QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended March 31, | |
2020 | |
Or | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from _____________ to _____________ | |
Kentucky | 61-0979818 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
346 North Mayo Trail P.O. Box 2947 Pikeville, Kentucky | |
(Address of principal executive offices) | (Zip code) |
CTBI | The The Nasdaq Stock Market LLC Global Select Market |
( Trading symbol) | (Name of exchange on which registered) |
Yes | No |
Yes | No |
Large | Accelerated | Non-accelerated |
Smaller | Emerging |
Yes☐ | No |
(dollars in thousands) | (unaudited) March 31 2019 | December 31 2018 | ||||||
Assets: | ||||||||
Cash and due from banks | $ | 49,302 | $ | 64,632 | ||||
Interest bearing deposits | 200,058 | 75,718 | ||||||
Federal funds sold | 4,500 | 1,100 | ||||||
Cash and cash equivalents | 253,860 | 141,450 | ||||||
Certificates of deposit in other banks | 1,470 | 3,920 | ||||||
Securities available-for-sale at fair value (amortized cost of $601,544 and $602,114, respectively) | 599,299 | 593,746 | ||||||
Securities held-to-maturity at amortized cost (fair value of $619 and $649, respectively) | 619 | 649 | ||||||
Equity securities at fair value | 1,528 | 1,173 | ||||||
Loans held for sale | 13,649 | 2,461 | ||||||
Loans | 3,189,732 | 3,208,638 | ||||||
Allowance for loan and lease losses | (35,004 | ) | (35,908 | ) | ||||
Net loans | 3,154,728 | 3,172,730 | ||||||
Premises and equipment, net | 44,554 | 45,291 | ||||||
Right-of-use asset | 15,128 | 0 | ||||||
Federal Home Loan Bank stock | 12,261 | 14,713 | ||||||
Federal Reserve Bank stock | 4,887 | 4,887 | ||||||
Goodwill | 65,490 | 65,490 | ||||||
Bank owned life insurance | 67,433 | 67,076 | ||||||
Mortgage servicing rights | 3,390 | 3,607 | ||||||
Other real estate owned | 24,970 | 27,273 | ||||||
Other assets | 50,027 | 57,150 | ||||||
Total assets | $ | 4,313,293 | $ | 4,201,616 | ||||
Liabilities and shareholders’ equity: | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 841,996 | $ | 803,316 | ||||
Interest bearing | 2,541,107 | 2,502,634 | ||||||
Total deposits | 3,383,103 | 3,305,950 | ||||||
Repurchase agreements | 237,506 | 232,712 | ||||||
Federal funds purchased | 1,800 | 1,180 | ||||||
Advances from Federal Home Loan Bank | 431 | 436 | ||||||
Long-term debt | 59,341 | 59,341 | ||||||
Deferred taxes | 6,529 | 3,363 | ||||||
Lease liability | 15,743 | 0 | ||||||
Other liabilities | 31,333 | 34,484 | ||||||
Total liabilities | 3,735,786 | 3,637,466 | ||||||
Shareholders’ equity: | ||||||||
Preferred stock, 300,000 shares authorized and unissued | - | - | ||||||
Common stock, $5 par value, shares authorized 25,000,000; shares outstanding 2019 – 17,767,594; 2018 – 17,732,853 | 88,839 | 88,665 | ||||||
Capital surplus | 223,426 | 223,161 | ||||||
Retained earnings | 267,016 | 258,935 | ||||||
Accumulated other comprehensive loss, net of tax | (1,774 | ) | (6,611 | ) | ||||
Total shareholders’ equity | 577,507 | 564,150 | ||||||
Total liabilities and shareholders’ equity | $ | 4,313,293 | $ | 4,201,616 |
(dollars in thousands) | (unaudited) March 31 2020 | December 31 2019 | ||||||
Assets: | ||||||||
Cash and due from banks | $ | 67,728 | $ | 58,680 | ||||
Interest bearing deposits | 124,974 | 206,003 | ||||||
Federal funds sold | 0 | 0 | ||||||
Cash and cash equivalents | 192,702 | 264,683 | ||||||
Certificates of deposit in other banks | 245 | 245 | ||||||
Debt securities available-for-sale at fair value (amortized cost of $625,914 and $593,945, respectively) | 633,479 | 599,844 | ||||||
Debt securities held-to-maturity at amortized cost (fair value of $0 and $517, respectively) | 0 | 517 | ||||||
Equity securities at fair value | 1,721 | 1,953 | ||||||
Loans held for sale | 1,403 | 1,167 | ||||||
Loans | 3,287,541 | 3,248,664 | ||||||
Allowance for credit losses* | (49,445 | ) | (35,096 | ) | ||||
Net loans | 3,238,096 | 3,213,568 | ||||||
Premises and equipment, net | 43,568 | 44,046 | ||||||
Right-of-use asset | 14,210 | 14,550 | ||||||
Federal Home Loan Bank stock | 11,354 | 10,474 | ||||||
Federal Reserve Bank stock | 4,887 | 4,887 | ||||||
Goodwill | 65,490 | 65,490 | ||||||
Bank owned life insurance | 69,609 | 69,269 | ||||||
Mortgage servicing rights | 2,481 | 3,263 | ||||||
Other real estate owned | 19,816 | 19,480 | ||||||
Accrued interest receivable | 14,680 | 14,836 | ||||||
Other assets | 38,904 | 37,731 | ||||||
Total assets | $ | 4,352,645 | $ | 4,366,003 | ||||
Liabilities and shareholders’ equity: | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 860,844 | $ | 865,760 | ||||
Interest bearing | 2,534,264 | 2,539,812 | ||||||
Total deposits | 3,395,108 | 3,405,572 | ||||||
Repurchase agreements | 236,908 | 226,917 | ||||||
Federal funds purchased | 4,907 | 7,906 | ||||||
Advances from Federal Home Loan Bank | 411 | 415 | ||||||
Long-term debt | 57,841 | 57,841 | ||||||
Deferred taxes | 2,719 | 5,110 | ||||||
Operating lease liability | 13,400 | 13,729 | ||||||
Finance lease liability | 1,453 | 1,456 | ||||||
Accrued interest payable | 3,447 | 2,839 | ||||||
Other liabilities | 23,529 | 29,332 | ||||||
Total liabilities | 3,739,723 | 3,751,117 | ||||||
Shareholders’ equity: | ||||||||
Preferred stock, 300,000 shares authorized and unissued | - | - | ||||||
Common stock, $5 par value, shares authorized 25,000,000; shares outstanding 2020 – 17,787,274; 2019 – 17,793,165 | 88,936 | 88,966 | ||||||
Capital surplus | 224,277 | 224,907 | ||||||
Retained earnings | 294,223 | 296,760 | ||||||
Accumulated other comprehensive income, net of tax | 5,486 | 4,253 | ||||||
Total shareholders’ equity | 612,922 | 614,886 | ||||||
Total liabilities and shareholders’ equity | $ | 4,352,645 | $ | 4,366,003 |
Three Months Ended | Three Months Ended | |||||||||||||||
March 31 | March 31 | |||||||||||||||
(in thousands except per share data) | 2019 | 2018 | 2020 | 2019 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans, including loans held for sale | $ | 40,910 | $ | 36,577 | $ | 40,465 | $ | 40,910 | ||||||||
Interest and dividends on securities | ||||||||||||||||
Taxable | 3,163 | 2,470 | 3,046 | 3,163 | ||||||||||||
Tax exempt | 678 | 697 | 527 | 678 | ||||||||||||
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 296 | 333 | 140 | 296 | ||||||||||||
Interest on Federal Reserve Bank deposits | 786 | 439 | 496 | 786 | ||||||||||||
Other, including interest on federal funds sold | 56 | 64 | 25 | 56 | ||||||||||||
Total interest income | 45,889 | 40,580 | 44,699 | 45,889 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 8,075 | 4,872 | 6,942 | 8,075 | ||||||||||||
Interest on repurchase agreements and federal funds purchased | 1,156 | 635 | 1,004 | 1,156 | ||||||||||||
Interest on advances from Federal Home Loan Bank | 39 | 2 | 0 | 39 | ||||||||||||
Interest on long-term debt | 636 | 480 | 509 | 636 | ||||||||||||
Total interest expense | 9,906 | 5,989 | 8,455 | 9,906 | ||||||||||||
Net interest income | 35,983 | 34,591 | 36,244 | 35,983 | ||||||||||||
Provision for loan losses | 190 | 946 | ||||||||||||||
Net interest income after provision for loan losses | 35,793 | 33,645 | ||||||||||||||
Provision for credit losses* | 12,707 | 190 | ||||||||||||||
Net interest income after provision for credit losses | 23,537 | 35,793 | ||||||||||||||
Noninterest income: | ||||||||||||||||
Service charges on deposit accounts | 6,120 | 6,221 | 5,916 | 6,120 | ||||||||||||
Gains on sales of loans, net | 330 | 279 | 483 | 330 | ||||||||||||
Trust and wealth management income | 2,575 | 2,958 | 2,884 | 2,575 | ||||||||||||
Loan related fees | 573 | 1,144 | 95 | 573 | ||||||||||||
Bank owned life insurance | 558 | 1,764 | 573 | 558 | ||||||||||||
Brokerage revenue | 261 | 283 | 372 | 261 | ||||||||||||
Securities gains (losses) | 356 | (288 | ) | |||||||||||||
Securities gains | 249 | 356 | ||||||||||||||
Other noninterest income | 1,397 | 949 | 949 | 1,397 | ||||||||||||
Total noninterest income | 12,170 | 13,310 | 11,521 | 12,170 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Officer salaries and employee benefits | 3,374 | 3,214 | 2,751 | 3,374 | ||||||||||||
Other salaries and employee benefits | 12,585 | 12,405 | 12,280 | 12,585 | ||||||||||||
Occupancy, net | 2,051 | 2,116 | 1,985 | 2,051 | ||||||||||||
Equipment | 739 | 717 | 721 | 739 | ||||||||||||
Data processing | 1,763 | 1,636 | 1,978 | 1,763 | ||||||||||||
Bank franchise tax | 1,715 | 1,701 | 1,812 | 1,715 | ||||||||||||
Legal fees | 430 | 474 | 477 | 430 | ||||||||||||
Professional fees | 531 | 502 | 569 | 531 | ||||||||||||
Advertising and marketing | 792 | 732 | 634 | 792 | ||||||||||||
FDIC insurance | 177 | 314 | 147 | 177 | ||||||||||||
Other real estate owned provision and expense | 771 | 939 | 869 | 771 | ||||||||||||
Repossession expense | 377 | 409 | 135 | 377 | ||||||||||||
Amortization of limited partnership investments | 777 | 500 | 888 | 777 | ||||||||||||
Other noninterest expense | 3,001 | 3,022 | 2,975 | 3,001 | ||||||||||||
Total noninterest expense | 29,083 | 28,681 | 28,221 | 29,083 | ||||||||||||
Income before income taxes | 18,880 | 18,274 | 6,837 | 18,880 | ||||||||||||
Income taxes | 3,941 | 2,460 | 258 | 3,941 | ||||||||||||
Net income | 14,939 | 15,814 | 6,579 | 14,939 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized holding gains (losses) on securities available-for-sale: | ||||||||||||||||
Unrealized holding gains (losses) arising during the period | 6,124 | (5,498 | ) | |||||||||||||
Other comprehensive income: | ||||||||||||||||
Unrealized holding gains on securities available-for-sale: | ||||||||||||||||
Unrealized holding gains arising during the period | 2,147 | 6,124 | ||||||||||||||
Less: Reclassification adjustments for realized gains included in net income | 1 | 149 | 481 | 1 | ||||||||||||
Tax expense (benefit) | 1,286 | (1,186 | ) | |||||||||||||
Other comprehensive income (loss), net of tax | 4,837 | (4,461 | ) | |||||||||||||
Tax expense | 433 | 1,286 | ||||||||||||||
Other comprehensive income, net of tax | 1,233 | 4,837 | ||||||||||||||
Comprehensive income | $ | 19,776 | $ | 11,353 | $ | 7,812 | $ | 19,776 | ||||||||
Basic earnings per share | $ | 0.84 | $ | 0.89 | $ | 0.37 | $ | 0.84 | ||||||||
Diluted earnings per share | $ | 0.84 | $ | 0.89 | $ | 0.37 | $ | 0.84 | ||||||||
Weighted average shares outstanding-basic | 17,712 | 17,671 | 17,752 | 17,712 | ||||||||||||
Weighted average shares outstanding-diluted | 17,723 | 17,687 | 17,763 | 17,723 |
(in thousands except per share and share amounts) | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 17,692,912 | $ | 88,465 | $ | 221,472 | $ | 224,268 | $ | (3,506 | ) | $ | 530,699 | ||||||||||||||||||||||||||||||||||||
Net income | 15,814 | 15,814 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax of $(1,186) | (4,461 | ) | (4,461 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.33 per share) | (5,836 | ) | (5,836 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 29,087 | 145 | 451 | 596 | ||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | (12,582 | ) | (63 | ) | 63 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 11,435 | 57 | (57 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | (115 | ) | (1 | ) | 1 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 224 | 224 | ||||||||||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2014-09 | 453 | 453 | ||||||||||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2016-01 | (507 | ) | 507 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2018 | 17,720,737 | $ | 88,603 | $ | 222,154 | $ | 234,192 | $ | (7,460 | ) | $ | 537,489 | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 17,732,853 | $ | 88,665 | $ | 223,161 | $ | 258,935 | $ | (6,611 | ) | $ | 564,150 | 17,732,853 | $ | 88,665 | $ | 223,161 | $ | 258,935 | $ | (6,611 | ) | $ | 564,150 | ||||||||||||||||||||||||
