UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q | ||||||||||||||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Or | ||||||||||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||||
Commission File No. 001-35741 |
CHEMUNG FINANCIAL CORPORATION | |||||||||||||||||||||||
(Exact name of registrant as specified in its charter) | |||||||||||||||||||||||
New York | 16-1237038 | ||||||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||
One Chemung Canal Plaza, Elmira, NY | 14901 | ||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||||||||
(607) 737-3711 or (800) 836-3711 | |||||||||||||||||||||||
(Registrant's telephone number, including area code) | |||||||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Exchange Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Common stock, par value $.01 per share | CHMG | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||||||||||||
Yes: ☒ No: ☐ | |||||||||||||||||||||||
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | |||||||||||||||||||||||
Yes: ☒ No: ☐ | |||||||||||||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | |||||||||||||||||||||||
Large accelerated filer | ☐ | Non-accelerated filer | ☒ | ||||||||||||||||||||
Accelerated filer | ☐ | Smaller reporting company | ☒ | ||||||||||||||||||||
Emerging growth company | ☐ | ||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): | |||||||||||||||||||||||
Yes: ☐ No: ☒ |
PAGES | ||||||||
ACL | Allowance for Credit Losses | ||||
AFS | Available for sale securities | ||||
ALCO | Asset-Liability Committee | ||||
AOCI | Accumulated Other Comprehensive Income | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
Bank | Chemung Canal Trust Company | ||||
Basel III | The Third Basel Accord of the Basel Committee on Banking Supervision | ||||
Board of Directors | Board of Directors of Chemung Financial Corporation | ||||
BOLI | Bank Owned Life Insurance | ||||
BTFP | Bank Term Funding Program | ||||
CAM | Common | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | ||||
CDARS | Certificate of Deposit Account Registry Service | ||||
CDO | Collateralized Debt Obligation | ||||
CECL | Current expected credit loss | ||||
CFS | CFS Group, Inc. | ||||
Corporation | Chemung Financial Corporation | ||||
COVID-19 | Coronavirus disease 2019 | ||||
CRM | Chemung Risk Management, Inc. | ||||
Dodd-Frank Act | The Dodd-Frank Wall Street Reform and Consumer Protection Act | ||||
EPS | Earnings per share | ||||
Exchange Act | Securities Exchange Act of 1934 | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
FHLBNY | Federal Home Loan Bank of New York | ||||
FRB | Board of Governors of the Federal Reserve System | ||||
FRBNY | Federal Reserve Bank of New York | ||||
Freddie Mac | Federal Home Loan Mortgage Corporation | ||||
GAAP | U.S. Generally Accepted Accounting Principles | ||||
HTM | Held to maturity securities | ||||
ICS | Insured Cash Sweep Service | ||||
IFRS | International Financial Reporting Standards | ||||
LGD | Loss given default | ||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||
NAICS | North American Industry Classification System | ||||
N/M | Not meaningful | ||||
OPEB | Other postemployment benefits |
OREO | Other real estate owned | ||||
PD | Probability of default | ||||
Regulatory Relief Act | Economic Growth, Regulatory Relief, and Consumer Protection Act | ||||
ROA | Return on average assets | ||||
ROE | Return on average equity | ||||
RWA | Risk-weighted assets | ||||
SBA | Small Business Administration | ||||
SEC | Securities and Exchange Commission | ||||
Securities Act | Securities Act of 1933 | ||||
Tax Act | Tax Cuts and Jobs Act of 2017 | ||||
TDRs | Troubled debt restructurings | ||||
WMG | Wealth Management Group |
Allowance for Credit Losses | Replaces the Allowance for Loan and Lease Losses as the contra asset account used to represent the lifetime amount the Corporation anticipates will be unrecoverable from its assets. The ACL conforms to the CECL requirements as outlined in ASU 2016-13, and was implemented by the Corporation on January 1, 2023. | ||||
Allowance for credit losses to total loans | Represents period-end allowance for credit losses divided by retained loans. | ||||
Assets under administration | Represents assets that are beneficially owned by clients and all investment decisions pertaining to these assets are also made by clients. | ||||
Assets under management | Represents assets that are managed on behalf of clients. | ||||
Basel I | A set of international banking regulations, which set out the minimum capital requirements of financial institutions with the goal of minimizing credit risk. The main focus was mainly on credit risk by creating a bank asset classification system. | ||||
Basel III | A comprehensive set of reform measures designed to improve the regulation, supervision, and risk management within the banking sector. The reforms require banks to maintain proper leverage ratios and meet certain capital requirements. | ||||
Benefit obligation | Refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for OPEB plans. | ||||
Brokered deposits | Refers to deposits obtained from or through the mediation or assistance of a deposit broker. | ||||
Capital Bank | Division of Chemung Canal Trust Company located in the “Capital Region” of New York State and includes the counties of Albany, Saratoga, | ||||
Captive insurance company | A company that provides risk-mitigation services for its parent company. | ||||
CDARS | Product involving a network of financial institutions that exchange certificates of deposits among members in order to ensure FDIC insurance coverage on customer deposits above the single institution limit. Using a sophisticated matching system, funds are exchanged on a dollar-for-dollar basis, so that the equivalent of an original deposit comes back to the originating institution. | ||||
Collateralized debt obligation | A structured financial product that pools together cash flow-generating assets, such as mortgages, bonds, and loans. | ||||
Collateralized mortgage obligations | A type of mortgage-backed security with principal repayments organized according to their maturities and into different classes based on risk. The mortgages serve as collateral and are organized into classes based on their risk profile. | ||||
Dodd-Frank Act | The Dodd-Frank Act was enacted on July 21, 2010 and significantly changed the bank regulatory landscape and has impacted and will continue to impact the lending, deposit, investment, trading, and operating activities of financial institutions and their holding companies. The Dodd-Frank Act requires various federal agencies to adopt a broad range of new rules and regulations, and to prepare various studies and reports for Congress. |
Fully taxable equivalent basis | Income from tax-exempt loans and investment securities that have been increased by an amount equivalent to the taxes that would have been paid if this income were taxable at statutory rates; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense. | ||||
GAAP | Accounting principles generally accepted in the United States of America. | ||||
Holding company | Consists of the operations for Chemung Financial Corporation (parent only). | ||||
ICS | Product involving a network of financial institutions that exchange interest-bearing money market deposits among members in order to ensure FDIC insurance coverage on customer deposits above the single institution limit. Using a sophisticated matching system, funds are exchanged on a dollar-for-dollar basis, so that the equivalent of an original deposit comes back to the originating institution. | ||||
Loans held for sale | Residential real estate loans originated for sale on the secondary market with maturities from 15-30 years. | ||||
Long term lease obligation | An obligation extending beyond the current year, which is related to a long term finance lease that is considered to have the economic characteristics of asset ownership. | ||||
Mortgage-backed securities | A type of asset-backed security that is secured by a collection of mortgages. | ||||
Municipal clients | A political unit, such as a city, town, or village, incorporated for local self-government. | ||||
N/A | Data is not applicable or available for the period presented. | ||||
N/M | Not meaningful. | ||||
Non-GAAP | A calculation not made according to GAAP. | ||||
Obligations of state and political subdivisions | An obligation that is guaranteed by the full faith and credit of a state or political subdivision that has the power to tax. | ||||
Obligations of U.S. Government | A federally guaranteed obligation backed by the full power of the U.S. government, including Treasury bills, Treasury notes and Treasury bonds. | ||||
Obligations of U.S. Government sponsored enterprises | Obligations of agencies originally established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress; these obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government. | ||||
OREO | Represents real property owned by the Corporation, which is not directly related to its business and is most frequently the result of a foreclosure on real property. | ||||
OTTI | Impairment charge taken on a security whose fair value has fallen below the carrying value on the balance sheet and whose value is not expected to recover through the holding period of the security. | ||||
Political subdivision | A county, city, town, or other municipal corporation, a public authority, or a publicly-owned entity that is an instrumentality of a state or a municipal corporation. | ||||
Pre-provision profit/(loss) | Represents total net revenue less non-interest expense, before income tax expense (benefit). The Corporation believes that this financial measure is useful in assessing the ability of a bank to generate income in excess of its provision for credit losses. | ||||
Regulatory Relief Act | The Economic Growth, Regulatory Relief and Consumer Protection Act was enacted on May 24, 2018 provides certain limited amendments to the Dodd-Frank Act, as well as certain targeted modifications to other post-financial crisis regulatory requirements. In addition, the legislation establishes new consumer protections and amends various securities- and investment company-related requirements. | ||||
RWA | Risk-weighted assets consist of on- and off-balance sheet assets that are assigned to one of several broad risk categories and weighted by factors representing their risk and potential for default. On-balance sheet assets are risk-weighted based on the perceived credit risk associated with the obligor or counterparty, the nature of any collateral, and the guarantor, if any. Off-balance sheet assets such as lending-related commitments, guarantees, derivatives and other applicable off-balance sheet positions are risk-weighted by multiplying the contractual amount by the appropriate credit conversion factor to determine the on-balance sheet credit equivalent amount, which is then risk-weighted based on the same factors used for on-balance sheet assets. Risk-weighted assets also incorporate a measure for market risk related to applicable trading assets-debt and equity instruments. The resulting risk-weighted values for each of the risk categories are then aggregated to determine total risk-weighted assets. |
SBA loan pools | Business loans partially guaranteed by the SBA. | ||||
Securities sold under agreements to repurchase | Sale of securities together with an agreement for the seller to buy back the securities at a later date. | ||||
Tax Act | The Tax Act was enacted on December 22, 2017 and amended the Internal Revenue Code of 1986. The legislation reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent, with some related business deductions and credits being either reduced or eliminated. | ||||
TDR | |||||
Trust preferred securities | A hybrid security with characteristics of both subordinated debt and preferred stock which allows for early redemption by the issuer, makes fixed or variable payments, and matures at face value. | ||||
Unaudited | Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion. | ||||
WMG | Provides services as executor and trustee under wills and agreements, and guardian, custodian, trustee and agent for pension, profit-sharing and other employee benefit trusts, as well as various investment, financial planning, pension, estate planning and employee benefit administration services. |
(in thousands, except share and per share data) | March 31, 2023 | December 31, 2022 | ||||||||||||
ASSETS | ||||||||||||||
Cash and due from financial institutions | $ | 25,109 | $ | 29,309 | ||||||||||
Interest-earning deposits in other financial institutions | 9,532 | 26,560 | ||||||||||||
Total cash and cash equivalents | 34,641 | 55,869 | ||||||||||||
Equity investments, at estimated fair value | 2,949 | 2,830 | ||||||||||||
Securities available for sale, at estimated fair value (net of allowance for credit losses of $0 at March 31, 2023) | 626,055 | 632,589 | ||||||||||||
Securities held to maturity, estimated fair value of $1,905 at March 31, 2023 and $2,402 at December 31, 2022 (net of allowance for credit losses of $0 at March 31, 2023) | 1,932 | 2,424 | ||||||||||||
FHLBNY and FRBNY Stock, at cost | 7,913 | 8,197 | ||||||||||||
Loans, net of deferred loan fees | 1,873,701 | 1,829,448 | ||||||||||||
Allowance for credit losses (1) | (20,075) | (19,659) | ||||||||||||
Loans, net | 1,853,626 | 1,809,789 | ||||||||||||
Premises and equipment, net | 15,867 | 16,113 | ||||||||||||
Operating lease right-of-use assets | 6,250 | 6,449 | ||||||||||||
Goodwill | 21,824 | 21,824 | ||||||||||||
Bank-owned life insurance | 2,881 | 2,871 | ||||||||||||
Interest rate swap assets | 22,710 | 27,141 | ||||||||||||
Accrued interest receivable and other assets | 57,535 | 59,457 | ||||||||||||
Total assets | $ | 2,654,183 | $ | 2,645,553 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing | $ | 690,596 | $ | 733,329 | ||||||||||
Interest-bearing | 1,641,833 | 1,593,898 | ||||||||||||
Total deposits | 2,332,429 | 2,327,227 | ||||||||||||
FHLBNY overnight advances | 90,070 | 95,810 | ||||||||||||
Long term finance lease obligation | 3,258 | 3,327 | ||||||||||||
Operating lease liabilities | 6,427 | 6,620 | ||||||||||||
Dividends payable | 1,460 | 1,455 | ||||||||||||
Interest rate swap liabilities | 22,776 | 27,196 | ||||||||||||
Accrued interest payable and other liabilities | 20,422 | 17,530 | ||||||||||||
Total liabilities | 2,476,842 | 2,479,165 | ||||||||||||
Shareholders' equity: | ||||||||||||||
Common stock, $0.01 par value per share, 10,000,000 shares authorized; 5,310,076 issued at March 31, 2023 and December 31, 2022 | 53 | 53 | ||||||||||||
Additional paid-in capital | 47,387 | 47,331 | ||||||||||||
Retained earnings | 216,593 | 211,859 | ||||||||||||
Treasury stock, at cost; 600,973 shares at March 31, 2023 and 615,448 shares at December 31, 2022 | (17,219) | (17,598) | ||||||||||||
Accumulated other comprehensive loss | (69,473) | (75,257) | ||||||||||||
Total shareholders' equity | 177,341 | 166,388 | ||||||||||||
Total liabilities and shareholders' equity | $ | 2,654,183 | $ | 2,645,553 |
(in thousands, except share and per share data) | June 30, 2023 | December 31, 2022 | ||||||||||||
ASSETS | ||||||||||||||
Cash and due from financial institutions | $ | 25,499 | $ | 29,309 | ||||||||||
Interest-earning deposits in other financial institutions | 28,727 | 26,560 | ||||||||||||
Total cash and cash equivalents | 54,226 | 55,869 | ||||||||||||
Equity investments, at estimated fair value | 2,841 | 2,830 | ||||||||||||
Securities available for sale, at estimated fair value (amortized cost of $700,253, net of allowance for credit losses of $0 at June 30, 2023; and amortized cost of $729,198, net of allowance for credit losses on securities of $0 at December 31, 2022) | 604,313 | 632,589 | ||||||||||||
Securities held to maturity, estimated fair value of $1,778 at June 30, 2023 and $2,402 at December 31, 2022 (net of allowance for credit losses of $0 at June 30, 2023) | 1,804 | 2,424 | ||||||||||||
FHLBNY and FRBNY Stock, at cost | 6,328 | 8,197 | ||||||||||||
Loans, net of deferred loan fees | 1,893,906 | 1,829,448 | ||||||||||||
Allowance for credit losses (1) | (20,172) | (19,659) | ||||||||||||
Loans, net | 1,873,734 | 1,809,789 | ||||||||||||
Loans held for sale | 785 | — | ||||||||||||
Premises and equipment, net | 15,496 | 16,113 | ||||||||||||
Operating lease right-of-use assets | 6,050 | 6,449 | ||||||||||||
Goodwill | 21,824 | 21,824 | ||||||||||||
Bank-owned life insurance | 2,892 | 2,871 | ||||||||||||
Interest rate swap assets | 26,450 | 27,141 | ||||||||||||
Accrued interest receivable and other assets | 57,930 | 59,457 | ||||||||||||
Total assets | $ | 2,674,673 | $ | 2,645,553 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing | $ | 671,643 | $ | 733,329 | ||||||||||
Interest-bearing | 1,718,551 | 1,593,898 | ||||||||||||
Total deposits | 2,390,194 | 2,327,227 | ||||||||||||
FHLBNY overnight advances | 50,760 | 95,810 | ||||||||||||
Long term finance lease obligation | 3,189 | 3,327 | ||||||||||||
Operating lease liabilities | 6,228 | 6,620 | ||||||||||||
Dividends payable | 1,462 | 1,455 | ||||||||||||
Interest rate swap liabilities | 26,450 | 27,196 | ||||||||||||
Accrued interest payable and other liabilities | 18,964 | 17,530 | ||||||||||||
Total liabilities | 2,497,247 | 2,479,165 | ||||||||||||
Shareholders' equity: | ||||||||||||||
Common stock, $0.01 par value per share, 10,000,000 shares authorized; 5,310,076 issued at June 30, 2023 and December 31, 2022 | 53 | 53 | ||||||||||||
Additional paid-in capital | 47,740 | 47,331 | ||||||||||||
Retained earnings | 221,412 | 211,859 | ||||||||||||
Treasury stock, at cost; 594,344 shares at June 30, 2023 and 615,448 shares at December 31, 2022 | (17,033) | (17,598) | ||||||||||||
Accumulated other comprehensive loss | (74,746) | (75,257) | ||||||||||||
Total shareholders' equity | 177,426 | 166,388 | ||||||||||||
Total liabilities and shareholders' equity | $ | 2,674,673 | $ | 2,645,553 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2023 | 2022 | (in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income: | Interest and dividend income: | Interest and dividend income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, including fees | Loans, including fees | $ | 22,289 | $ | 14,481 | Loans, including fees | $ | 23,791 | $ | 15,390 | $ | 46,080 | $ | 29,871 | ||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 3,583 | 2,688 | Taxable securities | 3,630 | 2,863 | 7,213 | 5,551 | ||||||||||||||||||||||||||||||||||||||||||||
Tax exempt securities | Tax exempt securities | 261 | 270 | Tax exempt securities | 259 | 268 | 520 | 538 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 97 | 19 | Interest-earning deposits | 116 | 17 | 213 | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | Total interest and dividend income | 26,230 | 17,458 | Total interest and dividend income | 27,796 | 18,538 | 54,026 | 35,996 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 5,387 | 748 | Deposits | 8,469 | 769 | 13,856 | 1,517 | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 896 | 33 | Borrowed funds | 732 | 128 | 1,628 | 161 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 6,283 | 781 | Total interest expense | 9,201 | 897 | 15,484 | 1,678 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 19,947 | 16,677 | Net interest income | 18,595 | 17,641 | 38,542 | 34,318 | ||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for credit losses (1) | Provision (credit) for credit losses (1) | 277 | (1,145) | Provision (credit) for credit losses (1) | 236 | (1,744) | 513 | (2,889) | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 19,670 | 17,822 | Net interest income after provision for credit losses | 18,359 | 19,385 | 38,029 | 37,207 | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income: | Non-interest income: | Non-interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
WMG fee income | WMG fee income | 2,580 | 2,757 | WMG fee income | 2,603 | 2,628 | 5,183 | 5,385 | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 941 | 864 | Service charges on deposit accounts | 959 | 936 | 1,900 | 1,800 | ||||||||||||||||||||||||||||||||||||||||||||
Interchange revenue from debit card transactions | Interchange revenue from debit card transactions | 1,133 | 1,130 | Interchange revenue from debit card transactions | 1,194 | 1,206 | 2,327 | 2,336 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of equity investments | Changes in fair value of equity investments | 72 | (113) | Changes in fair value of equity investments | (103) | (242) | (31) | (355) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains on sales of loans held for sale | Net gains on sales of loans held for sale | 5 | 74 | Net gains on sales of loans held for sale | 18 | 25 | 23 | 99 | ||||||||||||||||||||||||||||||||||||||||||||
Net gains on sales of other real estate owned | Net gains on sales of other real estate owned | 14 | 46 | 14 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | Income from bank-owned life insurance | 10 | 11 | Income from bank-owned life insurance | 11 | 11 | 21 | 22 | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 682 | 940 | Other | 751 | 709 | 1,433 | 1,649 | ||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 5,423 | 5,663 | Total non-interest income | 5,447 | 5,319 | 10,870 | 10,982 | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest expenses: | Non-interest expenses: | Non-interest expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and wages | Salaries and wages | 6,783 | 6,223 | Salaries and wages | 6,704 | 6,056 | 13,487 | 12,279 | ||||||||||||||||||||||||||||||||||||||||||||
Pension and other employee benefits | Pension and other employee benefits | 1,680 | 1,718 | Pension and other employee benefits | 1,808 | 1,937 | 3,488 | 3,655 | ||||||||||||||||||||||||||||||||||||||||||||
Other components of net periodic pension and postretirement benefits | Other components of net periodic pension and postretirement benefits | (174) | (408) | Other components of net periodic pension and postretirement benefits | (174) | (403) | (348) | (811) | ||||||||||||||||||||||||||||||||||||||||||||
Net occupancy | Net occupancy | 1,465 | 1,427 | Net occupancy | 1,440 | 1,369 | 2,905 | 2,796 | ||||||||||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 418 | 437 | Furniture and equipment | 461 | 410 | 879 | 847 | ||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 2,381 | 2,187 | Data processing | 2,473 | 2,468 | 4,854 | 4,655 | ||||||||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 440 | 521 | Professional services | 602 | 664 | 1,042 | 1,185 | ||||||||||||||||||||||||||||||||||||||||||||
Legal accruals and settlements | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | — | 11 | Amortization of intangible assets | — | 4 | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||
Marketing and advertising | Marketing and advertising | 332 | 276 | Marketing and advertising | 170 | 184 | 502 | 460 | ||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 38 | (37) | Other real estate owned | 1 | 8 | 39 | (29) | ||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | FDIC insurance | 497 | 314 | FDIC insurance | 586 | 284 | 1,083 | 598 | ||||||||||||||||||||||||||||||||||||||||||||
Loan expense | Loan expense | 232 | 215 | Loan expense | 308 | 176 | 540 | 391 | ||||||||||||||||||||||||||||||||||||||||||||
Merger and acquisition related expenses | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,744 | 1,784 | Other | 1,534 | 1,185 | 3,278 | 2,969 | ||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expenses | Total non-interest expenses | 15,836 | 14,668 | Total non-interest expenses | 15,913 | 14,342 | 31,749 | 29,010 | ||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 9,257 | 8,817 | Income before income tax expense | 7,893 | 10,362 | 17,150 | 19,179 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 1,987 | 1,950 | Income tax expense | 1,613 | 2,338 | 3,600 | 4,288 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 7,270 | $ | 6,867 | Net income | $ | 6,280 | $ | 8,024 | $ | 13,550 | $ | 14,891 | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 4,721 | 4,689 | Weighted average shares outstanding | 4,729 | 4,690 | 4,725 | 4,690 | ||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | Basic and diluted earnings per share | $ | 1.54 | $ | 1.46 | Basic and diluted earnings per share | $ | 1.33 | $ | 1.72 | $ | 2.87 | $ | 3.18 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 7,270 | $ | 6,867 | Net income | $ | 6,280 | $ | 8,024 | $ | 13,550 | $ | 14,891 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on securities available for sale | Unrealized holding gains (losses) on securities available for sale | (7,156) | (24,050) | 669 | (66,165) | |||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities available for sale | 7,825 | (42,115) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | 2,050 | (11,028) | Tax effect | (1,874) | (6,303) | 176 | (17,331) | ||||||||||||||||||||||||||||||||||||||||||||
Net of tax amount | Net of tax amount | 5,775 | (31,087) | Net of tax amount | (5,282) | (17,747) | 493 | (48,834) | ||||||||||||||||||||||||||||||||||||||||||||
