Delaware | 94-3327828 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
111 W. Pine Street, Lodi, California | 95240 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | Not Applicable | Not Applicable |
Large accelerated filer ☐ | Accelerated filer ☒ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
PART I. - FINANCIAL INFORMATION | Page | ||
Item 1 - Financial Statements | |||
4 | |||
5 | |||
6 | |||
7 | |||
8 | |||
9 | |||
PART II. - OTHER INFORMATION | |||
Item 1. | Financial Statements |
(Dollars in thousands, except share and per share amounts) | June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 67,136 | $ | 52,499 | $ | 82,932 | $ | 52,499 | ||||||||
Interest bearing deposits with banks | 680,652 | 662,961 | 799,951 | 662,961 | ||||||||||||
Total cash and cash equivalents | 747,788 | 715,460 | 882,883 | 715,460 | ||||||||||||
Securities available-for-sale, at fair value | 225,338 | 270,454 | 177,454 | 270,454 | ||||||||||||
Securities held-to-maturity, net of allowance for credit losses of $393 and $0, respectively, fair value $754,834 and $725,841, respectively | 867,990 | 737,052 | ||||||||||||||
Securities held-to-maturity, fair value $690,922 and $725,841, respectively | 852,665 | 737,052 | ||||||||||||||
Allowance for credit losses | (393 | ) | - | |||||||||||||
Total investment securities | 1,093,328 | 1,007,506 | 1,029,726 | 1,007,506 | ||||||||||||
Non-marketable securities | 15,549 | 15,549 | 15,549 | 15,549 | ||||||||||||
Loans and leases held for investment | 3,249,886 | 3,237,177 | 3,323,862 | 3,237,177 | ||||||||||||
Allowance for credit losses | (62,080 | ) | (61,007 | ) | (63,617 | ) | (61,007 | ) | ||||||||
Loans held for investment, net | 3,187,806 | 3,176,170 | 3,260,245 | 3,176,170 | ||||||||||||
Bank-owned life insurance | 72,513 | 71,411 | 72,566 | 71,411 | ||||||||||||
Premises and equipment, net | 46,970 | 47,730 | 49,183 | 47,730 | ||||||||||||
Deferred income tax assets | 34,839 | 25,542 | 34,411 | 25,542 | ||||||||||||
Accrued interest receivable | 18,231 | 18,098 | 20,069 | 18,098 | ||||||||||||
Goodwill | 11,183 | 11,183 | 11,183 | 11,183 | ||||||||||||
Other intangibles | 3,106 | 3,402 | 2,957 | 3,402 | ||||||||||||
Other real estate owned | 873 | 873 | 873 | 873 | ||||||||||||
Other assets | 94,495 | 84,796 | 87,136 | 84,796 | ||||||||||||
TOTAL ASSETS | $ | 5,326,681 | $ | 5,177,720 | $ | 5,466,781 | $ | 5,177,720 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits: | ||||||||||||||||
Non-interest bearing | $ | 1,753,633 | $ | 1,750,330 | $ | 1,802,623 | $ | 1,750,330 | ||||||||
Interest bearing: | ||||||||||||||||
Demand | 1,059,651 | 1,097,337 | 1,158,588 | 1,097,337 | ||||||||||||
Savings and money market | 1,577,599 | 1,400,000 | 1,587,662 | 1,400,000 | ||||||||||||
Certificate of deposits | 378,630 | 392,485 | ||||||||||||||
Certificates of deposit | 360,384 | 392,485 | ||||||||||||||
Total interest bearing | 3,015,880 | 2,889,822 | 3,106,634 | 2,889,822 | ||||||||||||
Total deposits | 4,769,513 | 4,640,152 | 4,909,257 | 4,640,152 | ||||||||||||
Subordinated debentures | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||
Interest payable and other liabilities | 85,505 | 64,122 | 79,036 | 64,122 | ||||||||||||
TOTAL LIABILITIES | 4,865,328 | 4,714,584 | 4,998,603 | 4,714,584 | ||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
Preferred shares, 0 par value, 1,000,000 shares authorized and, NaN issued or outstanding | 0 | 0 | ||||||||||||||
Common shares, $0.01 par value, 7,500,000 authorized 777,190 and 789,646 outstanding at June 30, 2022 and December 31, 2021, respectively | 8 | 8 | ||||||||||||||
Preferred shares, no par value, 1,000,000 shares authorized and, none issued or outstanding | - | - | ||||||||||||||
Common shares, $0.01 par value, 7,500,000 authorized 770,822 and 789,646 outstanding at September 30, 2022 and December 31, 2021, respectively | 8 | 8 | ||||||||||||||
Additional paid-in capital | 65,671 | 77,516 | 59,611 | 77,516 | ||||||||||||
Retained earnings | 416,722 | 387,331 | 436,258 | 387,331 | ||||||||||||
Accumulated other comprehensive (loss) / income, net of taxes | (21,048 | ) | (1,719 | ) | (27,699 | ) | (1,719 | ) | ||||||||
TOTAL SHAREHOLDERS’ EQUITY | 461,353 | 463,136 | 468,178 | 463,136 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,326,681 | $ | 5,177,720 | $ | 5,466,781 | $ | 5,177,720 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(Dollars in thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | 38,570 | $ | 36,664 | $ | 76,003 | $ | 73,751 | $ | 41,868 | $ | 36,088 | $ | 117,871 | $ | 109,839 | ||||||||||||||||
Interest and dividends on investments | 5,716 | 4,322 | 11,011 | 8,739 | 5,686 | 3,925 | 16,697 | 12,664 | ||||||||||||||||||||||||
Interest on deposits with others | 1,409 | 164 | 1,775 | 267 | 4,159 | 328 | 5,934 | 595 | ||||||||||||||||||||||||
Total interest income | 45,695 | 41,150 | 88,789 | 82,757 | 51,713 | 40,341 | 140,502 | 123,098 | ||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Deposits | 873 | 1,034 | 1,676 | 2,271 | 1,122 | 929 | 2,798 | 3,200 | ||||||||||||||||||||||||
Subordinated debentures | 103 | 79 | 185 | 158 | 134 | 78 | 319 | 236 | ||||||||||||||||||||||||
Total interest expense | 976 | 1,113 | 1,861 | 2,429 | 1,256 | 1,007 | 3,117 | 3,436 | ||||||||||||||||||||||||
Net interest income | 44,719 | 40,037 | 86,928 | 80,328 | 50,457 | 39,334 | 137,385 | 119,662 | ||||||||||||||||||||||||
Provision for credit losses | 1,500 | 0 | 1,500 | 1,250 | 1,500 | - | 3,000 | 1,250 | ||||||||||||||||||||||||
Net interest income after provision for credit losses | 43,219 | 40,037 | 85,428 | 79,078 | 48,957 | 39,334 | 134,385 | 118,412 | ||||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||||||
Card processing | 1,847 | 1,806 | 3,584 | 3,385 | 1,791 | 1,788 | 5,375 | 5,173 | ||||||||||||||||||||||||
Service charges on deposit accounts | 830 | 679 | 1,680 | 1,317 | 638 | 808 | 2,318 | 2,125 | ||||||||||||||||||||||||
Increase in cash surrender value of BOLI | 560 | 541 | 1,102 | 1,067 | 566 | 549 | 1,668 | 1,616 | ||||||||||||||||||||||||
Gain on sale of investment securities | 2 | 714 | 2 | 2,554 | ||||||||||||||||||||||||||||
Net (loss)/gain on deferred compensation benefits | (991 | ) | 492 | (579 | ) | 1,213 | ||||||||||||||||||||||||||
Net (loss)/gain on sale of investment securities available-for-sale | (2,987 | ) | - | (2,985 | ) | 2,554 | ||||||||||||||||||||||||||
Net gain/(loss) on deferred compensation benefits | 352 | 615 | (227 | ) | 1,828 | |||||||||||||||||||||||||||
Other | 1,264 | 727 | 2,035 | 2,139 | 1,199 | 857 | 3,234 | 2,996 | ||||||||||||||||||||||||
Total non-interest income | 3,512 | 4,959 | 7,824 | 11,675 | 1,559 | 4,617 | 9,383 | 16,292 | ||||||||||||||||||||||||
Non-interest expense | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 16,403 | 16,182 | 33,187 | 32,922 | 15,994 | 14,453 | 49,181 | 47,375 | ||||||||||||||||||||||||
Net (loss)/gain on deferred compensation benefits | (991 | ) | 492 | (579 | ) | 1,213 | ||||||||||||||||||||||||||
Net gain/(loss) on deferred compensation benefits | 352 | 615 | (227 | ) | 1,828 | |||||||||||||||||||||||||||
Occupancy | 1,150 | 1,178 | 2,304 | 2,409 | 1,196 | 1,145 | 3,500 | 3,554 | ||||||||||||||||||||||||
Data Processing | 1,233 | 1,213 | 2,448 | 2,437 | 1,250 | 1,251 | 3,698 | 3,688 | ||||||||||||||||||||||||
FDIC insurance | 361 | 298 | 710 | 585 | 366 | 317 | 1,076 | 902 | ||||||||||||||||||||||||
Marketing | 340 | 418 | 656 | 606 | 303 | 63 | 959 | 669 | ||||||||||||||||||||||||
Legal | 405 | 289 | 684 | 400 | 49 | 85 | 733 | 485 | ||||||||||||||||||||||||
Other | 4,130 | 3,533 | 7,409 | 6,575 | 4,865 | 2,656 | 12,274 | 9,231 | ||||||||||||||||||||||||
Total non-interest expense | 23,031 | 23,603 | 46,819 | 47,147 | 24,375 | 20,585 | 71,194 | 67,732 | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 23,700 | 21,393 | 46,433 | 43,606 | 26,141 | 23,366 | 72,574 | 66,972 | ||||||||||||||||||||||||
Income tax expense | 5,257 | 5,240 | 10,932 | 10,740 | 6,605 | 5,864 | 17,537 | 16,604 | ||||||||||||||||||||||||
NET INCOME | $ | 18,443 | $ | 16,153 | $ | 35,501 | $ | 32,866 | $ | 19,536 | $ | 17,502 | $ | 55,037 | $ | 50,368 | ||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||||||||
Basic | $ | 23.58 | $ | 20.45 | $ | 45.28 | $ | 41.62 | $ | 25.20 | $ | 22.16 | $ | 70.47 | $ | 63.79 | ||||||||||||||||
Diluted | $ | 23.58 | $ | 20.45 | $ | 45.28 | $ | 41.62 | $ | 25.20 | $ | 22.16 | $ | 70.47 | $ | 63.79 | ||||||||||||||||
Weighted average number of common shares | ||||||||||||||||||||||||||||||||
Basic | 781,880 | 789,646 | 783,976 | 789,646 | 775,109 | 789,646 | 780,988 | 789,646 | ||||||||||||||||||||||||
Diluted | 781,880 | 789,646 | 783,976 | 789,646 | 775,109 | 789,646 | 780,988 | 789,646 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
Net income | $ | 18,443 | $ | 16,153 | $ | 35,501 | $ | 32,866 | $ | 19,536 | $ | 17,502 | $ | 55,037 | $ | 50,368 | ||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||
Unrealized holding (losses)/gains on securities available-for-sale | (11,434 | ) | 3,957 | (27,299 | ) | (14,609 | ) | (12,378 | ) | (2,237 | ) | (39,677 | ) | (16,846 | ) | |||||||||||||||||
Reclassification adjustment for (gains)/losses on available-for-sale securities | (2 | ) | (714 | ) | (2 | ) | (2,554 | ) | 2,987 | - | 2,985 | (2,554 | ) | |||||||||||||||||||
Amortization of unrealized loss on securities transferred to held-to-maturity | (64 | ) | (180 | ) | (141 | ) | (238 | ) | (52 | ) | (135 | ) | (193 | ) | (373 | ) | ||||||||||||||||
Net unrealized holding (losses)/gains on securities available-for-sale | (11,500 | ) | 3,063 | (27,442 | ) | (17,401 | ) | (9,443 | ) | (2,372 | ) | (36,885 | ) | (19,773 | ) | |||||||||||||||||
Income tax benefit/(expense) | 3,400 | (905 | ) | 8,113 | 5,144 | 2,792 | 702 | 10,905 | 5,846 | |||||||||||||||||||||||
Other comprehensive (loss)/income, net of tax | (8,100 | ) | 2,158 | (19,329 | ) | (12,257 | ) | (6,651 | ) | (1,670 | ) | (25,980 | ) | (13,927 | ) | |||||||||||||||||
Total comprehensive income | $ | 10,343 | $ | 18,311 | $ | 16,172 | $ | 20,609 | $ | 12,885 | $ | 15,832 | $ | 29,057 | $ | 36,441 |
(Dollars in thousands, except share amounts) | Common Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total | ||||||||||||||||||
Balance as of April 1, 2022 | 785,146 | $ | 8 | $ | 73,264 | $ | 404,389 | $ | (12,948 | ) | $ | 464,713 | ||||||||||||
Net income | - | 0 | 0 | 18,443 | 0 | 18,443 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | 0 | 0 | 0 | (8,100 | ) | (8,100 | ) | ||||||||||||||||
Cash dividends declared ($7.85 per share) | - | 0 | 0 | (6,110 | ) | 0 | (6,110 | ) | ||||||||||||||||
Repurchase of common stock | (7,956 | ) | 0 | (7,593 | ) | 0 | 0 | (7,593 | ) | |||||||||||||||
Balance as of June 30, 2022 | 777,190 | $ | 8 | $ | 65,671 | $ | 416,722 | $ | (21,048 | ) | $ | 461,353 | ||||||||||||
Balance as of April 1, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 349,790 | $ | (1,344 | ) | $ | 425,970 | ||||||||||||
Net income | - | 0 | 0 | 16,153 | 0 | 16,153 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | 0 | 0 | 0 | 2,158 | 2,158 | ||||||||||||||||||
Cash dividends declared ($7.50 per share) | - | 0 | 0 | (5,922 | ) | 0 | (5,922 | ) | ||||||||||||||||
Balance as of June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 |
(Dollars in thousands, except share and per share amounts) | Common Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total | ||||||||||||||||||
Balance as of July 1, 2022 | 777,190 | $ | 8 | $ | 65,671 | $ | 416,722 | $ | (21,048 | ) | $ | 461,353 | ||||||||||||