Implementation of ASU 2016-02 | (480 | ) | 0 | (480 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 17,732,853 | 88,665 | 223,161 | 258,455 | (6,611 | ) | 563,670 | |||||||||||||||||||||||||||||||||||||||||
Net income | 14,939 | 14,939 | 14,939 | 14,939 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of $1,286 | 4,837 | 4,837 | 4,837 | 4,837 | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.36 per share) | (6,378 | ) | (6,378 | ) | (6,378 | ) | (6,378 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 19,065 | 95 | 163 | 258 | 19,065 | 95 | 163 | 258 | ||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | (12,186 | ) | (61 | ) | 61 | 0 | (12,186 | ) | (61 | ) | 61 | 0 | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 27,921 | 140 | (140 | ) | 0 | 27,921 | 140 | (140 | ) | 0 | ||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | (59 | ) | 0 | 0 | 0 | (59 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 181 | 181 | 181 | 181 | ||||||||||||||||||||||||||||||||||||||||||||
Implementation of ASU 2016-02 | (480 | ) | 0 | (480 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | 17,767,594 | $ | 88,839 | $ | 223,426 | $ | 267,016 | $ | (1,774 | ) | $ | 577,507 | 17,767,594 | $ | 88,839 | $ | 223,426 | $ | 267,016 | $ | (1,774 | ) | $ | 577,507 |
(in thousands except per share and share amounts) | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | ||||||||||||||||||
Balance, December 31, 2019 | 17,793,165 | $ | 88,966 | $ | 224,907 | $ | 296,760 | $ | 4,253 | $ | 614,886 | |||||||||||||
Implementation of ASU 2016-13 | (2,366 | ) | (2,366 | ) | ||||||||||||||||||||
Balance, January 1, 2020 | 17,793,165 | 88,966 | 224,907 | 294,394 | 4,253 | 612,520 | ||||||||||||||||||
Net income | 6,579 | 6,579 | ||||||||||||||||||||||
Other comprehensive income, net of tax of $433 | 1,233 | 1,233 | ||||||||||||||||||||||
Cash dividends declared ($0.38 per share) | (6,750 | ) | (6,750 | ) | ||||||||||||||||||||
Issuance of common stock | 21,953 | 110 | 122 | 232 | ||||||||||||||||||||
Repurchase of common stock | (32,664 | ) | (164 | ) | (935 | ) | (1,099 | ) | ||||||||||||||||
Issuance of restricted stock | 21,544 | 108 | (108 | ) | 0 | |||||||||||||||||||
Vesting of restricted stock | (16,724 | ) | (84 | ) | 84 | 0 | ||||||||||||||||||
Stock-based compensation | 207 | 207 | ||||||||||||||||||||||
Balance, March 31, 2020 | 17,787,274 | $ | 88,936 | $ | 224,277 | $ | 294,223 | $ | 5,486 | $ | 612,922 |
Three Months Ended | ||||||||
March 31 | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 14,939 | $ | 15,814 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,427 | 965 | ||||||
Deferred taxes | 2,008 | 163 | ||||||
Stock-based compensation | 200 | 236 | ||||||
Provision for loan losses | 190 | 946 | ||||||
Write-downs of other real estate owned and other repossessed assets | 489 | 467 | ||||||
Gains on sale of mortgage loans held for sale | (330 | ) | (279 | ) | ||||
Securities (gains) losses | (1 | ) | 288 | |||||
Change in fair market value of equity securities | (355 | ) | 0 | |||||
Gains on sale of assets, net | (51 | ) | (68 | ) | ||||
Proceeds from sale of mortgage loans held for sale | 14,927 | 12,811 | ||||||
Funding of mortgage loans held for sale | (25,785 | ) | (12,644 | ) | ||||
Amortization of securities premiums and discounts, net | 1,112 | 1,132 | ||||||
Change in cash surrender value of bank owned life insurance | (357 | ) | (1,580 | ) | ||||
Mortgage servicing rights: | ||||||||
Fair value adjustments | (116 | ) | (122 | ) | ||||
New servicing assets created | 333 | (100 | ) | |||||
Changes in: | ||||||||
Other assets | 7,082 | (28,246 | ) | |||||
Other liabilities | (3,622 | ) | (2,380 | ) | ||||
Net cash provided by (used in) operating activities | 12,090 | (12,597 | ) | |||||
Cash flows from investing activities: | ||||||||
Certificates of deposit in other banks: | ||||||||
Maturity of certificates of deposit | 2,450 | 1,715 | ||||||
Securities available-for-sale (AFS): | ||||||||
Purchase of AFS securities | (59,583 | ) | (113,781 | ) | ||||
Proceeds from the sales of AFS securities | 12,550 | 50,327 | ||||||
Proceeds from prepayments and maturities of AFS securities | 46,491 | 37,258 | ||||||
Securities held-to-maturity (HTM): | ||||||||
Proceeds from maturities of HTM securities | 30 | 0 | ||||||
Change in loans, net | 18,755 | 1,945 | ||||||
Purchase of premises and equipment | (226 | ) | (507 | ) | ||||
Proceeds from sale and retirement of premises and equipment | 0 | 19 | ||||||
Redemption of stock by Federal Home Loan Bank | 2,452 | 0 | ||||||
Proceeds from sale of other real estate and repossessed assets | 964 | 457 | ||||||
Proceeds from settlement of bank owned life insurance | 0 | 3,038 | ||||||
Net cash provided by (used in) investing activities | 23,883 | (19,529 | ) | |||||
Cash flows from financing activities: | ||||||||
Change in deposits, net | 77,153 | 55,807 | ||||||
Change in repurchase agreements and federal funds purchased, net | 5,414 | 774 | ||||||
Proceeds from Federal Home Loan Bank advances | 30,000 | 0 | ||||||
Payments on advances from Federal Home Loan Bank | (30,005 | ) | (23 | ) | ||||
Issuance of common stock | 258 | 596 | ||||||
Dividends paid | (6,383 | ) | (5,834 | ) | ||||
Net cash provided by financing activities | 76,437 | 51,320 | ||||||
Net increase in cash and cash equivalents | 112,410 | 19,194 | ||||||
Cash and cash equivalents at beginning of period | 141,450 | 175,274 | ||||||
Cash and cash equivalents at end of period | $ | 253,860 | 194,468 | |||||
Supplemental disclosures: | ||||||||
Interest paid | $ | 8,830 | $ | 5,290 | ||||
Non-cash activities: | ||||||||
Loans to facilitate the sale of other real estate owned and repossessed assets | 1,797 | 432 | ||||||
Common stock dividends accrued, paid in subsequent quarter | 215 | 207 | ||||||
Real estate acquired in settlement of loans | 854 | 1,284 |
Three Months Ended March 31 | ||||||||
(in thousands) | 2020 | 2019 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 6,579 | $ | 14,939 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,356 | 1,427 | ||||||
Deferred taxes | (2,037 | ) | 2,008 | |||||
Stock-based compensation | 228 | 200 | ||||||
Provision for credit losses* | 12,707 | 190 | ||||||
Write-downs of other real estate owned and other repossessed assets | 458 | 489 | ||||||
Gains on sale of mortgage loans held for sale | (483 | ) | (330 | ) | ||||
Securities gains, net | (481 | ) | (1 | ) | ||||
Change in fair market value of equity securities | 232 | (355 | ) | |||||
Gains on sale of assets, net | (3 | ) | (51 | ) | ||||
Proceeds from sale of mortgage loans held for sale | 23,032 | 14,927 | ||||||
Funding of mortgage loans held for sale | (22,785 | ) | (25,785 | ) | ||||
Amortization of securities premiums and discounts, net | 1,271 | 1,112 | ||||||
Change in cash surrender value of bank owned life insurance | (340 | ) | (357 | ) | ||||
Payment of operating lease liabilities | (444 | ) | 0 | |||||
Mortgage servicing rights: | ||||||||
Fair value adjustments | 926 | (116 | ) | |||||
New servicing assets created | (144 | ) | 333 | |||||
Changes in: | ||||||||
Accrued interest receivable | 156 | 683 | ||||||
Other assets | (1,173 | ) | 6,399 | |||||
Accrued interest payable | 608 | (1,081 | ) | |||||
Other liabilities | (5,939 | ) | (2,541 | ) | ||||
Net cash provided by operating activities | 13,724 | 12,090 | ||||||
Cash flows from investing activities: | ||||||||
Certificates of deposit in other banks: | ||||||||
Maturity of certificates of deposit | 0 | 2,450 | ||||||
Securities available-for-sale (AFS): | ||||||||
Purchase of AFS securities | (126,748 | ) | (59,583 | ) | ||||
Proceeds from the sales of AFS securities | 21,746 | 12,550 | ||||||
Proceeds from prepayments and maturities of AFS securities | 72,243 | 46,491 | ||||||
Securities held-to-maturity (HTM): | ||||||||
Proceeds from maturities of HTM securities | 517 | 30 | ||||||
Change in loans, net | (41,183 | ) | 18,755 | |||||
Purchase of premises and equipment | (423 | ) | (226 | ) | ||||
Redemption of stock by Federal Home Loan Bank | 0 | 2,452 | ||||||
Investment in Federal Home Loan Bank stock | (880 | ) | 0 | |||||
Proceeds from sale of other real estate and repossessed assets | 116 | 964 | ||||||
Net cash provided by (used in) investing activities | (74,612 | ) | 23,883 | |||||
Cash flows from financing activities: | ||||||||
Change in deposits, net | (10,464 | ) | 77,153 | |||||
Change in repurchase agreements and federal funds purchased, net | 6,992 | 5,414 | ||||||
Proceeds from Federal Home Loan Bank advances | 25,000 | 30,000 | ||||||
Payments on advances from Federal Home Loan Bank | (25,004 | ) | (30,005 | ) | ||||
Payment of finance lease liabilities | (3 | ) | 0 | |||||
Issuance of common stock | 232 | 258 | ||||||
Repurchase of common stock | (1,099 | ) | 0 | |||||
Dividends paid | (6,747 | ) | (6,383 | ) | ||||
Net cash provided by (used in) financing activities | (11,093 | ) | 76,437 | |||||
Net increase (decrease) in cash and cash equivalents | (71,981 | ) | 112,410 | |||||
Cash and cash equivalents at beginning of period | 264,683 | 141,450 | ||||||
Cash and cash equivalents at end of period | $ | 192,702 | $ | 253,860 | ||||
Supplemental disclosures: | ||||||||
Interest paid | $ | 7,848 | $ | 8,830 | ||||
Non-cash activities: | ||||||||
Loans to facilitate the sale of other real estate owned and repossessed assets | 718 | 1,797 | ||||||
Common stock dividends accrued, paid in subsequent quarter | 224 | 215 | ||||||
Real estate acquired in settlement of loans | 1,625 | 854 |
December 31, 2019 Probable Incurred Losses | January 1, 2020 CECL Adoption | |||||||||||||||
(dollars in thousands) | Amount | % of Portfolio | Amount | % of Portfolio | ||||||||||||
Allowance for loan and lease losses transitioned to allowance for credit losses: | ||||||||||||||||
Commercial | $ | 21,683 | 1.30 | % | $ | 21,680 | 1.30 | % | ||||||||
Residential mortgage | 5,501 | 0.61 | % | 7,319 | 0.81 | % | ||||||||||
Consumer direct | 1,711 | 1.16 | % | 1,671 | 1.13 | % | ||||||||||
Consumer indirect | 6,201 | 1.18 | % | 7,467 | 1.42 | % | ||||||||||
Total allowance for loan and lease losses/allowance for credit losses | $ | 35,096 | 1.08 | % | $ | 38,137 | 1.17 | % | ||||||||
Reserve for unfunded lending commitments | $ | 274 | $ | 386 |
The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy |
The policy for timing of transfers between levels |
The valuation processes for Level 3 fair value measurements |
For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and |
The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and |
The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. |
Those incurred in a hosting arrangement that is a service contract, and |
Those incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury and government agencies | $ | 178,233 | $ | 195 | $ | (951 | ) | $ | 177,477 | |||||||
State and political subdivisions | 123,147 | 1,524 | (942 | ) | 123,729 | |||||||||||
U.S. government sponsored agency mortgage-backed securities | 299,658 | 2,036 | (4,103 | ) | 297,591 | |||||||||||
Other debt securities | 506 | 0 | (4 | ) | 502 | |||||||||||
Total available-for-sale securities | $ | 601,544 | $ | 3,755 | $ | (6,000 | ) | $ | 599,299 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
