☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, | |
Or | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _____________ to _____________ |
Kentucky | 61-0979818 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
346 North Mayo Trail P.O. Box 2947 Pikeville, Kentucky | 41502 |
(Address of principal executive offices) | (Zip code) |
(606 |
(Registrant’s telephone number) |
Securities registered pursuant to Section 12(b) of the Act: |
Common Stock (Title of class) |
CTBI | NASDAQ Global Select Market |
(Trading symbol) | (Name of exchange on which registered) |
Yes ☑ | No |
Yes ☑ | No |
Large Accelerated Filer ☐ | Accelerated Filer ☑ | Non-accelerated Filer ☐ |
Smaller Reporting Company ☐ | Emerging Growth Company ☐ |
Yes ☐ | No ☑ |
(dollars in thousands) | (unaudited) June 30 2022 | December 31 2021 | (unaudited) June 30 2023 | December 31 2022 | ||||||||||||
Assets: | ||||||||||||||||
Cash and due from banks | $ | 75,373 | $ | 46,558 | $ | 48,915 | $ | 51,306 | ||||||||
Interest bearing deposits | 136,293 | 265,198 | 57,630 | 77,380 | ||||||||||||
Federal funds sold | 2,000 | 0 | 3,000 | 0 | ||||||||||||
Cash and cash equivalents | 213,666 | 311,756 | 109,545 | 128,686 | ||||||||||||
Certificates of deposit in other banks | 245 | 245 | 245 | 245 | ||||||||||||
Debt securities available-for-sale at fair value (amortized cost of $1,534,312 and $1,461,829, respectively) | 1,402,127 | 1,455,429 | ||||||||||||||
Debt securities available-for-sale at fair value (amortized cost of $1,362,748 and $1,430,605, respectively) | 1,201,253 | 1,256,226 | ||||||||||||||
Equity securities at fair value | 2,128 | 2,253 | 2,545 | 2,166 | ||||||||||||
Loans held for sale | 936 | 2,632 | 238 | 109 | ||||||||||||
Loans | 3,558,443 | 3,408,813 | 3,929,695 | 3,709,290 | ||||||||||||
Allowance for credit losses | (42,344 | ) | (41,756 | ) | (48,018 | ) | (45,981 | ) | ||||||||
Net loans | 3,516,099 | 3,367,057 | 3,881,677 | 3,663,309 | ||||||||||||
Premises and equipment, net | 40,704 | 40,479 | 42,911 | 42,633 | ||||||||||||
Right-of-use assets | 12,005 | 12,148 | ||||||||||||||
Operating right-of-use assets | 13,476 | 13,809 | ||||||||||||||
Finance right-of-use assets | 3,202 | 3,262 | ||||||||||||||
Federal Home Loan Bank stock | 8,139 | 8,139 | 6,545 | 6,676 | ||||||||||||
Federal Reserve Bank stock | 4,887 | 4,887 | 4,887 | 4,887 | ||||||||||||
Goodwill | 65,490 | 65,490 | 65,490 | 65,490 | ||||||||||||
Bank owned life insurance | 91,974 | 91,097 | 93,775 | 92,746 | ||||||||||||
Mortgage servicing rights | 8,220 | 6,774 | 8,230 | 8,468 | ||||||||||||
Other real estate owned | 1,954 | 3,486 | 2,047 | 3,671 | ||||||||||||
Deferred tax asset | 31,851 | 0 | 34,591 | 39,878 | ||||||||||||
Accrued interest receivable | 15,801 | 15,415 | 20,257 | 19,592 | ||||||||||||
Other assets | 31,124 | 30,970 | 29,884 | 28,463 | ||||||||||||
Total assets | $ | 5,447,350 | $ | 5,418,257 | $ | 5,520,798 | $ | 5,380,316 | ||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest bearing | $ | 1,408,148 | $ | 1,331,103 | $ | 1,361,078 | $ | 1,394,915 | ||||||||
Interest bearing | 3,064,780 | 3,013,189 | 3,155,582 | 3,031,228 | ||||||||||||
Total deposits | 4,472,928 | 4,344,292 | 4,516,660 | 4,426,143 | ||||||||||||
Repurchase agreements | 238,733 | 271,088 | 229,020 | 215,431 | ||||||||||||
Federal funds purchased | 500 | 500 | 500 | 500 | ||||||||||||
Advances from Federal Home Loan Bank | 365 | 375 | 345 | 355 | ||||||||||||
Long-term debt | 57,841 | 57,841 | 64,350 | 57,841 | ||||||||||||
Deferred tax liability | 0 | 546 | ||||||||||||||
Operating lease liability | 11,069 | 11,583 | 13,843 | 14,160 | ||||||||||||
Finance lease liability | 1,410 | 1,422 | 3,474 | 3,468 | ||||||||||||
Accrued interest payable | 1,863 | 1,016 | 5,624 | 2,237 | ||||||||||||
Other liabilities | 30,591 | 31,392 | 26,857 | 32,134 | ||||||||||||
Total liabilities | 4,815,300 | 4,720,055 | 4,860,673 | 4,752,269 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Preferred stock, 300,000 shares authorized and unissued | 0 | 0 | - | - | ||||||||||||
Common stock, $5.00 par value, shares authorized 25,000,000; shares issued and outstanding 2022 – 17,895,181; 2021 – 17,843,081 | 89,475 | 89,215 | ||||||||||||||
Common stock, $5.00 par value, shares authorized 25,000,000; shares issued and outstanding 2023 – 17,983,700; 2022 – 17,918,280 | 89,918 | 89,591 | ||||||||||||||
Capital surplus | 228,020 | 227,085 | 229,943 | 229,012 | ||||||||||||
Retained earnings | 412,484 | 386,750 | 461,578 | 438,596 | ||||||||||||
Accumulated other comprehensive loss, net of tax | (97,929 | ) | (4,848 | ) | (121,314 | ) | (129,152 | ) | ||||||||
Total shareholders’ equity | 632,050 | 698,202 | 660,125 | 628,047 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 5,447,350 | $ | 5,418,257 | $ | 5,520,798 | $ | 5,380,316 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | June 30 | June 30 | |||||||||||||||||||||||||||||
(in thousands except per share data) | 2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||
Interest and fees on loans, including loans held for sale | $ | 39,234 | $ | 39,684 | $ | 77,401 | $ | 80,373 | $ | 55,822 | $ | 39,234 | $ | 107,769 | $ | 77,401 | ||||||||||||||||
Interest and dividends on securities | ||||||||||||||||||||||||||||||||
Taxable | 4,944 | 3,148 | 9,328 | 5,723 | 6,811 | 4,944 | 13,569 | 9,328 | ||||||||||||||||||||||||
Tax exempt | 752 | 795 | 1,524 | 1,534 | 669 | 752 | 1,351 | 1,524 | ||||||||||||||||||||||||
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock | 134 | 123 | 248 | 247 | 172 | 134 | 346 | 248 | ||||||||||||||||||||||||
Interest on Federal Reserve Bank deposits | 273 | 116 | 355 | 192 | 1,289 | 273 | 2,639 | 355 | ||||||||||||||||||||||||
Other, including interest on federal funds sold | 15 | 9 | 23 | 17 | 64 | 15 | 148 | 23 | ||||||||||||||||||||||||
Total interest income | 45,352 | 43,875 | 88,879 | 88,086 | 64,827 | 45,352 | 125,822 | 88,879 | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Interest on deposits | 3,847 | 3,228 | 6,801 | 6,615 | 18,462 | 3,847 | 32,853 | 6,801 | ||||||||||||||||||||||||
Interest on repurchase agreements and federal funds purchased | 336 | 366 | 590 | 670 | 2,190 | 336 | 3,806 | 590 | ||||||||||||||||||||||||
Interest on advances from Federal Home Loan Bank | 1 | 0 | 1 | 0 | 7 | 1 | 50 | 1 | ||||||||||||||||||||||||
Interest on long-term debt | 378 | 274 | 665 | 552 | 1,089 | 378 | 2,118 | 665 | ||||||||||||||||||||||||
Total interest expense | 4,562 | 3,868 | 8,057 | 7,837 | 21,748 | 4,562 | 38,827 | 8,057 | ||||||||||||||||||||||||
Net interest income | 40,790 | 40,007 | 80,822 | 80,249 | 43,079 | 40,790 | 86,995 | 80,822 | ||||||||||||||||||||||||
Provision for credit losses (recovery) | 77 | (4,257 | ) | 952 | (6,756 | ) | ||||||||||||||||||||||||||
Net interest income after provision for credit losses (recovery) | 40,713 | 44,264 | 79,870 | 87,005 | ||||||||||||||||||||||||||||
Provision for credit losses | 2,009 | 77 | 3,125 | 952 | ||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 41,070 | 40,713 | 83,870 | 79,870 | ||||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||
Deposit related fees | 7,263 | 6,358 | 14,009 | 12,380 | 7,513 | 7,263 | 14,800 | 14,009 | ||||||||||||||||||||||||
Gains on sales of loans, net | 519 | 1,907 | 1,116 | 4,340 | 115 | 519 | 236 | 1,116 | ||||||||||||||||||||||||
Trust and wealth management income | 3,198 | 3,349 | 6,446 | 6,300 | 3,351 | 3,198 | 6,430 | 6,446 | ||||||||||||||||||||||||
Loan related fees | 1,415 | 1,004 | 3,477 | 3,274 | 1,197 | 1,415 | 2,042 | 3,477 | ||||||||||||||||||||||||
Bank owned life insurance | 702 | 581 | 1,393 | 1,154 | 735 | 702 | 1,593 | 1,393 | ||||||||||||||||||||||||
Brokerage revenue | 459 | 554 | 1,049 | 1,011 | 388 | 459 | 736 | 1,049 | ||||||||||||||||||||||||
Securities gains (losses) | (225 | ) | 280 | (126 | ) | 112 | 165 | (225 | ) | 383 | (126 | ) | ||||||||||||||||||||
Other noninterest income | 1,170 | 1,488 | 2,102 | 2,527 | 1,292 | 1,170 | 2,218 | 2,102 | ||||||||||||||||||||||||
Total noninterest income | 14,501 | 15,521 | 29,466 | 31,098 | 14,756 | 14,501 | 28,438 | 29,466 | ||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||||||
Officer salaries and employee benefits | 4,239 | 5,379 | 8,121 | 9,117 | 3,574 | 4,239 | 7,726 | 8,121 | ||||||||||||||||||||||||
Other salaries and employee benefits | 14,295 | 13,581 | 27,951 | 26,676 | 14,731 | 14,295 | 29,487 | 27,951 | ||||||||||||||||||||||||
Occupancy, net | 2,120 | 2,018 | 4,365 | 4,213 | 2,181 | 2,120 | 4,483 | 4,365 | ||||||||||||||||||||||||
Equipment | 636 | 650 | 1,245 | 1,283 | 714 | 636 | 1,440 | 1,245 | ||||||||||||||||||||||||
Data processing | 2,095 | 1,870 | 4,296 | 4,029 | 2,383 | 2,095 | 4,686 | 4,296 | ||||||||||||||||||||||||
Bank franchise tax | 416 | 365 | 831 | 725 | 419 | 416 | 838 | 831 | ||||||||||||||||||||||||
Legal fees | 348 | 287 | 649 | 639 | 381 | 348 | 649 | 649 | ||||||||||||||||||||||||
Professional fees | 536 | 466 | 1,102 | 1,007 | 531 | 536 | 1,079 | 1,102 | ||||||||||||||||||||||||
Advertising and marketing | 659 | 710 | 1,411 | 1,432 | 704 | 659 | 1,524 | 1,411 | ||||||||||||||||||||||||
FDIC insurance | 358 | 323 | 713 | 649 | 610 | 358 | 1,216 | 713 | ||||||||||||||||||||||||
Other real estate owned provision and expense | 43 | 488 | 396 | 806 | 61 | 43 | 180 | 396 | ||||||||||||||||||||||||
Repossession expense | 131 | 12 | 231 | 211 | 98 | 131 | 329 | 231 | ||||||||||||||||||||||||
Amortization of limited partnership investments | 747 | 838 | 1,480 | 1,675 | 598 | 747 | 1,195 | 1,480 | ||||||||||||||||||||||||
Other noninterest expense | 3,355 | 2,511 | 6,546 | 5,346 | 4,040 | 3,355 | 8,083 | 6,546 | ||||||||||||||||||||||||
Total noninterest expense | 29,978 | 29,498 | 59,337 | 57,808 | 31,025 | 29,978 | 62,915 | 59,337 | ||||||||||||||||||||||||
Income before income taxes | 25,236 | 30,287 | 49,999 | 60,295 | 24,801 | 25,236 | 49,393 | 49,999 | ||||||||||||||||||||||||
Income taxes | 4,965 | 6,356 | 10,000 | 12,746 | 5,397 | 4,965 | 10,676 | 10,000 | ||||||||||||||||||||||||
Net income | 20,271 | 23,931 | 39,999 | 47,549 | 19,404 | 20,271 | 38,717 | 39,999 | ||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on debt securities available-for-sale: | ||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period | (47,222 | ) | 6,075 | (125,786 | ) | (7,381 | ) | (11,828 | ) | (47,222 | ) | 12,888 | (125,786 | ) | ||||||||||||||||||
Less: Reclassification adjustments for realized gains (losses) included in net income | (1 | ) | 0 | (1 | ) | 60 | ||||||||||||||||||||||||||
Less: Reclassification adjustments for realized gains included in net income | 0 | (1 | ) | 4 | (1 | ) | ||||||||||||||||||||||||||
Tax expense (benefit) | (12,277 | ) | 1,579 | (32,704 | ) | (1,935 | ) | (2,951 | ) | (12,277 | ) | 5,046 | (32,704 | ) | ||||||||||||||||||
Other comprehensive income (loss), net of tax | (34,944 | ) | 4,496 | (93,081 | ) | (5,506 | ) | (8,877 | ) | (34,944 | ) | 7,838 | (93,081 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (14,673 | ) | $ | 28,427 | $ | (53,082 | ) | $ | 42,043 | $ | 10,527 | $ | (14,673 | ) | $ | 46,555 | $ | (53,082 | ) | ||||||||||||
Basic earnings per share | $ | 1.14 | $ | 1.35 | $ | 2.24 | $ | 2.67 | $ | 1.09 | $ | 1.14 | $ | 2.17 | $ | 2.24 | ||||||||||||||||
Diluted earnings per share | $ | 1.14 | $ | 1.34 | $ | 2.24 | $ | 2.67 | $ | 1.08 | $ | 1.14 | $ | 2.16 | $ | 2.24 | ||||||||||||||||
Weighted average shares outstanding-basic | 17,835 | 17,784 | 17,827 | 17,779 | 17,884 | 17,835 | 17,877 | 17,827 | ||||||||||||||||||||||||
Weighted average shares outstanding-diluted | 17,843 | 17,800 | 17,838 | 17,794 | 17,890 | 17,843 | 17,885 | 17,838 |
(in thousands except per share and share amounts) | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | ||||||||||||||||||
Balance, March 31, 2022 | 17,884,106 | $ | 89,420 | $ | 227,589 | $ | 399,347 | $ | (62,985 | ) | $ | 653,371 | ||||||||||||
Net income | 20,271 | 20,271 | ||||||||||||||||||||||
Other comprehensive loss | (34,944 | ) | (34,944 | ) | ||||||||||||||||||||
Cash dividends declared ($0.40 per share) | (7,134 | ) | (7,134 | ) | ||||||||||||||||||||
Issuance of common stock | 6,075 | 30 | 221 | 251 | ||||||||||||||||||||
Issuance of restricted stock | 5,000 | 25 | (25 | ) | 0 | |||||||||||||||||||
Stock-based compensation | 235 | 235 | ||||||||||||||||||||||
Balance, June 30, 2022 | 17,895,181 | $ | 89,475 | $ | 228,020 | $ | 412,484 | $ | (97,929 | ) | $ | 632,050 |
(in thousands except per share and share amounts) | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | ||||||||||||||||||
Balance, March 31, 2023 | 17,976,345 | $ | 89,881 | $ | 229,333 | $ | 450,044 | $ | (112,437 | ) | $ | 656,821 | ||||||||||||
Net income | 19,404 | 19,404 | ||||||||||||||||||||||
Other comprehensive income (loss) | (8,877 | ) | (8,877 | ) | ||||||||||||||||||||
Cash dividends declared ($0.44 per share) | (7,870 | ) | (7,870 | ) | ||||||||||||||||||||
Issuance of common stock | 8,604 | 43 | 237 | 280 | ||||||||||||||||||||
Vesting of restricted stock | (1,249 | ) | (6 | ) | 6 | 0 | ||||||||||||||||||
Stock-based compensation | 367 | 367 | ||||||||||||||||||||||
Balance, June 30, 2023 | 17,983,700 | $ | 89,918 | $ | 229,943 | $ | 461,578 | $ | (121,314 | ) | $ | 660,125 |
(in thousands except per share and share amounts) | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | ||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 17,826,076 | $ | 89,131 | $ | 225,861 | $ | 343,511 | $ | 3,566 | $ | 662,069 | |||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 17,884,106 | $ | 89,420 | $ | 227,589 | $ | 399,347 | $ | (62,985 | ) | $ | 653,371 | ||||||||||||||||||||||||||||||||||||
Net income | 23,931 | 23,931 | 20,271 | 20,271 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 4,496 | 4,496 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.385 per share) | (6,847 | ) | (6,847 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (34,944 | ) | (34,944 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.40 per share) | (7,134 | ) | (7,134 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 5,403 | 27 | 215 | 242 | 6,075 | 30 | 221 | 251 | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 0 | 0 | 0 | 0 | 5,000 | 25 | (25 | ) | 0 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 192 | 192 | 235 | 235 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 17,831,479 | $ | 89,158 | $ | 226,268 | $ | 360,595 | $ | 8,062 | $ | 684,083 | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 17,895,181 | $ | 89,475 | $ | 228,020 | $ | 412,484 | $ | (97,929 | ) | $ | 632,050 |
(in thousands except per share and share amounts) | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | ||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | 17,843,081 | $ | 89,215 | $ | 227,085 | $ | 386,750 | $ | (4,848 | ) | $ | 698,202 | ||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | 17,918,280 | $ | 89,591 | $ | 229,012 | $ | 438,596 | $ | (129,152 | ) | $ | 628,047 | ||||||||||||||||||||||||||||||||||||
