(331
|
)
|
|
|
|||
Realized (losses) on cash flow hedging derivatives:
|
||||||||||||||
|
|
—
|
|
|
(393
|
)
|
|
—
|
|
|
Interest expense
|
|||
|
|
—
|
|
|
(6,629
|
)
|
|
—
|
|
|
Non-interest income
|
|||
|
|
—
|
|
|
—
|
|
|
(3,981
|
)
|
|
Non-interest expense
|
|||
|
|
—
|
|
|
2,769
|
|
|
1,589
|
|
|
Tax benefit
|
|||
|
|
—
|
|
|
(4,253
|
)
|
|
(2,392
|
)
|
|
|
|||
Realized (losses) on pension plans
|
|
|
|
|
|
|
|
|
||||||
|
|
(201
|
)
|
|
(217
|
)
|
|
(164
|
)
|
|
Non-interest expense
|
|||
|
|
54
|
|
|
87
|
|
|
73
|
|
|
Tax expense
|
|||
|
|
(147
|
)
|
|
(130
|
)
|
|
(91
|
)
|
|
|
|||
Total reclassifications for the period
|
|
$
|
(143
|
)
|
|
$
|
3,680
|
|
|
$
|
(2,814
|
)
|
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands, except per share data)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
|
|
|
|
|
|
|
||||||
Average number of common shares issued
|
|
46,212
|
|
|
40,627
|
|
|
32,604
|
|
|||
Less: average number of treasury shares
|
|
810
|
|
|
963
|
|
|
1,116
|
|
|||
Less: average number of unvested stock award shares
|
|
421
|
|
|
437
|
|
|
500
|
|
|||
Plus: average participating preferred shares
|
|
1,043
|
|
|
229
|
|
|
—
|
|
|||
Average number of basic common shares outstanding
|
|
46,024
|
|
|
39,456
|
|
|
30,988
|
|
|||
Plus: dilutive effect of unvested stock award shares
|
|
180
|
|
|
202
|
|
|
122
|
|
|||
Plus: dilutive effect of stock options outstanding
|
|
27
|
|
|
37
|
|
|
57
|
|
|||
Average number of diluted common shares outstanding
|
|
46,231
|
|
|
39,695
|
|
|
31,167
|
|
|||
|
|
|
|
|
|
|
||||||
Basic earning per common share
|
|
$
|
2.30
|
|
|
$
|
1.40
|
|
|
$
|
1.89
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per common share
|
|
$
|
2.29
|
|
|
$
|
1.39
|
|
|
$
|
1.88
|
|
|
|
Non-vested Stock
Awards Outstanding |
|
Stock Options Outstanding
|
||||||||||
(Shares in thousands)
|
|
Number of Shares
|
|
Weighted- Average
Grant Date Fair Value |
|
Number of Shares
|
|
Weighted- Average Exercise Price
|
||||||
Balance, December 31, 2017
|
|
418
|
|
|
$
|
29.68
|
|
|
76
|
|
|
$
|
13.59
|
|
Granted
|
|
185
|
|
|
37.87
|
|
|
—
|
|
|
—
|
|
||
Stock options exercised
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
9.81
|
|
||
Stock awards vested
|
|
(167
|
)
|
|
28.60
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
|
(65
|
)
|
|
33.78
|
|
|
—
|
|
|
—
|
|
||
Expired
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
22.61
|
|
||
Balance, December 31, 2018
|
|
371
|
|
|
$
|
33.63
|
|
|
31
|
|
|
$
|
10.82
|
|
|
|
December 31, 2018
|
||||||||||||||
(In thousands)
|
|
Level 1
Inputs |
|
Level 2
Inputs |
|
Level 3
Inputs |
|
Total
Fair Value |
||||||||
Trading security
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,212
|
|
|
$
|
11,212
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Municipal bonds and obligations
|
|
—
|
|
|
111,207
|
|
|
—
|
|
|
111,207
|
|
||||
Agency collateralized mortgage obligations
|
|
—
|
|
|
930,884
|
|
|
—
|
|
|
930,884
|
|
||||
Agency residential mortgage-backed securities
