Indiana | 35-1559596 | |||||||||||
(State or Other Jurisdiction | (IRS Employer | |||||||||||
of Incorporation or Organization) | Identification No.) | |||||||||||
202 East Center Street, | ||||||||||||
Warsaw | , | Indiana | 46580 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, No par value | LKFN | The NASDAQ Stock Market LLC | ||||||||||||
(Nasdaq Global Select Market) |
Page | |||||||||
September 30, | December 31, | ||
2017 | 2016 | ||
(Unaudited) | |||
ASSETS | |||
Cash and due from banks | $ 109,647 | $ 142,408 | |
Short-term investments | 20,186 | 24,872 | |
Total cash and cash equivalents | 129,833 | 167,280 | |
Securities available for sale (carried at fair value) | 536,547 | 504,191 | |
Real estate mortgage loans held for sale | 4,456 | 5,915 | |
Loans, net of allowance for loan losses of $45,497 and $43,718 | 3,589,755 | 3,427,209 | |
Land, premises and equipment, net | 56,389 | 52,092 | |
Bank owned life insurance | 75,350 | 74,006 | |
Federal Reserve and Federal Home Loan Bank stock | 13,772 | 11,522 | |
Accrued interest receivable | 13,123 | 11,687 | |
Goodwill | 4,970 | 4,970 | |
Other assets | 30,041 | 31,153 | |
Total assets | $ 4,454,236 | $ 4,290,025 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
LIABILITIES | |||
Noninterest bearing deposits | $ 821,589 | $ 819,803 | |
Interest bearing deposits | 3,052,401 | 2,758,109 | |
Total deposits | 3,873,990 | 3,577,912 | |
Short-term borrowings | |||
Securities sold under agreements to repurchase | 63,888 | 50,045 | |
Other short-term borrowings | 0 | 180,000 | |
Total short-term borrowings | 63,888 | 230,045 | |
Long-term borrowings | 30 | 32 | |
Subordinated debentures | 30,928 | 30,928 | |
Accrued interest payable | 5,439 | 5,676 | |
Other liabilities | 17,445 | 18,365 | |
Total liabilities | 3,991,720 | 3,862,958 | |
STOCKHOLDERS' EQUITY | |||
Common stock: 90,000,000 shares authorized, no par value | |||
25,194,903 shares issued and 25,026,689 outstanding as of September 30, 2017 | |||
25,096,087 shares issued and 24,937,865 outstanding as of December 31, 2016 | 107,636 | 104,405 | |
Retained earnings | 357,710 | 327,873 | |
Accumulated other comprehensive income/(loss) | 452 | (2,387) | |
Treasury stock, at cost (2017 - 168,214 shares, 2016 - 158,222 shares) | (3,371) | (2,913) | |
Total stockholders' equity | 462,427 | 426,978 | |
Noncontrolling interest | 89 | 89 | |
Total equity | 462,516 | 427,067 | |
Total liabilities and equity | $ 4,454,236 | $ 4,290,025 | |
June 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 75,081 | $ | 80,992 | |||||||
Short-term investments | 98,056 | 49,290 | |||||||||
Total cash and cash equivalents | 173,137 | 130,282 | |||||||||
Securities available-for-sale, at fair value | 1,062,069 | 1,185,528 | |||||||||
Securities held-to-maturity, at amortized cost (fair value of $114,264 and $111,029, respectively) | 129,070 | 128,242 | |||||||||
Real estate mortgage loans held-for-sale | 1,298 | 357 | |||||||||
Loans, net of allowance for credit losses of $72,058 and $72,606 | 4,790,202 | 4,637,790 | |||||||||
Land, premises and equipment, net | 58,839 | 58,097 | |||||||||
Bank owned life insurance | 107,738 | 108,407 | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 21,420 | 15,795 | |||||||||
Accrued interest receivable | 27,398 | 27,994 | |||||||||
Goodwill | 4,970 | 4,970 | |||||||||
Other assets | 133,405 | 134,909 | |||||||||
Total assets | $ | 6,509,546 | $ | 6,432,371 | |||||||
LIABILITIES | |||||||||||
Noninterest bearing deposits | $ | 1,438,030 | $ | 1,736,761 | |||||||
Interest bearing deposits | 3,985,029 | 3,723,859 | |||||||||
Total deposits | 5,423,059 | 5,460,620 | |||||||||
Federal Funds purchased | 0 | 22,000 | |||||||||
Federal Home Loan Bank advances | 400,000 | 275,000 | |||||||||
Total borrowings | 400,000 | 297,000 | |||||||||
Accrued interest payable | 9,833 | 3,186 | |||||||||
Other liabilities | 84,659 | 102,678 | |||||||||
Total liabilities | 5,917,551 | 5,863,484 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Common stock: 90,000,000 shares authorized, no par value | |||||||||||
25,896,764 shares issued and 25,429,216 outstanding as of June 30, 2023 | |||||||||||
25,825,127 shares issued and 25,349,225 outstanding as of December 31, 2022 | 123,367 | 127,004 | |||||||||
Retained earnings | 661,447 | 646,100 | |||||||||
Accumulated other comprehensive income (loss) | (177,645) | (188,923) | |||||||||
Treasury stock at cost (467,548 shares as of June 30, 2023, 475,902 shares as of December 31, 2022) | (15,263) | (15,383) | |||||||||
Total stockholders’ equity | 591,906 | 568,798 | |||||||||
Noncontrolling interest | 89 | 89 | |||||||||
Total equity | 591,995 | 568,887 | |||||||||
Total liabilities and equity | $ | 6,509,546 | $ | 6,432,371 |
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2017 | 2016 | 2017 | 2016 | ||||
NET INTEREST INCOME | |||||||
Interest and fees on loans | |||||||
Taxable | $ 38,630 | $ 31,538 | $ 110,044 | $ 92,086 | |||
Tax exempt | 205 | 110 | 517 | 332 | |||
Interest and dividends on securities | |||||||
Taxable | 2,349 | 2,277 | 7,033 | 7,120 | |||
Tax exempt | 1,309 | 969 | 3,745 | 2,811 | |||
Interest on short-term investments | 96 | 185 | 198 | 295 | |||
Total interest income | 42,589 | 35,079 | 121,537 | 102,644 | |||
Interest on deposits | 7,037 | 5,032 | 18,722 | 13,921 | |||
Interest on borrowings | |||||||
Short-term | 588 | 37 | 1,329 | 283 | |||
Long-term | 344 | 291 | 986 | 866 | |||
Total interest expense | 7,969 | 5,360 | 21,037 | 15,070 | |||
NET INTEREST INCOME | 34,620 | 29,719 | 100,500 | 87,574 | |||
Provision for loan losses | 450 | 0 | 1,150 | 0 | |||
NET INTEREST INCOME AFTER PROVISION FOR | |||||||
LOAN LOSSES | 34,170 | 29,719 | 99,350 | 87,574 | |||
NONINTEREST INCOME | |||||||
Wealth advisory fees | 1,471 | 1,307 | 4,005 | 3,600 | |||
Investment brokerage fees | 330 | 252 | 950 | 752 | |||
Service charges on deposit accounts | 3,631 | 3,153 | 10,027 | 8,776 | |||
Loan and service fees | 2,060 | 2,105 | 5,850 | 5,835 | |||
Merchant card fee income | 588 | 552 | 1,696 | 1,576 | |||
Bank owned life insurance income | 397 | 392 | 1,270 | 1,054 | |||
Other income | 718 | 763 | 1,886 | 1,278 | |||
Mortgage banking income | 302 | 494 | 811 | 1,205 | |||
Net securities gains | 0 | 0 | 52 | 52 | |||
Total noninterest income | 9,497 | 9,018 | 26,547 | 24,128 | |||
NONINTEREST EXPENSE | |||||||
Salaries and employee benefits | 11,728 | 10,832 | 34,214 | 31,029 | |||
Net occupancy expense | 1,131 | 1,068 | 3,405 | 3,205 | |||
Equipment costs | 1,182 | 1,018 | 3,413 | 2,828 | |||
Data processing fees and supplies | 2,032 | 1,983 | 6,022 | 6,135 | |||
Corporate and business development | 1,245 | 1,021 | 3,943 | 2,641 | |||
FDIC insurance and other regulatory fees | 443 | 458 | 1,296 | 1,538 | |||
Professional fees | 962 | 819 | 2,717 | 2,505 | |||
Other expense | 1,546 | 1,560 | 4,659 | 4,708 | |||
Total noninterest expense | 20,269 | 18,759 | 59,669 | 54,589 | |||
INCOME BEFORE INCOME TAX EXPENSE | 23,398 | 19,978 | 66,228 | 57,113 | |||
Income tax expense | 7,573 | 6,498 | 20,525 | 18,551 | |||
NET INCOME | $ 15,825 | $ 13,480 | $ 45,703 | $ 38,562 | |||
BASIC WEIGHTED AVERAGE COMMON SHARES | 25,193,894 | 25,069,434 | 25,176,593 | 25,044,596 | |||
BASIC EARNINGS PER COMMON SHARE | $ 0.63 | $ 0.54 | $ 1.82 | $ 1.54 | |||
DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,656,403 | 25,457,892 | 25,640,742 | 25,418,884 | |||
DILUTED EARNINGS PER COMMON SHARE | $ 0.62 | $ 0.53 | $ 1.78 | $ 1.52 | |||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
NET INTEREST INCOME | |||||||||||||||||||||||
Interest and fees on loans | |||||||||||||||||||||||
Taxable | $ | 75,047 | $ | 44,138 | $ | 144,589 | $ | 83,873 | |||||||||||||||
Tax exempt | 960 | 280 | 1,861 | 449 | |||||||||||||||||||
Interest and dividends on securities | |||||||||||||||||||||||
Taxable | 3,376 | 3,727 | 6,889 | 7,005 | |||||||||||||||||||
Tax exempt | 4,064 | 4,994 | 8,364 | 9,600 | |||||||||||||||||||
Other interest income | 1,035 | 483 | 1,999 | 729 | |||||||||||||||||||
Total interest income | 84,482 | 53,622 | 163,702 | 101,656 | |||||||||||||||||||
Interest on deposits | 33,611 | 4,890 | 58,529 | 7,971 | |||||||||||||||||||
Interest on borrowings | |||||||||||||||||||||||
Short-term | 2,347 | 0 | 5,130 | 0 | |||||||||||||||||||
Long-term | 0 | 54 | 0 | 127 | |||||||||||||||||||
Total interest expense | 35,958 | 4,944 | 63,659 | 8,098 | |||||||||||||||||||
NET INTEREST INCOME | 48,524 | 48,678 | 100,043 | 93,558 | |||||||||||||||||||
Provision for credit losses | 800 | 0 | 5,150 | 417 | |||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 47,724 | 48,678 | 94,893 | 93,141 | |||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||
Wealth advisory fees | 2,271 | 2,204 | 4,471 | 4,491 | |||||||||||||||||||
Investment brokerage fees | 428 | 541 | 962 | 1,060 | |||||||||||||||||||
Service charges on deposit accounts | 2,726 | 2,882 | 5,356 | 5,691 | |||||||||||||||||||
Loan and service fees | 3,002 | 3,195 | 5,848 | 6,084 | |||||||||||||||||||
Merchant card fee income | 929 | 904 | 1,806 | 1,719 | |||||||||||||||||||
Bank owned life insurance income (loss) | 693 | (183) | 1,384 | (266) | |||||||||||||||||||
Interest rate swap fee income | 794 | 354 | 794 | 404 | |||||||||||||||||||
Mortgage banking income (loss) | (35) | 351 | (134) | 860 | |||||||||||||||||||
Net securities gains | 3 | 0 | 19 | 0 | |||||||||||||||||||
Other income | 690 | 244 | 1,309 | 1,136 | |||||||||||||||||||
Total noninterest income | 11,501 | 10,492 | 21,815 | 21,179 | |||||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||
Salaries and employee benefits | 11,374 | 14,798 | 27,437 | 29,190 | |||||||||||||||||||
Net occupancy expense | 1,681 | 1,688 | 3,253 | 3,317 | |||||||||||||||||||
Equipment costs | 1,426 | 1,459 | 2,864 | 2,870 | |||||||||||||||||||
Data processing fees and supplies | 3,474 | 3,203 | 6,926 | 6,284 | |||||||||||||||||||
Corporate and business development | 1,298 | 1,433 | 2,729 | 2,652 | |||||||||||||||||||
FDIC insurance and other regulatory fees | 803 | 619 | 1,598 | 1,058 | |||||||||||||||||||
Professional fees | 2,049 | 1,414 | 4,170 | 2,973 | |||||||||||||||||||
Wire fraud loss | 18,058 | 0 | 18,058 | 0 | |||||||||||||||||||
Other expense | 2,571 | 3,299 | 5,133 | 6,538 | |||||||||||||||||||
Total noninterest expense | 42,734 | 27,913 | 72,168 | 54,882 | |||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 16,491 | 31,257 | 44,540 | 59,438 | |||||||||||||||||||
Income tax expense | 1,880 | 5,584 | 5,651 | 10,123 | |||||||||||||||||||
NET INCOME | $ | 14,611 | $ | 25,673 | $ | 38,889 | $ | 49,315 | |||||||||||||||
BASIC WEIGHTED AVERAGE COMMON SHARES | 25,607,663 | 25,527,896 | 25,595,412 | 25,521,618 | |||||||||||||||||||
BASIC EARNINGS PER COMMON SHARE | $ | 0.57 | $ | 1.00 | $ | 1.52 | $ | 1.93 | |||||||||||||||
DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,686,354 | 25,697,577 | 25,696,370 | 25,699,908 | |||||||||||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ | 0.57 | $ | 1.00 | $ | 1.51 | $ | 1.92 |
Three months ended September 30, | Nine months ended September 30, | ||||||||
2017 | 2016 | 2017 | 2016 | ||||||
Net income | $ 15,825 | $ 13,480 | $ 45,703 | $ 38,562 | |||||
Other comprehensive income (loss) | |||||||||
Change in securities available for sale: | |||||||||
Unrealized holding gain (loss) on securities available for sale | |||||||||
arising during the period | 56 | (3,333) | 4,127 | 8,369 | |||||
Reclassification adjustment for (gains) losses included in net income | 0 | 0 | (52) | (52) | |||||
Net securities gain (loss) activity during the period | 56 | (3,333) | 4,075 | 8,317 | |||||
Tax effect | (13) | 1,128 | (1,357) | (2,564) | |||||
Net of tax amount | 43 | (2,205) | 2,718 | 5,753 | |||||
Defined benefit pension plans: | |||||||||
Amortization of net actuarial loss | 66 | 53 | 199 | 161 | |||||
Net gain activity during the period | 66 | 53 | 199 | 161 | |||||
Tax effect | (26) | (21) | (78) | (64) | |||||
Net of tax amount | 40 | 32 | 121 | 97 | |||||
Total other comprehensive income (loss), net of tax | 83 | (2,173) | 2,839 | 5,850 | |||||
Comprehensive income | $ 15,908 | $ 11,307 | $ 48,542 | $ 44,412 | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 14,611 | $ | 25,673 | $ | 38,889 | $ | 49,315 | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Change in available-for-sale and transferred securities: | |||||||||||||||||||||||
Unrealized holding gain (loss) on securities available-for-sale arising during the period | (13,511) | (82,609) | 13,282 | (221,605) | |||||||||||||||||||
Reclassification adjust for amortization of unrealized losses on securities transferred to held-to-maturity | 494 | 386 | 985 | 386 | |||||||||||||||||||
Reclassification adjustment for gains included in net income | (3) | 0 | (19) | 0 | |||||||||||||||||||
Net securities gain (loss) activity during the period | (13,020) | (82,223) | 14,248 | (221,219) | |||||||||||||||||||
Tax effect | 2,734 | 17,349 | (2,992) | 46,538 | |||||||||||||||||||
Net of tax amount | (10,286) | (64,874) | 11,256 | (174,681) | |||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of net actuarial loss | 15 | 36 | 30 | 72 | |||||||||||||||||||
Net gain activity during the period | 15 | 36 | 30 | 72 | |||||||||||||||||||
Tax effect | (4) | (9) | (8) | (18) | |||||||||||||||||||
Net of tax amount | 11 | 27 | 22 | 54 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | (10,275) | (64,847) | 11,278 | (174,627) | |||||||||||||||||||
Comprehensive income (loss) | $ | 4,336 | $ | (39,174) | $ | 50,167 | $ | (125,312) |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Stock | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2022 | 25,346,149 | $ | 121,138 | $ | 596,578 | $ | (93,687) | $ | (15,016) | $ | 609,013 | $ | 89 | $ | 609,102 | ||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 25,673 | 25,673 | 25,673 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (64,847) | (64,847) | (64,847) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid, $0.40 per share | (10,225) | (10,225) | (10,225) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury shares purchased under deferred directors' plan | (987) | 73 | (73) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares sold and distributed under deferred directors' plan | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock activity under equity compensation plans | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | 2,360 | 2,360 | 2,360 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 25,345,162 | $ | 123,571 | $ | 612,026 | $ | (158,534) | $ | (15,089) | $ | 561,974 | $ | 89 | $ | 562,063 | ||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | 25,430,917 | $ | 125,840 | $ | 658,629 | $ | (167,370) | $ | (15,182) | $ | 601,917 | $ | 89 | $ | 602,006 | ||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 14,611 | 14,611 | 14,611 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (10,275) | (10,275) | (10,275) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid, $0.46 per share | (11,793) | (11,793) | (11,793) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury shares purchased under deferred directors' plan | (1,701) | 81 | (81) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares sold and distributed under deferred directors' plan | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock activity under equity compensation plans | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | (2,554) | (2,554) | (2,554) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 25,429,216 | $ | 123,367 | $ | 661,447 | $ | (177,645) | $ | (15,263) | $ | 591,906 | $ | 89 | $ | 591,995 | ||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Stock | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | 25,300,793 | $ | 120,615 | $ | 583,134 | $ | 16,093 | $ | (15,025) | $ | 704,817 | $ | 89 | $ | 704,906 | ||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 49,315 | 49,315 | 49,315 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (174,627) | (174,627) | (174,627) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid, $0.80 per share | (20,423) | (20,423) | (20,423) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury shares purchased under deferred directors' plan | (3,574) | 285 | (285) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares sold and distributed under deferred directors' plan | 8,555 | (221) | 221 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Stock activity under equity compensation plans | 39,388 | (1,728) | (1,728) | (1,728) | |||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | 4,620 | 4,620 | 4,620 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 25,345,162 | $ | 123,571 | $ | 612,026 | $ | (158,534) | $ | (15,089) | $ | 561,974 | $ | 89 | $ | 562,063 | ||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 25,349,225 | $ | 127,004 | $ | 646,100 | $ | (188,923) | $ | (15,383) | $ | 568,798 | $ | 89 | $ | 568,887 | ||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 38,889 | 38,889 | 38,889 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 11,278 | 11,278 | 11,278 | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid, $0.92 per share | (23,542) | (23,542) | (23,542) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury shares purchased under deferred directors' plan | (4,501) | 285 | (285) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares sold and distributed under deferred directors' plan | 12,855 | (405) | 405 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Stock activity under equity compensation plans | 71,637 | (3,124) | (3,124) | (3,124) | |||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | (393) | (393) | (393) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 25,429,216 | $ | 123,367 | $ | 661,447 | $ | (177,645) | $ | (15,263) | $ | 591,906 | $ | 89 | $ | 591,995 | ||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||
Other | Total | |||||||||||
Common Stock | Retained | Comprehensive | Treasury | Stockholders' | ||||||||
Shares | Stock | Earnings | Income (Loss) | Stock | Equity | |||||||
Balance at January 1, 2016 | 24,819,066 | $ 99,123 | $ 294,002 | $ 2,142 | $ (2,455) | $ 392,812 | ||||||
Comprehensive income: | ||||||||||||
Net income | 38,562 | 38,562 | ||||||||||
Other comprehensive income, net of tax | 5,850 | 5,850 | ||||||||||
Cash dividends declared, $0.54 per share | (13,446) | (13,446) | ||||||||||
Treasury shares purchased under deferred | ||||||||||||
directors' plan | (13,982) | 428 | (428) | 0 | ||||||||
Stock activity under equity compensation plans | 118,646 | 319 | 319 | |||||||||
Stock based compensation expense | 3,194 | 3,194 | ||||||||||
Fractional shares retired due to 3-for-2 stock split | (36) | |||||||||||
Balance at September 30, 2016 | 24,923,694 | $ 103,064 | $ 319,118 | $ 7,992 | $ (2,883) | $ 427,291 | ||||||
Balance at January 1, 2017 | 24,937,865 | $ 104,405 | $ 327,873 | $ (2,387) | $ (2,913) | $ 426,978 | ||||||
Comprehensive income: | ||||||||||||
Net income | 45,703 | 45,703 | ||||||||||
Other comprehensive income, net of tax | 2,839 | 2,839 | ||||||||||
Cash dividends declared, $0.63 per share | (15,866) | (15,866) | ||||||||||