Net income | 39,999 | 39,999 | 38,717 | 38,717 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (93,081 | ) | (93,081 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.80 per share) | (14,265 | ) | (14,265 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 7,838 | 7,838 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.88 per share) | (15,735 | ) | (15,735 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 38,566 | 193 | 306 | 499 | 34,722 | 174 | 384 | 558 | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 40,438 | 202 | (202 | ) | 0 | 52,865 | 264 | (264 | ) | 0 | ||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | (26,904 | ) | (135 | ) | 135 | 0 | (21,377 | ) | (107 | ) | 107 | 0 | ||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | (790 | ) | (4 | ) | 4 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 696 | 696 | 700 | 700 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 17,895,181 | $ | 89,475 | $ | 228,020 | $ | 412,484 | $ | (97,929 | ) | $ | 632,050 | ||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | 17,983,700 | $ | 89,918 | $ | 229,943 | $ | 461,578 | $ | (121,314 | ) | $ | 660,125 |
(in thousands except per share and share amounts) | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | Common Shares | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | ||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | 17,810,401 | $ | 89,052 | $ | 225,507 | $ | 326,738 | $ | 13,568 | $ | 654,865 | |||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | 17,843,081 | $ | 89,215 | $ | 227,085 | $ | 386,750 | $ | (4,848 | ) | $ | 698,202 | ||||||||||||||||||||||||||||||||||||
Net income | 47,549 | 47,549 | 39,999 | 39,999 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (5,506 | ) | (5,506 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.77 per share) | (13,692 | ) | (13,692 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (93,081 | ) | (93,081 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.80 per share) | (14,265 | ) | (14,265 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 29,566 | 148 | 332 | 480 | 38,566 | 193 | 306 | 499 | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 9,193 | 46 | (46 | ) | 0 | 40,438 | 202 | (202 | ) | 0 | ||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | (17,681 | ) | (88 | ) | 88 | 0 | (26,904 | ) | (135 | ) | 135 | 0 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 387 | 387 | 696 | 696 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 17,831,479 | $ | 89,158 | $ | 226,268 | $ | 360,595 | $ | 8,062 | $ | 684,083 | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 17,895,181 | $ | 89,475 | $ | 228,020 | $ | 412,484 | $ | (97,929 | ) | $ | 632,050 |
Six Months Ended June 30 | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 39,999 | $ | 47,549 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,560 | 2,533 | ||||||
Deferred taxes | 306 | (643 | ) | |||||
Stock-based compensation | 742 | 423 | ||||||
Provision for credit losses (recovery) | 952 | (6,756 | ) | |||||
Write-downs of other real estate owned and other repossessed assets | 269 | 504 | ||||||
Gains on sale of mortgage loans held for sale | (1,116 | ) | (4,340 | ) | ||||
Securities (gains)/losses | 1 | (60 | ) | |||||
Fair value adjustment in equity securities | 125 | (52 | ) | |||||
Gains on sale of assets, net | (43 | ) | (227 | ) | ||||
Proceeds from sale of mortgage loans held for sale | 49,301 | 196,989 | ||||||
Funding of mortgage loans held for sale | (46,489 | ) | (174,303 | ) | ||||
Amortization of securities premiums and discounts, net | 3,341 | 3,824 | ||||||
Change in cash surrender value of bank owned life insurance | (878 | ) | (682 | ) | ||||
Payment of operating lease liabilities | (894 | ) | (855 | ) | ||||
Mortgage servicing rights: | ||||||||
Fair value adjustments | (994 | ) | (421 | ) | ||||
New servicing assets created | (452 | ) | (1,410 | ) | ||||
Changes in: | ||||||||
Accrued interest receivable | (386 | ) | 351 | |||||
Other assets | (154 | ) | 1,047 | |||||
Accrued interest payable | 847 | 375 | ||||||
Other liabilities | (855 | ) | 6,098 | |||||
Net cash provided by operating activities | 46,182 | 69,944 | ||||||
Cash flows from investing activities: | ||||||||
Securities available-for-sale (AFS): | ||||||||
Purchase of AFS securities | (178,054 | ) | (559,810 | ) | ||||
Proceeds from sales of AFS securities | 0 | 1,080 | ||||||
Proceeds from prepayments, calls, and maturities of AFS securities | 102,230 | 187,189 | ||||||
Change in loans, net | (149,504 | ) | 106,337 | |||||
Purchase of premises and equipment | (2,262 | ) | (612 | ) | ||||
Proceeds from sale and retirement of premises and equipment | 0 | 812 | ||||||
Proceeds from sale of stock by Federal Home Loan Bank | 0 | 1,020 | ||||||
Proceeds from sale of other real estate owned and repossessed assets | 888 | 1,128 | ||||||
Additional investment in other real estate owned and repossessed assets | (73 | ) | 0 | |||||
Proceeds from settlement of bank owned life insurance | 1 | 0 | ||||||
Net cash used in investing activities | (226,774 | ) | (262,856 | ) | ||||
Cash flows from financing activities: | ||||||||
Change in deposits, net | 128,636 | 307,620 | ||||||
Change in repurchase agreements and federal funds purchased, net | (32,355 | ) | 14,706 | |||||
Proceeds from Federal Home Loan Bank advances | 20,000 | 0 | ||||||
Payments on advances from Federal Home Loan Bank | (20,010 | ) | (10 | ) | ||||
Payment of finance lease liabilities | (12 | ) | (8 | ) | ||||
Issuance of common stock | 499 | 480 | ||||||
Dividends paid | (14,256 | ) | (13,691 | ) | ||||
Net cash provided by financing activities | 82,502 | 309,097 | ||||||
Net increase (decrease) in cash and cash equivalents | (98,090 | ) | 116,185 | |||||
Cash and cash equivalents at beginning of period | 311,756 | 338,235 | ||||||
Cash and cash equivalents at end of period | $ | 213,666 | $ | 454,420 | ||||
Supplemental disclosures: | ||||||||
Income taxes paid | $ | 8,710 | $ | 11,030 | ||||
Interest paid | 7,210 | 7,462 | ||||||
Non-cash activities: | ||||||||
Loans to facilitate the sale of other real estate owned and repossessed assets | 935 | 475 | ||||||
Common stock dividends accrued, paid in subsequent quarter | 257 | 239 | ||||||
Real estate acquired in settlement of loans | 444 | 251 |
Six Months Ended | ||||||||
June 30 | ||||||||
(in thousands) | 2023 | 2022 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 38,717 | $ | 39,999 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,561 | 2,560 | ||||||
Deferred taxes | 242 | 306 | ||||||
Stock-based compensation | 788 | 742 | ||||||
Provision for credit losses | 3,125 | 952 | ||||||
Write-downs of other real estate owned and other repossessed assets | 106 | 269 | ||||||
Gains on sale of mortgage loans held for sale | (236 | ) | (1,116 | ) | ||||
Securities (gains)/losses | (4 | ) | 1 | |||||
Fair value adjustments in equity securities | (379 | ) | 125 | |||||
Gains on sale of assets, net | (325 | ) | (43 | ) | ||||
Proceeds from sale of mortgage loans held for sale | 9,098 | 49,301 | ||||||
Funding of mortgage loans held for sale | (8,991 | ) | (46,489 | ) | ||||
Amortization of securities premiums and discounts, net | 1,454 | 3,341 | ||||||
Change in cash surrender value of bank owned life insurance | (1,029 | ) | (878 | ) | ||||
Changes in lease liabilities | (678 | ) | (894 | ) | ||||
Mortgage servicing rights: | ||||||||
Fair value adjustments | 334 | (994 | ) | |||||
New servicing assets created | (96 | ) | (452 | ) | ||||
Changes in: | ||||||||
Accrued interest receivable | (665 | ) | (386 | ) | ||||
Other assets | (1,421 | ) | (154 | ) | ||||
Accrued interest payable | 3,387 | 847 | ||||||
Other liabilities | (5,364 | ) | (855 | ) | ||||
Net cash provided by operating activities | 40,624 | 46,182 | ||||||
Cash flows from investing activities: | ||||||||
Securities available-for-sale (AFS): | ||||||||
Purchase of AFS securities | (8,820 | ) | (178,054 | ) | ||||
Proceeds from sales of AFS securities | 18,561 | 0 | ||||||
Proceeds from prepayments, calls, and maturities of AFS securities | 56,666 | 102,230 | ||||||
Change in loans, net | (220,647 | ) | (149,504 | ) | ||||
Purchase of premises and equipment | (2,081 | ) | (2,262 | ) | ||||
Proceeds from sale and retirement of premises and equipment | 296 | 0 | ||||||
Proceeds from sale of stock by Federal Home Loan Bank | 131 | 0 | ||||||
Proceeds from sale of other real estate owned and repossessed assets | 739 | 888 | ||||||
Additional investment in other real estate owned and repossessed assets | (40 | ) | (73 | ) | ||||
Proceeds from settlement of bank owned life insurance | 0 | 1 | ||||||
Net cash used in investing activities | (155,195 | ) | (226,774 | ) | ||||
Cash flows from financing activities: | ||||||||
Change in deposits, net | 90,517 | 128,636 | ||||||
Change in repurchase agreements and federal funds purchased, net | 13,589 | (32,355 | ) | |||||
Proceeds from Federal Home Loan Bank advances | 100,000 | 20,000 | ||||||
Payments on advances from Federal Home Loan Bank | (100,010 | ) | (20,010 | ) | ||||
Payment of finance lease liabilities | 0 | (12 | ) | |||||
Proceeds from long-term debt/other borrowings | 6,563 | 0 | ||||||
Repayment of long-term debt/other borrowings | (54 | ) | 0 | |||||
Issuance of common stock | 558 | 499 | ||||||
Dividends paid | (15,733 | ) | (14,256 | ) | ||||
Net cash provided by financing activities | 95,430 | 82,502 | ||||||
Net decrease in cash and cash equivalents | (19,141 | ) | (98,090 | ) | ||||
Cash and cash equivalents at beginning of period | 128,686 | 311,756 | ||||||
Cash and cash equivalents at end of period | $ | 109,545 | $ | 213,666 | ||||
Supplemental disclosures: | | |||||||
Income taxes paid | $ | 12,308 | $ | 8,710 | ||||
Interest paid | 35,440 | 7,210 | ||||||
Non-cash activities: | ||||||||
Loans to facilitate the sale of other real estate owned and repossessed assets | 1,022 | 935 | ||||||
Common stock dividends accrued, paid in subsequent quarter | 281 | 257 | ||||||
Real estate acquired in settlement of loans | 175 | 444 | ||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 364 | 405 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 457,576 | $ | 210 | $ | (27,509 | ) | $ | 430,277 | $ | 400,148 | $ | 143 | $ | (34,897 | ) | $ | 365,394 | ||||||||||||||
State and political subdivisions | 328,954 | 132 | (49,860 | ) | 279,226 | 314,048 | 2 | (54,225 | ) | 259,825 | ||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 654,315 | 133 | (52,880 | ) | 601,568 | 558,964 | 1 | (71,066 | ) | 487,899 | ||||||||||||||||||||||
Asset-backed securities | 93,467 | 0 | (2,411 | ) | 91,056 | 89,588 | 0 | (1,453 | ) | 88,135 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 1,534,312 | $ | 475 | $ | (132,660 | ) | $ | 1,402,127 | $ | 1,362,748 | $ | 146 | $ | (161,641 | ) | $ | 1,201,253 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury and government agencies | $ | 299,606 | $ | 351 | $ | (4,187 | ) | $ | 295,770 | |||||||
State and political subdivisions | 334,218 | 5,524 | (5,539 | ) | 334,203 | |||||||||||
U.S. government sponsored agency mortgage-backed securities | 733,467 | 5,107 | (7,765 | ) | 730,809 | |||||||||||
Asset-backed securities | 94,538 | 301 | (192 | ) | 94,647 | |||||||||||
Total available-for-sale securities | $ | 1,461,829 | $ | 11,283 | $ | (17,683 | ) | $ | 1,455,429 |
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. Treasury and government agencies | $ | 418,579 | $ | 212 | $ | (36,859 | ) | $ | 381,932 | |||||||
State and political subdivisions | 326,746 | 32 | (61,676 | ) | 265,102 | |||||||||||
U.S. government sponsored agency mortgage-backed securities | 593,917 | 1 | (73,833 | ) | 520,085 | |||||||||||
Asset-backed securities | 91,363 | 0 | (2,256 | ) | 89,107 | |||||||||||
Total available-for-sale securities | $ | 1,430,605 | $ | 245 | $ | (174,624 | ) | $ | 1,256,226 |
Available-for-Sale | Available-for-Sale | |||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 44,996 | $ | 44,674 | $ | 33,089 | $ | 32,613 | ||||||||
Due after one through five years | 236,828 | 224,810 | 336,248 | 305,693 | ||||||||||||
Due after five through ten years | 275,428 | 251,091 | 169,173 | 145,760 | ||||||||||||
Due after ten years | 229,278 | 188,928 | 175,686 | 141,153 | ||||||||||||
U.S. government sponsored agency mortgage-backed securities | 654,315 | 601,568 | 558,964 | 487,899 | ||||||||||||
Asset-backed securities | 93,467 | 91,056 | 89,588 | 88,135 | ||||||||||||
Total debt securities | $ | 1,534,312 | $ | 1,402,127 | $ | 1,362,748 | $ | 1,201,253 |
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
Less Than 12 Months | ||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 382,012 | $ | (23,320 | ) | $ | 358,692 | $ | 7,188 | $ | (10 | ) | $ | 7,178 | ||||||||||
State and political subdivisions | 204,981 | (28,227 | ) | 176,754 | 34,386 | (1,493 | ) | 32,893 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 449,017 | (37,182 | ) | 411,835 | 51,640 | (1,806 | ) | 49,834 | ||||||||||||||||
Asset-backed securities | 48,039 | (1,401 | ) | 46,638 | 0 | 0 | 0 | |||||||||||||||||
Total <12 months temporarily impaired AFS securities | 1,084,049 | (90,130 | ) | 993,919 | 93,214 | (3,309 | ) | 89,905 | ||||||||||||||||
12 Months or More | ||||||||||||||||||||||||
U.S. Treasury and government agencies | 44,913 | (4,189 | ) | 40,724 | 380,143 | (34,887 | ) | 345,256 | ||||||||||||||||
State and political subdivisions | 99,653 | (21,633 | ) | 78,020 | 277,291 | (52,732 | ) | 224,559 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 165,619 | (15,698 | ) | 149,921 | 507,278 | (69,260 | ) | 438,018 | ||||||||||||||||
Asset-backed securities | 45,428 | (1,010 | ) | 44,418 | 89,588 | (1,453 | ) | 88,135 | ||||||||||||||||
Total ≥12 months temporarily impaired AFS securities | 355,613 | (42,530 | ) | 313,083 | 1,254,300 | (158,332 | ) | 1,095,968 | ||||||||||||||||
Total | ||||||||||||||||||||||||
U.S. Treasury and government agencies | 426,925 | (27,509 | ) | 399,416 | 387,331 | (34,897 | ) | 352,434 | ||||||||||||||||
State and political subdivisions | 304,634 | (49,860 | ) | 254,774 | 311,677 | (54,225 | ) | 257,452 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 614,636 | (52,880 | ) | 561,756 | 558,918 | (71,066 | ) | 487,852 | ||||||||||||||||
Asset-backed securities | 93,467 | (2,411 | ) | 91,056 | 89,588 | (1,453 | ) | 88,135 | ||||||||||||||||
Total temporarily impaired AFS securities | $ | 1,439,662 | $ | (132,660 | ) | $ | 1,307,002 | $ | 1,347,514 | $ | (161,641 | ) | $ | 1,185,873 |
(in thousands) | Amortized Cost | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
Less Than 12 Months | ||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 249,990 | $ | (4,123 | ) | $ | 245,867 | $ | 144,305 | $ | (6,953 | ) | $ | 137,352 | ||||||||||
State and political subdivisions | 197,592 | (4,779 | ) | 192,813 | 94,277 | (6,257 | ) | 88,020 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 473,831 | (6,759 | ) | 467,072 | 139,314 | (6,883 | ) | 132,431 | ||||||||||||||||
Asset-backed securities | 52,229 | (190 | ) | 52,039 | 38,882 | (1,231 | ) | 37,651 | ||||||||||||||||
Total <12 months temporarily impaired AFS securities | 973,642 | (15,851 | ) | 957,791 | 416,778 | (21,324 | ) | 395,454 | ||||||||||||||||