Net income | - | - | - | 19,536 | - | 19,536 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | - | - | - | (6,651 | ) | (6,651 | ) | ||||||||||||||||
Repurchase of common stock | (6,368 | ) | - | (6,060 | ) | - | - | (6,060 | ) | |||||||||||||||
Balance as of September 30, 2022 | 770,822 | $ | 8 | $ | 59,611 | $ | 436,258 | $ | (27,699 | ) | $ | 468,178 | ||||||||||||
Balance as of July 1, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||
Net income | - | - | - | 17,502 | - | 17,502 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | - | - | - | (1,670 | ) | (1,670 | ) | ||||||||||||||||
Balance as of September 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 377,523 | $ | (856 | ) | $ | 454,191 |
(Dollars in thousands, except share amounts) | Common Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except share and per share amounts) | Common Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | 789,646 | $ | 8 | $ | 77,516 | $ | 387,331 | $ | (1,719 | ) | $ | 463,136 | 789,646 | $ | 8 | $ | 77,516 | $ | 387,331 | $ | (1,719 | ) | $ | 463,136 | ||||||||||||||||||||||||
Net income | - | 0 | 0 | 35,501 | 0 | 35,501 | - | - | - | 55,037 | - | 55,037 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | - | 0 | 0 | 0 | (19,329 | ) | (19,329 | ) | - | - | - | - | (25,980 | ) | (25,980 | ) | ||||||||||||||||||||||||||||||||
Cash dividends declared ($7.85 per share) | - | 0 | 0 | (6,110 | ) | 0 | (6,110 | ) | - | - | - | (6,110 | ) | - | (6,110 | ) | ||||||||||||||||||||||||||||||||
Repurchase of common stock | (12,456 | ) | 0 | (11,845 | ) | 0 | 0 | (11,845 | ) | (18,824 | ) | - | (17,905 | ) | - | - | (17,905 | ) | ||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 777,190 | $ | 8 | $ | 65,671 | $ | 416,722 | $ | (21,048 | ) | $ | 461,353 | ||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 770,822 | $ | 8 | $ | 59,611 | $ | 436,258 | $ | (27,699 | ) | $ | 468,178 | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 | ||||||||||||||||||||||||||
Net income | - | 0 | 0 | 32,866 | 0 | 32,866 | - | - | - | 50,368 | - | 50,368 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | - | 0 | 0 | 0 | (12,257 | ) | (12,257 | ) | - | - | - | - | (13,927 | ) | (13,927 | ) | ||||||||||||||||||||||||||||||||
Cash dividends declared ($7.50 per share) | - | 0 | 0 | (5,922 | ) | 0 | (5,922 | ) | - | - | - | (5,922 | ) | - | (5,922 | ) | ||||||||||||||||||||||||||||||||
Cash dividends returned | - | 0 | 0 | 7 | 0 | 7 | - | - | - | 7 | - | 7 | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 377,523 | $ | (856 | ) | $ | 454,191 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 35,501 | $ | 32,866 | $ | 55,037 | $ | 50,368 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Provision for credit losses | 1,500 | 1,250 | 3,000 | 1,250 | ||||||||||||
Depreciation and amortization | 1,270 | 1,318 | 1,849 | 1,971 | ||||||||||||
Net amortization of securities premiums and discounts | 275 | 797 | 341 | 1,133 | ||||||||||||
Increase in cash surrender value of BOLI | (1,102 | ) | (1,067 | ) | (1,666 | ) | (1,616 | ) | ||||||||
Increase in deferred income taxes, net | (1,127 | ) | (1,178 | ) | ||||||||||||
Gains on sale of securities available-for-sale | (2 | ) | (2,554 | ) | ||||||||||||
Decrease /(increase) in deferred income taxes, net | 2,356 | (456 | ) | |||||||||||||
Loss/(gains) on sale of securities available-for-sale | 2,985 | (2,554 | ) | |||||||||||||
Net changes in: | ||||||||||||||||
Other assets | (7,797 | ) | (18,274 | ) | (2,362 | ) | (8,772 | ) | ||||||||
Other liabilities | 22,823 | 14,280 | 18,134 | 10,738 | ||||||||||||
Net cash provided by operating activities | 51,341 | 27,438 | 79,674 | 52,062 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Net change in loans held for investment | (12,568 | ) | 66,550 | (86,401 | ) | (39,956 | ) | |||||||||
Purchase of available-for-sale securities | (10,090 | ) | (257,225 | ) | (10,135 | ) | (257,228 | ) | ||||||||
Purchase of held-to-maturity securities | (168,149 | ) | (124,070 | ) | (168,634 | ) | (194,332 | ) | ||||||||
Maturities/sales of available-for-sale securities | 27,679 | 381,117 | ||||||||||||||
Maturities of held-to-maturity securities | 36,641 | 13,140 | ||||||||||||||
Proceeds from sales, maturities, calls and pay downs of available-for-sale securities | 62,979 | 397,454 | ||||||||||||||
Proceeds from maturities, calls and pay downs of held-to-maturity securities | 52,884 | 29,042 | ||||||||||||||
Purchase of premises and equipment | (526 | ) | (377 | ) | (3,318 | ) | (1,001 | ) | ||||||||
Purchase of other investments | (3,440 | ) | (1,656 | ) | (5,300 | ) | (4,516 | ) | ||||||||
Redemption of other investments | - | 2,556 | ||||||||||||||
Proceeds from bank-owned life insurance | 511 | - | ||||||||||||||
Proceeds from sale of assets | 34 | 74 | 73 | 635 | ||||||||||||
Net cash provided by investing activities | (130,419 | ) | 77,553 | |||||||||||||
Net cash used in investing activities | (157,341 | ) | (67,346 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net increase in deposits | 129,361 | 351,797 | 269,105 | 508,127 | ||||||||||||
Cash dividends paid | (6,110 | ) | (5,915 | ) | (6,110 | ) | (5,915 | ) | ||||||||
Net cash used in share repurchase of common stock | (11,845 | ) | 0 | (17,905 | ) | - | ||||||||||
Net provided by financing activities | 111,406 | 345,882 | 245,090 | 502,212 | ||||||||||||
Net change in cash and cash equivalents | 32,328 | 450,873 | 167,423 | 486,928 | ||||||||||||
Cash and cash equivalents, beginning of period | 715,460 | 383,837 | 715,460 | 383,837 | ||||||||||||
Cash and cash equivalents, end of period | $ | 747,788 | $ | 834,710 | $ | 882,883 | $ | 870,765 | ||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||
Cash paid for interest | $ | 2,580 | $ | 3,220 | $ | 3,832 | $ | 4,369 | ||||||||
Income taxes paid | $ | 9,343 | $ | 19,181 | $ | 11,451 | $ | 22,530 | ||||||||
Supplemental disclosures of non-cash transactions: | ||||||||||||||||
Investment securities available-for-sale transferred to held-to-maturity | $ | 0 | $ | 316,925 | $ | - | $ | 316,925 | ||||||||
Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | - | $ | 302 |
January-2022 | January-2022 | |||||||||||||||||||||||
(Dollars in thousands) | Reported under ASC 326 | Reported Pre- Adoption | Impact of ASC 326 Adoption | Reported under ASC 326 | Reported Pre- Adoption | Impact of ASC 326 Adoption | ||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | (17,379 | ) | $ | (28,536 | ) | $ | 11,157 | $ | (17,379 | ) | $ | (28,536 | ) | $ | 11,157 | ||||||||
Agricultural | (14,580 | ) | (9,613 | ) | (4,967 | ) | (14,580 | ) | (9,613 | ) | (4,967 | ) | ||||||||||||
Residential and home equity | (5,879 | ) | (2,847 | ) | (3,032 | ) | (5,879 | ) | (2,847 | ) | (3,032 | ) | ||||||||||||
Construction | (3,311 | ) | (1,456 | ) | (1,855 | ) | (3,311 | ) | (1,456 | ) | (1,855 | ) | ||||||||||||
Total real estate | (41,149 | ) | (42,452 | ) | 1,303 | (41,149 | ) | (42,452 | ) | 1,303 | ||||||||||||||
Commercial & industrial | (11,417 | ) | (11,489 | ) | 72 | (11,417 | ) | (11,489 | ) | 72 | ||||||||||||||
Agricultural | (6,363 | ) | (5,465 | ) | (898 | ) | (6,363 | ) | (5,465 | ) | (898 | ) | ||||||||||||
Commercial leases | (1,567 | ) | (938 | ) | (629 | ) | (1,567 | ) | (938 | ) | (629 | ) | ||||||||||||
Consumer and other | (511 | ) | (663 | ) | 152 | (511 | ) | (663 | ) | 152 | ||||||||||||||
Total allowance for credit losses | $ | (61,007 | ) | $ | (61,007 | ) | $ | 0 | $ | (61,007 | ) | $ | (61,007 | ) | $ | - |
Available-for-Sale Securities | Gross Unrealized | Gross Unrealized | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||||||||
As of September 30, 2022 | ||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 4,968 | $ | 0 | $ | 16 | $ | 4,952 | $ | 4,979 | $ | - | $ | 38 | $ | 4,941 | ||||||||||||||||
U.S. Government-sponsored securities | 5,402 | 65 | 26 | 5,441 | 4,695 | 27 | 24 | 4,698 | ||||||||||||||||||||||||
Mortgage-backed securities (1) | 232,368 | 116 | 28,877 | 203,607 | 194,600 | 16 | 38,163 | 156,453 | ||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 1,525 | 0 | 23 | 1,502 | 1,499 | - | 41 | 1,458 | ||||||||||||||||||||||||
Corporate securities | 10,049 | 0 | 523 | 9,526 | 10,046 | - | 452 | 9,594 | ||||||||||||||||||||||||
Other | 310 | 0 | 0 | 310 | 310 | - | - | 310 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 254,622 | $ | 181 | $ | 29,465 | $ | 225,338 | $ | 216,129 | $ | 43 | $ | 38,718 | $ | 177,454 |
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 9,938 | $ | 151 | $ | 0 | $ | 10,089 | $ | 9,938 | $ | 151 | $ | - | $ | 10,089 | ||||||||||||||||
U.S. Government-sponsored securities | 6,351 | 62 | 39 | 6,374 | 6,351 | 62 | 39 | 6,374 | ||||||||||||||||||||||||
Mortgage-backed securities (1) | 253,300 | 3,200 | 5,380 | 251,120 | 253,300 | 3,200 | 5,380 | 251,120 | ||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 2,412 | 24 | 0 | 2,436 | 2,412 | 24 | - | 2,436 | ||||||||||||||||||||||||
Other | 435 | 0 | 0 | 435 | 435 | - | - | 435 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 272,436 | $ | 3,437 | $ | 5,419 | $ | 270,454 | $ | 272,436 | $ | 3,437 | $ | 5,419 | $ | 270,454 |
Held-to-Maturity Securities | Gross Unrealized | Gross Unrealized | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | Allowance for Credit Losses | Amortized Cost | Gains | Losses | Fair Value | Allowance for Credit Losses | ||||||||||||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Municipal securities | $ | 62,459 | $ | 33 | $ | 151 | $ | 62,341 | $ | 393 | $ | 60,827 | $ | - | $ | 735 | $ | 60,092 | $ | 393 | ||||||||||||||||||||
Mortgage-backed securities (1) | 721,510 | 0 | 104,726 | 616,784 | 0 | 709,541 | - | 145,836 | 563,705 | - | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 84,414 | 0 | 8,705 | 75,709 | 0 | 82,297 | - | 15,172 | 67,125 | - | ||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 868,383 | $ | 33 | $ | 113,582 | $ | 754,834 | $ | 393 | $ | 852,665 | $ | - | $ | 161,743 | $ | 690,922 | $ | 393 |
Gross Unrealized | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
As of December 31, 2021 | ||||||||||||||||
Municipal securities | $ | 66,496 | $ | 701 | $ | 0 | $ | 67,197 | ||||||||
Mortgage-backed securities (1) | 596,775 | 45 | 11,764 | 585,056 | ||||||||||||
Collateralized mortgage obligations (1) | 73,781 | 36 | 229 | 73,588 | ||||||||||||
Total held-to-maturity securities | $ | 737,052 | $ | 782 | $ | 11,993 | $ | 725,841 |
Gross Unrealized | ||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gains | Losses | Fair Value | Allowance for Credit Losses | |||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||
Municipal securities | $ | 66,496 | $ | 701 | $ | - | $ | 67,197 | $ | - | ||||||||||
Mortgage-backed securities(1) | 596,775 | 45 | 11,764 | 585,056 | - | |||||||||||||||
Collateralized mortgage obligations(1) | 73,781 | 36 | 229 | 73,588 | - | |||||||||||||||
Total held-to-maturity securities | $ | 737,052 | $ | 782 | $ | 11,993 | $ | 725,841 | $ | - |
Available-for-Sale Securities | As of June 30, 2022 | As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 4,952 | $ | 16 | $ | 0 | $ | 0 | $ | 4,952 | $ | 16 | $ | 4,941 | $ | 38 | $ | - | $ | - | $ | 4,941 | $ | 38 | ||||||||||||||||||||||||
U.S. Government-sponsored securities | 46 | 0 | 1,623 | 26 | 1,669 | 26 | 128 | 1 | 1,409 | 23 | 1,537 | 24 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (1) | 90,670 | 6,663 | 103,737 | 22,214 | 194,407 | 28,877 | 37,141 | 1,928 | 117,680 | 36,235 | 154,821 | 38,163 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 1,501 | 23 | 0 | 0 | 1,501 | 23 | 1,458 | 41 | - | - | 1,458 | 41 | ||||||||||||||||||||||||||||||||||||