|
|
—
|
|
|
170,321
|
|
|
—
|
|
|
170,321
|
|
||||
Agency commercial mortgage-backed securities
|
|
—
|
|
|
58,925
|
|
|
—
|
|
|
58,925
|
|
||||
Corporate bonds
|
|
—
|
|
|
111,490
|
|
|
—
|
|
|
111,490
|
|
||||
Trust preferred securities
|
|
—
|
|
|
8,466
|
|
|
—
|
|
|
8,466
|
|
||||
Other bonds and obligations
|
|
—
|
|
|
8,354
|
|
|
—
|
|
|
8,354
|
|
||||
Marketable equity securities
|
|
56,074
|
|
|
564
|
|
|
—
|
|
|
56,638
|
|
||||
Loans held for sale
|
|
—
|
|
|
96,233
|
|
|
—
|
|
|
96,233
|
|
||||
Derivative assets
|
|
—
|
|
|
31,727
|
|
|
3,927
|
|
|
35,654
|
|
||||
Capitalized servicing rights
|
|
—
|
|
|
—
|
|
|
11,485
|
|
|
11,485
|
|
||||
Derivative liabilities
|
|
734
|
|
|
33,239
|
|
|
—
|
|
|
33,973
|
|
|
|
December 31, 2017
|
||||||||||||||
(In thousands)
|
|
Level 1
Inputs |
|
Level 2
Inputs |
|
Level 3
Inputs |
|
Total
Fair Value |
||||||||
Trading security
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,277
|
|
|
$
|
12,277
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Municipal bonds and obligations
|
|
—
|
|
|
118,233
|
|
|
—
|
|
|
118,233
|
|
||||
Agency collateralized mortgage obligations
|
|
—
|
|
|
851,158
|
|
|
—
|
|
|
851,158
|
|
||||
Agency residential mortgage-backed securities
|
|
—
|
|
|
216,940
|
|
|
—
|
|
|
216,940
|
|
||||
Agency commercial mortgage-backed securities
|
|
—
|
|
|
62,305
|
|
|
—
|
|
|
62,305
|
|
||||
Corporate bonds
|
|
—
|
|
|
110,721
|
|
|
—
|
|
|
110,721
|
|
||||
Trust preferred securities
|
|
—
|
|
|
11,677
|
|
|
—
|
|
|
11,677
|
|
||||
Other bonds and obligations
|
|
—
|
|
|
9,880
|
|
|
—
|
|
|
9,880
|
|
||||
Marketable equity securities
|
|
44,851
|
|
|
334
|
|
|
—
|
|
|
45,185
|
|
||||
Loans held for sale
|
|
—
|
|
|
153,620
|
|
|
—
|
|
|
153,620
|
|
||||
Derivative assets
|
|
—
|
|
|
14,049
|
|
|
5,259
|
|
|
19,308
|
|
||||
Capitalized servicing rights
|
|
—
|
|
|
—
|
|
|
3,834
|
|
|
3,834
|
|
||||
Derivative liabilities
|
|
104
|
|
|
15,715
|
|
|
19
|
|
|
15,838
|
|
|
|
Aggregate
Fair Value |
|
Aggregate
Unpaid Principal |
|
Aggregate Fair Value
Less Aggregate Unpaid Principal |
||||||
December 31, 2018 (In thousands)
|
|
|
|
|||||||||
Loans Held for Sale
|
|
$
|
96,233
|
|
|
$
|
93,019
|
|
|
$
|
3,214
|
|
|
|
Aggregate
Fair Value |
|
Aggregate
Unpaid Principal |
|
Aggregate Fair Value
Less Aggregate Unpaid Principal |
||||||
December 31, 2017 (In thousands)
|
|
|
|
|||||||||
Loans Held for Sale
|
|
$
|
153,620
|
|
|
$
|
149,022
|
|
|
$
|
4,598
|
|
|
|
Assets (Liabilities)
|
||||||||||||||
(In thousands)
|
|
Trading
Security |
|
Commitments to Lend
|
|
Forward
Commitments |
|
Capitalized Servicing Rights
|
||||||||
Balance as of December 31, 2016
|
|
$
|
13,229
|
|
|
$
|
4,738
|
|
|
$
|
100
|
|
|
$
|
798
|
|
Unrealized (loss) gain, net recognized in other non-interest income
|
|
(320
|
)
|
|
63,894
|
|
|
(81
|
)
|
|
(221
|
)
|
||||
Unrealized gain included in accumulated other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers to Level 2
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Paydown of trading security