Treasury shares purchased under deferred | ||||||||||||
directors' plan | (9,992) | 458 | (458) | 0 | ||||||||
Stock activity under equity compensation plans | 98,816 | (1,736) | (1,736) | |||||||||
Stock based compensation expense | 4,509 | 4,509 | ||||||||||
Balance at September 30, 2017 | 25,026,689 | $ 107,636 | $ 357,710 | $ 452 | $ (3,371) | $ 462,427 | ||||||
Six Months Ended June 30, | 2023 | 2022 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 38,889 | $ | 49,315 | ||||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Depreciation | 3,069 | 3,020 | ||||||||||||
Provision for credit losses | 5,150 | 417 | ||||||||||||
Amortization of loan servicing rights | 286 | 385 | ||||||||||||
Net change in loan servicing rights valuation allowance | 0 | (701) | ||||||||||||
Loans originated for sale, including participations | (4,266) | (23,082) | ||||||||||||
Net gain on sales of loans | (127) | (777) | ||||||||||||
Proceeds from sale of loans, including participations | 3,421 | 28,430 | ||||||||||||
Net (gain) loss on sales of premises and equipment | (1) | 1 | ||||||||||||
Net gain on sales and calls of securities available-for-sale | (19) | 0 | ||||||||||||
Net securities amortization | 2,369 | 3,245 | ||||||||||||
Stock based compensation expense | (393) | 4,620 | ||||||||||||
Losses (earnings) on life insurance | (1,384) | 266 | ||||||||||||
Tax benefit of stock award issuances | (720) | (500) | ||||||||||||
Net change: | ||||||||||||||
Interest receivable and other assets | (1,411) | 165 | ||||||||||||
Interest payable and other liabilities | (7,958) | 26,355 | ||||||||||||
Total adjustments | (1,984) | 41,844 | ||||||||||||
Net cash from operating activities | 36,905 | 91,159 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Proceeds from sale of securities available-for-sale | 99,951 | 0 | ||||||||||||
Proceeds from maturities, calls and principal paydowns of securities available-for-sale | 38,886 | 59,617 | ||||||||||||
Proceeds from maturities, calls and principal paydowns of securities held-to-maturity | 6 | 5 | ||||||||||||
Purchases of securities available-for-sale | (4,314) | (313,905) | ||||||||||||
Purchase of life insurance | (191) | (657) | ||||||||||||
Net (increase) decrease in total loans | (157,846) | (137,525) | ||||||||||||
Proceeds from sales of land, premises and equipment | 13 | 1 | ||||||||||||
Purchases of land, premises and equipment | (3,823) | (2,314) | ||||||||||||
Purchase of Federal Home Loan Bank stock | (5,625) | 0 | ||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | 0 | 932 | ||||||||||||
Net cash from investing activities | (32,943) | (393,846) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase (decrease) in total deposits | (37,561) | (113,823) | ||||||||||||
Net increase (decrease) in short-term borrowings | (22,000) | 0 | ||||||||||||
Payments on long-term FHLB borrowings | 0 | (75,000) | ||||||||||||
Proceeds from short-term FHLB borrowings | 125,000 | 0 | ||||||||||||
Common dividends paid | (23,529) | (20,410) | ||||||||||||
Preferred dividends paid | (13) | (13) | ||||||||||||
Payments related to equity incentive plans | (3,124) | (1,728) | ||||||||||||
Purchase of treasury stock | (285) | (285) | ||||||||||||
Sale of treasury stock | 405 | 221 | ||||||||||||
Net cash from financing activities | 38,893 | (211,038) | ||||||||||||
Net change in cash and cash equivalents | 42,855 | (513,725) | ||||||||||||
Cash and cash equivalents at beginning of the period | 130,282 | 683,240 | ||||||||||||
Cash and cash equivalents at end of the period | 173,137 | 169,515 | ||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | 57,011 | $ | 8,768 | ||||||||||
Income taxes | 7,125 | 7,065 | ||||||||||||
Supplemental non-cash disclosures: | ||||||||||||||
Loans transferred to other real estate owned | 284 | 0 | ||||||||||||
Right-of-use assets obtained in exchange for lease liabilities | 0 | 1,612 |
Nine Months Ended September 30 | 2017 | 2016 | |
Cash flows from operating activities: | |||
Net income | $ 45,703 | $ 38,562 | |
Adjustments to reconcile net income to net cash from operating | |||
activities: | |||
Depreciation | 3,712 | 3,126 | |
Provision for loan losses | 1,150 | 0 | |
Net loss on sale and write down of other real estate owned | 21 | 7 | |
Amortization of loan servicing rights | 454 | 455 | |
Loans originated for sale | (56,547) | (51,337) | |
Net gain on sales of loans | (1,318) | (1,473) | |
Proceeds from sale of loans | 58,676 | 50,137 | |
Net loss on sales of premises and equipment | 77 | 31 | |
Net gain on sales and calls of securities available for sale | (52) | (52) | |
Net securities amortization | 2,261 | 2,167 | |
Stock based compensation expense | 4,509 | 3,194 | |
Earnings on life insurance | (1,270) | (1,054) | |
Tax benefit of stock option exercises | (964) | (615) | |
Net change: | |||
Interest receivable and other assets | (2,770) | (1,734) | |
Interest payable and other liabilities | (505) | 8,053 | |
Total adjustments | 7,434 | 10,905 | |
Net cash from operating activities | 53,137 | 49,467 | |
Cash flows from investing activities: | |||
Proceeds from sale of securities available for sale | 35,845 | 6,929 | |
Proceeds from maturities, calls and principal paydowns of | |||
securities available for sale | 48,237 | 52,215 | |
Purchases of securities available for sale | (114,239) | (77,094) | |
Purchase of life insurance | (540) | (379) | |
Net increase in total loans | (163,784) | (200,053) | |
Proceeds from sales of land, premises and equipment | 10 | 9 | |
Purchases of land, premises and equipment | (8,096) | (8,649) | |
Purchases of Federal Home Loan Bank Stock | 0 | (705) | |
Proceeds from sales of other real estate | 124 | 111 | |
Distribution from life insurance | 0 | 313 | |
Net cash from investing activities | (202,443) | (227,303) | |
Cash flows from financing activities: | |||
Net increase in total deposits | 296,078 | 468,521 | |
Net decrease in short-term borrowings | (166,157) | (79,424) | |
Payments on long-term borrowings | (2) | (2) | |
Common dividends paid | (15,853) | (13,433) | |
Preferred dividends paid | (13) | (13) | |
Payments related to equity incentive plans | (1,736) | 319 | |
Purchase of treasury stock | (458) | (428) | |
Net cash from financing activities | 111,859 | 375,540 | |
Net change in cash and cash equivalents | (37,447) | 197,704 | |
Cash and cash equivalents at beginning of the period | 167,280 | 80,674 | |
Cash and cash equivalents at end of the period | $ 129,833 | $ 278,378 | |
Cash paid during the period for: | |||
Interest | $ 21,274 | $ 13,701 | |
Income taxes | 19,818 | 15,113 | |
Supplemental non-cash disclosures: | |||
Loans transferred to other real estate owned | 88 | 64 | |
Securities purchases payable | 1,793 | 2,355 | |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,251 | $ | 0 | $ | (19) | $ | 0 | $ | 3,232 | ||||||||||||||||||||||
U.S. government sponsored agencies | 151,029 | 0 | (28,943) | 0 | 122,086 | |||||||||||||||||||||||||||
Mortgage-backed securities: residential | 545,616 | 34 | (83,617) | 0 | 462,033 | |||||||||||||||||||||||||||
State and municipal securities | 564,165 | 10 | (89,457) | 0 | 474,718 | |||||||||||||||||||||||||||
Total | $ | 1,264,061 | $ | 44 | $ | (202,036) | $ | 0 | $ | 1,062,069 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,057 | $ | 0 | $ | (23) | $ | 0 | $ | 3,034 | ||||||||||||||||||||||
U.S. government sponsored agencies | 156,184 | 0 | (29,223) | 0 | 126,961 | |||||||||||||||||||||||||||
Mortgage-backed securities: residential | 578,175 | 67 | (85,934) | 0 | 492,308 | |||||||||||||||||||||||||||
State and municipal securities | 663,367 | 157 | (100,299) | 0 | 563,225 | |||||||||||||||||||||||||||
Total | $ | 1,400,783 | $ | 224 | $ | (215,479) | $ | 0 | $ | 1,185,528 |
Gross | Gross | ||||||
Amortized | Unrealized | Unrealized | Fair | ||||
(dollars in thousands) | Cost | Gain | Losses | Value | |||
September 30, 2017 | |||||||
U.S. Treasury securities | $ 991 | $ 17 | $ 0 | $ 1,008 | |||
U.S. government sponsored agencies | 5,473 | 9 | (49) | 5,433 | |||
Agency residential mortgage-backed securities | 355,344 | 3,458 | (1,793) | 357,009 | |||
State and municipal securities | 171,800 | 2,908 | (1,611) | 173,097 | |||
Total | $ 533,608 | $ 6,392 | $ (3,453) | $ 536,547 | |||
December 31, 2016 | |||||||
U.S. Treasury securities | $ 990 | $ 13 | $ 0 | $ 1,003 | |||
U.S. government sponsored agencies | 6,312 | 10 | (81) | 6,241 | |||
Agency residential mortgage-backed securities | 351,108 | 3,604 | (3,144) | 351,568 | |||
State and municipal securities | 146,917 | 1,784 | (3,322) | 145,379 | |||
Total | $ 505,327 | $ 5,411 | $ (6,547) | $ 504,191 | |||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||
State and municipal securities | $ | 129,070 | $ | 0 | $ | (14,806) | $ | 0 | $ | 114,264 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
State and municipal securities | $ | 128,242 | $ | 0 | $ | (17,213) | $ | 0 | $ | 111,029 | ||||||||||||||||||||||
Amortized | Fair | Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||
(dollars in thousands) | Cost | Value | (dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due in one year or less | $ 2,331 | $ 2,347 | Due in one year or less | $ | 4,331 | $ | 4,312 | $ | 0 | $ | 0 | ||||||||||||||||||
Due after one year through five years | 25,349 | 25,958 | Due after one year through five years | 8,799 | 8,052 | 0 | 0 | ||||||||||||||||||||||
Due after five years through ten years | 41,651 | 42,619 | Due after five years through ten years | 30,996 | 29,763 | 0 | 0 | ||||||||||||||||||||||
Due after ten years | 108,933 | 108,614 | Due after ten years | 674,319 | 557,909 | 129,070 | 114,264 | ||||||||||||||||||||||
178,264 | 179,538 | 718,445 | 600,036 | 129,070 | 114,264 | ||||||||||||||||||||||||
Mortgage-backed securities | 355,344 | 357,009 | Mortgage-backed securities | 545,616 | 462,033 | 0 | 0 | ||||||||||||||||||||||
Total debt securities | $ 533,608 | $ 536,547 | Total debt securities | $ | 1,264,061 | $ | 1,062,069 | $ | 129,070 | $ | 114,264 | ||||||||||||||||||
Nine months ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Sales of securities available for sale | |||||||||||||||||||||||||||||
Sales of securities available-for-sale | Sales of securities available-for-sale | ||||||||||||||||||||||||||||
Proceeds | $ 35,845 | $ 6,929 | Proceeds | $ | 12,480 | $ | 0 | $ | 99,951 | $ | 0 | ||||||||||||||||||
Gross gains | 256 | 65 | Gross gains | 28 | 0 | 439 | 0 | ||||||||||||||||||||||
Gross losses | (204) | (13) | Gross losses | (25) | 0 | (420) | 0 | ||||||||||||||||||||||
Number of securities | Number of securities | 22 | 0 | 103 | 0 |
Less than 12 months | 12 months or more | Total | |||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||
(dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | |||||
September 30, 2017 | |||||||||||
U.S. government sponsored agencies | $ 3,065 | $ 49 | $ 0 | $ 0 | $ 3,065 | $ 49 | |||||
Agency residential mortgage-backed | |||||||||||
securities | 113,147 | 1,030 | 31,878 | 763 | 145,025 | 1,793 | |||||
State and municipal securities | 29,515 | 344 | 38,800 | 1,267 | 68,315 | 1,611 | |||||
Total temporarily impaired | $ 145,727 | $ 1,423 | $ 70,678 | $ 2,030 | $ 216,405 | $ 3,453 | |||||
December 31, 2016 | |||||||||||
U.S. government sponsored agencies | $ 3,290 | $ 81 | $ 0 | $ 0 | $ 3,290 | $ 81 | |||||
Agency residential mortgage-backed | |||||||||||
securities | 181,699 | 2,882 | 7,080 | 262 | 188,779 | 3,144 | |||||
State and municipal securities | 77,434 | 3,180 | 2,361 | 142 | 79,795 | 3,322 | |||||
Total temporarily impaired | $ 262,423 | $ 6,143 | $ 9,441 | $ 404 | $ 271,864 | $ 6,547 | |||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 2,836 | $ | 17 | $ | 396 | $ | 2 | $ | 3,232 | $ | 19 | ||||||||||||||||||||||||||
U.S. government sponsored agencies | 0 | 0 | 122,086 | 28,943 | 122,086 | 28,943 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: residential | 23,595 | 1,374 | 436,450 | 82,243 | 460,045 | 83,617 | ||||||||||||||||||||||||||||||||
State and municipal securities | 41,561 | 1,543 | 421,684 | 87,914 | 463,245 | 89,457 | ||||||||||||||||||||||||||||||||
Total available-for-sale | $ | 67,992 | $ | 2,934 | $ | 980,616 | $ | 199,102 | $ | 1,048,608 | $ | 202,036 | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,034 | $ | 23 | $ | 0 | $ | 0 | $ | 3,034 | $ | 23 | ||||||||||||||||||||||||||
U.S. government sponsored agencies | 8,420 | 1,350 | 118,541 | 27,873 | 126,961 | 29,223 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: residential | 165,897 | 18,637 | 323,727 | 67,297 | 489,624 | 85,934 | ||||||||||||||||||||||||||||||||
State and municipal securities | 277,967 | 33,405 | 244,436 | 66,894 | 522,403 | 100,299 | ||||||||||||||||||||||||||||||||
Total available-for-sale | $ | 455,318 | $ | 53,415 | $ | 686,704 | $ | 162,064 | $ | 1,142,022 | $ | 215,479 |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
State and municipal securities | $ | 0 | $ | 0 | $ | 114,264 | $ | 14,806 | $ | 114,264 | $ | 14,806 | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
State and municipal securities | $ | 0 | $ | 0 | $ | 111,029 | $ | 17,213 | $ | 111,029 | $ | 17,213 | ||||||||||||||||||||||||||
Less than | 12 months | |||||||||||||||||||||||||||||||||||||||
12 months | or more | Total | Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 8 | 1 | 9 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | 1 | 0 | 1 | U.S. government sponsored agencies | 0 | 17 | 17 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities | 33 | 11 | 44 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: residential | Mortgage-backed securities: residential | 29 | 102 | 131 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
State and municipal securities | 39 | 47 | 86 | State and municipal securities | 56 | 367 | 423 | 0 | 41 | 41 | ||||||||||||||||||||||||||||||
Total temporarily impaired | 73 | 58 | 131 | Total temporarily impaired | 93 | 487 | 580 | 0 | 41 | 41 | ||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 7 | 0 | 7 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
U.S. government sponsored agencies | 1 | 0 | 1 | U.S. government sponsored agencies | 1 | 16 | 17 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Agency residential mortgage-backed securities | 59 | 2 | 61 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: residential | Mortgage-backed securities: residential | 95 | 41 | 136 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
State and municipal securities | 121 | 4 | 125 | State and municipal securities | 269 | 223 | 492 | 0 | 41 | 41 | ||||||||||||||||||||||||||||||
Total temporarily impaired | 181 | 6 | 187 | Total temporarily impaired | 372 | 280 | 652 | 0 | 41 | 41 | ||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Commercial and industrial loans: | Commercial and industrial loans: | |||||||||||||||||||||||||||||||
Working capital lines of credit loans | $ 703,953 | 19.4 | % | $ 624,404 | 18.0 | % | Working capital lines of credit loans | $ | 618,655 | 12.7 | % | $ | 650,948 | 13.8 | % | |||||||||||||||||
Non-working capital loans | 658,167 | 18.1 | 644,086 | 18.5 | Non-working capital loans | 851,232 | 17.5 | 842,101 | 17.9 | |||||||||||||||||||||||
Total commercial and industrial loans | 1,362,120 | 37.5 | 1,268,490 | 36.5 | Total commercial and industrial loans | 1,469,887 | 30.2 | 1,493,049 | 31.7 | |||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | Commercial real estate and multi-family residential loans: | |||||||||||||||||||||||||||||||
Construction and land development loans | 287,778 | 7.9 | 245,182 | 7.1 | Construction and land development loans | 590,860 | 12.1 | 517,664 | 11.0 | |||||||||||||||||||||||
Owner occupied loans | 499,651 | 13.7 | 469,705 | 13.5 | Owner occupied loans | 806,072 | 16.6 | 758,091 | 16.0 | |||||||||||||||||||||||
Nonowner occupied loans | 456,930 | 12.6 | 458,404 | 13.2 | Nonowner occupied loans | 724,799 | 14.9 | 706,107 | 15.0 | |||||||||||||||||||||||
Multifamily loans | 165,855 | 4.6 | 127,632 | 3.7 | Multifamily loans | 254,662 | 5.2 | 197,232 | 4.2 | |||||||||||||||||||||||
Total commercial real estate and multi-family residential loans | 1,410,214 | 38.8 | 1,300,923 | 37.5 | Total commercial real estate and multi-family residential loans | 2,376,393 | 48.8 | 2,179,094 | 46.2 | |||||||||||||||||||||||
Agri-business and agricultural loans: | Agri-business and agricultural loans: | |||||||||||||||||||||||||||||||
Loans secured by farmland | 161,553 | 4.4 | 172,633 | 5.0 | Loans secured by farmland | 176,807 | 3.6 | 201,200 | 4.3 | |||||||||||||||||||||||
Loans for agricultural production | 156,327 | 4.3 | 222,210 | 6.4 | Loans for agricultural production | 198,155 | 4.1 | 230,888 | 4.9 | |||||||||||||||||||||||
Total agri-business and agricultural loans | 317,880 | 8.7 | 394,843 | 11.4 | Total agri-business and agricultural loans | 374,962 | 7.7 | 432,088 | 9.2 | |||||||||||||||||||||||
Other commercial loans | 114,858 | 3.1 | 98,270 | 2.8 | ||||||||||||||||||||||||||||
Other commercial loans: | Other commercial loans: | 120,958 | 2.5 | 113,593 | 2.4 | |||||||||||||||||||||||||||
Total commercial loans | 3,205,072 | 88.1 | 3,062,526 | 88.2 | Total commercial loans | 4,342,200 | 89.2 | 4,217,824 | 89.5 | |||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | Consumer 1-4 family mortgage loans: | |||||||||||||||||||||||||||||||
Closed end first mortgage loans | 171,946 | 4.7 | 163,155 | 4.7 | Closed end first mortgage loans | 229,078 | 4.7 | 212,742 | 4.5 | |||||||||||||||||||||||
Open end and junior lien loans | 181,338 | 5.0 | 169,664 | 4.9 | Open end and junior lien loans | 183,738 | 3.8 | 175,575 | 3.7 | |||||||||||||||||||||||
Residential construction and land development loans | 10,530 | 0.3 | 15,015 | 0.4 | Residential construction and land development loans | 18,569 | 0.4 | 19,249 | 0.4 | |||||||||||||||||||||||
Total consumer 1-4 family mortgage loans | 363,814 | 10.0 | 347,834 | 10.0 | Total consumer 1-4 family mortgage loans | 431,385 | 8.9 | 407,566 | 8.6 | |||||||||||||||||||||||
Other consumer loans | 67,545 | 1.9 | 61,308 | 1.8 | Other consumer loans | 92,139 | 1.9 | 88,075 | 1.9 | |||||||||||||||||||||||
Total consumer loans | 431,359 | 11.9 | 409,142 | 11.8 | Total consumer loans | 523,524 | 10.8 | 495,641 | 10.5 | |||||||||||||||||||||||
Subtotal | 3,636,431 | 100.0 | % | 3,471,668 | 100.0 | % | Subtotal | 4,865,724 | 100.0 | % | 4,713,465 | 100.0 | % | |||||||||||||||||||
Less: Allowance for loan losses | (45,497) | (43,718) | ||||||||||||||||||||||||||||||
Less: Allowance for credit losses | Less: Allowance for credit losses | (72,058) | (72,606) | |||||||||||||||||||||||||||||
Net deferred loan fees | (1,179) | (741) | Net deferred loan fees | (3,464) | (3,069) | |||||||||||||||||||||||||||