Change in funded status of defined benefit pension plan and other benefit plans: | Change in funded status of defined benefit pension plan and other benefit plans: | Change in funded status of defined benefit pension plan and other benefit plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for amortization of net actuarial loss | Reclassification adjustment for amortization of net actuarial loss | 12 | 14 | Reclassification adjustment for amortization of net actuarial loss | 12 | 11 | 24 | 25 | ||||||||||||||||||||||||||||||||||||||||||||
Total before tax effect | Total before tax effect | 12 | 14 | Total before tax effect | 12 | 11 | 24 | 25 | ||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | 3 | 2 | Tax effect | 3 | 4 | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Net of tax amount | Net of tax amount | 9 | 12 | Net of tax amount | 9 | 7 | 18 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | 5,784 | (31,075) | Total other comprehensive income (loss) | (5,273) | (17,740) | 511 | (48,815) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 13,054 | $ | (24,208) | Comprehensive income (loss) | $ | 1,007 | $ | (9,716) | $ | 14,061 | $ | (33,924) |
(in thousands, except share and per share data) | (in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | (in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2022 | $ | 53 | $ | 46,901 | $ | 188,877 | $ | (17,846) | $ | (6,530) | $ | 211,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | Balances at March 31, 2022 | $ | 53 | $ | 46,880 | $ | 194,295 | $ | (18,113) | $ | (37,605) | $ | 185,510 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 6,867 | — | — | 6,867 | Net income | — | — | 8,024 | — | — | 8,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (31,075) | (31,075) | Other comprehensive loss | — | — | — | — | (17,740) | (17,740) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | Restricted stock awards | — | 179 | — | — | — | 179 | Restricted stock awards | — | 154 | — | — | — | 154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units for directors' deferred compensation plan | Restricted stock units for directors' deferred compensation plan | — | 5 | — | — | — | 5 | Restricted stock units for directors' deferred compensation plan | — | 95 | — | — | — | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of 3,985 shares of treasury stock grants for employee restricted stock awards | — | (112) | — | 112 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.31 per share) | Cash dividends declared ($0.31 per share) | — | — | (1,449) | — | — | (1,449) | Cash dividends declared ($0.31 per share) | — | — | (1,449) | — | — | (1,449) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of 8,575 shares of treasury stock for directors' compensation | — | (139) | — | 244 | — | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of 15,388 shares of common stock | — | — | — | (695) | — | (695) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of 2,545 shares of treasury stock (a) | — | 46 | — | 72 | — | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | 53 | $ | 46,880 | $ | 194,295 | $ | (18,113) | $ | (37,605) | $ | 185,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2023 | $ | 53 | $ | 47,331 | $ | 211,859 | $ | (17,598) | $ | (75,257) | $ | 166,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change (b) | (1,076) | (1,076) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2023, as adjusted | 53 | 47,331 | 210,783 | (17,598) | (75,257) | 165,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of 2,137 shares of treasury stock (a) | Sale of 2,137 shares of treasury stock (a) | — | 37 | — | 61 | — | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of 681 shares of restricted stock awards | Forfeiture of 681 shares of restricted stock awards | — | 30 | — | (32) | — | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | Balances at June 30, 2022 | $ | 53 | $ | 47,196 | $ | 200,870 | $ | (18,084) | $ | (55,345) | $ | 174,690 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | Balances at March 31, 2023 | $ | 53 | $ | 47,387 | $ | 216,594 | $ | (17,219) | $ | (69,473) | $ | 177,342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 7,270 | — | — | 7,270 | Net income | — | — | 6,280 | — | — | 6,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 5,784 | 5,784 | Other comprehensive income | — | — | — | — | (5,273) | (5,273) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards | Restricted stock awards | — | 263 | — | — | — | 263 | Restricted stock awards | — | 285 | — | — | — | 285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units for directors' deferred compensation plan | Restricted stock units for directors' deferred compensation plan | — | 5 | — | — | — | 5 | Restricted stock units for directors' deferred compensation plan | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of 4,577 shares of treasury stock grants for employee restricted stock awards | — | (131) | — | 131 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.31 per share) | Cash dividends declared ($0.31 per share) | — | — | (1,460) | — | — | (1,460) | Cash dividends declared ($0.31 per share) | — | — | (1,462) | — | — | (1,462) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of 8,492 shares of treasury stock for directors' compensation | — | (147) | — | 243 | — | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of 2,148 shares of common stock | — | — | — | (98) | — | (98) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of 3,554 shares of treasury stock (a) | — | 66 | — | 103 | — | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | 53 | $ | 47,387 | $ | 216,593 | $ | (17,219) | $ | (69,473) | $ | 177,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of 6,955 shares of treasury stock (a) | Sale of 6,955 shares of treasury stock (a) | — | 52 | — | 198 | — | 250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of 326 shares of restricted stock awards | Forfeiture of 326 shares of restricted stock awards | — | 11 | — | (12) | — | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | Balances at June 30, 2023 | $ | 53 | $ | 47,740 | $ | 221,412 | $ | (17,033) | $ | (74,746) | $ | 177,426 |
(in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||
Balances at January 1, 2022 | $ | 53 | $ | 46,901 | $ | 188,877 | $ | (17,846) | $ | (6,530) | $ | 211,455 | |||||||||||||||||||||||
Net income | — | — | 14,891 | — | — | 14,891 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (48,815) | (48,815) | |||||||||||||||||||||||||||||
Restricted stock awards | — | 333 | — | — | — | 333 | |||||||||||||||||||||||||||||
Restricted stock units for directors' deferred compensation plan | — | 100 | — | — | — | 100 | |||||||||||||||||||||||||||||
Distribution of 3,985 shares of treasury stock grants for employee restricted stock awards | — | (112) | — | 112 | — | — | |||||||||||||||||||||||||||||
Cash dividends declared ($0.62 per share) | — | — | (2,898) | — | — | (2,898) | |||||||||||||||||||||||||||||
Distribution of 8,575 shares of treasury stock for directors' compensation | — | (139) | — | 244 | — | 105 | |||||||||||||||||||||||||||||
Repurchase of 15,388 shares of common stock | — | — | — | (695) | — | (695) | |||||||||||||||||||||||||||||
Sale of 4,682 shares of treasury stock (a) | — | 83 | — | 133 | — | 216 | |||||||||||||||||||||||||||||
Forfeiture of 681 shares of restricted stock awards | — | 30 | — | (32) | — | (2) | |||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | 53 | $ | 47,196 | $ | 200,870 | $ | (18,084) | $ | (55,345) | $ | 174,690 | |||||||||||||||||||||||
Balances at January 1, 2023 | $ | 53 | $ | 47,331 | $ | 211,859 | $ | (17,598) | $ | (75,257) | $ | 166,388 | |||||||||||||||||||||||
Cumulative effect of accounting change (b) | (1,076) | (1,076) | |||||||||||||||||||||||||||||||||
Balances at January 1, 2023, as adjusted | 53 | 47,331 | 210,783 | (17,598) | (75,257) | 165,312 | |||||||||||||||||||||||||||||
Net income | — | — | 13,550 | — | — | 13,550 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | 511 | 511 | |||||||||||||||||||||||||||||
Restricted stock awards | — | 548 | — | — | — | 548 | |||||||||||||||||||||||||||||
Restricted stock units for directors' deferred compensation plan | — | 10 | — | — | — | 10 | |||||||||||||||||||||||||||||
Distribution of 4,577 shares of treasury stock grants for employee restricted stock awards | — | (131) | — | 131 | — | — | |||||||||||||||||||||||||||||
Cash dividends declared ($0.62 per share) | — | — | (2,921) | — | — | (2,921) | |||||||||||||||||||||||||||||
Distribution of 8,492 shares of treasury stock for directors' compensation | — | (147) | — | 243 | — | 96 | |||||||||||||||||||||||||||||
Repurchase of 2,148 shares of common stock | — | — | — | (98) | — | (98) | |||||||||||||||||||||||||||||
Sale of 10,509 shares of treasury stock (a) | — | 118 | — | 301 | — | 419 | |||||||||||||||||||||||||||||
Forfeiture of 326 shares of restricted stock awards | — | 11 | — | (12) | — | (1) | |||||||||||||||||||||||||||||
Balances at June 30, 2023 | $ | 53 | $ | 47,740 | $ | 221,412 | $ | (17,033) | $ | (74,746) | $ | 177,426 |
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(UNAUDITED) | |||||||||||
(in thousands) | Three Months Ended March 31, | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | 2023 | 2022 | |||||||||
Net income | $ | 7,270 | $ | 6,867 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization (increase in) of right-of-use assets | 199 | 199 | |||||||||
Amortization of intangible assets | — | 11 | |||||||||
Provision for credit losses (1) | 277 | (1,145) | |||||||||
Loss on disposal of fixed assets | — | 20 | |||||||||
Depreciation and amortization of fixed assets | 533 | 579 | |||||||||
Amortization of premiums on securities, net | 656 | 1,146 | |||||||||
Gain on sales of loans held for sale, net | (5) | (74) | |||||||||
Proceeds from sales of loans held for sale | 210 | 3,901 | |||||||||
Loans originated and held for sale | (205) | (3,776) | |||||||||
Net change in fair value of equity investments | (72) | 113 | |||||||||
Purchase of equity investments | (47) | (98) | |||||||||
Increase in other assets and accrued interest receivable | (132) | (1,418) | |||||||||
Increase in accrued interest payable | 636 | 17 | |||||||||
Expense related to restricted stock units for directors' deferred compensation plan | 5 | 5 | |||||||||
Expense related to employee stock compensation | 131 | — | |||||||||
Expense related to employee restricted stock awards | 263 | 179 | |||||||||
Increases in (payments on) operating leases | (193) | (192) | |||||||||
Net (gain) loss on interest rate swaps | 11 | (138) | |||||||||
Increase (decrease) in other liabilities | 1,159 | (201) | |||||||||
Income from bank owned life insurance | (10) | (11) | |||||||||
Net cash provided by operating activities | 10,686 | 5,984 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from maturities, calls, and principal paydowns on securities available for sale | 15,901 | 24,813 | |||||||||
Proceeds from maturities and principal collected on securities held to maturity | 492 | 211 | |||||||||
Purchases of securities available for sale | (2,199) | (22,388) | |||||||||
Purchase of FHLBNY and FRBNY stock | (16,853) | (1,304) | |||||||||
Redemption of FHLBNY and FRBNY stock | 17,137 | 1,946 | |||||||||
Proceeds from sales of fixed assets | — | 125 | |||||||||
Purchases of premises and equipment | (287) | (15) | |||||||||
Net increase in loans | (44,114) | (48,365) | |||||||||
Net cash used in investing activities | (29,923) | (44,977) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net (decrease) increase in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts | (44,507) | 35,187 | |||||||||
Increase in time deposits | 49,709 | 58,972 | |||||||||
Net change in FHLB overnight advances | (5,740) | (14,570) | |||||||||
Payments made on finance leases | (69) | (67) | |||||||||
Purchase of treasury stock | (98) | (695) | |||||||||
Sale of treasury stock | 169 | 118 | |||||||||
Cash dividends paid | (1,455) | (1,450) | |||||||||
Net cash (used in) provided by financing activities | (1,991) | 77,495 | |||||||||
Net (decrease) increase in cash and cash equivalents | (21,228) | 38,502 | |||||||||
Cash and cash equivalents, beginning of period | 55,869 | 26,981 | |||||||||
Cash and cash equivalents, end of period | $ | 34,641 | $ | 65,483 |
CHEMUNG FINANCIAL CORPORATION AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(UNAUDITED) | |||||||||||
(in thousands) | Six Months Ended June 30, | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | 2023 | 2022 | |||||||||
Net income | $ | 13,550 | $ | 14,891 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization (increase in) of right-of-use assets | 399 | 393 | |||||||||
Amortization of intangible assets | — | 15 | |||||||||
Provision (credit) for credit losses (1) | 513 | (2,889) | |||||||||
Loss on disposal of fixed assets | 3 | 20 | |||||||||
Depreciation and amortization of fixed assets | 1,060 | 1,147 | |||||||||
Amortization of premiums on securities, net | 1,270 | 2,172 | |||||||||
Gain on sales of loans held for sale, net | (23) | (99) | |||||||||
Proceeds from sales of loans held for sale | 1,318 | 5,575 | |||||||||
Loans originated and held for sale | (2,080) | (5,080) | |||||||||
Net gains on sale of other real estate owned | (14) | (46) | |||||||||
Write-downs on other real estate owned | (3) | — | |||||||||
Net change in fair value of equity investments | 31 | 355 | |||||||||
Proceeds from sales of trading assets | 39 | 37 | |||||||||
Purchase of equity investments | (81) | (178) | |||||||||
Decrease (Increase) in other assets and accrued interest receivable | 1,317 | (8,656) | |||||||||
Increase in accrued interest payable | 1,964 | 25 | |||||||||
Expense related to restricted stock units for directors' deferred compensation plan | 10 | 100 | |||||||||
Expense related to employee restricted stock awards | 548 | 333 | |||||||||
Increases in (payments on) operating leases | (392) | (380) | |||||||||
Net (gain) loss on interest rate swaps | (55) | (199) | |||||||||
(Decrease) increase in other liabilities | (1,488) | 10,371 | |||||||||
Income from bank owned life insurance | (21) | (22) | |||||||||
Net cash provided by operating activities | 17,865 | 17,885 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from maturities, calls, and principal paydowns on securities available for sale | 30,883 | 53,412 | |||||||||
Proceeds from maturities and principal collected on securities held to maturity | 619 | 842 | |||||||||
Purchases of securities available for sale | (3,207) | (22,713) | |||||||||
Purchase of FHLBNY and FRBNY stock | (29,969) | (13,096) | |||||||||
Redemption of FHLBNY and FRBNY stock | 31,838 | 11,417 | |||||||||
Proceeds from sales of fixed assets | — | 125 | |||||||||
Purchases of premises and equipment | (446) | (135) | |||||||||
Proceeds from sale of other real estate owned | 154 | 159 | |||||||||
Net increase in loans | (64,566) | (100,256) | |||||||||
Net cash used in investing activities | (34,694) | (70,245) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net decrease in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts | (80,135) | (59,925) | |||||||||
Increase in time deposits | 143,102 | 87,283 | |||||||||
Net change in FHLB overnight advances | (45,050) | 31,300 | |||||||||
Payments made on finance leases | (138) | (133) | |||||||||
Purchase of treasury stock | (98) | (695) | |||||||||
Sale of treasury stock | 419 | 216 | |||||||||
Cash dividends paid | (2,914) | (2,899) | |||||||||
Net cash provided by financing activities | 15,186 | 55,147 | |||||||||
Net (decrease) increase in cash and cash equivalents | (1,643) | 2,787 | |||||||||
Cash and cash equivalents, beginning of period | 55,869 | 26,981 | |||||||||
Cash and cash equivalents, end of period | $ | 54,226 | $ | 29,768 |
(in thousands) | (in thousands) | Three Months Ended March 31, | (in thousands) | Six Months Ended June 30, | ||||||||||||||||||
Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | 2023 | 2022 | Supplemental disclosure of cash flow information: | 2023 | 2022 | ||||||||||||||||
Cash paid for: | Cash paid for: | Cash paid for: | ||||||||||||||||||||
Interest | Interest | $ | 5,647 | $ | 764 | Interest | $ | 13,520 | $ | 1,653 | ||||||||||||
Income taxes | Income taxes | 4,305 | 115 | Income taxes | 4,056 | 2,545 | ||||||||||||||||
Supplemental disclosure of non-cash activity: | Supplemental disclosure of non-cash activity: | Supplemental disclosure of non-cash activity: | ||||||||||||||||||||
Transfer of loans to other real estate owned | Transfer of loans to other real estate owned | — | 137 | Transfer of loans to other real estate owned | 108 | 292 | ||||||||||||||||
Dividends declared, not yet paid | Dividends declared, not yet paid | 1,460 | 1,449 | Dividends declared, not yet paid | 1,462 | 1,449 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Allowance for credit losses | Estimated Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Allowance for Credit Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes and bonds | U.S. Treasury notes and bonds | $ | 61,619 | $ | — | $ | 5,291 | $ | — | $ | 56,328 | U.S. Treasury notes and bonds | $ | 62,156 | $ | — | $ | 5,959 | $ | — | $ | 56,197 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 508,906 | — | 76,252 | — | 432,654 | Mortgage-backed securities, residential | 497,995 | — | 80,630 | — | 417,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 39,795 | 19 | 400 | — | 39,414 | Obligations of states and political subdivisions | 39,568 | 1 | 985 | — | 38,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | Corporate bonds and notes | 25,750 | — | 5,120 | — | 20,630 | Corporate bonds and notes | 25,750 | — | 5,879 | — | 19,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pools | SBA loan pools | 78,769 | 130 | 1,870 | — | 77,029 | SBA loan pools | 74,784 | 112 | 2,600 | — | 72,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 714,839 | $ | 149 | $ | 88,933 | $ | — | $ | 626,055 | Total | $ | 700,253 | $ | 113 | $ | 96,053 | $ | — | $ | 604,313 |
December 31, 2022 | ||||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||
U.S. Treasury notes and bonds | $ | 61,800 | $ | — | $ | 6,225 | $ | 55,574 | ||||||||||||||||||
Mortgage-backed securities, residential | 518,838 | — | 83,707 | 435,131 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 39,828 | 2 | 938 | 38,892 | ||||||||||||||||||||||
Corporate bonds and notes | 25,750 | — | 3,780 | 21,970 | ||||||||||||||||||||||
SBA loan pools | 82,982 | 155 | 2,116 | 81,022 | ||||||||||||||||||||||
Total | $ | 729,198 | $ | 157 | $ | 96,766 | $ | 632,589 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrecognized Gains | Unrecognized Losses | Allowance for credit losses | Estimated Fair Value | Amortized Cost | Unrecognized Gains | Unrecognized Losses | Allowance for Credit Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 952 | $ | — | $ | — | $ | — | $ | 952 | Obligations of states and political subdivisions | $ | 824 | $ | — | $ | — | $ | — | $ | 824 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits with other financial institutions | Time deposits with other financial institutions | 980 | — | 27 | — | 953 | Time deposits with other financial institutions | 980 | — | 26 | — | 954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,932 | $ | — | $ | 27 | $ | — | $ | 1,905 | Total | $ | 1,804 | $ | — | $ | 26 | $ | — | $ | 1,778 |
December 31, 2022 | ||||||||||||||||||||||||||
Amortized Cost | Unrecognized Gains | Unrecognized Losses | Estimated Fair Value | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 952 | $ | — | $ | — | $ | 952 | ||||||||||||||||||
Time deposits with other financial institutions | 1,472 | — | 22 | 1,450 | ||||||||||||||||||||||
Total | $ | 2,424 | $ | — | $ | 22 | $ | 2,402 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Within one year | Within one year | $ | 3,141 | $ | 3,102 | $ | 1,004 | $ | 1,003 | Within one year | $ | 5,804 | $ | 5,732 | $ | 284 | $ | 283 | ||||||||||||||||||||||||||||||||||
After one, but within five years | After one, but within five years | 104,669 | 98,309 | 928 | 902 | After one, but within five years | 103,670 | 94,774 | 880 | 855 | ||||||||||||||||||||||||||||||||||||||||||
After five, but within ten years | After five, but within ten years | 18,883 | 14,501 | — | — | After five, but within ten years | 17,531 | 13,698 | 640 | 640 | ||||||||||||||||||||||||||||||||||||||||||
After ten years | After ten years | 471 | 460 | — | — | After ten years | 469 | 448 | — | — | ||||||||||||||||||||||||||||||||||||||||||
127,164 | 116,372 | 1,932 | 1,905 | 127,474 | 114,652 | 1,804 | 1,778 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 508,906 | 432,654 | — | — | Mortgage-backed securities, residential | 497,995 | 417,365 | — | — | ||||||||||||||||||||||||||||||||||||||||||
SBA loan pools | SBA loan pools | 78,769 | 77,029 | — | — | SBA loan pools | 74,784 | 72,296 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 714,839 | $ | 626,055 | $ | 1,932 | $ | 1,905 | Total | $ | 700,253 | $ | 604,313 | $ | 1,804 | $ | 1,778 |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes and bonds | U.S. Treasury notes and bonds | $ | 1,107 | $ | 16 | $ | 55,221 | $ | 5,275 | $ | 56,328 | $ | 5,291 | U.S. Treasury notes and bonds | $ | 1,920 | $ | 19 | $ | 54,277 | $ | 5,940 | $ | 56,197 | $ | 5,959 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 7,594 | 477 | 425,060 | 75,775 | 432,654 | 76,252 | Mortgage-backed securities, residential | 6,705 | 616 | 410,660 | 80,014 | 417,365 | 80,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 20,209 | 176 | 12,962 | 224 | 33,171 | 400 | Obligations of states and political subdivisions | 25,467 | 485 | 13,006 | 500 | 38,473 | 985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | Corporate bonds and notes | 2,750 | 250 | 12,064 | 4,870 | 14,814 | 5,120 | Corporate bonds and notes | 6,939 | 3,061 | 12,932 | 2,818 | 19,871 | 5,879 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pools | SBA loan pools | 9,279 | 20 | 56,883 | 1,850 | 66,162 | 1,870 | SBA loan pools | 8,249 | 24 | 53,991 | 2,576 | 62,240 | 2,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | Total temporarily impaired securities | $ | 40,939 | $ | 939 | $ | 562,190 | $ | 87,994 | $ | 603,129 | $ | 88,933 | Total temporarily impaired securities | $ | 49,280 | $ | 4,205 | $ | 544,866 | $ | 91,848 | $ | 594,146 | $ | 96,053 |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | December 31, 2022 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes and bonds | U.S. Treasury notes and bonds | $ | 1,011 | $ | 30 | $ | 54,563 | $ | 6,195 | $ | 55,574 | $ | 6,225 | U.S. Treasury notes and bonds | $ | 1,011 | $ | 30 | $ | 54,563 | $ | 6,195 | $ | 55,574 | $ | 6,225 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 79,891 | 7,621 | 355,240 | 76,086 | 435,131 | 83,707 | Mortgage-backed securities, residential | 79,891 | 7,621 | 355,240 | 76,086 | 435,131 | 83,707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 37,847 | 938 | — | — | 38,785 | 938 | Obligations of states and political subdivisions | 37,847 | 938 | — | — | 37,847 | 938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | Corporate bonds and notes | 4,515 | 485 | 7,455 | 3,295 | 11,970 | 3,780 | Corporate bonds and notes | 4,515 | 485 | 7,455 | 3,295 | 11,970 | 3,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pools | SBA loan pools | 14,333 | 925 | 51,123 | 1,191 | 65,456 | 2,116 | SBA loan pools | 14,333 | 925 | 51,123 | 1,191 | 65,456 | 2,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | Total temporarily impaired securities | $ | 137,597 | $ | 9,999 | $ | 468,381 | $ | 86,767 | $ | 606,916 | $ | 96,766 | Total temporarily impaired securities | $ | 137,597 | $ | 9,999 | $ | 468,381 | $ | 86,767 | $ | 605,978 | $ | 96,766 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 244,174 | $ | 252,044 | Commercial and industrial | $ | 253,501 | $ | 252,044 | ||||||||||||||||||
Agricultural | Agricultural | 333 | 249 | Agricultural | 305 | 249 | ||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||
Construction | Construction | 118,660 | 108,243 | Construction | 124,942 | 108,243 | ||||||||||||||||||||||
Commercial mortgages, other | Commercial mortgages, other | 917,637 | 888,670 | Commercial mortgages, other | 923,585 | 888,670 | ||||||||||||||||||||||
Residential mortgages | Residential mortgages | 285,944 | 285,672 | Residential mortgages | 285,084 | 285,672 | ||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||
Home equity lines and loans | Home equity lines and loans | 84,537 | 81,401 | Home equity lines and loans | 85,283 | 81,401 | ||||||||||||||||||||||
Indirect consumer loans | Indirect consumer loans | 211,270 | 202,124 | Indirect consumer loans | 210,532 | 202,124 | ||||||||||||||||||||||
Direct consumer loans | Direct consumer loans | 11,146 | 11,045 | Direct consumer loans | 10,674 | 11,045 | ||||||||||||||||||||||
Total loans, net of deferred loan fees and costs | Total loans, net of deferred loan fees and costs | 1,873,701 | 1,829,448 | Total loans, net of deferred loan fees and costs | 1,893,906 | 1,829,448 | ||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (20,075) | (19,659) | Allowance for credit losses | (20,172) | (19,659) | ||||||||||||||||||||||
Loans, net | Loans, net | $ | 1,853,626 | $ | 1,809,789 | Loans, net | $ | 1,873,734 | $ | 1,809,789 |