|
|
(632
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers to loans held for sale
|
|
—
|
|
|
(63,373
|
)
|
|
—
|
|
|
—
|
|
||||
Additions to servicing rights
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,257
|
|
||||
Balance as of December 31, 2017
|
|
$
|
12,277
|
|
|
$
|
5,259
|
|
|
$
|
19
|
|
|
$
|
3,834
|
|
Unrealized (loss) gain, net recognized in other non-interest income
|
|
(400
|
)
|
|
46,014
|
|
|
(19
|
)
|
|
29
|
|
||||
Unrealized gain included in accumulated other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers to Level 2
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Paydown of trading security
|
|
(665
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers to loans held for sale
|
|
—
|
|
|
(47,346
|
)
|
|
—
|
|
|
—
|
|
||||
Additions to servicing rights
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,622
|
|
||||
Balance as of December 31, 2018
|
|
$
|
11,212
|
|
|
$
|
3,927
|
|
|
$
|
—
|
|
|
$
|
11,485
|
|
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gains/(losses) relating to instruments still held at December 31, 2018
|
|
$
|
1,122
|
|
|
$
|
3,927
|
|
|
$
|
—
|
|
|
$
|
29
|
|
Unrealized gains/(losses) relating to instruments still held at December 31, 2017
|
|
$
|
1,522
|
|
|
$
|
5,259
|
|
|
$
|
19
|
|
|
$
|
(221
|
)
|
|
|
Fair Value
|
|
|
|
|
|
Significant Unobservable Input Value
|
||||
(In thousands)
|
|
December 31, 2018
|
|
Valuation Techniques
|
|
Unobservable Inputs
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||
Trading Security
|
|
$
|
11,212
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
3.07
|
%
|
|
Forward Commitments
|
|
—
|
|
|
Historical Trend
|
|
Closing Ratio
|
|
82.36
|
%
|
||
|
|
|
|
Pricing Model
|
|
Origination Costs, per loan
|
|
$
|
3,063
|
|
||
Commitments to Lend
|
|
3,927
|
|
|
Historical Trend
|
|
Closing Ratio
|
|
82.36
|
%
|
||
|
|
|
|
Pricing Model
|
|
Origination Costs, per loan
|
|
$
|
3,063
|
|
||
Capitalized Servicing Rights
|
|
11,485
|
|
|
Discounted cash flow
|
|
Constant prepayment rate (CPR)
|
|
9.30
|
%
|
||
|
|
|
|
|
|
Discount rate
|
|
10.00
|
%
|
|||
Total
|
|
$
|
26,624
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
|
|
|
|
|
Significant
Unobservable Input Value |
||||
(In thousands)
|
|
December 31, 2017
|
|
Valuation Techniques
|
|
Unobservable Inputs
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||
Trading Security
|
|
$
|
12,277
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
2.74
|
%
|
|
Forward Commitments
|
|
19
|
|
|
Historical Trend
|
|
Closing Ratio
|
|
81.53
|
%
|
||
|
|
|
|
Pricing Model
|
|
Origination Costs, per loan
|
|
$
|
3,692
|
|
||
Commitments to Lend
|
|
5,259
|
|
|
Historical Trend
|
|
Closing Ratio
|
|
81.53
|
%
|
||
|
|
|
|
Pricing Model
|
|
Origination Costs, per loan
|
|
$
|
3,692
|
|
||
Capitalized Servicing Rights
|
|
3,834
|
|
|
Discounted cash flow
|
|
Constant prepayment rate (CPR)
|
|
10.00
|
%
|
||
|
|
|
|
|
|
Discount rate
|
|
10.95
|
%
|
|||
Total
|
|
$
|