Loans, net | $ 3,589,755 | $ 3,427,209 | Loans, net | $ | 4,790,202 | $ | 4,637,790 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | Multifamily | and | Other | 1-4 Family | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | (dollars in thousands) | Commercial and Industrial | Commercial Real Estate and Multifamily Residential | Agri-business and Agricultural | Other Commercial | Consumer 1-4 Family Mortgage | Other Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, July 1 | $ 20,219 | $ 13,775 | $ 3,870 | $ 568 | $ 2,689 | $ 389 | $ 3,053 | $ 44,563 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | (612) | 426 | 425 | 108 | 30 | 15 | 58 | 450 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1 | Beginning balance, April 1 | $ | 31,190 | $ | 29,036 | $ | 4,621 | $ | 1,034 | $ | 3,398 | $ | 1,096 | $ | 840 | $ | 71,215 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (272) | 1,593 | (219) | 86 | 51 | 50 | (489) | 800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (44) | 0 | 0 | 0 | (40) | (86) | 0 | (170) | Loans charged-off | (7) | 0 | 0 | 0 | (14) | (369) | 0 | (390) | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 364 | 246 | 7 | 0 | 11 | 26 | 0 | 654 | Recoveries | 67 | 284 | 0 | 0 | 13 | 69 | 0 | 433 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loan recoveries | 320 | 246 | 7 | 0 | (29) | (60) | 0 | 484 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans (charged-off) recovered | Net loans (charged-off) recovered | 60 | 284 | 0 | 0 | (1) | (300) | 0 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ 19,927 | $ 14,447 | $ 4,302 | $ 676 | $ 2,690 | $ 344 | $ 3,111 | $ 45,497 | Ending balance | $ | 30,978 | $ | 30,913 | $ | 4,402 | $ | 1,120 | $ | 3,448 | $ | 846 | $ | 351 | $ | 72,058 | ||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | Multifamily | and | Other | 1-4 Family | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, July 1 | $ 20,935 | $ 12,637 | $ 3,047 | $ 365 | $ 2,934 | $ 333 | $ 2,996 | $ 43,247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | (715) | 650 | 56 | 18 | 72 | 70 | (151) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (168) | (331) | 0 | 0 | (224) | (50) | 0 | (773) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 268 | 17 | 5 | 0 | 69 | 20 | 0 | 379 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans charged-off | 100 | (314) | 5 | 0 | (155) | (30) | 0 | (394) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ 20,320 | $ 12,973 | $ 3,108 | $ 383 | $ 2,851 | $ 373 | $ 2,845 | $ 42,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Industrial | Commercial Real Estate and Multifamily Residential | Agri-business and Agricultural | Other Commercial | Consumer 1-4 Family Mortgage | Other Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1 | $ | 31,322 | $ | 26,257 | $ | 4,761 | $ | 1,058 | $ | 2,606 | $ | 1,040 | $ | 482 | $ | 67,526 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | (139) | 191 | (8) | (345) | 34 | 102 | 165 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (13) | 0 | 0 | 0 | 0 | (85) | 0 | (98) | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | 25 | 0 | 0 | 0 | 34 | 36 | 0 | 95 | ||||||||||||||||||||||||||||||||||||||||||
Net loans (charged-off) recovered | 12 | 0 | 0 | 0 | 34 | (49) | 0 | (3) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 31,195 | $ | 26,448 | $ | 4,753 | $ | 713 | $ | 2,674 | $ | 1,093 | $ | 647 | $ | 67,523 |
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | Multifamily | and | Other | 1-4 Family | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | (dollars in thousands) | Commercial and Industrial | Commercial Real Estate and Multifamily Residential | Agri-business and Agricultural | Other Commercial | Consumer 1-4 Family Mortgage | Other Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1 | $ 20,272 | $ 13,452 | $ 3,532 | $ 461 | $ 2,827 | $ 387 | $ 2,787 | $ 43,718 | Beginning balance, January 1 | $ | 35,290 | $ | 27,394 | $ | 4,429 | $ | 917 | $ | 3,001 | $ | 1,021 | $ | 554 | $ | 72,606 | ||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | (791) | 744 | 753 | 215 | (170) | 75 | 324 | 1,150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 1,232 | 3,235 | (27) | 203 | 445 | 265 | (203) | 5,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (430) | (259) | 0 | 0 | (53) | (192) | 0 | (934) | Loans charged-off | (5,651) | 0 | 0 | 0 | (14) | (621) | 0 | (6,286) | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 876 | 510 | 17 | 0 | 86 | 74 | 0 | 1,563 | Recoveries | 107 | 284 | 0 | 0 | 16 | 181 | 0 | 588 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loan recoveries | 446 | 251 | 17 | 0 | 33 | (118) | 0 | 629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans (charged-off) recovered | Net loans (charged-off) recovered | (5,544) | 284 | 0 | 0 | 2 | (440) | 0 | (5,698) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ 19,927 | $ 14,447 | $ 4,302 | $ 676 | $ 2,690 | $ 344 | $ 3,111 | $ 45,497 | Ending balance | $ | 30,978 | $ | 30,913 | $ | 4,402 | $ | 1,120 | $ | 3,448 | $ | 846 | $ | 351 | $ | 72,058 | ||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | and | Agri-business | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | Multifamily | and | Other | 1-4 Family | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1 | $ 21,564 | $ 12,473 | $ 2,445 | $ 574 | $ 3,395 | $ 319 | $ 2,840 | $ 43,610 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | (1,057) | 771 | 649 | (191) | (295) | 118 | 5 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (542) | (499) | 0 | 0 | (354) | (140) | 0 | (1,535) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 355 | 228 | 14 | 0 | 105 | 76 | 0 | 778 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans charged-off | (187) | (271) | 14 | 0 | (249) | (64) | 0 | (757) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ 20,320 | $ 12,973 | $ 3,108 | $ 383 | $ 2,851 | $ 373 | $ 2,845 | $ 42,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial and Industrial | Commercial Real Estate and Multifamily Residential | Agri-business and Agricultural | Other Commercial | Consumer 1-4 Family Mortgage | Other Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1 | $ | 30,595 | $ | 26,535 | $ | 5,034 | $ | 1,146 | $ | 2,866 | $ | 1,147 | $ | 450 | $ | 67,773 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | 591 | 510 | (281) | (433) | (214) | 47 | 197 | 417 | ||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (32) | (597) | 0 | 0 | (22) | (187) | 0 | (838) | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | 41 | 0 | 0 | 0 | 44 | 86 | 0 | 171 | ||||||||||||||||||||||||||||||||||||||||||
Net loans (charged-off) recovered | 9 | (597) | 0 | 0 | 22 | (101) | 0 | (667) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 31,195 | $ | 26,448 | $ | 4,753 | $ | 713 | $ | 2,674 | $ | 1,093 | $ | 647 | $ | 67,523 |
Commercial | |||||||||||||||
Real Estate | |||||||||||||||
Commercial | and | Agri-business | Consumer | ||||||||||||
and | Multifamily | and | Other | 1-4 Family | Other | ||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | |||||||
September 30, 2017 | |||||||||||||||
Allowance for loan losses: | |||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||
Individually evaluated for impairment | $ 2,750 | $ 688 | $ 0 | $ 0 | $ 320 | $ 43 | $ 0 | $ 3,801 | |||||||
Collectively evaluated for impairment | 17,177 | 13,759 | 4,302 | 676 | 2,370 | 301 | 3,111 | 41,696 | |||||||
Total ending allowance balance | $ 19,927 | $ 14,447 | $ 4,302 | $ 676 | $ 2,690 | $ 344 | $ 3,111 | $ 45,497 | |||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | $ 7,859 | $ 6,896 | $ 310 | $ 0 | $ 1,563 | $ 51 | $ 0 | $ 16,679 | |||||||
Loans collectively evaluated for impairment | 1,354,186 | 1,401,366 | 317,647 | 114,705 | 363,361 | 67,308 | 0 | 3,618,573 | |||||||
Total ending loans balance | $ 1,362,045 | $ 1,408,262 | $ 317,957 | $ 114,705 | $ 364,924 | $ 67,359 | $ 0 | $ 3,635,252 | |||||||
Commercial | |||||||||||||||
Real Estate | |||||||||||||||
Commercial | and | Agri-business | Consumer | ||||||||||||
and | Multifamily | and | Other | 1-4 Family | Other | ||||||||||
(dollars in thousands) | Industrial | Residential | Agricultural | Commercial | Mortgage | Consumer | Unallocated | Total | |||||||
December 31, 2016 | |||||||||||||||
Allowance for loan losses: | |||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||
Individually evaluated for impairment | $ 3,191 | $ 576 | $ 0 | $ 0 | $ 296 | $ 51 | $ 0 | $ 4,114 | |||||||
Collectively evaluated for impairment | 17,081 | 12,876 | 3,532 | 461 | 2,531 | 336 | 2,787 | 39,604 | |||||||
Total ending allowance balance | $ 20,272 | $ 13,452 | $ 3,532 | $ 461 | $ 2,827 | $ 387 | $ 2,787 | $ 43,718 | |||||||
Loans: | |||||||||||||||
Loans individually evaluated for impairment | $ 9,776 | $ 9,151 | $ 283 | $ 0 | $ 1,427 | $ 55 | $ 0 | $ 20,692 | |||||||
Loans collectively evaluated for impairment | 1,258,682 | 1,290,131 | 394,621 | 98,265 | 347,408 | 61,128 | 0 | 3,450,235 | |||||||
Total ending loans balance | $ 1,268,458 | $ 1,299,282 | $ 394,904 | $ 98,265 | $ 348,835 | $ 61,183 | $ 0 | $ 3,470,927 | |||||||
Unpaid | Allowance for | ||||
Principal | Recorded | Loan Losses | |||
(dollars in thousands) | Balance | Investment | Allocated | ||
With no related allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | $ 18 | $ 18 | $ 0 | ||
Non-working capital loans | 2,689 | 1,295 | 0 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 88 | 88 | 0 | ||
Owner occupied loans | 2,447 | 2,200 | 0 | ||
Nonowner occupied loans | 2,778 | 2,778 | 0 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 630 | 310 | 0 | ||
Consumer 1-4 family loans: | |||||
Closed end first mortgage loans | 424 | 356 | 0 | ||
With an allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | 2,515 | 2,514 | 1,072 | ||
Non-working capital loans | 4,032 | 4,032 | 1,678 | ||
Commercial real estate and multi-family residential loans: | |||||
Owner occupied loans | 1,830 | 1,830 | 688 | ||
Consumer 1-4 family mortgage loans: | |||||
Closed end first mortgage loans | 963 | 964 | 278 | ||
Open end and junior lien loans | 243 | 243 | 42 | ||
Other consumer loans | 51 | 51 | 43 | ||
Total | $ 18,708 | $ 16,679 | $ 3,801 | ||
Unpaid | Allowance for | ||||
Principal | Recorded | Loan Losses | |||
(dollars in thousands) | Balance | Investment | Allocated | ||
With no related allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | $ 951 | $ 494 | $ 0 | ||
Non-working capital loans | 3,007 | 1,358 | 0 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 126 | 126 | 0 | ||
Owner occupied loans | 2,868 | 2,620 | 0 | ||
Nonowner occupied loans | 4,632 | 4,633 | 0 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 603 | 283 | 0 | ||
Consumer 1-4 family loans: | |||||
Closed end first mortgage loans | 161 | 147 | 0 | ||
Open end and junior lien loans | 408 | 195 | 0 | ||
With an allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | 1,100 | 1,099 | 465 | ||
Non-working capital loans | 6,827 | 6,825 | 2,726 | ||
Commercial real estate and multi-family residential loans: | |||||
Owner occupied loans | 1,773 | 1,772 | 576 | ||
Consumer 1-4 family mortgage loans: | |||||
Closed end first mortgage loans | 1,152 | 1,085 | 296 | ||
Other consumer loans | 55 | 55 | 51 | ||
Total | $ 23,663 | $ 20,692 | $ 4,114 | ||
Cash Basis | |||||
Average | Interest | Interest | |||
Recorded | Income | Income | |||
(dollars in thousands) | Investment | Recognized | Recognized | ||
With no related allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | $ 315 | $ 14 | $ 11 | ||
Non-working capital loans | 1,321 | 18 | 18 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 100 | 3 | 3 | ||
Owner occupied loans | 2,222 | 2 | 2 | ||
Nonowner occupied loans | 2,784 | 152 | 152 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 301 | 0 | 0 | ||
Consumer 1-4 family loans: | |||||
Closed end first mortgage loans | 342 | 3 | 3 | ||
Open end and junior lien loans | 101 | 0 | 0 | ||
With an allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | 2,529 | 22 | 22 | ||
Non-working capital loans | 5,700 | 74 | 74 | ||
Commercial real estate and multi-family residential loans: | |||||
Owner occupied loans | 1,714 | 9 | 9 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 10 | 0 | 0 | ||
Consumer 1-4 family mortgage loans: | |||||
Closed end first mortgage loans | 969 | 13 | 13 | ||
Open end and junior lien loans | 81 | 0 | 0 | ||
Other consumer loans | 52 | 1 | 1 | ||
Total | $ 18,541 | $ 311 | $ 308 | ||
Cash Basis | |||||
Average | Interest | Interest | |||
Recorded | Income | Income | |||
(dollars in thousands) | Investment | Recognized | Recognized | ||
With no related allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | $ 387 | $ 8 | $ 0 | ||
Non-working capital loans | 1,473 | 8 | 5 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 275 | 0 | 0 | ||
Owner occupied loans | 2,475 | 2 | 2 | ||
Nonowner occupied loans | 4,690 | 88 | 88 | ||
Multifamily loans | 17 | 0 | 0 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 346 | 0 | 0 | ||
Loans for ag production | 676 | 0 | 0 | ||
Other commercial loans | 4 | 0 | 0 | ||
Consumer 1-4 family loans: | |||||
Closed end first mortgage loans | 82 | 0 | 0 | ||
Open end and junior lien loans | 52 | 0 | 0 | ||
With an allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | 1,336 | 11 | 11 | ||
Non-working capital loans | 4,538 | 35 | 33 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 55 | 1 | 3 | ||
Owner occupied loans | 1,150 | 0 | 0 | ||
Multifamily loans | 254 | 2 | 1 | ||
Other commercial loans | 8 | 0 | 1 | ||
Consumer 1-4 family mortgage loans: | |||||
Closed end first mortgage loans | 1,378 | 5 | 4 | ||
Open end and junior lien loans | 247 | 0 | 0 | ||
Other consumer loans | 57 | 1 | 1 | ||
Total | $ 19,500 | $ 161 | $ 149 | ||
Cash Basis | |||||
Average | Interest | Interest | |||
Recorded | Income | Income | |||
(dollars in thousands) | Investment | Recognized | Recognized | ||
With no related allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | $ 485 | $ 22 | $ 19 | ||
Non-working capital loans | 1,337 | 27 | 27 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 117 | 4 | 4 | ||
Owner occupied loans | 2,395 | 4 | 4 | ||
Nonowner occupied loans | 3,397 | 222 | 222 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 289 | 0 | 0 | ||
Consumer 1-4 family loans: | |||||
Closed end first mortgage loans | 249 | 5 | 5 | ||
Open end and junior lien loans | 137 | 0 | 0 | ||
With an allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | 2,090 | 33 | 33 | ||
Non-working capital loans | 6,418 | 116 | 116 | ||
Commercial real estate and multi-family residential loans: | |||||
Owner occupied loans | 1,641 | 12 | 11 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 3 | 0 | 0 | ||
Consumer 1-4 family mortgage loans: | |||||
Closed end first mortgage loans | 1,023 | 18 | 16 | ||
Open end and junior lien loans | 27 | 0 | 0 | ||
Other consumer loans | 53 | 2 | 2 | ||
Total | $ 19,661 | $ 465 | $ 459 | ||
Cash Basis | |||||
Average | Interest | Interest | |||
Recorded | Income | Income | |||
(dollars in thousands) | Investment | Recognized | Recognized | ||
With no related allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | $ 300 | $ 8 | $ 8 | ||
Non-working capital loans | 901 | 8 | 5 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 92 | 0 | 0 | ||
Owner occupied loans | 2,578 | 2 | 2 | ||
Nonowner occupied loans | 4,760 | 205 | 200 | ||
Multifamily loans | 6 | 0 | 0 | ||
Agri-business and agricultural loans: | |||||
Loans secured by farmland | 429 | 0 | 0 | ||
Loans for ag production | 902 | 5 | 4 | ||
Other commercial loans | 1 | 0 | 0 | ||
Consumer 1-4 family loans: | |||||
Closed end first mortgage loans | 93 | 0 | 0 | ||
Open end and junior lien loans | 17 | 0 | 0 | ||
With an allowance recorded: | |||||
Commercial and industrial loans: | |||||
Working capital lines of credit loans | 1,176 | 21 | 21 | ||
Non-working capital loans | 4,417 | 103 | 101 | ||
Commercial real estate and multi-family residential loans: | |||||
Construction and land development loans | 230 | 8 | 8 | ||
Owner occupied loans | 1,023 | 0 | 0 | ||
Nonowner occupied loans | 26 | 0 | 0 | ||
Multifamily loans | 341 | 12 | 11 | ||
Other commercial loans | 10 | 0 | 1 | ||
Consumer 1-4 family mortgage loans: | |||||
Closed end first mortgage loans | 1,456 | 31 | 29 | ||
Open end and junior lien loans | 221 | 0 | 0 | ||
Other consumer loans | 58 | 3 | 3 | ||
Total | $ 19,037 | $ 406 | $ 393 | ||
Total | |||||||||||
30-89 | Greater than | Past Due | |||||||||
Loans Not | Days | 90 Days | And | ||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Nonaccrual | Nonaccrual | Total | |||||
Commercial and industrial loans: | |||||||||||
Working capital lines of credit loans | $ 701,635 | $ 475 | $ 0 | $ 1,883 | $ 2,358 | $ 703,993 | |||||
Non-working capital loans | 653,885 | 310 | 0 | 3,857 | 4,167 | 658,052 | |||||
Commercial real estate and multi-family | |||||||||||
residential loans: | |||||||||||
Construction and land development loans | 286,895 | 0 | 0 | 0 | 0 | 286,895 | |||||
Owner occupied loans | 495,576 | 0 | 0 | 3,753 | 3,753 | 499,329 | |||||
Nonowner occupied loans | 456,451 | 0 | 0 | 98 | 98 | 456,549 | |||||
Multifamily loans | 165,489 | 0 | 0 | 0 | 0 | 165,489 | |||||
Agri-business and agricultural loans: | |||||||||||
Loans secured by farmland | 161,248 | 0 | 0 | 311 | 311 | 161,559 | |||||
Loans for agricultural production | 156,398 | 0 | 0 | 0 | 0 | 156,398 | |||||
Other commercial loans | 114,705 | 0 | 0 | 0 | 0 | 114,705 | |||||
Consumer 1-4 family mortgage loans: | |||||||||||
Closed end first mortgage loans | 170,467 | 920 | 73 | 134 | 1,127 | 171,594 | |||||
Open end and junior lien loans | 182,394 | 189 | 0 | 243 | 432 | 182,826 | |||||
Residential construction loans | 10,504 | 0 | 0 | 0 | 0 | 10,504 | |||||
Other consumer loans | 67,314 | 45 | 0 | 0 | 45 | 67,359 | |||||
Total | $ 3,622,961 | $ 1,939 | $ 73 | $ 10,279 | $ 12,291 | $ 3,635,252 | |||||
Total | |||||||||||
30-89 | Greater than | Past Due | |||||||||
Loans Not | Days | 90 Days | And | ||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Nonaccrual | Nonaccrual | Total | |||||
Commercial and industrial loans: | |||||||||||
Working capital lines of credit loans | $ 624,213 | $ 9 | $ 0 | $ 140 | $ 149 | $ 624,362 | |||||
Non-working capital loans | 642,014 | 0 | 0 | 2,082 | 2,082 | 644,096 | |||||
Commercial real estate and multi-family | |||||||||||
residential loans: | |||||||||||
Construction and land development loans | 244,411 | 0 | 0 | 0 | 0 | 244,411 | |||||
Owner occupied loans | 465,789 | 0 | 0 | 3,598 | 3,598 | 469,387 | |||||
Nonowner occupied loans | 457,880 | 0 | 0 | 122 | 122 | 458,002 | |||||
Multifamily loans | 127,482 | 0 | 0 | 0 | 0 | 127,482 | |||||
Agri-business and agricultural loans: | |||||||||||
Loans secured by farmland | 172,349 | 0 | 0 | 283 | 283 | 172,632 | |||||
Loans for agricultural production | 222,272 | 0 | 0 | 0 | 0 | 222,272 | |||||
Other commercial loans | 98,265 | 0 | 0 | 0 | 0 | 98,265 | |||||
Consumer 1-4 family mortgage loans: | |||||||||||
Closed end first mortgage loans | 161,499 | 1,072 | 53 | 213 | 1,338 | 162,837 | |||||
Open end and junior lien loans | 170,372 | 448 | 0 | 195 | 643 | 171,015 | |||||
Residential construction loans | 14,983 | 0 | 0 | 0 | 0 | 14,983 | |||||
Other consumer loans | 61,119 | 64 | 0 | 0 | 64 | 61,183 | |||||
Total | $ 3,462,648 | $ 1,593 | $ 53 | $ 6,633 | $ 8,279 | $ 3,470,927 | |||||