12 Months or More | ||||||||||||||||||||||||
U.S. Treasury and government agencies | 14,505 | (64 | ) | 14,441 | 249,424 | (29,906 | ) | 219,518 | ||||||||||||||||
State and political subdivisions | 19,126 | (760 | ) | 18,366 | 225,019 | (55,419 | ) | 169,600 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 62,330 | (1,006 | ) | 61,324 | 454,357 | (66,950 | ) | 387,407 | ||||||||||||||||
Asset-backed securities | 1,368 | (2 | ) | 1,366 | 52,480 | (1,025 | ) | 51,455 | ||||||||||||||||
Total ≥12 months temporarily impaired AFS securities | 97,329 | (1,832 | ) | 95,497 | 981,280 | (153,300 | ) | 827,980 | ||||||||||||||||
Total | ||||||||||||||||||||||||
U.S. Treasury and government agencies | 264,495 | (4,187 | ) | 260,308 | 393,729 | (36,859 | ) | 356,870 | ||||||||||||||||
State and political subdivisions | 216,718 | (5,539 | ) | 211,179 | 319,296 | (61,676 | ) | 257,620 | ||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 536,161 | (7,765 | ) | 528,396 | 593,671 | (73,833 | ) | 519,838 | ||||||||||||||||
Asset-backed securities | 53,597 | (192 | ) | 53,405 | 91,362 | (2,256 | ) | 89,106 | ||||||||||||||||
Total temporarily impaired AFS securities | $ | 1,070,971 | $ | (17,683 | ) | $ | 1,053,288 | $ | 1,398,058 | $ | (174,624 | ) | $ | 1,223,434 |
(in thousands) | June 30 2022 | December 31 2021 | June 30 2023 | December 31 2022 | ||||||||||||
Hotel/motel | $ | 280,956 | $ | 257,062 | $ | 372,981 | $ | 343,640 | ||||||||
Commercial real estate residential | 354,668 | 335,233 | 393,309 | 372,914 | ||||||||||||
Commercial real estate nonresidential | 758,227 | 757,893 | 787,598 | 762,349 | ||||||||||||
Dealer floorplans | 71,785 | 69,452 | 76,903 | 77,533 | ||||||||||||
Commercial other | 324,091 | 290,478 | 319,838 | 312,422 | ||||||||||||
Commercial unsecured SBA PPP | 7,788 | 47,335 | ||||||||||||||
Commercial loans | 1,797,515 | 1,757,453 | 1,950,629 | 1,868,858 | ||||||||||||
Real estate mortgage | 793,249 | 767,185 | 883,104 | 824,996 | ||||||||||||
Home equity lines | 110,828 | 106,667 | 132,033 | 120,540 | ||||||||||||
Residential loans | 904,077 | 873,852 | 1,015,137 | 945,536 | ||||||||||||
Consumer direct | 159,791 | 156,683 | 157,848 | 157,504 | ||||||||||||
Consumer indirect | 697,060 | 620,825 | 806,081 | 737,392 | ||||||||||||
Consumer loans | 856,851 | 777,508 | 963,929 | 894,896 | ||||||||||||
Loans and lease financing | $ | 3,558,443 | $ | 3,408,813 | $ | 3,929,695 | $ | 3,709,290 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 4,711 | $ | 133 | $ | 0 | $ | 0 | $ | 4,844 | ||||||||||
Commercial real estate residential | 4,070 | 124 | 0 | 6 | 4,200 | |||||||||||||||
Commercial real estate nonresidential | 9,169 | (223 | ) | 0 | 22 | 8,968 | ||||||||||||||
Dealer floorplans | 1,519 | (42 | ) | 0 | 0 | 1,477 | ||||||||||||||
Commercial other | 4,844 | (285 | ) | (187 | ) | 101 | 4,473 | |||||||||||||
Real estate mortgage | 7,662 | 586 | (84 | ) | 15 | 8,179 | ||||||||||||||
Home equity | 819 | 71 | (5 | ) | 2 | 887 | ||||||||||||||
Consumer direct | 1,787 | (65 | ) | (175 | ) | 74 | 1,621 | |||||||||||||
Consumer indirect | 7,728 | (222 | ) | (377 | ) | 566 | 7,695 | |||||||||||||
Total | $ | 42,309 | $ | 77 | $ | (828 | ) | $ | 786 | $ | 42,344 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 5,080 | $ | (20 | ) | $ | (216 | ) | $ | 0 | $ | 4,844 | ||||||||
Commercial real estate residential | 3,986 | 234 | (31 | ) | 11 | 4,200 | ||||||||||||||
Commercial real estate nonresidential | 8,884 | (49 | ) | 0 | 133 | 8,968 | ||||||||||||||
Dealer floorplans | 1,436 | 41 | 0 | 0 | 1,477 | |||||||||||||||
Commercial other | 4,422 | 193 | (344 | ) | 202 | 4,473 | ||||||||||||||
Real estate mortgage | 7,637 | 683 | (177 | ) | 36 | 8,179 | ||||||||||||||
Home equity | 866 | 38 | (24 | ) | 7 | 887 | ||||||||||||||
Consumer direct | 1,951 | (245 | ) | (345 | ) | 260 | 1,621 | |||||||||||||
Consumer indirect | 7,494 | 77 | (1,011 | ) | 1,135 | 7,695 | ||||||||||||||
Total | $ | 41,756 | $ | 952 | $ | (2,148 | ) | $ | 1,784 | $ | 42,344 |
Year Ended December 31, 2021 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 6,356 | $ | (1,276 | ) | $ | 0 | $ | 0 | $ | 5,080 | |||||||||
Commercial real estate residential | 4,464 | (488 | ) | (28 | ) | 38 | 3,986 | |||||||||||||
Commercial real estate nonresidential | 11,086 | (2,233 | ) | (306 | ) | 337 | 8,884 | |||||||||||||
Dealer floorplans | 1,382 | 54 | 0 | 0 | 1,436 | |||||||||||||||
Commercial other | 4,289 | 388 | (644 | ) | 389 | 4,422 | ||||||||||||||
Real estate mortgage | 7,832 | 3 | (266 | ) | 68 | 7,637 | ||||||||||||||
Home equity | 844 | 39 | (36 | ) | 19 | 866 | ||||||||||||||
Consumer direct | 1,863 | 256 | (684 | ) | 516 | 1,951 | ||||||||||||||
Consumer indirect | 9,906 | (3,129 | ) | (2,361 | ) | 3,078 | 7,494 | |||||||||||||
Total | $ | 48,022 | $ | (6,386 | ) | $ | (4,325 | ) | $ | 4,445 | $ | 41,756 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 6,664 | $ | (990 | ) | $ | 0 | $ | 0 | $ | 5,674 | |||||||||
Commercial real estate residential | 4,641 | (845 | ) | 0 | 0 | 3,796 | ||||||||||||||
Commercial real estate nonresidential | 10,813 | (1,798 | ) | 0 | 293 | 9,308 | ||||||||||||||
Dealer floorplans | 1,318 | (57 | ) | 0 | 0 | 1,261 | ||||||||||||||
Commercial other | 4,571 | 43 | (118 | ) | 78 | 4,574 | ||||||||||||||
Real estate mortgage | 7,143 | 745 | (186 | ) | 6 | 7,708 | ||||||||||||||
Home equity | 750 | (68 | ) | (14 | ) | 5 | 673 | |||||||||||||
Consumer direct | 1,811 | (185 | ) | (154 | ) | 163 | 1,635 | |||||||||||||
Consumer indirect | 7,635 | (1,102 | ) | (476 | ) | 1,009 | 7,066 | |||||||||||||
Total | $ | 45,346 | $ | (4,257 | ) | $ | (948 | ) | $ | 1,554 | $ | 41,695 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 6,356 | $ | (682 | ) | $ | 0 | $ | 0 | $ | 5,674 | |||||||||
Commercial real estate residential | 4,464 | (646 | ) | (24 | ) | 2 | 3,796 | |||||||||||||
Commercial real estate nonresidential | 11,086 | (1,933 | ) | (151 | ) | 306 | 9,308 | |||||||||||||
Dealer floorplans | 1,382 | (121 | ) | 0 | 0 | 1,261 | ||||||||||||||
Commercial other | 4,289 | 312 | (230 | ) | 203 | 4,574 | ||||||||||||||
Real estate mortgage | 7,832 | 55 | (194 | ) | 15 | 7,708 | ||||||||||||||
Home equity | 844 | (161 | ) | (19 | ) | 9 | 673 | |||||||||||||
Consumer direct | 1,863 | (199 | ) | (308 | ) | 279 | 1,635 | |||||||||||||
Consumer indirect | 9,906 | (3,381 | ) | (1,492 | ) | 2,033 | 7,066 | |||||||||||||
Total | $ | 48,022 | $ | (6,756 | ) | $ | (2,418 | ) | $ | 2,847 | $ | 41,695 |
(in thousands) | ACL Software June 30, 2023 | CTBI Internal ACL Model June 30, 2023 | Change in Allocation | |||||||||
Hotel/motel | $ | 5,192 | $ | 6,038 | $ | (846 | ) | |||||
Commercial real estate residential | 3,749 | 4,669 | (920 | ) | ||||||||
Commercial real estate nonresidential | 7,797 | 8,794 | (997 | ) | ||||||||
Dealer floorplans | 1,157 | 1,719 | (562 | ) | ||||||||
Commercial other | 6,176 | 4,547 | 1,629 | |||||||||
Commercial loans reserve allocation | 24,071 | 25,767 | (1,696 | ) | ||||||||
Real estate mortgage | 7,884 | 8,443 | (559 | ) | ||||||||
Home equity lines | 1,108 | 1,065 | 43 | |||||||||
Residential loans reserve allocation | 8,992 | 9,508 | (516 | ) | ||||||||
Consumer direct | 2,563 | 1,673 | 890 | |||||||||
Consumer indirect | 12,392 | 10,959 | 1,433 | |||||||||
Consumer loans reserve allocation | 14,955 | 12,632 | 2,323 | |||||||||
Loans and lease financing allowance for credit loss | $ | 48,018 | 47,907 | $ | 111 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 5,287 | $ | (95 | ) | $ | 0 | $ | 0 | $ | 5,192 | |||||||||
Commercial real estate residential | 5,157 | (1,384 | ) | (28 | ) | 4 | 3,749 | |||||||||||||
Commercial real estate nonresidential | 9,010 | (1,393 | ) | (9 | ) | 189 | 7,797 | |||||||||||||
Dealer floorplans | 1,694 | (537 | ) | 0 | 0 | 1,157 | ||||||||||||||
Commercial other | 4,782 | 2,387 | (1,073 | ) | 80 | 6,176 | ||||||||||||||
Real estate mortgage | 7,917 | 10 | (55 | ) | 12 | 7,884 | ||||||||||||||
Home equity | 1,044 | 76 | (13 | ) | 1 | 1,108 | ||||||||||||||
Consumer direct | 1,746 | 807 | (82 | ) | 92 | 2,563 | ||||||||||||||
Consumer indirect | 10,046 | 2,138 | (693 | ) | 901 | 12,392 | ||||||||||||||
Total | $ | 46,683 | $ | 2,009 | $ | (1,953 | ) | $ | 1,279 | $ | 48,018 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 5,171 | $ | 21 | $ | 0 | $ | 0 | $ | 5,192 | ||||||||||
Commercial real estate residential | 4,894 | (1,198 | ) | (28 | ) | 81 | 3,749 | |||||||||||||
Commercial real estate nonresidential | 9,419 | (1,946 | ) | (9 | ) | 333 | 7,797 | |||||||||||||
Dealer floorplans | 1,776 | (619 | ) | 0 | 0 | 1,157 | ||||||||||||||
Commercial other | 5,285 | 1,971 | (1,260 | ) | 180 | 6,176 | ||||||||||||||
Real estate mortgage | 7,932 | 31 | (95 | ) | 16 | 7,884 | ||||||||||||||
Home equity | 1,106 | 12 | (13 | ) | 3 | 1,108 | ||||||||||||||
Consumer direct | 1,694 | 912 | (238 | ) | 195 | 2,563 | ||||||||||||||
Consumer indirect | 8,704 | 3,941 | (2,075 | ) | 1,822 | 12,392 | ||||||||||||||
Total | $ | 45,981 | $ | 3,125 | $ | (3,718 | ) | $ | 2,630 | $ | 48,018 |
Year Ended December 31, 2022 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 5,080 | $ | 307 | $ | (216 | ) | $ | 0 | $ | 5,171 | |||||||||
Commercial real estate residential | 3,986 | 951 | (92 | ) | 49 | 4,894 | ||||||||||||||
Commercial real estate nonresidential | 8,884 | (154 | ) | (46 | ) | 735 | 9,419 | |||||||||||||
Dealer floorplans | 1,436 | 340 | 0 | 0 | 1,776 | |||||||||||||||
Commercial other | 4,422 | 947 | (1,082 | ) | 998 | 5,285 | ||||||||||||||
Real estate mortgage | 7,637 | 466 | (223 | ) | 52 | 7,932 | ||||||||||||||
Home equity | 866 | 257 | (37 | ) | 20 | 1,106 | ||||||||||||||
Consumer direct | 1,951 | (210 | ) | (609 | ) | 562 | 1,694 | |||||||||||||
Consumer indirect | 7,494 | 2,001 | (3,041 | ) | 2,250 | 8,704 | ||||||||||||||
Total | $ | 41,756 | $ | 4,905 | $ | (5,346 | ) | $ | 4,666 | $ | 45,981 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 4,711 | $ | 133 | $ | 0 | $ | 0 | $ | 4,844 | ||||||||||
Commercial real estate residential | 4,070 | 124 | 0 | 6 | 4,200 | |||||||||||||||
Commercial real estate nonresidential | 9,169 | (223 | ) | 0 | 22 | 8,968 | ||||||||||||||
Dealer floorplans | 1,519 | (42 | ) | 0 | 0 | 1,477 | ||||||||||||||
Commercial other | 4,844 | (285 | ) | (187 | ) | 101 | 4,473 | |||||||||||||
Real estate mortgage | 7,662 | 586 | (84 | ) | 15 | 8,179 | ||||||||||||||
Home equity | 819 | 71 | (5 | ) | 2 | 887 | ||||||||||||||
Consumer direct | 1,787 | (65 | ) | (175 | ) | 74 | 1,621 | |||||||||||||
Consumer indirect | 7,728 | (222 | ) | (377 | ) | 566 | 7,695 | |||||||||||||
Total | $ | 42,309 | $ | 77 | $ | (828 | ) | $ | 786 | $ | 42,344 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Provision Charged to Expense | Losses Charged Off | Recoveries | Ending Balance | |||||||||||||||
ACL | ||||||||||||||||||||
Hotel/motel | $ | 5,080 | $ | (20 | ) | $ | (216 | ) | $ | 0 | $ | 4,844 | ||||||||
Commercial real estate residential | 3,986 | 234 | (31 | ) | 11 | 4,200 | ||||||||||||||
Commercial real estate nonresidential | 8,884 | (49 | ) | 0 | 133 | 8,968 | ||||||||||||||
Dealer floorplans | 1,436 | 41 | 0 | 0 | 1,477 | |||||||||||||||
Commercial other | 4,422 | 193 | (344 | ) | 202 | 4,473 | ||||||||||||||
Real estate mortgage | 7,637 | 683 | (177 | ) | 36 | 8,179 | ||||||||||||||
Home equity | 866 | 38 | (24 | ) | 7 | 887 | ||||||||||||||
Consumer direct | 1,951 | (245 | ) | (345 | ) | 260 | 1,621 | |||||||||||||
Consumer indirect | 7,494 | 77 | (1,011 | ) | 1,135 | 7,695 | ||||||||||||||
Total | $ | 41,756 | $ | 952 | $ | (2,148 | ) | $ | 1,784 | $ | 42,344 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||
(in thousands) | Nonaccrual Loans with No ACL | Nonaccrual Loans with ACL | 90+ and Still Accruing | Total Nonperforming Loans | Nonaccrual Loans with No ACL | Nonaccrual Loans with ACL | 90+ and Still Accruing | Total Nonperforming Loans | ||||||||||||||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commercial real estate residential | 0 | 423 | 341 | 764 | 0 | 322 | 712 | 1,034 | ||||||||||||||||||||||||
Commercial real estate nonresidential | 2,376 | 1,157 | 672 | 4,205 | 0 | 982 | 300 | 1,282 | ||||||||||||||||||||||||
Commercial other | 0 | 232 | 49 | 281 | 0 | 753 | 277 | 1,030 | ||||||||||||||||||||||||
Commercial unsecured SBA PPP | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Total commercial loans | 2,376 | 1,812 | 1,062 | 5,250 | 0 | 2,057 | 1,289 | 3,346 | ||||||||||||||||||||||||
Real estate mortgage | 0 | 4,207 | 3,306 | 7,513 | 0 | 3,093 | 4,206 | 7,299 | ||||||||||||||||||||||||
Home equity lines | 0 | 429 | 384 | 813 | 0 | 195 | 459 | 654 | ||||||||||||||||||||||||
Total residential loans | 0 | 4,636 | 3,690 | 8,326 | 0 | 3,288 | 4,665 | 7,953 | ||||||||||||||||||||||||
Consumer direct | 0 | 0 | 32 | 32 | 0 | 0 | 6 | 6 | ||||||||||||||||||||||||
Consumer indirect | 0 | 0 | 234 | 234 | 0 | 0 | 439 | 439 | ||||||||||||||||||||||||
Total consumer loans | 0 | 0 | 266 | 266 | 0 | 0 | 445 | 445 | ||||||||||||||||||||||||
Loans and lease financing | $ | 2,376 | $ | 6,448 | $ | 5,018 | $ | 13,842 | $ | 0 | $ | 5,345 | $ | 6,399 | $ | 11,744 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||
(in thousands) | Nonaccrual Loans with No ACL | Nonaccrual Loans with ACL | 90+ and Still Accruing | Total Nonperforming Loans | Nonaccrual Loans with No ACL | Nonaccrual Loans with ACL | 90+ and Still Accruing | Total Nonperforming Loans | ||||||||||||||||||||||||
Hotel/motel | $ | 0 | $ | 1,075 | $ | 0 | $ | 1,075 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commercial real estate residential | 0 | 585 | 312 | 897 | 0 | 355 | 258 | 613 | ||||||||||||||||||||||||
Commercial real estate nonresidential | 2,447 | 1,602 | 144 | 4,193 | 0 | 1,116 | 1,947 | 3,063 | ||||||||||||||||||||||||
Commercial other | 0 | 302 | 76 | 378 | 0 | 982 | 369 | 1,351 | ||||||||||||||||||||||||
Total commercial loans | 2,447 | 3,564 | 532 | 6,543 | 0 | 2,453 | 2,574 | 5,027 | ||||||||||||||||||||||||
Real estate mortgage | 0 | 4,081 | 4,659 | 8,740 | 0 | 4,069 | 4,929 | 8,998 | ||||||||||||||||||||||||
Home equity lines | 0 | 579 | 513 | 1,092 | 0 | 291 | 487 | 778 | ||||||||||||||||||||||||
Total residential loans | 0 | 4,660 | 5,172 | 9,832 | 0 | 4,360 | 5,416 | 9,776 | ||||||||||||||||||||||||
Consumer direct | 0 | 0 | 44 | 44 | 0 | 0 | 41 | 41 | ||||||||||||||||||||||||
Consumer indirect | 0 | 0 | 206 | 206 | 0 | 0 | 465 | 465 | ||||||||||||||||||||||||
Total consumer loans | 0 | 0 | 250 | 250 | 0 | 0 | 506 | 506 | ||||||||||||||||||||||||
Loans and lease financing | $ | 2,447 | $ | 8,224 | $ | 5,954 | $ | 16,625 | $ | 0 | $ | 6,813 | $ | 8,496 | $ | 15,309 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 280,956 | $ | 280,956 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 372,981 | $ | 372,981 | ||||||||||||||||||||||||
Commercial real estate residential | 430 | 127 | 718 | 1,275 | 353,393 | 354,668 | 152 | 279 | 1,000 | 1,431 | 391,878 | 393,309 | ||||||||||||||||||||||||||||||||||||