Corporate securities | 9,526 | 523 | 0 | 0 | 9,526 | 523 | 9,594 | 452 | - | - | 9,594 | 452 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 106,695 | $ | 7,225 | $ | 105,360 | $ | 22,240 | $ | 212,055 | $ | 29,465 | $ | 53,262 | $ | 2,460 | $ | 119,089 | $ | 36,258 | $ | 172,351 | $ | 38,718 |
As of December 31, 2021 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored securities | $ | 183 | $ | 0 | $ | 2,007 | $ | 39 | $ | 2,190 | $ | 39 | $ | 183 | $ | - | $ | 2,007 | $ | 39 | $ | 2,190 | $ | 39 | ||||||||||||||||||||||||
Mortgage-backed securities (1) | 61,469 | 1,192 | 104,489 | 4,188 | 165,958 | 5,380 | 61,469 | 1,192 | 104,489 | 4,188 | 165,958 | 5,380 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 61,652 | $ | 1,192 | $ | 106,496 | $ | 4,227 | $ | 168,148 | $ | 5,419 | $ | 61,652 | $ | 1,192 | $ | 106,496 | $ | 4,227 | $ | 168,148 | $ | 5,419 |
Held-to-Maturity Securities | As of June 30, 2022 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||
Municipal securities | $ | 6,862 | $ | 151 | $ | 0 | $ | 0 | $ | 6,862 | $ | 151 | ||||||||||||
Mortgage-backed securities (1) | 404,026 | 57,850 | 212,758 | 46,876 | 616,784 | 104,726 | ||||||||||||||||||
Collateralized mortgage obligations (1) | 73,221 | 8,705 | 0 | 0 | 73,221 | 8,705 | ||||||||||||||||||
Total held-to-maturity securities | $ | 484,109 | $ | 66,706 | $ | 212,758 | $ | 46,876 | $ | 696,867 | $ | 113,582 |
As of December 31, 2021 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 570,119 | $ | 11,764 | $ | 0 | $ | 0 | $ | 570,119 | $ | 11,764 | ||||||||||||
Collateralized mortgage obligations (1) | 58,977 | 229 | 0 | 0 | 58,977 | 229 | ||||||||||||||||||
Total held-to-maturity securities | $ | 629,096 | $ | 11,993 | $ | 0 | $ | 0 | $ | 629,096 | $ | 11,993 |
For the Nine Months Ended September 30, 2022 | ||||||||||||||||
(Dollars in thousands) | Municipal securities | Mortgage-backed securities | Collateralized Mortgage obligations | Total | ||||||||||||
Allowance for credit losses - securities | ||||||||||||||||
Beginning Balance | $ | - | $ | - | $ | - | $ | - | ||||||||
Provision for credit losses | 393 | - | - | 393 | ||||||||||||
Ending Balance | $ | 393 | $ | - | $ | - | $ | 393 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
Securities maturing in: | ||||||||||||||||||||||||||||||||
One year or less | $ | 5,290 | $ | 5,274 | $ | 700 | $ | 700 | $ | 5,312 | $ | 5,274 | $ | 883 | $ | 883 | ||||||||||||||||
After one year through five years | 5,120 | 4,842 | 7,089 | 7,074 | 21,418 | 20,600 | 7,484 | 7,324 | ||||||||||||||||||||||||
After five years through ten years | 5,411 | 5,168 | 15,948 | 15,926 | 25,492 | 23,196 | 28,907 | 26,852 | ||||||||||||||||||||||||
After ten years | 4,908 | 4,945 | 38,722 | 38,641 | 163,907 | 128,384 | 815,391 | 655,863 | ||||||||||||||||||||||||
$ | 20,729 | $ | 20,229 | $ | 62,459 | $ | 62,341 | |||||||||||||||||||||||||
Securities not due at a single maturity date: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 232,368 | 203,607 | 721,510 | 616,784 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 1,525 | 1,502 | 84,414 | 75,709 | ||||||||||||||||||||||||||||
Total | $ | 254,622 | $ | 225,338 | $ | 868,383 | $ | 754,834 | $ | 216,129 | $ | 177,454 | $ | 852,665 | $ | 690,922 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Amortized Cost | Fair Value | Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | AAA/AA/A | BBB/BB/B | Not Rated | AAA/AA/A | BBB/BB/B | Not Rated | AAA/AA/A | BBB/BB/B | Not Rated | AAA/AA/A | BBB/BB/B | Not Rated | ||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Breakdown by Category: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 0 | $ | 0 | $ | 4,952 | $ | 0 | $ | 0 | $ | 0 | $ | 4,941 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
U.S. Government-sponsored securities | 0 | 0 | 5,441 | 0 | 0 | 0 | - | - | 4,698 | - | - | - | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (1) | 0 | 0 | 203,607 | 0 | 0 | 721,510 | - | - | 156,453 | - | - | 709,541 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 0 | 0 | 1,502 | 0 | 0 | 84,414 | - | - | 1,458 | - | - | 82,297 | ||||||||||||||||||||||||||||||||||||
Municipal securities | 0 | 0 | 0 | 19,271 | 149 | 43,039 | - | - | - | 18,025 | 386 | 42,416 | ||||||||||||||||||||||||||||||||||||
Corporate securities | 4,738 | 4,788 | 0 | 0 | 0 | 0 | 4,795 | 4,799 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Other | 0 | 0 | 310 | 0 | 0 | 0 | - | - | 310 | - | - | - | ||||||||||||||||||||||||||||||||||||
Total Investment Grade | $ | 4,738 | $ | 4,788 | $ | 215,812 | $ | 19,271 | $ | 149 | $ | 848,963 | $ | 9,736 | $ | 4,799 | $ | 162,919 | $ | 18,025 | $ | 386 | $ | 834,254 |
For the Six Months Ended June 30, 2022 | ||||||||||||||||
(Dollars in thousands) | Municipal securities | Mortgage- backed securites | Collateralized Mortgage obligation | Total | ||||||||||||
Allowance for credit losses - securities | ||||||||||||||||
Beginning Balance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Provision for credit losses | 393 | 0 | 0 | 393 | ||||||||||||
Ending Balance | $ | 393 | $ | 0 | $ | 0 | $ | 393 |
(Dollars in thousands) | Gross Proceeds | Gross Gains | Gross Losses | |||||||||
Six months ended June 30, 2022 | $ | 2,610 | $ | 2 | $ | 0 | ||||||
Six months ended June 30, 2021 | $ | 299,870 | $ | 5,570 | $ | 3,016 |
(Dollars in thousands) | Gross Proceeds | Gross Gains | Gross Losses | |||||||||
Nine months ended September 30, 2022 | $ | 31,394 | $ | 2 | $ | 2,987 | ||||||
Nine months ended September 30, 2021 | $ | 301,320 | $ | 5,570 | $ | 3,016 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||
Loans and leases held for investment, net | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 1,210,195 | $ | 1,167,516 | $ | 1,246,805 | $ | 1,167,516 | ||||||||
Agricultural | 709,624 | 672,830 | 722,448 | 672,830 | ||||||||||||
Residential and home equity | 371,874 | 350,581 | 377,249 | 350,581 | ||||||||||||
Construction | 162,713 | 177,163 | 169,624 | 177,163 | ||||||||||||
Total real estate | 2,454,406 | 2,368,090 | 2,516,126 | 2,368,090 | ||||||||||||
Commercial & industrial | 439,455 | 427,799 | 454,185 | 427,799 | ||||||||||||
Agricultural | 261,856 | 276,684 | 260,296 | 276,684 | ||||||||||||
Commercial leases | 89,095 | 96,971 | 94,089 | 96,971 | ||||||||||||
Consumer and other(1) | 13,588 | 78,367 | 7,776 | 78,367 | ||||||||||||
Total gross loans and leases | 3,258,400 | 3,247,911 | 3,332,472 | 3,247,911 | ||||||||||||
Unearned income | (8,514 | ) | (10,734 | ) | (8,610 | ) | (10,734 | ) | ||||||||
Total net loans and leases | 3,249,886 | 3,237,177 | 3,323,862 | 3,237,177 | ||||||||||||
Allowance for credit losses | (62,080 | ) | (61,007 | ) | (63,617 | ) | (61,007 | ) | ||||||||
Total loans and leases held for investment, net | $ | 3,187,806 | $ | 3,176,170 | $ | 3,260,245 | $ | 3,176,170 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Non- accrual | Total Past Due | Total | Current | 30-89 Days Past Due | 90+ Days Past Due | Non- accrual | Total Past Due | Total | ||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,200,516 | $ | 0 | $ | 0 | $ | 1,674 | $ | 1,674 | $ | 1,202,190 | $ | 1,238,110 | $ | 170 | $ | - | $ | 411 | $ | 581 | $ | 1,238,691 | ||||||||||||||||||||||||
Agricultural | 709,149 | 0 | 0 | 475 | 475 | 709,624 | 722,448 | - | - | - | - | 722,448 | ||||||||||||||||||||||||||||||||||||
Residential and home equity | 371,847 | 27 | 0 | 0 | 27 | 371,874 | 377,224 | 25 | - | - | 25 | 377,249 | ||||||||||||||||||||||||||||||||||||
Construction | 162,713 | 0 | 0 | 0 | 0 | 162,713 | 169,624 | - | - | - | - | 169,624 | ||||||||||||||||||||||||||||||||||||
Total real estate | 2,444,225 | 27 | 0 | 2,149 | 2,176 | 2,446,401 | 2,507,406 | 195 | - | 411 | 606 | 2,508,012 | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | 439,258 | 197 | 0 | 0 | 197 | 439,455 | 454,185 | - | - | - | - | 454,185 | ||||||||||||||||||||||||||||||||||||
Agricultural | 260,977 | 0 | 0 | 879 | 879 | 261,856 | 260,296 | - | - | - | - | 260,296 | ||||||||||||||||||||||||||||||||||||
Commercial leases | 88,586 | 0 | 0 | 0 | 0 | 88,586 | 93,593 | - | - | - | - | 93,593 | ||||||||||||||||||||||||||||||||||||
Consumer and other | 13,578 | 10 | 0 | 0 | 10 | 13,588 | 7,766 | 10 | - | - | 10 | 7,776 | ||||||||||||||||||||||||||||||||||||
Total loans and leases, net | $ | 3,246,624 | $ | 234 | $ | 0 | $ | 3,028 | $ | 3,262 | $ | 3,249,886 | $ | 3,323,246 | $ | 205 | $ | - | $ | 411 | $ | 616 | $ | 3,323,862 |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Non- accrual | Total Past Due | Total | Current | 30-89 Days Past Due | 90+ Days Past Due | Non- accrual | Total Past Due | Total | ||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,156,879 | $ | 459 | $ | 0 | $ | 0 | $ | 459 | $ | 1,157,338 | $ | 1,156,879 | $ | 459 | $ | - | $ | - | $ | 459 | $ | 1,157,338 | ||||||||||||||||||||||||
Agricultural | 672,812 | 0 | 0 | 18 | 18 | 672,830 | 672,812 | - | - | 18 | 18 | 672,830 | ||||||||||||||||||||||||||||||||||||
Residential and home equity | 350,492 | 89 | 0 | 0 | 89 | 350,581 | 350,492 | 89 | - | - | 89 | 350,581 | ||||||||||||||||||||||||||||||||||||
Construction | 177,163 | 0 | 0 | 0 | 0 | 177,163 | 177,163 | - | - | - | - | 177,163 | ||||||||||||||||||||||||||||||||||||
Total real estate | 2,357,346 | 548 | 0 | 18 | 566 | 2,357,912 | 2,357,346 | 548 | - | 18 | 566 | 2,357,912 | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | 427,799 | 0 | 0 | 0 | 0 | 427,799 | 427,799 | - | - | - | - | 427,799 | ||||||||||||||||||||||||||||||||||||
Agricultural | 276,186 | 0 | 0 | 498 | 498 | 276,684 | 276,186 | - | - | 498 | 498 | 276,684 | ||||||||||||||||||||||||||||||||||||
Commercial leases | 96,415 | 0 | 0 | 0 | 0 | 96,415 | 96,415 | - | - | - | - | 96,415 | ||||||||||||||||||||||||||||||||||||
Consumer and other | 78,363 | 4 | 0 | 0 | 4 | 78,367 | 78,363 | 4 | - | - | 4 | 78,367 | ||||||||||||||||||||||||||||||||||||
Total loans and leases, net | $ | 3,236,109 | $ | 552 | $ | 0 | $ | 516 | $ | 1,068 | $ | 3,237,177 | $ | 3,236,109 | $ | 552 | $ | - | $ | 516 | $ | 1,068 | $ | 3,237,177 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||
Non-accrual loans and leases: | ||||||||||||||||
Non-accrual loans and leases, not TDRs | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 1,674 | $ | 0 | $ | 411 | $ | - | ||||||||
Agricultural | 475 | 18 | - | 18 | ||||||||||||
Residential and home equity | 0 | 0 | - | - | ||||||||||||
Construction | 0 | 0 | - | - | ||||||||||||
Total real estate | 2,149 | 18 | 411 | 18 | ||||||||||||
Commercial & industrial | 0 | 0 | - | - | ||||||||||||
Agricultural | 879 | 0 | - | - | ||||||||||||
Commercial leases | 0 | 0 | - | - | ||||||||||||
Consumer and other | 0 | 0 | - | - | ||||||||||||
Subtotal | 3,028 | 18 | 411 | 18 | ||||||||||||
Non-accrual loans and leases, are TDRs | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 0 | $ | 0 | $ | - | $ | - | ||||||||
Agricultural | 0 | 0 | - | - | ||||||||||||
Residential and home equity | 0 | 0 | - | - | ||||||||||||
Construction | 0 | 0 | - | - | ||||||||||||
Total real estate | 0 | 0 | - | - | ||||||||||||
Commercial & industrial | 0 | 0 | - | - | ||||||||||||
Agricultural | 0 | 498 | - | 498 | ||||||||||||
Commercial leases | 0 | 0 | - | - | ||||||||||||
Consumer and other | 0 | 0 | - | - | ||||||||||||
Subtotal | 0 | 498 | - | 498 | ||||||||||||
Total non-accrual loans and leases | $ | 3,028 | $ | 516 | $ | 411 | $ | 516 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||
Troubled debt restructured loans and leases: | ||||||||||||||||