September 30 | December 31 | ||
(dollars in thousands) | 2017 | 2016 | |
Accruing troubled debt restructured loans | $ 5,601 | $ 10,351 | |
Nonaccrual troubled debt restructured loans | 7,946 | 5,633 | |
Total troubled debt restructured loans | $ 13,547 | $ 15,984 | |
Modified Repayment Terms | |||||||||
Pre-Modification | Post-Modification | Extension | |||||||
Outstanding | Outstanding | Period or | |||||||
Number of | Recorded | Recorded | Number of | Range | |||||
(dollars in thousands) | Loans | Investment | Investment | Loans | (in months) | ||||
Troubled Debt Restructurings | |||||||||
Commercial and industrial loans: | |||||||||
Working capital lines of credit loans | 1 | $ 1,324 | $ 1,324 | 1 | 9 | ||||
Non-working capital loans | 2 | 210 | 210 | 2 | 0-6 | ||||
Consumer 1-4 family loans: | |||||||||
Closed end first mortgage loans | 1 | 76 | 76 | 1 | 198 | ||||
Total | 4 | $ 1,610 | $ 1,610 | 4 | 0-198 | ||||
Modified Repayment Terms | |||||||||
Pre-Modification | Post-Modification | Extension | |||||||
Outstanding | Outstanding | Period or | |||||||
Number of | Recorded | Recorded | Number of | Range | |||||
(dollars in thousands) | Loans | Investment | Investment | Loans | (in months) | ||||
Troubled Debt Restructurings | |||||||||
Commercial and industrial loans: | |||||||||
Working capital lines of credit loans | 1 | $ 1,324 | $ 1,324 | 1 | 9 | ||||
Non-working capital loans | 4 | 1,922 | 1,922 | 4 | 0-6 | ||||
Commercial real estate and multi- | |||||||||
family residential loans: | |||||||||
Owner occupied loans | 1 | 486 | 486 | 1 | 6 | ||||
Consumer 1-4 family loans: | |||||||||
Closed end first mortgage loans | 2 | 120 | 122 | 2 | 198-350 | ||||
Total | 8 | $ 3,852 | $ 3,854 | 8 | 0-350 | ||||
Modified Repayment Terms | ||||||||||
Pre-Modification | Post-Modification | Extension | ||||||||
Outstanding | Outstanding | Period or | ||||||||
Number of | Recorded | Recorded | Number of | Range | ||||||
(dollars in thousands) | Loans | Investment | Investment | Loans | (in months) | |||||
Troubled Debt Restructurings | ||||||||||
Commercial and industrial loans: | ||||||||||
Non-working capital loans | 2 | $ 1,066 | $ 1,066 | 2 | 60-356 | |||||
Total | 2 | $ 1,066 | $ 1,066 | 2 | 60-356 | |||||
Modified Repayment Terms | ||||||||||
Pre-Modification | Post-Modification | Extension | ||||||||
Outstanding | Outstanding | Period or | ||||||||
Number of | Recorded | Recorded | Number of | Range | ||||||
(dollars in thousands) | Loans | Investment | Investment | Loans | (in months) | |||||
Troubled Debt Restructurings | ||||||||||
Commercial and industrial loans: | ||||||||||
Non-working capital loans | 5 | $ 1,841 | $ 1,842 | 5 | 9-356 | |||||
Commercial real estate and multi- | ||||||||||
family residential loans: | ||||||||||
Owner occupied loans | 2 | 640 | 640 | 2 | 13-15 | |||||
Total | 7 | $ 2,481 | $ 2,482 | 7 | 9-356 | |||||
Special | Not | ||||||||||
(dollars in thousands) | Pass | Mention | Substandard | Doubtful | Rated | Total | |||||
Commercial and industrial loans: | |||||||||||
Working capital lines of credit loans | $ 652,780 | $ 30,041 | $ 20,997 | $ 0 | $ 175 | $ 703,993 | |||||
Non-working capital loans | 612,991 | 14,922 | 26,041 | 0 | 4,098 | 658,052 | |||||
Commercial real estate and multi- | |||||||||||
family residential loans: | |||||||||||
Construction and land development loans | 285,629 | 1,266 | 0 | 0 | 0 | 286,895 | |||||
Owner occupied loans | 459,858 | 15,124 | 24,347 | 0 | 0 | 499,329 | |||||
Nonowner occupied loans | 451,049 | 4,697 | 803 | 0 | 0 | 456,549 | |||||
Multifamily loans | 165,243 | 246 | 0 | 0 | 0 | 165,489 | |||||
Agri-business and agricultural loans: | |||||||||||
Loans secured by farmland | 149,474 | 7,682 | 4,403 | 0 | 0 | 161,559 | |||||
Loans for agricultural production | 146,190 | 9,293 | 915 | 0 | 0 | 156,398 | |||||
Other commercial loans | 114,700 | 0 | 0 | 0 | 5 | 114,705 | |||||
Consumer 1-4 family mortgage loans: | |||||||||||
Closed end first mortgage loans | 45,220 | 0 | 1,320 | 0 | 125,054 | 171,594 | |||||
Open end and junior lien loans | 8,265 | 0 | 243 | 0 | 174,318 | 182,826 | |||||
Residential construction loans | (1) | 0 | 0 | 0 | 10,505 | 10,504 | |||||
Other consumer loans | 14,820 | 0 | 51 | 0 | 52,488 | 67,359 | |||||
Total | $ 3,106,218 | $ 83,271 | $ 79,120 | $ 0 | $ 366,643 | $ 3,635,252 | |||||
(dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Term Total | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Working capital lines of credit loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 231 | $ | 2,042 | $ | 2,468 | $ | 1,366 | $ | 0 | $ | 0 | $ | 6,107 | $ | 535,802 | $ | 541,909 | |||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69,844 | 69,844 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 200 | 75 | 0 | 250 | 0 | 525 | 6,448 | 6,973 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 231 | 2,242 | 2,543 | 1,366 | 250 | 0 | 6,632 | 612,094 | 618,726 | ||||||||||||||||||||||||||||||||||||||||||||
Working capital lines of credit loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115 | 115 | ||||||||||||||||||||||||||||||||||||||||||||
Non-working capital loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 106,680 | 267,890 | 107,070 | 73,313 | 38,285 | 17,517 | 610,755 | 203,682 | 814,437 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 429 | 1,356 | 2,696 | 2,818 | 6,333 | 13,632 | 5,679 | 19,311 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 226 | 4,525 | 1,120 | 4,064 | 11 | 657 | 10,603 | 398 | 11,001 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 1,012 | 2,505 | 1,179 | 1,051 | 268 | 67 | 6,082 | 0 | 6,082 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 107,918 | 275,349 | 110,725 | 81,124 | 41,382 | 24,574 | 641,072 | 209,759 | 850,831 | ||||||||||||||||||||||||||||||||||||||||||||
Non-working capital loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 5,400 | 0 | 0 | 118 | 0 | 5,518 | 18 | 5,536 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 23,520 | 15,289 | 10,218 | 13,306 | 179 | 0 | 62,512 | 511,070 | 573,582 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,521 | 14,521 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 23,520 | 15,289 | 10,218 | 13,306 | 179 | 0 | 62,512 | 525,591 | 588,103 | ||||||||||||||||||||||||||||||||||||||||||||
Construction and land development loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Owner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 88,769 | 131,307 | 161,898 | 135,249 | 66,660 | 136,902 | 720,785 | 57,223 | 778,008 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 702 | 9,148 | 0 | 2,257 | 11,890 | 23,997 | 0 | 23,997 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 225 | 279 | 0 | 1,483 | 359 | 1,161 | 3,507 | 0 | 3,507 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 88,994 | 132,288 | 171,046 | 136,732 | 69,276 | 149,953 | 748,289 | 57,223 | 805,512 | ||||||||||||||||||||||||||||||||||||||||||||
Owner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Nonowner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 61,069 | 165,517 | 122,798 | 131,928 | 89,591 | 62,994 | 633,897 | 79,639 | 713,536 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 4,264 | 0 | 6,446 | 0 | 0 | 0 | 10,710 | 0 | 10,710 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 65,333 | 165,517 | 129,244 | 131,928 | 89,591 | 62,994 | 644,607 | 79,639 | 724,246 | ||||||||||||||||||||||||||||||||||||||||||||
Nonowner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 78,926 | 38,445 | 9,134 | 36,289 | 33,831 | 30,441 | 227,066 | 7,444 | 234,510 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 19,794 | 0 | 0 | 0 | 0 | 0 | 19,794 | 0 | 19,794 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 98,720 | 38,445 | 9,134 | 36,289 | 33,831 | 30,441 | 246,860 | 7,444 | 254,304 | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Agri-business and agricultural loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans secured by farmland: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 15,727 | 33,900 | 26,271 | 29,075 | 10,112 | 23,210 | 138,295 | 38,369 | 176,664 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 12 | 0 | 12 | 0 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 115 | 115 | 0 | 115 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 15,727 | 33,900 | 26,271 | 29,075 | 10,124 | 23,325 | 138,422 | 38,369 | 176,791 | ||||||||||||||||||||||||||||||||||||||||||||
Loans secured by farmland: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Loans for agricultural production: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 25,929 | 8,801 | 28,747 | 26,880 | 4,111 | 11,513 | 105,981 | 91,211 | 197,192 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 211 | 352 | 0 | 0 | 563 | 500 | 1,063 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 25,929 | 8,801 | 28,958 | 27,232 | 4,111 | 11,513 | 106,544 | 91,711 | 198,255 | ||||||||||||||||||||||||||||||||||||||||||||
Loans for agricultural production: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 6,213 | 26,450 | 39,302 | 15,524 | 111 | 8,059 | 95,659 | 21,202 | 116,861 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 1,103 | 0 | 2,793 | 3,896 | 0 | 3,896 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 6,213 | 26,450 | 39,302 | 16,627 | 111 | 10,852 | 99,555 | 21,202 | 120,757 | ||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Closed end first mortgage loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 5,795 | 10,782 | 12,147 | 10,249 | 4,647 | 6,286 | 49,906 | 4,607 | 54,513 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 535 | 0 | 0 | 535 | 0 | 535 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 96 | 131 | 0 | 263 | 490 | 0 | 490 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 29,953 | 53,199 | 40,652 | 17,810 | 4,440 | 27,166 | 173,220 | 0 | 173,220 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 35,748 | 63,981 | 52,895 | 28,725 | 9,087 | 33,715 | 224,151 | 4,607 | 228,758 | ||||||||||||||||||||||||||||||||||||||||||||
Closed end first mortgage loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Open end and junior lien loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 318 | 136 | 516 | 345 | 0 | 26 | 1,341 | 8,803 | 10,144 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 28 | 48 | 76 | 133 | 209 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 13,104 | 36,410 | 10,690 | 2,105 | 2,824 | 2,483 | 67,616 | 107,610 | 175,226 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 13,422 | 36,546 | 11,206 | 2,450 | 2,852 | 2,557 | 69,033 | 116,546 | 185,579 | ||||||||||||||||||||||||||||||||||||||||||||
Open end and junior lien loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 14 | 0 | 0 | 0 | 14 | 0 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
Residential construction loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 1,041 | 13,374 | 1,604 | 871 | 276 | 1,321 | 18,487 | 0 | 18,487 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 1,041 | 13,374 | 1,604 | 871 | 276 | 1,321 | 18,487 | 0 | 18,487 | ||||||||||||||||||||||||||||||||||||||||||||
Residential construction loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,955 | 827 | 1,586 | 383 | 0 | 0 | 4,751 | 16,589 | 21,340 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 5 | 0 | 5 | 0 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 14,116 | 20,994 | 12,049 | 7,402 | 2,411 | 2,762 | 59,734 | 10,832 | 70,566 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 16,071 | 21,821 | 13,635 | 7,785 | 2,416 | 2,762 | 64,490 | 27,421 | 91,911 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans: |
Current period gross write offs | 0 | 191 | 91 | 6 | 212 | 1 | 501 | 120 | 621 | ||||||||||||||||||||||||||||||||||||||||||||
Total period gross write offs | 0 | 5,591 | 105 | 6 | 330 | 1 | 6,033 | 253 | 6,286 | ||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 498,867 | $ | 834,003 | $ | 606,781 | $ | 513,510 | $ | 263,486 | $ | 354,007 | $ | 3,070,654 | $ | 1,791,606 | $ | 4,862,260 |
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Term Total | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Working capital lines of credit loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,207 | $ | 2,718 | $ | 1,601 | $ | 0 | $ | 0 | $ | 0 | $ | 6,526 | $ | 597,108 | $ | 603,634 | |||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36,410 | 36,410 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 200 | 0 | 0 | 300 | 0 | 0 | 500 | 10,495 | 10,995 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 2,407 | 2,718 | 1,601 | 300 | 0 | 0 | 7,026 | 644,013 | 651,039 | ||||||||||||||||||||||||||||||||||||||||||||
Non-working capital loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 272,273 | 124,600 | 91,850 | 47,711 | 9,981 | 13,670 | 560,085 | 240,490 | 800,575 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 448 | 1,620 | 0 | 109 | 159 | 2,961 | 5,297 | 2,153 | 7,450 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 11,831 | 872 | 5,021 | 194 | 1,351 | 3,979 | 23,248 | 4,171 | 27,419 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 2,891 | 1,550 | 1,254 | 413 | 120 | 23 | 6,251 | 0 | 6,251 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 287,443 | 128,642 | 98,125 | 48,427 | 11,611 | 20,633 | 594,881 | 246,814 | 841,695 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 26,889 | 19,944 | 14,026 | 356 | 0 | 0 | 61,215 | 453,953 | 515,168 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 26,889 | 19,944 | 14,026 | 356 | 0 | 0 | 61,215 | 453,953 | 515,168 | ||||||||||||||||||||||||||||||||||||||||||||
Owner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 113,656 | 179,014 | 139,880 | 97,353 | 65,519 | 97,335 | 692,757 | 40,533 | 733,290 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 2,960 | 7,608 | 0 | 446 | 1,491 | 8,054 | 20,559 | 0 | 20,559 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 308 | 105 | 1,491 | 373 | 1,161 | 229 | 3,667 | 0 | 3,667 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 116,924 | 186,727 | 141,371 | 98,172 | 68,171 | 105,618 | 716,983 | 40,533 | 757,516 | ||||||||||||||||||||||||||||||||||||||||||||
Nonowner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 194,294 | 125,190 | 134,661 | 91,907 | 15,109 | 64,874 | 626,035 | 68,603 | 694,638 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 11,024 | 0 | 0 | 0 | 0 | 11,024 | 0 | 11,024 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 194,294 | 136,214 | 134,661 | 91,907 | 15,109 | 64,874 | 637,059 | 68,603 | 705,662 | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 38,460 | 25,741 | 36,929 | 35,695 | 2,046 | 28,866 | 167,737 | 7,349 | 175,086 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 21,855 | 0 | 0 | 0 | 0 | 0 | 21,855 | 0 | 21,855 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 60,315 | 25,741 | 36,929 | 35,695 | 2,046 | 28,866 | 189,592 | 7,349 | 196,941 | ||||||||||||||||||||||||||||||||||||||||||||
Agri-business and agricultural loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans secured by farmland: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 38,344 | 28,684 | 29,741 | 9,656 | 8,145 | 19,638 | 134,208 | 63,094 | 197,302 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 260 | 0 | 1,676 | 1,780 | 0 | 15 | 3,731 | 0 | 3,731 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 145 | 145 | 0 | 145 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 38,604 | 28,684 | 31,417 | 11,436 | 8,145 | 19,798 | 138,084 | 63,094 | 201,178 | ||||||||||||||||||||||||||||||||||||||||||||
Loans for agricultural production: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 6,040 | 30,262 | 22,167 | 3,625 | 9,248 | 4,539 | 75,881 | 143,599 | 219,480 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 947 | 243 | 7,262 | 928 | 0 | 0 | 9,380 | 2,129 | 11,509 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 6,987 | 30,505 | 29,429 | 4,553 | 9,248 | 4,539 | 85,261 | 145,728 | 230,989 | ||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 27,097 | 4,815 | 17,911 | 147 | 931 | 10,985 | 61,886 | 48,295 | 110,181 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 3,160 | 3,160 | 0 | 3,160 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 27,097 | 4,815 | 17,911 | 147 | 931 | 14,145 | 65,046 | 48,295 | 113,341 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Closed end first mortgage loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 8,768 | 12,809 | 12,289 | 4,805 | 4,045 | 3,860 | 46,576 | 5,634 | 52,210 |
Special Mention | 0 | 0 | 552 | 0 | 0 | 0 | 552 | 0 | 552 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 83 | 1,944 | 2,027 | 0 | 2,027 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 57,404 | 44,331 | 20,023 | 5,936 | 2,970 | 27,004 | 157,668 | 0 | 157,668 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 66,172 | 57,140 | 32,864 | 10,741 | 7,098 | 32,808 | 206,823 | 5,634 | 212,457 | ||||||||||||||||||||||||||||||||||||||||||||
Open end and junior lien loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 137 | 541 | 357 | 63 | 75 | 0 | 1,173 | 5,841 | 7,014 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 31 | 49 | 0 | 80 | 111 | 191 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 44,472 | 13,597 | 3,014 | 3,616 | 1,476 | 2,252 | 68,427 | 101,750 | 170,177 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 44,609 | 14,138 | 3,371 | 3,710 | 1,600 | 2,252 | 69,680 | 107,702 | 177,382 | ||||||||||||||||||||||||||||||||||||||||||||
Residential construction loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 14,463 | 2,167 | 897 | 291 | 129 | 1,223 | 19,170 | 0 | 19,170 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 14,463 | 2,167 | 897 | 291 | 129 | 1,223 | 19,170 | 0 | 19,170 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,344 | 1,841 | 432 | 600 | 0 | 948 | 5,165 | 16,152 | 21,317 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 210 | 0 | 0 | 210 | 0 | 210 | ||||||||||||||||||||||||||||||||||||||||||||
Not Rated | 24,395 | 14,563 | 9,168 | 3,606 | 2,755 | 1,352 | 55,839 | 10,492 | 66,331 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 25,739 | 16,404 | 9,600 | 4,416 | 2,755 | 2,300 | 61,214 | 26,644 | 87,858 | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL | $ | 911,943 | $ | 653,839 | $ | 552,202 | $ | 310,151 | $ | 126,843 | $ | 297,056 | $ | 2,852,034 | $ | 1,858,362 | $ | 4,710,396 |
Special | Not | ||||||||||
(dollars in thousands) | Pass | Mention | Substandard | Doubtful | Rated | Total | |||||
Commercial and industrial loans: | |||||||||||
Working capital lines of credit loans | $ 577,208 | $ 17,636 | $ 29,396 | $ 0 | $ 122 | $ 624,362 | |||||
Non-working capital loans | 583,135 | 32,587 | 24,405 | 0 | 3,969 | 644,096 | |||||
Commercial real estate and multi- | |||||||||||
family residential loans: | |||||||||||
Construction and land development loans | 242,964 | 1,447 | 0 | 0 | 0 | 244,411 | |||||
Owner occupied loans | 444,143 | 10,285 | 14,959 | 0 | 0 | 469,387 | |||||
Nonowner occupied loans | 451,390 | 4,550 | 2,062 | 0 | 0 | 458,002 | |||||
Multifamily loans | 127,219 | 263 | 0 | 0 | 0 | 127,482 | |||||
Agri-business and agricultural loans: | |||||||||||