21,389
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
Fair Value Measurements as of December 31, 2018
|
||
(In thousands)
|
|
Level 3
Inputs |
|
|
Level 3
Inputs
|
||
Assets
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
4,892
|
|
|
|
December 2018
|
Capitalized servicing rights
|
|
11,891
|
|
|
|
December 2018
|
|
Total
|
|
$
|
16,783
|
|
|
|
|
|
|
December 31, 2017
|
|
|
Fair Value Measurements as of December 31, 2017
|
||
(In thousands)
|
|
Level 3
Inputs |
|
|
Level 3
Inputs |
||
Assets
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
23,853
|
|
|
|
December 2017
|
Capitalized servicing rights
|
|
12,527
|
|
|
|
December 2017
|
|
Total
|
|
$
|
36,380
|
|
|
|
|
(in thousands)
|
|
December 31, 2017
|
|
Valuation Techniques
|
|
Unobservable Inputs
|
|
Range (Weighted Average) (a)
|
||
Assets
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
23,853
|
|
|
Fair value of collateral
|
|
Loss severity
|
|
38.72% to 0.21% (3.40%)
|
|
|
|
|
|
|
|
Appraised value
|
|
$10.9 to $5967 ($2,197)
|
|
Capitalized servicing rights
|
|
12,527
|
|
|
Discounted cash flow
|
|
Constant prepayment rate (CPR)
|
|
7.78% to 12.78% (10.38%)
|
|
|
|
|
|
|
|
|
Discount rate
|
|
10.00% to 13.28% (11.72%)
|
|
Total Assets
|
|
$
|
36,380
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
Carrying
Amount |
|
Fair
Value |
|
|
|
|
|
|
||||||||||
(In thousands)
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
183,189
|
|
|
$
|
183,189
|
|
|
$
|
183,189
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Trading security
|
|
11,212
|
|
|
11,212
|
|
|
—
|
|
|
—
|
|
|
11,212
|
|
|||||
Marketable equity securities
|
|
56,638
|
|
|
$
|
56,638
|
|
|
56,074
|
|
|
564
|
|
|
—
|
|
||||
Securities available for sale
|
|
1,399,647
|
|
|
1,399,647
|
|
|
—
|
|
|
1,399,647
|
|
|
—
|
|
|||||
Securities held to maturity
|
|
373,763
|
|
|
371,224
|
|
|
—
|
|
|
353,182
|
|
|
18,042
|
|
|||||
FHLB stock and restricted equity securities
|
|
77,344
|
|
|
N/A
|
|
|
N/A
|
|
|
NA
|
|
|
N/A
|
|
|||||
Net loans
|
|
8,981,784
|
|
|
9,026,442
|
|
|
—
|
|
|
—
|
|
|
9,026,442
|
|
|||||
Loans held for sale
|
|
96,233
|
|
|
96,233
|
|
|
—
|
|
|
96,233
|
|
|
—
|
|
|||||
Accrued interest receivable
|
|
36,879
|
|
|
36,879
|
|
|
—
|
|
|
36,879
|
|
|
—
|
|
|||||
Derivative assets
|
|
35,654
|
|
|
35,654
|
|
|
—
|
|
|
31,727
|
|
|
3,927
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total deposits
|
|
8,982,381
|
|
|
8,970,321
|
|
|
—
|
|
|
8,970,321
|
|
|
—
|
|
|||||
Short-term debt
|
|
1,118,832
|
|
|
1,118,820
|
|
|
—
|
|
|
1,118,820
|
|
|
—
|
|
|||||
Long-term FHLB advances
|
|
309,466
|
|
|
308,336
|
|
|
—
|
|
|
308,336
|
|
|
—
|
|
|||||
Subordinated notes
|
|
89,518
|
|
|
97,376
|
|
|
—
|
|
|
97,376
|
|
|
—
|
|
|||||
Derivative liabilities
|
|
33,973
|
|
|
33,973
|
|
|
734
|
|
|
33,239
|
|
|
—
|
|
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Carrying
Amount |
|
Fair
Value |
|
|
|
|
|
|
||||||||||
(In thousands)
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
248,763
|
|
|
$
|