Commercial real estate nonresidential | 321 | 186 | 3,730 | 4,237 | 753,990 | 758,227 | 1,101 | 110 | 940 | 2,151 | 785,447 | 787,598 | ||||||||||||||||||||||||||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | 71,785 | 71,785 | 0 | 0 | 0 | 0 | 76,903 | 76,903 | ||||||||||||||||||||||||||||||||||||
Commercial other | 522 | 46 | 69 | 637 | 323,454 | 324,091 | 1,062 | 330 | 694 | 2,086 | 317,752 | 319,838 | ||||||||||||||||||||||||||||||||||||
Commercial unsecured SBA PPP | 0 | 3 | 0 | 3 | 7,785 | 7,788 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 1,273 | 362 | 4,517 | 6,152 | 1,791,363 | 1,797,515 | 2,315 | 719 | 2,634 | 5,668 | 1,944,961 | 1,950,629 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage | 1,257 | 3,614 | 5,840 | 10,711 | 782,538 | 793,249 | 1,440 | 2,528 | 6,220 | 10,188 | 872,916 | 883,104 | ||||||||||||||||||||||||||||||||||||
Home equity lines | 657 | 185 | 712 | 1,554 | 109,274 | 110,828 | 733 | 435 | 490 | 1,658 | 130,375 | 132,033 | ||||||||||||||||||||||||||||||||||||
Total residential loans | 1,914 | 3,799 | 6,552 | 12,265 | 891,812 | 904,077 | 2,173 | 2,963 | 6,710 | 11,846 | 1,003,291 | 1,015,137 | ||||||||||||||||||||||||||||||||||||
Consumer direct | 517 | 71 | 31 | 619 | 159,172 | 159,791 | 557 | 95 | 6 | 658 | 157,190 | 157,848 | ||||||||||||||||||||||||||||||||||||
Consumer indirect | 2,921 | 580 | 234 | 3,735 | 693,325 | 697,060 | 3,147 | 865 | 439 | 4,451 | 801,630 | 806,081 | ||||||||||||||||||||||||||||||||||||
Total consumer loans | 3,438 | 651 | 265 | 4,354 | 852,497 | 856,851 | 3,704 | 960 | 445 | 5,109 | 958,820 | 963,929 | ||||||||||||||||||||||||||||||||||||
Loans and lease financing | $ | 6,625 | $ | 4,812 | $ | 11,334 | $ | 22,771 | $ | 3,535,672 | $ | 3,558,443 | $ | 8,192 | $ | 4,642 | $ | 9,789 | $ | 22,623 | $ | 3,907,072 | $ | 3,929,695 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 257,062 | $ | 257,062 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 343,640 | $ | 343,640 | ||||||||||||||||||||||||
Commercial real estate residential | 274 | 116 | 845 | 1,235 | 333,998 | 335,233 | 602 | 225 | 574 | 1,401 | 371,513 | 372,914 | ||||||||||||||||||||||||||||||||||||
Commercial real estate nonresidential | 1,303 | 147 | 3,509 | 4,959 | 752,934 | 757,893 | 2,549 | 395 | 2,611 | 5,555 | 756,794 | 762,349 | ||||||||||||||||||||||||||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | 69,452 | 69,452 | 0 | 0 | 0 | 0 | 77,533 | 77,533 | ||||||||||||||||||||||||||||||||||||
Commercial other | 1,225 | 175 | 108 | 1,508 | 288,970 | 290,478 | 1,029 | 850 | 496 | 2,375 | 310,047 | 312,422 | ||||||||||||||||||||||||||||||||||||
Commercial unsecured SBA PPP | 14 | 34 | 0 | 48 | 47,287 | 47,335 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 2,816 | 472 | 4,462 | 7,750 | 1,749,703 | 1,757,453 | 4,180 | 1,470 | 3,681 | 9,331 | 1,859,527 | 1,868,858 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage | 1,171 | 2,707 | 6,859 | 10,737 | 756,448 | 767,185 | 869 | 3,402 | 7,067 | 11,338 | 813,658 | 824,996 | ||||||||||||||||||||||||||||||||||||
Home equity lines | 656 | 315 | 903 | 1,874 | 104,793 | 106,667 | 786 | 44 | 740 | 1,570 | 118,970 | 120,540 | ||||||||||||||||||||||||||||||||||||
Total residential loans | 1,827 | 3,022 | 7,762 | 12,611 | 861,241 | 873,852 | 1,655 | 3,446 | 7,807 | 12,908 | 932,628 | 945,536 | ||||||||||||||||||||||||||||||||||||
Consumer direct | 396 | 179 | 44 | 619 | 156,064 | 156,683 | 555 | 126 | 41 | 722 | 156,782 | 157,504 | ||||||||||||||||||||||||||||||||||||
Consumer indirect | 2,889 | 533 | 206 | 3,628 | 617,197 | 620,825 | 4,407 | 764 | 465 | 5,636 | 731,756 | 737,392 | ||||||||||||||||||||||||||||||||||||
Total consumer loans | 3,285 | 712 | 250 | 4,247 | 773,261 | 777,508 | 4,962 | 890 | 506 | 6,358 | 888,538 | 894,896 | ||||||||||||||||||||||||||||||||||||
Loans and lease financing | $ | 7,928 | $ | 4,206 | $ | 12,474 | $ | 24,608 | $ | 3,384,205 | $ | 3,408,813 | $ | 10,797 | $ | 5,806 | $ | 11,994 | $ | 28,597 | $ | 3,680,693 | $ | 3,709,290 |
➢ | Pass grades include investment grade, low risk, moderate risk, and acceptable risk loans. The loans range from loans that have no chance of resulting in a loss to loans that have a limited chance of resulting in a loss. Customers in this grade have excellent to fair credit ratings. The cash flows are adequate to meet required debt repayments. |
➢ | Watch graded loans are loans that warrant extra management attention but are not currently criticized. Loans on the watch list may be potential troubled credits or may warrant “watch” status for a reason not directly related to the asset quality of the credit. The watch grade is a management tool to identify credits which may be candidates for future classification or may temporarily warrant extra management monitoring. |
➢ | Other assets especially mentioned (OAEM) reflects loans that are currently protected but are potentially weak. These loans constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of circumstances surrounding a specific asset. Loans in this grade display potential weaknesses which may, if unchecked or uncorrected, inadequately protect CTBI’s credit position at some future date. The loans may be adversely affected by economic or market conditions. |
➢ | Substandard grading indicates that the loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. These loans have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt with the distinct possibility that CTBI will sustain some loss if the deficiencies are not corrected. |
➢ | Doubtful graded loans have the weaknesses inherent in the substandard grading with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The probability of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to CTBI’s advantage or strengthen the asset(s), its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. |
June 30, 2022 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Hotel/motel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 58,139 | $ | 28,894 | $ | 17,852 | $ | 55,356 | $ | 18,441 | $ | 38,120 | $ | 0 | $ | 216,802 | $ | 38,210 | $ | 150,521 | $ | 28,454 | $ | 17,968 | $ | 47,039 | $ | 47,091 | $ | 4,043 | $ | 333,326 | ||||||||||||||||||||||||||||||||
Watch | 3,908 | 9,069 | 5,559 | 5,983 | 11,962 | 25,670 | 0 | 62,151 | 2,949 | 6,957 | 8,873 | 4,709 | 3,412 | 3,871 | 0 | 30,771 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 2,003 | 0 | 2,003 | 0 | 0 | 6,971 | 0 | 0 | 1,913 | 0 | 8,884 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total hotel/motel | 62,047 | 37,963 | 23,411 | 61,339 | 30,403 | 65,793 | 0 | 280,956 | 41,159 | 157,478 | 44,298 | 22,677 | 50,451 | 52,875 | 4,043 | 372,981 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 68,934 | 127,149 | 42,594 | 16,652 | 13,499 | 45,711 | 10,884 | 325,423 | 55,238 | 104,912 | 104,205 | 35,701 | 12,921 | 41,206 | 14,132 | 368,315 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 2,881 | 663 | 3,025 | 1,344 | 2,123 | 7,820 | 45 | 17,901 | 753 | 1,010 | 835 | 1,948 | 743 | 7,367 | 144 | 12,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 15 | 0 | 15 | 0 | 0 | 0 | 0 | 0 | 65 | 0 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 315 | 4,467 | 1,833 | 374 | 1,661 | 2,455 | 224 | 11,329 | 286 | 617 | 4,295 | 623 | 289 | 6,019 | 0 | 12,129 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate residential | 72,130 | 132,279 | 47,452 | 18,370 | 17,283 | 56,001 | 11,153 | 354,668 | 56,277 | 106,539 | 109,335 | 38,272 | 13,953 | 54,657 | 14,276 | 393,309 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate residential current period gross charge-offs | 0 | 0 | (28 | ) | 0 | 0 | 0 | 0 | (28 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate nonresidential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 84,474 | 210,069 | 92,399 | 78,345 | 46,995 | 168,186 | 23,741 | 704,209 | 81,927 | 153,561 | 152,539 | 79,949 | 66,557 | 166,883 | 25,508 | 726,924 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 2,618 | 4,361 | 3,304 | 2,451 | 1,542 | 12,155 | 1,010 | 27,441 | 300 | 3,966 | 6,499 | 9,716 | 7,618 | 6,710 | 711 | 35,520 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 101 | 20 | 121 | 2,375 | 19 | 0 | 0 | 0 | 74 | 0 | 2,468 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,385 | 4,791 | 5,024 | 3,094 | 1,018 | 10,812 | 25 | 26,149 | 1,370 | 1,439 | 2,522 | 4,543 | 3,096 | 9,701 | 0 | 22,671 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 307 | 0 | 307 | 0 | 0 | 0 | 0 | 0 | 15 | 0 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate nonresidential | 88,477 | 219,221 | 100,727 | 83,890 | 49,555 | 191,561 | 24,796 | 758,227 | 85,972 | 158,985 | 161,560 | 94,208 | 77,271 | 183,383 | 26,219 | 787,598 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate nonresidential current period gross charge-offs | 0 | 0 | 0 | (9 | ) | 0 | 0 | 0 | (9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer floorplans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 0 | 0 | 0 | 0 | 0 | 0 | 71,398 | 71,398 | 0 | 0 | 0 | 0 | 0 | 0 | 76,903 | 76,903 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 0 | 0 | 0 | 0 | 387 | 387 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total dealer floorplans | 0 | 0 | 0 | 0 | 0 | 0 | 71,785 | 71,785 | 0 | 0 | 0 | 0 | 0 | 0 | 76,903 | 76,903 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 50,382 | 63,584 | 38,128 | 11,490 | 28,379 | 26,997 | 78,536 | 297,496 | 41,105 | 60,219 | 54,817 | 31,984 | 6,523 | 24,483 | 78,670 | 297,801 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 1,118 | 541 | 614 | 333 | 362 | 1,075 | 6,902 | 10,945 | 541 | 1,390 | 980 | 156 | 334 | 771 | 5,990 | 10,162 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 32 | 0 | 0 | 2 | 0 | 30 | 64 | 0 | 30 | 0 | 0 | 0 | 0 | 30 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 958 | 6,630 | 1,191 | 1,168 | 221 | 744 | 4,674 | 15,586 | 466 | 4,216 | 4,807 | 943 | 219 | 564 | 600 | 11,815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial other | 52,458 | 70,787 | 39,933 | 12,991 | 28,964 | 28,816 | 90,142 | 324,091 | 42,112 | 65,855 | 60,604 | 33,083 | 7,076 | 25,818 | 85,290 | 319,838 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial unsecured SBA PPP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 0 | 7,785 | 3 | 0 | 0 | 0 | 0 | 7,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial unsecured SBA PPP | 0 | 7,785 | 3 | 0 | 0 | 0 | 0 | 7,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other current period gross charge-offs | (321 | ) | (632 | ) | (154 | ) | (17 | ) | (90 | ) | (46 | ) | 0 | (1,260 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 261,929 | 437,481 | 190,976 | 161,843 | 107,314 | 279,014 | 184,559 | 1,623,116 | 216,480 | 469,213 | 340,015 | 165,602 | 133,040 | 279,663 | 199,256 | 1,803,269 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 10,525 | 14,634 | 12,502 | 10,111 | 15,989 | 46,720 | 8,344 | 118,825 | 4,543 | 13,323 | 17,187 | 16,529 | 12,107 | 18,719 | 6,845 | 89,253 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 32 | 0 | 0 | 2 | 2,119 | 50 | 2,203 | 2,375 | 49 | 6,971 | 0 | 0 | 2,052 | 30 | 11,477 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,658 | 15,888 | 8,048 | 4,636 | 2,900 | 14,011 | 4,923 | 53,064 | 2,122 | 6,272 | 11,624 | 6,109 | 3,604 | 16,284 | 600 | 46,615 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 307 | 0 | 307 | 0 | 0 | 0 | 0 | 0 | 15 | 0 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 275,112 | $ | 468,035 | $ | 211,526 | $ | 176,590 | $ | 126,205 | $ | 342,171 | $ | 197,876 | $ | 1,797,515 | $ | 225,520 | $ | 488,857 | $ | 375,797 | $ | 188,240 | $ | 148,751 | $ | 316,733 | $ | 206,731 | $ | 1,950,629 | ||||||||||||||||||||||||||||||||
Total commercial loans current period gross charge-offs | $ | (321 | ) | $ | (632 | ) | $ | (182 | ) | $ | (26 | ) | $ | (90 | ) | $ | (46 | ) | $ | 0 | $ | (1,297 | ) |
December 31, 2021 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Hotel/motel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 42,056 | $ | 11,231 | $ | 53,713 | $ | 18,752 | $ | 32,765 | $ | 20,087 | $ | 0 | $ | 178,604 | $ | 145,262 | $ | 36,002 | $ | 17,742 | $ | 54,328 | $ | 13,178 | $ | 35,179 | $ | 545 | $ | 302,236 | ||||||||||||||||||||||||||||||||
Watch | 9,234 | 14,021 | 8,813 | 8,780 | 2,678 | 30,502 | 0 | 74,028 | 7,921 | 8,996 | 5,523 | 3,453 | 0 | 13,555 | 0 | 39,448 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,956 | 0 | 1,956 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 3,355 | 1,075 | 0 | 0 | 4,430 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | �� | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total hotel/motel | 51,290 | 25,252 | 62,526 | 30,887 | 36,518 | 50,589 | 0 | 257,062 | 153,183 | 44,998 | 23,265 | 57,781 | 13,178 | 50,690 | 545 | 343,640 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 142,364 | 54,380 | 22,320 | 19,826 | 11,919 | 45,791 | 9,544 | 306,144 | 119,826 | 110,963 | 38,423 | 15,467 | 10,492 | 36,307 | 14,297 | 345,775 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 2,643 | 2,359 | 1,962 | 2,119 | 554 | 6,949 | 156 | 16,742 | 1,474 | 898 | 1,675 | 848 | 2,136 | 7,015 | 152 | 14,198 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 16 | 0 | 0 | 16 | 0 | 0 | 0 | 39 | 0 | 0 | 29 | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,822 | 1,990 | 620 | 1,835 | 596 | 2,468 | 0 | 12,331 | 182 | 4,289 | 1,878 | 346 | 3,639 | 2,539 | 0 | 12,873 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate residential | 149,829 | 58,729 | 24,902 | 23,780 | 13,085 | 55,208 | 9,700 | 335,233 | 121,482 | 116,150 | 41,976 | 16,700 | 16,267 | 45,861 | 14,478 | 372,914 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate nonresidential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 214,563 | 99,131 | 82,386 | 57,397 | 55,422 | 168,533 | 22,389 | 699,821 | 175,220 | 171,311 | 80,932 | 70,848 | 44,099 | 137,575 | 23,166 | 703,151 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 5,130 | 2,865 | 3,981 | 2,802 | 3,655 | 11,828 | 767 | 31,028 | 3,331 | 5,765 | 10,090 | 2,178 | 1,962 | 10,022 | 1,550 | 34,898 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 178 | 20 | 198 | 19 | 0 | 0 | 0 | 0 | 90 | 0 | 109 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,201 | 5,098 | 3,764 | 600 | 2,016 | 9,659 | 200 | 26,538 | 1,939 | 2,537 | 4,877 | 3,135 | 508 | 10,865 | 25 | 23,886 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 308 | 0 | 308 | 0 | 0 | 0 | 0 | 0 | 305 | 0 | 305 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate nonresidential | 224,894 | 107,094 | 90,131 | 60,799 | 61,093 | 190,506 | 23,376 | 757,893 | 180,509 | 179,613 | 95,899 | 76,161 | 46,569 | 158,857 | 24,741 | 762,349 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dealer floorplans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 0 | 0 | 0 | 0 | 0 | 0 | 69,105 | 69,105 | 0 | 0 | 0 | 0 | 0 | 0 | 77,153 | 77,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 0 | 0 | 0 | 0 | 347 | 347 | 0 | 0 | 0 | 0 | 0 | 0 | 380 | 380 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total dealer floorplans | 0 | 0 | 0 | 0 | 0 | 0 | 69,452 | 69,452 | 0 | 0 | 0 | 0 | 0 | 0 | 77,533 | 77,533 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 72,650 | 43,838 | 16,495 | 29,858 | 9,105 | 13,346 | 75,119 | 260,411 | 78,846 | 60,550 | 34,841 | 8,922 | 2,333 | 23,961 | 77,355 | 286,808 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 7,196 | 1,967 | 1,582 | 599 | 332 | 1,071 | 11,792 | 24,539 | 1,622 | 393 | 604 | 217 | 159 | 780 | 6,402 | 10,177 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 268 | 383 | 12 | 1 | 482 | 1,146 | 30 | 0 | 0 | 0 | 0 | 0 | 30 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,600 | 1,589 | 147 | 184 | 287 | 451 | 124 | 4,382 | 6,090 | 5,489 | 885 | 356 | 143 | 758 | 952 | 14,673 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 466 | 129 | 0 | 109 | 0 | 0 | 0 | 704 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial other | 81,446 | 47,394 | 18,492 | 31,024 | 9,736 | 14,869 | 87,517 | 290,478 | 87,054 | 66,561 | 36,330 | 9,604 | 2,635 | 25,499 | 84,739 | 312,422 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial unsecured SBA PPP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 46,227 | 1,108 | 0 | 0 | 0 | 0 | 0 | 47,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial unsecured SBA PPP | 46,227 | 1,108 | 0 | 0 | 0 | 0 | 0 | 47,335 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 517,860 | 209,688 | 174,914 | 125,833 | 109,211 | 247,757 | 176,157 | 1,561,420 | 519,154 | 378,826 | 171,938 | 149,565 | 70,102 | 233,022 | 192,516 | 1,715,123 | ||||||||||||||||||||||||||||||||||||||||||||||||