State and political subdivisions | $ | 619 | $ | 0 | $ | 0 | $ | 619 | ||||||||
Total held-to-maturity securities | $ | 619 | $ | 0 | $ | 0 | $ | 619 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury and government agencies | $ | 219,358 | $ | 48 | $ | (1,468 | ) | $ | 217,938 | |||||||
State and political subdivisions | 126,280 | 633 | (2,425 | ) | 124,488 | |||||||||||
U.S. government sponsored agency mortgage-backed securities | 255,969 | 397 | (5,547 | ) | 250,819 | |||||||||||
Other debt securities | 507 | 0 | (6 | ) | 501 | |||||||||||
Total available-for-sale securities | $ | 602,114 | $ | 1,078 | $ | (9,446 | ) | $ | 593,746 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
State and political subdivisions | $ | 649 | $ | 0 | $ | 0 | $ | 649 | ||||||||
Total held-to-maturity securities | $ | 649 | $ | 0 | $ | 0 | $ | 649 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury and government agencies | $ | 159,199 | $ | 1,009 | $ | (337 | ) | $ | 159,871 | |||||||
State and political subdivisions | 96,171 | 3,068 | (43 | ) | 99,196 | |||||||||||
U.S. government sponsored agency mortgage-backed securities | 313,979 | 8,358 | (1,294 | ) | 321,043 | |||||||||||
Other debt securities | 56,565 | 0 | (3,196 | ) | 53,369 | |||||||||||
Total available-for-sale securities | $ | 625,914 | $ | 12,435 | $ | (4,870 | ) | $ | 633,479 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury and government agencies | $ | 171,250 | $ | 476 | $ | (576 | ) | $ | 171,150 | |||||||
State and political subdivisions | 99,403 | 2,941 | (37 | ) | 102,307 | |||||||||||
U.S. government sponsored agency mortgage-backed securities | 291,874 | 4,443 | (1,072 | ) | 295,245 | |||||||||||
Other debt securities | 31,418 | 0 | (276 | ) | 31,142 | |||||||||||
Total available-for-sale securities | $ | 593,945 | $ | 7,860 | $ | (1,961 | ) | $ | 599,844 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
State and political subdivisions | $ | 517 | $ | 0 | $ | 0 | $ | 517 | ||||||||
Total held-to-maturity securities | $ | 517 | $ | 0 | $ | 0 | $ | 517 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||
Due in one year or less | $ | 29,546 | $ | 29,499 | $ | 619 | $ | 619 | $ | 82,872 | $ | 83,574 | ||||||||||||
Due after one through five years | 93,079 | 93,111 | 0 | 0 | 20,033 | 20,371 | ||||||||||||||||||
Due after five through ten years | 80,646 | 80,248 | 0 | 0 | 91,340 | 91,659 | ||||||||||||||||||
Due after ten years | 98,109 | 98,348 | 0 | 0 | 61,125 | 63,463 | ||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 299,658 | 297,591 | 0 | 0 | 313,979 | 321,043 | ||||||||||||||||||
Other debt securities | 506 | 502 | 0 | 0 | 56,565 | 53,369 | ||||||||||||||||||
Total debt securities | $ | 601,544 | $ | 599,299 | $ | 619 | $ | 619 | $ | 625,914 | $ | 633,479 |
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | |||||||||
Less Than 12 Months | ||||||||||||
U.S. Treasury and government agencies | $ | 22,910 | $ | (8 | ) | $ | 22,902 | |||||
State and political subdivisions | 0 | 0 | 0 | |||||||||
U.S. government sponsored agency mortgage-backed securities | 935 | (3 | ) | 932 | ||||||||
Other debt securities | 506 | (4 | ) | 502 | ||||||||
Total <12 months temporarily impaired AFS securities | 24,351 | (15 | ) | 24,336 | ||||||||
12 Months or More | ||||||||||||
U.S. Treasury and government agencies | 120,811 | (943 | ) | 119,868 | ||||||||
State and political subdivisions | 39,558 | (942 | ) | 38,616 | ||||||||
U.S. government sponsored agency mortgage-backed securities | 156,877 | (4,100 | ) | 152,777 | ||||||||
Other debt securities | 0 | 0 | 0 | |||||||||
Total ≥12 months temporarily impaired AFS securities | 317,246 | (5,985 | ) | 311,261 | ||||||||
Total | ||||||||||||
U.S. Treasury and government agencies | 143,721 | (951 | ) | 142,770 | ||||||||
State and political subdivisions | 39,558 | (942 | ) | 38,616 | ||||||||
U.S. government sponsored agency mortgage-backed securities | 157,812 | (4,103 | ) | 153,709 | ||||||||
Other debt securities | 506 | (4 | ) | 502 | ||||||||
Total temporarily impaired AFS securities | $ | 341,597 | $ | (6,000 | ) | $ | 335,597 |
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | |||||||||
Less Than 12 Months | ||||||||||||
U.S. Treasury and government agencies | $ | 14,713 | $ | (86 | ) | $ | 14,627 | |||||
State and political subdivisions | 1,113 | (43 | ) | 1,070 | ||||||||
U.S. government sponsored agency mortgage-backed securities | 40,026 | (570 | ) | 39,456 | ||||||||
Other debt securities | 56,565 | (3,196 | ) | 53,369 | ||||||||
Total <12 months impaired AFS securities | 112,417 | (3,895 | ) | 108,522 | ||||||||
12 Months or More | ||||||||||||
U.S. Treasury and government agencies | 51,913 | (251 | ) | 51,662 | ||||||||
State and political subdivisions | 0 | 0 | 0 | |||||||||
U.S. government sponsored agency mortgage-backed securities | 38,762 | (724 | ) | 38,038 | ||||||||
Other debt securities | 0 | 0 | 0 | |||||||||
Total ≥12 months impaired AFS securities | 90,675 | (975 | ) | 89,700 | ||||||||
Total | ||||||||||||
U.S. Treasury and government agencies | 66,626 | (337 | ) | 66,289 | ||||||||
State and political subdivisions | 1,113 | (43 | ) | 1,070 | ||||||||
U.S. government sponsored agency mortgage-backed securities | 78,788 | (1,294 | ) | 77,494 | ||||||||
Other debt securities | 56,565 | (3,196 | ) | 53,369 | ||||||||
Total impaired AFS securities | $ | 203,092 | $ | (4,870 | ) | $ | 198,222 |
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
Less Than 12 Months | ||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 78,905 | $ | (271 | ) | $ | 78,634 | $ | 25,955 | $ | (148 | ) | $ | 25,807 | ||||||||||
State and political subdivisions | 21,707 | (194 | ) | 21,513 | 8,356 | (37 | ) | 8,319 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 61,940 | (377 | ) | 61,563 | 19,317 | (100 | ) | 19,217 | ||||||||||||||||
Other debt securities | 507 | (6 | ) | 501 | 31,418 | (276 | ) | 31,142 | ||||||||||||||||
Total <12 months temporarily impaired AFS securities | 163,059 | (848 | ) | 162,211 | 85,046 | (561 | ) | 84,485 | ||||||||||||||||
12 Months or More | ||||||||||||||||||||||||
U.S. Treasury and government agencies | 97,955 | (1,197 | ) | 96,758 | 82,339 | (428 | ) | 81,911 | ||||||||||||||||
State and political subdivisions | 51,911 | (2,231 | ) | 49,680 | 0 | 0 | 0 | |||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 147,658 | (5,170 | ) | 142,488 | 91,609 | (972 | ) | 90,637 | ||||||||||||||||
Other debt securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total ≥12 months temporarily impaired AFS securities | 297,524 | (8,598 | ) | 288,926 | 173,948 | (1,400 | ) | 172,548 | ||||||||||||||||
Total | ||||||||||||||||||||||||
U.S. Treasury and government agencies | 176,860 | (1,468 | ) | 175,392 | 108,294 | (576 | ) | 107,718 | ||||||||||||||||
State and political subdivisions | 73,618 | (2,425 | ) | 71,193 | 8,356 | (37 | ) | 8,319 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 209,598 | (5,547 | ) | 204,051 | 110,926 | (1,072 | ) | 109,854 | ||||||||||||||||
Other debt securities | 507 | (6 | ) | 501 | 31,418 | (276 | ) | 31,142 | ||||||||||||||||
Total temporarily impaired AFS securities | $ | 460,583 | $ | (9,446 | ) | $ | 451,137 | $ | 258,994 | $ | (1,961 | ) | $ | 257,033 |
(in thousands) | March 31 2019 | December 31 2018 | ||||||
Commercial construction | $ | 75,364 | $ | 82,715 | ||||
Commercial secured by real estate | 1,182,804 | 1,183,093 | ||||||
Equipment lease financing | 1,354 | 1,740 | ||||||
Commercial other | 388,060 | 377,198 | ||||||
Real estate construction | 54,013 | 57,160 | ||||||
Real estate mortgage | 720,292 | 722,417 | ||||||
Home equity | 108,018 | 106,299 | ||||||
Consumer direct | 141,855 | 144,289 | ||||||
Consumer indirect | 517,972 | 533,727 | ||||||
Total loans | $ | 3,189,732 | $ | 3,208,638 |
(in thousands) | March 31, 2020 | |||
Hotel/motel | $ | 248,717 | ||
Commercial real estate residential | 262,065 | |||
Commercial real estate nonresidential | 771,687 | |||
Dealer floorplans | 80,828 | |||
Commercial other | 313,646 | |||
Commercial loans | 1,676,943 | |||
Real estate mortgage | 798,891 | |||
Home equity lines | 111,837 | |||
Residential loans | 910,728 | |||
Consumer direct | 145,403 | |||
Consumer indirect | 554,467 | |||
Consumer loans | 699,870 | |||
Loans and lease financing | $ | 3,287,541 |
(in thousands) | December 31, 2019 | |||
Commercial construction | $ | 104,809 | ||
Commercial secured by real estate | 1,169,975 | |||
Equipment lease financing | 481 | |||
Commercial other | 389,683 | |||
Real estate construction | 63,350 | |||
Real estate mortgage | 733,003 | |||
Home equity | 111,894 | |||
Consumer direct | 148,051 | |||
Consumer indirect | 527,418 | |||
Total loans | $ | 3,248,664 |
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Hotel/ Motel | Commercial Real Estate Residential | Commercial Real Estate Nonresidential | Dealer Floorplans | Commercial Other | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
ACL | ||||||||||||||||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASC 326 | $ | 3,371 | $ | 3,439 | $ | 8,515 | $ | 802 | $ | 5,556 | $ | 4,604 | $ | 897 | $ | 1,711 | $ | 6,201 | $ | 35,096 | ||||||||||||||||||||
Impact of adoption of ASC 326 | 170 | (721 | ) | 119 | 820 | (391 | ) | 1,893 | (75 | ) | (40 | ) | 1,265 | 3,040 | ||||||||||||||||||||||||||
Provision charged to expense | 2,381 | 1,337 | 2,984 | 91 | 1,434 | 1,099 | 67 | 739 | 2,575 | 12,707 | ||||||||||||||||||||||||||||||
Losses charged off | 0 | (51 | ) | (59 | ) | 0 | (359 | ) | (60 | ) | 0 | (369 | ) | (1,517 | ) | (2,415 | ) | |||||||||||||||||||||||
Recoveries | 0 | 8 | 4 | 0 | 169 | 7 | 1 | 122 | 706 | 1,017 | ||||||||||||||||||||||||||||||
Ending balance | $ | 5,922 | $ | 4,012 | $ | 11,563 | $ | 1,713 | $ | 6,409 | $ | 7,543 | $ | 890 | $ | 2,163 | $ | 9,230 | $ | 49,445 |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | |||||||||||||||||||||||||||||||
ALLL | ||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 862 | $ | 14,531 | $ | 12 | $ | 4,993 | $ | 512 | $ | 4,433 | $ | 841 | $ | 1,883 | $ | 7,841 | $ | 35,908 | ||||||||||||||||||||
Provision charged to expense | 497 | (137 | ) | (8 | ) | 3,032 | (40 | ) | 414 | 172 | 528 | 361 | 4,819 | |||||||||||||||||||||||||||
Losses charged off | (72 | ) | (727 | ) | 0 | (2,179 | ) | (100 | ) | (767 | ) | (139 | ) | (1,100 | ) | (4,652 | ) | (9,736 | ) | |||||||||||||||||||||
Recoveries | 12 | 358 | 0 | 509 | 0 | 152 | 23 | 400 | 2,651 | 4,105 | ||||||||||||||||||||||||||||||
Balance, end of year | $ | 1,299 | $ | 14,025 | $ | 4 | $ | 6,355 | $ | 372 | $ | 4,232 | $ | 897 | $ | 1,711 | $ | 6,201 | $ | 35,096 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 99 | $ | 227 | $ | 0 | $ | 886 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,212 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,200 | $ | 13,798 | $ | 4 | $ | 5,469 | $ | 372 | $ | 4,232 | $ | 897 | $ | 1,711 | $ | 6,201 | $ | 33,884 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,010 | $ | 41,379 | $ | 0 | $ | 11,073 | $ | 0 | $ | 2,309 | $ | 0 | $ | 0 | $ | 0 | $ | 57,771 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 101,799 | $ | 1,128,596 | $ | 481 | $ | 378,610 | $ | 63,350 | $ | 730,694 | $ | 111,894 | $ | 148,051 | $ | 527,418 | $ | 3,190,893 |
March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 862 | $ | 14,531 | $ | 12 | $ | 4,993 | $ | 512 | $ | 4,433 | $ | 841 | $ | 1,883 | $ | 7,841 | $ | 35,908 | ||||||||||||||||||||