Accruing TDR loans and leases | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 0 | $ | 41 | $ | - | $ | 41 | ||||||||
Agricultural | 0 | 0 | - | - | ||||||||||||
Residential and home equity | 1,334 | 1,522 | 1,319 | 1,522 | ||||||||||||
Construction | 0 | 0 | - | - | ||||||||||||
Total real estate | 1,334 | 1,563 | 1,319 | 1,563 | ||||||||||||
Commercial & industrial | 55 | 260 | 6 | 260 | ||||||||||||
Agricultural | 0 | 0 | - | - | ||||||||||||
Commercial leases | 0 | 0 | - | - | ||||||||||||
Consumer and other | 0 | 1 | - | 1 | ||||||||||||
Subtotal | 1,389 | 1,824 | 1,325 | 1,824 | ||||||||||||
Non-accruing TDR loans and leases | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 0 | $ | 0 | $ | - | $ | - | ||||||||
Agricultural | 0 | 0 | - | - | ||||||||||||
Residential and home equity | 0 | 0 | - | - | ||||||||||||
Construction | 0 | 0 | - | - | ||||||||||||
Total real estate | 0 | 0 | - | - | ||||||||||||
Commercial & industrial | 0 | 0 | - | - | ||||||||||||
Agricultural | 0 | 498 | - | 498 | ||||||||||||
Commercial leases | 0 | 0 | - | - | ||||||||||||
Consumer and other | 0 | 0 | - | - | ||||||||||||
Subtotal | 0 | 498 | - | 498 | ||||||||||||
Total TDR loans and leases | $ | 1,389 | $ | 2,322 | $ | 1,325 | $ | 2,322 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | # of Accruing TDR | $ of Accruing TDR | # of Non- Accruing TDR | $ of Non- Accruing TDR | # of Total TDR | $ of Total TDR | # of Accruing TDR | $ of Accruing TDR | # of Non- Accruing TDR | $ of Non- Accruing TDR | # of Total TDR | $ of Total TDR | ||||||||||||||||||||||||||||||||||||
Loan and lease TDRs | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | - | $ | - | - | $ | - | - | $ | - | ||||||||||||||||||||||||||||||
2021 | 1 | 48 | 0 | 0 | 1 | 48 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
2020 | 4 | 266 | 0 | 0 | 4 | 266 | 4 | 260 | - | - | 4 | 260 | ||||||||||||||||||||||||||||||||||||
2019 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Thereafter | 8 | 1,075 | 0 | 0 | 8 | 1,075 | ||||||||||||||||||||||||||||||||||||||||||
Prior | 8 | 1,065 | - | - | 8 | 1,065 | ||||||||||||||||||||||||||||||||||||||||||
Total | 13 | $ | 1,389 | 0 | $ | 0 | 13 | $ | 1,389 | 12 | $ | 1,325 | - | $ | - | 12 | $ | 1,325 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,187,461 | $ | 8,629 | $ | 6,100 | $ | 0 | $ | 1,202,190 | $ | 17,879 | $ | 1,229,837 | $ | 7,320 | $ | 1,534 | $ | - | $ | 1,238,691 | $ | 16,540 | ||||||||||||||||||||||||
Agricultural | 697,994 | 5,003 | 6,627 | 0 | 709,624 | 16,837 | 705,404 | 10,891 | 6,153 | - | 722,448 | 16,560 | ||||||||||||||||||||||||||||||||||||
Residential and home equity | 371,494 | 0 | 380 | 0 | 371,874 | 6,874 | 377,021 | - | 228 | - | 377,249 | 6,865 | ||||||||||||||||||||||||||||||||||||
Construction | 160,787 | 1,926 | 0 | 0 | 162,713 | 2,876 | 169,624 | - | - | - | 169,624 | 2,995 | ||||||||||||||||||||||||||||||||||||
Total real estate | 2,417,736 | 15,558 | 13,107 | 0 | 2,446,401 | 44,466 | 2,481,886 | 18,211 | 7,915 | - | 2,508,012 | 42,960 | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | 431,441 | 7,459 | 555 | 0 | 439,455 | 10,139 | 453,832 | 70 | 283 | - | 454,185 | 10,392 | ||||||||||||||||||||||||||||||||||||
Agricultural | 260,079 | 880 | 897 | 0 | 261,856 | 5,669 | 253,554 | 6,726 | 16 | - | 260,296 | 8,523 | ||||||||||||||||||||||||||||||||||||
Commercial leases | 88,468 | 118 | 0 | 0 | 88,586 | 1,645 | 93,493 | 100 | - | - | 93,593 | 1,588 | ||||||||||||||||||||||||||||||||||||
Consumer and other | 13,391 | 0 | 197 | 0 | 13,588 | 161 | 7,583 | - | 193 | - | 7,776 | 154 | ||||||||||||||||||||||||||||||||||||
Total loans and leases, net | $ | 3,211,115 | $ | 24,015 | $ | 14,756 | $ | 0 | $ | 3,249,886 | $ | 62,080 | $ | 3,290,348 | $ | 25,107 | $ | 8,407 | $ | - | $ | 3,323,862 | $ | 63,617 |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | Pass | Special Mention | Sub- standard | Doubtful | Total Loans & Leases | Total Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,142,175 | $ | 6,903 | $ | 8,260 | $ | 0 | $ | 1,157,338 | $ | 28,536 | $ | 1,142,175 | $ | 6,903 | $ | 8,260 | $ | - | $ | 1,157,338 | $ | 28,536 | ||||||||||||||||||||||||
Agricultural | 663,157 | 3,292 | 6,381 | 0 | 672,830 | 9,613 | 663,157 | 3,292 | 6,381 | - | 672,830 | 9,613 | ||||||||||||||||||||||||||||||||||||
Residential and home equity | 350,148 | 0 | 433 | 0 | 350,581 | 2,847 | 350,148 | - | 433 | - | 350,581 | 2,847 | ||||||||||||||||||||||||||||||||||||
Construction | 177,163 | 0 | 0 | 0 | 177,163 | 1,456 | 177,163 | - | - | - | 177,163 | 1,456 | ||||||||||||||||||||||||||||||||||||
Total real estate | 2,332,643 | 10,195 | 15,074 | 0 | 2,357,912 | 42,452 | 2,332,643 | 10,195 | 15,074 | - | 2,357,912 | 42,452 | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | 417,806 | 9,321 | 672 | 0 | 427,799 | 11,489 | 417,806 | 9,321 | 672 | - | 427,799 | 11,489 | ||||||||||||||||||||||||||||||||||||
Agricultural | 275,206 | 958 | 520 | 0 | 276,684 | 5,465 | 275,206 | 958 | 520 | - | 276,684 | 5,465 | ||||||||||||||||||||||||||||||||||||
Commercial leases | 96,415 | 0 | 0 | 0 | 96,415 | 938 | 96,415 | - | - | - | 96,415 | 938 | ||||||||||||||||||||||||||||||||||||
Consumer and other | 78,181 | 0 | 186 | 0 | 78,367 | 663 | 78,181 | - | 186 | - | 78,367 | 663 | ||||||||||||||||||||||||||||||||||||
Total loans and leases, net | $ | 3,200,251 | $ | 20,474 | $ | 16,452 | $ | 0 | $ | 3,237,177 | $ | 61,007 | $ | 3,200,251 | $ | 20,474 | $ | 16,452 | $ | - | $ | 3,237,177 | $ | 61,007 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost | Total | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loans and leases held for investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 64,720 | $ | 239,840 | $ | 161,165 | $ | 73,041 | $ | 87,035 | $ | 237,333 | $ | 324,326 | $ | 1,187,461 | $ | 140,036 | $ | 236,947 | $ | 153,480 | $ | 72,167 | $ | 86,063 | $ | 227,146 | $ | 313,998 | $ | 1,229,837 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 3,866 | 834 | 3,929 | 8,629 | - | - | - | - | 3,844 | - | 3,476 | 7,320 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 4,203 | 1,897 | 6,100 | - | - | - | - | - | 1,534 | - | 1,534 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 64,720 | $ | 239,840 | $ | 161,165 | $ | 73,041 | $ | 90,901 | $ | 242,370 | $ | 330,152 | $ | 1,202,190 | $ | 140,036 | $ | 236,947 | $ | 153,480 | $ | 72,167 | $ | 89,907 | $ | 228,680 | $ | 317,474 | $ | 1,238,691 | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 34,325 | $ | 43,251 | $ | 58,263 | $ | 15,341 | $ | 53,916 | $ | 157,648 | $ | 335,250 | $ | 697,994 | $ | 54,480 | $ | 43,117 | $ | 56,965 | $ | 15,297 | $ | 51,194 | $ | 151,470 | $ | 332,881 | $ | 705,404 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 2,367 | 2,636 | 0 | 0 | 0 | 5,003 | - | - | - | 2,636 | - | - | 8,255 | 10,891 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 118 | 6,034 | 475 | 6,627 | - | - | - | - | 119 | 6,034 | - | 6,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Agricultural | $ | 34,325 | $ | 43,251 | $ | 60,630 | $ | 17,977 | $ | 54,034 | $ | 163,682 | $ | 335,725 | $ | 709,624 | $ | 54,480 | $ | 43,117 | $ | 56,965 | $ | 17,933 | $ | 51,313 | $ | 157,504 | $ | 341,136 | $ | 722,448 | ||||||||||||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential and home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 40,868 | $ | 100,298 | $ | 90,939 | $ | 15,957 | $ | 7,140 | $ | 82,590 | $ | 33,702 | $ | 371,494 | $ | 51,888 | $ | 97,973 | $ | 88,214 | $ | 14,851 | $ | 6,910 | $ | 78,458 | $ | 38,727 | $ | 377,021 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 235 | 145 | 380 | - | - | - | - | - | 144 | 84 | 228 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential and home equity | $ | 40,868 | $ | 100,298 | $ | 90,939 | $ | 15,957 | $ | 7,140 | $ | 82,825 | $ | 33,847 | $ | 371,874 | $ | 51,888 | $ | 97,973 | $ | 88,214 | $ | 14,851 | $ | 6,910 | $ | 78,602 | $ | 38,811 | $ | 377,249 | ||||||||||||||||||||||||||||||||
Residential and home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 0 | $ | 0 | $ | 2,272 | $ | 0 | $ | 92 | $ | 158,423 | $ | 160,787 | $ | - | $ | - | $ | - | $ | 1,575 | $ | - | $ | 62 | $ | 167,987 | $ | 169,624 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 1,926 | 1,926 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total construction | $ | 0 | $ | 0 | $ | 0 | $ | 2,272 | $ | 0 | $ | 92 | $ | 160,349 | $ | 162,713 | $ | - | $ | - | $ | - | $ | 1,575 | $ | - | $ | 62 | $ | 167,987 | $ | 169,624 | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Real estate | $ | 139,913 | $ | 383,389 | $ | 312,734 | $ | 109,247 | $ | 152,075 | $ | 488,969 | $ | 860,073 | $ | 2,446,401 | $ | 246,404 | $ | 378,037 | $ | 298,659 | $ | 106,526 | $ | 148,130 | $ | 464,848 | $ | 865,408 | $ | 2,508,012 | ||||||||||||||||||||||||||||||||
Commercial & industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 8,395 | $ | 44,225 | $ | 15,482 | $ | 12,734 | $ | 10,126 | $ | 9,183 | $ | 331,296 | $ | 431,441 | $ | 24,852 | $ | 41,476 | $ | 13,975 | $ | 10,646 | $ | 8,774 | $ | 6,386 | $ | 347,723 | $ | 453,832 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 76 | 0 | 0 | 0 | 3 | 7,380 | 7,459 | - | 69 | - | - | - | 1 | - | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 30 | 525 | 555 | - | - | - | - | 6 | 6 | 271 | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial & industrial | $ | 8,395 | $ | 44,301 | $ | 15,482 | $ | 12,734 | $ | 10,126 | $ | 9,216 | $ | 339,201 | $ | 439,455 | $ | 24,852 | $ | 41,545 | $ | 13,975 | $ | 10,646 | $ | 8,780 | $ | 6,393 | $ | 347,994 | $ | 454,185 | ||||||||||||||||||||||||||||||||
Commercial & industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | 246 | $ | 78 | $ | - | $ | - | $ | 324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,547 | $ | 4,532 | $ | 1,194 | $ | 1,626 | $ | 776 | $ | 2,273 | $ | 246,131 | $ | 260,079 | $ | 4,387 | $ | 3,789 | $ | 1,082 | $ | 1,617 | $ | 731 | $ | 2,211 | $ | 239,737 | $ | 253,554 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 12 | 868 | 880 | - | - | - | - | - | 7 | 6,719 | 6,726 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 14 | 4 | 79 | 800 | 897 | - | - | - | 13 | 3 | - | - | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Agricultural | $ | 3,547 | $ | 4,532 | $ | 1,194 | $ | 1,640 | $ | 780 | $ | 2,364 | $ | 247,799 | $ | 261,856 | $ | 4,387 | $ | 3,789 | $ | 1,082 | $ | 1,630 | $ | 734 | $ | 2,218 | $ | 246,456 | $ | 260,296 | ||||||||||||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,566 | $ | 17,129 | $ | 14,293 | $ | 8,473 | $ | 21,686 | $ | 25,320 | $ | 0 | $ | 88,468 | $ | 11,541 | $ | 16,541 | $ | 13,664 | $ | 7,643 | $ | 21,387 | $ | 22,717 | $ | - | $ | 93,493 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 118 | 0 | 0 | 0 | 118 | - | - | - | 100 | - | - | - | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial leases | $ | 1,566 | $ | 17,129 | $ | 14,293 | $ | 8,591 | $ | 21,686 | $ | 25,320 | $ | 0 | $ | 88,586 | $ | 11,541 | $ | 16,541 | $ | 13,664 | $ | 7,743 | $ | 21,387 | $ | 22,717 | $ | - | $ | 93,593 | ||||||||||||||||||||||||||||||||
Commercial leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 901 | $ | 7,589 | $ | 475 | $ | 350 | $ | 531 | $ | 2,713 | $ | 832 | $ | 13,391 | $ | 965 | $ | 2,463 | $ | 359 | $ | 235 | $ | 386 | $ | 2,481 | $ | 694 | $ | 7,583 | ||||||||||||||||||||||||||||||||
Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 197 | 0 | 0 | 0 | 0 | 0 | 0 | 197 | 193 | - | - | - | - | - | - | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer and other | $ | 1,098 | $ | 7,589 | $ | 475 | $ | 350 | $ | 531 | $ | 2,713 | $ | 832 | $ | 13,588 | $ | 1,158 | $ | 2,463 | $ | 359 | $ | 235 | $ | 386 | $ | 2,481 | $ | 694 | $ | 7,776 | ||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | 25 | $ | 5 | $ | 4 | $ | 1 | $ | 3 | $ | - | $ | - | $ | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total net loans and leases | $ | 154,519 | $ | 456,941 | $ | 344,178 | $ | 132,563 | $ | 185,198 | $ | 528,583 | $ | 1,447,905 | $ | 3,249,886 | $ | 288,342 | $ | 442,375 | $ | 327,739 | $ | 126,780 | $ | 179,417 | $ | 498,657 | $ | 1,460,552 | $ | 3,323,862 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Vehicles | Total | Real Estate | Vehicles and Equipment | Total | ||||||||||||||||||
Collateral dependent loans and leases | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 0 | $ | 0 | $ | 0 | $ | 1,124 | $ | - | $ | 1,124 | ||||||||||||
Agricultural | 5,533 | 0 | 5,533 | 11,944 | - | 11,944 | ||||||||||||||||||
Residential and home equity | 216 | 0 | 216 | 2,002 | - | 2,002 | ||||||||||||||||||
Construction | 0 | 0 | 0 | - | - | - | ||||||||||||||||||
Total Real estate | 5,749 | 0 | 5,749 | 15,070 | - | 15,070 | ||||||||||||||||||
Commercial & industrial | 0 | 0 | 0 | - | - | - | ||||||||||||||||||
Agricultural | 0 | 0 | 0 | - | 16 | 16 | ||||||||||||||||||
Commercial leases | 0 | 0 | 0 | - | - | - | ||||||||||||||||||
Consumer and other | 0 | 165 | 165 | - | 161 | 161 | ||||||||||||||||||
Total gross loans and leases | $ | 5,749 | $ | 165 | $ | 5,914 | $ | 15,070 | $ | 177 | $ | 15,247 |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Vehicles | Total | Real Estate | Vehicles and Equipment | Total | ||||||||||||||||||
Collateral dependent loans and leases | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Commercial | $ | 5 | $ | 0 | $ | 5 | $ | 5 | $ | - | $ | 5 | ||||||||||||
Agricultural | 5,587 | 0 | 5,587 | 5,587 | - | 5,587 | ||||||||||||||||||
Residential and home equity | 330 | 0 | 330 | 330 | - | 330 | ||||||||||||||||||
Construction | 0 | 0 | 0 | - | - | - | ||||||||||||||||||
Total Real estate | 5,922 | 0 | 5,922 | 5,922 | - | 5,922 | ||||||||||||||||||
Commercial & industrial | 0 | 0 | 0 | - | - | - | ||||||||||||||||||
Agricultural | 0 | 0 | 0 | - | - | - | ||||||||||||||||||
Commercial leases | 0 | 0 | 0 | - | - | - | ||||||||||||||||||
Consumer and other | 0 | 173 | 173 | - | 173 | 173 | ||||||||||||||||||
Total gross loans and leases | $ | 5,922 | $ | 173 | $ | 6,095 | $ | 5,922 | $ | 173 | $ | 6,095 |
For the Three Months Ended June 30, 2022 | For the three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 32,511 | $ | 3,777 | $ | 6,759 | $ | 16,098 | $ | 1,466 | $ | 421 | $ | 61,032 | $ | 34,716 | $ | 2,876 | $ | 6,874 | $ | 15,808 | $ | 1,645 | $ | 161 | $ | 62,080 | ||||||||||||||||||||||||||||
Provision / (recapture) for credit losses | 2,205 | (901 | ) | 10 | (131 | ) | 179 | (255 | ) | 1,107 | (1,616 | ) | 119 | (15 | ) | 3,063 | (57 | ) | 5 | 1,499 | ||||||||||||||||||||||||||||||||||||
Charge-offs | 0 | 0 | 0 | (276 | ) | 0 | (9 | ) | (285 | ) | - | - | - | (48 | ) | - | (20 | ) | (68 | ) | ||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 105 | 117 | 0 | 4 | 226 | - | - | 6 | 92 | - | 8 | 106 | ||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) / recoveries | 0 | 0 | 105 | (159 | ) | 0 | (5 | ) | (59 | ) | - | - | 6 | 44 | - | (12 | ) | 38 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 34,716 | $ | 2,876 | $ | 6,874 | $ | 15,808 | $ | 1,645 | $ | 161 | $ | 62,080 | $ | 33,100 | $ | 2,995 | $ | 6,865 | $ | 18,915 | $ | 1,588 | $ | 154 | $ | 63,617 |
For the Six Months Ended June 30, 2022 | For the Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | Commercial & Agricultural R/E | Construction | Residential & Home Equity | Commercial & Agricultural | Commercial Leases | Consumer & Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 38,149 | $ | 1,456 | $ | 2,847 | $ | 16,954 | $ | 938 | $ | 663 | $ | 61,007 | $ | 38,149 | $ | 1,456 | $ | 2,847 | $ | 16,954 | $ | 938 | $ | 663 | $ | 61,007 | ||||||||||||||||||||||||||||
Impact of Adopting ASC 326 | (6,190 | ) | 1,855 | 3,032 | 826 | 629 | (152 | ) | 0 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Provision / (recapture) for credit losses | 2,757 | (435 | ) | 876 | (1,831 | ) | 78 | (338 | ) | 1,107 | (5,049 | ) | 1,539 | 3,893 | 2,058 | 650 | (485 | ) | 2,606 | |||||||||||||||||||||||||||||||||||||
Charge-offs | 0 | 0 | 0 | (276 | ) | 0 | (18 | ) | (294 | ) | - | - | - | (324 | ) | - | (38 | ) | (362 | ) | ||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 119 | 135 | 0 | 6 | 260 | - | - | 125 | 227 | - | 14 | 366 | ||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) / recoveries | 0 | 0 | 119 | (141 | ) | 0 | (12 | ) | (34 | ) | - | - | 125 | (97 | ) | - | (24 | ) | 4 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 34,716 | $ | 2,876 | $ | 6,874 | $ | 15,808 | $ | 1,645 | $ | 161 | $ | 62,080 | $ | 33,100 | $ | 2,995 | $ | 6,865 | $ | 18,915 | $ | 1,588 | $ | 154 | $ | 63,617 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||
Certificate of deposits: | ||||||||
Certificates of deposits less than or equal to $250,000 | $ | 216,390 | $ | 223,620 | ||||
Certificates of deposits greater than $250,000 | 162,240 | 168,865 | ||||||
Total certificates of deposits | $ | 378,630 | $ | 392,485 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||
Certificates of deposit: | ||||||||
Certificates of deposit less than or equal to $250,000 | $ | 208,242 | $ | 223,620 | ||||
Certificates of deposit greater than $250,000 | 152,142 | 168,865 | ||||||
Total certificates of deposit | $ | 360,384 | $ | 392,485 |
(Dollars in thousands) | Amount | Amount | ||||||
2022 | $ | 217,575 | $ | 107,966 | ||||
2023 | 147,620 | 224,552 | ||||||
2024 | 8,788 | 22,362 | ||||||
2025 | 2,270 | 2,783 | ||||||
2026 and beyond | 2,377 | 2,721 | ||||||
Total time deposits | $ | 378,630 | ||||||
Total certificates of deposit | $ | 360,384 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Minimum to be Categorized as “Adequately Capitalized” | Minimum to be Categorized as “Well Capitalized” | Actual | Minimum to be Categorized as “Adequately Capitalized” | Minimum to be Categorized as “Well Capitalized” | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||
Farmers & Merchants Bancorp | ||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 468,463 | 11.55 | % | $ | 182,499 | 4.50 | % | N/A | N/A | $ | 482,053 | 11.82 | % | $ | 183,537 | 4.50 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 478,463 | 11.80 | % | 243,332 | 6.00 | % | N/A | N/A | 492,053 | 12.06 | % | 244,716 | 6.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||||
Risk-based capital to risk-weighted assets | 529,311 | 13.05 | % | 324,442 | 8.00 | % | N/A | N/A | 543,218 | 13.32 | % | 326,288 | 8.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | 478,463 | 8.94 | % | 214,167 | 4.00 | % | N/A | N/A | 492,053 | 9.12 | % | 215,702 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||||
Farmers & Merchants Bank | ||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 475,077 | 11.72 | % | $ | 182,470 | 4.50 | % | $ | 263,567 | 6.50 | % | $ | 491,237 | 12.04 | % | $ | 183,531 | 4.50 | % | $ | 265,101 | 6.50 | % | ||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 475,077 | 11.72 | % | 243,293 | 6.00 | % | 324,391 | 8.00 | % | 491,237 | 12.04 | % | 244,708 | 6.00 | % | 326,278 | 8.00 | % | ||||||||||||||||||||||||||||||
Risk-based capital to risk-weighted assets | 525,918 | 12.97 | % | 324,391 | 8.00 | % | 405,488 | 10.00 | % | 542,400 | 13.30 | % | 326,278 | 8.00 | % | 407,847 | 10.00 | % | ||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | 475,077 | 8.89 | % | 213,871 | 4.00 | % | 267,339 | 5.00 | % | 491,237 | 9.12 | % | 215,498 | 4.00 | % | 269,372 | 5.00 | % |
December 31, 2021 | ||||||||||||||||||||||||
Actual | Minimum to be Categorized as “Adequately Capitalized” | Minimum to be Categorized as “Well Capitalized” | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Farmers & Merchants Bancorp | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 450,687 | 11.68 | % | $ | 173,674 | 4.50 | % | N/A | N/A | ||||||||||||||
Tier 1 capital to risk-weighted assets | 460,687 | 11.94 | % | 231,566 | 6.00 | % | N/A | N/A | ||||||||||||||||
Risk-based capital to risk-weighted assets | 509,091 | 13.19 | % | 308,755 | 8.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 leverage capital ratio | 460,687 | 8.92 | % | 206,606 | 4.00 | % | N/A | N/A | ||||||||||||||||
Farmers & Merchants Bank | ||||||||||||||||||||||||
CET1 capital to risk-weighted assets | $ | 459,813 | 11.91 | % | $ | 173,664 | 4.50 | % | $ | 250,847 | 6.50 | % | ||||||||||||
Tier 1 capital to risk-weighted assets | 459,813 | 11.91 | % | 231,551 | 6.00 | % | 308,735 | 8.00 | % | |||||||||||||||
Risk-based capital to risk-weighted assets | 508,215 | 13.17 | % | 308,735 | 8.00 | % | 385,919 | 10.00 | % | |||||||||||||||
Tier 1 leverage capital ratio | 459,813 | 8.91 | % | 206,426 | 4.00 | % | 258,033 | 5.00 | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||
(Dollars in thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Numerator | ||||||||||||||||
Net income | $ | 18,443 | $ | 16,153 | $ | 19,536 | $ | 17,502 | ||||||||
Denominator | ||||||||||||||||
Weighted average number of common shares outstanding | 781,880 | 789,646 | 775,109 | 789,646 | ||||||||||||
Weighted average number of dilutive shares outstanding | 781,880 | 789,646 | 775,109 | 789,646 | ||||||||||||
Basic earnings per common share | $ | 23.58 | $ | 20.45 | $ | 25.20 | $ | 22.16 | ||||||||
Diluted earning per common share | $ | 23.58 | $ | 20.45 | ||||||||||||
Diluted earnings per common share | $ | 25.20 | $ | 22.16 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Numerator | ||||||||||||||||
Net income | $ | 35,501 | $ | 32,866 | $ | 55,037 | $ | 50,368 | ||||||||
Denominator | ||||||||||||||||
Weighted average number of common shares outstanding | 783,976 | 789,646 | 780,988 | 789,646 | ||||||||||||
Weighted average number of dilutive shares outstanding | 783,976 | 789,646 | 780,988 | 789,646 | ||||||||||||
�� | ||||||||||||||||
Basic earnings per common share | $ | 45.28 | $ | 41.62 | $ | 70.47 | $ | 63.79 | ||||||||
Diluted earning per common share | $ | 45.28 | $ | 41.62 | ||||||||||||
Diluted earnings per common share | $ | 70.47 | $ | 63.79 |
June 30, 2022 | Fair Value | |||||||||||||||||||||||||||||||||||||||
September 30, 2022 | Fair Value | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 747,788 | $ | 747,788 | $ | 0 | $ | 0 | $ | 747,788 | $ | 882,883 | $ | 882,883 | $ | - | $ | - | $ | 882,883 | ||||||||||||||||||||
Investment securities available-for-sale | 225,338 | 4,952 | 220,386 | 0 | 225,338 | 177,454 | 4,941 | 172,513 | - | 177,454 | ||||||||||||||||||||||||||||||
Investment securities held-to-maturity | 867,990 | 0 | 720,108 | 43,039 | 763,147 | 852,272 | - | 663,285 | 42,416 | 705,701 | ||||||||||||||||||||||||||||||
Non-marketable securities | 15,549 | 0 | 0 | 15,549 | 15,549 | 15,549 | - | - | 15,549 | 15,549 | ||||||||||||||||||||||||||||||
Loans and leases, net | 3,187,806 | 0 | 0 | 3,180,540 | 3,180,540 | 3,260,245 | - | - | 3,203,611 | 3,203,611 | ||||||||||||||||||||||||||||||
Bank-owned life insurance | 72,513 | 72,513 | 0 | 0 | 72,513 | 72,566 | 72,566 | - | - | 72,566 | ||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 4,769,513 | $ | 0 | $ | 4,390,883 | $ | 373,285 | $ | 4,764,168 | $ | 4,909,257 | $ | - | $ | 4,548,873 | $ | 352,319 | $ | 4,901,192 | ||||||||||||||||||||
Subordinated debentures | 10,310 | 0 | 9,181 | 0 | 9,181 | 10,310 | - | 9,707 | - | 9,707 |