Loans secured by farmland | 168,660 | 3,689 | 283 | 0 | 0 | 172,632 | |||||
Loans for agricultural production | 218,581 | 3,691 | 0 | 0 | 0 | 222,272 | |||||
Other commercial loans | 98,261 | 0 | 0 | 0 | 4 | 98,265 | |||||
Consumer 1-4 family mortgage loans: | |||||||||||
Closed end first mortgage loans | 44,687 | 126 | 1,232 | 0 | 116,792 | 162,837 | |||||
Open end and junior lien loans | 7,028 | 0 | 0 | 0 | 163,987 | 171,015 | |||||
Residential construction loans | 0 | 0 | 0 | 0 | 14,983 | 14,983 | |||||
Other consumer loans | 17,717 | 0 | 55 | 0 | 43,411 | 61,183 | |||||
Total | $ 2,980,993 | $ 74,274 | $ 72,392 | $ 0 | $ 343,268 | $ 3,470,927 | |||||
(dollars in thousands) | Loans Not Past Due | 30-89 Days Past Due | Greater than 89 Days Past Due and Accruing | Total Accruing | Total Nonaccrual | Nonaccrual With No Allowance For Credit Loss | Total | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 612,932 | $ | 373 | $ | 0 | $ | 607,884 | $ | 5,421 | $ | 75 | $ | 618,726 | ||||||||||||||||||||||||||||||
Non-working capital loans | 841,990 | 0 | 0 | 833,149 | 8,841 | 695 | 850,831 | |||||||||||||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||||||||||||||||||||
Construction and land development loans | 588,103 | 0 | 0 | 588,103 | 0 | 0 | 588,103 | |||||||||||||||||||||||||||||||||||||
Owner occupied loans | 802,589 | 0 | 0 | 799,666 | 2,923 | 1,440 | 805,512 | |||||||||||||||||||||||||||||||||||||
Nonowner occupied loans | 724,246 | 0 | 0 | 724,246 | 0 | 0 | 724,246 | |||||||||||||||||||||||||||||||||||||
Multifamily loans | 254,304 | 0 | 0 | 254,304 | 0 | 0 | 254,304 | |||||||||||||||||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||||||||||||||||||||
Loans secured by farmland | 176,635 | 41 | 0 | 176,561 | 115 | 0 | 176,791 | |||||||||||||||||||||||||||||||||||||
Loans for agricultural production | 198,255 | 0 | 0 | 198,255 | 0 | 0 | 198,255 | |||||||||||||||||||||||||||||||||||||
Other commercial loans | 120,757 | 0 | 0 | 120,757 | 0 | 0 | 120,757 | |||||||||||||||||||||||||||||||||||||
Consumer 1‑4 family mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||
Closed end first mortgage loans | 227,988 | 268 | 8 | 227,770 | 494 | 343 | 228,758 | |||||||||||||||||||||||||||||||||||||
Open end and junior lien loans | 185,060 | 312 | 0 | 185,165 | 207 | 207 | 185,579 | |||||||||||||||||||||||||||||||||||||
Residential construction loans | 18,487 | 0 | 0 | 18,487 | 0 | 0 | 18,487 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 91,694 | 213 | 0 | 91,903 | 4 | 4 | 91,911 | |||||||||||||||||||||||||||||||||||||
Total | $ | 4,843,040 | $ | 1,207 | $ | 8 | $ | 4,826,250 | $ | 18,005 | $ | 2,764 | $ | 4,862,260 |
(dollars in thousands) | Loans Not Past Due | 30-89 Days Past Due | Greater than 89 Days Past Due and Accruing | Total Accruing | Total Nonaccrual | Nonaccrual With No Allowance For Credit Loss | Total | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 649,529 | $ | 68 | $ | 0 | $ | 649,597 | $ | 1,442 | $ | 0 | $ | 651,039 | ||||||||||||||||||||||||||||||
Non-working capital loans | 830,033 | 39 | 1 | 830,073 | 11,622 | 727 | 841,695 | |||||||||||||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||||||||||||||||||||
Construction and land development loans | 515,168 | 0 | 0 | 515,168 | 0 | 0 | 515,168 | |||||||||||||||||||||||||||||||||||||
Owner occupied loans | 754,451 | 0 | 0 | 754,451 | 3,065 | 1,469 | 757,516 | |||||||||||||||||||||||||||||||||||||
Nonowner occupied loans | 705,662 | 0 | 0 | 705,662 | 0 | 0 | 705,662 | |||||||||||||||||||||||||||||||||||||
Multifamily loans | 196,941 | 0 | 0 | 196,941 | 0 | 0 | 196,941 | |||||||||||||||||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||||||||||||||||||||
Loans secured by farmland | 201,033 | 0 | 0 | 201,033 | 145 | 0 | 201,178 | |||||||||||||||||||||||||||||||||||||
Loans for agricultural production | 230,989 | 0 | 0 | 230,989 | 0 | 0 | 230,989 | |||||||||||||||||||||||||||||||||||||
Other commercial loans | 113,341 | 0 | 0 | 113,341 | 0 | 0 | 113,341 | |||||||||||||||||||||||||||||||||||||
Consumer 1‑4 family mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||
Closed end first mortgage loans | 211,736 | 306 | 122 | 212,164 | 293 | 225 | 212,457 | |||||||||||||||||||||||||||||||||||||
Open end and junior lien loans | 176,758 | 436 | 0 | 177,194 | 188 | 188 | 177,382 | |||||||||||||||||||||||||||||||||||||
Residential construction loans | 19,170 | 0 | 0 | 19,170 | 0 | 0 | 19,170 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 87,333 | 316 | 0 | 87,649 | 209 | 6 | 87,858 | |||||||||||||||||||||||||||||||||||||
Total | $ | 4,692,144 | $ | 1,165 | $ | 123 | $ | 4,693,432 | $ | 16,964 | $ | 2,615 | $ | 4,710,396 |
June 30, 2023 | ||||||||||||||||||||||||||
(dollars in thousands) | Real Estate | General Business Assets | Other | Total | ||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 50 | $ | 5,221 | $ | 0 | $ | 5,271 | ||||||||||||||||||
Non-working capital loans | 474 | 8,043 | 229 | 8,746 | ||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 638 | 1,483 | 1,161 | 3,282 | ||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 0 | 115 | 0 | 115 | ||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 494 | 0 | 0 | 494 | ||||||||||||||||||||||
Open end and junior lien loans | 207 | 0 | 0 | 207 | ||||||||||||||||||||||
Other consumer loans | 0 | 0 | 4 | 4 | ||||||||||||||||||||||
Total | $ | 1,863 | $ | 14,862 | $ | 1,394 | $ | 18,119 |
December 31, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | Real Estate | General Business Assets | Other | Total | ||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 50 | $ | 5,402 | $ | 0 | $ | 5,452 | ||||||||||||||||||
Non-working capital loans | 544 | 18,109 | 229 | 18,882 | ||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 413 | 1,491 | 1,161 | 3,065 | ||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 0 | 145 | 0 | 145 | ||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||||
Closed end first mortgage loans | 2,030 | 0 | 0 | 2,030 | ||||||||||||||||||||||
Open end and junior lien loans | 188 | 0 | 0 | 188 | ||||||||||||||||||||||
Other consumer loans | 0 | 0 | 7 | 7 | ||||||||||||||||||||||
Total | $ | 3,225 | $ | 25,147 | $ | 1,397 | $ | 29,769 |
(dollars in thousands) | Combination Principal Forgiveness, Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | ||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||
Commercial and industrial loans: | ||||||||||||||
Non-working capital loans | $ | 1,600 | 0.20 | % | ||||||||||
(dollars in thousands) | Combination Principal Forgiveness, Term Extension and Interest Rate Reduction | Total Class of Financing Receivable | ||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||
Commercial and industrial loans: | ||||||||||||||
Non-working capital loans | $ | 1,600 | 0.20 | % | ||||||||||
(dollars in thousands) | Principal Forgiveness | Weighted-Average Interest Rate Reduction | Weighted-Average Term Extension | Total Class of Financing Receivable | ||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Non-working capital loans | $ | 9,380 | Prime+0.75% reduced to 1.00% Fixed | 260 months | 0.20 | % | ||||||||||||||||||||
(dollars in thousands) | Principal Forgiveness | Weighted-Average Interest Rate Reduction | Weighted-Average Term Extension | Total Class of Financing Receivable | ||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Non-working capital loans | $ | 9,380 | Prime+0.75% reduced to 1.00% Fixed | 260 months | 0.20 | % | ||||||||||||||||||||
September 30, 2017 | June 30, 2023 | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Assets | Fair Value Measurements Using | Assets at Fair Value | ||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | (dollars in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Assets: | Assets: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ 1,008 | $ 0 | $ 0 | $ 1,008 | U.S. Treasury securities | $ | 3,232 | $ | 0 | $ | 0 | $ | 3,232 | ||||||||||||||||||||
U.S. government sponsored agency securities | 0 | 5,433 | 0 | 5,433 | U.S. government sponsored agency securities | 0 | 122,086 | 0 | 122,086 | ||||||||||||||||||||||||
Mortgage-backed securities | 0 | 357,009 | 0 | 357,009 | |||||||||||||||||||||||||||||
Mortgage-backed securities: residential | Mortgage-backed securities: residential | 0 | 462,033 | 0 | 462,033 | ||||||||||||||||||||||||||||
State and municipal securities | 0 | 172,479 | 618 | 173,097 | State and municipal securities | 0 | 471,701 | 3,017 | 474,718 | ||||||||||||||||||||||||
Total Securities | 1,008 | 534,921 | 618 | 536,547 | |||||||||||||||||||||||||||||
Total securities available-for-sale | Total securities available-for-sale | 3,232 | 1,055,820 | 3,017 | 1,062,069 | ||||||||||||||||||||||||||||
Mortgage banking derivative | 0 | 251 | 0 | 251 | Mortgage banking derivative | 0 | 68 | 0 | 68 | ||||||||||||||||||||||||
Interest rate swap derivative | 0 | 2,672 | 0 | 2,672 | Interest rate swap derivative | 0 | 35,660 | 0 | 35,660 | ||||||||||||||||||||||||
Total assets | $ 1,008 | $ 537,844 | $ 618 | $ 539,470 | Total assets | $ | 3,232 | $ | 1,091,548 | $ | 3,017 | $ | 1,097,797 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Mortgage banking derivative | 0 | 3 | 0 | 3 | |||||||||||||||||||||||||||||
Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swap derivative | 0 | 2,825 | 0 | 2,825 | Interest rate swap derivative | 0 | 35,661 | 0 | 35,661 | ||||||||||||||||||||||||
Total liabilities | $ 0 | $ 2,828 | $ 0 | $ 2,828 | Total liabilities | $ | 0 | $ | 35,661 | $ | 0 | $ | 35,661 | ||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ 1,003 | $ 0 | $ 0 | $ 1,003 | |||||||||||||||||||||||||||||
U.S. government sponsored agency securities | 0 | 6,241 | 0 | 6,241 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 0 | 351,568 | 0 | 351,568 | |||||||||||||||||||||||||||||
State and municipal securities | 0 | 144,709 | 670 | 145,379 | |||||||||||||||||||||||||||||
Total Securities | 1,003 | 502,518 | 670 | 504,191 | |||||||||||||||||||||||||||||
Mortgage banking derivative | 0 | 314 | 0 | 314 | |||||||||||||||||||||||||||||
Interest rate swap derivative | 0 | 2,645 | 0 | 2,645 | |||||||||||||||||||||||||||||
Total assets | $ 1,003 | $ 505,477 | $ 670 | $ 507,150 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Mortgage banking derivative | 0 | 14 | 0 | 14 | |||||||||||||||||||||||||||||
Interest rate swap derivative | 0 | 2,735 | 0 | 2,735 | |||||||||||||||||||||||||||||
Total liabilities | $ 0 | $ 2,749 | $ 0 | $ 2,749 | |||||||||||||||||||||||||||||
State and Municipal Securities | |||||||
(dollars in thousands) | 2017 | 2016 | |||||
Balance of recurring Level 3 assets at January 1 | $ 670 | $ 551 | |||||
Transfers into Level 3 | 0 | 339 | |||||
Changes in fair value of securities | |||||||
included in other comprehensive income | (7) | 0 | |||||
Principal payments | (45) | (210) | |||||
Balance of recurring Level 3 assets at September 30 | $ 618 | $ 680 | |||||
December 31, 2022 | ||||||||||||||||||||||||||
Fair Value Measurements Using | Assets at Fair Value | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,034 | $ | 0 | $ | 0 | $ | 3,034 | ||||||||||||||||||
U.S. government sponsored agency securities | 0 | 126,961 | 0 | 126,961 | ||||||||||||||||||||||
Mortgage-backed securities: residential | 0 | 492,308 | 0 | 492,308 | ||||||||||||||||||||||
State and municipal securities | 0 | 561,150 | 2,075 | 563,225 | ||||||||||||||||||||||
Total securities available-for-sale | 3,034 | 1,180,419 | 2,075 | 1,185,528 | ||||||||||||||||||||||
Mortgage banking derivative | 0 | 43 | 0 | 43 | ||||||||||||||||||||||
Interest rate swap derivative | 0 | 36,920 | 0 | 36,920 | ||||||||||||||||||||||
Total assets | $ | 3,034 | $ | 1,217,382 | $ | 2,075 | $ | 1,222,491 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swap derivative | 0 | 36,921 | 0 | 36,921 | ||||||||||||||||||||||
Total liabilities | $ | 0 | $ | 36,921 | $ | 0 | $ | 36,921 |
September 30, 2017 | |||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||
Working capital lines of credit loans | $ 0 | $ 0 | $ 1,425 | $ 1,425 | |||||||||||||||||||||||||||||
Non-working capital loans | 0 | 0 | 2,086 | 2,086 | |||||||||||||||||||||||||||||
Commercial real estate and multi-family | |||||||||||||||||||||||||||||||||
residential loans: | |||||||||||||||||||||||||||||||||
Owner occupied loans | 0 | 0 | 1,142 | 1,142 | |||||||||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||||||||||||||||||
Open end and junior lien loans | 0 | 0 | 201 | 201 | |||||||||||||||||||||||||||||
Total impaired loans | $ 0 | $ 0 | $ 4,854 | $ 4,854 | |||||||||||||||||||||||||||||
Other real estate owned | 0 | 0 | 75 | 75 | |||||||||||||||||||||||||||||
Total assets | $ 0 | $ 0 | $ 4,929 | $ 4,929 | |||||||||||||||||||||||||||||
December 31, 2016 | June 30, 2023 | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Assets | Fair Value Measurements Using | Assets at Fair Value | ||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | at Fair Value | (dollars in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||
Collateral dependent loans: | Collateral dependent loans: | ||||||||||||||||||||||||||||||||
Commercial and industrial loans: | Commercial and industrial loans: | ||||||||||||||||||||||||||||||||
Working capital lines of credit loans | $ 0 | $ 0 | $ 621 | $ 621 | Working capital lines of credit loans | $ | 0 | $ | 0 | $ | 2,644 | $ | 2,644 | ||||||||||||||||||||
Non-working capital loans | 0 | 0 | 3,889 | 3,889 | Non-working capital loans | 0 | 0 | 3,139 | 3,139 | ||||||||||||||||||||||||
Commercial real estate and multi-family | |||||||||||||||||||||||||||||||||
residential loans: | |||||||||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||||||||
Owner occupied loans | 0 | 0 | 1,195 | 1,195 | Owner occupied loans | 0 | 0 | 326 | 326 | ||||||||||||||||||||||||
Consumer 1-4 family mortgage loans: | |||||||||||||||||||||||||||||||||
Closed end first mortgage loans | 0 | 0 | 62 | 62 | |||||||||||||||||||||||||||||
Total impaired loans | $ 0 | $ 0 | $ 5,767 | $ 5,767 | |||||||||||||||||||||||||||||
Agri-business and agricultural loans: | Agri-business and agricultural loans: | ||||||||||||||||||||||||||||||||
Loans secured by farmland | Loans secured by farmland | 0 | 0 | 25 | 25 | ||||||||||||||||||||||||||||
Total collateral dependent loans | Total collateral dependent loans | 0 | 0 | 6,134 | 6,134 | ||||||||||||||||||||||||||||
Other real estate owned | 0 | 0 | 75 | 75 | Other real estate owned | 0 | 0 | 384 | 384 | ||||||||||||||||||||||||
Total assets | $ 0 | $ 0 | $ 5,842 | $ 5,842 | Total assets | $ | 0 | $ | 0 | $ | 6,518 | $ | 6,518 | ||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Fair Value Measurements Using | Assets at Fair Value | |||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Working capital lines of credit loans | $ | 0 | $ | 0 | $ | 3,178 | $ | 3,178 | ||||||||||||||||||
Non-working capital loans | 0 | 0 | 8,354 | 8,354 | ||||||||||||||||||||||
Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||||
Owner occupied loans | 0 | 0 | 425 | 425 | ||||||||||||||||||||||
Agri-business and agricultural loans: | ||||||||||||||||||||||||||
Loans secured by farmland | 0 | 0 | 35 | 35 | ||||||||||||||||||||||
Total collateral dependent loans | 0 | 0 | 11,992 | 11,992 | ||||||||||||||||||||||
Other real estate owned | 0 | 0 | 100 | 100 | ||||||||||||||||||||||
Total assets | $ | 0 | $ | 0 | $ | 12,092 | $ | 12,092 |
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | |||||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,783 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 62 | % | 25%-99% | |||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans | 326 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 78 | % | |||||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||||||||
Agri-business and agricultural | 25 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 78 | % | |||||||||||||||||||||||||||
Other real estate owned | 384 | Appraisals | Discount to reflect current market conditions and ultimate collectability | 36 | % | |||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | |||||
Impaired loans: | ||||||||||
Commercial and industrial | $ 3,511 | Collateral based | Discount to reflect | 38% | (23% - 100%) | |||||
measurements | current market conditions | |||||||||
and ultimate collectability | ||||||||||
Impaired loans: | ||||||||||
Commercial real estate and | 1,142 | Collateral based | Discount to reflect | 38% | (3% - 59%) | |||||
multi-family residential loans | measurements | current market conditions | ||||||||
and ultimate collectability | ||||||||||
Impaired loans: | ||||||||||
Consumer 1-4 family mortgage | 201 | Collateral based | Discount to reflect | 17% | ||||||
measurements | current market conditions | |||||||||
and ultimate collectability | ||||||||||
Other real estate owned | 75 | Appraisals | Discount to reflect | 49% | ||||||
current market conditions |
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | |||||
Impaired loans: | ||||||||||
Commercial and industrial | $ 4,510 | Collateral based | Discount to reflect | 44% | (22% - 100%) | |||||
measurements | current market conditions | |||||||||
and ultimate collectability | ||||||||||
Impaired loans: | ||||||||||
Commercial real estate | 1,195 | Collateral based | Discount to reflect | 30% | (6% - 59%) | |||||
measurements | current market conditions | |||||||||
and ultimate collectability | ||||||||||
Impaired loans: | ||||||||||
Consumer 1-4 family mortgage | 62 | Collateral based | Discount to reflect | 15% | ||||||
measurements | current market conditions | |||||||||
and ultimate collectability | ||||||||||
Other real estate owned | 75 | Appraisals | Discount to reflect | 49% | ||||||
current market conditions | ||||||||||
(dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Average | Range of Inputs | |||||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 11,532 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 62 | % | 29%-99% | |||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||||||||
Commercial real estate and multi-family residential loans | 425 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 57 | % | 37%-76% | ||||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||||||||
Agri-business and agricultural | 35 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectability | 76 | % | |||||||||||||||||||||||||||
Other real estate owned | 100 | Appraisals | Discount to reflect current market conditions and ultimate collectability | 68 | % | |||||||||||||||||||||||||||
September 30, 2017 | |||||||||
Carrying | Estimated Fair Value | ||||||||
(dollars in thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||
Financial Assets: | |||||||||
Cash and cash equivalents | $ 129,833 | $ 127,698 | $ 2,134 | $ 0 | $ 129,832 | ||||
Securities available for sale | 536,547 | 1,008 | 534,921 | 618 | 536,547 | ||||
Real estate mortgages held for sale | 4,456 | 0 | 4,533 | 0 | 4,533 | ||||
Loans, net | 3,589,755 | 0 | 0 | 3,559,890 | 3,559,890 | ||||
Federal Home Loan Bank stock | 10,352 | N/A | N/A | N/A | N/A | ||||
Federal Reserve Bank stock | 3,420 | N/A | N/A | N/A | N/A | ||||