Three Months Ended March 31, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | Allowance for credit losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,373 | $ | 11,576 | $ | 1,845 | $ | 2,865 | $ | 19,659 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment for the adoption of ASC 326 | 909 | (695) | (16) | 176 | 374 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance after cumulative effect adjustment | 4,282 | 10,881 | 1,829 | 3,041 | 20,033 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2023 | Beginning balance, April 1, 2023 | $ | 4,053 | $ | 10,983 | $ | 1,892 | $ | 3,147 | $ | 20,075 | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (190) | — | — | (193) | (383) | Charge-offs | (9) | — | — | (242) | (251) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 6 | — | — | 108 | 114 | Recoveries | 3 | 1 | — | 101 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||
Net recoveries (charge-offs) | Net recoveries (charge-offs) | (184) | — | — | (85) | (269) | Net recoveries (charge-offs) | (6) | 1 | — | (141) | (146) | ||||||||||||||||||||||||||||||||||||||||||||||
Provision (1) | Provision (1) | (45) | 102 | 63 | 191 | 311 | Provision (1) | 74 | 10 | 13 | 146 | 243 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 4,053 | $ | 10,983 | $ | 1,892 | $ | 3,147 | $ | 20,075 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2023 | Ending balance, June 30, 2023 | $ | 4,121 | $ | 10,994 | $ | 1,905 | $ | 3,152 | $ | 20,172 |
Three Months Ended March 31, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | Allowance for loan losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,591 | $ | 13,556 | $ | 1,803 | $ | 2,075 | $ | 21,025 | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2022 | Beginning balance, April 1, 2022 | $ | 3,485 | $ | 12,963 | $ | 1,606 | $ | 1,874 | $ | 19,928 | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (4) | — | — | (194) | (198) | Charge-offs | (16) | (687) | — | (128) | (831) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 6 | 1 | — | 239 | 246 | Recoveries | 23 | 1 | — | 108 | 132 | ||||||||||||||||||||||||||||||||||||||||||||||
Net recoveries (charge-offs) | Net recoveries (charge-offs) | 2 | 1 | — | 45 | 48 | Net recoveries (charge-offs) | 7 | (686) | — | (20) | (699) | ||||||||||||||||||||||||||||||||||||||||||||||
Provision | Provision | (110) | (593) | (197) | (245) | (1,145) | Provision | 72 | (1,963) | 108 | 39 | (1,744) | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,483 | $ | 12,964 | $ | 1,606 | $ | 1,875 | $ | 19,928 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2022 | Ending balance, June 30, 2022 | $ | 3,564 | $ | 10,314 | $ | 1,714 | $ | 1,893 | $ | 17,485 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Allowance for credit losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||
Beginning balance, January 1, 2023 | $ | 3,373 | $ | 11,576 | $ | 1,845 | $ | 2,865 | $ | 19,659 | |||||||||||||||||||
Cumulative effect adjustment for the adoption of ASC 326 | 909 | (695) | (16) | 176 | 374 | ||||||||||||||||||||||||
Beginning balance after cumulative effect adjustment, January 1, 2023 | 4,282 | 10,881 | 1,829 | 3,041 | 20,033 | ||||||||||||||||||||||||
Charge-offs | (199) | — | — | (437) | (636) | ||||||||||||||||||||||||
Recoveries | 8 | 1 | — | 212 | 221 | ||||||||||||||||||||||||
Net recoveries (charge-offs) | (191) | 1 | — | (225) | (415) | ||||||||||||||||||||||||
Provision (1) | 30 | 112 | 76 | 336 | 554 | ||||||||||||||||||||||||
Ending balance, June 30, 2023 | $ | 4,121 | $ | 10,994 | $ | 1,905 | $ | 3,152 | $ | 20,172 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Allowance for loan losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||
Beginning balance, January 1, 2022 | $ | 3,591 | $ | 13,556 | $ | 1,803 | $ | 2,075 | $ | 21,025 | |||||||||||||||||||
Charge-offs | (20) | (687) | — | (322) | (1,029) | ||||||||||||||||||||||||
Recoveries | 30 | 2 | — | 346 | 378 | ||||||||||||||||||||||||
Net recoveries (charge-offs) | 10 | (685) | — | 24 | (651) | ||||||||||||||||||||||||
Provision | (37) | (2,557) | (89) | (206) | (2,889) | ||||||||||||||||||||||||
Ending balance, June 30, 2022 | $ | 3,564 | $ | 10,314 | $ | 1,714 | $ | 1,893 | $ | 17,485 |
For the Three Months Ended | |||||||||||
Allowance for credit losses on unfunded commitments | |||||||||||
Beginning balance | $ | 1,048 | $ | — | |||||||
Impact of ASC 326 adoption | — | — | |||||||||
Provision for unfunded commitments | (7) | — | |||||||||
Ending balance | $ | 1,041 | $ | — |
For the Three Months Ended | ||||||||||||||
Provision for credit losses | June 30, 2023 | June 30, 2022 | ||||||||||||
Provision for credit losses on loans | $ | 243 | $ | (1,744) | ||||||||||
Provision for unfunded commitments | (7) | — | ||||||||||||
Total provision (credit) for credit losses | $ | 236 | $ | (1,744) |
For the Six Months Ended | |||||||||||
Allowance for credit losses on unfunded commitments | June 30, 2023 | June 30, 2022 | |||||||||
Beginning balance | $ | — | $ | — | |||||||
Impact of ASC 326 adoption | 1,082 | — | |||||||||
Provision for unfunded commitments | — | ||||||||||
Ending balance | $ | $ | — |
For the Three Months Ended | ||||||||||||||
Provision for credit losses | March 31, 2023 | March 31, 2022 | ||||||||||||
Provision for credit losses on loans | $ | 311 | $ | (1,145) | ||||||||||
Provision for unfunded commitments | (34) | — | ||||||||||||
Total provision (credit) for credit losses | $ | 277 | $ | (1,145) |
For the Six Months Ended | ||||||||||||||
Provision for credit losses | June 30, 2023 | June 30, 2022 | ||||||||||||
Provision for credit losses on loans | $ | 554 | $ | (2,889) | ||||||||||
Provision for unfunded commitments | (41) | — | ||||||||||||
Total provision (credit) for credit losses | $ | 513 | $ | (2,889) |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | Allowance for credit losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | Ending allowance balance attributable to loans: | Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually analyzed | Individually analyzed | $ | 1,040 | $ | 36 | $ | — | $ | — | $ | 1,076 | Individually analyzed | $ | 996 | $ | 33 | $ | — | $ | 61 | $ | 1,090 | ||||||||||||||||||||||||||||||||||||
Collectively analyzed | Collectively analyzed | 3,013 | 10,947 | 1,892 | 3,147 | 18,999 | Collectively analyzed | 3,125 | 10,961 | 1,905 | 3,091 | 19,082 | ||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | Total ending allowance balance | $ | 4,053 | $ | 10,983 | $ | 1,892 | $ | 3,147 | $ | 20,075 | Total ending allowance balance | $ | 4,121 | $ | 10,994 | $ | 1,905 | $ | 3,152 | $ | 20,172 |
December 31, 2022 | |||||||||||||||||||||||||||||
Allowance for loan losses | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,078 | $ | 38 | $ | — | $ | 31 | $ | 1,147 | |||||||||||||||||||
Collectively evaluated for impairment | 2,295 | 11,538 | 1,845 | 2,834 | 18,512 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 3,373 | $ | 11,576 | $ | 1,845 | $ | 2,865 | $ | 19,659 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | Loans: | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Loans individually analyzed | Loans individually analyzed | $ | 1,779 | $ | 4,089 | $ | 715 | $ | 254 | $ | 6,837 | Loans individually analyzed | $ | 1,714 | $ | 3,964 | $ | — | $ | 259 | $ | 5,937 | ||||||||||||||||||||||||||||||||||||
Loans collectively analyzed | Loans collectively analyzed | 242,728 | 1,032,208 | 285,229 | 306,699 | 1,866,864 | Loans collectively analyzed | 252,092 | 1,044,563 | 285,084 | 306,230 | 1,887,969 | ||||||||||||||||||||||||||||||||||||||||||||||
Total ending loans balance | Total ending loans balance | $ | 244,507 | $ | 1,036,297 | $ | 285,944 | $ | 306,953 | $ | 1,873,701 | Total ending loans balance | $ | 253,806 | $ | 1,048,527 | $ | 285,084 | $ | 306,489 | $ | 1,893,906 |
December 31, 2022 | |||||||||||||||||||||||||||||
Loans: | Commercial and Agricultural | Commercial Mortgages | Residential Mortgages | Consumer Loans | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,112 | $ | 4,383 | $ | 723 | $ | 264 | $ | 7,482 | |||||||||||||||||||
Loans collectively evaluated for impairment | 250,181 | 992,530 | 284,949 | 294,306 | 1,821,966 | ||||||||||||||||||||||||
Total ending loans balance | $ | 252,293 | $ | 996,913 | $ | 285,672 | $ | 294,570 | $ | 1,829,448 |
March 31, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans modified under ASU 2022-02: | Loans modified under ASU 2022-02: | Principal Reduction | Interest Rate Reduction | Term Extension | Combination | Total | (%) of Loan Class (1) | Loans modified under ASU 2022-02: | Principal Reduction | Interest Rate Reduction | Term Extension | Payment Delay | Combination | Total | (%) of Loan Class (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | $ | — | $ | — | $ | 277 | $ | — | $ | 277 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages, other | Commercial mortgages, other | $ | — | $ | — | $ | — | $ | 1,920 | $ | — | $ | 1,920 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 277 | $ | — | $ | 277 | Total | $ | — | $ | — | $ | — | $ | 1,920 | $ | — | $ | 1,920 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Loans modified under ASU 2022-02: | Principal Reduction | Interest Rate Reduction | Term Extension | Payment Delay | Combination | Total | (%) of Loan Class (1) | |||||||||||||||||||||||||||||||||||||
Commercial mortgages, other | $ | — | $ | — | $ | 275 | $ | 1,920 | $ | — | $ | 2,195 | 0.24 | % | ||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 275 | $ | 1,920 | $ | — | $ | 2,195 |
Effect of loan modifications under ASU 2022-02: | Principal Reduction (in thousands) | Weighted-average interest rate reduction (%) | Weighted-average term extension (in months) | ||||||||||||||||||||
Commercial mortgages, other | $— | —% | 60 | ||||||||||||||||||||
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Amortized Cost Basis | Related Allowance | Amortized Cost Basis | Related Allowance | |||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||
Commercial and industrial (1) (3) | Commercial and industrial (1) (3) | $ | 573 | $ | 168 | Commercial and industrial (1) (3) | $ | 570 | $ | 156 | ||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||
Commercial mortgages, other (1) | Commercial mortgages, other (1) | 4,413 | 36 | Commercial mortgages, other (1) | 4,267 | 33 | ||||||||||||||||||||||
Residential mortgages (2) | 715 | — | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | |||||||||||||||||||||||||||
Home equity lines and loans (2) | Home equity lines and loans (2) | 254 | — | Home equity lines and loans (2) | 259 | 61 | ||||||||||||||||||||||
Total | Total | $ | 5,955 | $ | 204 | Total | $ | 5,096 | $ | 250 |
December 31, 2022 | ||||||||||||||||||||
With no related allowance recorded: | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||
Commercial and agricultural: | ||||||||||||||||||||
Commercial and industrial | $ | 1,026 | $ | 1,025 | $ | — | ||||||||||||||
Commercial mortgages: | ||||||||||||||||||||
Construction | 5 | 5 | — | |||||||||||||||||
Commercial mortgages, other | 4,346 | 4,341 | — | |||||||||||||||||
Residential mortgages | 767 | 760 | — | |||||||||||||||||
Consumer loans: | ||||||||||||||||||||
Home equity lines and loans | 154 | 138 | — | |||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial and agricultural: | ||||||||||||||||||||
Commercial and industrial | 1,086 | 1,088 | 1,078 | |||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||
Commercial mortgages, other | 38 | 38 | 38 | |||||||||||||||||
Consumer loans: | ||||||||||||||||||||
Home equity lines and loans | 126 | 127 | 31 | |||||||||||||||||
Total | $ | 7,548 | $ | 7,522 | $ | 1,147 |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | With no related allowance recorded: | Amortized Cost Basis | Interest Income Recognized (1) | Amortized Cost Basis | Interest Income Recognized (1) | With no related allowance recorded: | Average Amortized Cost Basis | Interest Income Recognized (1) | Average Amortized Cost Basis | Interest Income Recognized (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 729 | $ | — | $ | 926 | $ | 3 | Commercial and industrial | $ | 516 | $ | — | $ | 765 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | 113 | 1 | Construction | — | — | 105 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages, other | Commercial mortgages, other | 4,053 | 7 | 4,105 | 7 | Commercial mortgages, other | 3,992 | 8 | 4,086 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 715 | 9 | 895 | 11 | Residential mortgages | 358 | — | 909 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines & loans | Home equity lines & loans | 254 | — | 161 | 1 | Home equity lines & loans | 178 | — | 157 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | With an allowance recorded: | With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,049 | 2 | 1,414 | 3 | Commercial and industrial | 1,230 | 2 | 1,369 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages, other | Commercial mortgages, other | 36 | — | 2,601 | 21 | Commercial mortgages, other | 34 | — | 1,326 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | Home equity lines and loans | — | — | 141 | — | Home equity lines and loans | 78 | 3 | 139 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,836 | $ | 18 | $ | 10,356 | $ | 47 | Total | $ | 6,386 | $ | 13 | $ | 8,856 | $ | 22 |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||
With no related allowance recorded: | Average Amortized Cost Basis | Interest Income Recognized (1) | Average Amortized Cost Basis | Interest Income Recognized (1) | ||||||||||||||||||||||
Commercial and agricultural: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 686 | $ | — | $ | 825 | $ | 3 | ||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||
Construction | 2 | — | 113 | 2 | ||||||||||||||||||||||
Commercial mortgages, other | 4,138 | 14 | 4,149 | 14 | ||||||||||||||||||||||
Residential mortgages | 479 | — | 895 | 22 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Home equity lines & loans | 165 | — | 161 | 2 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and agricultural: | ||||||||||||||||||||||||||
Commercial and industrial | 1,183 | 4 | 1,405 | 5 | ||||||||||||||||||||||
Commercial mortgages: | ||||||||||||||||||||||||||
Commercial mortgages, other | 35 | — | 2,065 | 21 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Home equity lines and loans | 63 | 3 | 141 | — | ||||||||||||||||||||||
Total | $ | 6,751 | $ | 21 | $ | 9,754 | $ | 69 |
Non-accrual with no allowance for credit losses | Non-accrual | Loans Past Due 90 Days or More and Still Accruing | Non-accrual with no allowance for credit losses | Non-accrual | Loans Past Due 90 Days or More and Still Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | June 30, 2023 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 730 | $ | 1,623 | $ | 1,946 | $ | 6 | $ | 1 | Commercial and industrial | $ | 303 | 1,565 | 1,946 | $ | — | $ | 1 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | 5 | — | — | Construction | — | — | 5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages, other | Commercial mortgages, other | 3,611 | 3,647 | 3,928 | — | — | Commercial mortgages, other | 3,500 | 3,534 | 3,928 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 1,036 | 1,036 | 986 | — | — | Residential mortgages | 926 | 926 | 986 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | Home equity lines and loans | 866 | 866 | 760 | — | — | Home equity lines and loans | 749 | 749 | 760 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Indirect consumer loans | Indirect consumer loans | 556 | 556 | 540 | — | — | Indirect consumer loans | 527 | 527 | 540 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Direct consumer loans | Direct consumer loans | 3 | 3 | 13 | — | — | Direct consumer loans | 3 | 3 | 13 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,802 | $ | 7,731 | $ | 8,178 | $ | 6 | $ | 1 | Total | $ | 6,008 | $ | 7,304 | $ | 8,178 | $ | — | $ | 1 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Loans Not Past Due | Total | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Loans Not Past Due | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 67 | $ | 8 | $ | 16 | $ | 91 | $ | 244,083 | $ | 244,174 | Commercial and industrial | $ | 526 | $ | 455 | $ | — | $ | 981 | $ | 252,520 | $ | 253,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | — | — | — | — | 333 | 333 | Agricultural | — | — | — | — | 305 | 305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 2,284 | — | — | 2,284 | 116,376 | 118,660 | Construction | 2,163 | 2,244 | — | 4,407 | 120,535 | 124,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages, other | Commercial mortgages, other | 246 | — | 297 | 543 | 917,094 | 917,637 | Commercial mortgages, other | 340 | — | 256 | 596 | 922,989 | 923,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 933 | 57 | 412 | 1,402 | 284,542 | 285,944 | Residential mortgages | 1,463 | 482 | 362 | 2,307 | 282,777 | 285,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | Home equity lines and loans | 261 | 57 | 568 | 886 | 83,651 | 84,537 | Home equity lines and loans | 9 | — | 545 | 554 | 84,729 | 85,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect consumer loans | Indirect consumer loans | 1,036 | 52 | 265 | 1,353 | 209,917 | 211,270 | Indirect consumer loans | 1,242 | 374 | 217 | 1,833 | 208,699 | 210,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct consumer loans | Direct consumer loans | 10 | — | — | 10 | 11,136 | 11,146 | Direct consumer loans | 11 | 11 | 3 | 25 | 10,649 | 10,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,837 | $ | 174 | $ | 1,558 | $ | 6,569 | $ | 1,867,132 | $ | 1,873,701 | Total | $ | 5,754 | $ | 3,566 | $ | 1,383 | $ | 10,703 | $ | 1,883,203 | $ | 1,893,906 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 74 | $ | 3 | $ | 1 | $ | 78 | $ | 251,966 | $ | 252,044 | |||||||||||||||||||||||||||||
Agricultural | — | — | — | — | 249 | 249 | |||||||||||||||||||||||||||||||||||
Commercial mortgages: | |||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 108,243 | 108,243 | |||||||||||||||||||||||||||||||||||
Commercial mortgages, other | 1,058 | — | 486 | 1,544 | 887,126 | 888,670 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 1,360 | 709 | 294 | 2,363 | 283,309 | 285,672 | |||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | 193 | 121 | 442 | 756 | 80,645 | 81,401 | |||||||||||||||||||||||||||||||||||
Indirect consumer loans | 1,397 | 193 | 250 | 1,840 | 200,284 | 202,124 | |||||||||||||||||||||||||||||||||||
Direct consumer loans | 2 | 19 | 1 | 22 | 11,023 | 11,045 | |||||||||||||||||||||||||||||||||||
Total | $ | 4,084 | $ | 1,045 | $ | 1,474 | $ | 6,603 | $ | 1,822,845 | $ | 1,829,448 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 74 | $ | 3 | $ | 1 | $ | 78 | $ | 251,966 | $ | 252,044 | |||||||||||||||||||||||||||||
Agricultural | — | — | — | — | 249 | 249 | |||||||||||||||||||||||||||||||||||
Commercial mortgages: | |||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 108,243 | 108,243 | |||||||||||||||||||||||||||||||||||
Commercial mortgages, other | 1,058 | — | 486 | 1,544 | 887,126 | 888,670 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 1,360 | 709 | 294 | 2,363 | 283,309 | 285,672 | |||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | 193 | 121 | 442 | 756 | 80,645 | 81,401 | |||||||||||||||||||||||||||||||||||
Indirect consumer loans | 1,397 | 193 | 250 | 1,840 | 200,284 | 202,124 | |||||||||||||||||||||||||||||||||||
Direct consumer loans | 2 | 19 | 1 | 22 | 11,023 | 11,045 | |||||||||||||||||||||||||||||||||||
Total | $ | 4,084 | $ | 1,045 | $ | 1,474 | $ | 6,603 | $ | 1,822,845 | $ | 1,829,448 |
Term Loans Amortized Cost by Origination Year | Revolving Loans Amortized Cost | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 7,750 | $ | 43,899 | $ | 21,452 | $ | 14,723 | $ | 38,017 | $ | 12,844 | $ | 88,666 | $ | — | $ | 227,351 | |||||||||||||||||||||||||||||||||||
Special mention | 100 | 104 | 350 | 3 | 86 | 457 | 3,478 | 9,315 | 13,893 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 36 | — | 412 | 28 | 370 | 629 | 588 | 2,063 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 867 | — | — | 867 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 7,850 | 44,039 | 21,802 | 15,138 | 38,131 | 14,538 | 92,773 | 9,903 | 244,174 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 190 | $ | — | $ | — | $ | 190 | |||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | 17 | 170 | — | — | — | 146 | — | 333 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | — | 17 | 170 | — | — | — | 146 | — | 333 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 8,311 | 2,819 | 1,975 | — | 2,317 | 1,205 | 101,857 | — | 118,484 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 176 | — | — | — | — | — | — | 176 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | 8,311 | 2,995 | 1,975 | — | 2,317 | 1,205 | 101,857 | — | 118,660 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 31,729 | 214,915 | 129,614 | 99,057 | 40,489 | 180,523 | 192,038 | — | 888,365 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 2,563 | 8,828 | 1,033 | — | 3,867 | — | 6,154 | 22,445 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 277 | 1,186 | — | — | — | 4,790 | 97 | 441 | 6,791 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 36 | — | — | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 32,006 | 218,664 | 138,442 | 100,090 | 40,489 | 189,216 | 192,135 | 6,595 | 917,637 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 5,594 | 52,576 | 52,443 | 75,198 | 16,416 | 52,615 | 30,066 | — | 284,908 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 107 | 64 | 111 | 181 | 573 | — | — | 1,036 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 5,594 | 52,683 | 52,507 | 75,309 | 16,597 | 53,188 | 30,066 | — | 285,944 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 3,945 | 19,073 | 6,477 | 3,827 | 3,110 | 12,740 | 34,500 | — | 83,672 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 121 | 392 | 352 | — | 865 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 3,945 | 19,073 | 6,477 | 3,827 | 3,231 | 13,132 | 34,852 | — | 84,537 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Indirect consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 26,012 | 123,593 | 32,138 | 14,374 | 7,385 | 7,211 | — | — | 210,713 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 186 | 98 | 59 | 73 | 141 | — | — | 557 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 26,012 | 123,779 | 32,236 | 14,433 | 7,458 | 7,352 | — | — | 211,270 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | 43 | 36 | 30 | 12 | 23 | — | — | 144 | ||||||||||||||||||||||||||||||||||||||||||||
Direct consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 1,121 | 3,956 | 1,330 | 630 | 266 | 478 | 3,362 | — | 11,143 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 1,121 | 3,956 | 1,330 | 630 | 266 | 481 | 3,362 | — | 11,146 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | 1 | 4 | — | 36 | — | — | 41 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 84,839 | $ | 465,206 | $ | 254,939 | $ | 209,427 | $ | 108,489 | $ | 279,112 | $ | 455,191 | $ | 16,498 | $ | 1,873,701 | |||||||||||||||||||||||||||||||||||
Total gross charge-offs | $ | — | $ | 43 | $ | 37 | $ | 34 | $ | 12 | $ | 249 | $ | 8 | $ | — | $ | 383 |
Term Loans Amortized Cost by Origination Year | Revolving Loans Amortized Cost | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 24,636 | $ | 41,406 | $ | 19,345 | $ | 12,963 | $ | 36,855 | $ | 11,242 | $ | 88,858 | $ | — | $ | 235,305 | |||||||||||||||||||||||||||||||||||
Special mention | 296 | 98 | 328 | — | 3 | 448 | 4,282 | 9,040 | 14,495 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 32 | 875 | 384 | 26 | 345 | 627 | 570 | 2,859 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 841 | 1 | — | 842 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 24,932 | 41,536 | 20,548 | 13,347 | 36,884 | 12,876 | 93,768 | 9,610 | 253,501 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | 9 | 190 | — | — | 199 | ||||||||||||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | 17 | 163 | — | — | — | 125 | — | 305 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | — | 17 | 163 | — | — | — | 125 | — | 305 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 5,211 | 2,721 | 1,975 | — | 31 | 1,196 | 111,388 | — | 122,522 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 176 | — | — | — | — | — | — | 176 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 2,244 | — | — | — | 2,244 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | 5,211 | 2,897 | 1,975 | — | 2,275 | 1,196 | 111,388 | — | 124,942 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 53,923 | 214,143 | 127,609 | 96,993 | 40,067 | 173,743 | 188,483 | — | 894,961 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 2,553 | 8,733 | 1,023 | — | 3,776 | — | 6,070 | 22,155 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 275 | 1,160 | — | — | — | 4,474 | 97 | 430 | 6,436 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 33 | — | — | 33 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 54,198 | 217,856 | 136,342 | 98,016 | 40,067 | 182,026 | 188,580 | 6,500 | 923,585 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 9,067 | 52,157 | 51,736 | 72,741 | 16,111 | 50,205 | 32,141 | — | 284,158 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 107 | 63 | — | 177 | 579 | — | — | 926 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 9,067 | 52,264 | 51,799 | 72,741 | 16,288 | 50,784 | 32,141 | — | 285,084 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 7,901 | 18,052 | 6,291 | 3,464 | 3,097 | 11,995 | 33,734 | — | 84,534 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 76 | — | — | — | 419 | 254 | — | 749 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 7,901 | 18,128 | 6,291 | 3,464 | 3,097 | 12,414 | 33,988 | — | 85,283 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | — | — | — | — | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Indirect consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 42,931 | 114,337 | 28,762 | 12,270 | 6,143 | 5,562 | — | — | 210,005 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 13 | 159 | 131 | 58 | 52 | 114 | — | — | 527 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 42,944 | 114,496 | 28,893 | 12,328 | 6,195 | 5,676 | — | — | 210,532 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | 12 | 155 | 73 | 65 | 16 | 40 | — | — | 361 | ||||||||||||||||||||||||||||||||||||||||||||