Provision charged to expense | 38 | 287 | (2 | ) | 382 | (116 | ) | (278 | ) | 84 | (119 | ) | (86 | ) | 190 | |||||||||||||||||||||||||
Losses charged off | 0 | (35 | ) | 0 | (242 | ) | 0 | (120 | ) | (25 | ) | (246 | ) | (1,387 | ) | (2,055 | ) | |||||||||||||||||||||||
Recoveries | 3 | 17 | 0 | 84 | 0 | 18 | 1 | 117 | 721 | 961 | ||||||||||||||||||||||||||||||
Ending balance | $ | 903 | $ | 14,800 | $ | 10 | $ | 5,217 | $ | 396 | $ | 4,053 | $ | 901 | $ | 1,635 | $ | 7,089 | $ | 35,004 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 164 | $ | 847 | $ | 0 | $ | 620 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,631 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 739 | $ | 13,953 | $ | 10 | $ | 4,597 | $ | 396 | $ | 4,053 | $ | 901 | $ | 1,635 | $ | 7,089 | $ | 33,373 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,632 | $ | 34,329 | $ | 0 | $ | 10,057 | $ | 0 | $ | 2,337 | $ | 0 | $ | 0 | $ | 0 | $ | 50,355 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 71,732 | $ | 1,148,475 | $ | 1,354 | $ | 378,003 | $ | 54,013 | $ | 717,955 | $ | 108,018 | $ | 141,855 | $ | 517,972 | $ | 3,139,377 |
(in thousands) | March 31 2019 | December 31 2018 | ||||||
Commercial: | ||||||||
Commercial construction | $ | 546 | $ | 639 | ||||
Commercial secured by real estate | 4,967 | 4,537 | ||||||
Commercial other | 1,402 | 797 | ||||||
Residential: | ||||||||
Real estate construction | 289 | 22 | ||||||
Real estate mortgage | 4,691 | 5,395 | ||||||
Home equity | 483 | 477 | ||||||
Total nonaccrual loans | $ | 12,378 | $ | 11,867 |
March 31, 2020 | ||||||||||||||||
(in thousands) | Nonaccrual Loans with No ACL | Nonaccrual Loan with ACL | 90+ and Still Accruing | Total Nonperforming Loans | ||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 133 | $ | 133 | ||||||||
Commercial real estate residential | 206 | 1,312 | 4,636 | 6,154 | ||||||||||||
Commercial real estate nonresidential | 0 | 3,404 | 7,128 | 10,532 | ||||||||||||
Dealer floorplans | 0 | 56 | 0 | 56 | ||||||||||||
Commercial other | 0 | 6,316 | 479 | 6,795 | ||||||||||||
Total commercial loans | 206 | 11,088 | 12,376 | 23,670 | ||||||||||||
Real estate mortgage | 0 | 5,286 | 4,730 | 10,016 | ||||||||||||
Home equity lines | 0 | 753 | 435 | 1,188 | ||||||||||||
Total residential loans | 0 | 6,039 | 5,165 | 11,204 | ||||||||||||
Consumer direct | 0 | 0 | 38 | 38 | ||||||||||||
Consumer indirect | 0 | 0 | 465 | 465 | ||||||||||||
Total consumer loans | 0 | 0 | 503 | 503 | ||||||||||||
Loans and lease financing | $ | 206 | $ | 17,127 | $ | 18,044 | $ | 35,377 |
(in thousands) | December 31, 2019 | |||
Commercial: | ||||
Commercial construction | $ | 230 | ||
Commercial secured by real estate | 3,759 | |||
Commercial other | 3,839 | |||
Residential: | ||||
Real estate construction | 634 | |||
Real estate mortgage | 4,821 | |||
Home equity | 716 | |||
Total nonaccrual loans | $ | 13,999 |
March 31, 2019 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | |||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial construction | $ | 449 | $ | 0 | $ | 618 | $ | 1,067 | $ | 74,297 | $ | 75,364 | $ | 72 | ||||||||||||||
Commercial secured by real estate | 7,829 | 1,460 | 12,335 | 21,624 | 1,161,180 | 1,182,804 | 7,794 | |||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 1,354 | 1,354 | 0 | |||||||||||||||||||||
Commercial other | 1,005 | 772 | 726 | 2,503 | 385,557 | 388,060 | 261 | |||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Real estate construction | 258 | 149 | 295 | 702 | 53,311 | 54,013 | 6 | |||||||||||||||||||||
Real estate mortgage | 1,145 | 4,836 | 6,854 | 12,835 | 707,457 | 720,292 | 4,203 | |||||||||||||||||||||
Home equity | 818 | 277 | 499 | 1,594 | 106,424 | 108,018 | 260 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Consumer direct | 735 | 215 | 30 | 980 | 140,875 | 141,855 | 30 | |||||||||||||||||||||
Consumer indirect | 2,854 | 611 | 390 | 3,855 | 514,117 | 517,972 | 390 | |||||||||||||||||||||
Total | $ | 15,093 | $ | 8,320 | $ | 21,747 | $ | 45,160 | $ | 3,144,572 | $ | 3,189,732 | $ | 13,016 |
March 31, 2020 | ||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 133 | $ | 133 | $ | 248,584 | $ | 248,717 | ||||||||||||
Commercial real estate residential | 1,514 | 1,412 | 6,128 | 9,054 | 253,011 | 262,065 | ||||||||||||||||||
Commercial real estate nonresidential | 2,257 | 4,570 | 9,924 | 16,751 | 754,936 | 771,687 | ||||||||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | 80,828 | 80,828 | ||||||||||||||||||
Commercial other | 1,683 | 686 | 6,594 | 8,963 | 304,683 | 313,646 | ||||||||||||||||||
Total commercial loans | 5,454 | 6,668 | 22,779 | 34,901 | 1,642,042 | 1,676,943 | ||||||||||||||||||
Real estate mortgage | 2,561 | 3,154 | 7,901 | 13,616 | 785,275 | 798,891 | ||||||||||||||||||
Home equity lines | 831 | 156 | 733 | 1,720 | 110,117 | 111,837 | ||||||||||||||||||
Total residential loans | 3,392 | 3,310 | 8,634 | 15,336 | 895,392 | 910,728 | ||||||||||||||||||
Consumer direct | 735 | 589 | 38 | 1,362 | 144,041 | 145,403 | ||||||||||||||||||
Consumer indirect | 4,153 | 816 | 465 | 5,434 | 549,033 | 554,467 | ||||||||||||||||||
Total consumer loans | 4,888 | 1,405 | 503 | 6,796 | 693,074 | 699,870 | ||||||||||||||||||
Loans and lease financing | $ | 13,734 | $ | 11,383 | $ | 31,916 | $ | 57,033 | $ | 3,230,508 | $ | 3,287,541 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 90+ and Accruing* | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | $ | 87 | $ | 58 | $ | 698 | $ | 843 | $ | 81,872 | $ | 82,715 | $ | 58 | $ | 118 | $ | 0 | $ | 467 | $ | 585 | $ | 104,224 | $ | 104,809 | $ | 237 | ||||||||||||||||||||||||||||
Commercial secured by real estate | 6,287 | 1,204 | 8,776 | 16,267 | 1,166,826 | 1,183,093 | 4,632 | 2,734 | 5,969 | 12,366 | 21,069 | 1,148,906 | 1,169,975 | 8,820 | ||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing | 0 | 0 | 0 | 0 | 1,740 | 1,740 | 0 | 0 | 0 | 0 | 0 | 481 | 481 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Commercial other | 1,057 | 94 | 1,067 | 2,218 | 374,980 | 377,198 | 581 | 880 | 284 | 6,267 | 7,431 | 382,252 | 389,683 | 2,586 | ||||||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 144 | 438 | 28 | 610 | 56,550 | 57,160 | 6 | 117 | 52 | 634 | 803 | 62,547 | 63,350 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage | 1,272 | 5,645 | 7,607 | 14,524 | 707,893 | 722,417 | 4,095 | 774 | 5,376 | 10,320 | 16,470 | 716,533 | 733,003 | 7,088 | ||||||||||||||||||||||||||||||||||||||||||
Home equity | 898 | 365 | 441 | 1,704 | 104,595 | 106,299 | 246 | 1,084 | 412 | 736 | 2,232 | 109,662 | 111,894 | 344 | ||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer direct | 918 | 191 | 74 | 1,183 | 143,106 | 144,289 | 74 | 945 | 230 | 97 | 1,272 | 146,779 | 148,051 | 97 | ||||||||||||||||||||||||||||||||||||||||||
Consumer indirect | 4,715 | 975 | 507 | 6,197 | 527,530 | 533,727 | 506 | 4,037 | 909 | 447 | 5,393 | 522,025 | 527,418 | 448 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 15,378 | $ | 8,970 | $ | 19,198 | $ | 43,546 | $ | 3,165,092 | $ | 3,208,638 | $ | 10,198 | ||||||||||||||||||||||||||||||||||||||||||
Loans and lease financing | $ | 10,689 | $ | 13,232 | $ | 31,334 | $ | 55,255 | $ | 3,193,409 | $ | 3,248,664 | $ | 19,620 |
➢ | Pass grades include investment grade, low risk, moderate risk, and acceptable risk loans. The loans range from loans that have no chance of resulting in a loss to loans that have a limited chance of resulting in a loss. Customers in this grade have excellent to fair credit ratings. The cash flows are adequate to meet required debt repayments. |
➢ | Watch graded loans are loans that warrant extra management attention but are not currently criticized. Loans on the watch list may be potential troubled credits or may warrant “watch” status for a reason not directly related to the asset quality of the credit. The watch grade is a management tool to identify credits which may be candidates for future classification or may temporarily warrant extra management monitoring. |
➢ | Other assets especially mentioned (OAEM) reflects loans that are currently protected but are potentially weak. These loans constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of circumstances surrounding a specific asset. Loans in this grade display potential weaknesses which may, if unchecked or uncorrected, inadequately protect CTBI’s credit position at some future date. The loans may be adversely affected by economic or market conditions. |
➢ | Substandard grading indicates that the loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. These loans have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt with the distinct possibility that CTBI will sustain some loss if the deficiencies are not corrected. |
➢ | Doubtful graded loans have the weaknesses inherent in the substandard grading with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The probability of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to CTBI’s advantage or strengthen the asset(s), its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. |
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Leases | Commercial Other | Total | |||||||||||||||
March 31, 2019 | ||||||||||||||||||||
Pass | $ | 67,224 | $ | 1,031,325 | $ | 1,354 | $ | 338,695 | $ | 1,438,598 | ||||||||||
Watch | 2,932 | 75,404 | 0 | 27,317 | 105,653 | |||||||||||||||
OAEM | 1,823 | 18,501 | 0 | 5,811 | 26,135 | |||||||||||||||
Substandard | 3,385 | 57,485 | 0 | 16,166 | 77,036 | |||||||||||||||
Doubtful | 0 | 89 | 0 | 71 | 160 | |||||||||||||||
Total | $ | 75,364 | $ | 1,182,804 | $ | 1,354 | $ | 388,060 | $ | 1,647,582 | ||||||||||
December 31, 2018 | ||||||||||||||||||||
Pass | $ | 74,222 | $ | 1,038,309 | $ | 1,740 | $ | 327,431 | $ | 1,441,702 | ||||||||||
Watch | 3,070 | 71,834 | 0 | 28,986 | 103,890 | |||||||||||||||
OAEM | 1,594 | 19,734 | 0 | 5,735 | 27,063 | |||||||||||||||
Substandard | 3,829 | 53,125 | 0 | 14,970 | 71,924 | |||||||||||||||
Doubtful | 0 | 91 | 0 | 76 | 167 | |||||||||||||||
Total | $ | 82,715 | $ | 1,183,093 | $ | 1,740 | $ | 377,198 | $ | 1,644,746 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||
Hotel/motel | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 8,621 | $ | 71,038 | $ | 41,059 | $ | 53,262 | $ | 23,743 | $ | 35,479 | $ | 74 | $ | 233,276 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 132 | 1,113 | 8,999 | 5,197 | 0 | 15,441 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total hotel/motel | $ | 8,621 | $ | 71,038 | $ | 41,191 | $ | 54,375 | $ | 32,742 | $ | 40,676 | $ | 74 | $ | 248,717 | ||||||||||||||||
Commercial real estate residential | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 14,777 | $ | 49,003 | $ | 35,510 | $ | 25,537 | $ | 34,625 | $ | 69,673 | $ | 12,213 | $ | 241,338 | ||||||||||||||||
Special mention | 0 | 3,102 | 633 | 967 | 451 | 61 | 0 | 5,214 | ||||||||||||||||||||||||
Substandard | 446 | 2,282 | 3,540 | 4,169 | 1,200 | 3,876 | 0 | 15,513 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial real estate residential | $ | 15,223 | $ | 54,387 | $ | 39,683 | $ | 30,673 | $ | 36,276 | $ | 73,610 | $ | 12,213 | $ | 262,065 | ||||||||||||||||
Commercial real estate nonresidential | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 35,164 | $ | 128,993 | $ | 99,550 | $ | 102,018 | $ | 113,817 | $ | 220,958 | $ | 30,277 | $ | 730,777 | ||||||||||||||||
Special mention | 0 | 417 | 71 | 5 | 0 | 3,303 | 20 | 3,816 | ||||||||||||||||||||||||
Substandard | 1,737 | 7,125 | 1,742 | 4,008 | 1,989 | 20,003 | 459 | 37,063 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 31 | 0 | 31 | ||||||||||||||||||||||||