Watch | 24,203 | 21,212 | 16,338 | 14,300 | 7,219 | 50,350 | 13,062 | 146,684 | 14,348 | 16,052 | 17,892 | 6,696 | 4,257 | 31,372 | 8,484 | 99,101 | ||||||||||||||||||||||||||||||||||||||||||||||||
OAEM | 0 | 0 | 268 | 383 | 28 | 179 | 502 | 1,360 | 49 | 0 | 0 | 39 | 0 | 2,046 | 59 | 2,193 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 11,623 | 8,677 | 4,531 | 5,974 | 3,974 | 12,578 | 324 | 47,681 | 8,211 | 12,315 | 7,640 | 3,837 | 4,290 | 14,162 | 977 | 51,432 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 308 | 0 | 308 | 466 | 129 | 0 | 109 | 0 | 305 | 0 | 1,009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 553,686 | $ | 239,577 | $ | 196,051 | $ | 146,490 | $ | 120,432 | $ | 311,172 | $ | 190,045 | $ | 1,757,453 | $ | 542,228 | $ | 407,322 | $ | 197,470 | $ | 160,246 | $ | 78,649 | $ | 280,907 | $ | 202,036 | $ | 1,868,858 |
June 30, 2022 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 11,986 | $ | 98,029 | $ | 110,015 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 9,047 | $ | 122,332 | $ | 131,379 | ||||||||||||||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 469 | 344 | 813 | 0 | 0 | 0 | 0 | 0 | 403 | 251 | 654 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | 0 | 0 | 0 | 0 | 0 | 12,455 | 98,373 | 110,828 | 0 | 0 | 0 | 0 | 0 | 9,450 | 122,583 | 132,033 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines current period gross charge-offs | (13 | ) | 0 | (13 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 94,529 | 190,170 | 142,645 | 66,499 | 32,630 | 259,263 | 0 | 785,736 | 96,372 | 175,566 | 169,481 | 125,782 | 59,375 | 249,229 | 0 | 875,805 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 167 | 77 | 323 | 412 | 6,534 | 0 | 7,513 | 0 | 0 | 311 | 121 | 773 | 6,094 | 0 | 7,299 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 94,529 | 190,337 | 142,722 | 66,822 | 33,042 | 265,797 | 0 | 793,249 | 96,372 | 175,566 | 169,792 | 125,903 | 60,148 | 255,323 | 0 | 883,104 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans current period gross charge-offs | 0 | 0 | (47 | ) | 0 | (1 | ) | (47 | ) | 0 | (95 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 94,529 | 190,170 | 142,645 | 66,499 | 32,630 | 271,249 | 98,029 | 895,751 | 96,372 | 175,566 | 169,481 | 125,782 | 59,375 | 258,276 | 122,332 | 1,007,184 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 167 | 77 | 323 | 412 | 7,003 | 344 | 8,326 | 0 | 0 | 311 | 121 | 773 | 6,497 | 251 | 7,953 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential loans | $ | 94,529 | $ | 190,337 | $ | 142,722 | $ | 66,822 | $ | 33,042 | $ | 278,252 | $ | 98,373 | $ | 904,077 | $ | 96,372 | $ | 175,566 | $ | 169,792 | $ | 125,903 | $ | 60,148 | $ | 264,773 | $ | 122,583 | $ | 1,015,137 | ||||||||||||||||||||||||||||||||
Total residential loans current period gross charge-offs | $ | 0 | $ | 0 | $ | (47 | ) | $ | 0 | $ | (1 | ) | $ | (60 | ) | $ | 0 | $ | (108 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Consumer direct loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 38,166 | $ | 54,692 | $ | 30,692 | $ | 14,493 | $ | 8,251 | $ | 13,465 | $ | 0 | $ | 159,759 | $ | 35,168 | $ | 45,893 | $ | 33,307 | $ | 19,215 | $ | 9,082 | $ | 15,177 | $ | 0 | $ | 157,842 | ||||||||||||||||||||||||||||||||
Nonperforming | 29 | 1 | 2 | 0 | 0 | 0 | 0 | 32 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer direct loans | 38,195 | 54,693 | 30,694 | 14,493 | 8,251 | 13,465 | 0 | 159,791 | 35,168 | 45,899 | 33,307 | 19,215 | 9,082 | 15,177 | 0 | 157,848 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer direct loans current period gross charge-offs | 0 | (146 | ) | (42 | ) | (30 | ) | (14 | ) | (6 | ) | 0 | (238 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer indirect loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 223,710 | 207,562 | 148,495 | 60,781 | 38,395 | 17,883 | 0 | 696,826 | 217,355 | 306,664 | 136,812 | 90,812 | 33,856 | 20,143 | 0 | 805,642 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 118 | 34 | 56 | 11 | 15 | 0 | 234 | 0 | 157 | 183 | 36 | 18 | 45 | 0 | 439 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer indirect loans | 223,710 | 207,680 | 148,529 | 60,837 | 38,406 | 17,898 | 0 | 697,060 | 217,355 | 306,821 | 136,995 | 90,848 | 33,874 | 20,188 | 0 | 806,081 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer indirect loans current period gross charge-offs | (42 | ) | (785 | ) | (883 | ) | (217 | ) | (75 | ) | (73 | ) | 0 | (2,075 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 261,876 | 262,254 | 179,187 | 75,274 | 46,646 | 31,348 | 0 | 856,585 | 252,523 | 352,557 | 170,119 | 110,027 | 42,938 | 35,320 | 0 | 963,484 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 29 | 119 | 36 | 56 | 11 | 15 | 0 | 266 | 0 | 163 | 183 | 36 | 18 | 45 | 0 | 445 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 261,905 | $ | 262,373 | $ | 179,223 | $ | 75,330 | $ | 46,657 | $ | 31,363 | $ | 0 | $ | 856,851 | $ | 252,523 | $ | 352,720 | $ | 170,302 | $ | 110,063 | $ | 42,956 | $ | 35,365 | $ | 0 | $ | 963,929 | ||||||||||||||||||||||||||||||||
Total consumer loans current period gross charge-offs | $ | (42 | ) | $ | (931 | ) | $ | (925 | ) | $ | (247 | ) | $ | (89 | ) | $ | (79 | ) | $ | 0 | $ | (2,313 | ) |
December 31, 2021 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 10,909 | $ | 94,666 | $ | 105,575 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 10,195 | $ | 109,567 | $ | 119,762 | ||||||||||||||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 520 | 572 | 1,092 | 0 | 0 | 0 | 0 | 0 | 502 | 276 | 778 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | 0 | 0 | 0 | 0 | $ | 0 | 11,429 | 95,238 | 106,667 | 0 | 0 | 0 | 0 | 0 | 10,697 | 109,843 | 120,540 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 195,731 | 161,471 | 75,792 | 37,188 | 42,597 | 245,666 | 0 | 758,445 | 176,736 | 177,469 | 132,795 | 62,415 | 30,473 | 236,110 | 0 | 815,998 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 63 | 424 | 364 | 558 | 7,331 | 0 | 8,740 | 0 | 282 | 98 | 791 | 422 | 7,405 | 0 | 8,998 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 195,731 | 161,534 | 76,216 | 37,552 | 43,155 | 252,997 | 0 | 767,185 | 176,736 | 177,751 | 132,893 | 63,206 | 30,895 | 243,515 | 0 | 824,996 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 195,731 | 161,471 | 75,792 | $ | 37,188 | 42,597 | 256,575 | 94,666 | 864,020 | 176,736 | 177,469 | 132,795 | 62,415 | 30,473 | 246,305 | 109,567 | 935,760 | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 63 | 424 | 364 | 558 | 7,851 | 572 | 9,832 | 0 | 282 | 98 | 791 | 422 | 7,907 | 276 | 9,776 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential loans | $ | 195,731 | $ | 161,534 | $ | 76,216 | $ | 37,552 | $ | 43,155 | $ | 264,426 | $ | 95,238 | $ | 873,852 | $ | 176,736 | $ | 177,751 | $ | 132,893 | $ | 63,206 | $ | 30,895 | $ | 254,212 | $ | 109,843 | $ | 945,536 | ||||||||||||||||||||||||||||||||
Consumer direct loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 71,626 | $ | 39,312 | $ | 18,492 | $ | 10,468 | $ | 4,490 | $ | 12,251 | $ | 0 | $ | 156,639 | $ | 62,239 | $ | 42,014 | $ | 23,921 | $ | 11,166 | $ | 6,766 | $ | 11,357 | $ | 0 | $ | 157,463 | ||||||||||||||||||||||||||||||||
Nonperforming | 0 | 4 | 3 | 34 | 3 | 0 | 0 | 44 | 25 | 11 | 5 | 0 | 0 | 0 | 0 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer direct loans | 71,626 | 39,316 | 18,495 | 10,502 | 4,493 | 12,251 | 0 | 156,683 | 62,264 | 42,025 | 23,926 | 11,166 | 6,766 | 11,357 | 0 | 157,504 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer indirect loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 263,127 | 190,145 | 80,793 | 54,437 | 23,449 | 8,668 | 0 | 620,619 | 371,079 | 168,513 | 116,267 | 45,748 | 26,247 | 9,073 | 0 | �� | 736,927 | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 24 | 135 | 20 | 0 | 23 | 4 | 0 | 206 | 65 | 251 | 96 | 30 | 1 | 22 | 0 | 465 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer indirect loans | 263,151 | 190,280 | 80,813 | 54,437 | 23,472 | 8,672 | 0 | 620,825 | 371,144 | 168,764 | 116,363 | 45,778 | 26,248 | 9,095 | 0 | 737,392 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 334,753 | 229,457 | 99,285 | 64,905 | 27,939 | 20,919 | 0 | 777,258 | 433,318 | 210,527 | 140,188 | 56,914 | 33,013 | 20,430 | 0 | 894,390 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 24 | 139 | 23 | 34 | 26 | 4 | 0 | 250 | 90 | 262 | 101 | 30 | 1 | 22 | 0 | 506 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 334,777 | $ | 229,596 | $ | 99,308 | $ | 64,939 | $ | 27,965 | $ | 20,923 | $ | 0 | $ | 777,508 | $ | 433,408 | $ | 210,789 | $ | 140,289 | $ | 56,944 | $ | 33,014 | $ | 20,452 | $ | 0 | $ | 894,896 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||
(in thousands) | Number of Loans | Recorded Investment | Specific Reserve | Number of Loans | Recorded Investment | Specific Reserve | ||||||||||||||||||
Hotel/motel | 1 | $ | 1,196 | $ | 0 | 2 | $ | 8,114 | $ | 0 | ||||||||||||||
Commercial real estate residential | 4 | 6,957 | 0 | 3 | 6,353 | 0 | ||||||||||||||||||
Commercial real estate nonresidential | 10 | 18,218 | 200 | 6 | 11,704 | 0 | ||||||||||||||||||
Commercial other | 3 | 10,190 | 550 | 2 | 6,585 | 0 | ||||||||||||||||||
Total collateral dependent loans | 18 | $ | 36,561 | $ | 750 | 13 | $ | 32,756 | $ | 0 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||
(in thousands) | Number of Loans | Recorded Investment | Specific Reserve | Number of Loans | Recorded Investment | Specific Reserve | ||||||||||||||||||
Hotel/motel | 2 | $ | 9,462 | $ | 600 | 1 | $ | 1,168 | $ | 0 | ||||||||||||||
Commercial real estate residential | 4 | 7,255 | 0 | 4 | 7,786 | 0 | ||||||||||||||||||
Commercial real estate nonresidential | 11 | 19,943 | 200 | 8 | 14,718 | 200 | ||||||||||||||||||
Commercial other | 1 | 1,113 | 350 | 2 | 8,926 | 1,000 | ||||||||||||||||||
Total collateral dependent loans | 18 | $ | 37,773 | $ | 1,150 | 15 | $ | 32,598 | $ | 1,200 |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Number of Loans | Recorded Investment | Specific Reserve | Number of Loans | Recorded Investment | Specific Reserve | ||||||||||||||||||
Hotel/motel | 4 | $ | 22,540 | $ | 600 | 1 | $ | 1,196 | $ | 0 | ||||||||||||||
Commercial real estate residential | 4 | 7,508 | 0 | 4 | 6,957 | 0 | ||||||||||||||||||
Commercial real estate nonresidential | 12 | 21,837 | 200 | 10 | 18,218 | 200 | ||||||||||||||||||
Commercial other | 1 | 1,217 | 450 | 3 | 10,190 | 550 | ||||||||||||||||||
Total collateral dependent loans | 21 | $ | 53,102 | $ | 1,250 | 18 | $ | 36,561 | $ | 750 |
Interest Rate Reduction | Term Extension | |||||||||||||||
(in thousands) | Amortized Cost at June 30, 2023 | % of total | Amortized Cost at June 30, 2023 | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 0 | 0.00 | 44 | 0.01 | ||||||||||||
Commercial real estate nonresidential | 73 | 0.01 | 13 | 0.00 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 522 | 0.16 | ||||||||||||
Commercial loans | 73 | 0.00 | 579 | 0.03 | ||||||||||||
Real estate mortgage | 0 | 0.00 | 877 | 0.10 | ||||||||||||
Home equity lines | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Residential loans | 0 | 0.00 | 877 | 0.09 | ||||||||||||
Consumer direct | 0 | 0.00 | 54 | 0.03 | ||||||||||||
Consumer indirect | 0 | 0.00 | 95 | 0.01 | ||||||||||||
Consumer loans | 0 | 0.00 | 149 | 0.02 | ||||||||||||
Loans and lease financing | $ | 73 | 0.00 | % | $ | 1,605 | 0.04 | % |
Combination – Term Extension and Interest Rate Reduction | Payment Change | |||||||||||||||
(in thousands) | Amortized Cost at June 30, 2023 | % of total | Amortized Cost at June 30, 2023 | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial real estate nonresidential | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 300 | 0.09 | ||||||||||||
Commercial loans | 0 | 0.00 | 300 | 0.02 | ||||||||||||
Real estate mortgage | 209 | 0.02 | 0 | 0.00 | ||||||||||||
Home equity lines | 43 | 0.03 | 116 | 0.09 | ||||||||||||
Residential loans | 252 | 0.02 | 116 | 0.01 | ||||||||||||
Consumer direct | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Consumer indirect | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Consumer loans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Loans and lease financing | $ | 252 | 0.01 | % | $ | 416 | 0.01 | % |
Loan Type | Interest Rate Reduction Financial Impact | Term Extension Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | Added a weighted-average 11.7 years to life of the loans | |||
Commercial real estate nonresidential | Reduced weighted-average contractual interest rate from 10.8% to 8.5% | |||
Dealer floorplans | ||||
Commercial other | Added a weighted-average 0.8 years to life of the loans | |||
Real estate mortgage | Added a weighted-average 4 years to life of the loans | |||
Home equity lines | ||||
Consumer direct | Added a weighted-average 0.2 years to the life of the loans | |||
Consumer indirect | Added a weighted-average 0.5 years to the life of the loans |
Loan Type | Combination – Term Extension and Interest Rate Reduction Financial Impact | Payment Changes Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | ||||
Commercial real estate nonresidential | ||||
Dealer floorplans | ||||
Commercial other | Provided payment changes that will be added to the end of the original loan term | |||
Real estate mortgage | Reduced weighted-average contractual interest rate from 6.8% to 6.2% and increased the weighted-average life by 9.7 years | |||
Home equity lines | Reduced weighted-average contractual interest rate from 10.3% to 8.3% and increased the weighted-average life by 14.3 years | Provided payment changes that will be added to the end of the original loan term | ||
Consumer direct | ||||
Consumer indirect |
Interest Rate Reduction | Term Extension | |||||||||||||||