Direct consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Not rated | 1,854 | 3,529 | 1,130 | 499 | 184 | 414 | 3,061 | — | 10,671 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 1,854 | 3,529 | 1,130 | 499 | 184 | 417 | 3,061 | — | 10,674 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | — | 8 | 1 | 4 | — | 54 | — | — | 67 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 146,107 | $ | 450,723 | $ | 247,141 | $ | 200,395 | $ | 104,990 | $ | 265,389 | $ | 463,051 | $ | 16,110 | $ | 1,893,906 | |||||||||||||||||||||||||||||||||||
Total gross charge-offs | $ | 12 | $ | 163 | $ | 74 | $ | 69 | $ | 25 | $ | 284 | $ | 9 | $ | — | $ | 636 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Not Rated | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | 235,900 | $ | 13,349 | $ | 2,899 | $ | 893 | $ | 253,041 | |||||||||||||||||||||||||||||
Agricultural | — | 250 | — | — | — | 250 | |||||||||||||||||||||||||||||||||||
Commercial mortgages: | |||||||||||||||||||||||||||||||||||||||||
Construction | — | 108,488 | 178 | 5 | — | 108,671 | |||||||||||||||||||||||||||||||||||
Commercial mortgages | — | 860,389 | 23,938 | 7,825 | 38 | 892,190 | |||||||||||||||||||||||||||||||||||
Residential mortgages | 285,459 | — | — | 986 | — | 286,445 | |||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | 80,942 | — | — | 760 | — | 81,702 | |||||||||||||||||||||||||||||||||||
Indirect consumer loans | 202,050 | — | — | 540 | — | 202,590 | |||||||||||||||||||||||||||||||||||
Direct consumer loans | 11,094 | — | — | 13 | — | 11,107 | |||||||||||||||||||||||||||||||||||
Total | $ | 579,545 | $ | 1,205,027 | $ | 37,465 | $ | 13,028 | $ | 931 | $ | 1,835,996 |
Consumer Loans | Consumer Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | Residential Mortgages | Home Equity Lines and Loans | Indirect Consumer Loans | Other Direct Consumer Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Residential Mortgages | Home Equity Lines and Loans | Indirect Consumer Loans | Other Direct Consumer Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 284,908 | $ | 83,672 | $ | 210,713 | $ | 11,143 | Performing | $ | 284,158 | $ | 84,534 | $ | 210,005 | $ | 10,671 | |||||||||||||||||||||||||||||||||||||||||||
Non-Performing | Non-Performing | 1,036 | 865 | 557 | 3 | Non-Performing | 926 | 749 | 527 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 285,944 | $ | 84,537 | $ | 211,270 | $ | 11,146 | Total | $ | 285,084 | $ | 85,283 | $ | 210,532 | $ | 10,674 |
Consumer Loans | ||||||||||||||||||||||||||||||||
December 31, 2022 | Residential Mortgages | Home Equity Lines and Loans | Indirect Consumer Loans | Other Direct Consumer Loans | ||||||||||||||||||||||||||||
Performing | $ | 285,459 | $ | 80,942 | $ | 202,050 | $ | 11,094 | ||||||||||||||||||||||||
Non-Performing | 986 | 760 | 540 | 13 | ||||||||||||||||||||||||||||
Total | $ | 286,445 | $ | 81,702 | $ | 202,590 | $ | 11,107 |
Fair Value Measurement at March 31, 2023 Using | Fair Value Measurement at June 30, 2023 Using | |||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Financial Assets: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
U.S. Treasury notes and bonds | U.S. Treasury notes and bonds | $ | 56,328 | $ | 56,328 | $ | — | $ | — | U.S. Treasury notes and bonds | $ | 56,197 | $ | 56,197 | $ | — | $ | — | ||||||||||||||||||||||||||||
Mortgage-backed securities, residential | Mortgage-backed securities, residential | 432,654 | — | 432,654 | — | Mortgage-backed securities, residential | 417,365 | — | 417,365 | — | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 39,414 | — | 39,414 | — | Obligations of states and political subdivisions | 38,584 | — | 38,584 | — | ||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | Corporate bonds and notes | 20,630 | — | 11,964 | 8,666 | Corporate bonds and notes | 19,871 | — | 11,278 | 8,593 | ||||||||||||||||||||||||||||||||||||
SBA loan pools | SBA loan pools | 77,029 | — | 77,029 | — | SBA loan pools | 72,296 | — | 72,296 | — | ||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 626,055 | $ | 56,328 | $ | 561,061 | $ | 8,666 | Total available for sale securities | $ | 604,313 | $ | 56,197 | $ | 539,523 | $ | 8,593 | ||||||||||||||||||||||||||||
Equity investments, at fair value | Equity investments, at fair value | $ | 2,311 | $ | 2,311 | $ | — | $ | — | Equity investments, at fair value | $ | 2,348 | $ | 2,348 | $ | — | $ | — | ||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 22,710 | — | 22,710 | — | Derivative assets | 26,450 | — | 26,450 | — | ||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 22,776 | $ | — | $ | 22,776 | $ | — | Derivative liabilities | $ | 26,450 | $ | — | $ | 26,450 | $ | — |
Fair Value Measurement at December 31, 2022 Using | |||||||||||||||||||||||
Financial Assets: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
U.S. Treasury notes and bonds | $ | 55,574 | $ | 55,574 | $ | — | $ | — | |||||||||||||||
Mortgage-backed securities, residential | 435,131 | — | 435,131 | — | |||||||||||||||||||
Obligations of states and political subdivisions | 38,892 | — | 38,892 | — | |||||||||||||||||||
Corporate bonds and notes | 21,970 | — | 21,970 | — | |||||||||||||||||||
SBA loan pools | 81,022 | — | 81,022 | — | |||||||||||||||||||
Total available for sale securities | $ | 632,589 | $ | 55,574 | $ | 577,015 | $ | — | |||||||||||||||
Equity investments, at fair value | $ | 2,246 | $ | 2,246 | $ | — | $ | — | |||||||||||||||
Derivative assets | 27,141 | — | 27,141 | — | |||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | 27,196 | $ | — | $ | 27,196 | $ | — |
Corporate Bonds: | For the Three Months Ended | |||||||||||||
Level 3 Financial Assets | ||||||||||||||
Balance of recurring Level 3 assets at April 1, 2023 | $ | 8,666 | $ | — | ||||||||||
Total gains and losses for the period: | — | — | ||||||||||||
Included in other comprehensive income | (73) | — | ||||||||||||
Transfer into Level 3 | — | — | ||||||||||||
Balance of recurring Level 3 assets at June 30, 2023 | $ | 8,593 | $ | — |
Corporate Bonds: | For the Six Months Ended | |||||||||||||
Level 3 Financial Assets | June 30, 2023 | June 30, 2022 | ||||||||||||
Balance of recurring Level 3 assets at January 1, 2023 | $ | — | $ | — | ||||||||||
Total gains and losses for the period: | — | — | ||||||||||||
Included in other comprehensive income | — | |||||||||||||
Transfer into Level 3 | 9,955 | — | ||||||||||||
Balance of recurring Level 3 assets at | $ | $ | — |
Fair Value | Valuation Techniques | Unobservable Input | Range (WA) | |||||||||||
Corporate bonds and notes | $ | Discounted cash flow | Market discount rate | 12.00% -12.00% [12.00%] | ||||||||||
Fair Value Measurement at June 30, 2023 Using | |||||||||||||||||||||||||||||
Financial Assets: | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | ||||||||||||||||||||||||
Individually Analyzed Loans: | |||||||||||||||||||||||||||||
Commercial and agricultural: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 414 | $ | — | $ | — | $ | 414 | $ | — | |||||||||||||||||||
Total individually analyzed loans | $ | 414 | $ | — | $ | — | $ | 414 | $ | — | |||||||||||||||||||
Description | Fair Value at June 30, 2023 | Valuation Technique | Unobservable Inputs | Range [Weighted Average] at June 30, 2023 | ||||||||||||||||||||||
Individually analyzed loans: | ||||||||||||||||||||||||||
Commercial and agricultural: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 414 | Sales comparison | Discount to appraised value | 10.00%-50.00% [14.57%] | |||||||||||||||||||||
Total | $ | 414 | ||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Financial assets: | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Estimated Fair Value (1) | ||||||||||||||||||||||||
Cash and due from financial institutions | $ | 25,109 | $ | 25,109 | $ | — | $ | — | $ | 25,109 | |||||||||||||||||||
Interest-earning deposits in other financial institutions | 9,532 | 9,532 | — | — | 9,532 | ||||||||||||||||||||||||
Equity investments | 2,949 | 2,949 | — | — | 2,949 | ||||||||||||||||||||||||
Securities available for sale | 626,055 | 56,328 | 561,061 | 8,666 | 626,055 | ||||||||||||||||||||||||
Securities held to maturity | 1,932 | — | 953 | 952 | 1,905 | ||||||||||||||||||||||||
FHLBNY and FRBNY stock | 7,913 | — | — | — | N/A | ||||||||||||||||||||||||
Loans, net and loans held for sale | 1,853,626 | — | — | 1,790,939 | 1,790,939 | ||||||||||||||||||||||||
Accrued interest receivable | 8,469 | 229 | 1,900 | 6,340 | 8,469 | ||||||||||||||||||||||||
Derivative Assets | 22,710 | — | 22,710 | — | 22,710 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand, savings, and insured money market accounts | $ | 1,880,335 | $ | 1,880,335 | $ | — | $ | — | $ | 1,880,335 | |||||||||||||||||||
Time deposits | 452,094 | — | 450,201 | — | 450,201 | ||||||||||||||||||||||||
Accrued interest payable | 1,500 | 73 | 1,427 | — | 1,500 | ||||||||||||||||||||||||
Derivative Liabilities | 22,776 | — | 22,776 | — | 22,776 |
June 30, 2023 | |||||||||||||||||||||||||||||
Financial assets: | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Estimated Fair Value (1) | ||||||||||||||||||||||||
Cash and due from financial institutions | $ | 25,499 | $ | 25,499 | $ | — | $ | — | $ | 25,499 | |||||||||||||||||||
Interest-earning deposits in other financial institutions | 28,727 | 28,727 | — | — | 28,727 | ||||||||||||||||||||||||
Equity investments | 2,841 | 2,841 | — | — | 2,841 | ||||||||||||||||||||||||
Securities available for sale | 604,313 | 56,197 | 539,523 | 8,593 | 604,313 | ||||||||||||||||||||||||
Securities held to maturity | 1,804 | — | 954 | 824 | 1,778 | ||||||||||||||||||||||||
FHLBNY and FRBNY stock | 6,328 | — | — | — | N/A | ||||||||||||||||||||||||
Loans, net and loans held for sale | 1,874,519 | — | — | 1,807,870 | 1,807,870 | ||||||||||||||||||||||||
Accrued interest receivable | 8,691 | 112 | 2,014 | 6,565 | 8,691 | ||||||||||||||||||||||||
Derivative Assets | 26,450 | — | 26,450 | — | 26,450 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand, savings, and insured money market accounts | $ | 1,844,708 | $ | 1,844,708 | $ | — | $ | — | $ | 1,844,708 | |||||||||||||||||||
Time deposits | 545,486 | — | 542,449 | — | 542,449 | ||||||||||||||||||||||||
FHLBNY overnight advances | 50,760 | — | 50,762 | — | 50,762 | ||||||||||||||||||||||||
Accrued interest payable | 2,828 | 79 | 2,749 | — | 2,828 | ||||||||||||||||||||||||
Derivative Liabilities | 26,450 | — | 26,450 | — | 26,450 |
December 31, 2022 | |||||||||||||||||||||||||||||
Financial assets: | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Estimated Fair Value (1) | ||||||||||||||||||||||||
Cash and due from financial institutions | $ | 29,309 | $ | 29,309 | $ | — | $ | — | $ | 29,309 | |||||||||||||||||||
Interest-earning deposits in other financial institutions | 26,560 | 26,560 | — | — | 26,560 | ||||||||||||||||||||||||
Equity investments | 2,830 | 2,830 | — | — | 2,830 | ||||||||||||||||||||||||
Securities available for sale | 632,589 | 55,574 | 577,015 | — | 632,589 | ||||||||||||||||||||||||
Securities held to maturity | 2,424 | — | 1,639 | 2,157 | 3,796 | ||||||||||||||||||||||||
FHLBNY and FRBNY stock | 8,197 | — | — | — | N/A | ||||||||||||||||||||||||
Loans, net and loans held for sale | 1,809,789 | — | — | 1,757,171 | 1,757,171 | ||||||||||||||||||||||||
Accrued interest receivable | 8,682 | 132 | 2,002 | 6,548 | 8,682 | ||||||||||||||||||||||||
Derivative Asset | 27,141 | — | 27,141 | — | 27,141 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand, savings, and insured money market accounts | $ | 1,924,843 | $ | 1,924,843 | $ | — | $ | — | $ | 1,924,843 | |||||||||||||||||||
Time deposits | 402,384 | — | 403,572 | — | 403,572 | ||||||||||||||||||||||||
Accrued interest payable | 864 | 64 | 800 | — | 864 | ||||||||||||||||||||||||
Derivative Liabilities | 27,196 | — | 27,196 | — | 27,196 |
December 31, 2022 | |||||||||||||||||||||||||||||
Financial assets: | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Estimated Fair Value (1) | ||||||||||||||||||||||||
Cash and due from financial institutions | $ | 29,309 | $ | 29,309 | $ | — | $ | — | $ | 29,309 | |||||||||||||||||||
Interest-earning deposits in other financial institutions | 26,560 | 26,560 | — | — | 26,560 | ||||||||||||||||||||||||
Equity investments | 2,830 | 2,830 | — | — | 2,830 | ||||||||||||||||||||||||
Securities available for sale | 632,589 | 55,574 | 577,015 | — | 632,589 | ||||||||||||||||||||||||
Securities held to maturity | 2,424 | — | 1,450 | 952 | 2,402 | ||||||||||||||||||||||||
FHLBNY and FRBNY stock | 8,197 | — | — | — | N/A | ||||||||||||||||||||||||
Loans, net and loans held for sale | 1,809,789 | — | — | 1,757,171 | 1,757,171 | ||||||||||||||||||||||||
Accrued interest receivable | 8,682 | 132 | 2,002 | 6,548 | 8,682 | ||||||||||||||||||||||||
Derivative Asset | 27,141 | — | 27,141 | — | 27,141 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Demand, savings, and insured money market accounts | $ | 1,924,843 | $ | 1,924,843 | $ | — | $ | — | $ | 1,924,843 | |||||||||||||||||||
Time deposits | 402,384 | — | 403,572 | — | 403,572 | ||||||||||||||||||||||||
FHLBNY overnight advances | 95,810 | — | 95,819 | — | 95,819 | ||||||||||||||||||||||||
Accrued interest payable | 864 | 64 | 800 | — | 864 | ||||||||||||||||||||||||
Derivative Liabilities | 27,196 | — | 27,196 | — | 27,196 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Operating lease right-of-use asset | Operating lease right-of-use asset | $ | 6,449 | $ | 7,234 | Operating lease right-of-use asset | $ | 6,449 | $ | 7,234 | ||||||||||||||||||
Less: accumulated amortization | Less: accumulated amortization | (199) | (785) | Less: accumulated amortization | (399) | (785) | ||||||||||||||||||||||
Less: lease termination | Less: lease termination | — | — | Less: lease termination | — | — | ||||||||||||||||||||||
Add: new lease agreement and modifications | Add: new lease agreement and modifications | — | — | Add: new lease agreement and modifications | — | — | ||||||||||||||||||||||
Operating lease right-of-use-assets, net | Operating lease right-of-use-assets, net | $ | 6,250 | $ | 6,449 | Operating lease right-of-use-assets, net | $ | 6,050 | $ | 6,449 |
Year | Year | Amount | Year | Amount | ||||||||||||
2023 | 2023 | $ | 747 | 2023 | $ | 498 | ||||||||||
2024 | 2024 | 924 | 2024 | 924 | ||||||||||||
2025 | 2025 | 841 | 2025 | 841 | ||||||||||||
2026 | 2026 | 845 | 2026 | 845 | ||||||||||||
2027 | 2027 | 854 | 2027 | 854 | ||||||||||||
2028 and thereafter | 2028 and thereafter | 3,169 | 2028 and thereafter | 3,169 | ||||||||||||
Total minimum lease payments | Total minimum lease payments | 7,380 | Total minimum lease payments | 7,131 | ||||||||||||
Less: amount representing interest | Less: amount representing interest | (953) | Less: amount representing interest | (903) | ||||||||||||
Present value of net minimum lease payments | Present value of net minimum lease payments | $ | 6,427 | Present value of net minimum lease payments | $ | 6,228 |
March 31, 2023 | December 31, 2022 | |||||||||||||
Buildings | $ | 5,572 | $ | 5,572 | ||||||||||
Less: accumulated depreciation | (2,457) | (2,540) | ||||||||||||
Net book value | $ | 3,115 | $ | 3,032 |
June 30, 2023 | December 31, 2022 | |||||||||||||
Buildings | $ | 5,572 | $ | 5,572 | ||||||||||
Less: accumulated depreciation | (2,706) | (2,540) | ||||||||||||
Net book value | $ | 2,866 | $ | 3,032 |
Year | Year | Amount | Year | Amount | ||||||||||||
2023 | 2023 | $ | 293 | 2023 | $ | 195 | ||||||||||
2024 | 2024 | 391 | 2024 | 391 | ||||||||||||
2025 | 2025 | 409 | 2025 | 409 | ||||||||||||
2026 | 2026 | 425 | 2026 | 425 | ||||||||||||
2027 | 2027 | 428 | 2027 | 428 | ||||||||||||
2028 and thereafter | 2028 and thereafter | 1,988 | 2028 and thereafter | 1,988 | ||||||||||||
Total minimum lease payments | Total minimum lease payments | 3,934 | Total minimum lease payments | 3,836 | ||||||||||||
Less: amount representing interest | Less: amount representing interest | (676) | Less: amount representing interest | (647) | ||||||||||||
Present value of net minimum lease payments | Present value of net minimum lease payments | $ | 3,258 | Present value of net minimum lease payments | $ | 3,189 |
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Beginning of year | Beginning of year | $ | 21,824 | $ | 21,824 | Beginning of year | $ | 21,824 | $ | 21,824 | ||||||||||||||||||
Acquired goodwill | Acquired goodwill | — | — | Acquired goodwill | — | — | ||||||||||||||||||||||
Ending balance March 31, | $ | 21,824 | $ | 21,824 | ||||||||||||||||||||||||
Ending balance June 30, | Ending balance June 30, | $ | 21,824 | $ | 21,824 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | |||||||||||||||||||||||||||||||||||||||
Commitments to make loans | Commitments to make loans | $ | 40,759 | $ | 71,151 | $ | 44,481 | $ | 75,028 | Commitments to make loans | $ | 40,345 | $ | 62,386 | $ | 44,481 | $ | 75,028 | ||||||||||||||||||||||||||||
Unused lines of credit | Unused lines of credit | 3,085 | 344,423 | 2,887 | 326,188 | Unused lines of credit | 3,015 | 343,039 | 2,887 | 326,188 | ||||||||||||||||||||||||||||||||||||
Standby letters of credit | Standby letters of credit | — | 17,425 | — | 17,211 | Standby letters of credit | — | 16,502 | — | 17,211 |
Unrealized Gains and Losses on Securities Available for Sale | Defined Benefit and Other Benefit Plans | Total | ||||||||||||||||||
Balance at January 1, 2023 | $ | (71,296) | $ | (3,961) | $ | (75,257) | ||||||||||||||
Other comprehensive income before reclassification | 5,775 | — | 5,775 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 9 | 9 | |||||||||||||||||
Net current period other comprehensive income | 5,775 | 9 | 5,784 | |||||||||||||||||
Balance at March 31, 2023 | $ | (65,521) | $ | (3,952) | $ | (69,473) |
Unrealized Gains and Losses on Securities Available for Sale | Defined Benefit and Other Benefit Plans | Total | ||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | (2,495) | $ | (4,035) | $ | (6,530) | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | (31,087) | — | (31,087) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 12 | 12 | |||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | (31,087) | 12 | (31,075) | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | (33,582) | $ | (4,023) | $ | (37,605) |
Unrealized Gains and Losses on Securities Available for Sale | Defined Benefit and Other Benefit Plans | Total | ||||||||||||||||||
Balance at April 1, 2023 | $ | (65,521) | $ | (3,952) | $ | (69,473) | ||||||||||||||
Other comprehensive income before reclassification | (5,282) | — | (5,282) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 9 | 9 | |||||||||||||||||
Net current period other comprehensive income (loss) | (5,282) | 9 | (5,273) | |||||||||||||||||
Balance at June 30, 2023 | $ | (70,803) | $ | (3,943) | $ | (74,746) |
Unrealized Gains and Losses on Securities Available for Sale | Defined Benefit and Other Benefit Plans | Total | ||||||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | (33,582) | $ | (4,023) | $ | (37,605) | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | (17,747) | — | (17,747) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 7 | 7 | |||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | (17,747) | 7 | (17,740) | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | (51,329) | $ | (4,016) | $ | (55,345) |
Unrealized Gains and Losses on Securities Available for Sale | Defined Benefit and Other Benefit Plans | Total | ||||||||||||||||||
Balance at January 1, 2023 | $ | (71,296) | $ | (3,961) | $ | (75,257) | ||||||||||||||
Other comprehensive income before reclassification | 493 | — | 493 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 18 | 18 | |||||||||||||||||
Net current period other comprehensive income | 493 | 18 | 511 | |||||||||||||||||
Balance at June 30, 2023 | $ | (70,803) | $ | (3,943) | $ | (74,746) |
Unrealized Gains and Losses on Securities Available for Sale | Defined Benefit and Other Benefit Plans | Total | ||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | (2,495) | $ | (4,035) | $ | (6,530) | ||||||||||||||||||||||||||
Other comprehensive income before reclassification | (48,834) | — | (48,834) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 19 | 19 | |||||||||||||||||||||||||||||
Net current period other comprehensive income | (48,834) | 19 | (48,815) | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | (51,329) | $ | (4,016) | $ | (55,345) |
Details about Accumulated Other Comprehensive Income (Loss) Components | Details about Accumulated Other Comprehensive Income (Loss) Components | Three Months Ended March 31, | Affected Line Item in the Statement Where Net Income is Presented | Details about Accumulated Other Comprehensive Income (Loss) Components | Three Months Ended June 30, | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Details about Accumulated Other Comprehensive Income (Loss) Components | 2023 | 2022 | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||||||||||||||||||||
Amortization of defined pension plan and other benefit plan items: | Amortization of defined pension plan and other benefit plan items: | Amortization of defined pension plan and other benefit plan items: | ||||||||||||||||||||||||||||||||||||||
Prior service costs (a) | Prior service costs (a) | $ | — | $ | — | Other components of net periodic pension and postretirement benefits | Prior service costs (a) | $ | — | $ | — | Other components of net periodic pension and postretirement benefits | ||||||||||||||||||||||||||||
Actuarial losses (a) | Actuarial losses (a) | 12 | 14 | Other components of net periodic pension and postretirement benefits | Actuarial losses (a) | 12 | 11 | Other components of net periodic pension and postretirement benefits | ||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (3) | (2) | Income tax expense | Tax effect | (3) | (4) | Income tax expense | ||||||||||||||||||||||||||||||||
Net of tax | Net of tax | 9 | 12 | Net of tax | 9 | 7 | ||||||||||||||||||||||||||||||||||
Total reclassification for the period, net of tax | Total reclassification for the period, net of tax | $ | 9 | $ | 12 | Total reclassification for the period, net of tax | $ | 9 | $ | 7 |
Details about Accumulated Other Comprehensive Income (Loss) Components | Six Months Ended June 30, | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Amortization of defined pension plan and other benefit plan items: | ||||||||||||||||||||
Prior service costs (a) | $ | — | $ | — | Other components of net periodic pension and postretirement benefits | |||||||||||||||
Actuarial losses (a) | 24 | 25 | Other components of net periodic pension and postretirement benefits | |||||||||||||||||
Tax effect | (6) | (6) | Income tax expense | |||||||||||||||||
Net of tax | 18 | 19 | ||||||||||||||||||
Total reclassification for the period, net of tax | $ | 18 | $ | 19 |
Three Months Ended March 31, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Operating Segment: Non-interest income | Revenue by Operating Segment: Non-interest income | Core Banking | WMG | Holding Company, CFS, and CRM(b) | Total | Revenue by Operating Segment: Non-interest income | Core Banking | WMG | Holding Company, CFS, and CRM(b) | Total | ||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | Service charges on deposit accounts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Overdraft fees | Overdraft fees | $ | 714 | $ | — | $ | — | $ | 714 | Overdraft fees | $ | 777 | $ | — | $ | — | $ | 777 | ||||||||||||||||||||||||||||||||||
Other | Other | 227 | — | — | 227 | Other | 182 | — | — | 182 | ||||||||||||||||||||||||||||||||||||||||||
Interchange revenue from debit card transactions | Interchange revenue from debit card transactions | 1,133 | — | — | 1,133 | Interchange revenue from debit card transactions | 1,194 | — | — | 1,194 | ||||||||||||||||||||||||||||||||||||||||||
WMG fee income | WMG fee income | — | 2,580 | — | 2,580 | WMG fee income | — | 2,603 | — | 2,603 | ||||||||||||||||||||||||||||||||||||||||||
CFS fee and commission income | CFS fee and commission income | — | — | 241 | 241 | CFS fee and commission income | — | — | 265 | 265 | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on sales of OREO | Net gains (losses) on sales of OREO | — | — | — | — | Net gains (losses) on sales of OREO | 14 | — | — | 14 | ||||||||||||||||||||||||||||||||||||||||||