248,763
|
|
|
$
|
248,763
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Trading security
|
|
12,277
|
|
|
12,277
|
|
|
—
|
|
|
—
|
|
|
12,277
|
|
|||||
Marketable equity securities
|
|
45,185
|
|
|
45,185
|
|
|
44,851
|
|
|
334
|
|
|
—
|
|
|||||
Securities available for sale
|
|
1,380,914
|
|
|
1,380,914
|
|
|
—
|
|
|
1,380,914
|
|
|
—
|
|
|||||
Securities held to maturity
|
|
397,103
|
|
|
405,276
|
|
|
—
|
|
|
371,458
|
|
|
33,818
|
|
|||||
FHLB stock and restricted equity securities
|
|
63,085
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||||
Net loans
|
|
8,247,504
|
|
|
8,422,034
|
|
|
—
|
|
|
—
|
|
|
8,422,034
|
|
|||||
Loans held for sale
|
|
153,620
|
|
|
153,620
|
|
|
—
|
|
|
153,620
|
|
|
—
|
|
|||||
Accrued interest receivable
|
|
33,739
|
|
|
33,739
|
|
|
—
|
|
|
33,739
|
|
|
—
|
|
|||||
Derivative assets
|
|
19,308
|
|
|
19,308
|
|
|
—
|
|
|
14,049
|
|
|
5,259
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total deposits
|
|
8,749,530
|
|
|
8,731,527
|
|
|
—
|
|
|
8,731,527
|
|
|
—
|
|
|||||
Short-term debt
|
|
667,300
|
|
|
667,246
|
|
|
—
|
|
|
667,246
|
|
|
—
|
|
|||||
Long-term FHLB advances
|
|
380,436
|
|
|
378,766
|
|
|
—
|
|
|
378,766
|
|
|
—
|
|
|||||
Subordinated notes
|
|
89,339
|
|
|
97,414
|
|
|
—
|
|
|
97,414
|
|
|
—
|
|
|||||
Derivative liabilities
|
|
15,838
|
|
|
15,838
|
|
|
104
|
|
|
15,715
|
|
|
19
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
|
|
||
Cash due from Berkshire Bank
|
|
$
|
69,320
|
|
|
$
|
83,380
|
|
Investment in subsidiaries
|
|
1,571,018
|
|
|
1,470,859
|
|
||
Securities available for sale, at fair value
|
|
3,914
|
|
|
21,827
|
|
||
Other assets
|
|
398
|
|
|
12,138
|
|
||
Total assets
|
|
$
|
1,644,650
|
|
|
$
|
1,588,204
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
||
Subordinated notes
|
|
$
|
89,518
|
|
|
$
|
89,339
|
|
Accrued expenses
|
|
2,214
|
|
|
2,601
|
|
||
Shareholders’ equity
|
|
1,552,918
|
|
|
1,496,264
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
1,644,650
|
|
|
$
|
1,588,204
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Income:
|
|
|
|
|
|
|
|
|
|
|||
Dividends from subsidiaries
|
|
$
|
48,500
|
|
|
$
|
39,000
|
|
|
$
|
33,000
|
|
Other
|
|
506
|
|
|
5,864
|
|
|
4,072
|
|
|||
Total income
|
|
49,006
|
|
|
44,864
|
|
|
37,072
|
|
|||
Interest expense
|
|
5,335
|
|
|
5,338
|
|
|
5,743
|
|
|||
Non-interest expenses
|
|
3,034
|
|
|
6,042
|
|
|
3,740
|
|
|||
Total expense
|
|
8,369
|
|
|
11,380
|
|
|
9,483
|
|
|||
Income before income taxes and equity in undistributed income of subsidiaries
|
|
40,637
|
|
|
33,484
|
|
|
27,589
|
|
|||
Income tax benefit
|
|
(1,068
|
)
|
|
(1,783
|
)
|
|
(2,123
|
)
|
|||
Income before equity in undistributed income of subsidiaries
|
|
41,705
|
|
|
35,267
|
|
|
29,712
|
|
|||
Equity in undistributed income of subsidiaries
|
|
64,060
|
|
|
19,980
|
|
|
28,958
|
|
|||
Net income
|
|
105,765
|
|
|
55,247
|
|
|
58,670
|
|
|||
Preferred stock dividend
|
|
918
|
|
|
219
|
|
|
—
|
|
|||
Income available to common shareholders