December 31, 2021 | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 715,460 | $ | 715,460 | $ | 0 | $ | 0 | $ | 715,460 | $ | 715,460 | $ | 715,460 | $ | - | $ | - | $ | 715,460 | ||||||||||||||||||||
Investment securities available-for-sale | 270,454 | 10,214 | 260,240 | 0 | 270,454 | 270,454 | 10,214 | 260,240 | - | 270,454 | ||||||||||||||||||||||||||||||
Investment securities held-to-maturity | 737,052 | 0 | 681,588 | 44,446 | 726,034 | 737,052 | - | 681,588 | 44,446 | 726,034 | ||||||||||||||||||||||||||||||
Non-marketable securities | 15,549 | 0 | 0 | 15,549 | 15,549 | 15,549 | - | - | 15,549 | 15,549 | ||||||||||||||||||||||||||||||
Loans and leases, net | 3,176,170 | 0 | 0 | 3,179,857 | 3,179,857 | 3,176,170 | - | - | 3,179,857 | 3,179,857 | ||||||||||||||||||||||||||||||
Bank-owned life insurance | 71,411 | 71,411 | 0 | 0 | 71,411 | 71,411 | 71,411 | - | - | 71,411 | ||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 4,640,152 | $ | 0 | $ | 4,247,666 | $ | 391,732 | $ | 4,639,398 | $ | 4,640,152 | $ | - | $ | 4,247,666 | $ | 391,732 | $ | 4,639,398 | ||||||||||||||||||||
Subordinated debentures | 10,310 | 0 | 6,890 | 0 | 6,890 | 10,310 | - | 6,890 | - | 6,890 |
June 30, 2022 | Fair Value | |||||||||||||||||||||||||||||||||||||||
September 30, 2022 | Fair Value | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||||||||
Fair valued on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 4,952 | $ | 4,952 | $ | 0 | $ | 0 | $ | 4,952 | $ | 4,941 | $ | 4,941 | $ | - | $ | - | $ | 4,941 | ||||||||||||||||||||
U.S. Government-sponsored securities | 5,441 | 0 | 5,441 | 0 | 5,441 | 4,698 | - | 4,698 | - | 4,698 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 203,607 | 0 | 203,607 | 0 | 203,607 | 156,453 | - | 156,453 | - | 156,453 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 1,502 | 0 | 1,502 | 0 | 1,502 | 1,458 | - | 1,458 | - | 1,458 | ||||||||||||||||||||||||||||||
Corporate securities | 9,526 | 0 | 9,526 | 0 | 9,526 | 9,594 | - | 9,594 | - | 9,594 | ||||||||||||||||||||||||||||||
Other | 310 | 0 | 310 | 0 | 310 | 310 | - | 310 | - | 310 | ||||||||||||||||||||||||||||||
Fair valued on a non-recurring basis: | ||||||||||||||||||||||||||||||||||||||||
Other real estate | $ | 873 | $ | 0 | $ | 0 | $ | 873 | $ | 873 | $ | 873 | $ | - | $ | - | $ | 873 | $ | 873 |
December 31, 2021 | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||||||||
Fair valued on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 10,089 | $ | 10,089 | $ | 0 | $ | 0 | $ | 10,089 | $ | 10,089 | $ | 10,089 | $ | - | $ | - | $ | 10,089 | ||||||||||||||||||||
U.S. Government-sponsored securities | 6,374 | 0 | 6,374 | 0 | 6,374 | 6,374 | - | 6,374 | - | 6,374 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 251,120 | 0 | 251,120 | 0 | 251,120 | 251,120 | - | 251,120 | - | 251,120 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 2,436 | 0 | 2,436 | 0 | 2,436 | 2,436 | - | 2,436 | - | 2,436 | ||||||||||||||||||||||||||||||
Other | 435 | 125 | 310 | 0 | 435 | 435 | 125 | 310 | - | 435 | ||||||||||||||||||||||||||||||
Fair valued on a non-recurring basis: | ||||||||||||||||||||||||||||||||||||||||
Individually evaluated loans | $ | 2,562 | $ | 0 | $ | 0 | $ | 2,562 | $ | 2,562 | $ | 2,562 | $ | - | $ | - | $ | 2,562 | $ | 2,562 | ||||||||||||||||||||
Other real estate | 873 | 0 | 0 | 873 | 873 | 873 | - | - | 873 | 873 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||
Commitments to extend credit, including unsecured commitments of $20,787 and $21,036 as of June 30, 2022 and December 31, 2021, respectively | $ | 995,795 | $ | 937,009 | ||||||||||||
Stand-by letters of credit, including unsecured commitments of $7,409 and $9,091 as of June 30, 2022 and December 31, 2021, respectively | 16,484 | 17,880 | ||||||||||||||
Commitments to extend credit, including unsecured commitments of $20,552 and $21,036 as of September 30, 2022 and December 31, 2021, respectively | $ | 1,128,340 | $ | 937,009 | ||||||||||||
Stand-by letters of credit, including unsecured commitments of $7,352 and $9,091 as of September 30, 2022 and December 31, 2021, respectively | 16,629 | 17,880 | ||||||||||||||
Performance guarantees under interest rate swap contracts entered into with our clients and third-parties | 0 | 1,433 | - | 1,433 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
the pendency, duration, and impact of the COVID-19 pandemic; |
changes in general economic conditions, either nationally, in California, or in our local markets; |
inflation, changes in interest rates, securities market volatility and monetary fluctuations; |
increases in competitive pressures among financial institutions and businesses offering similar products and services; |
higher defaults in our loan portfolio than we expect; |
changes in management’s estimate of the adequacy of the allowance for credit losses; |
risks associated with our growth and expansion strategy and related costs; |
increased lending risks associated with our high concentration of real estate loans; |
legislative or regulatory changes or changes in accounting principles, policies or guidelines; |
technological changes; and |
regulatory or judicial proceedings. |
■ | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. |
■ | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. |
■ | Changes in the nature and volume of the portfolio and in the terms of loans. |
■ | Changes in the experience, ability, and depth of lending management and other relevant staff. |
■ | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. |
■ | Changes in the quality of the institution’s loan review system. |
■ | Changes in the value of underlying collateral for collateral-dependent loans. |
■ | The existence and effect of any concentrations of credit, and changes in the level of such concentrations. |
■ | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earnings deposits in other banks and federal funds sold | $ | 683,655 | $ | 1,409 | 0.83 | % | $ | 590,936 | $ | 164 | 0.11 | % | $ | 718,794 | $ | 4,159 | 2.30 | % | $ | 856,159 | $ | 328 | 0.15 | % | ||||||||||||||||||||||||
Securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | 1,090,507 | 5,107 | 1.87 | % | 839,121 | 3,694 | 1.76 | % | 1,063,166 | 5,091 | 1.92 | % | 786,983 | 3,282 | 1.67 | % | ||||||||||||||||||||||||||||||||
Non-taxable securities(2) | 48,339 | 391 | 3.24 | % | 53,813 | 416 | 3.09 | % | 47,005 | 386 | 3.28 | % | 49,616 | 399 | 3.22 | % | ||||||||||||||||||||||||||||||||
Total investment securities | 1,138,846 | 5,498 | 1.94 | % | 892,934 | 4,110 | 1.84 | % | 1,110,171 | 5,477 | 1.96 | % | 836,599 | 3,681 | 1.76 | % | ||||||||||||||||||||||||||||||||
Loans:(3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1,158,892 | 13,373 | 4.63 | % | 1,005,143 | 12,370 | 4.94 | % | 1,224,689 | 15,179 | 4.92 | % | 1,046,626 | 11,255 | 4.27 | % | ||||||||||||||||||||||||||||||||
Agricultural | 701,905 | 8,415 | 4.81 | % | 622,977 | 7,447 | 4.79 | % | 715,286 | 9,243 | 5.13 | % | 640,330 | 8,301 | 5.14 | % | ||||||||||||||||||||||||||||||||
Residential and home equity | 365,872 | 3,539 | 3.88 | % | 337,796 | 3,662 | 4.35 | % | 375,699 | 3,836 | 4.05 | % | 338,520 | 3,858 | 4.52 | % | ||||||||||||||||||||||||||||||||
Construction | 205,491 | 2,508 | 4.90 | % | 189,930 | 2,150 | 4.54 | % | 164,664 | 2,468 | 5.95 | % | 175,906 | 2,300 | 5.19 | % | ||||||||||||||||||||||||||||||||
Total real estate | 2,432,160 | 27,835 | 4.59 | % | 2,155,846 | 25,629 | 4.77 | % | 2,480,338 | 30,726 | 4.91 | % | 2,201,382 | 25,714 | 4.63 | % | ||||||||||||||||||||||||||||||||
Commercial & industrial | 439,137 | 4,546 | 4.15 | % | 357,098 | 4,345 | 4.88 | % | 438,761 | 5,770 | 5.22 | % | 374,162 | 4,111 | 4.36 | % | ||||||||||||||||||||||||||||||||
Agricultural | 264,791 | 2,988 | 4.53 | % | 227,206 | 2,557 | 4.51 | % | 259,345 | 3,607 | 5.52 | % | 236,071 | 2,637 | 4.43 | % | ||||||||||||||||||||||||||||||||
Commercial leases | 90,855 | 1,377 | 6.08 | % | 101,848 | 1,428 | 5.62 | % | 93,051 | 1,365 | 5.82 | % | 96,690 | 1,363 | 5.59 | % | ||||||||||||||||||||||||||||||||
Consumer and other | 21,457 | 1,824 | 34.10 | % | 223,877 | 2,705 | 4.85 | % | 8,929 | 400 | 17.77 | % | 155,182 | 2,263 | 5.79 | % | ||||||||||||||||||||||||||||||||
Total loans and leases | 3,248,400 | 38,570 | 4.76 | % | 3,065,875 | 36,664 | 4.80 | % | 3,280,424 | 41,868 | 5.06 | % | 3,063,487 | 36,088 | 4.67 | % | ||||||||||||||||||||||||||||||||
Non-marketable securities | 15,549 | 218 | 5.62 | % | 15,078 | 212 | 5.64 | % | 15,549 | 209 | 5.33 | % | 15,549 | 244 | 6.23 | % | ||||||||||||||||||||||||||||||||
Total interest earning assets | 5,086,450 | 45,695 | 3.60 | % | 4,564,823 | 41,150 | 3.62 | % | 5,124,938 | 51,713 | 4.00 | % | 4,771,794 | 40,341 | 3.35 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses | (61,439 | ) | (60,204 | ) | (63,107 | ) | (60,268 | ) | ||||||||||||||||||||||||||||||||||||||||
Non-interest earning assets | 317,066 | 315,846 | 318,078 | 324,057 | ||||||||||||||||||||||||||||||||||||||||||||
Total average assets | $ | 5,342,077 | $ | 4,820,465 | $ | 5,379,909 | $ | 5,035,583 | ||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand | $ | 1,117,283 | 319 | 0.11 | % | $ | 993,084 | 282 | 0.11 | % | $ | 1,101,830 | 445 | 0.16 | % | $ | 1,068,707 | 293 | 0.11 | % | ||||||||||||||||||||||||||||
Savings and money market accounts | 1,544,753 | 361 | 0.09 | % | 1,332,799 | 372 | 0.11 | % | 1,588,234 | 476 | 0.12 | % | 1,385,430 | 346 | 0.10 | % | ||||||||||||||||||||||||||||||||
Certificates of deposit greater than $250,000 | 165,944 | 106 | 0.26 | % | 168,450 | 188 | 0.45 | % | 156,110 | 96 | 0.24 | % | 168,714 | 143 | 0.34 | % | ||||||||||||||||||||||||||||||||
Certificates of deposit less than $250,000 | 219,157 | 87 | 0.16 | % | 239,792 | 192 | 0.32 | % | 212,036 | 105 | 0.20 | % | 230,532 | 147 | 0.25 | % | ||||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,047,137 | 873 | 0.11 | % | 2,734,125 | 1,034 | 0.15 | % | 3,058,210 | 1,122 | 0.15 | % | 2,853,383 | 929 | 0.13 | % | ||||||||||||||||||||||||||||||||
Short-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | - | - | 0.00 | % | - | - | 0.00 | % | ||||||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 103 | 4.01 | % | 10,310 | 79 | 3.07 | % | 10,310 | 134 | 5.16 | % | 10,310 | 78 | 3.00 | % | ||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 3,057,447 | 976 | 0.13 | % | 2,744,435 | 1,113 | 0.16 | % | 3,068,520 | 1,256 | 0.16 | % | 2,863,693 | 1,007 | 0.14 | % | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 1,735,258 | 1,573,743 | 1,764,266 | 1,655,738 | ||||||||||||||||||||||||||||||||||||||||||||
Total funding | 4,792,705 | 976 | 0.08 | % | 4,318,178 | 1,113 | 0.10 | % | 4,832,786 | 1,256 | 0.10 | % | 4,519,431 | 1,007 | 0.09 | % | ||||||||||||||||||||||||||||||||
Other non-interest bearing liabilities | 86,550 | 69,049 | 77,389 | 68,564 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 462,822 | 433,238 | 469,734 | 447,588 | ||||||||||||||||||||||||||||||||||||||||||||
Total average liabilities and shareholders' equity | $ | 5,342,077 | $ | 4,820,465 | $ | 5,379,909 | $ | 5,035,583 | ||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 44,719 | $ | 40,037 | $ | 50,457 | $ | 39,334 | ||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.48 | % | 3.45 | % | 3.84 | % | 3.21 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin(4) | 3.53 | % | 3.52 | % | 3.95 | % | 3.26 | % |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earnings deposits in other banks and federal funds sold | $ | 721,656 | $ | 1,775 | 0.50 | % | $ | 501,105 | $ | 267 | 0.11 | % | $ | 720,692 | $ | 5,934 | 1.10 | % | $ | 620,757 | $ | 595 | 0.13 | % | ||||||||||||||||||||||||
Securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | 1,056,670 | 9,695 | 1.84 | % | 836,501 | 7,498 | 1.79 | % | 1,058,859 | 14,786 | 1.86 | % | 819,747 | 10,780 | 1.75 | % | ||||||||||||||||||||||||||||||||
Non-taxable securities(2) | 49,164 | 793 | 3.23 | % | 54,442 | 839 | 3.08 | % | 48,436 | 1,179 | 3.25 | % | 52,816 | 1,238 | 3.13 | % | ||||||||||||||||||||||||||||||||
Total investment securities | 1,105,834 | 10,488 | 1.90 | % | 890,943 | 8,337 | 1.87 | % | 1,107,295 | 15,965 | 1.92 | % | 872,563 | 12,018 | 1.84 | % | ||||||||||||||||||||||||||||||||
Loans:(3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1,155,271 | 26,649 | 4.65 | % | 985,307 | 25,347 | 5.19 | % | 1,178,731 | 41,986 | 4.76 | % | 1,005,970 | 36,602 | 4.86 | % | ||||||||||||||||||||||||||||||||
Agricultural | 691,128 | 16,208 | 4.73 | % | 630,592 | 14,583 | 4.66 | % | 699,205 | 25,545 | 4.88 | % | 633,874 | 22,884 | 4.83 | % | ||||||||||||||||||||||||||||||||
Residential and home equity | 359,656 | 6,840 | 3.84 | % | 336,691 | 6,333 | 3.79 | % | 365,062 | 10,728 | 3.93 | % | 337,307 | 10,191 | 4.04 | % | ||||||||||||||||||||||||||||||||
Construction | 198,626 | 4,580 | 4.65 | % | 191,638 | 4,147 | 4.36 | % | 187,181 | 7,075 | 5.05 | % | 186,337 | 6,447 | 4.63 | % | ||||||||||||||||||||||||||||||||
Total real estate | 2,404,681 | 54,277 | 4.55 | % | 2,144,228 | 50,410 | 4.74 | % | 2,430,179 | 85,334 | 4.69 | % | 2,163,488 | 76,124 | 4.70 | % | ||||||||||||||||||||||||||||||||
Commercial & industrial | 431,907 | 9,345 | 4.36 | % | 361,465 | 8,456 | 4.72 | % | 434,217 | 15,460 | 4.76 | % | 365,744 | 12,567 | 4.59 | % | ||||||||||||||||||||||||||||||||
Agricultural | 256,648 | 5,743 | 4.51 | % | 226,706 | 5,121 | 4.56 | % | 257,555 | 9,350 | 4.85 | % | 229,862 | 7,758 | 4.51 | % | ||||||||||||||||||||||||||||||||
Commercial leases | 92,844 | 2,793 | 6.07 | % | 102,205 | 2,772 | 5.47 | % | 92,914 | 4,158 | 5.98 | % | 100,347 | 4,135 | 5.51 | % | ||||||||||||||||||||||||||||||||
Consumer and other | 36,683 | 3,845 | 21.14 | % | 228,336 | 6,992 | 6.18 | % | 27,330 | 3,569 | 17.46 | % | 203,683 | 9,255 | 6.08 | % | ||||||||||||||||||||||||||||||||
Total loans and leases | 3,222,763 | 76,003 | 4.76 | % | 3,062,940 | 73,751 | 4.86 | % | 3,242,195 | 117,871 | 4.86 | % | 3,063,124 | 109,839 | 4.79 | % | ||||||||||||||||||||||||||||||||
Non-marketable securities | 15,549 | 523 | 6.78 | % | 13,892 | 402 | 5.84 | % | 15,549 | 732 | 6.29 | % | 14,451 | 646 | 5.98 | % | ||||||||||||||||||||||||||||||||
Total interest earning assets | 5,065,802 | 88,789 | 3.53 | % | 4,468,880 | 82,757 | 3.73 | % | 5,085,731 | 140,502 | 3.69 | % | 4,570,895 | 123,098 | 3.60 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses | (61,232 | ) | (59,820 | ) | (61,864 | ) | (59,971 | ) | ||||||||||||||||||||||||||||||||||||||||
Non-interest earning assets | 315,037 | 310,629 | 314,520 | 315,582 | ||||||||||||||||||||||||||||||||||||||||||||
Total average assets | $ | 5,319,607 | $ | 4,719,689 | $ | 5,338,387 | $ | 4,826,506 | ||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand | $ | 1,116,436 | 578 | 0.10 | % | $ | 968,496 | 576 | 0.12 | % | $ | 1,111,513 | 1,023 | 0.12 | % | $ | 1,002,267 | 869 | 0.12 | % | ||||||||||||||||||||||||||||
Savings and money market accounts | 1,531,069 | 703 | 0.09 | % | 1,312,122 | 790 | 0.12 | % | 1,550,334 | 1,179 | 0.10 | % | 1,336,826 | 1,136 | 0.11 | % | ||||||||||||||||||||||||||||||||
Certificates of deposit greater than $250,000 | 166,725 | 203 | 0.25 | % | 169,967 | 444 | 0.53 | % | 163,148 | 299 | 0.25 | % | 169,545 | 587 | 0.46 | % | ||||||||||||||||||||||||||||||||
Certificates of deposit less than $250,000 | 221,487 | 192 | 0.17 | % | 243,583 | 461 | 0.38 | % | 218,302 | 297 | 0.18 | % | 239,185 | 608 | 0.34 | % | ||||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,035,717 | 1,676 | 0.11 | % | 2,694,168 | 2,271 | 0.17 | % | 3,043,297 | 2,798 | 0.12 | % | 2,747,823 | 3,200 | 0.16 | % | ||||||||||||||||||||||||||||||||
Short-term borrowings | 1 | - | 0.00 | % | 2 | - | 0.00 | % | 1 | - | 0.00 | % | - | - | 0.00 | % | ||||||||||||||||||||||||||||||||
Subordinated debentures | 10,310 | 185 | 3.62 | % | 10,310 | 158 | 3.09 | % | 10,310 | 319 | 4.14 | % | 10,310 | 236 | 3.06 | % | ||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 3,046,028 | 1,861 | 0.12 | % | 2,704,480 | 2,429 | 0.18 | % | 3,053,608 | 3,117 | 0.14 | % | 2,758,133 | 3,436 | 0.17 | % | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 1,728,962 | 1,522,029 | 1,740,859 | 1,567,089 | ||||||||||||||||||||||||||||||||||||||||||||
Total funding | 4,774,990 | 1,861 | 0.08 | % | 4,226,509 | 2,429 | 0.12 | % | 4,794,467 | 3,117 | 0.09 | % | 4,325,222 | 3,436 | 0.11 | % | ||||||||||||||||||||||||||||||||
Other non-interest bearing liabilities | 80,413 | 61,662 | 77,953 | 64,439 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 464,204 | 431,518 | 465,967 | 436,845 | ||||||||||||||||||||||||||||||||||||||||||||
Total average liabilities and shareholders' equity | $ | 5,319,607 | $ | 4,719,689 | $ | 5,338,387 | $ | 4,826,506 | ||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 86,928 | $ | 80,328 | $ | 137,385 | $ | 119,662 | ||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.41 | % | 3.55 | % | 3.56 | % | 3.43 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin(4) | 3.46 | % | 3.62 | % | 3.61 | % | 3.50 | % |
Three Months Ended June 30, 2022 compared with 2021 | Six Months Ended June 30, 2022 compared with 2021 | Three Months Ended September 30, 2022 compared with 2021 | Nine Months Ended September 30, 2022 compared with 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to: | Increase (Decrease) Due to: | Increase (Decrease) Due to: | Increase (Decrease) Due to: | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earnings deposits in other banks and federal funds sold | $ | 30 | $ | 1,215 | $ | 1,245 | $ | 164 | $ | 1,344 | $ | 1,508 | $ | (370 | ) | $ | 4,201 | $ | 3,831 | $ | 111 | $ | 5,228 | $ | 5,339 | |||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | 1,165 | 248 | 1,413 | 2,016 | 181 | 2,197 | 1,272 | 537 | 1,809 | 3,305 | 701 | 4,006 | ||||||||||||||||||||||||||||||||||||
Non-taxable securities | (123 | ) | 98 | (25 | ) | (137 | ) | 91 | (46 | ) | (57 | ) | 44 | (13 | ) | (127 | ) | 68 | (59 | ) | ||||||||||||||||||||||||||||
Total securities | 1,042 | 346 | 1,388 | 1,879 | 272 | 2,151 | 1,214 | 582 | 1,796 | 3,178 | 769 | 3,947 | ||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 5,108 | (4,105 | ) | 1,003 | 7,420 | (6,118 | ) | 1,302 | 2,069 | 1,855 | 3,924 | 6,630 | (1,246 | ) | 5,384 | |||||||||||||||||||||||||||||||||
Agricultural | 946 | 22 | 968 | 1,417 | 208 | 1,625 | 1,122 | (180 | ) | 942 | 2,384 | 277 | 2,661 | |||||||||||||||||||||||||||||||||||
Residential and home equity | 1,325 | (1,448 | ) | (123 | ) | 436 | 71 | 507 | 1,625 | (1,647 | ) | (22 | ) | 962 | (425 | ) | 537 | |||||||||||||||||||||||||||||||
Construction | 183 | 175 | 358 | 155 | 278 | 433 | (761 | ) | 929 | 168 | 29 | 599 | 628 | |||||||||||||||||||||||||||||||||||
Total real estate | 7,562 | (5,356 | ) | 2,206 | 9,428 | (5,561 | ) | 3,867 | 4,055 | 957 | 5,012 | 10,006 | (796 | ) | 9,210 | |||||||||||||||||||||||||||||||||
Commercial & industrial | 3,275 | (3,074 | ) | 201 | 2,491 | (1,602 | ) | 889 | 775 | 884 | 1,659 | 2,424 | 469 | 2,893 | ||||||||||||||||||||||||||||||||||
Agricultural | 424 | 7 | 431 | 762 | (140 | ) | 622 | 278 | 692 | 970 | 978 | 614 | 1,592 | |||||||||||||||||||||||||||||||||||
Commercial leases | (559 | ) | 508 | (51 | ) | (547 | ) | 568 | 21 | (210 | ) | 212 | 2 | (429 | ) | 452 | 23 | |||||||||||||||||||||||||||||||
Consumer and other | (17,178 | ) | 16,297 | (881 | ) | (18,389 | ) | 15,242 | (3,147 | ) | (12,215 | ) | 10,352 | (1,863 | ) | (16,453 | ) | 10,767 | (5,686 | ) | ||||||||||||||||||||||||||||
Total loans | (6,477 | ) | 8,383 | 1,906 | (6,257 | ) | 8,509 | 2,252 | (7,316 | ) | 13,096 | 5,780 | (3,474 | ) | 11,506 | 8,032 | ||||||||||||||||||||||||||||||||
Non-marketable securities | 10 | (4 | ) | 6 | 51 | 70 | 121 | 0 | (35 | ) | (35 | ) | 51 | 35 | 86 | |||||||||||||||||||||||||||||||||
Total interest income | (5,395 | ) | 9,940 | 4,545 | (4,162 | ) | 10,194 | 6,032 | (6,472 | ) | 17,844 | 11,372 | (135 | ) | 17,539 | 17,404 | ||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand | 35 | 2 | 37 | 164 | (162 | ) | 2 | 9 | 143 | 152 | 98 | 56 | 154 | |||||||||||||||||||||||||||||||||||
Savings and money market accounts | 235 | (246 | ) | (11 | ) | 276 | (363 | ) | (87 | ) | 55 | 75 | 130 | 218 | (175 | ) | 43 | |||||||||||||||||||||||||||||||
Certificates of deposit greater than $250,000 | (3 | ) | (79 | ) | (82 | ) | (8 | ) | (233 | ) | (241 | ) | (10 | ) | (37 | ) | (47 | ) | (21 | ) | (267 | ) | (288 | ) | ||||||||||||||||||||||||
Certificates of deposit less than $250,000 | (15 | ) | (90 | ) | (105 | ) | (39 | ) | (230 | ) | (269 | ) | (11 | ) | (31 | ) | (42 | ) | (49 | ) | (262 | ) | (311 | ) | ||||||||||||||||||||||||
Total interest bearing deposits | 252 | (413 | ) | (161 | ) | 393 | (988 | ) | (595 | ) | 43 | 150 | 193 | 246 | (648 | ) | (402 | ) | ||||||||||||||||||||||||||||||
Short-term borrowings | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subordinated debentures | - | 24 | 24 | - | 27 | 27 | - | 56 | 56 | - | 83 | 83 | ||||||||||||||||||||||||||||||||||||
Total interest expense | 252 | (389 | ) | (137 | ) | 393 | (961 | ) | (568 | ) | 43 | 206 | 249 | 246 | (565 | ) | (319 | ) | ||||||||||||||||||||||||||||||
Net interest income | $ | (5,647 | ) | $ | 10,329 | $ | 4,682 | $ | (4,556 | ) | $ | 11,156 | $ | 6,600 | $ | (6,515 | ) | $ | 17,638 | $ | 11,123 | $ | (381 | ) | $ | 18,104 | $ | 17,723 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | $ Better / (Worse) | % Better / (Worse) | 2022 | 2021 | $ Better / (Worse) | % Better / (Worse) | 2022 | 2021 | $ Better / (Worse) | % Better / (Worse) | 2022 | 2021 | $ Better / (Worse) | % Better / (Worse) | ||||||||||||||||||||||||||||||||||||||||||||||||
Selected Income Statement Information: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 45,695 | $ | 41,150 | $ | 4,545 | 11.04 | % | $ | 88,789 | $ | 82,757 | $ | 6,032 | 7.29 | % | $ | 51,713 | $ | 40,341 | $ | 11,372 | 28.19 | % | $ | 140,502 | $ | 123,098 | $ | 17,404 | 14.14 | % | ||||||||||||||||||||||||||||||||
Interest expense | 976 | 1,113 | 137 | 12.31 | % | 1,861 | 2,429 | 568 | 23.38 | % | 1,256 | 1,007 | (249 | ) | (24.73 | %) | 3,117 | 3,436 | 319 | 9.28 | % | |||||||||||||||||||||||||||||||||||||||||||
Net interest income | 44,719 | 40,037 | 4,682 | 11.69 | % | 86,928 | 80,328 | 6,600 | 8.22 | % | 50,457 | 39,334 | 11,123 | 28.28 | % | 137,385 | 119,662 | 17,723 | 14.81 | % | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 1,500 | - | (1,500 | ) | 0.00 | % | 1,500 | 1,250 | (250 | ) | (20.00 | %) | 1,500 | - | (1,500 | ) | N/A | 3,000 | 1,250 | (1,750 | ) | (140.00 | %) | |||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 43,219 | 40,037 | 3,182 | 7.95 | % | 85,428 | 79,078 | 6,350 | 8.03 | % | 48,957 | 39,334 | 9,623 | 24.46 | % | 134,385 | 118,412 | 15,973 | 13.49 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 3,512 | 4,959 | (1,447 | ) | (29.18 | %) | 7,824 | 11,675 | (3,851 | ) | (32.99 | %) | 1,559 | 4,617 | (3,058 | ) | (66.23 | %) | 9,383 | 16,292 | (6,909 | ) | (42.41 | %) | ||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 23,031 | 23,603 | 572 | 2.42 | % | 46,819 | 47,147 | 328 | 0.70 | % | 24,375 | 20,585 | (3,790 | ) | (18.41 | %) | 71,194 | 67,732 | (3,462 | ) | (5.11 | %) | ||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | 23,700 | 21,393 | 2,307 | 10.78 | % | 46,433 | 43,606 | 2,827 | 6.48 | % | 26,141 | 23,366 | 2,775 | 11.88 | % | 72,574 | 66,972 | 5,602 | 8.36 | % | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 5,257 | 5,240 | (17 | ) | (0.32 | %) | 10,932 | 10,740 | (192 | ) | (1.79 | %) | 6,605 | 5,864 | (741 | ) | (12.64 | %) | 17,537 | 16,604 | (933 | ) | (5.62 | %) | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 18,443 | $ | 16,153 | $ | 2,290 | 14.18 | % | $ | 35,501 | $ | 32,866 | $ | 2,635 | 8.02 | % | $ | 19,536 | $ | 17,502 | $ | 2,034 | 11.62 | % | $ | 55,037 | $ | 50,368 | $ | 4,669 | 9.27 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||