Accrued interest receivable | 13,123 | 8 | 2,564 | 10,551 | 13,123 | ||||
Financial Liabilities: | |||||||||
Certificates of deposit | (1,392,089) | 0 | (1,398,348) | 0 | (1,398,348) | ||||
All other deposits | (2,481,901) | (2,481,901) | 0 | 0 | (2,481,901) | ||||
Securities sold under agreements | |||||||||
to repurchase | (63,888) | 0 | (63,888) | 0 | (63,888) | ||||
Other short-term borrowings | 0 | 0 | 0 | 0 | 0 | ||||
Long-term borrowings | (30) | 0 | (31) | 0 | (31) | ||||
Subordinated debentures | (30,928) | 0 | 0 | (31,202) | (31,202) | ||||
Standby letters of credit | (669) | 0 | 0 | (669) | (669) | ||||
Accrued interest payable | (5,439) | (134) | (5,301) | (4) | (5,439) | ||||
December 31, 2016 | |||||||||
Carrying | Estimated Fair Value | ||||||||
(dollars in thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||
Financial Assets: | |||||||||
Cash and cash equivalents | $ 167,280 | $ 165,385 | $ 1,899 | $ 0 | $ 167,284 | ||||
Securities available for sale | 504,191 | 1,003 | 502,518 | 670 | 504,191 | ||||
Real estate mortgages held for sale | 5,915 | 0 | 5,994 | 0 | 5,994 | ||||
Loans, net | 3,427,209 | 0 | 0 | 3,411,121 | 3,411,121 | ||||
Federal Home Loan Bank stock | 8,102 | N/A | N/A | N/A | N/A | ||||
Federal Reserve Bank stock | 3,420 | N/A | N/A | N/A | N/A | ||||
Accrued interest receivable | 11,687 | 3 | 2,688 | 8,996 | 11,687 | ||||
Financial Liabilities: | |||||||||
Certificates of deposit | (1,163,818) | 0 | (1,169,905) | 0 | (1,169,905) | ||||
All other deposits | (2,414,094) | (2,414,094) | 0 | 0 | (2,414,094) | ||||
Securities sold under agreements | |||||||||
to repurchase | (50,045) | 0 | (50,045) | 0 | (50,045) | ||||
Other short-term borrowings | (180,000) | 0 | (180,005) | 0 | (180,005) | ||||
Long-term borrowings | (32) | 0 | (34) | 0 | (34) | ||||
Subordinated debentures | (30,928) | 0 | 0 | (31,194) | (31,194) | ||||
Standby letters of credit | (323) | 0 | 0 | (323) | (323) | ||||
Accrued interest payable | (5,676) | (93) | (5,580) | (3) | (5,676) | ||||
June 30, 2023 | ||||||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 173,137 | $ | 172,892 | $ | 245 | $ | 0 | $ | 173,137 | ||||||||||||||||||||||
Securities available-for-sale | 1,062,069 | 3,232 | 1,055,820 | 3,017 | 1,062,069 | |||||||||||||||||||||||||||
Securities held-to-maturity | 129,070 | 0 | 114,264 | 0 | 114,264 | |||||||||||||||||||||||||||
Real estate mortgages held-for-sale | 1,298 | 0 | 1,342 | 0 | 1,342 | |||||||||||||||||||||||||||
Loans, net | 4,790,202 | 0 | 0 | 4,606,769 | 4,606,769 | |||||||||||||||||||||||||||
Mortgage banking derivative | 68 | 0 | 68 | 0 | 68 | |||||||||||||||||||||||||||
Interest rate swap derivative | 35,660 | 0 | 35,660 | 0 | 35,660 | |||||||||||||||||||||||||||
Federal Reserve and Federal Home Loan Bank Stock | 21,420 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Accrued interest receivable | 27,398 | 0 | 8,859 | 18,539 | 27,398 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Certificates of deposit | 822,797 | 0 | 824,292 | 0 | 824,292 | |||||||||||||||||||||||||||
All other deposits | 4,600,262 | 4,600,262 | 0 | 0 | 4,600,262 | |||||||||||||||||||||||||||
Federal Home Loan Bank advances | 400,000 | 400,003 | 0 | 0 | 400,003 | |||||||||||||||||||||||||||
Interest rate swap derivative | 35,661 | 0 | 35,661 | 0 | 35,661 | |||||||||||||||||||||||||||
Standby letters of credit | 133 | 0 | 0 | 133 | 133 | |||||||||||||||||||||||||||
Accrued interest payable | 9,833 | 441 | 9,392 | 0 | 9,833 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 130,282 | $ | 129,069 | $ | 1,213 | $ | 0 | $ | 130,282 | ||||||||||||||||||||||
Securities available-for-sale | 1,185,528 | 3,034 | 1,180,419 | 2,075 | 1,185,528 | |||||||||||||||||||||||||||
Securities held-to-maturity | 128,242 | 0 | 111,029 | 0 | 111,029 | |||||||||||||||||||||||||||
Real estate mortgages held-for-sale | 357 | 0 | 372 | 0 | 372 | |||||||||||||||||||||||||||
Loans, net | 4,637,790 | 0 | 0 | 4,454,678 | 4,454,678 | |||||||||||||||||||||||||||
Mortgage banking derivative | 43 | 0 | 43 | 0 | 43 | |||||||||||||||||||||||||||
Interest rate swap derivative | 36,920 | 0 | 36,920 | 0 | 36,920 | |||||||||||||||||||||||||||
Federal Reserve and Federal Home Loan Bank Stock | 15,795 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Accrued interest receivable | 27,994 | 0 | 9,598 | 18,396 | 27,994 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Certificates of deposit | 626,186 | 0 | 621,206 | 0 | 621,206 | |||||||||||||||||||||||||||
All other deposits | 4,834,434 | 4,834,434 | 0 | 0 | 4,834,434 | |||||||||||||||||||||||||||
Federal Funds purchased | 22,000 | 22,000 | 0 | 0 | 22,000 | |||||||||||||||||||||||||||
Federal Home Loan Bank advances | 275,000 | 275,000 | 0 | 0 | 275,000 | |||||||||||||||||||||||||||
Interest rate swap derivative | 36,921 | 0 | 36,921 | 0 | 36,921 | |||||||||||||||||||||||||||
Standby letters of credit | 249 | 0 | 0 | 249 | 249 | |||||||||||||||||||||||||||
Accrued interest payable | 3,186 | 486 | 2,700 | 0 | 3,186 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Pension Benefits | SERP Benefits | Pension Benefits | SERP Benefits | ||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||
Interest cost | $ 26 | $ 27 | $ 10 | $ 10 | $ 78 | $ 79 | $ 30 | $ 34 | |||||||
Expected return on plan assets | (35) | (34) | (16) | (17) | (107) | (104) | (47) | (53) | |||||||
Recognized net actuarial (gain) loss | 46 | 33 | 20 | 20 | 139 | 101 | 60 | 60 | |||||||
Net pension expense (benefit) | $ 37 | $ 26 | $ 14 | $ 13 | $ 110 | $ 76 | $ 43 | $ 41 | |||||||
September 30, 2017 | |||||||||||
Gross | Net Amounts | ||||||||||
Gross | Amounts | of Assets | Gross Amounts Not | ||||||||
Amounts of | Offset in the | presented in | Offset in the Statement | ||||||||
Recognized | Statement of | the Statement | of Financial Position | ||||||||
Assets/ | Financial | of Financial | Financial | Cash | |||||||
(dollars in thousands) | Liabilities | Position | Position | Instruments | Received | Net | |||||
Assets | |||||||||||
Interest Rate Swap Derivatives | $ 2,672 | $ 0 | $ 2,672 | $ 0 | $ 0 | $ 2,672 | |||||
Total Assets | $ 2,672 | $ 0 | $ 2,672 | $ 0 | $ 0 | $ 2,672 | |||||
Liabilities | |||||||||||
Interest Rate Swap Derivatives | $ 2,825 | $ 0 | $ 2,825 | $ 0 | $ (2,200) | $ 625 | |||||
Repurchase Agreements | 63,888 | 0 | 63,888 | (63,888) | 0 | 0 | |||||
Total Liabilities | $ 66,713 | $ 0 | $ 66,713 | $ (63,888) | $ (2,200) | $ 625 | |||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts presented in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position | Net Amount | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Financial Instruments | Cash Collateral Position | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 35,660 | $ | 0 | $ | 35,660 | $ | 0 | $ | (27,965) | $ | 7,695 | ||||||||||||||||||||||||||
Total Assets | $ | 35,660 | $ | 0 | $ | 35,660 | $ | 0 | $ | (27,965) | $ | 7,695 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Derivatives | $ | 35,661 | $ | 0 | $ | 35,661 | $ | 0 | $ | (90) | $ | 35,571 | ||||||||||||||||||||||||||
Total Liabilities | $ | 35,661 | $ | 0 | $ | 35,661 | $ | 0 | $ | (90) | $ | 35,571 |
December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net Amounts | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Amounts | of Assets | Gross Amounts Not | ||||||||||||||||||||||||||||||||||||||||||||||
Amounts of | Offset in the | presented in | Offset in the Statement | ||||||||||||||||||||||||||||||||||||||||||||||
Recognized | Statement of | the Statement | of Financial Position | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Assets/ | Financial | of Financial | Financial | Cash | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts presented in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position | Net Amount | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Liabilities | Position | Position | Instruments | Received | Net | (dollars in thousands) | Financial Instruments | Cash Collateral Position | ||||||||||||||||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Derivatives | $ 2,645 | $ 0 | $ 2,645 | $ 0 | $ 0 | $ 2,645 | Interest Rate Swap Derivatives | $ | 36,920 | $ | 0 | $ | 36,920 | $ | 0 | $ | (34,185) | $ | 2,735 | ||||||||||||||||||||||||||||||
Total Assets | $ 2,645 | $ 0 | $ 2,645 | $ 0 | $ 0 | $ 2,645 | Total Assets | $ | 36,920 | $ | 0 | $ | 36,920 | $ | 0 | $ | (34,185) | $ | 2,735 | ||||||||||||||||||||||||||||||
Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swap Derivatives | $ 2,735 | $ 0 | $ 2,735 | $ 0 | $ (1,330) | $ 1,405 | Interest Rate Swap Derivatives | $ | 36,921 | $ | 0 | $ | 36,921 | $ | 0 | $ | (90) | $ | 36,831 | ||||||||||||||||||||||||||||||
Repurchase Agreements | 50,045 | 0 | 50,045 | (50,045) | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ 52,780 | $ 0 | $ 52,780 | $ (50,045) | $ (1,330) | $ 1,405 | Total Liabilities | $ | 36,921 | $ | 0 | $ | 36,921 | $ | 0 | $ | (90) | $ | 36,831 | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Weighted average shares outstanding for basic earnings per common share | 25,193,894 | 25,069,434 | 25,176,593 | 25,044,596 | Weighted average shares outstanding for basic earnings per common share | 25,607,663 | 25,527,896 | 25,595,412 | 25,521,618 | |||||||||||||||||||||
Dilutive effect of stock options, awards and warrants | 462,509 | 388,458 | 464,149 | 374,288 | ||||||||||||||||||||||||||
Dilutive effect of stock based awards | Dilutive effect of stock based awards | 78,691 | 169,681 | 100,958 | 178,290 | |||||||||||||||||||||||||
Weighted average shares outstanding for diluted earnings per common share | 25,656,403 | 25,457,892 | 25,640,742 | 25,418,884 | Weighted average shares outstanding for diluted earnings per common share | 25,686,354 | 25,697,577 | 25,696,370 | 25,699,908 | |||||||||||||||||||||
Basic earnings per common share | $ 0.63 | $ 0.54 | $ 1.82 | $ 1.54 | Basic earnings per common share | $ | 0.57 | $ | 1.00 | $ | 1.52 | $ | 1.93 | |||||||||||||||||
Diluted earnings per common share | $ 0.62 | $ 0.53 | $ 1.78 | $ 1.52 | Diluted earnings per common share | $ | 0.57 | $ | 1.00 | $ | 1.51 | $ | 1.92 | |||||||||||||||||
Unrealized | |||||||||||||||||||||||||
Gains and | |||||||||||||||||||||||||
Losses on | Defined | ||||||||||||||||||||||||
Available- | Benefit | ||||||||||||||||||||||||
for-Sales | Pension | ||||||||||||||||||||||||
(dollars in thousands) | Securities | Items | Total | (dollars in thousands) | Unrealized Gains and Losses on Available- for-Sales Securities | Defined Benefit Pension Items | Total | ||||||||||||||||||
Balance at December 31, 2016 | $ (722) | $ (1,665) | $ (2,387) | ||||||||||||||||||||||
Other comprehensive income before reclassification | 2,749 | 0 | 2,749 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (31) | 121 | 90 | ||||||||||||||||||||||
Net current period other comprehensive income | 2,718 | 121 | 2,839 | ||||||||||||||||||||||
Balance at September 30, 2017 | $ 1,996 | $ (1,544) | $ 452 | ||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||
Gains and | |||||||||||||||||||||||||
Losses on | Defined | ||||||||||||||||||||||||
Available- | Benefit | ||||||||||||||||||||||||
for-Sales | Pension | ||||||||||||||||||||||||
(dollars in thousands) | Securities | Items | Total | ||||||||||||||||||||||
Balance at December 31, 2015 | $ 3,836 | $ (1,694) | $ 2,142 | ||||||||||||||||||||||
Balance at April 1, 2023 | Balance at April 1, 2023 | $ | (166,612) | $ | (758) | $ | (167,370) | ||||||||||||||||||
Other comprehensive income (loss) before reclassification | (4,518) | (101) | (4,619) | Other comprehensive income (loss) before reclassification | (10,674) | 0 | (10,674) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (40) | 130 | 90 | Amounts reclassified from accumulated other comprehensive income (loss) | 388 | 11 | 399 | ||||||||||||||||||
Net current period other comprehensive income (loss) | (4,558) | 29 | (4,529) | Net current period other comprehensive income (loss) | (10,286) | 11 | (10,275) | ||||||||||||||||||
Balance at December 31, 2016 | $ (722) | $ (1,665) | $ (2,387) | ||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | (176,898) | $ | (747) | $ | (177,645) |
(dollars in thousands) | Unrealized Gains and Losses on Available- for-Sales Securities | Defined Benefit Pension Items | Total | |||||||||||||||||
Balance at April 1, 2022 | $ | (92,751) | $ | (936) | $ | (93,687) | ||||||||||||||
Other comprehensive income (loss) before reclassification | (65,179) | 0 | (65,179) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 305 | 27 | 332 | |||||||||||||||||
Net current period other comprehensive income (loss) | (64,874) | 27 | (64,847) | |||||||||||||||||
Balance at June 30, 2022 | $ | (157,625) | $ | (909) | $ | (158,534) |
(dollars in thousands) | Unrealized Gains and Losses on Available- for-Sales Securities | Defined Benefit Pension Items | Total | |||||||||||||||||
Balance at January 1, 2023 | $ | (188,154) | $ | (769) | $ | (188,923) | ||||||||||||||
Other comprehensive income (loss) before reclassification | 10,493 | 0 | 10,493 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 763 | 22 | 785 | |||||||||||||||||
Net current period other comprehensive income (loss) | 11,256 | 22 | 11,278 | |||||||||||||||||
Balance at June 30, 2023 | $ | (176,898) | $ | (747) | $ | (177,645) | ||||||||||||||
(dollars in thousands) | Unrealized Gains and Losses on Available- for-Sales Securities | Defined Benefit Pension Items | Total | |||||||||||||||||
Balance at January 1, 2022 | $ | 17,056 | $ | (963) | $ | 16,093 | ||||||||||||||
Other comprehensive income (loss) before reclassification | (174,986) | 0 | (174,986) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 305 | 54 | 359 | |||||||||||||||||
Net current period other comprehensive income (loss) | (174,681) | 54 | (174,627) | |||||||||||||||||
Balance at June 30, 2022 | $ | (157,625) | $ | (909) | $ | (158,534) |
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||
(dollars in thousands) | ||||||||||||||
Amortization of unrealized losses on held-to-maturity securities | $ | (494) | Interest income | |||||||||||
Realized gains and (losses) on available-for-sale securities | 3 | Net securities gains | ||||||||||||
Tax effect | 103 | Income tax expense | ||||||||||||
(388) | Net of tax | |||||||||||||
Amortization of defined benefit pension items | (15) | Other expense | ||||||||||||
Tax effect | 4 | Income tax expense | ||||||||||||
(11) | Net of tax | |||||||||||||
Total reclassifications for the period | $ | (399) | Net income |
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||
(dollars in thousands) | ||||||||||||||
Amortization of unrealized losses on held-to-maturity securities | $ | (386) | Interest income | |||||||||||
Tax effect | 81 | Income tax expense | ||||||||||||
(305) | Net of tax | |||||||||||||
Amortization of defined benefit pension items | (36) | Other expense | ||||||||||||
Tax effect | 9 | Income tax expense | ||||||||||||
(27) | Net of tax | |||||||||||||
Total reclassifications for the period | $ | (332) | Net income |
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Affected Line Item | ||||||||||||
in the Statement | ||||||||||||||
Where Net | ||||||||||||||
Income is Presented | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Amortization of unrealized losses on held-to-maturity securities | $ | (985) | Interest income | |||||||||||
Realized gains and | Net securities gains | |||||||||||||
Tax effect | Income tax expense | |||||||||||||
Net of tax | ||||||||||||||
Amortization of defined benefit pension items | Other expense | |||||||||||||
Tax effect | Income tax expense | |||||||||||||
Net of tax | ||||||||||||||
Total reclassifications for the period | $ | (785) | Net income | |||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Affected Line Item | ||||||||||||
in the Statement | ||||||||||||||
Where Net | ||||||||||||||
Income is Presented | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Amortization of unrealized losses on | $ | (386) | Interest income | |||||||||||
Tax effect | Income tax expense | |||||||||||||
Net of tax | ||||||||||||||
Amortization of defined benefit pension items | Other expense | |||||||||||||
Tax effect | Income tax expense | |||||||||||||
Net of tax | ||||||||||||||
Total reclassifications for the period | $ | (359) | Net income | |||||||||||
Years ending December 31, (in thousands) | Operating Lease Obligation | |||||||
2023 | $ | 365 | ||||||
2024 | 744 | |||||||
2025 | 756 | |||||||
2026 | 730 | |||||||
2027 | 753 | |||||||
2028 and thereafter | 2,185 | |||||||
Total undiscounted lease payments | 5,533 | |||||||
Less imputed interest | (534) | |||||||
Lease liability | $ | 4,999 | ||||||
Right-of-use asset | $ | 4,999 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Lease cost | ||||||||||||||||||||||||||
Operating lease cost | $ | 300 | $ | 163 | $ | 478 | $ | 333 | ||||||||||||||||||
Short-term lease cost | 4 | 8 | 8 | 14 | ||||||||||||||||||||||
Total lease cost | $ | 304 | $ | 171 | $ | 486 | $ | 347 | ||||||||||||||||||
Other information | ||||||||||||||||||||||||||
Operating cash outflows from operating leases | $ | 300 | $ | 163 | $ | 478 | $ | 333 | ||||||||||||||||||
Weighted-average remaining lease term - operating leases | 6.8 years | 8.5 years | 6.8 years | 8.5 years | ||||||||||||||||||||||
Weighted average discount rate - operating leases | 2.5 | % | 2.5 | % | 2.5 | % | 2.5 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Income Statement Summary: | Income Statement Summary: | ||||||||||||||||||||||||||||||||
Net interest income | $ 34,620 | $ 29,719 | $ 100,500 | $ 87,574 | Net interest income | $ | 48,524 | 48,678 | $ | 100,043 | $ | 93,558 | |||||||||||||||||||||
Provision for loan losses | 450 | 0 | 1,150 | 0 | |||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 800 | 0 | 5,150 | 417 | ||||||||||||||||||||||||||||
Noninterest income | 9,497 | 9,018 | 26,547 | 24,128 | Noninterest income | 11,501 | 10,492 | 21,815 | 21,179 | ||||||||||||||||||||||||
Noninterest expense | 20,269 | 18,759 | 59,669 | 54,589 | Noninterest expense | 42,734 | 27,913 | 72,168 | 54,882 | ||||||||||||||||||||||||
Other Data: | Other Data: | ||||||||||||||||||||||||||||||||
Efficiency ratio (1) | 45.94% | 48.43% | 46.97% | 48.87% | Efficiency ratio (1) | 71.19 | % | 47.17 | % | 59.22 | % | 47.83 | % | ||||||||||||||||||||
Dilutive EPS | $ 0.62 | $ 0.53 | $ 1.78 | $ 1.52 | |||||||||||||||||||||||||||||
Diluted EPS | Diluted EPS | $ | 0.57 | $ | 1.00 | $ | 1.51 | $ | 1.92 | ||||||||||||||||||||||||
Average Equity/Average Assets | Average Equity/Average Assets | 9.39 | % | 9.03 | % | 9.26 | % | 9.65 | % | ||||||||||||||||||||||||
Tangible capital ratio (2) | 10.32% | 10.11% | 10.32% | 10.11% | Tangible capital ratio (2) | 9.04 | 8.92 | 9.04 | 8.92 | ||||||||||||||||||||||||
Net charge-offs/(recoveries) to average loans | (0.05%) | 0.05% | (0.02%) | 0.03% | |||||||||||||||||||||||||||||
Adjusted tangible capital ratio (3) | Adjusted tangible capital ratio (3) | 11.37 | 11.08 | 11.37 | 11.08 | ||||||||||||||||||||||||||||
Net charge-offs to average loans | Net charge-offs to average loans | 0.00 | 0.00 | 0.24 | 0.03 | ||||||||||||||||||||||||||||