Total commercial real estate nonresidential | $ | 36,901 | $ | 136,535 | $ | 101,363 | $ | 106,031 | $ | 115,806 | $ | 244,295 | $ | 30,756 | $ | 771,687 | ||||||||||||||||
Dealer floorplans | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 80,772 | $ | 80,772 | ||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 56 | 56 | ||||||||||||||||||||||||
Total dealer floorplans | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 80,828 | $ | 80,828 | ||||||||||||||||
Commercial other | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 44,077 | $ | 49,654 | $ | 40,094 | $ | 20,059 | $ | 10,245 | $ | 30,174 | $ | 102,022 | $ | 296,325 | ||||||||||||||||
Special mention | 0 | 0 | 5,062 | 285 | 480 | 51 | 0 | 5,878 | ||||||||||||||||||||||||
Substandard | 1,840 | 4,413 | 308 | 501 | 3,451 | 837 | 93 | 11,443 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total commercial other | $ | 45,917 | $ | 54,067 | $ | 45,464 | $ | 20,845 | $ | 14,176 | $ | 31,062 | $ | 102,115 | $ | 313,646 | ||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 102,639 | $ | 298,688 | $ | 216,213 | $ | 200,876 | $ | 182,430 | $ | 356,284 | $ | 225,358 | $ | 1,582,488 | ||||||||||||||||
Special mention | 0 | 3,519 | 5,766 | 1,257 | 931 | 3,415 | 20 | 14,908 | ||||||||||||||||||||||||
Substandard | 4,023 | 13,820 | 5,722 | 9,791 | 15,639 | 29,913 | 552 | 79,460 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 31 | 56 | 87 | ||||||||||||||||||||||||
Total commercial loans | $ | 106,662 | $ | 316,027 | $ | 227,701 | $ | 211,924 | $ | 199,000 | $ | 389,643 | $ | 225,986 | $ | 1,676,943 |
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Leases | Commercial Other | Total | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Pass | $ | 98,102 | $ | 1,036,573 | $ | 481 | $ | 358,203 | $ | 1,493,359 | ||||||||||
Watch | 3,595 | 54,338 | 0 | 13,618 | 71,551 | |||||||||||||||
OAEM | 254 | 27,964 | 0 | 6,065 | 34,283 | |||||||||||||||
Substandard | 2,858 | 51,068 | 0 | 11,737 | 65,663 | |||||||||||||||
Doubtful | 0 | 32 | 0 | 60 | 92 | |||||||||||||||
Total | $ | 104,809 | $ | 1,169,975 | $ | 481 | $ | 389,683 | $ | 1,664,948 |
(in thousands) | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||
Performing | $ | 53,718 | $ | 711,398 | $ | 107,275 | $ | 141,825 | $ | 517,582 | $ | 1,531,798 | ||||||||||||
Nonperforming (1) | 295 | 8,894 | 743 | 30 | 390 | 10,352 | ||||||||||||||||||
Total | $ | 54,013 | $ | 720,292 | $ | 108,018 | $ | 141,855 | $ | 517,972 | $ | 1,542,150 | ||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Performing | $ | 57,132 | $ | 712,927 | $ | 105,576 | $ | 144,215 | $ | 533,221 | $ | 1,553,071 | ||||||||||||
Nonperforming (1) | 28 | 9,490 | 723 | 74 | 506 | 10,821 | ||||||||||||||||||
Total | $ | 57,160 | $ | 722,417 | $ | 106,299 | $ | 144,289 | $ | 533,727 | $ | 1,563,892 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Total | |||||||||||||||||||||||||
Home equity lines | ||||||||||||||||||||||||||||||||
Performing | $ | 0 | $ | 86 | $ | 0 | $ | 0 | $ | 8 | $ | 11,571 | $ | 98,984 | $ | 110,649 | ||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 763 | 425 | 1,188 | ||||||||||||||||||||||||
Total home equity lines | $ | 0 | $ | 86 | $ | 0 | $ | 0 | $ | 8 | $ | 12,334 | $ | 99,409 | $ | 111,837 | ||||||||||||||||
Mortgage loans | ||||||||||||||||||||||||||||||||
Performing | $ | 35,151 | $ | 161,387 | $ | 94,854 | $ | 88,911 | $ | 70,449 | $ | 338,123 | $ | 0 | $ | 788,875 | ||||||||||||||||
Nonperforming | 0 | 348 | 596 | 240 | 509 | 8,323 | 0 | 10,016 | ||||||||||||||||||||||||
Total mortgage loans | $ | 35,151 | $ | 161,735 | $ | 95,450 | $ | 89,151 | $ | 70,958 | $ | 346,446 | $ | 0 | $ | 798,891 | ||||||||||||||||
Residential loans | ||||||||||||||||||||||||||||||||
Performing | $ | 35,151 | $ | 161,473 | $ | 94,854 | $ | 88,911 | $ | 70,457 | $ | 349,694 | $ | 98,984 | $ | 899,524 | ||||||||||||||||
Nonperforming | 0 | 348 | 596 | 240 | 509 | 9,086 | 425 | 11,204 | ||||||||||||||||||||||||
Total residential loans | $ | 35,151 | $ | 161,821 | $ | 95,450 | $ | 89,151 | $ | 70,966 | $ | 358,780 | $ | 99,409 | $ | 910,728 | ||||||||||||||||
Consumer direct loans | ||||||||||||||||||||||||||||||||
Performing | $ | 15,792 | $ | 54,032 | $ | 29,905 | $ | 16,359 | $ | 10,196 | $ | 19,081 | $ | 0 | $ | 145,365 | ||||||||||||||||
Nonperforming | 0 | 6 | 27 | 4 | 1 | 0 | 0 | 38 | ||||||||||||||||||||||||
Total consumer direct loans | $ | 15,792 | $ | 54,038 | $ | 29,932 | $ | 16,363 | $ | 10,197 | $ | 19,081 | $ | 0 | $ | 145,403 | ||||||||||||||||
Consumer indirect loans | ||||||||||||||||||||||||||||||||
Performing | $ | 85,017 | $ | 179,367 | $ | 145,511 | $ | 80,000 | $ | 42,101 | $ | 22,006 | $ | 0 | $ | 554,002 | ||||||||||||||||
Nonperforming | 0 | 190 | 93 | 105 | 35 | 42 | 0 | 465 | ||||||||||||||||||||||||
Total consumer indirect loans | $ | 85,017 | $ | 179,557 | $ | 145,604 | $ | 80,105 | $ | 42,136 | $ | 22,048 | $ | 0 | $ | 554,467 | ||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||
Performing | $ | 100,809 | $ | 233,399 | $ | 175,416 | $ | 96,359 | $ | 52,297 | $ | 41,087 | $ | 0 | $ | 699,367 | ||||||||||||||||
Nonperforming | 0 | 196 | 120 | 109 | 36 | 42 | 0 | 503 | ||||||||||||||||||||||||
Total consumer loans | $ | 100,809 | $ | 233,595 | $ | 175,536 | $ | 96,468 | $ | 52,333 | $ | 41,129 | $ | 0 | $ | 699,870 |
(in thousands) | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Performing | $ | 62,716 | $ | 721,094 | $ | 110,834 | $ | 147,954 | $ | 526,970 | $ | 1,569,568 | ||||||||||||
Nonperforming | 634 | 11,909 | 1,060 | 97 | 448 | 14,148 | ||||||||||||||||||
Total | $ | 63,350 | $ | 733,003 | $ | 111,894 | $ | 148,051 | $ | 527,418 | $ | 1,583,716 |
March 31, 2020 | ||||||||||||
(in thousands) | Number of Loans | Recorded Investment | Specific Reserve | |||||||||
Hotel/motel | 3 | $ | 14,712 | $ | 250 | |||||||
Commercial real estate residential | 7 | 5,125 | 92 | |||||||||
Commercial real estate nonresidential | 16 | 25,296 | 720 | |||||||||
Commercial other | 5 | 9,569 | 957 | |||||||||
Total collateral dependent loans | 31 | $ | 54,702 | $ | 2,019 |
December 31, 2019 | ||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | |||||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | $ | 2,836 | $ | 2,837 | $ | 0 | $ | 3,234 | $ | 170 | ||||||||||
Commercial secured by real estate | 40,346 | 41,557 | 0 | 36,976 | 1,601 | |||||||||||||||
Commercial other | 7,829 | 9,489 | 0 | 9,889 | 460 | |||||||||||||||
Real estate mortgage | 2,309 | 2,309 | 0 | 2,385 | 85 | |||||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | 174 | 174 | 99 | 215 | 11 | |||||||||||||||
Commercial secured by real estate | 1,033 | 2,176 | 227 | 1,678 | 15 | |||||||||||||||
Commercial other | 3,244 | 3,244 | 886 | 1,323 | 29 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial construction | 3,010 | 3,011 | 99 | 3,449 | 181 | |||||||||||||||
Commercial secured by real estate | 41,379 | 43,733 | 227 | 38,654 | 1,616 | |||||||||||||||
Commercial other | 11,073 | 12,733 | 886 | 11,212 | 489 | |||||||||||||||
Real estate mortgage | 2,309 | 2,309 | 0 | 2,385 | 85 | |||||||||||||||
Total | $ | 57,771 | $ | 61,786 | $ | 1,212 | $ | 55,700 | $ | 2,371 |
March 31, 2019 | ||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | |||||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | $ | 3,308 | $ | 3,308 | $ | 0 | $ | 3,655 | $ | 46 | ||||||||||
Commercial secured by real estate | 32,407 | 34,098 | 0 | 32,811 | 347 | |||||||||||||||
Commercial other | 8,903 | 10,598 | 0 | 8,866 | 139 | |||||||||||||||
Real estate construction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Real estate mortgage | 2,337 | 2,337 | 0 | 2,329 | 19 | |||||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | 324 | 324 | 164 | 324 | 3 | |||||||||||||||
Commercial secured by real estate | 1,922 | 3,060 | 847 | 1,966 | 10 | |||||||||||||||
Commercial other | 1,154 | 1,154 | 620 | 1,169 | 17 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial construction | 3,632 | 3,632 | 164 | 3,979 | 49 | |||||||||||||||
Commercial secured by real estate | 34,329 | 37,158 | 847 | 34,777 | 357 | |||||||||||||||
Commercial other | 10,057 | 11,752 | 620 | 10,035 | 156 | |||||||||||||||
Real estate mortgage | 2,337 | 2,337 | 0 | 2,329 | 19 | |||||||||||||||
Total | $ | 50,355 | $ | 54,879 | $ | 1,631 | $ | 51,120 | $ | 581 |
March 31, 2019 | ||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | |||||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | $ | 3,308 | $ | 3,308 | $ | 0 | $ | 3,655 | $ | 46 | ||||||||||
Commercial secured by real estate | 32,407 | 34,098 | 0 | 32,811 | 347 | |||||||||||||||
Commercial other | 8,903 | 10,598 | 0 | 8,866 | 139 | |||||||||||||||
Real estate construction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Real estate mortgage | 2,337 | 2,337 | 0 | 2,329 | 19 | |||||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | 324 | 324 | 164 | 324 | 3 | |||||||||||||||
Commercial secured by real estate | 1,922 | 3,060 | 847 | 1,966 | 10 | |||||||||||||||
Commercial other | 1,154 | 1,154 | 620 | 1,169 | 17 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial construction | 3,632 | 3,632 | 164 | 3,979 | 49 | |||||||||||||||
Commercial secured by real estate | 34,329 | 37,158 | 847 | 34,777 | 357 | |||||||||||||||
Commercial other | 10,057 | 11,752 | 620 | 10,035 | 156 | |||||||||||||||
Real estate construction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Real estate mortgage | 2,337 | 2,337 | 0 | 2,329 | 19 | |||||||||||||||
Total | $ | 50,355 | $ | 54,879 | $ | 1,631 | $ | 51,120 | $ | 581 |
December 31, 2018 | ||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | |||||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | $ | 4,100 | $ | 4,100 | $ | 0 | $ | 3,923 | $ | 171 | ||||||||||
Commercial secured by real estate | 29,645 | 31,409 | 0 | 30,250 | 1,412 | |||||||||||||||
Commercial other | 8,285 | 9,982 | 0 | 8,774 | 530 | |||||||||||||||
Real estate construction | 0 | 0 | 0 | 106 | 0 | |||||||||||||||
Real estate mortgage | 1,882 | 1,882 | 0 | 1,666 | 41 | |||||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | 127 | 127 | 50 | 42 | 0 | |||||||||||||||
Commercial secured by real estate | 1,854 | 2,983 | 605 | 2,051 | 1 | |||||||||||||||
Commercial other | 473 | 473 | 146 | 285 | 16 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial construction | 4,227 | 4,227 | 50 | 3,965 | 171 | |||||||||||||||
Commercial secured by real estate | 31,499 | 34,392 | 605 | 32,301 | 1,413 | |||||||||||||||
Commercial other | 8,758 | 10,455 | 146 | 9,059 | 546 | |||||||||||||||
Real estate construction | 0 | 0 | 0 | 106 | 0 | |||||||||||||||
Real estate mortgage | 1,882 | 1,882 | 0 | 1,666 | 41 | |||||||||||||||
Total | $ | 46,366 | $ | 50,956 | $ | 801 | $ | 47,097 | $ | 2,171 |
March 31, 2018 | ||||||||||||||||||||
(in thousands) | Recorded Balance | Unpaid Contractual Principal Balance | Specific Allowance | Average Investment in Impaired Loans | *Interest Income Recognized | |||||||||||||||
Loans without a specific valuation allowance: | ||||||||||||||||||||
Commercial construction | $ | 4,009 | $ | 4,009 | $ | 0 | $ | 4,168 | $ | 37 | ||||||||||
Commercial secured by real estate | 31,284 | 33,377 | 0 | 31,566 | 352 | |||||||||||||||
Commercial other | 9,183 | 10,913 | 0 | 9,332 | 152 | |||||||||||||||
Real estate construction | 318 | 318 | 0 | 318 | 0 | |||||||||||||||
Real estate mortgage | 1,286 | 1,294 | 0 | 1,284 | 0 | |||||||||||||||