|
|
$
|
104,847
|
|
|
$
|
55,028
|
|
|
$
|
58,670
|
|
|
|
|
|
|
|
|
||||||
Comprehensive income
|
|
$
|
88,133
|
|
|
$
|
49,643
|
|
|
$
|
68,435
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
Adjustments to reconcile net income to net cash (used) provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Equity in undistributed income of subsidiaries
|
|
(64,060
|
)
|
|
(19,980
|
)
|
|
(28,958
|
)
|
|||
Other, net
|
|
20,916
|
|
|
(7,964
|
)
|
|
1,988
|
|
|||
Net cash provided by operating activities
|
|
62,621
|
|
|
27,303
|
|
|
31,700
|
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Advances to subsidiaries
|
|
(85,000
|
)
|
|
(100,000
|
)
|
|
—
|
|
|||
Purchase of securities
|
|
(128
|
)
|
|
(1,057
|
)
|
|
(18,016
|
)
|
|||
Sale of securities
|
|
13,550
|
|
|
2,101
|
|
|
—
|
|
|||
Other, net
|
|
—
|
|
|
1,508
|
|
|
9,728
|
|
|||
Net cash (used) in investing activities
|
|
(71,578
|
)
|
|
(97,448
|
)
|
|
(8,288
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceed from issuance of short term debt
|
|
178
|
|
|
—
|
|
|
9,349
|
|
|||
Proceed from repayment of long term debt
|
|
35,000
|
|
|
—
|
|
|
—
|
|
|||
Repayment of short term debt
|
|
—
|
|
|
(9,822
|
)
|
|
—
|
|
|||
Net proceeds from common stock
|
|
325
|
|
|
153,313
|
|
|
3,712
|
|
|||
Payment to repurchase common stock
|
|
—
|
|
|
—
|
|
|
(4,632
|
)
|
|||
Common stock cash dividends paid
|
|
(39,966
|
)
|
|
(33,022
|
)
|
|
(24,916
|
)
|
|||
Preferred stock cash dividends paid
|
|
(918
|
)
|
|
(219
|
)
|
|
—
|
|
|||
Other, net
|
|
278
|
|
|
257
|
|
|
11
|
|
|||
Net cash provided provided/(used) by financing activities
|
|
(5,103
|
)
|
|
110,507
|
|
|
(16,476
|
)
|
|||
|
|
|
|
|
|
|
||||||
Net change in cash and cash equivalents
|
|
(14,060
|
)
|
|
40,362
|
|
|
6,936
|
|
|||
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of year
|
|
83,380
|
|
|
43,018
|
|
|
36,082
|
|
|||
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at end of year
|
|
$
|
69,320
|
|
|
$
|
83,380
|
|
|
$
|
43,018
|
|
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
(In thousands, except per share data)
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
||||||||||||||||
Interest and dividend income
|
|
$
|
127,851
|
|
|
$
|
119,191
|
|
|
$
|
116,879
|
|
|
$
|
107,240
|
|
|
$
|
105,823
|
|
|
$
|
89,060
|
|
|
$
|
84,666
|
|
|
$
|
80,709
|
|
Interest expense
|
|
34,447
|
|
|
29,850
|
|
|
25,758
|
|
|
21,770
|
|
|
19,457
|
|
|
17,062
|
|
|
15,121
|
|
|
13,823
|
|
||||||||
Net interest income
|
|
93,404
|
|
|
89,341
|
|
|
91,121
|
|
|
85,470
|
|
|
86,366
|
|
|
71,998
|
|
|
69,545
|
|
|
66,886
|
|
||||||||
Non-interest income
|
|
21,068
|
|
|
29,281
|
|
|
30,030
|
|
|
29,520
|
|
|
29,298
|
|
|
28,836
|
|
|
32,798
|
|
|
34,757
|
|
||||||||
Total revenue
|
|
114,472
|
|
|
118,622
|
|
|
121,151
|
|
|
114,990
|
|
|
115,664
|
|
|
100,834
|
|
|
102,343
|
|
|
101,643
|
|
||||||||
Provision for loan losses
|
|
6,716
|
|
|
6,628
|
|
|
6,532
|
|
|
5,575
|
|
|
6,141
|
|
|
4,900
|
|
|
4,889
|
|
|
5,095
|
|
||||||||