Net gains on sales of loans(a) | Net gains on sales of loans(a) | 5 | — | — | 5 | Net gains on sales of loans(a) | 18 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||
Loan servicing fees(a) | Loan servicing fees(a) | 36 | — | — | 36 | Loan servicing fees(a) | 36 | — | — | 36 | ||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of equity investments(a) | Changes in fair value of equity investments(a) | 78 | — | (6) | 72 | Changes in fair value of equity investments(a) | 71 | — | (174) | (103) | ||||||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance(a) | Income from bank-owned life insurance(a) | 10 | — | — | 10 | Income from bank-owned life insurance(a) | 11 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||
Other(a) | Other(a) | 448 | — | (43) | 405 | Other(a) | 398 | — | 52 | 450 | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest income (loss) | Total non-interest income (loss) | $ | 2,651 | $ | 2,580 | $ | 192 | $ | 5,423 | Total non-interest income (loss) | $ | 2,701 | $ | 2,603 | $ | 143 | $ | 5,447 |
Three Months Ended March 31, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Operating Segment: Non-interest income | Revenue by Operating Segment: Non-interest income | Core Banking | WMG | Holding Company, CFS, and CRM(b) | Total | Revenue by Operating Segment: Non-interest income | Core Banking | WMG | Holding Company, CFS, and CRM(b) | Total | ||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | Service charges on deposit accounts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Overdraft fees | Overdraft fees | $ | 673 | $ | — | $ | — | $ | 673 | Overdraft fees | $ | 727 | $ | — | $ | — | $ | 727 | ||||||||||||||||||||||||||||||||||
Other | Other | 191 | — | — | 191 | Other | 209 | — | — | 209 | ||||||||||||||||||||||||||||||||||||||||||
Interchange revenue from debit card transactions | Interchange revenue from debit card transactions | 1,130 | — | — | 1,130 | Interchange revenue from debit card transactions | 1,206 | — | — | 1,206 | ||||||||||||||||||||||||||||||||||||||||||
WMG fee income | WMG fee income | — | 2,757 | — | 2,757 | WMG fee income | — | 2,628 | — | 2,628 | ||||||||||||||||||||||||||||||||||||||||||
CFS fee and commission income | CFS fee and commission income | — | — | 253 | 253 | CFS fee and commission income | — | — | 271 | 271 | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on sales of OREO | Net gains (losses) on sales of OREO | 46 | — | — | 46 | |||||||||||||||||||||||||||||||||||||||||||||||
Net gains on sales of loans(a) | Net gains on sales of loans(a) | 74 | — | — | 74 | Net gains on sales of loans(a) | 25 | — | — | 25 | ||||||||||||||||||||||||||||||||||||||||||
Loan servicing fees(a) | Loan servicing fees(a) | 39 | — | — | 39 | Loan servicing fees(a) | 38 | — | — | 38 | ||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of equity investments(a) | Changes in fair value of equity investments(a) | (114) | — | 1 | (113) | Changes in fair value of equity investments(a) | (236) | — | (6) | (242) | ||||||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance(a) | Income from bank-owned life insurance(a) | 11 | — | — | 11 | Income from bank-owned life insurance(a) | 11 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||
Other(a) | Other(a) | 689 | — | (41) | 648 | Other(a) | 416 | — | (16) | 400 | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | $ | 2,693 | $ | 2,757 | $ | 213 | $ | 5,663 | Total non-interest income | $ | 2,442 | $ | 2,628 | $ | 249 | $ | 5,319 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Revenue by Operating Segment: Non-interest income | Core Banking | WMG | Holding Company, CFS, and CRM(b) | Total | ||||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||||
Overdraft fees | $ | 1,491 | $ | — | $ | — | $ | 1,491 | ||||||||||||||||||
Other | 409 | — | — | 409 | ||||||||||||||||||||||
Interchange revenue from debit card transactions | 2,327 | — | — | 2,327 | ||||||||||||||||||||||
WMG fee income | — | 5,183 | — | 5,183 | ||||||||||||||||||||||
CFS fee and commission income | — | — | 506 | 506 | ||||||||||||||||||||||
Net gains (losses) on sales of OREO | 14 | — | — | 14 | ||||||||||||||||||||||
Net gains on sales of loans(a) | 23 | — | — | 23 | ||||||||||||||||||||||
Loan servicing fees(a) | 72 | — | — | 72 | ||||||||||||||||||||||
Net gains on sales of securities(a) | — | — | — | — | ||||||||||||||||||||||
Changes in fair value of equity investments(a) | 149 | — | (180) | (31) | ||||||||||||||||||||||
Income from bank-owned life insurance(a) | 21 | — | — | 21 | ||||||||||||||||||||||
Other(a) | 846 | — | 9 | 855 | ||||||||||||||||||||||
Total non-interest income | $ | 5,352 | $ | 5,183 | $ | 335 | $ | 10,870 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Revenue by Operating Segment: Non-interest income | Core Banking | WMG | Holding Company, CFS, and CRM(b) | Total | ||||||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||||
Overdraft fees | $ | 1,400 | $ | — | $ | — | $ | 1,400 | ||||||||||||||||||
Other | 400 | — | — | 400 | ||||||||||||||||||||||
Interchange revenue from debit card transactions | 2,336 | — | — | 2,336 | ||||||||||||||||||||||
WMG fee income | — | 5,385 | — | 5,385 | ||||||||||||||||||||||
CFS fee and commission income | — | — | 524 | 524 | ||||||||||||||||||||||
Net gains on sales of OREO | 46 | — | — | 46 | ||||||||||||||||||||||
Net gains on sales of loans(a) | 99 | — | — | 99 | ||||||||||||||||||||||
Loan servicing fees(a) | 77 | — | — | 77 | ||||||||||||||||||||||
Net gains on sales of securities(a) | — | — | — | — | ||||||||||||||||||||||
Change in fair value of equity securities(a) | (350) | — | (5) | (355) | ||||||||||||||||||||||
Income from bank-owned life insurance(a) | 22 | — | — | 22 | ||||||||||||||||||||||
Other(a) | 1,105 | — | (57) | 1,048 | ||||||||||||||||||||||
Total non-interest income | $ | 5,135 | $ | 5,385 | $ | 462 | $ | 10,982 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Qualified Pension Plan | Qualified Pension Plan | Qualified Pension Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost, benefits earned during the period | Service cost, benefits earned during the period | $ | — | $ | — | Service cost, benefits earned during the period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | Interest cost on projected benefit obligation | 396 | 282 | Interest cost on projected benefit obligation | 397 | 284 | 793 | 566 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (596) | (713) | Expected return on plan assets | (594) | (708) | (1,190) | (1,421) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized transition obligation | Amortization of unrecognized transition obligation | — | — | Amortization of unrecognized transition obligation | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service cost | Amortization of unrecognized prior service cost | — | — | Amortization of unrecognized prior service cost | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net loss | Amortization of unrecognized net loss | 6 | — | Amortization of unrecognized net loss | 5 | — | 11 | — | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension benefit | Net periodic pension benefit | $ | (194) | $ | (431) | Net periodic pension benefit | $ | (192) | $ | (424) | $ | (386) | $ | (855) | ||||||||||||||||||||||||||||||||||||||
Supplemental Pension Plan | Supplemental Pension Plan | Supplemental Pension Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost, benefits earned during the period | Service cost, benefits earned during the period | $ | — | $ | — | Service cost, benefits earned during the period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | Interest cost on projected benefit obligation | 12 | 8 | Interest cost on projected benefit obligation | 11 | 9 | 23 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | — | — | Expected return on plan assets | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service cost | Amortization of unrecognized prior service cost | — | — | Amortization of unrecognized prior service cost | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net loss | Amortization of unrecognized net loss | 2 | 5 | Amortization of unrecognized net loss | 2 | 4 | 4 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic supplemental pension cost | Net periodic supplemental pension cost | $ | 14 | $ | 13 | Net periodic supplemental pension cost | $ | 13 | $ | 13 | $ | 27 | $ | 26 | ||||||||||||||||||||||||||||||||||||||
Postretirement Plan, Medical and Life | Postretirement Plan, Medical and Life | Postretirement Plan, Medical and Life | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost, benefits earned during the period | Service cost, benefits earned during the period | $ | — | $ | — | Service cost, benefits earned during the period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | Interest cost on projected benefit obligation | 1 | 1 | Interest cost on projected benefit obligation | 1 | 1 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | — | — | Expected return on plan assets | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service cost | Amortization of unrecognized prior service cost | — | — | Amortization of unrecognized prior service cost | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net loss | Amortization of unrecognized net loss | 5 | 9 | Amortization of unrecognized net loss | 4 | 7 | 9 | 16 | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic postretirement, medical and life benefit | Net periodic postretirement, medical and life benefit | $ | 6 | $ | 10 | Net periodic postretirement, medical and life benefit | $ | 5 | $ | 8 | $ | 11 | $ | 18 |
Three months ended March 31, 2023 | Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Core Banking | WMG | Holding Company, CFS, and CRM | Consolidated Totals | Core Banking | WMG | Holding Company, CFS, and CRM | Consolidated Totals | |||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | Interest and dividend income | $ | 26,203 | $ | — | $ | 27 | $ | 26,230 | Interest and dividend income | $ | 27,757 | $ | — | $ | 39 | $ | 27,796 | ||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 6,283 | — | — | 6,283 | Interest expense | 9,201 | — | — | 9,201 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 19,920 | — | 27 | 19,947 | Net interest income | 18,556 | — | 39 | 18,595 | ||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 277 | — | — | 277 | Provision for credit losses | 236 | — | — | 236 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 19,643 | — | 27 | 19,670 | Net interest income after provision for credit losses | 18,320 | — | 39 | 18,359 | ||||||||||||||||||||||||||||||||||||||||||
Other non-interest income | Other non-interest income | 2,651 | 2,580 | 192 | 5,423 | Other non-interest income | 2,701 | 2,603 | 143 | 5,447 | ||||||||||||||||||||||||||||||||||||||||||
Other non-interest expenses | Other non-interest expenses | 13,696 | 1,798 | 342 | 15,836 | Other non-interest expenses | 13,894 | 1,699 | 320 | 15,913 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | Income (loss) before income tax expense (benefit) | 8,598 | 782 | (123) | 9,257 | Income (loss) before income tax expense (benefit) | 7,127 | 904 | (138) | 7,893 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 1,831 | 177 | (21) | 1,987 | Income tax expense (benefit) | 1,476 | 198 | (61) | 1,613 | ||||||||||||||||||||||||||||||||||||||||||
Segment net income (loss) | Segment net income (loss) | $ | 6,767 | $ | 605 | $ | (102) | $ | 7,270 | Segment net income (loss) | $ | 5,651 | $ | 706 | $ | (77) | $ | 6,280 | ||||||||||||||||||||||||||||||||||
Segment assets | $ | 2,644,158 | $ | 8,311 | $ | 1,714 | $ | 2,654,183 |
Three months ended March 31, 2022 | ||||||||||||||||||||||||||
Core Banking | WMG | Holding Company, CFS, and CRM | Consolidated Totals | |||||||||||||||||||||||
Interest and dividend income | $ | 17,451 | $ | — | $ | 7 | $ | 17,458 | ||||||||||||||||||
Interest expense | 781 | — | — | 781 | ||||||||||||||||||||||
Net interest income | 16,670 | — | 7 | 16,677 | ||||||||||||||||||||||
Provision for credit losses | (1,145) | — | — | (1,145) | ||||||||||||||||||||||
Net interest income after provision for credit losses | 17,815 | — | 7 | 17,822 | ||||||||||||||||||||||
Other non-interest income | 2,693 | 2,757 | 213 | 5,663 | ||||||||||||||||||||||
Other non-interest expenses | 12,531 | 1,815 | 322 | 14,668 | ||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 7,977 | 942 | (102) | 8,817 | ||||||||||||||||||||||
Income tax expense (benefit) | 1,766 | 209 | (25) | 1,950 | ||||||||||||||||||||||
Segment net income (loss) | $ | 6,211 | $ | 733 | $ | (77) | $ | 6,867 | ||||||||||||||||||
Segment assets | $ | 2,463,194 | $ | 8,620 | $ | 3,081 | $ | 2,474,895 |
Three months ended June 30, 2022 | ||||||||||||||||||||||||||
Core Banking | WMG | Holding Company, CFS, and CRM | Consolidated Totals | |||||||||||||||||||||||
Interest and dividend income | $ | 18,531 | $ | — | $ | 7 | $ | 18,538 | ||||||||||||||||||
Interest expense | 897 | — | — | 897 | ||||||||||||||||||||||
Net interest income | 17,634 | — | 7 | 17,641 | ||||||||||||||||||||||
Provision for credit losses | (1,744) | — | — | (1,744) | ||||||||||||||||||||||
Net interest income after provision for credit losses | 19,378 | — | 7 | 19,385 | ||||||||||||||||||||||
Other non-interest income | 2,442 | 2,628 | 249 | 5,319 | ||||||||||||||||||||||
Legal accruals and settlements | — | — | — | — | ||||||||||||||||||||||
Other non-interest expenses | 12,226 | 1,650 | 466 | 14,342 | ||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 9,594 | 978 | (210) | 10,362 | ||||||||||||||||||||||
Income tax expense (benefit) | 2,167 | 229 | (58) | 2,338 | ||||||||||||||||||||||
Segment net income (loss) | $ | 7,427 | $ | 749 | $ | (152) | $ | 8,024 |
Six months ended June 30, 2023 | ||||||||||||||||||||||||||
Core Banking | WMG | Holding Company, CFS, and CRM | Consolidated Totals | |||||||||||||||||||||||
Interest and dividend income | $ | 53,960 | $ | — | $ | 66 | $ | 54,026 | ||||||||||||||||||
Interest expense | 15,484 | — | — | 15,484 | ||||||||||||||||||||||
Net interest income | 38,476 | — | 66 | 38,542 | ||||||||||||||||||||||
Provision for credit losses | 513 | — | — | 513 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 37,963 | — | 66 | 38,029 | ||||||||||||||||||||||
Other non-interest income | 5,352 | 5,183 | 335 | 10,870 | ||||||||||||||||||||||
Other non-interest expenses | 27,590 | 3,497 | 662 | 31,749 | ||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 15,725 | 1,686 | (261) | 17,150 | ||||||||||||||||||||||
Income tax expense (benefit) | 3,307 | 375 | (82) | 3,600 | ||||||||||||||||||||||
Segment net income (loss) | $ | 12,418 | $ | 1,311 | $ | (179) | $ | 13,550 | ||||||||||||||||||
Segment assets | $ | 2,667,404 | $ | 2,584 | $ | 4,685 | $ | 2,674,673 |
Six months ended June 30, 2022 | ||||||||||||||||||||||||||
Core Banking | WMG | Holding Company, CFS, and CRM | Consolidated Totals | |||||||||||||||||||||||
Interest and dividend income | $ | 35,982 | $ | — | $ | 14 | $ | 35,996 | ||||||||||||||||||
Interest expense | 1,678 | — | — | 1,678 | ||||||||||||||||||||||
Net interest income | 34,304 | — | 14 | 34,318 | ||||||||||||||||||||||
Provision for credit losses | (2,889) | — | — | (2,889) | ||||||||||||||||||||||
Net interest income after provision for credit losses | 37,193 | — | 14 | 37,207 | ||||||||||||||||||||||
Other non-interest income | 5,135 | 5,385 | 462 | 10,982 | ||||||||||||||||||||||
Legal accruals and settlements | — | — | — | — | ||||||||||||||||||||||
Other non-interest expenses | 24,757 | 3,465 | 788 | 29,010 | ||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 17,571 | 1,920 | (312) | 19,179 | ||||||||||||||||||||||
Income tax expense (benefit) | 3,933 | 438 | (83) | 4,288 | ||||||||||||||||||||||
Segment net income (loss) | $ | 13,638 | $ | 1,482 | $ | (229) | $ | 14,891 | ||||||||||||||||||
Segment assets | $ | 2,441,375 | $ | 2,723 | $ | 5,813 | $ | 2,449,911 |
Shares | Weighted–Average Grant Date Fair Value | Shares | Weighted–Average Grant Date Fair Value | |||||||||||||||||||||||||
Nonvested at January 1, 2023 | 55,402 | $44.57 | ||||||||||||||||||||||||||
Nonvested at April 1, 2023 | Nonvested at April 1, 2023 | 54,328 | $43.77 | |||||||||||||||||||||||||
Granted | Granted | 13,069 | $45.89 | Granted | — | |||||||||||||||||||||||
Vested | Vested | (14,143) | $45.38 | Vested | — | |||||||||||||||||||||||
Forfeited or cancelled | Forfeited or cancelled | — | $— | Forfeited or cancelled | (326) | $43.73 | ||||||||||||||||||||||
Nonvested at March 31, 2023 | 54,328 | $43.77 | ||||||||||||||||||||||||||
Nonvested at June 30, 2023 | Nonvested at June 30, 2023 | 54,002 | $44.68 |
Shares | Weighted–Average Grant Date Fair Value | |||||||||||||
Nonvested at January 1, 2023 | 55,402 | $44.57 | ||||||||||||
Granted | 13,069 | $45.89 | ||||||||||||
Vested | (14,143) | $45.38 | ||||||||||||
Forfeited or cancelled | (326) | $43.73 | ||||||||||||
Nonvested at June 30, 2023 | 54,002 | $44.68 |
As of or for the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of or for the Three Months Ended | As of or for the Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31 | Dec. 31 | Sept. 30, | June 30, | Mar. 31 | June 30, | Mar. 31 | Dec. 31 | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2023 | 2022 | 2022 | 2022 | 2022 | (in thousands, except per share data) | 2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESULTS OF OPERATIONS | RESULTS OF OPERATIONS | RESULTS OF OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 26,230 | $ | 18,538 | $ | 20,999 | $ | 18,538 | $ | 17,458 | Interest income | $ | 27,796 | $ | 26,230 | $ | 24,480 | $ | 20,999 | $ | 18,538 | $ | 54,026 | $ | 35,996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 6,283 | 897 | 2,009 | 897 | 781 | Interest expense | 9,201 | 6,283 | 3,609 | 2,009 | 897 | 15,484 | 1,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 19,947 | 17,641 | 18,990 | 17,641 | 16,677 | Net interest income | 18,595 | 19,947 | 20,871 | 18,990 | 17,641 | 38,542 | 34,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 277 | (1,744) | 1,255 | (1,744) | (1,145) | Provision for credit losses | 236 | 277 | 1,080 | 1,255 | (1,744) | 513 | (2,889) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 19,670 | 19,385 | 17,735 | 19,385 | 17,822 | Net interest income after provision for credit losses | 18,359 | 19,670 | 19,791 | 17,735 | 19,385 | 38,029 | 37,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | 5,423 | 5,319 | 5,036 | 5,319 | 5,663 | Non-interest income | 5,447 | 5,423 | 5,418 | 5,036 | 5,319 | 10,870 | 10,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | 15,836 | 14,342 | 14,577 | 14,342 | 14,668 | Non-interest expense | 15,913 | 15,836 | 15,693 | 14,577 | 14,342 | 31,749 | 29,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 9,257 | 10,362 | 8,194 | 10,362 | 8,817 | Income before income tax expense | 7,893 | 9,257 | 9,516 | 8,194 | 10,362 | 17,150 | 19,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 1,987 | 2,338 | 1,741 | 2,338 | 1,950 | Income tax expense | 1,613 | 1,987 | 2,077 | 1,741 | 2,338 | 3,600 | 4,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 7,270 | $ | 8,024 | $ | 6,453 | $ | 8,024 | $ | 6,867 | Net income | $ | 6,280 | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 8,024 | $ | 13,550 | $ | 14,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | Basic and diluted earnings per share | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 1.72 | $ | 1.46 | Basic and diluted earnings per share | $ | 1.33 | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 1.72 | $ | 2.87 | $ | 3.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average basic and diluted shares outstanding | Average basic and diluted shares outstanding | 4,721 | 4,698 | 4,692 | 4,690 | 4,689 | Average basic and diluted shares outstanding | 4,729 | 4,721 | 4,698 | 4,692 | 4,690 | 4,725 | 4,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PERFORMANCE RATIOS - Annualized | PERFORMANCE RATIOS - Annualized | PERFORMANCE RATIOS - Annualized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 1.12 | % | 1.15 | % | 1.02 | % | 1.32 | % | 1.14 | % | Return on average assets | 0.95 | % | 1.12 | % | 1.15 | % | 1.02 | % | 1.32 | % | 1.03 | % | 1.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average equity | Return on average equity | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 13.68 | % | Return on average equity | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 15.43 | % | 15.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible equity (a) | Return on average tangible equity (a) | 19.40 | % | 21.25 | % | 16.12 | % | 20.58 | % | 15.32 | % | Return on average tangible equity (a) | 15.89 | % | 19.40 | % | 21.25 | % | 16.12 | % | 20.58 | % | 17.60 | % | 17.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (unadjusted) (a) (f) | Efficiency ratio (unadjusted) (a) (f) | 62.42 | % | 59.69 | % | 60.67 | % | 62.47 | % | 65.66 | % | Efficiency ratio (unadjusted) (a) (f) | 66.19 | % | 62.42 | % | 59.69 | % | 60.67 | % | 62.47 | % | 64.25 | % | 64.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (adjusted) (a) (b) | Efficiency ratio (adjusted) (a) (b) | 62.18 | % | 59.44 | % | 60.40 | % | 62.17 | % | 65.32 | % | Efficiency ratio (adjusted) (a) (b) | 65.94 | % | 62.18 | % | 59.44 | % | 60.40 | % | 62.17 | % | 64.01 | % | 63.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense to average assets | Non-interest expense to average assets | 2.44 | % | 2.42 | % | 2.30 | % | 2.35 | % | 2.43 | % | Non-interest expense to average assets | 2.41 | % | 2.44 | % | 2.42 | % | 2.30 | % | 2.35 | % | 2.42 | % | 2.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans to deposits | Loans to deposits | 80.33 | % | 78.61 | % | 74.71 | % | 74.11 | % | 69.64 | % | Loans to deposits | 79.24 | % | 80.33 | % | 78.61 | % | 74.71 | % | 74.11 | % | 79.24 | % | 74.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YIELDS / RATES - Fully Taxable Equivalent | YIELDS / RATES - Fully Taxable Equivalent | YIELDS / RATES - Fully Taxable Equivalent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yield on loans | Yield on loans | 4.90 | % | 4.57 | % | 4.19 | % | 3.90 | % | 3.84 | % | Yield on loans | 5.09 | % | 4.90 | % | 4.57 | % | 4.19 | % | 3.90 | % | 4.99 | % | 3.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yield on investments | Yield on investments | 2.18 | % | 2.09 | % | 1.72 | % | 1.60 | % | 1.47 | % | Yield on investments | 2.22 | % | 2.18 | % | 2.09 | % | 1.72 | % | 1.60 | % | 2.20 | % | 1.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yield on interest-earning assets | Yield on interest-earning assets | 4.12 | % | 3.82 | % | 3.41 | % | 3.12 | % | 3.00 | % | Yield on interest-earning assets | 4.29 | % | 4.12 | % | 3.82 | % | 3.41 | % | 3.12 | % | 4.20 | % | 3.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of interest-bearing deposits | Cost of interest-bearing deposits | 1.34 | % | 0.93 | % | 0.47 | % | 0.21 | % | 0.20 | % | Cost of interest-bearing deposits | 2.01 | % | 1.34 | % | 0.93 | % | 0.47 | % | 0.21 | % | 1.68 | % | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of borrowings | Cost of borrowings | 4.91 | % | 4.30 | % | 2.56 | % | 1.70 | % | 3.77 | % | Cost of borrowings | 5.13 | % | 4.91 | % | 4.30 | % | 2.56 | % | 1.70 | % | 5.01 | % | 1.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of interest-bearing liabilities | Cost of interest-bearing liabilities | 1.49 | % | 0.88 | % | 0.51 | % | 0.24 | % | 0.21 | % | Cost of interest-bearing liabilities | 2.11 | % | 1.49 | % | 0.88 | % | 0.51 | % | 0.24 | % | 1.81 | % | 0.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.63 | % | 2.94 | % | 2.90 | % | 2.88 | % | 2.79 | % | Interest rate spread | 2.18 | % | 2.63 | % | 2.94 | % | 2.90 | % | 2.88 | % | 2.39 | % | 2.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent (a) | Net interest margin, fully taxable equivalent (a) | 3.14 | % | 3.26 | % | 3.08 | % | 2.97 | % | 2.87 | % | Net interest margin, fully taxable equivalent (a) | 2.87 | % | 3.14 | % | 3.26 | % | 3.08 | % | 2.97 | % | 3.00 | % | 2.92 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL | CAPITAL | CAPITAL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity to total assets at end of period | Total equity to total assets at end of period | 6.68 | % | 6.29 | % | 6.10 | % | 7.13 | % | 7.50 | % | Total equity to total assets at end of period | 6.63 | % | 6.68 | % | 6.29 | % | 6.10 | % | 7.13 | % | 6.63 | % | 7.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible equity to tangible assets at end of period (a) | Tangible equity to tangible assets at end of period (a) | 5.91 | % | 5.51 | % | 5.29 | % | 6.30 | % | 6.67 | % | Tangible equity to tangible assets at end of period (a) | 5.87 | % | 5.91 | % | 5.51 | % | 5.29 | % | 6.30 | % | 5.87 | % | 6.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per share | Book value per share | $ | 37.53 | $ | 35.32 | $ | 33.14 | $ | 37.24 | $ | 39.56 | Book value per share | $ | 37.49 | $ | 37.53 | $ | 35.32 | $ | 33.14 | $ | 37.24 | $ | 37.49 | $ | 37.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per share (a) | Tangible book value per share (a) | 32.91 | 30.69 | 28.49 | 32.59 | 34.91 | Tangible book value per share (a) | 32.88 | 32.91 | 30.69 | 28.49 | 32.59 | 32.88 | 32.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-end market value per share | Period-end market value per share | 41.50 | 45.87 | 41.87 | 47.00 | 46.69 | Period-end market value per share | 38.41 | 41.50 | 45.87 | 41.87 | 47.00 | 38.41 | 47.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per share | Dividends declared per share | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | Dividends declared per share | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.62 | 0.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCES | AVERAGE BALANCES | AVERAGE BALANCES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and loans held for sale (c) | Loans and loans held for sale (c) | $ | 1,849,310 | $ | 1,787,103 | $ | 1,675,859 | $ | 1,587,777 | $ | 1,532,445 | Loans and loans held for sale (c) | $ | 1,880,224 | $ | 1,849,310 | $ | 1,787,103 | $ | 1,675,859 | $ | 1,587,777 | $ | 1,864,853 | $ | 1,560,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets | Earning assets | 2,592,709 | 2,550,834 | 2,457,218 | 2,395,704 | 2,371,275 | Earning assets | 2,609,893 | 2,592,709 | 2,550,834 | 2,457,218 | 2,395,704 | 2,601,349 | 2,383,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 2,627,088 | 2,574,639 | 2,511,301 | 2,446,763 | 2,451,944 | Total assets | 2,649,399 | 2,627,088 | 2,574,639 | 2,511,301 | 2,446,763 | 2,643,964 | 2,449,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 2,337,476 | 2,347,719 | 2,257,394 | 2,203,231 | 2,211,442 | Deposits | 2,363,847 | 2,337,476 | 2,347,719 | 2,257,394 | 2,203,231 | 2,350,734 | 2,207,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | Total equity | 173,786 | 160,740 | 180,644 | 178,207 | 203,613 | Total equity | 180,357 | 173,786 | 160,740 | 180,644 | 178,207 | 177,089 | 190,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible equity (a) | Tangible equity (a) | 151,962 | 138,916 | 158,820 | 156,382 | 181,778 | Tangible equity (a) | 158,533 | 151,962 | 138,916 | 158,820 | 156,382 | 155,265 | 169,011 |