Loans with a specific valuation allowance: | ||||||||||||||||||||
Commercial secured by real estate | 2,105 | 3,221 | 739 | 2,132 | 0 | |||||||||||||||
Totals: | ||||||||||||||||||||
Commercial construction | 4,009 | 4,009 | 0 | 4,168 | 37 | |||||||||||||||
Commercial secured by real estate | 33,389 | 36,598 | 739 | 33,698 | 352 | |||||||||||||||
Commercial other | 9,183 | 10,913 | 0 | 9,332 | 152 | |||||||||||||||
Real estate construction | 318 | 318 | 0 | 318 | 0 | |||||||||||||||
Real estate mortgage | 1,286 | 1,294 | 0 | 1,284 | 0 | |||||||||||||||
Total | $ | 48,185 | $ | 53,132 | $ | 739 | $ | 48,800 | $ | 541 |
Three Months Ended March 31, 2019 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | |||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||
Commercial secured by real estate | 5 | 828 | 0 | 642 | 1,470 | |||||||||||||||||||||||||||||||||||
Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term | Total Modification | Term Modification | Total Modification | |||||||||||||||||||||||||||||||||||
New troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate residential | 8 | $ | 4,397 | $ | 4,397 | $ | 4,399 | $ | 4,399 | |||||||||||||||||||||||||||||||
Commercial real estate nonresidential | 9 | 2,345 | 2,345 | 2,336 | 2,336 | |||||||||||||||||||||||||||||||||||
Commercial other | 7 | 1,122 | 0 | 140 | 1,262 | 5 | 464 | 464 | 399 | 399 | ||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 22 | 7,206 | 7,206 | 7,134 | 7,134 | |||||||||||||||||||||||||||||||||||
Real estate mortgage | 1 | 463 | 0 | 0 | 463 | 1 | 388 | 388 | 388 | 388 | ||||||||||||||||||||||||||||||
Total residential loans | 1 | 388 | 388 | 388 | 388 | |||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | 13 | $ | 2,413 | $ | 0 | $ | 782 | $ | 3,195 | 23 | $ | 7,594 | $ | 7,594 | $ | 7,522 | $ | 7,522 |
Year Ended December 31, 2018 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | Number of Loans | Term Modification | Rate Modification | Combination | Post- Modification Outstanding Balance | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||
Commercial construction | 5 | $ | 2,182 | $ | 0 | $ | 15 | $ | 2,197 | |||||||||||||||||||||||||||||||
Commercial secured by real estate | 24 | 4,004 | 0 | 1,383 | 5,387 | 17 | $ | 6,105 | $ | 0 | $ | 679 | $ | 6,784 | ||||||||||||||||||||||||||
Commercial other | 8 | 465 | 0 | 0 | 465 | 17 | 1,565 | 0 | 264 | 1,829 | ||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||
Real estate construction | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Real estate mortgage | 3 | 264 | 0 | 704 | 968 | 1 | 463 | 0 | 0 | 463 | ||||||||||||||||||||||||||||||
Total troubled debt restructurings | 40 | $ | 6,915 | $ | 0 | $ | 2,102 | $ | 9,017 | 35 | $ | 8,133 | $ | 0 | $ | 943 | $ | 9,076 |
Three Months Ended March 31, 2018 | Three Months Ended March 31, 2019 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Rate Modification | Combination | Post-Modification Outstanding Balance | Number of Loans | Term Modification | Rate Modification | Combination | Post- Modification Outstanding Balance | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||
Commercial construction | 2 | $ | 32 | $ | 0 | $ | 15 | $ | 47 | |||||||||||||||||||||||||||||||
Commercial secured by real estate | 9 | 786 | 0 | 983 | 1,769 | 5 | $ | 828 | $ | 0 | $ | 642 | $ | 1,470 | ||||||||||||||||||||||||||
Commercial other | 5 | 182 | 0 | 0 | 182 | 7 | 1,122 | 0 | 140 | 1,262 | ||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||
Real estate mortgage | 1 | 463 | 0 | 0 | 463 | |||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | 16 | $ | 1,000 | $ | 0 | $ | 998 | $ | 1,998 | 13 | $ | 2,413 | $ | 0 | $ | 782 | $ | 3,195 |
March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 862 | $ | 14,531 | $ | 12 | $ | 4,993 | $ | 512 | $ | 4,433 | $ | 841 | $ | 1,883 | $ | 7,841 | $ | 35,908 | ||||||||||||||||||||
Provision charged to expense | 38 | 287 | (2 | ) | 382 | (116 | ) | (278 | ) | 84 | (119 | ) | (86 | ) | 190 | |||||||||||||||||||||||||
Losses charged off | 0 | (35 | ) | 0 | (242 | ) | 0 | (120 | ) | (25 | ) | (246 | ) | (1,387 | ) | (2,055 | ) | |||||||||||||||||||||||
Recoveries | 3 | 17 | 0 | 84 | 0 | 18 | 1 | 117 | 721 | 961 | ||||||||||||||||||||||||||||||
Ending balance | $ | 903 | $ | 14,800 | $ | 10 | $ | 5,217 | $ | 396 | $ | 4,053 | $ | 901 | $ | 1,635 | $ | 7,089 | $ | 35,004 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 164 | $ | 847 | $ | 0 | $ | 620 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,631 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 739 | $ | 13,953 | $ | 10 | $ | 4,597 | $ | 396 | $ | 4,053 | $ | 901 | $ | 1,635 | $ | 7,089 | $ | 33,373 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,632 | $ | 34,329 | $ | 0 | $ | 10,057 | $ | 0 | $ | 2,337 | $ | 0 | $ | 0 | $ | 0 | $ | 50,355 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 71,732 | $ | 1,148,475 | $ | 1,354 | $ | 378,003 | $ | 54,013 | $ | 717,955 | $ | 108,018 | $ | 141,855 | $ | 517,972 | $ | 3,139,377 |
(in thousands) | Three Months Ended March 31, 2020 | |||||||
Number of Loans | Recorded Investment | |||||||
Commercial real estate nonresidential | 1 | $ | 3,532 | |||||
Commercial other | 2 | 273 | ||||||
Total defaulted restructured loans | 3 | $ | 3,805 |
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 686 | $ | 14,509 | $ | 18 | $ | 5,039 | $ | 660 | $ | 5,688 | $ | 857 | $ | 1,863 | $ | 6,831 | $ | 36,151 | ||||||||||||||||||||
Provision charged to expense | 115 | 786 | (6 | ) | 824 | (115 | ) | (336 | ) | 39 | 572 | 4,288 | 6,167 | |||||||||||||||||||||||||||
Losses charged off | 0 | (988 | ) | 0 | (1,513 | ) | (33 | ) | (1,004 | ) | (69 | ) | (997 | ) | (6,394 | ) | (10,998 | ) | ||||||||||||||||||||||
Recoveries | 61 | 224 | 0 | 643 | 0 | 85 | 14 | 445 | 3,116 | 4,588 | ||||||||||||||||||||||||||||||
Ending balance | $ | 862 | $ | 14,531 | $ | 12 | $ | 4,993 | $ | 512 | $ | 4,433 | $ | 841 | $ | 1,883 | $ | 7,841 | $ | 35,908 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 50 | $ | 605 | $ | 0 | $ | 146 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 801 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 812 | $ | 13,926 | $ | 12 | $ | 4,847 | $ | 512 | $ | 4,433 | $ | 841 | $ | 1,883 | $ | 7,841 | $ | 35,107 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,227 | $ | 31,499 | $ | 0 | $ | 8,758 | $ | 0 | $ | 1,882 | $ | 0 | $ | 0 | $ | 0 | $ | 46,366 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 78,488 | $ | 1,151,594 | $ | 1,740 | $ | 368,440 | $ | 57,160 | $ | 720,535 | $ | 106,299 | $ | 144,289 | $ | 533,727 | $ | 3,162,272 |
March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Construction | Commercial Secured by Real Estate | Equipment Lease Financing | Commercial Other | Real Estate Construction | Real Estate Mortgage | Home Equity | Consumer Direct | Consumer Indirect | Total | ||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 686 | $ | 14,509 | $ | 18 | $ | 5,039 | $ | 660 | $ | 5,688 | $ | 857 | $ | 1,863 | $ | 6,831 | $ | 36,151 | ||||||||||||||||||||
Provision charged to expense | (14 | ) | (191 | ) | 5 | (651 | ) | (4 | ) | 435 | 5 | 80 | 1,281 | 946 | ||||||||||||||||||||||||||
Losses charged off | 0 | (210 | ) | 0 | (236 | ) | (23 | ) | (193 | ) | (1 | ) | (216 | ) | (2,098 | ) | (2,977 | ) | ||||||||||||||||||||||
Recoveries | 14 | 25 | 0 | 77 | 0 | 6 | 1 | 71 | 875 | 1,069 | ||||||||||||||||||||||||||||||
Ending balance | $ | 686 | $ | 14,133 | $ | 23 | $ | 4,229 | $ | 633 | $ | 5,936 | $ | 862 | $ | 1,798 | $ | 6,889 | $ | 35,189 | ||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 739 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 739 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 686 | $ | 13,394 | $ | 23 | $ | 4,229 | $ | 633 | $ | 5,936 | $ | 862 | $ | 1,798 | $ | 6,889 | $ | 34,450 | ||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,009 | $ | 33,389 | $ | 0 | $ | 9,183 | $ | 318 | $ | 1,286 | $ | 0 | $ | 0 | $ | 0 | $ | 48,185 | ||||||||||||||||||||
Collectively evaluated for impairment | $ | 74,638 | $ | 1,158,239 | $ | 2,683 | $ | 329,452 | $ | 63,575 | $ | 717,472 | $ | 99,593 | $ | 136,576 | $ | 487,828 | $ | 3,070,056 |
(in thousands) | Year Ended December 31, 2019 | |||||||
Number of Loans | Recorded Balance | |||||||
Commercial: | ||||||||
Commercial secured by real estate | 1 | $ | 30 | |||||
Commercial other | 1 | 34 | ||||||
Residential: | ||||||||
Real estate mortgage | 1 | 463 | ||||||
Total defaulted restructured loans | 3 | $ | 527 |
(in thousands) | 2019 | |||
Short-term lease cost | $ | 71 | ||
Operating lease cost | 461 | |||
Sublease income | (68 | ) | ||
Total lease cost | $ | 464 |
(in thousands) | 2019 | |||
Operating lease – operating cash flows (fixed payments) | $ | 458 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 0 | ||
Weighted average lease term – operating leases | 15.35 years | |||
Weighted average discount rate – operating leases | 3.47 | % |
(in thousands) | Operating Leases | |||
2019 | $ | 1,271 | ||
2020 | 1,715 | |||
2021 | 1,744 | |||
2022 | 1,729 | |||
2023 | 1,650 | |||
Thereafter | 12,822 | |||
Total lease payments | 20,931 | |||
Less imputed interest | (5,188 | ) | ||
Total | $ | 15,743 |
(in thousands) | Operating Lease Payments | |||
2019 | $ | 1,999 | ||
2020 | 1,710 | |||
2021 | 1,737 | |||
2022 | 1,760 | |||
2023 | 1,696 | |||
Thereafter | 13,031 | |||
Total | $ | 21,933 |
Three Months Ended March 31 | ||||||||||||||||
(in thousands) | March 31, 2019 | March 31, 2018 | 2020 | 2019 | ||||||||||||
Beginning balance of other real estate owned | $ | 27,273 | $ | 31,996 | $ | 19,480 | $ | 27,273 | ||||||||
New assets acquired | 854 | 1,284 | 1,625 | 854 | ||||||||||||
Fair value adjustments | (447 | ) | (467 | ) | (458 | ) | (447 | ) | ||||||||
Sale of assets | (2,710 | ) | (809 | ) | (831 | ) | (2,710 | ) | ||||||||
Ending balance of other real estate owned | $ | 24,970 | $ | 32,004 | $ | 19,816 | $ | 24,970 |
(in thousands) | March 31 2019 | December 31 2018 | March 31, 2020 | December 31, 2019 | ||||||||||||
1-4 family | $ | 4,761 | $ | 5,253 | $ | 4,158 | $ | 3,630 | ||||||||
Agricultural/farmland | 0 | 0 | 0 | 0 | ||||||||||||
Construction/land development/other | 14,201 | 15,017 | 10,197 | 10,211 | ||||||||||||
Multifamily | 88 | 88 | 88 | 88 | ||||||||||||
Non-farm/non-residential | 5,920 | 6,915 | 5,373 | 5,551 | ||||||||||||
Total foreclosed properties | $ | 24,970 | $ | 27,273 | $ | 19,816 | $ | 19,480 |
March 31, 2019 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | ||||||||||||||||||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 25,358 | $ | 0 | $ | 0 | $ | 61,703 | $ | 87,061 | $ | 27,709 | $ | 0 | $ | 0 | $ | 59,403 | $ | 87,112 | ||||||||||||||||||||
State and political subdivisions | 56,322 | 500 | 0 | 13,366 | 70,188 | 52,967 | 0 | 0 | 6,926 | 59,893 | ||||||||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 29,388 | 0 | 0 | 50,869 | 80,257 | 33,232 | 0 | 0 | 56,671 | 89,903 | ||||||||||||||||||||||||||||||
Total | $ | 111,068 | $ | 500 | $ | 0 | $ | 125,938 | $ | 237,506 | $ | 113,908 | $ | 0 | $ | 0 | $ | 123,000 | $ | 236,908 |
December 31, 2018 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | |||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||
U.S. Treasury and government agencies | $ | 25,346 | $ | 0 | $ | 2,548 | $ | 60,699 | $ | 88,593 | ||||||||||
State and political subdivisions | 58,864 | 0 | 2,995 | 10,384 | 72,243 | |||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 22,076 | 0 | 1,877 | 47,923 | 71,876 | |||||||||||||||