(in thousands) | Amortized Cost at June 30, 2023 | % of total | Amortized Cost at June 30, 2023 | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 311 | 0.08 | 1,383 | 0.35 | ||||||||||||
Commercial real estate nonresidential | 4,573 | 0.58 | 4,800 | 0.61 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 1,474 | 0.46 | ||||||||||||
Commercial loans | 4,884 | 0.25 | 7,657 | 0.39 | ||||||||||||
Real estate mortgage | 58 | 0.01 | 3,317 | 0.38 | ||||||||||||
Home equity lines | 0 | 0.00 | 54 | 0.04 | ||||||||||||
Residential loans | 58 | 0.01 | 3,371 | 0.33 | ||||||||||||
Consumer direct | 0 | 0.00 | 224 | 0.14 | ||||||||||||
Consumer indirect | 0 | 0.00 | 450 | 0.06 | ||||||||||||
Consumer loans | 0 | 0.00 | 674 | 0.07 | ||||||||||||
Loans and lease financing | $ | 4,942 | 0.13 | % | $ | 11,702 | 0.30 | % |
Combination – Term Extension and Interest Rate Reduction | Payment Change | |||||||||||||||
(in thousands) | Amortized Cost at June 30, 2023 | % of total | Amortized Cost at June 30, 2023 | % of total | ||||||||||||
Hotel/motel | $ | 0 | 0.00 | % | $ | 0 | 0.00 | % | ||||||||
Commercial real estate residential | 88 | 0.02 | 0 | 0.00 | ||||||||||||
Commercial real estate nonresidential | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Dealer floorplans | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Commercial other | 0 | 0.00 | 300 | 0.09 | ||||||||||||
Commercial loans | 88 | 0.00 | 300 | 0.02 | ||||||||||||
Real estate mortgage | 427 | 0.05 | 0 | 0.00 | ||||||||||||
Home equity lines | 77 | 0.06 | 116 | 0.09 | ||||||||||||
Residential loans | 504 | 0.05 | 116 | 0.01 | ||||||||||||
Consumer direct | 0 | 0.00 | 20 | 0.01 | ||||||||||||
Consumer indirect | 0 | 0.00 | 0 | 0.00 | ||||||||||||
Consumer loans | 0 | 0.00 | 20 | 0.00 | ||||||||||||
Loans and lease financing | $ | 592 | 0.02 | % | $ | 436 | 0.01 | % |
Loan Type | Interest Rate Reduction Financial Impact | Term Extension Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | Reduced weighted-average contractual interest rate from 9.6% to 8.0% | The weighted-average term was not increased with the changes to this portfolio | ||
Commercial real estate nonresidential | Reduced weighted-average contractual interest rate from 9.5% to 7.5% | The weighted-average term was not increased with the changes to this portfolio | ||
Dealer floorplans | ||||
Commercial other | Added a weighted-average 1.4 years to life of the loans | |||
Real estate mortgage | Resulted in no change of the weighted average contractual interest rate of 3.0% | Added a weighted-average 2.8 years to life of the loans | ||
Home equity lines | Added a weighted-average 6.8 years to life of the loans | |||
Consumer direct | Removed a weighted-average 0.6 years from the life of the loans | |||
Consumer indirect | Added a weighted-average 0.3 years to the life of the loans |
Loan Type | Combination – Term Extension and Interest Rate Reduction Financial Impact | Payment Changes Financial Impact | ||
Hotel/motel | ||||
Commercial real estate residential | Reduced weighted-average contractual interest rate from 10.4% to 7.2% and increased the weighted-average life by 5.9 years | |||
Commercial real estate nonresidential | ||||
Dealer floorplans | ||||
Commercial other | Provided payment changes that will be added to the end of the original loan term | |||
Real estate mortgage | Reduced weighted-average contractual interest rate from 7.1% to 6.1% and increased the weighted-average life by 11.3 years | |||
Home equity lines | Reduced weighted-average contractual interest rate from 9.1% to 8.0% and increased the weighted-average life by 10.2 years | Provided payment changes that will be added to the end of the original loan term | ||
Consumer direct | Provided payment changes that will be added to the end of the original loan term | |||
Consumer indirect |
Three Months Ended June 30, 2022 | ||||||||||||||||
Pre-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial real estate nonresidential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial other | 5 | 5,562 | 0 | 5,562 | ||||||||||||
Total commercial loans | 5 | 5,562 | 0 | 5,562 | ||||||||||||
Real estate mortgage | 1 | 305 | 0 | 305 | ||||||||||||
Total residential loans | 1 | 305 | 0 | 305 | ||||||||||||
Total troubled debt restructurings | 6 | $ | 5,867 | $ | 0 | $ | 5,867 |
Three Months Ended June 30, 2022 | ||||||||||||||||
Post-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial real estate nonresidential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial other | 5 | 5,562 | 0 | 5,562 | ||||||||||||
Total commercial loans | 5 | 5,562 | 0 | 5,562 | ||||||||||||
Real estate mortgage | 1 | 305 | 0 | 305 | ||||||||||||
Total residential loans | 1 | 305 | 0 | 305 | ||||||||||||
Total troubled debt restructurings | 6 | $ | 5,867 | $ | 0 | $ | 5,867 |
Six Months Ended June 30, 2022 | ||||||||||||||||
Pre-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 2 | | 154 | | 0 | 154 | ||||||||||
Commercial real estate nonresidential | 2 | 245 | 0 | 245 | ||||||||||||
Commercial other | 9 | 6,526 | 0 | 6,526 | ||||||||||||
Total commercial loans | 13 | 6,925 | 0 | 6,925 | ||||||||||||
Real estate mortgage | 3 | 305 | 916 | 1,221 | ||||||||||||
Total residential loans | 3 | 305 | 916 | 1,221 | ||||||||||||
Total troubled debt restructurings | 16 | $ | 7,230 | $ | 916 | $ | 8,146 |
Six Months Ended June 30, 2022 | ||||||||||||||||
Post-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 2 | 154 | 0 | 154 | ||||||||||||
Commercial real estate nonresidential | 2 | 244 | 0 | 244 | ||||||||||||
Commercial other | 9 | 6,525 | 0 | 6,525 | ||||||||||||
Total commercial loans | 13 | 6,923 | 0 | 6,923 | ||||||||||||
Real estate mortgage | 3 | 305 | 916 | 1,221 | ||||||||||||
Total residential loans | 3 | 305 | 916 | 1,221 | ||||||||||||
Total troubled debt restructurings | 16 | $ | 7,228 | $ | 916 | $ | 8,144 |
Year Ended December 31, 2022 | ||||||||||||||||||||
Pre-Modification Outstanding Balance | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Other | Total Modification | |||||||||||||||
Commercial real estate residential | 6 | $ | 659 | $ | 0 | $ | 66 | $ | 725 | |||||||||||
Commercial real estate nonresidential | 8 | 1,206 | 0 | 118 | 1,324 | |||||||||||||||
Hotel/motel | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Commercial other | 22 | 12,812 | 0 | 66 | 12,878 | |||||||||||||||
Total commercial loans | 36 | 14,677 | 0 | 250 | 14,927 | |||||||||||||||
Real estate mortgage | 5 | 593 | 1,309 | 0 | 1,902 | |||||||||||||||
Total residential loans | 5 | 593 | 1,309 | 0 | 1,902 | |||||||||||||||
Total troubled debt restructurings | 41 | $ | 15,270 | $ | 1,309 | $ | 250 | $ | 16,829 |
Year Ended December 31, 2022 | ||||||||||||||||||||
Post-Modification Outstanding Balance | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Other | Total Modification | |||||||||||||||
Commercial real estate residential | 6 | $ | 659 | $ | 0 | $ | 66 | $ | 725 | |||||||||||
Commercial real estate nonresidential | 8 | 1,342 | 0 | 118 | 1,460 | |||||||||||||||
Hotel/motel | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Commercial other | 22 | 12,811 | 0 | 66 | 12,877 | |||||||||||||||
Total commercial loans | 36 | 14,812 | 0 | 250 | 15,062 | |||||||||||||||
Real estate mortgage | 5 | 593 | 1,309 | 0 | 1,902 | |||||||||||||||
Total residential loans | 5 | 593 | 1,309 | 0 | 1,902 | |||||||||||||||
Total troubled debt restructurings | 41 | $ | 15,405 | $ | 1,309 | $ | 250 | $ | 16,964 |
Year Ended December 31, 2021 | ||||||||||||||||||||
Pre-Modification Outstanding Balance | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Other | Total Modification | |||||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Commercial real estate residential | 6 | 388 | 0 | 0 | 388 | |||||||||||||||
Commercial real estate nonresidential | 9 | 4,179 | 2,988 | 0 | 7,167 | |||||||||||||||
Commercial other | 5 | 417 | 0 | 0 | 417 | |||||||||||||||
Total commercial loans | 20 | 4,984 | 2,988 | 0 | 7,972 | |||||||||||||||
Real estate mortgage | 3 | 278 | 277 | 262 | 817 | |||||||||||||||
Total residential loans | 3 | 278 | 277 | 262 | 817 | |||||||||||||||
Total troubled debt restructurings | 23 | $ | 5,262 | $ | 3,265 | $ | 262 | $ | 8,789 |
Year Ended December 31, 2021 | ||||||||||||||||||||
Post-Modification Outstanding Balance | ||||||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Other | Total Modification | |||||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Commercial real estate residential | 6 | 424 | 0 | 0 | 424 | |||||||||||||||
Commercial real estate nonresidential | 9 | 4,282 | 3,000 | 0 | 7,282 | |||||||||||||||
Commercial other | 5 | 340 | 0 | 0 | 340 | |||||||||||||||
Total commercial loans | 20 | 5,046 | 3,000 | 0 | 8,046 | |||||||||||||||
Real estate mortgage | 3 | 279 | 277 | 262 | 818 | |||||||||||||||
Total residential loans | 3 | 279 | 277 | 262 | 818 | |||||||||||||||
Total troubled debt restructurings | 23 | $ | 5,325 | $ | 3,277 | $ | 262 | $ | 8,864 |
Three Months Ended June 30, 2021 | ||||||||||||||||
Pre-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial real estate nonresidential | 4 | 2,081 | 136 | 2,217 | ||||||||||||
Commercial other | 2 | 298 | 0 | 298 | ||||||||||||
Total commercial loans | 6 | 2,379 | 136 | 2,515 | ||||||||||||
Real estate mortgage | 0 | 0 | 0 | 0 | ||||||||||||
Total residential loans | 0 | 0 | 0 | 0 | ||||||||||||
Total troubled debt restructurings | 6 | $ | 2,379 | $ | 136 | $ | 2,515 |
Three Months Ended June 30, 2021 | ||||||||||||||||
Post-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial real estate nonresidential | 4 | 2,086 | 154 | 2,240 | ||||||||||||
Commercial other | 2 | 216 | 0 | 216 | ||||||||||||
Total commercial loans | 6 | 2,302 | 154 | 2,456 | ||||||||||||
Real estate mortgage | 0 | 0 | 0 | 0 | ||||||||||||
Total residential loans | 0 | 0 | 0 | 0 | ||||||||||||
Total troubled debt restructurings | 6 | $ | 2,302 | $ | 154 | $ | 2,456 |
Six Months Ended June 30, 2021 | ||||||||||||||||
Pre-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial real estate nonresidential | 5 | 2,081 | 420 | 2,501 | ||||||||||||
Commercial other | 2 | 298 | 0 | 298 | ||||||||||||
Total commercial loans | 7 | 2,379 | 420 | 2,799 | ||||||||||||
Real estate mortgage | 0 | 0 | 0 | 0 | ||||||||||||
Total residential loans | 0 | 0 | 0 | 0 | ||||||||||||
Total troubled debt restructurings | 7 | $ | 2,379 | $ | 420 | $ | 2,799 |
Six Months Ended June 30, 2021 | ||||||||||||||||
Post-Modification Outstanding Balance | ||||||||||||||||
(in thousands) | Number of Loans | Term Modification | Combination | Total Modification | ||||||||||||
Hotel/motel | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Commercial real estate residential | 0 | 0 | 0 | 0 | ||||||||||||
Commercial real estate nonresidential | 5 | 2,086 | 438 | 2,524 | ||||||||||||
Commercial other | 2 | 216 | 0 | 216 | ||||||||||||
Total commercial loans | 7 | 2,302 | 438 | 2,740 | ||||||||||||
Real estate mortgage | 0 | 0 | 0 | 0 | ||||||||||||
Total residential loans | 0 | 0 | 0 | 0 | ||||||||||||
Total troubled debt restructurings | 7 | $ | 2,302 | $ | 438 | $ | 2,740 |
Past Due Status (Amortized Cost Basis) | ||||||||||||||||
Current | 30-89 Days | 90+ Days | Nonaccrual | |||||||||||||
Hotel/motel | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Commercial real estate residential | 1,741 | 40 | 0 | 0 | ||||||||||||
Commercial real estate nonresidential | 9,373 | 0 | 0 | 0 | ||||||||||||
Dealer floorplans | 0 | 0 | 0 | 0 | ||||||||||||
Commercial other | 1,145 | 292 | 0 | 337 | ||||||||||||
Real estate mortgage | 3,374 | 125 | 118 | 185 | ||||||||||||
Home equity lines | 168 | 59 | 0 | 22 | ||||||||||||
Consumer direct | 239 | 5 | 0 | 0 | ||||||||||||
Consumer indirect | 371 | 78 | 0 | 0 | ||||||||||||
Total | $ | 16,411 | $ | 599 | $ | 118 | $ | 544 |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||
(in thousands) | Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | ||||||||||||
Commercial: | ||||||||||||||||
Hotel/motel | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Commercial other | 0 | 0 | 0 | 0 | ||||||||||||
Residential: | ||||||||||||||||
Real estate mortgage | 0 | 0 | 0 | 0 | ||||||||||||
Total defaulted restructured loans | 0 | $ | 0 | 0 | $ | 0 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||
(in thousands) | Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | ||||||||||||
Commercial: | ||||||||||||||||
Hotel/motel | 1 | $ | 1,113 | 1 | $ | 1,113 | ||||||||||
Residential: | ||||||||||||||||
Real estate mortgage | 1 | 275 | 1 | 275 | ||||||||||||
Total defaulted restructured loans | 2 | $ | 1,388 | 2 | $ | 1,388 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | June 30 | June 30 | |||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Beginning balance of other real estate owned | $ | 2,299 | $ | 6,224 | $ | 3,486 | $ | 7,694 | $ | 2,776 | $ | 2,299 | $ | 3,671 | $ | 3,486 | ||||||||||||||||
New assets acquired | 307 | 421 | 444 | 251 | 124 | 307 | 175 | 444 | ||||||||||||||||||||||||
Capitalized costs | 73 | 0 | 73 | 0 | 40 | 73 | 40 | 73 | ||||||||||||||||||||||||
Fair value adjustments | (23 | ) | (350 | ) | (269 | ) | (504 | ) | (25 | ) | (23 | ) | (106 | ) | (269 | ) | ||||||||||||||||
Sale of assets | (702 | ) | (447 | ) | (1,780 | ) | (1,593 | ) | (868 | ) | (702 | ) | (1,733 | ) | (1,780 | ) | ||||||||||||||||
Ending balance of other real estate owned | $ | 1,954 | $ | 5,848 | $ | 1,954 | $ | 5,848 | $ | 2,047 | $ | 1,954 | $ | 2,047 | $ | 1,954 |
(in thousands) | June 30 2022 | December 31 2021 | June 30 2023 | December 31 2022 | ||||||||||||
1-4 family | $ | 638 | $ | 1,130 | $ | 574 | $ | 859 | ||||||||
Construction/land development/other | 449 | 480 | 683 | 867 | ||||||||||||
Multifamily | 0 | 88 | ||||||||||||||
Non-farm/non-residential | 867 | 1,788 | 790 | 1,945 | ||||||||||||
Total foreclosed properties | $ | 1,954 | $ | 3,486 | $ | 2,047 | $ | 3,671 |
June 30, 2022 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | |||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||
U.S. Treasury and government agencies | $ | 4,081 | $ | 1,565 | $ | 2,151 | $ | 10,574 | $ | 18,371 | ||||||||||
State and political subdivisions | 89,371 | 521 | 1,963 | 15,745 | 107,600 | |||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 25,429 | 8,914 | 5,886 | 72,533 | 112,762 | |||||||||||||||
Total | $ | 118,881 | $ | 11,000 | $ | 10,000 | $ | 98,852 | $ | 238,733 |
December 31, 2021 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | ||||||||||||||||||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 3,176 | $ | 16 | $ | 5,400 | $ | 10,040 | $ | 18,632 | $ | 19,951 | $ | 2,000 | $ | 0 | $ | 22,608 | $ | 44,559 | ||||||||||||||||||||
State and political subdivisions | 83,375 | 484 | 13,633 | 9,427 | 106,919 | 99,257 | 1,391 | 0 | 7,898 | 108,546 | ||||||||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 24,689 | 0 | 85,967 | 34,881 | 145,537 | 23,552 | 7,609 | 0 | 43,633 | 74,794 | ||||||||||||||||||||||||||||||
Asset-backed securities | 1,121 | 0 | 0 | 0 | 1,121 | |||||||||||||||||||||||||||||||||||
Total | $ | 111,240 | $ | 500 | $ | 105,000 | $ | 54,348 | $ | 271,088 | $ | 143,881 | $ | 11,000 | $ | 0 | $ | 74,139 | $ | 229,020 |