As of or for the Three Months Ended | As of or for the Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31 | Dec. 31 | Sept. 30, | June 30, | Mar. 31 | June 30, | Mar. 31 | Dec. 31 | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET QUALITY | ASSET QUALITY | ASSET QUALITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | $ | 269 | $ | 52 | $ | 109 | $ | 699 | $ | (48) | Net charge-offs | $ | 146 | $ | 269 | $ | 52 | $ | 109 | $ | 699 | $ | 415 | $ | 651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performing loans (d) | Non-performing loans (d) | 7,731 | 8,178 | 8,310 | 7,374 | 7,703 | Non-performing loans (d) | 7,304 | 7,731 | 8,178 | 8,310 | 7,374 | 7,304 | 7,374 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performing assets (e) | Non-performing assets (e) | 7,927 | 8,373 | 8,503 | 7,665 | 7,956 | Non-performing assets (e) | 7,471 | 7,927 | 8,373 | 8,503 | 7,665 | 7,471 | 7,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses (g) | Allowance for credit losses (g) | 20,075 | 19,659 | 18,631 | 17,485 | 19,928 | Allowance for credit losses (g) | 20,172 | 20,075 | 19,659 | 18,631 | 17,485 | 20,172 | 17,485 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annualized net charge-offs to average loans | Annualized net charge-offs to average loans | 0.06 | % | 0.01 | % | 0.03 | % | 0.18 | % | (0.01) | % | Annualized net charge-offs to average loans | 0.03 | % | 0.06 | % | 0.01 | % | 0.03 | % | 0.18 | % | 0.04 | % | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performing loans to total loans | Non-performing loans to total loans | 0.41 | % | 0.45 | % | 0.48 | % | 0.46 | % | 0.49 | % | Non-performing loans to total loans | 0.39 | % | 0.41 | % | 0.45 | % | 0.48 | % | 0.46 | % | 0.39 | % | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performing assets to total assets | Non-performing assets to total assets | 0.30 | % | 0.32 | % | 0.33 | % | 0.31 | % | 0.32 | % | Non-performing assets to total assets | 0.28 | % | 0.30 | % | 0.32 | % | 0.33 | % | 0.31 | % | 0.28 | % | 0.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans | Allowance for credit losses to total loans | 1.07 | % | 1.07 | % | 1.07 | % | 1.08 | % | 1.27 | % | Allowance for credit losses to total loans | 1.07 | % | 1.07 | % | 1.07 | % | 1.07 | % | 1.08 | % | 1.07 | % | 1.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | Allowance for credit losses to non-performing loans | 259.66 | % | 240.39 | % | 224.21 | % | 237.12 | % | 258.72 | % | Allowance for credit losses to non-performing loans | 276.17 | % | 259.66 | % | 240.39 | % | 224.21 | % | 237.12 | % | 276.17 | % | 237.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) See the GAAP to Non-GAAP reconciliations. | (a) See the GAAP to Non-GAAP reconciliations. | (a) See the GAAP to Non-GAAP reconciliations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets less legal reserve divided by the total of fully taxable equivalent net interest income plus non-interest income less changes in fair value of equity investments less net gains on securities transactions. | (b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets less legal reserve divided by the total of fully taxable equivalent net interest income plus non-interest income less changes in fair value of equity investments less net gains on securities transactions. | (b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets less legal reserve divided by the total of fully taxable equivalent net interest income plus non-interest income less changes in fair value of equity investments less net gains on securities transactions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) Loans and loans held for sale do not reflect the allowance for credit losses. | (c) Loans and loans held for sale do not reflect the allowance for credit losses. | (c) Loans and loans held for sale do not reflect the allowance for credit losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(d) Non-performing loans include non-accrual loans only. | (d) Non-performing loans include non-accrual loans only. | (d) Non-performing loans include non-accrual loans only. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(e) Non-performing assets include non-performing loans plus other real estate owned. | (e) Non-performing assets include non-performing loans plus other real estate owned. | (e) Non-performing assets include non-performing loans plus other real estate owned. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(f) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income. | (f) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income. | (f) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(g) Corporation adopted CECL as of January 1, 2023. | (g) Corporation adopted CECL as of January 1, 2023. | (g) Corporation adopted CECL as of January 1, 2023. |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 19,947 | $ | 16,677 | $ | 3,270 | 19.6 | % | Net interest income | $ | 18,595 | $ | 17,641 | $ | 954 | 5.4 | % | $ | 38,542 | $ | 34,318 | $ | 4,224 | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | 5,423 | 5,663 | (240) | (4.2) | % | Non-interest income | 5,447 | 5,319 | 128 | 2.4 | % | 10,870 | 10,982 | (112) | (1.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | 15,836 | 14,668 | 1,168 | 8.0 | % | Non-interest expense | 15,913 | 14,342 | 1,571 | 11.0 | % | 31,749 | 29,010 | 2,739 | 9.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-provision income | Pre-provision income | 9,534 | 7,672 | 1,862 | 24.3 | % | Pre-provision income | 8,129 | 8,618 | (489) | (5.7) | % | 17,663 | 16,290 | 1,373 | 8.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for credit losses (1) | Provision (credit) for credit losses (1) | 277 | (1,145) | 1,422 | 124.2 | % | Provision (credit) for credit losses(1) | 236 | (1,744) | 1,980 | 113.5 | % | 513 | (2,889) | 3,402 | 117.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 1,987 | 1,950 | 37 | 1.9 | % | Income tax expense | 1,613 | 2,338 | (725) | (31.0) | % | 3,600 | 4,288 | (688) | (16.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 7,270 | $ | 6,867 | $ | 403 | 5.9 | % | Net income | $ | 6,280 | $ | 8,024 | $ | (1,744) | (21.7) | % | $ | 13,550 | $ | 14,891 | $ | (1,341) | (9.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | Basic and diluted earnings per share | $ | 1.54 | $ | 1.46 | $ | 0.08 | 5.5 | % | Basic and diluted earnings per share | $ | 1.33 | $ | 1.72 | $ | (0.39) | (22.7) | % | $ | 2.87 | $ | 3.18 | $ | (0.31) | (9.7) | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selected financial ratios: | Selected financial ratios: | 2023 | 2022 | Selected financial ratios: | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 1.12 | % | 1.14 | % | Return on average assets | 0.95 | % | 1.32 | % | 1.03 | % | 1.23 | % | ||||||||||||||||||||||||||||||||||||||
Return on average equity | Return on average equity | 16.97 | % | 13.68 | % | Return on average equity | 13.97 | % | 18.06 | % | 15.43 | % | 15.73 | % | ||||||||||||||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent (a) | Net interest margin, fully taxable equivalent (a) | 3.14 | % | 2.87 | % | Net interest margin, fully taxable equivalent (a) | 2.87 | % | 2.97 | % | 3.00 | % | 2.92 | % | ||||||||||||||||||||||||||||||||||||||
Efficiency ratio (adjusted) (a) (b) | Efficiency ratio (adjusted) (a) (b) | 62.18 | % | 65.32 | % | Efficiency ratio (adjusted) (a) (b) | 65.94 | % | 62.17 | % | 64.01 | % | 63.72 | % | ||||||||||||||||||||||||||||||||||||||
Non-interest expenses to average assets | Non-interest expenses to average assets | 2.44 | % | 2.43 | % | Non-interest expenses to average assets | 2.41 | % | 2.35 | % | 2.42 | % | 2.39 | % | ||||||||||||||||||||||||||||||||||||||
(a) See the GAAP to Non-GAAP reconciliations. | (a) See the GAAP to Non-GAAP reconciliations. | (a) See the GAAP to Non-GAAP reconciliations. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets divided by the total of fully taxable equivalent net interest income plus non-interest income less changes in fair value of equity investments less net gains on securities transactions. | (b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets divided by the total of fully taxable equivalent net interest income plus non-interest income less changes in fair value of equity investments less net gains on securities transactions. | (b) Efficiency ratio (adjusted) is non-interest expense less amortization of intangible assets divided by the total of fully taxable equivalent net interest income plus non-interest income less changes in fair value of equity investments less net gains on securities transactions. |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | 2023 | 2022 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||
Interest and dividend income | Interest and dividend income | $ | 26,230 | $ | 17,458 | $ | 8,772 | 50.2 | % | Interest and dividend income | $ | 27,796 | $ | 18,538 | $ | 9,258 | 49.9 | % | ||||||||||||||||||||||||||||
Interest expense | Interest expense | 6,283 | 781 | 5,502 | 704.5 | % | Interest expense | 9,201 | 897 | 8,304 | 925.8 | % | ||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 19,947 | $ | 16,677 | $ | 3,270 | 19.6 | % | Net interest income | $ | 18,595 | $ | 17,641 | $ | 954 | 5.4 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | ||||||||||||||||||||
Interest and dividend income | $ | 54,026 | $ | 35,996 | $ | 18,030 | 50.1 | % | |||||||||||||||
Interest expense | 15,484 | 1,678 | 13,806 | 822.8 | % | ||||||||||||||||||
Net interest income | $ | 38,542 | $ | 34,318 | $ | 4,224 | 12.3 | % |
AVERAGE CONSOLIDATED BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS | AVERAGE CONSOLIDATED BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS | AVERAGE CONSOLIDATED BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Average Balance | Interest | Yield/Rate (3) | Average Balance | Interest | Yield/Rate (3) | (in thousands) | Average Balance | Interest | Yield/Rate (3) | Average Balance | Interest | Yield/Rate (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | $ | 1,261,054 | $ | 16,584 | 5.33 | % | $ | 1,072,408 | $ | 10,547 | 3.99 | % | Commercial loans | $ | 1,288,113 | $ | 17,791 | 5.54 | % | $ | 1,111,854 | $ | 11,244 | 4.06 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans | Mortgage loans | 285,588 | 2,472 | 3.51 | % | 262,053 | 2,153 | 3.33 | % | Mortgage loans | 284,916 | 2,509 | 3.53 | % | 270,112 | 2,256 | 3.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 302,668 | 3,285 | 4.40 | % | 197,984 | 1,816 | 3.72 | % | Consumer loans | 307,195 | 3,545 | 4.63 | % | 205,811 | 1,927 | 3.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 695,079 | 3,585 | 2.09 | % | 758,507 | 2,689 | 1.44 | % | Taxable securities | 680,020 | 3,633 | 2.14 | % | 751,784 | 2,866 | 1.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt securities | Tax-exempt securities | 40,769 | 305 | 3.03 | % | 42,435 | 333 | 3.18 | % | Tax-exempt securities | 40,541 | 294 | 2.91 | % | 42,222 | 330 | 3.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 7,551 | 97 | 5.21 | % | 37,888 | 19 | 0.20 | % | Interest-earning deposits | 9,108 | 116 | 5.11 | % | 13,921 | 18 | 0.52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 2,592,709 | 26,328 | 4.12 | % | 2,371,275 | 17,557 | 3.00 | % | Total interest-earning assets | 2,609,893 | 27,888 | 4.29 | % | 2,395,704 | 18,641 | 3.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-earning assets: | Non-earning assets: | Non-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 25,084 | 24,744 | Cash and due from banks | 25,168 | 23,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 29,393 | 77,153 | Other assets | 34,478 | 47,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses (4) | Allowance for credit losses (4) | (20,098) | (21,228) | Allowance for credit losses (4) | (20,140) | (20,114) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 2,627,088 | $ | 2,451,944 | Total assets | $ | 2,649,399 | $ | 2,446,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | $ | 291,090 | $ | 274 | 0.38 | % | $ | 293,429 | $ | 55 | 0.08 | % | Interest-bearing demand deposits | $ | 286,573 | $ | 723 | 1.01 | % | $ | 273,723 | $ | 51 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings and insured money market deposits | Savings and insured money market deposits | 906,947 | 1,648 | 0.74 | % | 955,296 | 212 | 0.09 | % | Savings and insured money market deposits | 902,741 | 3,050 | 1.36 | % | 962,501 | 242 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 322,710 | 2,092 | 2.63 | % | 241,501 | 481 | 0.81 | % | Time deposits | 346,953 | 2,679 | 3.10 | % | 240,979 | 465 | 0.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 113,074 | 1,374 | 4.93 | % | — | — | — | % | Brokered deposits | 156,196 | 2,017 | 5.18 | % | 2,178 | 11 | 2.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLBNY overnight advances | FHLBNY overnight advances | 70,699 | 866 | 4.97 | % | 1,491 | 1 | 0.38 | % | FHLBNY overnight advances | 53,965 | 703 | 5.23 | % | 26,780 | 97 | 1.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term capital leases | Long-term capital leases | 3,281 | 29 | 3.58 | % | 3,550 | 32 | 3.66 | % | Long-term capital leases | 3,213 | 29 | 3.62 | % | 3,485 | 31 | 3.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 1,707,801 | 6,283 | 1.49 | % | 1,495,267 | 781 | 0.21 | % | Total interest-bearing liabilities | 1,749,641 | 9,201 | 2.11 | % | 1,509,646 | 897 | 0.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | Non-interest-bearing liabilities: | Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 703,655 | 721,216 | Demand deposits | 671,384 | 723,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 41,846 | 31,848 | Other liabilities | 48,017 | 35,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 2,453,302 | 2,248,331 | Total liabilities | 2,469,042 | 2,268,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 173,786 | 203,613 | Shareholders' equity | 180,357 | 178,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 2,627,088 | $ | 2,451,944 | Total liabilities and shareholders’ equity | $ | 2,649,399 | $ | 2,446,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully taxable equivalent net interest income | Fully taxable equivalent net interest income | 20,045 | 16,776 | Fully taxable equivalent net interest income | 18,687 | 17,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest rate spread (1) | Net interest rate spread (1) | 2.63 | % | 2.79 | % | Net interest rate spread (1) | 2.18 | % | 2.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent (2) | Net interest margin, fully taxable equivalent (2) | 3.14 | % | 2.87 | % | Net interest margin, fully taxable equivalent (2) | 2.87 | % | 2.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | (98) | (99) | Taxable equivalent adjustment | (92) | (103) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 19,947 | $ | 16,677 | Net interest income | $ | 18,595 | $ | 17,641 |
AVERAGE CONSOLIDATED BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Average Balance | Interest | Yield/ Rate (3) | Average Balance | Interest | Yield/ Rate (3) | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Commercial loans | $ | 1,274,658 | $ | 34,376 | 5.44 | % | $ | 1,092,240 | $ | 21,791 | 4.02 | % | |||||||||||||||||||||||
Mortgage loans | 285,251 | 4,981 | 3.52 | % | 266,105 | 4,409 | 3.34 | % | |||||||||||||||||||||||||||
Consumer loans | 304,944 | 6,830 | 4.52 | % | 201,919 | 3,743 | 3.74 | % | |||||||||||||||||||||||||||
Taxable securities | 687,508 | 7,218 | 2.12 | % | 755,127 | 5,556 | 1.48 | % | |||||||||||||||||||||||||||
Tax-exempt securities | 40,654 | 599 | 2.97 | % | 42,328 | 663 | 3.16 | % | |||||||||||||||||||||||||||
Interest-earning deposits | 8,334 | 213 | 5.15 | % | 25,838 | 36 | 0.28 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 2,601,349 | 54,217 | 4.20 | % | 2,383,557 | 36,198 | 3.06 | % | |||||||||||||||||||||||||||
Non-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 25,126 | 24,220 | |||||||||||||||||||||||||||||||||
Other assets | 37,608 | 62,230 | |||||||||||||||||||||||||||||||||
Allowance for credit losses (4) | (20,119) | (20,668) | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,643,964 | $ | 2,449,339 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 288,819 | $ | 996 | 0.70 | % | $ | 283,521 | $ | 107 | 0.08 | % | |||||||||||||||||||||||
Savings and insured money market deposits | 904,832 | 4,699 | 1.05 | % | 958,919 | 454 | 0.10 | % | |||||||||||||||||||||||||||
Time deposits | 334,662 | 4,771 | 2.87 | % | 241,239 | 945 | 0.79 | % | |||||||||||||||||||||||||||
Brokered deposits | 134,991 | 3,390 | 5.06 | % | 1,095 | 11 | 2.09 | % | |||||||||||||||||||||||||||
FHLBNY overnight advances | 62,286 | 1,570 | 5.08 | % | 14,205 | 99 | 1.40 | % | |||||||||||||||||||||||||||
Long-term capital leases | 3,247 | 58 | 3.60 | % | 3,517 | 62 | 3.57 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,728,837 | 15,484 | 1.81 | % | 1,502,496 | 1,678 | 0.23 | % | |||||||||||||||||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 687,430 | 722,540 | |||||||||||||||||||||||||||||||||
Other liabilities | 50,608 | 33,462 | |||||||||||||||||||||||||||||||||
Total liabilities | 2,466,875 | 2,258,498 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 177,089 | 190,841 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,643,964 | $ | 2,449,339 | |||||||||||||||||||||||||||||||
Fully taxable equivalent net interest income | 38,733 | 34,520 | |||||||||||||||||||||||||||||||||
Net interest rate spread (1) | 2.39 | % | 2.83 | % | |||||||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent (2) | 3.00 | % | 2.92 | % | |||||||||||||||||||||||||||||||
Taxable equivalent adjustment | (191) | (202) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 38,542 | $ | 34,318 |
RATE/VOLUME ANALYSIS OF NET INTEREST INCOME | RATE/VOLUME ANALYSIS OF NET INTEREST INCOME | RATE/VOLUME ANALYSIS OF NET INTEREST INCOME | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 vs. 2022 | Three Months Ended June 30, 2023 vs. 2022 | |||||||||||||||||||||||||||||||||||||||
Increase/(Decrease) | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||
Total Change | Due to Volume | Due to Rate | Total Change | Due to Volume | Due to Rate | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||
Interest and dividend income on: | Interest and dividend income on: | Interest and dividend income on: | ||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | $ | 6,037 | $ | 2,076 | $ | 3,961 | Commercial loans | $ | 6,547 | $ | 1,984 | $ | 4,563 | ||||||||||||||||||||||||||
Mortgage loans | Mortgage loans | 319 | 199 | 120 | Mortgage loans | 253 | 128 | 125 | ||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 1,469 | 1,092 | 377 | Consumer loans | 1,618 | 1,101 | 517 | ||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 896 | (240) | 1,136 | Taxable investment securities | 767 | (294) | 1,061 | ||||||||||||||||||||||||||||||||
Tax-exempt investment securities | Tax-exempt investment securities | (28) | (13) | (15) | Tax-exempt investment securities | (36) | (13) | (23) | ||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 78 | (27) | 105 | Interest-earning deposits | 98 | (8) | 106 | ||||||||||||||||||||||||||||||||
Total interest and dividend income, fully taxable equivalent | Total interest and dividend income, fully taxable equivalent | 8,771 | 3,087 | 5,684 | Total interest and dividend income, fully taxable equivalent | 9,247 | 2,898 | 6,349 | ||||||||||||||||||||||||||||||||
Interest expense on: | Interest expense on: | Interest expense on: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 219 | — | 219 | Interest-bearing demand deposits | 672 | 2 | 670 | ||||||||||||||||||||||||||||||||
Savings and insured money market deposits | Savings and insured money market deposits | 1,436 | (11) | 1,447 | Savings and insured money market deposits | 2,808 | (16) | 2,824 | ||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,610 | 210 | 1,400 | Time deposits | 2,214 | 281 | 1,933 | ||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 1,374 | 1,374 | — | Brokered deposits | 2,006 | 1,965 | 41 | ||||||||||||||||||||||||||||||||
FHLBNY overnight advances | FHLBNY overnight advances | 865 | 686 | 179 | FHLBNY overnight advances | 606 | 170 | 436 | ||||||||||||||||||||||||||||||||
Long-term capital leases | Long-term capital leases | (4) | (2) | (2) | Long-term capital leases | (2) | (2) | — | ||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 5,500 | 2,257 | 3,243 | Total interest expense | 8,304 | 2,400 | 5,904 | ||||||||||||||||||||||||||||||||
Net interest income, fully taxable equivalent | Net interest income, fully taxable equivalent | $ | 3,271 | $ | 830 | $ | 2,441 | Net interest income, fully taxable equivalent | $ | 943 | $ | 498 | $ | 445 |
Six Months Ended June 30, 2023 vs. 2022 | ||||||||||||||||||||
Increase/(Decrease) | ||||||||||||||||||||
Total Change | Due to Volume | Due to Rate | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Interest and dividend income on: | ||||||||||||||||||||
Commercial loans | $ | 12,585 | $ | 4,040 | $ | 8,545 | ||||||||||||||
Mortgage loans | 572 | 327 | 245 | |||||||||||||||||
Consumer loans | 3,087 | 2,191 | 896 | |||||||||||||||||
Taxable investment securities | 1,662 | (537) | 2,199 | |||||||||||||||||
Tax-exempt investment securities | (64) | (25) | (39) | |||||||||||||||||
Interest-earning deposits | 177 | (40) | 217 | |||||||||||||||||
Total interest and dividend income, fully taxable equivalent | 18,019 | 5,956 | 12,063 | |||||||||||||||||
Interest expense on: | ||||||||||||||||||||
Interest-bearing demand deposits | 889 | 2 | 887 | |||||||||||||||||
Savings and insured money market deposits | 4,245 | (28) | 4,273 | |||||||||||||||||
Time deposits | 3,826 | 491 | 3,335 | |||||||||||||||||
Brokered deposits | 3,379 | 3,340 | 39 | |||||||||||||||||
FHLBNY overnight advances | 1,471 | 828 | 643 | |||||||||||||||||
Long-term Capital leases | (4) | (5) | 1 | |||||||||||||||||
Total interest expense | 13,806 | 4,628 | 9,178 | |||||||||||||||||
Net interest income, fully taxable equivalent | $ | 4,213 | $ | 1,328 | $ | 2,885 |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | 2023 | 2022 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||||||||
WMG fee income | WMG fee income | $ | 2,580 | $ | 2,757 | $ | (177) | (6.4) | % | WMG fee income | $ | 2,603 | $ | 2,628 | $ | (25) | (1.0) | % | ||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 941 | 864 | 77 | 8.9 | % | Service charges on deposit accounts | 959 | 936 | 23 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||
Interchange revenue from debit card transactions | Interchange revenue from debit card transactions | 1,133 | 1,130 | 3 | 0.3 | % | Interchange revenue from debit card transactions | 1,194 | 1,206 | (12) | (1.0) | % | ||||||||||||||||||||||||||||||||||||||||
Changes in fair value of equity investments | Changes in fair value of equity investments | 72 | (113) | 185 | 163.7 | % | Changes in fair value of equity investments | (103) | (242) | 139 | 57.4 | % | ||||||||||||||||||||||||||||||||||||||||