Total | $ | 106,286 | $ | 0 | $ | 7,420 | $ | 119,006 | $ | 232,712 |
December 31, 2019 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | |||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||
U.S. Treasury and government agencies | $ | 15,001 | $ | 0 | $ | 3,479 | $ | 58,953 | $ | 77,433 | ||||||||||
State and political subdivisions | 51,193 | 0 | 1,768 | 11,165 | 64,126 | |||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 35,480 | 0 | 1,996 | 47,882 | 85,358 | |||||||||||||||
Total | $ | 101,674 | $ | 0 | $ | 7,243 | $ | 118,000 | $ | 226,917 |
Fair Value Measurements at March 31, 2019 Using | Fair Value Measurements at March 31, 2020 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – recurring basis | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 177,477 | $ | 56,744 | $ | 120,733 | $ | 0 | $ | 159,871 | $ | 70,050 | $ | 89,821 | $ | 0 | ||||||||||||||||
State and political subdivisions | 123,729 | 0 | 123,729 | 0 | 99,196 | 0 | 99,196 | 0 | ||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 297,591 | 0 | 297,591 | 0 | ||||||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 321,043 | 0 | 321,043 | 0 | ||||||||||||||||||||||||||||
Other debt securities | 502 | 0 | 502 | 0 | 53,369 | 0 | 53,369 | 0 | ||||||||||||||||||||||||
Equity securities at fair value | 1,528 | 0 | 0 | 1,528 | 1,721 | 0 | 0 | 1,721 | ||||||||||||||||||||||||
Mortgage servicing rights | 3,390 | 0 | 0 | 3,390 | 2,481 | 0 | 0 | 2,481 |
Fair Value Measurements at December 31, 2018 Using | Fair Value Measurements at December 31, 2019 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – recurring basis | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 217,938 | $ | 91,028 | $ | 126,910 | $ | 0 | $ | 171,150 | $ | 54,263 | $ | 116,887 | $ | 0 | ||||||||||||||||
State and political subdivisions | 124,488 | 0 | 124,488 | 0 | 102,307 | 0 | 102,307 | 0 | ||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 250,819 | 0 | 250,819 | 0 | ||||||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 295,245 | 0 | 295,245 | 0 | ||||||||||||||||||||||||||||
Other debt securities | 501 | 0 | 501 | 0 | 31,142 | 0 | 31,142 | 0 | ||||||||||||||||||||||||
Equity securities at fair value | 1,173 | 0 | 0 | 1,173 | 1,953 | 0 | 0 | 1,953 | ||||||||||||||||||||||||
Mortgage servicing rights | 3,607 | 0 | 0 | 3,607 | 3,263 | 0 | 0 | 3,263 |
(in thousands) | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||
Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | |||||||||||||||||||||||||
Beginning balance | $ | 1,173 | $ | 3,607 | $ | 0 | $ | 3,484 | $ | 1,953 | $ | 3,263 | $ | 1,173 | $ | 3,607 | ||||||||||||||||
Total unrealized gains (losses) | ||||||||||||||||||||||||||||||||
Included in net income | 355 | (234 | ) | 0 | 228 | |||||||||||||||||||||||||||
Total unrealized gains (losses) Included in net income | (232 | ) | (818 | ) | 355 | (234 | ) | |||||||||||||||||||||||||
Issues | 0 | 116 | 0 | 100 | 0 | 145 | 0 | 116 | ||||||||||||||||||||||||
Settlements | 0 | (99 | ) | 0 | (106 | ) | 0 | (109 | ) | 0 | (99 | ) | ||||||||||||||||||||
Ending balance | $ | 1,528 | $ | 3,390 | $ | 0 | $ | 3,706 | $ | 1,721 | $ | 2,481 | $ | 1,528 | $ | 3,390 | ||||||||||||||||
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | 355 | $ | (234 | ) | $ | 0 | $ | 228 | $ | (232 | ) | $ | (818 | ) | $ | 355 | $ | (234 | ) |
Noninterest Income | ||||||||
Three Months Ended | ||||||||
March 31 | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Total gains | $ | 116 | $ | 122 |
Three Months Ended March 31 | ||||||||
(in thousands) | 2020 | 2019 | ||||||
Total gains (losses) | $ | (1,159 | ) | $ | 22 |
Fair Value Measurements at March 31, 2019 Using | Fair Value Measurements at March 31, 2020 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – nonrecurring basis | ||||||||||||||||||||||||||||||||
Impaired loans (collateral dependent) | $ | 1,078 | $ | 0 | $ | 0 | $ | 1,078 | ||||||||||||||||||||||||
Collateral dependent loans | $ | 2,870 | $ | 0 | $ | 0 | $ | 2,870 | ||||||||||||||||||||||||
Other real estate owned | 2,345 | 0 | 0 | 2,345 | 1,162 | 0 | 0 | 1,162 |
Fair Value Measurements at December 31, 2018 Using | ||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets measured – nonrecurring basis | ||||||||||||||||
Impaired loans (collateral dependent) | $ | 747 | $ | 0 | $ | 0 | $ | 747 | ||||||||
Other real estate owned | 6,500 | 0 | 0 | 6,500 |
Fair Value Measurements at December 31, 2019 Using | ||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets measured – nonrecurring basis | ||||||||||||||||
Impaired loans (collateral dependent) | $ | 3,217 | $ | 0 | $ | 0 | $ | 3,217 | ||||||||
Other real estate owned | 12,593 | 0 | 0 | 12,593 |
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | ||||||||
Fair Value at March 31, 2019 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||
Equity securities at fair value | $ | 1,528 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) | ||||
Conversion date | Dec 2022 – Dec 2026 (Dec 2024) | ||||||||
Mortgage servicing rights | $ | 3,390 | Discount cash flows, computer pricing model | Constant prepayment rate | 7.0% - 21.8% (10.5%) | ||||
Probability of default | 0.0% - 100.0% (2.8%) | ||||||||
Discount rate | 10.0% - 11.5% (10.1%) | ||||||||
Impaired loans (collateral-dependent) | $ | 1,078 | Market comparable properties | Marketability discount | 0.0% - 96.3% (45.6%) | ||||
Other real estate owned | $ | 2,345 | Market comparable properties | Comparability adjustments | 10.0% - 55.2% (14.9%) |
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at March 31, 2020 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |
Equity securities at fair value | $1,721 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) |
Conversion date | Dec 2022 – Dec 2026 (Dec 2024) | |||
Mortgage servicing rights | $2,481 | Discount cash flows, computer pricing model | Constant prepayment rate | 0.0% - 24.7% (16.7%) |
Probability of default | 0.0% - 100.0% (2.4%) | |||
Discount rate | 10.0% - 11.5% (10.1%) | |||
Collateral dependent loans | $2,870 | Market comparable properties | Marketability discount | 8.0%- 88.0% (41.0%) |
Other real estate owned | $1,162 | Market comparable properties | Comparability adjustments | 10.0% - 42.5% (13.2%) |
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | ||||||||
Fair Value at December 31, 2018 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||
Equity securities at fair value | $ | 1,173 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) | ||||
Conversion date | Dec 2022 – Dec 2026 (Dec 2024) | ||||||||
Mortgage servicing rights | $ | 3,607 | Discount cash flows, computer pricing model | Constant prepayment rate | 7.0% - 28.1% (9.5%) | ||||
Probability of default | 0.0% - 100.0% (2.6%) | ||||||||
Discount rate | 10.0% - 11.5% (10.1%) | ||||||||
Impaired loans (collateral-dependent) | $ | 747 | Market comparable properties | Marketability discount | 0.0% - 95.1% (41.5%) | ||||
Other real estate owned | $ | 6,500 | Market comparable properties | Comparability adjustments | 6.0% - 47.6% (14.9%) |
(in thousands) | Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at December 31, 2019 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |
Equity securities at fair value | $1,953 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) |
Conversion date | Dec 2022 – Dec 2026 (Dec 2024) | |||
Mortgage servicing rights | $3,263 | Discount cash flows, computer pricing model | Constant prepayment rate | 0.0% - 24.3% (11.7%) |
Probability of default | 0.0% - 100.0% (2.7%) | |||
Discount rate | 10.0% - 11.5% (10.1%) | |||
Impaired loans (collateral-dependent) | $3,217 | Market comparable properties | Marketability discount | 7.0% - 99.0% (46.0%) |
Other real estate owned | $12,593 | Market comparable properties | Comparability adjustments | 6.0% - 29.8% (11.3%) |
Fair Value Measurements at March 31, 2019 Using | Fair Value Measurements at March 31, 2020 Using | |||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 253,860 | $ | 253,860 | $ | 0 | $ | 0 | $ | 192,702 | $ | 192,702 | $ | 0 | $ | 0 | ||||||||||||||||
Certificates of deposit in other banks | 1,470 | 0 | 1,470 | 0 | 245 | 0 | 245 | 0 | ||||||||||||||||||||||||
Securities available-for-sale | 599,299 | 56,744 | 542,555 | 0 | ||||||||||||||||||||||||||||
Securities held-to-maturity | 619 | 0 | 619 | 0 | ||||||||||||||||||||||||||||
Debt securities available-for-sale | 633,479 | 70,050 | 563,429 | 0 | ||||||||||||||||||||||||||||
Equity securities at fair value | 1,528 | 0 | 0 | 1,528 | 1,721 | 0 | 0 | 1,721 | ||||||||||||||||||||||||
Loans held for sale | 13,649 | 13,752 | 0 | 0 | 1,403 | 1,433 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 3,154,728 | 0 | 0 | 3,150,772 | 3,238,096 | 0 | 0 | 3,341,686 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 12,261 | 0 | 12,261 | 0 | 11,354 | 0 | 11,354 | 0 | ||||||||||||||||||||||||
Federal Reserve Bank stock | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | ||||||||||||||||||||||||
Accrued interest receivable | 15,188 | 0 | 15,188 | 0 | 14,680 | 0 | 14,680 | 0 | ||||||||||||||||||||||||
Mortgage servicing rights | 3,390 | 0 | 0 | 3,390 | 2,481 | 0 | 0 | 2,481 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 3,383,103 | $ | 841,996 | $ | 2,559,903 | $ | 0 | $ | 3,395,108 | $ | 860,844 | $ | 2,580,002 | $ | 0 | ||||||||||||||||
Repurchase agreements | 237,506 | 0 | 0 | 237,556 | 236,908 | 0 | 0 | 237,008 | ||||||||||||||||||||||||
Federal funds purchased | 1,800 | 0 | 1,800 | 0 | 4,907 | 0 | 4,907 | 0 | ||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 431 | 0 | 461 | 0 | 411 | 0 | 463 | 0 | ||||||||||||||||||||||||
Long-term debt | 59,341 | 0 | 0 | 44,166 | 57,841 | 0 | 0 | 49,382 | ||||||||||||||||||||||||
Accrued interest payable | 3,983 | 0 | 3,983 | 0 | 3,447 | 0 | 3,447 | 0 | ||||||||||||||||||||||||
Unrecognized financial instruments: | ||||||||||||||||||||||||||||||||
Letters of credit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commitments to extend credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Forward sale commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fair Value Measurements at December 31, 2018 Using | Fair Value Measurements at December 31, 2019 Using | |||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 141,450 | $ | 141,450 | $ | 0 | $ | 0 | $ | 264,683 | $ | 264,683 | $ | 0 | $ | 0 | ||||||||||||||||
Certificates of deposit in other banks | 3,920 | 0 | 3,914 | 0 | 245 | 0 | 245 | 0 | ||||||||||||||||||||||||
Securities available-for-sale | 593,746 | 91,028 | 502,718 | 0 | ||||||||||||||||||||||||||||
Securities held-to-maturity | 649 | 0 | 649 | 0 | ||||||||||||||||||||||||||||
Debt securities available-for-sale | 599,844 | 54,263 | 545,581 | 0 | ||||||||||||||||||||||||||||
Debt securities held-to-maturity | 517 | 0 | 517 | 0 | ||||||||||||||||||||||||||||
Equity securities at fair value | 1,173 | 0 | 0 | 1,173 | 1,953 | 0 | 0 | 1,953 | ||||||||||||||||||||||||
Loans held for sale | 2,461 | 2,518 | 0 | 0 | 1,167 | 1,191 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 3,172,730 | 0 | 0 | 3,175,908 | 3,213,568 | 0 | 0 | 3,283,876 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 14,713 | 0 | 14,713 | 0 | 10,474 | 0 | 10,474 | 0 | ||||||||||||||||||||||||
Federal Reserve Bank stock | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | ||||||||||||||||||||||||
Accrued interest receivable | 14,432 | 0 | 14,432 | 0 | 14,836 | 0 | 14,836 | 0 | ||||||||||||||||||||||||