Net interest margin | 3.35% | 3.08% | 3.32% | 3.17% | Net interest margin | 3.28 | 3.26 | 3.41 | 3.09 | ||||||||||||||||||||||||
Noninterest income to total revenue | 21.53% | 23.28% | 20.90% | 21.60% | Noninterest income to total revenue | 19.16 | 17.73 | 17.90 | 18.46 | ||||||||||||||||||||||||
Pretax pre-provision earnings (4) | Pretax pre-provision earnings (4) | $ | 17,291 | $ | 31,257 | $ | 49,690 | $ | 59,855 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | |||
Total Equity | $ 462,516 | $ 427,380 | $ 462,516 | $ 427,380 | |||
Less: Goodwill | (4,970) | (4,970) | (4,970) | (4,970) | |||
Plus: Deferred tax assets related to goodwill | 1,860 | 1,832 | 1,860 | 1,832 | |||
Tangible Common Equity | 459,406 | 424,242 | 459,406 | 424,242 | |||
Total Assets | $ 4,454,236 | $ 4,197,320 | $ 4,454,236 | $ 4,197,320 | |||
Less: Goodwill | (4,970) | (4,970) | (4,970) | (4,970) | |||
Plus: Deferred tax assets related to goodwill | 1,860 | 1,832 | 1,860 | 1,832 | |||
Tangible Assets | 4,451,126 | 4,194,182 | 4,451,126 | 4,194,182 | |||
Tangible Common Equity/Tangible Assets | 10.32% | 10.11% | 10.32% | 10.11% |
As of and For The | As of and For The | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Total Equity | $ | 591,995 | $ | 562,063 | $ | 591,995 | $ | 562,063 | ||||||||||||||||||
Less: Goodwill | (4,970) | (4,970) | (4,970) | (4,970) | ||||||||||||||||||||||
Plus: Deferred Tax Assets Related to Goodwill | 1,167 | 1,167 | 1,167 | 1,167 | ||||||||||||||||||||||
Tangible Common Equity (A) | 588,192 | 558,260 | 588,192 | 558,260 | ||||||||||||||||||||||
AOCI Market Value Adjustment | 176,898 | 157,625 | 176,898 | 157,625 | ||||||||||||||||||||||
Adjusted Tangible Common Equity (C) | 765,090 | 715,885 | 765,090 | 715,885 | ||||||||||||||||||||||
Total Assets | $ | 6,509,546 | $ | 6,265,087 | $ | 6,509,546 | $ | 6,265,087 | ||||||||||||||||||
Less: Goodwill | (4,970) | (4,970) | (4,970) | (4,970) | ||||||||||||||||||||||
Plus: Deferred Tax Assets Related to Goodwill | 1,167 | 1,167 | 1,167 | 1,167 | ||||||||||||||||||||||
Tangible Assets (B) | 6,505,743 | 6,261,284 | 6,505,743 | 6,261,284 | ||||||||||||||||||||||
Securities Market Value Adjustment | 223,922 | 199,525 | 223,922 | 199,525 | ||||||||||||||||||||||
Adjusted Tangible Assets (D) | 6,729,665 | 6,460,809 | 6,729,665 | 6,460,809 | ||||||||||||||||||||||
Ending Common Shares Issued (E) | 25,607,663 | 25,527,896 | 25,607,663 | 25,527,896 | ||||||||||||||||||||||
Tangible Book Value per Common Share (A/E) | $ | 22.97 | $ | 21.87 | $ | 22.97 | $ | 21.87 | ||||||||||||||||||
Tangible Capital Ratio (A/B) | 9.04 | % | 8.92 | % | 9.04 | % | 8.92 | % | ||||||||||||||||||
Adjusted Tangible Capital Ratio (C/D) | 11.37 | 11.08 | 11.37 | 11.08 | ||||||||||||||||||||||
Net Interest Income | $ | 48,524 | $ | 48,678 | 100,043 | 93,558 | ||||||||||||||||||||
Noninterest Income | 11,501 | 10,492 | 21,815 | 21,179 | ||||||||||||||||||||||
Noninterest Expense | (42,734) | (27,913) | (72,168) | (54,882) | ||||||||||||||||||||||
Pretax Pre-Provision Earnings | $ | 17,291 | $ | 31,257 | $ | 49,690 | $ | 59,855 |
Three Months Ended | Six Months Ended | |||||||||||||
Jun. 30, 2023 | Jun. 30, 2023 | |||||||||||||
Noninterest Expense | $ | 42,734 | $ | 72,168 | ||||||||||
Less: Wire Fraud Loss | (18,058) | (18,058) | ||||||||||||
Plus: Salaries and Employee Benefits (5) | 1,850 | 1,850 | ||||||||||||
Adjusted Core Noninterest Expense | $ | 26,526 | $ | 55,960 | ||||||||||
Earnings Before Income Taxes | $ | 16,491 | $ | 44,540 | ||||||||||
Adjusted Core Noninterest Expense Impact | 16,208 | 16,208 | ||||||||||||
Adjusted Earnings Before Income Taxes | 32,699 | 60,748 | ||||||||||||
Tax Effect | (5,873) | (9,644) | ||||||||||||
Core Operational Profitability | $ | 26,826 | $ | 51,104 | ||||||||||
Core Operational Diluted Earnings Per Common Share | $ | 1.05 | $ | 1.99 | ||||||||||
Adjusted Core Efficiency Ratio | 44.19 | % | 45.92 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
(fully tax equivalent basis, dollars in thousands) | Average Balance | Interest | Yield (1)/ Rate | Average Balance | Interest | Yield (1)/ Rate | ||||||||||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||
Taxable (2)(3) | $ | 4,704,075 | $ | 144,589 | 6.20 | % | $ | 4,337,938 | $ | 83,873 | 3.90 | % | ||||||||||||||||||||||||||
Tax exempt (1) | 57,709 | 2,322 | 8.11 | 25,726 | 566 | 4.44 | ||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||||||
Securities (1) | 1,230,421 | 17,476 | 2.86 | 1,494,979 | 19,157 | 2.58 | ||||||||||||||||||||||||||||||||
Short-term investments | 2,275 | 48 | 4.25 | 2,223 | 3 | 0.27 | ||||||||||||||||||||||||||||||||
Interest bearing deposits | 87,529 | 1,951 | 4.49 | 413,048 | 726 | 0.35 | ||||||||||||||||||||||||||||||||
Total earning assets | $ | 6,082,009 | $ | 166,386 | 5.52 | % | $ | 6,273,914 | $ | 104,325 | 3.35 | % | ||||||||||||||||||||||||||
Less: Allowance for credit losses | (72,366) | (67,787) | ||||||||||||||||||||||||||||||||||||
Nonearning Assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 72,797 | 73,037 | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 58,657 | 59,143 | ||||||||||||||||||||||||||||||||||||
Other nonearning assets | 281,465 | 217,581 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,422,562 | $ | 6,555,888 | ||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 376,281 | $ | 137 | 0.07 | % | $ | 416,755 | $ | 156 | 0.08 | % | ||||||||||||||||||||||||||
Interest bearing checking accounts | 2,844,181 | 48,627 | 3.45 | 2,676,528 | 5,646 | 0.43 | ||||||||||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||||
In denominations under $100,000 | 189,734 | 1,789 | 1.90 | 193,873 | 653 | 0.68 | ||||||||||||||||||||||||||||||||
In denominations over $100,000 | 553,472 | 7,976 | 2.91 | 617,824 | 1,516 | 0.49 | ||||||||||||||||||||||||||||||||
Miscellaneous short-term borrowings | 213,990 | 5,130 | 4.83 | 13 | 0 | 0.00 | ||||||||||||||||||||||||||||||||
Long-term borrowings and subordinated debentures | 0 | 0 | 0.00 | 64,641 | 127 | 0.40 | ||||||||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 4,177,658 | $ | 63,659 | 3.07 | % | $ | 3,969,634 | $ | 8,098 | 0.41 | % | ||||||||||||||||||||||||||
Noninterest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 1,555,877 | 1,895,333 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 94,175 | 58,188 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 594,852 | 632,733 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 6,422,562 | $ | 6,555,888 | ||||||||||||||||||||||||||||||||||
Interest Margin Recap | ||||||||||||||||||||||||||||||||||||||
Interest income/average earning assets | 166,386 | 5.52 | % | 104,325 | 3.35 | % | ||||||||||||||||||||||||||||||||
Interest expense/average earning assets | 63,659 | 2.11 | 8,098 | 0.26 | ||||||||||||||||||||||||||||||||||
Net interest income and margin | $ | 102,727 | 3.41 | % | $ | 96,227 | 3.09 | % |
Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Average | Interest | Yield (1)/ | Average | Interest | Yield (1)/ | ||||||||
(fully tax equivalent basis, dollars in thousands) | Balance | Income | Rate | Balance | Income | Rate | |||||||
Earning Assets | |||||||||||||
Loans: | |||||||||||||
Taxable (2)(3) | $ 3,551,475 | $ 110,044 | 4.14 | % | $ 3,164,126 | $ 92,086 | 3.89 | % | |||||
Tax exempt (1) | 19,984 | 785 | 5.25 | 11,756 | 493 | 5.61 | |||||||
Investments: (1) | |||||||||||||
Available for sale | 527,740 | 12,795 | 3.24 | 489,269 | 11,389 | 3.11 | |||||||
Short-term investments | 5,965 | 20 | 0.45 | 6,302 | 4 | 0.08 | |||||||
Interest bearing deposits | 30,721 | 178 | 0.77 | 83,795 | 291 | 0.46 | |||||||
Total earning assets | $ 4,135,885 | $ 123,822 | 4.00 | % | $ 3,755,248 | $ 104,263 | 3.71 | % | |||||
Less: Allowance for loan losses | (44,367) | (43,342) | |||||||||||
Nonearning Assets | |||||||||||||
Cash and due from banks | 110,903 | 106,725 | |||||||||||
Premises and equipment | 54,610 | 49,033 | |||||||||||
Other nonearning assets | 133,604 | 122,358 | |||||||||||
Total assets | $ 4,390,635 | $ 3,990,022 | |||||||||||
Interest Bearing Liabilities | |||||||||||||
Savings deposits | $ 273,428 | $ 307 | 0.15 | % | $ 262,289 | $ 340 | 0.17 | % | |||||
Interest bearing checking accounts | 1,384,256 | 6,974 | 0.67 | 1,270,320 | 4,142 | 0.44 | |||||||
Time deposits: | |||||||||||||
In denominations under $100,000 | 238,910 | 2,115 | 1.18 | 249,047 | 2,151 | 1.15 | |||||||
In denominations over $100,000 | 1,009,565 | 9,326 | 1.24 | 942,917 | 7,288 | 1.03 | |||||||
Miscellaneous short-term borrowings | 211,745 | 1,329 | 0.84 | 94,128 | 283 | 0.40 | |||||||
Long-term borrowings and | |||||||||||||
subordinated debentures | 30,958 | 986 | 4.26 | 30,960 | 866 | 3.74 | |||||||
Total interest bearing liabilities | $ 3,148,862 | $ 21,037 | 0.89 | % | $ 2,849,661 | $ 15,070 | 0.71 | % | |||||
Noninterest Bearing Liabilities | |||||||||||||
Demand deposits | 772,738 | 702,735 | |||||||||||
Other liabilities | 23,854 | 25,829 | |||||||||||
Stockholders' Equity | 445,181 | 411,797 | |||||||||||
Total liabilities and stockholders' equity | $ 4,390,635 | $ 3,990,022 | |||||||||||
Interest Margin Recap | |||||||||||||
Interest income/average earning assets | 123,822 | 4.00 | 104,263 | 3.71 | |||||||||
Interest expense/average earning assets | 21,037 | 0.68 | 15,070 | 0.54 | |||||||||
Net interest income and margin | $ 102,785 | 3.32 | % | $ 89,193 | 3.17 | % | |||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
(fully tax equivalent basis, dollars in thousands) | Average Balance | Interest | Yield (1)/ Rate | Average Balance | Interest | Yield (1)/ Rate | ||||||||||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||
Taxable (2)(3) | $ | 4,739,885 | $ | 75,047 | 6.35 | % | $ | 4,396,333 | $ | 44,138 | 4.03 | % | ||||||||||||||||||||||||||
Tax exempt (1) | 57,857 | 1,198 | 8.31 | 29,380 | 353 | 4.82 | ||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||||||
Securities (1) | 1,210,870 | 8,520 | 2.82 | 1,476,144 | 10,049 | 2.73 | ||||||||||||||||||||||||||||||||
Short-term investments | 2,308 | 26 | 4.52 | 2,301 | 2 | 0.35 | ||||||||||||||||||||||||||||||||
Interest bearing deposits | 85,364 | 1,009 | 4.74 | 252,893 | 481 | 0.76 | ||||||||||||||||||||||||||||||||
Total earning assets | $ | 6,096,284 | $ | 85,800 | 5.65 | % | $ | 6,157,051 | $ | 55,023 | 3.58 | % | ||||||||||||||||||||||||||
Less: Allowance for credit losses | (71,477) | (67,527) | ||||||||||||||||||||||||||||||||||||
Nonearning Assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 69,057 | 74,158 | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 58,992 | 58,978 | ||||||||||||||||||||||||||||||||||||
Other nonearning assets | 280,073 | 238,228 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,432,929 | $ | 6,460,888 | ||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 360,173 | $ | 65 | 0.07 | % | $ | 425,102 | $ | 81 | 0.08 | % | ||||||||||||||||||||||||||
Interest bearing checking accounts | 2,930,285 | 27,226 | 3.73 | 2,710,674 | 3,784 | 0.56 | ||||||||||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||||
In denominations under $100,000 | 198,864 | 1,147 | 2.31 | 189,538 | 307 | 0.65 | ||||||||||||||||||||||||||||||||
In denominations over $100,000 | 611,427 | 5,173 | 3.39 | 601,877 | 718 | 0.48 | ||||||||||||||||||||||||||||||||
Miscellaneous short-term borrowings | 186,418 | 2,347 | 5.05 | 0 | 0 | 0.00 | ||||||||||||||||||||||||||||||||
Long-term borrowings and subordinated debentures | 0 | 0 | 0.00 | 54,396 | 54 | 0.40 | ||||||||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 4,287,167 | $ | 35,958 | 3.36 | % | $ | 3,981,587 | $ | 4,944 | 0.50 | % | ||||||||||||||||||||||||||
Noninterest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 1,450,396 | 1,825,327 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 91,367 | 70,650 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 603,999 | 583,324 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 6,432,929 | $ | 6,460,888 | ||||||||||||||||||||||||||||||||||
Interest Margin Recap | ||||||||||||||||||||||||||||||||||||||
Interest income/average earning assets | 85,800 | 5.65 | % | 55,023 | 3.58 | % | ||||||||||||||||||||||||||||||||
Interest expense/average earning assets | 35,958 | 2.37 | 4,944 | 0.32 | ||||||||||||||||||||||||||||||||||
Net interest income and margin | $ | 49,842 | 3.28 | % | $ | 50,079 | 3.26 | % |
Three Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Average | Interest | Yield (1)/ | Average | Interest | Yield (1)/ | ||||||||
(fully tax equivalent basis, dollars in thousands) | Balance | Income | Rate | Balance | Income | Rate | |||||||
Earning Assets | |||||||||||||
Loans: | |||||||||||||
Taxable (2)(3) | $ 3,595,753 | $ 38,630 | 4.26 | % | $ 3,233,394 | $ 31,538 | 3.88 | % | |||||
Tax exempt (1) | 21,871 | 312 | 5.66 | 11,600 | 164 | 5.62 | |||||||
Investments: (1) | |||||||||||||
Available for sale | 536,444 | 4,364 | 3.23 | 500,384 | 3,747 | 2.98 | |||||||
Short-term investments | 6,633 | 8 | 0.48 | 6,885 | 4 | 0.23 | |||||||
Interest bearing deposits | 35,340 | 88 | 0.99 | 148,388 | 181 | 0.49 | |||||||
Total earning assets | $ 4,196,041 | $ 43,402 | 4.10 | % | $ 3,900,651 | $ 35,634 | 3.63 | % | |||||
Less: Allowance for loan losses | (45,018) | (43,402) | |||||||||||
Nonearning Assets | |||||||||||||
Cash and due from banks | 122,429 | 122,811 | |||||||||||
Premises and equipment | 56,716 | 50,921 | |||||||||||
Other nonearning assets | 134,400 | 121,352 | |||||||||||
Total assets | $ 4,464,568 | $ 4,152,333 | |||||||||||
Interest Bearing Liabilities | |||||||||||||
Savings deposits | $ 274,514 | $ 103 | 0.15 | % | $ 270,136 | $ 103 | 0.15 | % | |||||
Interest bearing checking accounts | 1,365,617 | 2,636 | 0.77 | 1,261,390 | 1,362 | 0.43 | |||||||
Time deposits: | |||||||||||||
In denominations under $100,000 | 240,444 | 746 | 1.23 | 243,148 | 696 | 1.14 | |||||||
In denominations over $100,000 | 1,042,543 | 3,552 | 1.35 | 1,068,341 | 2,871 | 1.07 | |||||||
Miscellaneous short-term borrowings | 235,212 | 588 | 0.99 | 59,133 | 37 | 0.25 | |||||||
Long-term borrowings and | |||||||||||||
subordinated debentures | 30,958 | 344 | 4.41 | 30,960 | 291 | 3.74 | |||||||
Total interest bearing liabilities | $ 3,189,288 | $ 7,969 | 0.99 | % | $ 2,933,108 | $ 5,360 | 0.73 | % | |||||
Noninterest Bearing Liabilities | |||||||||||||
Demand deposits | 793,185 | 768,095 | |||||||||||
Other liabilities | 24,021 | 27,772 | |||||||||||
Stockholders' Equity | 458,074 | 423,358 | |||||||||||
Total liabilities and stockholders' equity | $ 4,464,568 | $ 4,152,333 | |||||||||||
Interest Margin Recap | |||||||||||||
Interest income/average earning assets | 43,402 | 4.10 | 35,634 | 3.63 | |||||||||
Interest expense/average earning assets | 7,969 | 0.75 | 5,360 | 0.55 | |||||||||
Net interest income and margin | $ 35,433 | 3.35 | % | $ 30,274 | 3.08 | % | |||||||
Nine months ended September 30th | Three months ended September 30th | ||||||||||
2017 Over (Under) 2016 (1) | 2017 Over (Under) 2016 (1) | ||||||||||
Attributable to | Total | Attributable to | Total | ||||||||
Volume | Rate | Change | Volume | Rate | Change | ||||||
Interest Income (2) | |||||||||||
Loans: | |||||||||||
Taxable | $11,750 | $ 6,208 | $17,958 | $ 3,723 | $ 3,369 | $ 7,092 | |||||
Tax exempt | 325 | (33) | 292 | 147 | 1 | 148 | |||||
Investments: | |||||||||||
Available for sale | 920 | 486 | 1,406 | 281 | 336 | 617 | |||||
Short-term investments | 0 | 16 | 16 | 0 | 4 | 4 | |||||
Interest bearing deposits | (244) | 131 | (113) | (199) | 106 | (93) | |||||
Total interest income | 12,751 | 6,808 | 19,559 | 3,952 | 3,816 | 7,768 | |||||
Interest Expense | |||||||||||
Savings deposits | 14 | (47) | (33) | 2 | (2) | 0 | |||||
Interest bearing checking accounts | 400 | 2,432 | 2,832 | 121 | 1,153 | 1,274 | |||||
Time deposits: | |||||||||||
In denominations under $100,000 | (89) | 53 | (36) | (8) | 58 | 50 | |||||
In denominations over $100,000 | 542 | 1,496 | 2,038 | (71) | 752 | 681 | |||||
Miscellaneous short-term borrowings | 559 | 487 | 1,046 | 275 | 276 | 551 | |||||
Long-term borrowings and | |||||||||||
subordinated debentures | 0 | 120 | 120 | 0 | 53 | 53 | |||||
Total interest expense | 1,426 | 4,541 | 5,967 | 319 | 2,290 | 2,609 | |||||
Net Interest Income | $11,325 | $ 2,267 | $13,592 | $ 3,633 | $ 1,526 | $ 5,159 | |||||
Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||
Percent | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | Change | (dollars in thousands) | 2023 | 2022 | Dollar Change | Percent Change | ||||||||||||||||||||||||
Wealth advisory fees | $ 4,005 | $ 3,600 | 11.3 | % | Wealth advisory fees | $ | 4,471 | $ | 4,491 | $ | (20) | (0.4) | % | |||||||||||||||||||
Investment brokerage fees | 950 | 752 | 26.3 | Investment brokerage fees | 962 | 1,060 | (98) | (9.2) | ||||||||||||||||||||||||
Service charges on deposit accounts | 10,027 | 8,776 | 14.3 | Service charges on deposit accounts | 5,356 | 5,691 | (335) | (5.9) | ||||||||||||||||||||||||
Loan and service fees | 5,850 | 5,835 | 0.3 | Loan and service fees | 5,848 | 6,084 | (236) | (3.9) | ||||||||||||||||||||||||
Merchant card fee income | 1,696 | 1,576 | 7.6 | Merchant card fee income | 1,806 | 1,719 | 87 | 5.1 | ||||||||||||||||||||||||
Bank owned life insurance | 1,270 | 1,054 | 20.5 | |||||||||||||||||||||||||||||
Bank owned life insurance income (loss) | Bank owned life insurance income (loss) | 1,384 | (266) | 1,650 | (620.3) | |||||||||||||||||||||||||||
Interest rate swap fee income | Interest rate swap fee income | 794 | 404 | 390 | 96.5 | |||||||||||||||||||||||||||
Mortgage banking income (loss) | Mortgage banking income (loss) | (134) | 860 | (994) | (115.6) | |||||||||||||||||||||||||||
Net securities gains | Net securities gains | 19 | 0 | 19 | 100.0 | |||||||||||||||||||||||||||
Other income | 1,886 | 1,278 | 47.6 | Other income | 1,309 | 1,136 | 173 | 15.2 | ||||||||||||||||||||||||
Mortgage banking income | 811 | 1,205 | (32.7) | |||||||||||||||||||||||||||||
Net securities gains (losses) | 52 | 52 | 0 | |||||||||||||||||||||||||||||
Total noninterest income | $ 26,547 | $ 24,128 | 10.0 | % | Total noninterest income | $ | 21,815 | $ | 21,179 | $ | 636 | 3.0 | % | |||||||||||||||||||
Noninterest income to total revenue | 20.90% | 21.60% | Noninterest income to total revenue | 17.90 | % | 18.46 | % | |||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Dollar Change | Percent Change | ||||||||||||||||||||||
Wealth advisory fees | $ | 2,271 | $ | 2,204 | $ | 67 | 3.0 | % | ||||||||||||||||||
Investment brokerage fees | 428 | 541 | (113) | (20.9) | ||||||||||||||||||||||
Service charges on deposit accounts | 2,726 | 2,882 | (156) | (5.4) | ||||||||||||||||||||||
Loan and service fees | 3,002 | 3,195 | (193) | (6.0) | ||||||||||||||||||||||
Merchant card fee income | 929 | 904 | 25 | 2.8 | ||||||||||||||||||||||
Bank owned life insurance income (loss) | 693 | (183) | 876 | (478.7) | ||||||||||||||||||||||
Interest rate swap fee income | 794 | 354 | 440 | 124.3 | ||||||||||||||||||||||
Mortgage banking income (loss) | (35) | 351 | (386) | (110.0) | ||||||||||||||||||||||
Net securities gains | 3 | 0 | 3 | 100.0 | ||||||||||||||||||||||