Net gains on sales of loans held for sale | Net gains on sales of loans held for sale | 5 | 74 | (69) | (93.2) | % | Net gains on sales of loans held for sale | 18 | 25 | (7) | (28.0) | % | ||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on sales of other real estate owned | Net gains (losses) on sales of other real estate owned | 14 | 46 | (32) | N/M | |||||||||||||||||||||||||||||||||||||||||||||||
Income from bank owned life insurance | Income from bank owned life insurance | 10 | 11 | (1) | (9.1) | % | Income from bank owned life insurance | 11 | 11 | — | N/A | |||||||||||||||||||||||||||||||||||||||||
CFS fee and commission income | CFS fee and commission income | 241 | 253 | (12) | (4.7) | % | CFS fee and commission income | 265 | 271 | (6) | (2.2) | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 441 | 687 | (246) | (35.8) | % | Other | 486 | 438 | 48 | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | $ | 5,423 | $ | 5,663 | $ | (240) | (4.2) | % | Total non-interest income | $ | 5,447 | $ | 5,319 | $ | 128 | 2.4 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | |||||||||||||||||||||||
WMG fee income | $ | 5,183 | $ | 5,385 | $ | (202) | (3.8) | % | ||||||||||||||||||
Service charges on deposit accounts | 1,900 | 1,800 | 100 | 5.6 | % | |||||||||||||||||||||
Interchange revenue from debit card transactions | 2,327 | 2,336 | (9) | (0.4) | % | |||||||||||||||||||||
Changes in fair value of equity investments | (31) | (355) | 324 | 91.3 | % | |||||||||||||||||||||
Net gains on sales of loans held for sale | 23 | 99 | (76) | (76.8) | % | |||||||||||||||||||||
Net gains (losses) on sales of other real estate owned | 14 | 46 | (32) | (69.6) | % | |||||||||||||||||||||
Income from bank owned life insurance | 21 | 22 | (1) | (4.5) | % | |||||||||||||||||||||
CFS fee and commission income | 506 | 524 | (18) | (3.4) | % | |||||||||||||||||||||
Other | 927 | 1,125 | (198) | (17.6) | % | |||||||||||||||||||||
Total non-interest income | $ | 10,870 | $ | 10,982 | $ | (112) | (1.0) | % |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | 2023 | 2022 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||||||||
Compensation expense: | Compensation expense: | Compensation expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and wages | Salaries and wages | $ | 6,783 | $ | 6,223 | $ | 560 | 9.0 | % | Salaries and wages | $ | 6,704 | $ | 6,056 | $ | 648 | 10.7 | % | ||||||||||||||||||||||||||||||||||
Pension and other employee benefits | Pension and other employee benefits | 1,680 | 1,718 | (38) | (2.2) | % | Pension and other employee benefits | 1,808 | 1,937 | (129) | (6.7) | % | ||||||||||||||||||||||||||||||||||||||||
Other components of net periodic pension and postretirement benefits | Other components of net periodic pension and postretirement benefits | (174) | (408) | 234 | (57.4) | % | Other components of net periodic pension and postretirement benefits | (174) | (403) | 229 | (56.8) | % | ||||||||||||||||||||||||||||||||||||||||
Total compensation expense | Total compensation expense | 8,289 | 7,533 | 756 | 10.0 | % | Total compensation expense | 8,338 | 7,590 | 748 | 9.9 | % | ||||||||||||||||||||||||||||||||||||||||
Non-compensation expense: | Non-compensation expense: | Non-compensation expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net occupancy | Net occupancy | 1,465 | 1,427 | 38 | 2.7 | % | Net occupancy | 1,440 | 1,369 | 71 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 418 | 437 | (19) | (4.3) | % | Furniture and equipment | 461 | 410 | 51 | 12.4 | % | ||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 2,381 | 2,187 | 194 | 8.9 | % | Data processing | 2,473 | 2,468 | 5 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 440 | 521 | (81) | (15.5) | % | Professional services | 602 | 664 | (62) | (9.3) | % | ||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | — | 11 | (11) | (100.0) | % | Amortization of intangible assets | — | 4 | (4) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||
Marketing and advertising | Marketing and advertising | 332 | 276 | 56 | 20.3 | % | Marketing and advertising | 170 | 184 | (14) | (7.6) | % | ||||||||||||||||||||||||||||||||||||||||
Other real estate owned expenses | Other real estate owned expenses | 38 | (37) | 75 | 202.7 | % | Other real estate owned expenses | 1 | 8 | (7) | 87.5 | % | ||||||||||||||||||||||||||||||||||||||||
FDIC insurance | FDIC insurance | 497 | 314 | 183 | 58.3 | % | FDIC insurance | 586 | 284 | 302 | 106.3 | % | ||||||||||||||||||||||||||||||||||||||||
Loan expenses | Loan expenses | 232 | 215 | 17 | 7.9 | % | Loan expenses | 308 | 176 | 132 | 75.0 | % | ||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,744 | 1,784 | (40) | (2.2) | % | Other | 1,534 | 1,185 | 349 | 29.5 | % | ||||||||||||||||||||||||||||||||||||||||
Total non-compensation expense | Total non-compensation expense | 7,547 | 7,135 | 412 | 5.8 | % | Total non-compensation expense | 7,575 | 6,752 | 823 | 12.2 | % | ||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | $ | 15,836 | $ | 14,668 | $ | 1,168 | 8.0 | % | Total non-interest expense | $ | 15,913 | $ | 14,342 | $ | 1,571 | 11.0 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | |||||||||||||||||||||||
Compensation expense: | ||||||||||||||||||||||||||
Salaries and wages | $ | 13,487 | $ | 12,279 | $ | 1,208 | 9.8 | % | ||||||||||||||||||
Pension and other employee benefits | 3,488 | 3,655 | (167) | (4.6) | % | |||||||||||||||||||||
Other components of net periodic pension and postretirement benefits | (348) | (811) | 463 | (57.1) | % | |||||||||||||||||||||
Total compensation expense | 16,627 | 15,123 | 1,504 | 9.9 | % | |||||||||||||||||||||
Non-compensation expense: | ||||||||||||||||||||||||||
Net occupancy | 2,905 | 2,796 | 109 | 3.9 | % | |||||||||||||||||||||
Furniture and equipment | 879 | 847 | 32 | 3.8 | % | |||||||||||||||||||||
Data processing | 4,854 | 4,655 | 199 | 4.3 | % | |||||||||||||||||||||
Professional services | 1,042 | 1,185 | (143) | (12.1) | % | |||||||||||||||||||||
Amortization of intangible assets | — | 15 | (15) | (100.0) | % | |||||||||||||||||||||
Marketing and advertising | 502 | 460 | 42 | 9.1 | % | |||||||||||||||||||||
Other real estate owned expenses | 39 | (29) | 68 | 234.5 | % | |||||||||||||||||||||
FDIC insurance | 1,083 | 598 | 485 | 81.1 | % | |||||||||||||||||||||
Loan expenses | 540 | 391 | 149 | 38.1 | % | |||||||||||||||||||||
Other | 3,278 | 2,969 | 309 | 10.4 | % | |||||||||||||||||||||
Total non-compensation expense | 15,122 | 13,887 | 1,235 | 8.9 | % | |||||||||||||||||||||
Total non-interest expense | $ | 31,749 | $ | 29,010 | $ | 2,739 | 9.4 | % |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | 2023 | 2022 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | $ | 9,257 | $ | 8,817 | $ | 440 | 5.0 | % | Income before income tax expense | $ | 7,893 | $ | 10,362 | $ | (2,469) | (23.8) | % | ||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 1,987 | 1,950 | 37 | 1.9 | % | Income tax expense | 1,613 | 2,338 | (725) | (31.0) | % | ||||||||||||||||||||||||||||||||||||||||
Effective tax rate | Effective tax rate | 21.5 | % | 22.1 | % | Effective tax rate | 20.4 | % | 22.6 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | Change | Percentage Change | |||||||||||||||||||||||
Income before income tax expense | $ | 17,150 | $ | 19,179 | $ | (2,029) | (10.6) | % | ||||||||||||||||||
Income tax expense | 3,600 | 4,288 | (688) | (16.0) | % | |||||||||||||||||||||
Effective tax rate | 21.0 | % | 22.4 | % |
March 31, 2023 | December 31, 2022 | Change | Percentage Change | June 30, 2023 | December 31, 2022 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | $ | 34,641 | $ | 55,869 | $ | (21,228) | (38.0) | % | Total cash and cash equivalents | $ | 54,226 | $ | 55,869 | $ | (1,643) | (2.9) | % | ||||||||||||||||||||||||||||||||||
Total investment securities, FHLB, and FRB stock | Total investment securities, FHLB, and FRB stock | 638,849 | 646,040 | (7,191) | (1.1) | % | Total investment securities, FHLB, and FRB stock | 615,286 | 646,040 | (30,754) | (4.8) | % | ||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred loan fees | Loans, net of deferred loan fees | 1,873,701 | 1,829,448 | 44,253 | 2.4 | % | Loans, net of deferred loan fees | 1,893,906 | 1,829,448 | 64,458 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (20,075) | (19,659) | (416) | 2.1 | % | Allowance for credit losses | (20,172) | (19,659) | (513) | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 1,853,626 | 1,809,789 | 43,837 | 2.4 | % | Loans, net | 1,873,734 | 1,809,789 | 63,945 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | 21,824 | 21,824 | — | — | % | Goodwill and other intangible assets, net | 21,824 | 21,824 | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 105,243 | 112,031 | (6,788) | (6.1) | % | Other assets | 109,603 | 112,031 | (2,428) | (2.2) | % | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 2,654,183 | $ | 2,645,553 | $ | 8,630 | 0.3 | % | Total assets | $ | 2,674,673 | $ | 2,645,553 | $ | 29,120 | 1.1 | % | ||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 2,332,429 | $ | 2,327,227 | $ | 5,202 | 0.2 | % | Total deposits | $ | 2,390,194 | $ | 2,327,227 | $ | 62,967 | 2.7 | % | ||||||||||||||||||||||||||||||||||
Advances and other debt | Advances and other debt | 93,328 | 99,137 | (5,809) | (5.9) | % | Advances and other debt | 53,949 | 99,137 | (45,188) | (45.6) | % | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 51,085 | 52,801 | (1,716) | (3.2) | % | Other liabilities | 53,104 | 52,801 | 303 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 2,476,842 | 2,479,165 | (2,323) | (0.1) | % | Total liabilities | 2,497,247 | 2,479,165 | 18,082 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 177,341 | 166,388 | 10,953 | 6.6 | % | Total shareholders’ equity | 177,426 | 166,388 | 11,038 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 2,654,183 | $ | 2,645,553 | $ | 8,630 | 0.3 | % | Total liabilities and shareholders’ equity | $ | 2,674,673 | $ | 2,645,553 | $ | 29,120 | 1.1 | % |
LOAN COMPOSITION | LOAN COMPOSITION | LOAN COMPOSITION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | % of Total Loans | December 31, 2022 | % of Total Loans | Dollar Change | Percentage Change | June 30, 2023 | % of Total Loans | December 31, 2022 | % of Total Loans | Dollar Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 244,174 | 13.0 | % | $ | 252,044 | 13.8 | % | $ | (7,870) | (3.1) | % | Commercial and industrial | $ | 253,501 | 13.4 | % | $ | 252,044 | 13.8 | % | $ | 1,457 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 333 | — | % | 249 | — | % | 84 | 33.7 | % | Agricultural | 305 | — | % | 249 | — | % | 56 | 22.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 118,660 | 6.3 | % | 108,243 | 5.9 | % | 10,417 | 9.6 | % | Construction | 124,942 | 6.5 | % | 108,243 | 5.9 | % | 16,699 | 15.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 917,637 | 49.0 | % | 888,670 | 48.7 | % | 28,967 | 3.3 | % | Commercial mortgages | 923,585 | 48.8 | % | 888,670 | 48.7 | % | 34,915 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 285,944 | 15.3 | % | 285,672 | 15.6 | % | 272 | 0.1 | % | Residential mortgages | 285,084 | 15.1 | % | 285,672 | 15.6 | % | (588) | (0.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | Home equity lines and loans | 84,537 | 4.5 | % | 81,401 | 4.4 | % | 3,136 | 3.9 | % | Home equity lines and loans | 85,283 | 4.5 | % | 81,401 | 4.4 | % | 3,882 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect consumer loans | Indirect consumer loans | 211,270 | 11.3 | % | 202,124 | 11.0 | % | 9,146 | 4.5 | % | Indirect consumer loans | 210,532 | 11.1 | % | 202,124 | 11.0 | % | 8,408 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct consumer loans | Direct consumer loans | 11,146 | 0.6 | % | 11,045 | 0.6 | % | 101 | 0.9 | % | Direct consumer loans | 10,674 | 0.6 | % | 11,045 | 0.6 | % | (371) | (3.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,873,701 | 100.0 | % | $ | 1,829,448 | 100.0 | % | $ | 44,253 | 2.4 | % | Total | $ | 1,893,906 | 100.0 | % | $ | 1,829,448 | 100.0 | % | $ | 64,458 | 3.5 | % |
LOANS BY DIVISION | LOANS BY DIVISION | LOANS BY DIVISION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | June 30, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Chemung Canal Trust Company*^ | Chemung Canal Trust Company*^ | $ | 755,683 | $ | 731,344 | $ | 639,144 | $ | 658,468 | $ | 576,399 | Chemung Canal Trust Company*^ | $ | 749,911 | $ | 731,344 | $ | 639,144 | $ | 658,468 | $ | 576,399 | ||||||||||||||||||||||||||||||||||||
Capital Bank Division | Capital Bank Division | 1,118,018 | 1,098,104 | 879,105 | 877,995 | 732,820 | Capital Bank Division | 1,143,995 | 1,098,104 | 879,105 | 877,995 | 732,820 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 1,873,701 | $ | 1,829,448 | $ | 1,518,249 | $ | 1,536,463 | $ | 1,309,219 | Total loans | $ | 1,893,906 | $ | 1,829,448 | $ | 1,518,249 | $ | 1,536,463 | $ | 1,309,219 |
Within One Year | After One But Within Five Years | After Five But Within 15 Years | After 15 Years | Total | Within One Year | After One But Within Five Years | After Five But Within 15 Years | After 15 Years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural: | Commercial and agricultural: | Commercial and agricultural: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 62,684 | $ | 108,120 | $ | 69,568 | $ | 3,802 | $ | 244,174 | Commercial and industrial | $ | 63,076 | $ | 114,028 | $ | 72,697 | $ | 3,700 | $ | 253,501 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 98 | 49 | 186 | — | 333 | Agricultural | 79 | 52 | 174 | — | 305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages: | Commercial mortgages: | Commercial mortgages: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 8,241 | 54,540 | 55,089 | 790 | 118,660 | Construction | 31,500 | 31,387 | 60,558 | 1,497 | 124,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 31,715 | 203,181 | 647,798 | 34,943 | 917,637 | Commercial mortgages | 28,183 | 222,298 | 639,184 | 33,920 | 923,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 6,653 | 9,492 | 125,458 | 144,341 | 285,944 | Residential mortgages | 5,776 | 9,959 | 122,002 | 147,347 | 285,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines and loans | Home equity lines and loans | 293 | 5,161 | 56,198 | 22,885 | 84,537 | Home equity lines and loans | 278 | 5,616 | 56,688 | 22,701 | 85,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect consumer loans | Indirect consumer loans | 1,775 | 86,599 | 122,896 | — | 211,270 | Indirect consumer loans | 1,870 | 88,561 | 120,099 | 2 | 210,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct consumer loans | Direct consumer loans | 469 | 4,467 | 4,210 | 2,000 | 11,146 | Direct consumer loans | 354 | 6,429 | 2,170 | 1,721 | 10,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 111,928 | $ | 471,609 | $ | 1,081,403 | $ | 208,761 | $ | 1,873,701 | Total | $ | 131,116 | $ | 478,330 | $ | 1,073,572 | $ | 210,888 | $ | 1,893,906 |
Loans maturing with: | After One But Within Five Years | After Five But Within 15 Years | After 15 Years | Total | ||||||||||||||||||||||||||||
Fixed interest rates | $ | 280,644 | $ | 520,944 | $ | 104,081 | $ | 905,669 | ||||||||||||||||||||||||
Variable interest rates | 190,965 | 560,459 | 104,680 | 856,104 | ||||||||||||||||||||||||||||
Total | $ | 471,609 | $ | 1,081,403 | $ | 208,761 | $ | 1,761,773 |
Loans maturing with: | After One But Within Five Years | After Five But Within 15 Years | After 15 Years | Total | ||||||||||||||||||||||||||||
Fixed interest rates | $ | 303,411 | $ | 494,672 | $ | 105,651 | $ | 903,734 | ||||||||||||||||||||||||
Variable interest rates | 174,919 | 578,900 | 105,237 | 859,056 | ||||||||||||||||||||||||||||
Total | $ | 478,330 | $ | 1,073,572 | $ | 210,888 | $ | 1,762,790 |
NON-PERFORMING ASSETS | NON-PERFORMING ASSETS | NON-PERFORMING ASSETS | ||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Non-accrual loans | Non-accrual loans | $ | 7,731 | $ | 4,143 | Non-accrual loans | $ | 7,304 | $ | 4,143 | ||||||||||||||||||||||||
Non-accrual troubled debt restructurings | Non-accrual troubled debt restructurings | — | 4,035 | Non-accrual troubled debt restructurings | — | 4,035 | ||||||||||||||||||||||||||||
Total non-performing loans | Total non-performing loans | 7,731 | 8,178 | Total non-performing loans | 7,304 | 8,178 | ||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 196 | 195 | Other real estate owned | 167 | 195 | ||||||||||||||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 7,927 | $ | 8,373 | Total non-performing assets | $ | 7,471 | $ | 8,373 | ||||||||||||||||||||||||
Ratio of non-performing loans to total loans | Ratio of non-performing loans to total loans | 0.41 | % | 0.45 | % | Ratio of non-performing loans to total loans | 0.39 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of non-performing assets to total assets | Ratio of non-performing assets to total assets | 0.30 | % | 0.32 | % | Ratio of non-performing assets to total assets | 0.28 | % | 0.32 | % | ||||||||||||||||||||||||
Ratio of allowance for credit losses to non-performing loans | Ratio of allowance for credit losses to non-performing loans | 259.66 | % | 240.39 | % | Ratio of allowance for credit losses to non-performing loans | 276.17 | % | 240.39 | % | ||||||||||||||||||||||||
Accruing loans past due 90 days or more (1) | Accruing loans past due 90 days or more (1) | $ | 6 | $ | 1 | Accruing loans past due 90 days or more (1) | $ | — | $ | 1 | ||||||||||||||||||||||||
Accruing troubled debt restructurings (1) | Accruing troubled debt restructurings (1) | $ | — | $ | 1,405 | Accruing troubled debt restructurings (1) | $ | — | $ | 1,405 |
ALLOWANCE BY LOAN CATEGORY | ALLOWANCE BY LOAN CATEGORY | ALLOWANCE BY LOAN CATEGORY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Allowance for credit losses | Allowance to loans1 | Non-performing loans | Non-performing loans to loans1 | Allowance to non-performing loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | Allowance for credit losses | Allowance to loans1 | Non-performing loans | Non-performing loans to loans1 | Allowance to non-performing loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | $ | 4,053 | 1.66 | % | $ | 1,623 | 0.66 | % | 249.72 | % | Commercial and agricultural | $ | 4,121 | 1.62 | % | $ | 1,565 | 0.62 | % | 263.32 | % | ||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 10,983 | 1.06 | % | 3,647 | 0.35 | % | 301.15 | % | Commercial mortgages | 10,994 | 1.05 | % | 3,534 | 0.34 | % | 311.09 | % | ||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 1,892 | 0.66 | % | 1,036 | 0.36 | % | 182.63 | % | Residential mortgages | 1,905 | 0.67 | % | 926 | 0.32 | % | 205.72 | % | ||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 3,147 | 1.03 | % | 1,425 | 0.46 | % | 220.84 | % | Consumer loans | 3,152 | 1.03 | % | 1,279 | 0.42 | % | 246.44 | % | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 20,075 | 1.07 | % | $ | 7,731 | 0.41 | % | 259.66 | % | Total | $ | 20,172 | 1.07 | % | $ | 7,304 | 0.39 | % | 276.17 | % | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | Allowance for loan losses | Allowance to loans1 | Non-performing loans | Non-performing loans to loans1 | Allowance to non-performing loans | Balance at December 31, 2022 | Allowance for loan losses | Allowance to loans1 | Non-performing loans | Non-performing loans to loans1 | Allowance to non-performing loans | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | $ | 3,373 | 1.34 | % | $ | 1,946 | 0.77 | % | 173.33 | % | Commercial and agricultural | $ | 3,373 | 1.34 | % | $ | 1,946 | 0.77 | % | 173.33 | % | ||||||||||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | 11,576 | 1.16 | % | 3,933 | 0.39 | % | 294.33 | % | Commercial mortgages | 11,576 | 1.16 | % | 3,933 | 0.39 | % | 294.33 | % | ||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 1,845 | 0.65 | % | 986 | 0.35 | % | 187.12 | % | Residential mortgages | 1,845 | 0.65 | % | 986 | 0.35 | % | 187.12 | % | ||||||||||||||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 2,865 | 0.97 | % | 1,313 | 0.45 | % | 218.20 | % | Consumer loans | 2,865 | 0.97 | % | 1,313 | 0.45 | % | 218.20 | % | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 19,659 | 1.07 | % | $ | 8,178 | 0.45 | % | 240.39 | % | Total | $ | 19,659 | 1.07 | % | $ | 8,178 | 0.45 | % | 240.39 | % | ||||||||||||||||||||||||||||||||||||
1 Ratio is a percentage of loan category. | 1 Ratio is a percentage of loan category. | 1 Ratio is a percentage of loan category. |
Consolidated Ratios | Consolidated Ratios | March 31, 2023 | December 31, 2022 | Consolidated Ratios | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Non-performing loans to total loans | Non-performing loans to total loans | 0.41 | % | 0.45 | % | Non-performing loans to total loans | 0.39 | % | 0.45 | % | ||||||||||||||||||
Allowance for credit losses to total loans | Allowance for credit losses to total loans | 1.07 | % | 1.07 | % | Allowance for credit losses to total loans | 1.07 | % | 1.07 | % | ||||||||||||||||||
Allowance for credit losses, inclusive of unfunded commitments, to total loans | Allowance for credit losses, inclusive of unfunded commitments, to total loans | 1.13 | % | 1.07 | % | |||||||||||||||||||||||
Allowance for credit losses to non-performing loans | Allowance for credit losses to non-performing loans | 259.66 | % | 240.39 | % | Allowance for credit losses to non-performing loans | 276.17 | % | 240.39 | % |
Credit Ratios | Credit Ratios | March 31, 2023 | March 31, 2022 | Credit Ratios | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | 0.07 | % | — | % | Commercial and agricultural | 0.08 | % | — | % | ||||||||||||||||||
Commercial mortgages | Commercial mortgages | — | % | — | % | Commercial mortgages | — | % | 0.08 | % | ||||||||||||||||||
Residential mortgages | Residential mortgages | — | % | — | % | Residential mortgages | — | % | — | % | ||||||||||||||||||
Consumer loans | Consumer loans | 0.04 | % | (0.02) | % | Consumer loans | 0.07 | % | 0.01 | % | ||||||||||||||||||
Total | Total | 0.02 | % | — | % | Total | 0.04 | % | 0.08 | % |
SUMMARY OF CREDIT LOSS EXPERIENCE | SUMMARY OF CREDIT LOSS EXPERIENCE | SUMMARY OF CREDIT LOSS EXPERIENCE | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Balance of allowance for credit losses at beginning of period | Balance of allowance for credit losses at beginning of period | $ | 19,659 | $ | 21,025 | Balance of allowance for credit losses at beginning of period | $ | 19,659 | $ | 21,025 | ||||||||||||||||||||||||
Impact of ASC 326 Adoption | Impact of ASC 326 Adoption | 374 | — | Impact of ASC 326 Adoption | 374 | — | ||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | 190 | 4 | Commercial and agricultural | 199 | 20 | ||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | — | — | Commercial mortgages | — | 687 | ||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | — | — | Residential mortgages | — | — | ||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 193 | 194 | Consumer loans | 437 | 322 | ||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | $ | 383 | $ | 198 | Total charge-offs | $ | 636 | $ | 1,029 | ||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||
Commercial and agricultural | Commercial and agricultural | 6 | 6 | Commercial and agricultural | 8 | 30 | ||||||||||||||||||||||||||||
Commercial mortgages | Commercial mortgages | — | 1 | Commercial mortgages | 1 | 2 | ||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | — | — | Residential mortgages | — | — | ||||||||||||||||||||||||||||
Consumer loans | Consumer loans | 108 | 239 | Consumer loans | 212 | 346 | ||||||||||||||||||||||||||||
Total recoveries | Total recoveries | $ | 114 | $ | 246 | Total recoveries | $ | 221 | $ | 378 | ||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | 269 | (48) | Net charge-offs (recoveries) | 415 | 651 | ||||||||||||||||||||||||||||
Provision (credit) for credit losses on-balance sheet exposure1 | Provision (credit) for credit losses on-balance sheet exposure1 | 311 | (1,145) | Provision (credit) for credit losses on-balance sheet exposure1 | 554 | (2,889) | ||||||||||||||||||||||||||||
Balance of allowance for credit losses at end of period | Balance of allowance for credit losses at end of period | $ | 20,075 | $ | 19,928 | Balance of allowance for credit losses at end of period | $ | 20,172 | $ | 17,485 |
DEPOSITS | DEPOSITS | DEPOSITS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 v. December 31, 2022 | June 30, 2023 v. December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | $ Change | % Change | Amount | % of Total | Amount | % of Total | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | Non-interest-bearing demand deposits | $ | 690,596 | 29.7 | % | $ | 733,329 | 31.4 | % | $ | (42,733) | (5.8) | % | Non-interest-bearing demand deposits | $ | 671,643 | 28.1 | % | $ | 733,329 | 31.4 | % | $ | (61,686) | (8.4) | % | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | Interest-bearing demand deposits | 287,242 | 12.3 | % | 271,645 | 11.7 | % | 15,597 | 5.7 | % | Interest-bearing demand deposits | 273,380 | 11.4 | % | 271,645 | 11.7 | % | 1,735 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 631,052 | 27.1 | % | 640,840 | 27.5 | % | (9,788) | (1.5) | % | Money market accounts | 629,985 | 26.4 | % | 640,840 | 27.5 | % | (10,855) | (1.7) | % | ||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 271,445 | 11.6 | % | 279,029 | 12.0 | % | (7,584) | (2.7) | % | Savings deposits | 269,700 | 11.3 | % | 279,029 | 12.0 | % | (9,329) | (3.3) | % | ||||||||||||||||||||||||||||||||||||||