December 31, 2022 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
(in thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater Than 90 days | Total | |||||||||||||||
Repurchase agreements and repurchase-to-maturity transactions: | ||||||||||||||||||||
U.S. Treasury and government agencies | $ | 21,679 | $ | 34 | $ | 2,979 | $ | 1,832 | $ | 26,524 | ||||||||||
State and political subdivisions | 96,627 | 466 | 9,634 | 2,140 | 108,867 | |||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 17,964 | 0 | 52,387 | 9,385 | 79,736 | |||||||||||||||
Asset-backed securities | 304 | 0 | 0 | 0 | 304 | |||||||||||||||
Total | $ | 136,574 | $ | 500 | $ | 65,000 | $ | 13,357 | $ | 215,431 |
Fair Value Measurements at June 30, 2022 Using | Fair Value Measurements at June 30, 2023 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – recurring basis | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 430,277 | $ | 386,192 | $ | 44,085 | $ | 0 | $ | 365,394 | $ | 341,199 | $ | 24,195 | $ | 0 | ||||||||||||||||
State and political subdivisions | 279,226 | 0 | 279,226 | 0 | 259,825 | 0 | 259,825 | 0 | ||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 601,568 | 0 | 601,568 | 0 | 487,899 | 0 | 487,899 | 0 | ||||||||||||||||||||||||
Asset-backed securities | 91,056 | 0 | 91,056 | 0 | 88,135 | 0 | 88,135 | 0 | ||||||||||||||||||||||||
Equity securities at fair value | 2,128 | 0 | 0 | 2,128 | 2,545 | 0 | 0 | 2,545 | ||||||||||||||||||||||||
Mortgage servicing rights | 8,220 | 0 | 0 | 8,220 | 8,230 | 0 | 0 | 8,230 |
Fair Value Measurements at December 31, 2021 Using | Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – recurring basis | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 295,770 | $ | 242,214 | $ | 53,556 | $ | 0 | $ | 381,932 | $ | 346,265 | $ | 35,667 | $ | 0 | ||||||||||||||||
State and political subdivisions | 334,203 | 0 | 334,203 | 0 | 265,102 | 0 | 265,102 | 0 | ||||||||||||||||||||||||
U.S. government sponsored agency mortgage-backed securities | 730,809 | 0 | 730,809 | 0 | 520,085 | 0 | 520,085 | 0 | ||||||||||||||||||||||||
Asset-backed securities | 94,647 | 0 | 94,647 | 0 | 89,107 | 0 | 89,107 | 0 | ||||||||||||||||||||||||
Equity securities at fair value | 2,253 | 0 | 0 | 2,253 | 2,166 | 0 | 0 | 2,166 | ||||||||||||||||||||||||
Mortgage servicing rights | 6,774 | 0 | 0 | 6,774 | 8,468 | 0 | 0 | 8,468 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | ||||||||||||||||||||||||
Beginning balance | $ | 2,352 | $ | 7,748 | $ | 2,243 | $ | 5,584 | $ | 2,380 | $ | 8,121 | $ | 2,352 | $ | 7,748 | ||||||||||||||||
Total unrealized gains (losses) | ||||||||||||||||||||||||||||||||
Included in net income | (224 | ) | 468 | 280 | (129 | ) | 165 | 80 | (224 | ) | 468 | |||||||||||||||||||||
Issues | 0 | 223 | 0 | 674 | 0 | 46 | 0 | 223 | ||||||||||||||||||||||||
Settlements | 0 | (219 | ) | 0 | (230 | ) | 0 | (17 | ) | 0 | (219 | ) | ||||||||||||||||||||
Ending balance | $ | 2,128 | $ | 8,220 | $ | 2,523 | $ | 5,899 | $ | 2,545 | $ | 8,230 | $ | 2,128 | $ | 8,220 | ||||||||||||||||
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | (224 | ) | $ | 468 | $ | 280 | $ | (129 | ) | $ | 165 | $ | 80 | $ | (224 | ) | $ | 468 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | Equity Securities at Fair Value | Mortgage Servicing Rights | ||||||||||||||||||||||||
Beginning balance | $ | 2,253 | $ | 6,774 | $ | 2,471 | $ | 4,068 | $ | 2,166 | $ | 8,468 | $ | 2,253 | $ | 6,774 | ||||||||||||||||
Total unrealized gains (losses) | ||||||||||||||||||||||||||||||||
Included in net income | (125 | ) | 1,451 | 52 | 901 | 379 | (134 | ) | (125 | ) | 1,451 | |||||||||||||||||||||
Issues | 0 | 452 | 0 | 1,410 | 0 | 96 | 0 | 452 | ||||||||||||||||||||||||
Settlements | 0 | (457 | ) | 0 | (480 | ) | 0 | (200 | ) | 0 | (457 | ) | ||||||||||||||||||||
Ending balance | $ | 2,128 | $ | 8,220 | $ | 2,523 | $ | 5,899 | $ | 2,545 | $ | 8,230 | $ | 2,128 | $ | 8,220 | ||||||||||||||||
Total gains (losses) for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date | $ | (125 | ) | $ | 1,451 | $ | 52 | $ | 901 | $ | 379 | $ | (134 | ) | $ | (125 | ) | $ | 1,451 |
Noninterest Income | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30 | June 30 | June 30 | June 30 | |||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Total gains (losses) | $ | 25 | $ | (79 | ) | $ | 869 | $ | 473 | |||||||||||||||||||||||
Total gains | $ | 227 | $ | 25 | $ | 44 | $ | 869 |
Fair Value Measurements at June 30, 2022 Using | Fair Value Measurements at June 30, 2023 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – nonrecurring basis | ||||||||||||||||||||||||||||||||
Collateral dependent loans | $ | 4,418 | $ | 0 | $ | 0 | $ | 4,418 | ||||||||||||||||||||||||
Other real estate owned | 621 | 0 | 0 | 621 | $ | 177 | $ | 0 | $ | 0 | $ | 177 |
Fair Value Measurements at December 31, 2021 Using | Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets measured – nonrecurring basis | ||||||||||||||||||||||||||||||||
Collateral dependent loans | $ | 1,238 | $ | 0 | $ | 0 | $ | 1,238 | $ | 2,703 | $ | 0 | $ | 0 | $ | 2,703 | ||||||||||||||||
Other real estate owned | 1,487 | 0 | 0 | 1,487 | 570 | 0 | 0 | 570 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
(in thousands) | Fair Value at June 30, 2022 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | Fair Value at June 30, 2023 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||||
Equity securities at fair value | $ | 2,128 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) | $ | 2,545 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) | |||||||
Conversion date | Dec 2024 – Dec 2028 (Dec 2026) | Conversion date | Dec 2025 - Dec 2029 (Dec 2027) | ||||||||||||||
Mortgage servicing rights | $ | 8,220 | Discount cash flows, computer pricing model | Constant prepayment rate | 7.0% - 25.2% (7.3%) | $ | 8,230 | Discount cash flows, computer pricing model | Constant prepayment rate | 0.0% - 26.7% (7.4%) | |||||||
Probability of default | 0.0% - 100.0% (1.0%) | Probability of default | 0.0% - 100% (1.3%) | ||||||||||||||
Discount rate | 9.5% - 11.6% (10.0%) | Discount rate | 9.5% - 11.5% (10.0%) | ||||||||||||||
Collateral dependent loans | $ | 4,418 | Market comparable properties | Marketability discount | 20.0% - 30.0% (27.0%) | ||||||||||||
Other real estate owned | $ | 621 | Market comparable properties | Comparability adjustments | 10.0% - 31.4% (12.4%) | $ | 177 | Market comparable properties | Comparability adjustments | 0.0% - 10.0% (10.0%) |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in thousands) | Fair Value at December 31, 2021 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||
Equity securities at fair value | $ | 2,253 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) | ||||
Conversion date | Dec 2024 – Dec 2028 (Dec 2026) | ||||||||
Mortgage servicing rights | $ | 6,774 | Discount cash flows, computer pricing model | Constant prepayment rate | 7.0% - 26.7% (10.0%) | ||||
Probability of default | 0.0% - 75.0% (1.4%) | ||||||||
Discount rate | 10.0% - 11.5% (10.1%) | ||||||||
Collateral-dependent loans | $ | 1,238 | Market comparable properties | Marketability discount | 20.0% - 62.0% (41.0%) | ||||
Other real estate owned | $ | 1,487 | Market comparable properties | Comparability adjustments | 10.0% - 45.5% (15.1%) |
Quantitative Information about Level 3 Fair Value Measurements | ||||||||
(in thousands) | Fair Value at December 31, 2022 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||
Equity securities at fair value | $ | 2,166 | Discount cash flows, computer pricing model | Discount rate | 8.0% - 12.0% (10.0%) | |||
Conversion date | Dec 2025 - Dec 2029 (Dec 2027) | |||||||
Mortgage servicing rights | $ | 8,468 | Discount cash flows, computer pricing model | Constant prepayment rate | 6.5% - 28.0% (7.1%) | |||
Probability of default | 0.0% - 100.0% (1.2%) | |||||||
Discount rate | 9.5% - 12.0% (10.0%) | |||||||
Collateral-dependent loans | $ | 2,703 | Market comparable properties | Marketability discount | 52.0% - 52.0% (52.0%) | |||
Other real estate owned | $ | 570 | Market comparable properties | Comparability adjustments | 10.0% - 30.6% (10.9%) |
Fair Value Measurements at June 30, 2022 Using | Fair Value Measurements at June 30, 2023 Using | |||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 213,666 | $ | 213,666 | $ | 0 | $ | 0 | $ | 109,545 | $ | 109,545 | $ | 0 | $ | 0 | ||||||||||||||||
Certificates of deposit in other banks | 245 | 0 | 245 | 0 | 245 | 0 | 245 | 0 | ||||||||||||||||||||||||
Debt securities available-for-sale | 1,402,127 | 386,192 | 1,015,935 | 0 | 1,201,253 | 341,199 | 860,054 | 0 | ||||||||||||||||||||||||
Equity securities at fair value | 2,128 | 0 | 0 | 2,128 | 2,545 | 0 | 0 | 2,545 | ||||||||||||||||||||||||
Loans held for sale | 936 | 957 | 0 | 0 | 238 | 244 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 3,516,099 | 0 | 0 | 3,540,555 | 3,881,677 | 0 | 0 | 3,717,729 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 8,139 | 0 | 8,139 | 0 | 6,545 | 0 | 6,545 | 0 | ||||||||||||||||||||||||
Federal Reserve Bank stock | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | ||||||||||||||||||||||||
Accrued interest receivable | 15,801 | 0 | 15,801 | 0 | 20,257 | 0 | 20,257 | 0 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 4,472,928 | $ | 1,408,148 | $ | 3,084,034 | $ | 0 | $ | 4,516,660 | $ | 1,361,078 | $ | 3,163,628 | $ | 0 | ||||||||||||||||
Repurchase agreements | 238,733 | 0 | 0 | 238,899 | 229,020 | 0 | 0 | 229,277 | ||||||||||||||||||||||||
Federal funds purchased | 500 | 0 | 500 | 0 | 500 | 0 | 500 | 0 | ||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 365 | 0 | 385 | 0 | 345 | 0 | 242 | 0 | ||||||||||||||||||||||||
Long-term debt | 57,841 | 0 | 0 | 44,380 | 64,350 | 0 | 0 | 52,043 | ||||||||||||||||||||||||
Accrued interest payable | 1,863 | 0 | 1,863 | 0 | 5,624 | 0 | 5,624 | 0 | ||||||||||||||||||||||||
Unrecognized financial instruments: | ||||||||||||||||||||||||||||||||
Letters of credit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commitments to extend credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Forward sale commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fair Value Measurements at December 31, 2021 Using | Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 311,756 | $ | 311,756 | $ | 0 | $ | 0 | $ | 128,686 | $ | 128,686 | $ | 0 | $ | 0 | ||||||||||||||||
Certificates of deposit in other banks | 245 | 0 | 245 | 0 | 245 | 0 | 245 | 0 | ||||||||||||||||||||||||
Debt securities available-for-sale | 1,455,429 | 242,214 | 1,213,215 | 0 | 1,256,226 | 346,265 | 909,961 | 0 | ||||||||||||||||||||||||
Equity securities at fair value | 2,253 | 0 | 0 | 2,253 | 2,166 | 0 | 0 | 2,166 | ||||||||||||||||||||||||
Loans held for sale | 2,632 | 2,693 | 0 | 0 | 109 | 112 | 0 | 0 | ||||||||||||||||||||||||
Loans, net | 3,367,057 | 0 | 0 | 3,480,803 | 3,663,309 | 0 | 0 | 3,511,810 | ||||||||||||||||||||||||
Federal Home Loan Bank stock | 8,139 | 0 | 8,139 | 0 | 6,676 | 0 | 6,676 | 0 | ||||||||||||||||||||||||
Federal Reserve Bank stock | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | 4,887 | 0 | ||||||||||||||||||||||||
Accrued interest receivable | 15,415 | 0 | 15,415 | 0 | 19,592 | 0 | 19,592 | 0 | ||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 4,344,292 | $ | 1,331,103 | $ | 3,043,339 | $ | 0 | $ | 4,426,143 | $ | 1,394,915 | $ | 3,050,144 | $ | 0 | ||||||||||||||||
Repurchase agreements | 271,088 | 0 | 0 | 271,186 | 215,431 | 0 | 0 | 215,542 | ||||||||||||||||||||||||
Federal funds purchased | 500 | 0 | 500 | 0 | 500 | 0 | 500 | 0 | ||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 375 | 0 | 400 | 0 | 355 | 0 | 380 | 0 | ||||||||||||||||||||||||
Long-term debt | 57,841 | 0 | 0 | 45,854 | 57,841 | 0 | 0 | 55,860 | ||||||||||||||||||||||||
Accrued interest payable | 1,016 | 0 | 1,016 | 0 | 2,237 | 0 | 2,237 | 0 | ||||||||||||||||||||||||
Unrecognized financial instruments: | ||||||||||||||||||||||||||||||||
Letters of credit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Commitments to extend credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Forward sale commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | June 30 | June 30 | |||||||||||||||||||||||||||||
(in thousands except per share data) | 2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Net income | $ | 20,271 | $ | 23,931 | $ | 39,999 | $ | 47,549 | $ | 19,404 | $ | 20,271 | $ | 38,717 | $ | 39,999 | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||
Weighted average shares | 17,835 | 17,784 | 17,827 | 17,779 | 17,884 | 17,835 | 17,877 | 17,827 | ||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||
Effect of dilutive stock options and restricted stock grants | 8 | 16 | 11 | 15 | 6 | 8 | 8 | 11 | ||||||||||||||||||||||||
Adjusted weighted average shares | 17,843 | 17,800 | 17,838 | 17,794 | 17,890 | 17,843 | 17,885 | 17,838 | ||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 1.14 | $ | 1.35 | $ | 2.24 | $ | 2.67 | $ | 1.09 | $ | 1.14 | $ | 2.17 | $ | 2.24 | ||||||||||||||||
Diluted earnings per share | 1.14 | 1.34 | 2.24 | 2.67 | 1.08 | 1.14 | 2.16 | 2.24 |
Amounts Reclassified from AOCI | ||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Affected line item in the statements of income | ||||||||||||||||
Securities gains (losses) | $ | (1 | ) | $ | 0 | $ | (1 | ) | $ | 60 | ||||||
Tax expense (benefit) | 0 | 0 | 0 | 16 | ||||||||||||
Total reclassifications out of AOCI | $ | (1 | ) | $ | 0 | $ | (1 | ) | $ | 44 |
Amounts Reclassified from AOCI | ||||||||||||||||
(in thousands) | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Affected line item in the statements of income | ||||||||||||||||
Securities gains (losses) | $ | 0 | $ | (1 | ) | $ | 4 | $ | (1 | ) | ||||||
Tax expense (benefit) | 0 | 0 | 1 | 0 | ||||||||||||
Total reclassifications out of AOCI | $ | 0 | $ | (1 | ) | $ | 3 | $ | (1 | ) |
❖ | Our Business |
❖ | Financial Goals and Performance |
❖ | Results of Operations and Financial Condition |
❖ | Liquidity and Market Risk |
❖ | Interest Rate Risk |
❖ | Capital Resources |
❖ | Impact of Inflation, Changing Prices, and Economic Conditions |
❖ | Stock Repurchase Program |
❖ | Critical Accounting Policies and Estimates |
❖ | Net interest income for the quarter of |
❖ | Provision for |
❖ | Our loan portfolio increased |
❖ |
❖ |
❖ | Deposits, including repurchase agreements, |
❖ | Shareholders’ equity |
❖ | Noninterest income for the quarter ended June 30, |
❖ | Noninterest expense for the quarter ended June 30, |
Six Months Ended June 30 | Change 2023 vs. 2022 | |||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change 2022 vs. 2021 | 2023 | 2022 | Amount | Percent | |||||||||||||||||||||||||
Quarter Ended June 30 | Amount | Percent | ||||||||||||||||||||||||||||||
Net interest income | $ | 80,822 | $ | 80,249 | $ | 573 | 0.7 | % | $ | 86,995 | $ | 80,822 | $ | 6,173 | 7.6 | % | ||||||||||||||||
Provision for credit losses (recovery) | 952 | (6,756 | ) | 7,708 | (114.1 | ) | ||||||||||||||||||||||||||
Provision for credit losses | 3,125 | 952 | 2,173 | 228.2 | ||||||||||||||||||||||||||||