Non-interest expense
|
|
90,188
|
|
|
70,977
|
|
|
72,337
|
|
|
76,869
|
|
|
90,041
|
|
|
65,820
|
|
|
69,523
|
|
|
74,326
|
|
||||||||
Income before income taxes
|
|
17,568
|
|
|
41,017
|
|
|
42,282
|
|
|
32,546
|
|
|
19,482
|
|
|
30,114
|
|
|
27,931
|
|
|
22,222
|
|
||||||||
Income tax expense (1)
|
|
3,309
|
|
|
8,790
|
|
|
8,251
|
|
|
7,298
|
|
|
22,292
|
|
|
7,211
|
|
|
8,237
|
|
|
6,762
|
|
||||||||
Net income/(loss)
|
|
$
|
14,259
|
|
|
$
|
32,227
|
|
|
$
|
34,031
|
|
|
$
|
25,248
|
|
|
$
|
(2,810
|
)
|
|
$
|
22,903
|
|
|
$
|
19,694
|
|
|
$
|
15,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic earnings/(loss) per common share
|
|
$
|
0.31
|
|
|
$
|
0.70
|
|
|
$
|
0.74
|
|
|
$
|
0.55
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.57
|
|
|
$
|
0.53
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Diluted earnings/(loss) per share
|
|
$
|
0.31
|
|
|
$
|
0.70
|
|
|
$
|
0.74
|
|
|
$
|
0.55
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.57
|
|
|
$
|
0.53
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Weighted average common shares outstanding:
|
||||||||||||||||||||||||||||||||
Basic
|
|
46,061
|
|
|
46,030
|
|
|
46,032
|
|
|
45,966
|
|
|
45,122
|
|
|
39,984
|
|
|
37,324
|
|
|
35,280
|
|
||||||||
Diluted
|
|
46,240
|
|
|
46,263
|
|
|
46,215
|
|
|
46,200
|
|
|
45,122
|
|
|
40,145
|
|
|
37,474
|
|
|
35,452
|
|
(1)
|
2017 income tax expense includes
$18.1 million
charge to re-measure the net deferred tax asset at December 31, 2017 pursuant to the reduction in the corporate income tax rate from 35% to 21%, effective January 1, 2018, per the Tax Cuts and Jobs Act enacted on December 22, 2017.
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net interest income
|
|
$
|
359,336
|
|
|
$
|
294,795
|
|
|
$
|
232,267
|
|
Provision for loan losses
|
|
25,451
|
|
|
21,025
|
|
|
17,362
|
|
|||
Net interest income after provision for loan losses
|
|
333,885
|
|
|
273,770
|
|
|
214,905
|
|
|||
Total non-interest income
|
|
109,899
|
|
|
125,689
|
|
|
65,851
|
|
|||
Total non-interest expense
|
|
310,371
|
|
|
299,710
|
|
|
203,302
|
|
|||
Income from continuing operations before income taxes
|
|
133,413
|
|
|
99,749
|
|
|
77,454
|
|
|||
Income tax expense
|
|
27,648
|
|
|
44,502
|
|
|
18,784
|
|
|||
Net income
|
|
$
|
105,765
|
|
|
$
|
55,247
|
|
|
$
|
58,670
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Non-interest income
|
|
|
|
|
|
|
||||||
In-scope of Topic 606:
|
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
|
$
|
21,046
|
|
|
$
|
17,591
|
|
|
$
|
16,711
|
|
Insurance commissions and fees
|
|
10,983
|
|
|
10,589
|
|
|
10,477
|
|
|||
Wealth management fees
|
|
9,447
|
|
|
9,395
|
|
|
8,917
|
|
|||
Interchange income
|
|
7,177
|
|
|
7,379
|
|
|
7,652
|
|
|||
Non-interest income (in-scope of Topic 606)
|
|
$
|
48,653
|
|
|
$
|
44,954
|
|
|
$
|
43,757
|
|
Non-interest income (out-of-scope of Topic 606)
|
|
61,246
|
|
|
80,735
|
|
|
22,094
|
|
|||
Total non-interest income
|
|
$
|
109,899
|
|
|
$
|
125,689
|
|
|
$
|
65,851
|
|