Certificates of deposit $250,000 or less | Certificates of deposit $250,000 or less | 263,274 | 11.3 | % | 272,182 | 11.7 | % | (8,908) | (3.3) | % | Certificates of deposit $250,000 or less | 289,547 | 12.1 | % | 272,182 | 11.7 | % | 17,365 | 6.4 | % | ||||||||||||||||||||||||||||||||||||||
Certificates of deposit greater than $250,000 | Certificates of deposit greater than $250,000 | 35,349 | 1.5 | % | 31,547 | 1.4 | % | 3,802 | 12.1 | % | Certificates of deposit greater than $250,000 | 43,036 | 1.8 | % | 31,547 | 1.4 | % | 11,489 | 36.4 | % | ||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 126,777 | 5.4 | % | 73,452 | 3.2 | % | 53,325 | 72.6 | % | Brokered deposits | 185,492 | 7.8 | % | 73,452 | 3.2 | % | 112,040 | 152.5 | % | ||||||||||||||||||||||||||||||||||||||
Other time deposits | Other time deposits | 26,694 | 1.1 | % | 25,203 | 1.1 | % | 1,491 | 5.9 | % | Other time deposits | 27,411 | 1.1 | % | 25,203 | 1.1 | % | 2,208 | 8.8 | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,332,429 | 100.0 | % | $ | 2,327,227 | 100.0 | % | $ | 5,202 | 0.2 | % | Total | $ | 2,390,194 | 100.0 | % | $ | 2,327,227 | 100.0 | % | $ | 62,967 | 2.7 | % |
DEPOSITS BY DIVISION | DEPOSITS BY DIVISION | DEPOSITS BY DIVISION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | June 30, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Chemung Canal Trust Company* | Chemung Canal Trust Company* | $ | 1,927,258 | $ | 1,892,020 | $ | 1,739,826 | $ | 1,686,370 | $ | 1,317,225 | Chemung Canal Trust Company* | $ | 2,006,542 | $ | 1,892,020 | $ | 1,739,826 | $ | 1,686,370 | $ | 1,317,225 | ||||||||||||||||||||||||||||||||||||
Capital Bank Division | Capital Bank Division | 405,171 | 435,207 | 415,607 | 351,404 | 254,913 | Capital Bank Division | 383,652 | 435,207 | 415,607 | 351,404 | 254,913 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,332,429 | $ | 2,327,227 | $ | 2,155,433 | $ | 2,037,774 | $ | 1,572,138 | Total | $ | 2,390,194 | $ | 2,327,227 | $ | 2,155,433 | $ | 2,037,774 | $ | 1,572,138 |
ADDITIONAL FUNDING CAPACITY | ||||||||||||||||||||||
ADDITIONAL FUNDING RESOURCES | ADDITIONAL FUNDING RESOURCES | |||||||||||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Federal Home Loan Bank of New York | Federal Home Loan Bank of New York | $ | 111,049 | $ | 99,761 | Federal Home Loan Bank of New York | $ | 193,944 | $ | 99,761 | ||||||||||||
Correspondent bank lines | Correspondent bank lines | 60,000 | 68,000 | Correspondent bank lines | 60,000 | 68,000 | ||||||||||||||||
Brokered deposits available per policy limit | Brokered deposits available per policy limit | 138,642 | 174,465 | Brokered deposits available per policy limit | 81,975 | 174,465 | ||||||||||||||||
Unpledged investment securities, at fair value | Unpledged investment securities, at fair value | 368,370 | 420,671 | Unpledged investment securities, at fair value | 298,227 | 420,671 | ||||||||||||||||
Less: Uninsured deposits | (493,659) | (548,013) | ||||||||||||||||||||
Total Additional Funding Capacity | $ | 184,402 | $ | 214,884 | ||||||||||||||||||
Total Additional Funding Resources | Total Additional Funding Resources | $ | 634,146 | $ | 762,897 |
CONSOLIDATED SUMMARY OF CASH FLOWS | CONSOLIDATED SUMMARY OF CASH FLOWS | CONSOLIDATED SUMMARY OF CASH FLOWS | ||||||||||||||||||||||||||
(in thousands) | (in thousands) | Three Months Ended March 31, | (in thousands) | Six Months Ended June 30, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 10,687 | $ | 5,984 | Net cash provided by operating activities | $ | 17,865 | $ | 17,885 | ||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (29,923) | (44,977) | Net cash used in investing activities | (34,694) | (70,245) | ||||||||||||||||||||||
Net cash (used) provided by financing activities | (1,991) | 77,495 | ||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 15,186 | 55,147 | |||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | $ | (21,227) | $ | 38,502 | Net increase (decrease) in cash and cash equivalents | $ | (1,643) | $ | 2,787 |
Actual | Minimum Capital Adequacy | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual | Minimum Capital Adequacy | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2023 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2023 | As of June 30, 2023 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | Total Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 246,113 | 12.81 | % | N/A | N/A | N/A | N/A | N/A | N/A | Consolidated | $ | 251,561 | 12.96 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | $ | 236,731 | 12.34 | % | $ | 153,475 | 8.00 | % | $ | 201,435 | 10.50 | % | $ | 191,843 | 10.00 | % | Bank | $ | 241,661 | 12.45 | % | $ | 155,248 | 8.00 | % | $ | 203,763 | 10.50 | % | $ | 194,060 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 224,990 | 11.71 | % | N/A | N/A | N/A | N/A | N/A | N/A | Consolidated | $ | 230,348 | 11.87 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | $ | 215,608 | 11.24 | % | $ | 115,106 | 6.00 | % | $ | 163,067 | 8.50 | % | $ | 153,475 | 8.00 | % | Bank | $ | 220,447 | 11.36 | % | $ | 116,436 | 6.00 | % | $ | 164,951 | 8.50 | % | $ | 155,248 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets): | Common Equity Tier 1 Capital (to Risk Weighted Assets): | Common Equity Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 224,990 | 11.71 | % | N/A | N/A | N/A | N/A | N/A | N/A | Consolidated | $ | 230,348 | 11.87 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | $ | 215,608 | 11.24 | % | $ | 86,329 | 4.50 | % | $ | 134,290 | 7.00 | % | $ | 124,698 | 6.50 | % | Bank | $ | 220,447 | 11.36 | % | $ | 87,327 | 4.50 | % | $ | 135,842 | 7.00 | % | $ | 126,139 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | Tier 1 Capital (to Average Assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 224,990 | 8.31 | % | N/A | N/A | N/A | N/A | N/A | N/A | Consolidated | $ | 230,348 | 8.48 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | $ | 215,608 | 7.98 | % | $ | 108,123 | 4.00 | % | N/A | N/A | $ | 135,154 | 5.00 | % | Bank | $ | 220,447 | 8.13 | % | $ | 108,509 | 4.00 | % | N/A | N/A | $ | 135,637 | 5.00 | % |
Actual | Minimum Capital Adequacy | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 239,478 | 12.57 | % | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 230,560 | 12.10 | % | $ | 152,414 | 8.00 | % | $ | 200,044 | 10.50 | % | $ | 190,518 | 10.00 | % | |||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets): | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 219,820 | 11.54 | % | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 210,901 | 11.07 | % | $ | 114,311 | 6.00 | % | $ | 161,940 | 8.50 | % | $ | 152,414 | 8.00 | % | |||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets): | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 219,820 | 11.54 | % | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 210,901 | 11.07 | % | $ | 85,733 | 4.50 | % | $ | 133,363 | 7.00 | % | $ | 123,837 | 6.50 | % | |||||||||||||||||||||||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 219,820 | 8.23 | % | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Bank | $ | 210,901 | 7.91 | % | $ | 106,616 | 4.00 | % | N/A | N/A | $ | 133,270 | 5.00 | % |
As of the Three Months Ended | As of the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except ratio data) | (in thousands, except ratio data) | March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | (in thousands, except ratio data) | As of the Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT | NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN - FULLY TAXABLE EQUIVALENT | 2023 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 19,947 | $ | 20,871 | $ | 18,990 | $ | 17,641 | $ | 16,677 | Net interest income (GAAP) | $ | 18,595 | $ | 19,947 | $ | 20,871 | $ | 18,990 | $ | 17,641 | $ | 38,542 | $ | 34,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully taxable equivalent adjustment | Fully taxable equivalent adjustment | 98 | 112 | 112 | 103 | 99 | Fully taxable equivalent adjustment | 92 | 98 | 112 | 112 | 103 | 191 | 202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully taxable equivalent net interest income (non-GAAP) | Fully taxable equivalent net interest income (non-GAAP) | $ | 20,045 | $ | 20,983 | $ | 19,102 | $ | 17,744 | $ | 16,776 | Fully taxable equivalent net interest income (non-GAAP) | $ | 18,687 | $ | 20,045 | $ | 20,983 | $ | 19,102 | $ | 17,744 | $ | 38,733 | $ | 34,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets (GAAP) | Average interest-earning assets (GAAP) | $ | 2,592,709 | $ | 2,550,834 | $ | 2,457,218 | $ | 2,395,704 | $ | 2,371,275 | Average interest-earning assets (GAAP) | $ | 2,609,893 | $ | 2,592,709 | $ | 2,550,834 | $ | 2,457,218 | $ | 2,395,704 | $ | 2,601,349 | $ | 2,383,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin - fully taxable equivalent (non-GAAP) | Net interest margin - fully taxable equivalent (non-GAAP) | 3.14 | % | 3.26 | % | 3.08 | % | 2.97 | % | 2.87 | % | Net interest margin - fully taxable equivalent (non-GAAP) | 2.87 | % | 3.14 | % | 3.26 | % | 3.08 | % | 2.97 | % | 3.00 | % | 2.92 | % |
As of the Three Months Ended | As of the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except ratio data) | (in thousands, except ratio data) | March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | (in thousands, except ratio data) | As of the Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EFFICIENCY RATIO | EFFICIENCY RATIO | 2023 | 2022 | 2022 | 2022 | 2022 | EFFICIENCY RATIO | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 19,947 | $ | 20,871 | $ | 18,990 | $ | 17,641 | $ | 16,677 | Net interest income (GAAP) | $ | 18,595 | $ | 19,947 | $ | 20,871 | $ | 18,990 | $ | 17,641 | $ | 38,542 | $ | 34,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully taxable equivalent adjustment | Fully taxable equivalent adjustment | 98 | 112 | 112 | 103 | 99 | Fully taxable equivalent adjustment | 92 | 98 | 112 | 112 | 103 | 191 | 202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully taxable equivalent net interest income (non-GAAP) | Fully taxable equivalent net interest income (non-GAAP) | $ | 20,045 | $ | 20,983 | $ | 19,102 | $ | 17,744 | $ | 16,776 | Fully taxable equivalent net interest income (non-GAAP) | $ | 18,687 | $ | 20,045 | $ | 20,983 | $ | 19,102 | $ | 17,744 | $ | 38,733 | $ | 34,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income (GAAP) | Non-interest income (GAAP) | $ | 5,423 | $ | 5,418 | $ | 5,036 | $ | 5,319 | $ | 5,663 | Non-interest income (GAAP) | $ | 5,447 | $ | 5,423 | $ | 5,418 | $ | 5,036 | $ | 5,319 | $ | 10,870 | $ | 10,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: net (gains) losses on security transactions | Less: net (gains) losses on security transactions | — | — | — | — | — | Less: net (gains) losses on security transactions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted non-interest income (non-GAAP) | Adjusted non-interest income (non-GAAP) | $ | 5,423 | $ | 5,418 | $ | 5,036 | $ | 5,319 | $ | 5,663 | Adjusted non-interest income (non-GAAP) | $ | 5,447 | $ | 5,423 | $ | 5,418 | $ | 5,036 | $ | 5,319 | $ | 10,870 | $ | 10,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense (GAAP) | Non-interest expense (GAAP) | $ | 15,836 | $ | 15,693 | $ | 14,577 | $ | 14,342 | $ | 14,668 | Non-interest expense (GAAP) | $ | 15,913 | $ | 15,836 | $ | 15,693 | $ | 14,577 | $ | 14,342 | $ | 31,749 | $ | 29,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: amortization of intangible assets | Less: amortization of intangible assets | — | — | — | (4) | (11) | Less: amortization of intangible assets | — | — | — | — | (4) | — | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted non-interest expense (non-GAAP) | Adjusted non-interest expense (non-GAAP) | $ | 15,836 | $ | 15,693 | $ | 14,577 | $ | 14,338 | $ | 14,657 | Adjusted non-interest expense (non-GAAP) | $ | 15,913 | $ | 15,836 | $ | 15,693 | $ | 14,577 | $ | 14,338 | $ | 31,749 | $ | 28,995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (unadjusted) | Efficiency ratio (unadjusted) | 62.42 | % | 59.69 | % | 60.67 | % | 62.47 | % | 65.66 | % | Efficiency ratio (unadjusted) | 66.19 | % | 62.42 | % | 59.69 | % | 60.67 | % | 62.47 | % | 64.25 | % | 64.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (adjusted) | Efficiency ratio (adjusted) | 62.18 | % | 59.44 | % | 60.40 | % | 62.17 | % | 65.32 | % | Efficiency ratio (adjusted) | 65.94 | % | 62.18 | % | 59.44 | % | 60.40 | % | 62.17 | % | 64.01 | % | 63.72 | % |
As of or for the Three Months Ended | As of or for the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share and ratio data) | (in thousands, except per share and ratio data) | March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | (in thousands, except per share and ratio data) | As of or for the Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TANGIBLE EQUITY AND TANGIBLE ASSETS (PERIOD END) | TANGIBLE EQUITY AND TANGIBLE ASSETS (PERIOD END) | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TANGIBLE EQUITY AND TANGIBLE ASSETS (PERIOD END) | 2023 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity (GAAP) | Total shareholders' equity (GAAP) | $ | 177,341 | $ | 166,388 | $ | 155,518 | $ | 174,690 | $ | 185,510 | Total shareholders' equity (GAAP) | $ | 177,426 | $ | 177,341 | $ | 166,388 | $ | 155,518 | $ | 174,690 | $ | 177,426 | $ | 174,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: intangible assets | Less: intangible assets | (21,824) | (21,824) | (21,824) | (21,824) | (21,828) | Less: intangible assets | (21,824) | (21,824) | (21,824) | (21,824) | (21,824) | (21,824) | (21,824) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible equity (non-GAAP) | Tangible equity (non-GAAP) | $ | 155,517 | $ | 144,564 | $ | 133,694 | $ | 152,866 | $ | 163,682 | Tangible equity (non-GAAP) | $ | 155,602 | $ | 155,517 | $ | 144,564 | $ | 133,694 | $ | 152,866 | $ | 155,602 | $ | 152,866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (GAAP) | Total assets (GAAP) | $ | 2,654,183 | $ | 2,645,553 | $ | 2,551,418 | $ | 2,449,911 | $ | 2,474,895 | Total assets (GAAP) | $ | 2,674,673 | $ | 2,654,183 | $ | 2,645,553 | $ | 2,551,418 | $ | 2,449,911 | $ | 2,674,673 | $ | 2,449,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: intangible assets | Less: intangible assets | (21,824) | (21,824) | (21,824) | (21,824) | (21,828) | Less: intangible assets | (21,824) | (21,824) | (21,824) | (21,824) | (21,824) | (21,824) | (21,824) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets (non-GAAP) | Tangible assets (non-GAAP) | $ | 2,632,359 | $ | 2,623,729 | $ | 2,529,594 | $ | 2,428,087 | $ | 2,453,067 | Tangible assets (non-GAAP) | $ | 2,652,849 | $ | 2,632,359 | $ | 2,623,729 | $ | 2,529,594 | $ | 2,428,087 | $ | 2,652,849 | $ | 2,428,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity to total assets at end of period (GAAP) | Total equity to total assets at end of period (GAAP) | 6.68 | % | 6.29 | % | 6.10 | % | 7.13 | % | 7.49 | % | Total equity to total assets at end of period (GAAP) | 6.63 | % | 6.68 | % | 6.29 | % | 6.10 | % | 7.13 | % | 6.63 | % | 7.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per share (GAAP) | Book value per share (GAAP) | $ | 37.53 | $ | 35.32 | $ | 33.14 | $ | 37.24 | $ | 39.56 | Book value per share (GAAP) | $ | 37.49 | $ | 37.53 | $ | 35.32 | $ | 33.14 | $ | 37.24 | $ | 37.49 | $ | 37.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible equity to tangible assets at end of period (non-GAAP) | Tangible equity to tangible assets at end of period (non-GAAP) | 5.91 | % | 5.51 | % | 5.29 | % | 6.30 | % | 6.67 | % | Tangible equity to tangible assets at end of period (non-GAAP) | 5.87 | % | 5.91 | % | 5.51 | % | 5.29 | % | 6.30 | % | 5.87 | % | 6.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per share (non-GAAP) | Tangible book value per share (non-GAAP) | $ | 32.91 | $ | 30.69 | $ | 28.49 | $ | 32.59 | $ | 34.91 | Tangible book value per share (non-GAAP) | $ | 32.88 | $ | 32.91 | $ | 30.69 | $ | 28.49 | $ | 32.59 | $ | 32.88 | $ | 32.59 |
As of or for the Three Months Ended | As of or for the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except ratio data) | (in thousands, except ratio data) | March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | (in thousands, except ratio data) | As of or for the Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TANGIBLE EQUITY (AVERAGE) | TANGIBLE EQUITY (AVERAGE) | 2023 | 2022 | 2022 | 2022 | 2022 | TANGIBLE EQUITY (AVERAGE) | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total average shareholders' equity (GAAP) | Total average shareholders' equity (GAAP) | $ | 173,786 | $ | 160,740 | $ | 180,644 | $ | 178,207 | $ | 203,613 | Total average shareholders' equity (GAAP) | $ | 180,357 | $ | 173,786 | $ | 160,740 | $ | 180,644 | $ | 178,207 | $ | 177,089 | $ | 190,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: average intangible assets | Less: average intangible assets | (21,824) | (21,824) | (21,824) | (21,825) | (21,835) | Less: average intangible assets | (21,824) | (21,824) | (21,824) | (21,824) | (21,825) | (21,824) | (21,830) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible equity (non-GAAP) | Average tangible equity (non-GAAP) | $ | 151,962 | $ | 138,916 | $ | 158,820 | $ | 156,382 | $ | 181,778 | Average tangible equity (non-GAAP) | $ | 158,533 | $ | 151,962 | $ | 138,916 | $ | 158,820 | $ | 156,382 | $ | 155,265 | $ | 169,011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average equity (GAAP) | Return on average equity (GAAP) | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 13.68 | % | Return on average equity (GAAP) | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 15.43 | % | 15.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible equity (non-GAAP) | Return on average tangible equity (non-GAAP) | 19.40 | % | 21.25 | % | 16.12 | % | 20.58 | % | 15.32 | % | Return on average tangible equity (non-GAAP) | 15.89 | % | 19.40 | % | 21.25 | % | 16.12 | % | 20.58 | % | 17.60 | % | 17.77 | % |
As of or for the Three Months Ended | As of or for the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share and ratio data) | (in thousands, except per share and ratio data) | March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | (in thousands, except per share and ratio data) | As of or for the Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NON-GAAP NET INCOME | NON-GAAP NET INCOME | 2023 | 2022 | 2022 | 2022 | 2022 | NON-GAAP NET INCOME | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported net income (GAAP) | Reported net income (GAAP) | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 8,024 | $ | 6,867 | Reported net income (GAAP) | $ | 6,280 | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 8,024 | $ | 13,550 | $ | 14,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (gains) losses on security transactions (net of tax) | Net (gains) losses on security transactions (net of tax) | — | — | — | — | — | Net (gains) losses on security transactions (net of tax) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non- GAAP net income | Non- GAAP net income | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 8,024 | $ | 6,867 | Non- GAAP net income | $ | 6,280 | $ | 7,270 | $ | 7,439 | $ | 6,453 | $ | 8,024 | $ | 13,550 | $ | 14,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average basic and diluted shares outstanding | Average basic and diluted shares outstanding | 4,721 | 4,698 | 4,692 | 4,690 | 4,689 | Average basic and diluted shares outstanding | 4,729 | 4,721 | 4,698 | 4,692 | 4,690 | 4,725 | 4,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported basic and diluted earnings per share (GAAP) | Reported basic and diluted earnings per share (GAAP) | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 1.72 | $ | 1.46 | Reported basic and diluted earnings per share (GAAP) | $ | 1.33 | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 1.72 | $ | 2.87 | $ | 3.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported return on average assets (GAAP) | Reported return on average assets (GAAP) | 1.12 | % | 1.15 | % | 1.02 | % | 1.32 | % | 1.14 | % | Reported return on average assets (GAAP) | 0.95 | % | 1.12 | % | 1.15 | % | 1.02 | % | 1.32 | % | 1.03 | % | 1.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported return on average equity (GAAP) | Reported return on average equity (GAAP) | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 13.68 | % | Reported return on average equity (GAAP) | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 15.43 | % | 15.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP basic and diluted earnings per share | Non-GAAP basic and diluted earnings per share | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 1.72 | $ | 1.46 | Non-GAAP basic and diluted earnings per share | $ | 1.33 | $ | 1.54 | $ | 1.58 | $ | 1.37 | $ | 1.72 | $ | 2.87 | $ | 3.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP return on average assets | Non-GAAP return on average assets | 1.12 | % | 1.15 | % | 1.02 | % | 1.32 | % | 1.14 | % | Non-GAAP return on average assets | 0.95 | % | 1.12 | % | 1.15 | % | 1.02 | % | 1.32 | % | 1.03 | % | 1.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP return on average equity | Non-GAAP return on average equity | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 13.68 | % | Non-GAAP return on average equity | 13.97 | % | 16.97 | % | 18.36 | % | 14.17 | % | 18.06 | % | 15.43 | % | 15.73 | % |
Change in interest rates | Percentage Increase (Decrease) in Net Interest Income over 12 Months | ||||
100 basis points decrease | 3.85% | ||||
200 basis points decrease | 5.94% | ||||
100 basis points increase | 0.80% | ||||
200 basis points increase | 1.54% |
Change in interest rates | Percentage Increase (Decrease) in Present Value of Corporation's Equity | ||||
100 basis points decrease | 5.56% | ||||
200 basis points decrease | 8.83% | ||||
100 basis points increase | (1.19)% | ||||
200 basis points increase | (2.29)% |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
— | — | — | 200,816 | |||||||||||||||||||||||
May 1 - May 31, 2023 | — | — | — | 200,816 | ||||||||||||||||||||||
— | — | — | 200,816 | |||||||||||||||||||||||
Quarter ended | — | $ | — | — | 200,816 | |||||||||||||||||||||
(1) On January 8, 2021, the Corporation’s Board of Directors approved a new stock repurchase plan. Under the new repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its outstanding shares. Purchases may be made from time to time on the open market or in private negotiated transactions and will be at the discretion of management. As of |
3.1 | Certificate of Incorporation of Chemung Financial Corporation dated December 20, 1984 (as incorporated by reference to Exhibit 3.1 to Registrant's Form 10-K for the year ended December 31, 2007 filed with the Commission on March 13, 2008). | ||||
3.2 | Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation, dated March 28, 1988 (as incorporated by reference to Exhibit 3.2 to Registrant's Form 10-K for the year ended December 31, 2007 filed with the Commission on March 13, 2008). | ||||
3.3 | Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation, dated May 13, 1998 (as incorporated by reference to Exhibit 3.4 to Registrant’s Form 10-K for the year ended December 31, 2005 and filed with the Commission on March 15, 2006). | ||||
3.4 | Amended and Restated Bylaws of Chemung Financial Corporation, as amended August 17, 2022 (as incorporated by reference to Exhibit 3.2 to Registrant’s Form 8-K filed with the Commission on August 19, 2022). | ||||
31.1 | Certification of Principal Executive Officer of the Registrant pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.* | ||||
31.2 | Certification of Principal Financial Officer of the Registrant pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.* | ||||
32.1 | Certification of Principal Executive Officer of the Registrant pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.* | ||||
32.2 | Certification of Principal Financial Officer of the Registrant pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. §1350.* | ||||
101.INS | Instance Document* | ||||
101.SCH | XBRL Taxonomy Schema* | ||||
101.CAL | XBRL Taxonomy Calculation Linkbase* | ||||
101.DEF | XBRL Taxonomy Definition Linkbase* | ||||
101.LAB | XBRL Taxonomy Label Linkbase* | ||||
101.PRE | XBRL Taxonomy Presentation Linkbase* | ||||
* | Filed herewith. |
DATED: | By: /s/ Anders M. Tomson | ||||
Anders M. Tomson President and Chief Executive Officer (Principal Executive Officer) |
DATED: | By: /s/ | ||||
Chief Financial Officer and Treasurer (Principal Financial Officer) |
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | Amended and Restated Bylaws of Chemung Financial Corporation, as amended August 17, 2022 (as incorporated by reference to Exhibit 3.2 to Registrant’s Form 8-K filed with the Commission on August 19, 2022). | ||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Instance Document* | ||||
101.SCH | XBRL Taxonomy Schema* | ||||
101.CAL | XBRL Taxonomy Calculation Linkbase* | ||||
101.DEF | XBRL Taxonomy Definition Linkbase* | ||||
101.LAB | XBRL Taxonomy Label Linkbase* | ||||
101.PRE | XBRL Taxonomy Presentation Linkbase* | ||||
* | Filed herewith. |