Noninterest income | 29,466 | 31,098 | (1,632 | ) | (5.2 | ) | 28,438 | 29,466 | (1,028 | ) | (3.5 | ) | ||||||||||||||||||||
Noninterest expense | 59,337 | 57,808 | 1,529 | 2.6 | 62,915 | 59,337 | 3,578 | 6.0 | ||||||||||||||||||||||||
Income taxes | 10,000 | 12,746 | (2,746 | ) | (21.5 | ) | 10,676 | 10,000 | 676 | 6.8 | ||||||||||||||||||||||
Net income | $ | 39,999 | $ | 47,549 | $ | (7,550 | ) | (15.9 | )% | $ | 38,717 | $ | 39,999 | $ | (1,282 | ) | (3.2 | )% | ||||||||||||||
Average earning assets | $ | 5,137,421 | $ | 5,071,907 | $ | 65,514 | 1.3 | % | $ | 5,160,712 | $ | 5,137,421 | $ | 23,291 | 0.5 | % | ||||||||||||||||
Yield on average earnings assets, tax equivalent* | 3.51 | % | 3.52 | % | (0.01) | % | (0.4) | % | 4.94 | % | 3.51 | % | 1.43 | % | 40.9 | % | ||||||||||||||||
Cost of interest bearing funds | 0.48 | % | 0.47 | % | 0.01 | % | 3.4 | % | 2.30 | % | 0.48 | % | 1.82 | % | 376.7 | % | ||||||||||||||||
Net interest margin, tax equivalent* | 3.19 | % | 3.21 | % | (0.02 | )% | (0.5 | )% | 3.42 | % | 3.19 | % | 0.23 | % | 7.3 | % |
($ in thousands) | 2Q 2022 | 1Q 2022 | 2Q 2021 | Percent Change 2Q 2022 Compared to: | YTD 2022 | YTD 2021 | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2Q 2023 Compared to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2Q 2022 | 1Q 2022 | 2Q 2021 | 1Q 2022 | 2Q 2021 | YTD 2022 | YTD 2021 | Percent Change | 2Q 2023 | 1Q 2023 | 2Q 2022 | 1Q 2023 | 2Q 2022 | YTD 2023 | YTD 2022 | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Income on earning assets | $ | 45,352 | $ | 43,527 | $ | 43,875 | 4.2 | % | 3.4 | % | $ | 88,879 | $ | 88,086 | 0.9 | % | $ | 64,827 | $ | 60,995 | $ | 45,352 | 6.3 | % | 42.9 | % | $ | 125,822 | $ | 88,879 | 41.6 | % | ||||||||||||||||||||||||||||||||
Expense on interest bearing liabilities | 4,562 | 3,495 | 3,868 | 30.5 | 17.9 | 8,057 | 7,837 | 2.8 | 21,748 | 17,079 | 4,562 | 27.3 | 376.7 | 38,827 | 8,057 | 381.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 40,790 | $ | 40,032 | $ | 40,007 | 1.9 | % | 2.0 | % | $ | 80,822 | $ | 80,249 | 0.7 | % | 43,079 | 43,916 | 40,790 | (1.9 | ) | 5.6 | 86,995 | 80,822 | 7.6 | |||||||||||||||||||||||||||||||||||||||
TEQ | 232 | 235 | 230 | (1.3 | ) | 0.9 | 467 | 447 | 4.5 | 298 | 298 | 232 | 0.1 | 28.6 | 596 | 467 | 27.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, tax equivalent | $ | 41,022 | $ | 40,267 | $ | 40,237 | 1.9 | % | 1.9 | % | $ | 81,289 | $ | 80,696 | 0.7 | $ | 43,377 | $ | 44,214 | $ | 41,022 | (1.9 | %) | 5.7 | % | $ | 87,591 | $ | 81,289 | 7.8 | % | |||||||||||||||||||||||||||||||||
Average yield and rates paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets yield | 3.56 | % | 3.46 | % | 3.41 | % | 2.9 | % | 4.2 | % | 3.51 | % | 3.52 | % | (0.4 | )% | 5.03 | % | 4.84 | % | 3.56 | % | 3.9 | % | 41.5 | % | 4.94 | % | 3.51 | % | 40.9 | % | ||||||||||||||||||||||||||||||||
Rate paid on interest bearing liabilities | 0.54 | 0.42 | 0.45 | 28.2 | 19.7 | 0.48 | 0.47 | 3.4 | 2.54 | 2.06 | 0.54 | 23.3 | 368.2 | 2.30 | 0.48 | 376.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross interest margin | 3.02 | % | 3.04 | % | 2.96 | % | (0.6 | )% | 1.9 | % | 3.03 | % | 3.05 | % | (0.9 | )% | 2.49 | % | 2.78 | % | 3.02 | % | (10.4 | )% | (17.5 | )% | 2.64 | % | 3.03 | % | (12.8 | )% | ||||||||||||||||||||||||||||||||
Net interest margin | 3.20 | % | 3.18 | % | 3.11 | % | 0.6 | % | 2.8 | % | 3.19 | % | 3.21 | % | (0.5 | )% | 3.35 | % | 3.49 | % | 3.20 | % | (4.1 | )% | 4.7 | % | 3.42 | % | 3.19 | % | 7.3 | % | ||||||||||||||||||||||||||||||||
Average balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | $ | 1,454,371 | $ | 1,486,799 | $ | 1,225,369 | (2.2 | )% | 18.7 | % | $ | 1,470,495 | $ | 1,145,018 | 28.4 | % | $ | 1,230,556 | $ | 1,251,948 | $ | 1,454,371 | (1.7 | )% | (15.3 | )% | $ | 1,241,193 | $ | 1,470,495 | (15.5 | )% | ||||||||||||||||||||||||||||||||
Loans | $ | 3,538,324 | $ | 3,440,439 | $ | 3,495,655 | 2.8 | % | 1.2 | % | $ | 3,489,652 | $ | 3,521,861 | (0.9 | )% | $ | 3,836,446 | $ | 3,739,443 | $ | 3,538,324 | 2.6 | % | 8.4 | % | $ | 3,788,213 | $ | 3,489,652 | 8.6 | % | ||||||||||||||||||||||||||||||||
Earning assets | $ | 5,140,656 | $ | 5,134,150 | $ | 5,184,923 | 0.1 | % | (0.9 | )% | $ | 5,137,421 | $ | 5,071,907 | 1.3 | % | $ | 5,189,716 | $ | 5,131,385 | $ | 5,140,656 | 1.1 | % | 1.0 | % | $ | 5,160,712 | $ | 5,137,421 | 0.5 | % | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities | $ | 3,373,741 | $ | 3,350,208 | $ | 3,424,218 | 0.7 | % | (1.5 | )% | $ | 3,362,039 | $ | 3,379,958 | (0.5 | )% | $ | 3,435,072 | $ | 3,362,331 | $ | 3,373,741 | 2.2 | % | 1.8 | % | $ | 3,398,902 | $ | 3,362,039 | 1.1 | % |
($ in thousands) | 2Q 2022 | 1Q 2022 | 2Q 2021 | Percent Change 2Q 2022 Compared to: | YTD 2022 | YTD 2021 | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2Q 2023 Compared to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2Q 2022 | 1Q 2022 | 2Q 2021 | 1Q 2022 | 2Q 2021 | YTD 2022 | YTD 2021 | Percent Change | 2Q 2023 | 1Q 2023 | 2Q 2022 | 1Q 2023 | 2Q 2022 | YTD 2023 | YTD 2022 | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||
7.7 | % | 14.2 | $ | 7,513 | $ | 7,287 | $ | 7,263 | 3.1 | % | 3.4 | % | $ | 14,800 | $ | 14,009 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Trust revenue | 3,198 | 3,248 | 3,349 | (1.5 | ) | (4.5 | ) | 6,446 | 6,300 | 2.3 | 3,351 | 3,079 | 3,198 | 8.9 | 4.8 | 6,430 | 6,446 | (0.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Gains on sales of loans | 519 | 597 | 1,907 | (13.0 | ) | (72.8 | ) | 1,116 | 4,340 | (74.3 | ) | 115 | 121 | 519 | (5.3 | ) | (77.9 | ) | 236 | 1,116 | (78.9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loan related fees | 1,415 | 2,062 | 1,004 | (31.4 | ) | 41.0 | 3,477 | 3,274 | 6.2 | 1,197 | 845 | 1,415 | 41.7 | (15.4 | ) | 2,042 | 3,477 | (41.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance revenue | 702 | 691 | 581 | 1.7 | 20.8 | 1,393 | 1,154 | 20.7 | 735 | 858 | 702 | (14.4 | ) | 4.7 | 1,593 | 1,393 | 14.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Brokerage revenue | 459 | 590 | 554 | (22.2 | ) | (17.2 | ) | 1,049 | 1,011 | 3.8 | 388 | 348 | 459 | 11.5 | (15.4 | ) | 736 | 1,049 | (29.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other | 945 | 1,031 | 1,768 | (8.5 | ) | (46.7 | ) | 1,976 | 2,639 | (25.2 | ) | 1,457 | 1,144 | 945 | 27.4 | 54.3 | 2,601 | 1,976 | 31.6 | |||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 14,501 | $ | 14,965 | $ | 15,521 | (3.1 | )% | (6.6 | )% | $ | 29,466 | $ | 31,098 | (5.2 | )% | $ | 14,756 | $ | 13,682 | $ | 14,501 | 7.9 | % | 1.8 | % | $ | 28,438 | $ | 29,466 | (3.5 | )% |
($ in thousands) | 2Q 2022 | 1Q 2022 | 2Q 2021 | Percent Change 2Q 2022 Compared to: | YTD 2022 | YTD 2021 | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2Q 2022 Compared to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2Q 2022 | 1Q 2022 | 2Q 2021 | 1Q 2022 | 2Q 2021 | YTD 2022 | YTD 2021 | Percent Change | 2Q 2023 | 1Q 2023 | 2Q 2022 | 1Q 2023 | 2Q 2022 | YTD 2023 | YTD 2022 | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||
4.1 | % | 4.4 | $ | 12,732 | $ | 12,633 | $ | 12,219 | 0.8 | % | 4.2 | % | $ | 25,365 | $ | 23,958 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits | 6,315 | 5,799 | 7,254 | 8.9 | (12.9 | ) | 12,114 | 12,675 | (4.4 | ) | 5,573 | 6,275 | 6,315 | (11.2 | ) | (11.7 | ) | 11,848 | 12,114 | (2.2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net occupancy and equipment | 2,756 | 2,854 | 2,668 | (3.4 | ) | 3.3 | 5,610 | 5,496 | 2.1 | 2,895 | 3,028 | 2,756 | (4.4 | ) | 5.1 | 5,923 | 5,610 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Data processing | 2,095 | 2,201 | 1,870 | (4.8 | ) | 12.0 | 4,296 | 4,029 | 6.6 | 2,383 | 2,303 | 2,095 | 3.5 | 13.8 | 4,686 | 4,296 | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional fees | 884 | 867 | 753 | 1.9 | 17.2 | 1,751 | 1,646 | 6.4 | 912 | 816 | 884 | 11.8 | 3.2 | 1,728 | 1,751 | (1.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Advertising and marketing | 659 | 752 | 710 | (12.6 | ) | (7.3 | ) | 1,411 | 1,432 | (1.4 | ) | 704 | 820 | 659 | (14.1 | ) | 6.9 | 1,524 | 1,411 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||
Taxes other than property and payroll | 425 | 426 | 375 | (0.3 | ) | 13.3 | 851 | 745 | 14.2 | 433 | 432 | 425 | 0.1 | 1.7 | 865 | 851 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Net other real estate owned expense | 43 | 353 | 488 | (87.6 | ) | (91.1 | ) | 396 | 806 | (50.8 | ) | 61 | 119 | 43 | (48.4 | ) | 43.6 | 180 | 396 | (54.6 | ) | |||||||||||||||||||||||||||||||||||||||||||
Other | 4,582 | 4,368 | 3,674 | 4.9 | 24.8 | 8,950 | 7,861 | 13.8 | 5,332 | 5,464 | 4,582 | (2.4 | ) | 16.4 | 10,796 | 8,950 | 20.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 29,978 | $ | 29,359 | $ | 29,498 | 2.1 | % | 1.6 | % | $ | 59,337 | $ | 57,808 | 2.6 | % | $ | 31,025 | $ | 31,890 | $ | 29,978 | (2.7 | )% | 3.5 | % | $ | 62,915 | $ | 59,337 | 6.0 | % |
(dollars in thousands) | June 30, 2022 | (dollars in thousands) | June 30, 2023 | |||||||||||||||||||||||||||||||||||||
Loan Category | Balance | Variance from Prior Year | Net (Charge- Offs)/ Recoveries | Nonperforming | ACL | Balance | Variance from Prior Year | Net (Charge- Offs)/ Recoveries | Nonperforming | ACL | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||
Hotel/motel | $ | 280,956 | 9.3 | % | $ | (216 | ) | $ | 0 | $ | 4,844 | $ | 372,981 | 8.5 | % | $ | 0 | $ | 0 | $ | 5,192 | |||||||||||||||||||
Commercial real estate residential | 354,668 | 5.8 | (20 | ) | 764 | 4,200 | 393,309 | 5.5 | 53 | 1,034 | 3,749 | |||||||||||||||||||||||||||||
Commercial real estate nonresidential | 758,227 | 0.0 | 133 | 4,205 | 8,968 | 787,598 | 3.3 | 324 | 1,282 | 7,797 | ||||||||||||||||||||||||||||||
Dealer floorplans | 71,785 | 3.4 | 0 | 0 | 1,477 | 76,903 | (0.8 | ) | 0 | 0 | 1,157 | |||||||||||||||||||||||||||||
Commercial other | 324,091 | 11.6 | (142 | ) | 281 | 4,473 | 319,838 | 2.4 | (1,080 | ) | 1,030 | 6,176 | ||||||||||||||||||||||||||||
Commercial unsecured SBA PPP | 7,788 | (83.5 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial | 1,797,515 | 2.3 | (245 | ) | 5,250 | 23,962 | 1,950,629 | 4.4 | (703 | ) | 3,346 | 24,071 | ||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||||
Real estate mortgage | 793,249 | 3.4 | (141 | ) | 7,513 | 8,179 | 883,104 | 7.0 | (79 | ) | 7,299 | 7,884 | ||||||||||||||||||||||||||||
Home equity | 110,828 | 3.9 | (17 | ) | 813 | 887 | 132,033 | 9.5 | (10 | ) | 654 | 1,108 | ||||||||||||||||||||||||||||
Total residential | 904,077 | 3.5 | (158 | ) | 8,326 | 9,066 | 1,015,137 | 7.4 | (89 | ) | 7,953 | 8,992 | ||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||
Consumer direct | 159,791 | 2.0 | (85 | ) | 32 | 1,621 | 157,848 | 0.2 | (43 | ) | 6 | 2,563 | ||||||||||||||||||||||||||||
Consumer indirect | 697,060 | 12.3 | 124 | 234 | 7,695 | 806,081 | 9.3 | (253 | ) | 439 | 12,392 | |||||||||||||||||||||||||||||
Total consumer | 856,851 | 10.2 | 39 | 266 | 9,316 | 963,929 | 7.7 | (296 | ) | 445 | 14,955 | |||||||||||||||||||||||||||||
Total loans | $ | 3,558,443 | 4.4 | % | $ | (364 | ) | $ | 13,842 | $ | 42,344 | $ | 3,929,695 | 5.9 | % | $ | (1,088 | ) | $ | 11,744 | $ | 48,018 |
(dollars in thousands) | 2Q 2022 | 1Q 2022 | YE 2021 | Percent Change 2Q 2022 Compared to: | ||||||||||||||||||||||||||||||||||||
Percent Change 2Q 2023 Compared to: | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2Q 2022 | 1Q 2022 | YE 2021 | 1Q 2022 | YE 2021 | 2Q 2023 | 1Q 2023 | YE 2022 | 1Q 2023 | YE 2022 | ||||||||||||||||||||||||||||||
0.7 | % | 5.8 | $ | 1,361,078 | $ | 1,409,839 | $ | 1,394,915 | (3.5 | )% | (2.4 | )% | ||||||||||||||||||||||||||||
Interest bearing deposits | ||||||||||||||||||||||||||||||||||||||||
Interest checking | 99,055 | 89,863 | 97,064 | 10.2 | 2.1 | 142,542 | 120,678 | 112,265 | 18.1 | 27.0 | ||||||||||||||||||||||||||||||
Money market savings | 1,243,817 | 1,200,408 | 1,206,401 | 3.6 | 3.1 | 1,389,081 | 1,408,314 | 1,348,809 | (1.4 | ) | 3.0 | |||||||||||||||||||||||||||||
Savings accounts | 671,349 | 666,874 | 632,645 | 0.7 | 6.1 | 611,772 | 642,232 | 654,380 | (4.7 | ) | (6.5 | ) | ||||||||||||||||||||||||||||
Time deposits | 1,050,559 | 1,072,630 | 1,077,079 | (2.1 | ) | (2.5 | ) | 1,012,187 | 962,361 | 915,774 | 5.2 | 10.5 | ||||||||||||||||||||||||||||
Repurchase agreements | 238,733 | 254,623 | 271,088 | (6.2 | ) | (11.9 | ) | 229,020 | 208,777 | 215,431 | 9.7 | 6.3 | ||||||||||||||||||||||||||||
Total interest bearing deposits and repurchase agreements | 3,303,513 | 3,284,398 | 3,284,277 | 0.6 | % | 0.6 | % | 3,384,602 | 3,342,362 | 3,246,659 | 1.3 | 4.2 | ||||||||||||||||||||||||||||
Total deposits and repurchase agreements | $ | 4,711,661 | $ | 4,682,927 | $ | 4,615,380 | 0.6 | % | 2.1 | % | $ | 4,745,680 | $ | 4,752,201 | $ | 4,641,574 | (0.1 | )% | 2.2 | % |
(dollars in thousands) | |||||||||||||
Appraisal Aging Analysis | Holding Period Analysis | ||||||||||||
Days Since Last Appraisal | Number of Properties | Current Book Value | Holding Period | Current Book Value | |||||||||
Up to 3 months | 3 | $ | 59 | Less than one year | $ | 145 | |||||||
3 to 6 months | 16 | 1,372 | 1 year | 666 | |||||||||
6 to 9 months | 3 | 111 | 2 years | 116 | |||||||||
9 to 12 months | 4 | 110 | 3 years | 69 | |||||||||
12 to 18 months | 2 | 109 | 4 years | 68 | |||||||||
18 to 24 months | 2 | 193 | 5 years | 62 | |||||||||
Total | 30 | $ | 1,954 | 6 years | 234 | ||||||||
7 years | 310 | ||||||||||||
8 years | 284 | ||||||||||||
9 years | 0 | ||||||||||||
Total | $ | 1,954 |
Pay Date | Record Date | Amount Per Share | |||
July 1, 2023 | June 15, 2023 | $ | 0.440 | ||
April 1, 2023 | March 15, 2023 | $ | 0.440 | ||
January 1, 2023 | December 15, 2022 | $ | 0.440 | ||
October 1, 2022 | September 15, 2022 | $ | 0.440 | ||
July 1, 2022 | June 15, 2022 | $ | 0.400 | ||
April 1, 2022 | March 15, 2022 | $ | 0.400 |
Item 1. | Legal Proceedings | None |
Item 1A. | Risk Factors | None |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | None |
Item 3. | Defaults Upon Senior Securities | None |
Item 4. | Mine Safety Disclosure | Not applicable |
Item 5. | Other Information: | |
(a) Information required to be disclosed in a report on Form 8-K | None | |
(b) Changes to director nomination procedures | None | |
(c) Insider trading arrangements | ||
During the | ||
Item 6. | Exhibits: | |
(1) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
(2) Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
(3) XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL | Exhibit 101.INS | |
(4) XBRL Taxonomy Extension Schema Document | Exhibit 101.SCH | |
(5) XBRL Taxonomy Extension Calculation Linkbase | Exhibit 101.CAL | |
(6) XBRL Taxonomy Extension Definition Linkbase | Exhibit 101.DEF | |
(7) XBRL Taxonomy Extension Label Linkbase | Exhibit 101.LAB | |
(8) XBRL Taxonomy Extension Presentation Linkbase | Exhibit 101.PRE | |
(9) Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | Exhibit 104 |
COMMUNITY TRUST BANCORP, INC. | ||
Date: August 8, | By: | |
/s/ Mark A. Gooch | ||
Mark A. Gooch | ||
Vice Chairman, President, and Chief Executive Officer | ||
/s/ Kevin J. Stumbo | ||
Kevin J. Stumbo | ||
Executive Vice President, Chief Financial Officer, | ||
and Treasurer |