Mortgage servicing rights | 3,607 | 0 | 0 | 3,607 | 3,263 | 0 | 0 | 3,263 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 3,305,950 | $ | 803,316 | $ | 2,513,084 | $ | 0 | $ | 3,405,572 | $ | 865,760 | $ | 2,560,271 | $ | 0 | ||||||||||||||||
Repurchase agreements | 232,712 | 0 | 0 | 232,796 | 226,917 | 0 | 0 | 226,921 | ||||||||||||||||||||||||
Federal funds purchased | 1,180 | 0 | 1,180 | 0 | 7,906 | 0 | 7,906 | 0 | ||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 436 | 0 | 468 | 0 | 415 | 0 | 446 | 0 | ||||||||||||||||||||||||
Long-term debt | 59,341 | 0 | 0 | 44,166 | 57,841 | 0 | 0 | 49,382 | ||||||||||||||||||||||||
Accrued interest payable | 2,902 | 0 | 2,902 | 0 | 2,839 | 0 | 2,839 | 0 | ||||||||||||||||||||||||
Unrecognized financial instruments: | ||||||||||||||||||||||||||||||||
Letters of credit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commitments to extend credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Forward sale commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Three Months Ended | ||||||||||||||||
March 30 | Three Months Ended March 31 | |||||||||||||||
(in thousands except per share data) | 2019 | 2018 | 2020 | 2019 | ||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 14,939 | $ | 15,814 | $ | 6,579 | $ | 14,939 | ||||||||
Denominator: | ||||||||||||||||
Basic earnings per share: | ||||||||||||||||
Weighted average shares | 17,712 | 17,671 | 17,752 | 17,712 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Effect of dilutive stock options and restricted stock grants | 11 | 16 | 11 | 11 | ||||||||||||
Adjusted weighted average shares | 17,723 | 17,687 | 17,763 | 17,723 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 0.84 | $ | 0.89 | $ | 0.37 | $ | 0.84 | ||||||||
Diluted earnings per share | 0.84 | 0.89 | 0.37 | 0.84 |
Amounts Reclassified from AOCI | ||||||||
(in thousands) | Three Months Ended March 31 | |||||||
2019 | 2018 | |||||||
Affected line item in the statements of income | ||||||||
Securities gains | $ | 1 | $ | 149 | ||||
Tax expense | 0 | 31 | ||||||
Total reclassifications out of AOCI | $ | 1 | $ | 118 |
Amounts Reclassified from AOCI | ||||||||
(in thousands) | Three Months Ended March 31 | |||||||
2020 | 2019 | |||||||
Affected line item in the statements of income | ||||||||
Securities gains | $ | 481 | $ | 1 | ||||
Tax expense | 125 | 0 | ||||||
Total reclassifications out of AOCI | $ | 356 | $ | 1 |
❖ | Our Business |
❖ | Results of Operations and Financial Condition |
❖ | Dividends |
❖ | Liquidity and Market Risk |
❖ | Interest Rate Risk |
❖ | Capital Resources |
❖ | Impact of Inflation, Changing Prices, and Economic Conditions |
❖ | Stock Repurchase Program |
❖ | Critical Accounting Policies and Estimates |
At March 31, 2020 (in millions) | Industry Concentration Allocation (in basis points) | |||||||||||||||||||||||
Segment | Industry Concentration Balance Outstanding | Total Anticipated Credit Loss Allocation | Total Industry Concentration Component | Pre- COVID- 19 | Post- COVID- 19 | Increase in Allocation | ||||||||||||||||||
Agriculture | $ | 69.3 | $ | 1.7 | $ | 0.6 | 60.00 | 80.00 | 20.00 | |||||||||||||||
Bank holding corporations | 38.2 | 0.6 | 0.2 | 10.00 | 40.00 | 30.00 | ||||||||||||||||||
Hotel/motel | 240.8 | 5.9 | 2.4 | 35.00 | 100.00 | 65.00 | ||||||||||||||||||
Lessors of non-residential buildings | 228.5 | 3.9 | 1.8 | 30.00 | 80.00 | 50.00 | ||||||||||||||||||
Lessors of residential buildings / dwellings | 231.5 | 3.8 | 1.4 | 30.00 | 60.00 | 30.00 |
Net interest income for the quarter of |
Provision for |
Our loan portfolio |
Net loan charge-offs for the quarter ended March 31, |
Nonperforming loans at |
Deposits, including repurchase agreements, |
Noninterest income for the quarter ended March 31, |
Noninterest expense for the quarter ended March 31, |
(dollars in thousands) | Change 2019 vs. 2018 | Change 2020 vs. 2019 | ||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2019 | 2018 | Amount | Percent | 2020 | 2019 | Amount | Percent | ||||||||||||||||||||||||
Net interest income | $ | 35,983 | $ | 34,591 | $ | 1,392 | 4.0 | % | $ | 36,244 | $ | 35,983 | $ | 261 | 0.7 | % | ||||||||||||||||
Provision for loan losses | 190 | 946 | (756 | ) | (79.9 | ) | ||||||||||||||||||||||||||
Provision for credit losses | 12,707 | 190 | 12,517 | 6,282.6 | % | |||||||||||||||||||||||||||
Noninterest income | 12,170 | 13,310 | (1,140 | ) | (8.6 | ) | 11,521 | 12,170 | (649 | ) | (5.3 | ) | ||||||||||||||||||||
Noninterest expense | 29,083 | 28,681 | 402 | 1.4 | 28,221 | 29,083 | (862 | ) | (3.0 | ) | ||||||||||||||||||||||
Income taxes | 3,941 | 2,460 | 1,481 | 60.2 | 258 | 3,941 | (3,683 | ) | (93.5 | ) | ||||||||||||||||||||||
Net income | $ | 14,939 | $ | 15,814 | $ | (875 | ) | (5.5 | )% | $ | 6,579 | $ | 14,939 | $ | (8,360 | ) | (56.0 | )% | ||||||||||||||
Average earning assets | $ | 3,966,483 | $ | 3,870,242 | $ | 96,241 | 2.5 | % | $ | 4,093,833 | $ | 3,966,483 | $ | 127,350 | 3.2 | % | ||||||||||||||||
Yield on average earnings assets, tax equivalent* | 4.71 | % | 4.28 | % | 0.43 | % | 10.3 | % | ||||||||||||||||||||||||
Yield on average earning assets, tax equivalent* | 4.41 | % | 4.71 | % | (0.30 | )% | (6.5 | )% | ||||||||||||||||||||||||
Cost of interest bearing funds | 1.43 | % | 0.87 | % | 0.56 | % | 63.5 | % | 1.19 | % | 1.43 | % | (0.24 | )% | (16.3 | )% | ||||||||||||||||
Net interest margin, tax equivalent* | 3.70 | % | 3.65 | % | 0.05 | % | 1.5 | % | 3.58 | % | 3.70 | % | (0.12 | )% | (3.4 | )% |
(in thousands) | March 31, 2019 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Loan Category | Balance | Variance from Prior Year-End | YTD Net Charge-Offs | Nonperforming | ALLL | Balance | Variance from Prior Year-End | YTD Net Charge- Offs | Nonperforming | ACL | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||
Construction | $ | 75,364 | (8.9 | )% | $ | 3 | $ | 618 | $ | 903 | ||||||||||||||||||||||||||||||
Secured by real estate | 1,182,804 | 0.0 | (18 | ) | 12,761 | 14,800 | ||||||||||||||||||||||||||||||||||
Equipment lease financing | 1,354 | (22.2 | ) | 0 | 0 | 10 | ||||||||||||||||||||||||||||||||||
Hotel/motel | $ | 248,717 | 10.5 | % | $ | 0 | $ | 133 | $ | 5,922 | ||||||||||||||||||||||||||||||
Commercial real estate residential | 262,065 | (2.8 | ) | (43 | ) | 6,154 | 4,012 | |||||||||||||||||||||||||||||||||
Commercial real estate nonresidential | 771,687 | (1.1 | ) | (55 | ) | 10,532 | 11,563 | |||||||||||||||||||||||||||||||||
Dealer floorplans | 80,828 | (3.6 | ) | 0 | 56 | 1,713 | ||||||||||||||||||||||||||||||||||
Commercial other | 388,060 | 2.9 | (158 | ) | 1,663 | 5,217 | 313,646 | 2.4 | (190 | ) | 6,795 | 6,409 | ||||||||||||||||||||||||||||
Total commercial | 1,647,582 | 0.2 | (173 | ) | 15,042 | 20,930 | 1,676,943 | 0.7 | (288 | ) | 23,670 | 29,619 | ||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||
Real estate construction | 54,013 | (5.5 | ) | 0 | 295 | 396 | ||||||||||||||||||||||||||||||||||
Real estate mortgage | 720,292 | (0.3 | ) | (102 | ) | 8,894 | 4,053 | 798,891 | 0.3 | (53 | ) | 10,016 | 7,543 | |||||||||||||||||||||||||||
Home equity | 108,018 | 1.6 | (24 | ) | 743 | 901 | 111,837 | (0.1 | ) | 1 | 1,188 | 890 | ||||||||||||||||||||||||||||
Total residential | 882,323 | (0.4 | ) | (126 | ) | 9,932 | 5,350 | 910,728 | 0.3 | (52 | ) | 11,204 | 8,433 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||
Consumer direct | 141,855 | (1.7 | ) | (129 | ) | 30 | 1,635 | 145,403 | (1.8 | ) | (247 | ) | 38 | 2,163 | ||||||||||||||||||||||||||
Consumer indirect | 517,972 | (3.0 | ) | (666 | ) | 390 | 7,089 | 554,467 | 5.1 | (812 | ) | 465 | 9,230 | |||||||||||||||||||||||||||
Total consumer | 659,827 | (2.7 | ) | (795 | ) | 420 | 8,724 | 699,870 | 3.6 | (1,059 | ) | 503 | 11,393 | |||||||||||||||||||||||||||
Total loans | $ | 3,189,732 | (0.6 | )% | $ | (1,094 | ) | $ | 25,394 | $ | 35,004 | $ | 3,287,541 | 1.2 | % | $ | (1,399 | ) | $ | 35,377 | $ | 49,445 |
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||
Appraisal Aging Analysis | Appraisal Aging Analysis | Holding Period Analysis | Appraisal Aging Analysis | Holding Period Analysis | ||||||||||||||||||||||
Days Since Last Appraisal | Number of Properties | Current Book Value | Holding Period | Current Book Value | Number of Properties | Current Book Value | Holding Period | Current Book Value | ||||||||||||||||||
Up to 3 months | 17 | $ | 2,902 | Less than one year | $ | 3,059 | 25 | $ | 2,195 | Less than one year | $ | 3,744 | ||||||||||||||
3 to 6 months | 11 | 844 | 1 year | 2,189 | 17 | 8,078 | 1 year | 1,322 | ||||||||||||||||||
6 to 9 months | 36 | 2,675 | 2 years | 773 | 29 | 4,921 | 2 years | 1,198 | ||||||||||||||||||
9 to 12 months | 22 | 4,875 | 3 years | 5,287 | 11 | 1,501 | 3 years | 241 | ||||||||||||||||||
12 to 18 months | 21 | 1,686 | 4 years | 2,310 | 15 | 1,977 | 4 years | 3,089 | ||||||||||||||||||
18 to 24 months | 7 | 11,970 | 5 years | 527 | 6 | 291 | 5 years | 1,149 | ||||||||||||||||||
Over 24 months | 1 | 18 | 6 years* | 1,041 | 2 | 853 | 6 years* | 240 | ||||||||||||||||||
Total | 115 | $ | 24,970 | 7 years* | 8,415 | 105 | $ | 19,816 | 7 years* | 901 | ||||||||||||||||
8 years* | 113 | 8 years* | 7,819 | |||||||||||||||||||||||
9 years* | 1,256 | 9 years* | 113 | |||||||||||||||||||||||
Total | $ | 24,970 | Total | $ | 19,816 |
Pay Date | Record Date | Amount Per Share | |||
April 1, 2019 | March 15, 2019 | $ | 0.36 | ||
January 1, 2019 | December 15, 2018 | $ | 0.36 | ||
October 1, 2018 | September 15, 2018 | $ | 0.36 | ||
July 1, 2018 | June 15, 2018 | $ | 0.33 | ||
April 1, 2018 | March 15, 2018 | $ | 0.33 | ||
January 1, 2018 | December 15, 2017 | $ | 0.33 |
Pay Date | Record Date | Amount Per Share | |||
April 1, 2020 | March 15, 2020 | $ | 0.38 | ||
January 1, 2020 | December 15, 2019 | $ | 0.38 | ||
October 1, 2019 | September 15, 2019 | $ | 0.38 | ||
July 1, 2019 | June 15, 2019 | $ | 0.36 | ||
April 1, 2019 | March 15, 2019 | $ | 0.36 | ||
January 1, 2019 | December 15, 2018 | $ | 0.36 |
Item 1. | Legal Proceedings | None |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
(a) | None |
(b) | None |
(c) | Purchases of equity securities by the issuer. |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plan or programs (1) | Maximum number of shares that may be purchased under the plans or programs (1) | ||||||||||||
January 2020 | 0 | $ | -- | 67,370 | ||||||||||||
February 2020 | 0 | -- | 67,370 | |||||||||||||
March 2020 | 32,664 | -- | 32,664 | 1,034,706 | ||||||||||||
Total | 32,664 | $ | 33.64 | 32,664 | 1,034,706 |
Item 3. | Defaults Upon Senior Securities | None |
Item 4. | Mine Safety Disclosure | Not applicable |
Item 5. | Other Information: | |
Item 6. | Exhibits: | |
(1) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
(2) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
(3) XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL | Exhibit 101.INS | |
(4) XBRL Taxonomy Extension Schema Document | Exhibit 101.SCH | |
(5) XBRL Taxonomy Extension Calculation Linkbase | Exhibit 101.CAL | |
(6) XBRL Taxonomy Extension Definition Linkbase | Exhibit 101.DEF | |
(7) XBRL Taxonomy Extension Label Linkbase | Exhibit 101.LAB | |
(8) XBRL Taxonomy Extension Presentation Linkbase | Exhibit 101.PRE | |
(9) Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | Exhibit 104 |
COMMUNITY TRUST BANCORP, INC. | |||
Date: May 8, 2020 | By: | ||
/s/ Jean R. Hale | |||
Jean R. Hale | |||
Chairman, President, and Chief Executive Officer | |||
/s/ Kevin J. Stumbo | |||
Kevin J. Stumbo | |||
Executive Vice President, Chief Financial Officer, | |||
and Treasurer |