Other income | 690 | 244 | 446 | 182.8 | ||||||||||||||||||||||
Total noninterest income | $ | 11,501 | $ | 10,492 | $ | 1,009 | 9.6 | % | ||||||||||||||||||
Noninterest income to total revenue | 19.16 | % | 17.73 | % |
Three Months Ended | ||||||
September 30, | ||||||
Percent | ||||||
(dollars in thousands) | 2017 | 2016 | Change | |||
Wealth advisory fees | $ 1,471 | $ 1,307 | 12.5 | % | ||
Investment brokerage fees | 330 | 252 | 31.0 | |||
Service charges on deposit accounts | 3,631 | 3,153 | 15.2 | |||
Loan and service fees | 2,060 | 2,105 | (2.1) | |||
Merchant card fee income | 588 | 552 | 6.5 | |||
Bank owned life insurance | 397 | 392 | 1.3 | |||
Other income | 718 | 763 | (5.9) | |||
Mortgage banking income | 302 | 494 | (38.9) | |||
Total noninterest income | $ 9,497 | $ 9,018 | 5.3 | % | ||
Noninterest income to total revenue | 21.53% | 23.28% | ||||
Six Months Ended June 30, | ||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Dollar Change | Percent Change | ||||||||||||||||||||||
Salaries and employee benefits | $ | 27,437 | $ | 29,190 | $ | (1,753) | (6.0) | % | ||||||||||||||||||
Net occupancy expense | 3,253 | 3,317 | (64) | (1.9) | ||||||||||||||||||||||
Equipment costs | 2,864 | 2,870 | (6) | (0.2) | ||||||||||||||||||||||
Data processing fees and supplies | 6,926 | 6,284 | 642 | 10.2 | ||||||||||||||||||||||
Corporate and business development | 2,729 | 2,652 | 77 | 2.9 | ||||||||||||||||||||||
FDIC insurance and other regulatory fees | 1,598 | 1,058 | 540 | 51.0 | ||||||||||||||||||||||
Professional fees | 4,170 | 2,973 | 1,197 | 40.3 | ||||||||||||||||||||||
Wire fraud loss | 18,058 | 0 | 18,058 | 100.0 | ||||||||||||||||||||||
Other expense | 5,133 | 6,538 | (1,405) | (21.5) | ||||||||||||||||||||||
Total noninterest expense | $ | 72,168 | $ | 54,882 | $ | 17,286 | 31.5 | % | ||||||||||||||||||
Efficiency ratio | 59.22 | % | 47.8 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Dollar Change | Percent Change | ||||||||||||||||||||||
Salaries and employee benefits | $ | 11,374 | $ | 14,798 | $ | (3,424) | (23.1) | % | ||||||||||||||||||
Net occupancy expense | 1,681 | 1,688 | (7) | (0.4) | ||||||||||||||||||||||
Equipment costs | 1,426 | 1,459 | (33) | (2.3) | ||||||||||||||||||||||
Data processing fees and supplies | 3,474 | 3,203 | 271 | 8.5 | ||||||||||||||||||||||
Corporate and business development | 1,298 | 1,433 | (135) | (9.4) | ||||||||||||||||||||||
FDIC insurance and other regulatory fees | 803 | 619 | 184 | 29.7 | ||||||||||||||||||||||
Professional fees | 2,049 | 1,414 | 635 | 44.9 | ||||||||||||||||||||||
Wire fraud loss | 18,058 | 0 | 18,058 | 100.0 | ||||||||||||||||||||||
Other expense | 2,571 | 3,299 | (728) | (22.1) | ||||||||||||||||||||||
Total noninterest expense | $ | 42,734 | $ | 27,913 | $ | 14,821 | 53.1 | % | ||||||||||||||||||
Efficiency ratio | 71.19 | % | 47.2 | % |
Nine Months Ended | ||||||
September 30, | ||||||
Percent | ||||||
(dollars in thousands) | 2017 | 2016 | Change | |||
Salaries and employee benefits | $ 34,214 | $ 31,029 | 10.3 | % | ||
Net occupancy expense | 3,405 | 3,205 | 6.2 | |||
Equipment costs | 3,413 | 2,828 | 20.7 | |||
Data processing fees and supplies | 6,022 | 6,135 | (1.8) | |||
Corporate and business development | 3,943 | 2,641 | 49.3 | |||
FDIC insurance and other regulatory fees | 1,296 | 1,538 | (15.7) | |||
Professional fees | 2,717 | 2,505 | 8.5 | |||
Other expense | 4,659 | 4,708 | (1.0) | |||
Total noninterest expense | $ 59,669 | $ 54,589 | 9.3 | % | ||
Three Months Ended | ||||||
September 30, | ||||||
Percent | ||||||
(dollars in thousands) | 2017 | 2016 | Change | |||
Salaries and employee benefits | $ 11,728 | $ 10,832 | 8.3 | % | ||
Net occupancy expense | 1,131 | 1,068 | 5.9 | |||
Equipment costs | 1,182 | 1,018 | 16.1 | |||
Data processing fees and supplies | 2,032 | 1,983 | 2.5 | |||
Corporate and business development | 1,245 | 1,021 | 21.9 | |||
FDIC insurance and other regulatory fees | 443 | 458 | (3.3) | |||
Professional fees | 962 | 819 | 17.5 | |||
Other expense | 1,546 | 1,560 | (0.9) | |||
Total noninterest expense | $ 20,269 | $ 18,759 | 8.0 | % | ||
September 30, 2017 | December 31, 2016 | ||||||
Amortized | Fair | Amortized | Fair | ||||
(dollars in thousands) | Cost | Value | Cost | Value | |||
U.S. Treasury securities | $ 991 | $ 1,008 | $ 990 | $ 1,003 | |||
U.S. government sponsored agencies | 5,473 | 5,433 | 6,312 | 6,241 | |||
Agency residential mortgage-backed securities | 355,344 | 357,009 | 351,108 | 351,568 | |||
State and municipal securities | 171,800 | 173,097 | 146,917 | 145,379 | |||
Total | $ 533,608 | $ 536,547 | $ 505,327 | $ 504,191 | |||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||
U.S Treasury securities | $ | 3,251 | $ | 3,232 | $ | 3,057 | $ | 3,034 | ||||||||||||||||||
U.S government sponsored agencies | 151,029 | 122,086 | 156,184 | 126,961 | ||||||||||||||||||||||
Mortgage-backed securities: residential | 545,616 | 462,033 | 578,175 | 492,308 | ||||||||||||||||||||||
State and municipal securities | 564,165 | 474,718 | 663,367 | 563,225 | ||||||||||||||||||||||
Total available-for-sale | $ | 1,264,061 | $ | 1,062,069 | $ | 1,400,783 | $ | 1,185,528 | ||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||||
State and municipal securities | $ | 129,070 | $ | 114,264 | $ | 128,242 | $ | 111,029 | ||||||||||||||||||
Total Investment Portfolio | $ | 1,393,131 | $ | 1,176,333 | $ | 1,529,025 | $ | 1,296,557 |
Current | |||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | Period | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | Change | (dollars in thousands) | June 30, 2023 | December 31, 2022 | Current Period Change | ||||||||||||||||||||||||||||||||
Commercial and industrial loans | $ 1,362,120 | 37.5 | % | $ 1,268,490 | 36.5 | % | $ 93,630 | Commercial and industrial loans | $ | 1,469,887 | 30.2 | % | $ | 1,493,049 | 31.7 | % | $ | (23,162) | |||||||||||||||||||||
Commercial real estate and multi-family residential loans | 1,410,214 | 38.8 | 1,300,923 | 37.5 | 109,291 | Commercial real estate and multi-family residential loans | 2,376,393 | 48.8 | 2,179,094 | 46.2 | 197,299 | ||||||||||||||||||||||||||||
Agri-business and agricultural loans | 317,880 | 8.7 | 394,843 | 11.4 | (76,963) | Agri-business and agricultural loans | 374,962 | 7.7 | 432,088 | 9.2 | (57,126) | ||||||||||||||||||||||||||||
Other commercial loans | 114,858 | 3.1 | 98,270 | 2.8 | 16,588 | Other commercial loans | 120,958 | 2.5 | 113,593 | 2.4 | 7,365 | ||||||||||||||||||||||||||||
Consumer 1-4 family mortgage loans | 363,814 | 10.0 | 347,834 | 10.0 | 15,980 | Consumer 1-4 family mortgage loans | 431,385 | 8.9 | 407,566 | 8.6 | 23,819 | ||||||||||||||||||||||||||||
Other consumer loans | 67,545 | 1.9 | 61,308 | 1.8 | 6,237 | Other consumer loans | 92,139 | 1.9 | 88,075 | 1.9 | 4,064 | ||||||||||||||||||||||||||||
Subtotal | 3,636,431 | 100.0 | % | 3,471,668 | 100.0 | % | 164,763 | ||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | (45,497) | (43,718) | (1,779) | ||||||||||||||||||||||||||||||||||||
Subtotal, gross loans | Subtotal, gross loans | 4,865,724 | 100.0 | % | 4,713,465 | 100.0 | % | 152,259 | |||||||||||||||||||||||||||||||
Less: Allowance for credit losses | Less: Allowance for credit losses | (72,058) | (72,606) | 548 | |||||||||||||||||||||||||||||||||||
Net deferred loan fees | (1,179) | (741) | (438) | Net deferred loan fees | (3,464) | (3,069) | (395) | ||||||||||||||||||||||||||||||||
Loans, net | $ 3,589,755 | $ 3,427,209 | $ 162,546 | Loans, net | $ | 4,790,202 | $ | 4,637,790 | $ | 152,412 | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||
(dollars in thousands) | 2017 | 2016 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||
Nonaccrual loans including nonaccrual troubled debt restructured loans | $ 10,279 | $ 6,633 | |||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 18,004 | $ | 16,964 | ||||||||||||
Loans past due over 90 days and still accruing | 73 | 53 | Loans past due over 90 days and still accruing | 8 | 123 | ||||||||||||
Total nonperforming loans | $ 10,352 | $ 6,686 | Total nonperforming loans | 18,012 | 17,087 | ||||||||||||
Other real estate owned | 115 | 153 | Other real estate owned | 384 | 100 | ||||||||||||
Repossessions | 40 | 11 | Repossessions | 20 | 37 | ||||||||||||
Total nonperforming assets | $ 10,507 | $ 6,850 | Total nonperforming assets | $ | 18,416 | $ | 17,224 | ||||||||||
Impaired loans including troubled debt restructurings | $ 16,679 | $ 20,692 | |||||||||||||||
Individually analyzed loans | Individually analyzed loans | $ | 18,465 | $ | 31,327 | ||||||||||||
Nonperforming loans to total loans | 0.28% | 0.19% | Nonperforming loans to total loans | 0.37 | % | 0.36 | % | ||||||||||
Nonperforming assets to total assets | 0.24% | 0.16% | Nonperforming assets to total assets | 0.28 | % | 0.27 | % | ||||||||||
Performing troubled debt restructured loans | $ 5,601 | $ 10,351 | |||||||||||||||
Nonperforming troubled debt restructured loans (included in nonaccrual loans) | 7,946 | 5,633 | |||||||||||||||
Total troubled debt restructured loans | $ 13,547 | $ 15,984 | |||||||||||||||
Current | |||||
September 30, | December 31, | Period | |||
(dollars in thousands) | 2017 | 2016 | Change | ||
Non-interest bearing demand deposits | $ 821,589 | $ 819,803 | $ 1,786 | ||
Savings and transaction accounts: | |||||
Savings deposits | 269,977 | 268,970 | 1,007 | ||
Interest bearing demand deposits | 1,390,335 | 1,325,320 | 65,015 | ||
Time deposits: | |||||
Deposits of $100,000 or more | 1,149,152 | 924,825 | 224,327 | ||
Other time deposits | 242,937 | 238,994 | 3,943 | ||
Total deposits | $ 3,873,990 | $ 3,577,912 | $ 296,078 | ||
FHLB advances and other borrowings | 94,846 | 261,005 | (166,159) | ||
Total funding sources | $ 3,968,836 | $ 3,838,917 | $ 129,919 | ||
Six months ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(dollars in thousands) | Balance | Rate | Balance | Rate | ||||||||||||||||||||||
Noninterest bearing demand deposits | $ | 1,555,877 | 0.00 | % | $ | 1,895,333 | 0.00 | % | ||||||||||||||||||
Savings and transaction accounts: | ||||||||||||||||||||||||||
Savings deposits | 376,281 | 0.07 | 416,755 | 0.08 | ||||||||||||||||||||||
Interest bearing demand deposits | 2,844,181 | 3.45 | 2,676,528 | 0.43 | ||||||||||||||||||||||
Time deposits: | . | |||||||||||||||||||||||||
Deposits of $100,000 or more | 553,472 | 1.90 | 617,824 | 0.49 | ||||||||||||||||||||||
Other time deposits | 189,734 | 2.91 | 193,873 | 0.68 | ||||||||||||||||||||||
Total deposits | $ | 5,519,545 | 2.14 | % | $ | 5,800,313 | 0.28 | % | ||||||||||||||||||
FHLB advances and other borrowings | 213,990 | 4.83 | 64,654 | 0.40 | ||||||||||||||||||||||
Total funding sources | $ | 5,733,535 | 2.24 | % | $ | 5,864,967 | 0.28 | % |
(dollars in thousands) | June 30, 2023 | Percentage of Total | December 31, 2022 | Percentage of Total | Current Period Change | |||||||||||||||||||||||||||
Retail | $ | 1,821,607 | 33.6 | % | $ | 1,934,787 | 35.4 | % | $ | (113,180) | ||||||||||||||||||||||
Commercial | 2,082,564 | 38.4 | 2,085,934 | 38.2 | (3,370) | |||||||||||||||||||||||||||
Public funds | 1,450,527 | 26.7 | 1,429,872 | 26.2 | 20,655 | |||||||||||||||||||||||||||
Core deposits | $ | 5,354,698 | 98.7 | % | $ | 5,450,593 | 99.8 | % | $ | (95,895) | ||||||||||||||||||||||
Brokered deposits | 68,361 | 1.3 | 10,027 | 0.2 | 58,334 | |||||||||||||||||||||||||||
Total deposits | $ | 5,423,059 | 100.0 | % | $ | 5,460,620 | 100.0 | % | $ | (37,561) |
Minimum Required to | |||||||||||||||
Minimum Required | For Capital Adequacy | Be Well Capitalized | |||||||||||||
For Capital | Purposes Plus Capital | Under Prompt Corrective | |||||||||||||
Actual | Adequacy Purposes | Conservation Buffer | Action Regulations | ||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||
As of September 30, 2017: | |||||||||||||||
Total Capital (to Risk | |||||||||||||||
Weighted Assets) | |||||||||||||||
Consolidated | $532,583 | 13.58% | $313,804 | 8.00% | $362,836 | 9.25% | $392,256 | 10.00% | |||||||
Bank | $516,260 | 13.19% | $313,026 | 8.00% | $361,936 | 9.25% | $391,282 | 10.00% | |||||||
Tier I Capital (to Risk | |||||||||||||||
Weighted Assets) | |||||||||||||||
Consolidated | $486,996 | 12.42% | $235,353 | 6.00% | $284,385 | 7.25% | $313,804 | 8.00% | |||||||
Bank | $470,674 | 12.03% | $234,769 | 6.00% | $283,680 | 7.25% | $313,026 | 8.00% | |||||||
Common Equity Tier 1 (CET1) | |||||||||||||||
Consolidated | $456,996 | 11.65% | $176,515 | 4.50% | $225,547 | 5.75% | $254,966 | 6.50% | |||||||
Bank | $470,674 | 12.03% | $176,077 | 4.50% | $224,987 | 5.75% | $254,334 | 6.50% | |||||||
Tier I Capital (to Average Assets) | |||||||||||||||
Consolidated | $486,996 | 10.92% | $178,425 | 4.00% | $178,425 | 4.00% | $223,031 | 5.00% | |||||||
Bank | $470,674 | 10.59% | $177,726 | 4.00% | $177,726 | 4.00% | $222,157 | 5.00% | |||||||
As of December 31, 2016: | |||||||||||||||
Total Capital (to Risk | |||||||||||||||
Weighted Assets) | |||||||||||||||
Consolidated | $ 498,189 | 13.23% | $ 301,243 | 8.00% | $ 324,777 | 8.625% | $ 376,554 | 10.00% | |||||||
Bank | $ 482,600 | 12.84% | $ 300,784 | 8.00% | $ 324,283 | 8.625% | $ 375,980 | 10.00% | |||||||
Tier I Capital (to Risk | |||||||||||||||
Weighted Assets) | |||||||||||||||
Consolidated | $ 454,382 | 12.07% | $ 225,932 | 6.00% | $ 249,467 | 6.625% | $ 301,243 | 8.00% | |||||||
Bank | $ 438,793 | 11.67% | $ 225,588 | 6.00% | $ 249,087 | 6.625% | $ 300,784 | 8.00% | |||||||
Common Equity Tier 1 (CET1) | |||||||||||||||
Consolidated | $ 424,382 | 11.27% | $ 169,449 | 4.50% | $ 192,984 | 5.125% | $ 244,760 | 6.50% | |||||||
Bank | $ 438,793 | 11.67% | $ 169,191 | 4.50% | $ 192,690 | 5.125% | $ 244,387 | 6.50% | |||||||
Tier I Capital (to Average Assets) | |||||||||||||||
Consolidated | $ 454,382 | 10.86% | $ 167,310 | 4.00% | $ 167,310 | 4.00% | $ 209,138 | 5.00% | |||||||
Bank | $ 438,793 | 10.54% | $ 166,522 | 4.00% | $ 166,522 | 4.00% | $ 208,153 | 5.00% |
Actual | Minimum Required For Capital Adequacy Purposes | For Capital Adequacy Purposes Plus Capital Conservation Buffer | Minimum Required to Be Well Capitalized Under Prompt Corrective Action Regulations | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 834,541 | 14.94 | % | $ | 447,004 | 8.00 | % | $ | 586,602 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 814,283 | 14.58 | % | $ | 446,819 | 8.00 | % | $ | 586,450 | 10.50 | % | $ | 558,524 | 10.00 | % | ||||||||||||||||||||||||||||||||||
Tier I Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 764,580 | 13.68 | % | $ | 335,253 | 6.00 | % | $ | 474,942 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 744,351 | 13.33 | % | $ | 335,114 | 6.00 | % | $ | 474,745 | 8.50 | % | $ | 446,819 | 8.00 | % | ||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 764,580 | 13.68 | % | $ | 251,440 | 4.50 | % | $ | 391,128 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 744,351 | 13.33 | % | $ | 251,336 | 4.50 | % | $ | 390,967 | 7.00 | % | $ | 363,041 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 764,580 | 11.54 | % | $ | 264,931 | 4.00 | % | $ | 264,931 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 744,351 | 11.27 | % | $ | 264,263 | 4.00 | % | $ | 264,263 | 4.00 | % | $ | 330,328 | 5.00 | % | ||||||||||||||||||||||||||||||||||
As of December 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 821,008 | 15.07 | % | $ | 435,786 | 8.00 | % | $ | 571,969 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 801,044 | 14.74 | % | $ | 434,758 | 8.00 | % | $ | 570,620 | 10.50 | % | $ | 543,448 | 10.00 | % | ||||||||||||||||||||||||||||||||||
Tier I Capital (to Risk Weighted Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 752,751 | 13.82 | % | $ | 326,840 | 6.00 | % | $ | 463,023 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 732,966 | 13.49 | % | $ | 326,069 | 6.00 | % | $ | 461,930 | 8.50 | % | $ | 434,758 | 8.00 | % | ||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 752,751 | 13.82 | % | $ | 245,130 | 4.50 | % | $ | 381,313 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 732,966 | 13.49 | % | $ | 244,551 | 4.50 | % | $ | 380,413 | 7.00 | % | $ | 353,241 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 752,751 | 11.50 | % | $ | 261,859 | 4.00 | % | $ | 261,859 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 732,966 | 11.22 | % | $ | 261,222 | 4.00 | % | $ | 261,222 | 4.00 | % | $ | 326,527 | 5.00 | % |
(dollars in thousands) | Base | Falling (300 Basis Points) | Falling (200 Basis Points) | Falling (100 Basis Points) | Falling (50 Basis Points) | Falling (25 Basis Points) | Rising (25 Basis Points) | Rising (50 Basis Points) | Rising (100 Basis Points) | Rising (200 Basis Points) | Rising (300 Basis Points) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 205,656 | $ | 186,099 | $ | 193,536 | $ | 200,092 | $ | 203,008 | $ | 204,371 | $ | 206,655 | $ | 207,652 | $ | 209,644 | $ | 213,665 | $ | 217,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variance from Base | $ | (19,557) | $ | (12,120) | $ | (5,564) | $ | (2,648) | $ | (1,285) | $ | 999 | $ | 1,996 | $ | 3,988 | $ | 8,009 | $ | 12,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of change from Base | (9.51) | % | (5.89) | % | (2.71) | % | (1.29) | % | (0.62) | % | 0.49 | % | 0.97 | % | 1.94 | % | 3.89 | % | 5.89 | % |
Falling | Rising | Rising | Rising | Rising | Rising | |||||||||
(dollars in thousands) | Base | (100 Basis Points) | (25 Basis Points) | (50 Basis Points) | (100 Basis Points) | (200 Basis Points) | (300 Basis Points) | |||||||
Net interest income | $140,019 | $124,832 | $143,089 | $146,123 | $152,168 | $163,976 | $175,519 | |||||||
Variance from Base | ($15,187) | $3,070 | $6,104 | $12,149 | $23,957 | $35,500 | ||||||||
Percent of change from Base | -10.85 | % | 2.19 | % | 4.36 | % | 8.68 | % | 17.11 | % | 25.35 | % |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Appropriate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||||||||||||||
April 1 - 30 | 0 | $ | 0.00 | 0 | $ | 30,000,000 | ||||||||||||||||||||
May 1 - 31 | 1,701 | 47.85 | 0 | 30,000,000 | ||||||||||||||||||||||
June 1 - 30 | 0 | 0.00 | 0 | 30,000,000 | ||||||||||||||||||||||
Total | 1,701 | $ | 47.85 | 0 | $ | 30,000,000 |
ISSUER PURCHASES OF EQUITY SECURITIES | |||||||
Maximum Number (or | |||||||
Total Number of | Appropriate Dollar | ||||||
Shares Purchased as | Value) of Shares that | ||||||
Part of Publicly | May Yet Be Purchased | ||||||
Total Number of | Average Price | Announced Plans or | Under the Plans or | ||||
Period | Shares Purchased | Paid per Share | Programs | Programs | |||
July 1-31 | 3,556 | $ 46.50 | 0 | $ 0 | |||
August 1-31 | 798 | 46.17 | 0 | 0 | |||
September 1-30 | 0 | 0 | 0 | 0 | |||
Total | 4,354 | $ 46.44 | 0 | $ 0 | |||
31.1 | |||||
101 | |||||
Interactive Data File | |||||
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets as of | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Date: | /s/ David M. Findlay | ||||
David M. Findlay – | |||||
Chief Executive Officer |
Date: | /s/ Lisa M. | ||||
Lisa M. | |||||
Chief Financial Officer | |||||
(principal financial officer) |
Date: | /s/ | ||||
(principal accounting officer) |