Available-for-Sale Securities | ||||||||||||||||
U.S. Treasury notes | $ | 4,952 | $ | 10,089 | $ | 4,941 | $ | 10,089 | ||||||||
U.S. Government-sponsored securities | 5,441 | 6,374 | 4,698 | 6,374 | ||||||||||||
Mortgage-backed securities(1) | 203,607 | 251,120 | 156,453 | 251,120 | ||||||||||||
Collateralized mortgage obligations(1) | 1,502 | 2,436 | 1,458 | 2,436 | ||||||||||||
Corporate securities | 9,526 | - | 9,594 | - | ||||||||||||
Other | 310 | 435 | 310 | 435 | ||||||||||||
Total available-for-sale securities | $ | 225,338 | $ | 270,454 | $ | 177,454 | $ | 270,454 |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||
Held-to-Maturity Securities | ||||||||
Mortgage-backed securities(1) | $ | 709,541 | $ | 596,775 | ||||
Collateralized mortgage obligations(1) | 82,297 | 73,781 | ||||||
Municipal securities(2) | 60,434 | 66,496 | ||||||
Total held-to-maturity securities | $ | 852,272 | $ | 737,052 |
As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 4,941 | 2.38 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 4,941 | 2.38 | % | ||||||||||||||||||||
U.S. Government-sponsored securities | 7 | 1.74 | % | 81 | 3.97 | % | 436 | 3.01 | % | 4,174 | 2.79 | % | 4,698 | 2.83 | % | |||||||||||||||||||||||||
Mortgage-backed securities(1) | 16 | 3.13 | % | 15,725 | 2.27 | % | 17,961 | 2.40 | % | 122,751 | 1.74 | % | 156,453 | 1.87 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 1,458 | 2.35 | % | 1,458 | 2.35 | % | |||||||||||||||||||||||||
Corporate securities | - | 0.00 | % | 4,795 | 1.59 | % | 4,799 | 1.72 | % | - | 0.00 | % | 9,594 | 1.65 | % | |||||||||||||||||||||||||
Other | 310 | 2.99 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 310 | 2.99 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 5,274 | 2.42 | % | $ | 20,601 | 2.12 | % | $ | 23,196 | 2.27 | % | $ | 128,383 | 1.78 | % | $ | 177,454 | 1.90 | % |
As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 13,906 | 0.89 | % | $ | 695,635 | 1.88 | % | $ | 709,541 | 1.86 | % | ||||||||||||||||||||
Collateralized Mortgage Obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 82,297 | 1.80 | % | 82,297 | 1.80 | % | |||||||||||||||||||||||||
Municipal securities | 883 | 4.93 | % | 7,484 | 3.40 | % | 15,000 | 3.43 | % | 37,460 | 3.52 | % | 60,827 | 3.50 | % | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 883 | 4.93 | % | $ | 7,484 | 3.40 | % | $ | 28,906 | 2.06 | % | $ | 815,392 | 1.95 | % | $ | 852,665 | 1.97 | % |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||
Held-to-Maturity Securities | ||||||||
Mortgage-backed securities(1) | $ | 721,510 | $ | 596,775 | ||||
Collateralized mortgage obligations(1) | 84,414 | 73,781 | ||||||
Municipal securities | 62,459 | 66,496 | ||||||
Total held-to-maturity securities | $ | 868,383 | $ | 737,052 |
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 5,028 | 2.33 | % | $ | 5,061 | 2.38 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 10,089 | 2.36 | % | ||||||||||||||||||||
U.S. Government-sponsored securities | 2 | 1.80 | % | 148 | 2.29 | % | 512 | 1.55 | % | 5,712 | 1.26 | % | 6,374 | 1.30 | % | |||||||||||||||||||||||||
Mortgage-backed securities(1) | 13 | 1.50 | % | 21,155 | 2.36 | % | 50,554 | 2.36 | % | 179,398 | 1.61 | % | 251,120 | 1.83 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 2,436 | 2.30 | % | 2,436 | 2.30 | % | |||||||||||||||||||||||||
Other | 435 | 3.31 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 435 | 3.31 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 5,478 | 2.41 | % | $ | 26,364 | 2.36 | % | $ | 51,066 | 2.35 | % | $ | 187,546 | 1.61 | % | $ | 270,454 | 1.84 | % |
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 4,952 | 2.39 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 4,952 | 2.39 | % | ||||||||||||||||||||
U.S. Government-sponsored securities | 12 | 1.09 | % | 104 | 2.90 | % | 380 | 1.70 | % | 4,945 | 1.52 | % | 5,441 | 1.56 | % | |||||||||||||||||||||||||
Mortgage-backed securities(1) | - | 0.00 | % | 24,553 | 2.36 | % | 34,650 | 2.40 | % | 144,403 | 1.72 | % | 203,607 | 1.91 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 1,502 | 2.30 | % | 1,502 | 2.30 | % | |||||||||||||||||||||||||
Corporate securities | - | 0.00 | % | 4,738 | 0.78 | % | 4,788 | 0.90 | % | - | 0.00 | % | 9,526 | 0.84 | % | |||||||||||||||||||||||||
Other | 310 | 1.72 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 310 | 1.72 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 5,273 | 2.35 | % | $ | 29,395 | 2.10 | % | $ | 39,818 | 2.21 | % | $ | 150,851 | 1.72 | % | $ | 225,338 | 1.87 | % |
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 14,693 | 7.90 | % | $ | 706,817 | 1.87 | % | $ | 721,510 | 1.85 | % | ||||||||||||||||||||
Collateralized Mortgage Obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 84,414 | 1.88 | % | 84,414 | 1.88 | % | |||||||||||||||||||||||||
Municipal securities | 700 | 1.51 | % | 7,089 | 2.81 | % | 15,948 | 3.40 | % | 38,723 | 2.38 | % | 62,460 | 2.68 | % | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 700 | 1.51 | % | $ | 7,089 | 2.81 | % | $ | 30,641 | 2.06 | % | $ | 829,954 | 1.90 | % | $ | 868,383 | 1.91 | % |
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | 5,028 | 2.33 | % | $ | 5,061 | 2.38 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 10,089 | 2.36 | % | ||||||||||||||||||||
U.S. Government-sponsored securities | 2 | 1.80 | % | 148 | 2.29 | % | 512 | 1.55 | % | 5,712 | 1.26 | % | 6,374 | 1.30 | % | |||||||||||||||||||||||||
Mortgage-backed securities(1) | 13 | 1.50 | % | 21,155 | 2.36 | % | 50,554 | 2.36 | % | 179,398 | 1.61 | % | 251,120 | 1.83 | % | |||||||||||||||||||||||||
Collateralized mortgage obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 2,436 | 2.30 | % | 2,436 | 2.30 | % | |||||||||||||||||||||||||
Municipal securities | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | |||||||||||||||||||||||||
Corporate securities | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | |||||||||||||||||||||||||
Other | 435 | 3.31 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 435 | 3.31 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 5,478 | 2.41 | % | $ | 26,364 | 2.36 | % | $ | 51,066 | 2.35 | % | $ | 187,546 | 1.61 | % | $ | 270,454 | 1.84 | % |
As of December 31, 2021 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | Within One Year | After One but Within Five Years | After Five but Within Ten Years | After Ten Years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 10,641 | 0.41 | % | $ | 586,134 | 1.72 | % | $ | 596,775 | 1.70 | % | $ | - | 0.00 | % | $ | - | 0.00 | % | $ | 10,641 | 0.41 | % | $ | 586,134 | 1.72 | % | $ | 596,775 | 1.70 | % | ||||||||||||||||||||||||||||||||||||||||
Collateralized Mortgage Obligations(1) | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 73,781 | 1.71 | % | 73,781 | 1.71 | % | - | 0.00 | % | - | 0.00 | % | - | 0.00 | % | 73,781 | 1.71 | % | 73,781 | 1.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 308 | 1.10 | % | 8,487 | 2.19 | % | 18,433 | 3.42 | % | 39,268 | 4.52 | % | 66,496 | 3.90 | % | 308 | 1.10 | % | 8,487 | 2.19 | % | 18,433 | 3.42 | % | 39,268 | 4.52 | % | 66,496 | 3.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held-to-maturity | $ | 308 | 1.10 | % | $ | 8,487 | 2.19 | % | $ | 29,074 | 2.32 | % | $ | 699,183 | 1.88 | % | $ | 737,052 | 1.90 | % | $ | 308 | 1.10 | % | $ | 8,487 | 2.19 | % | $ | 29,074 | 2.32 | % | $ | 699,183 | 1.88 | % | $ | 737,052 | 1.90 | % |
June 30, 2022 | December 31, 2021 | |||||||||||||||
(Dollars in thousands) | Dollars | Percent of Total | Dollars | Percent of Total | ||||||||||||
Gross Loans and Leases | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 1,210,195 | 37.14 | % | $ | 1,167,516 | 35.95 | % | ||||||||
Agricultural | 709,624 | 21.78 | % | 672,830 | 20.72 | % | ||||||||||
Residential and home equity | 371,874 | 11.41 | % | 350,581 | 10.79 | % | ||||||||||
Construction | 162,713 | 4.99 | % | 177,163 | 5.45 | % | ||||||||||
Total real estate | 2,454,406 | 75.32 | % | 2,368,090 | 72.91 | % | ||||||||||
Commercial & industrial | 439,455 | 13.49 | % | 427,799 | 13.17 | % | ||||||||||
Agricultural | 261,856 | 8.04 | % | 276,684 | 8.52 | % | ||||||||||
Commercial leases | 89,095 | 2.73 | % | 96,971 | 2.99 | % | ||||||||||
Consumer and other(1) | 13,588 | 0.42 | % | 78,367 | 2.41 | % | ||||||||||
Total gross loans and leases | $ | 3,258,400 | 100.00 | % | $ | 3,247,911 | 100.00 | % |
September 30, 2022 | December 31, 2021 | |||||||||||||||
(Dollars in thousands) | Dollars | Percent of Total | Dollars | Percent of Total | ||||||||||||
Gross Loans and Leases | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | $ | 1,246,805 | 37.41 | % | $ | 1,167,516 | 35.95 | % | ||||||||
Agricultural | 722,448 | 21.68 | % | 672,830 | 20.72 | % | ||||||||||
Residential and home equity | 377,249 | 11.32 | % | 350,581 | 10.79 | % | ||||||||||
Construction | 169,624 | 5.09 | % | 177,163 | 5.45 | % | ||||||||||
Total real estate | 2,516,126 | 75.50 | % | 2,368,090 | 72.91 | % | ||||||||||
Commercial & industrial | 454,185 | 13.63 | % | 427,799 | 13.17 | % | ||||||||||
Agricultural | 260,296 | 7.81 | % | 276,684 | 8.52 | % | ||||||||||
Commercial leases | 94,089 | 2.83 | % | 96,971 | 2.99 | % | ||||||||||
Consumer and other(1) | 7,776 | 0.23 | % | 78,367 | 2.41 | % | ||||||||||
Total gross loans and leases | $ | 3,332,472 | 100.00 | % | $ | 3,247,911 | 100.00 | % |
Loan Contractual Maturity | ||||||||||||||||||||
(Dollars in thousands) | One Year or Less | After One But Within Five Years | After Five Years But Within Fifteen Years | After Fifteen Years | Total | |||||||||||||||
Gross loan and leases: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Commercial | $ | 89,939 | $ | 267,837 | $ | 818,910 | $ | 33,509 | $ | 1,210,195 | ||||||||||
Agricultural | 34,682 | 154,188 | 447,414 | 73,340 | 709,624 | |||||||||||||||
Residential and home equity | 120 | 4,023 | 118,208 | 249,523 | 371,874 | |||||||||||||||
Construction | 115,397 | 47,316 | - | - | 162,713 | |||||||||||||||
Total real estate | 240,138 | 473,364 | 1,384,532 | 356,372 | 2,454,406 | |||||||||||||||
Commercial & industrial | 163,698 | 222,395 | 47,140 | 6,222 | 439,455 | |||||||||||||||
Agricultural | 160,447 | 86,559 | 14,850 | - | 261,856 | |||||||||||||||
Commercial leases | 6,870 | 31,772 | 50,453 | - | 89,095 | |||||||||||||||
Consumer and other(1) | 952 | 10,766 | 1,870 | - | 13,588 | |||||||||||||||
Total gross loans and leases | $ | 572,105 | $ | 824,856 | $ | 1,498,845 | $ | 362,594 | $ | 3,258,400 | ||||||||||
Rate Structure for Loans | ||||||||||||||||||||
Fixed Rate | $ | 481,614 | $ | 492,971 | $ | 396,902 | $ | 123,043 | $ | 1,494,530 | ||||||||||
Adjustable Rate | 90,491 | 331,885 | 1,101,943 | 239,551 | 1,763,870 | |||||||||||||||
Total gross loans and leases | $ | 572,105 | $ | 824,856 | $ | 1,498,845 | $ | 362,594 | $ | 3,258,400 |
Loan Contractual Maturity | ||||||||||||||||||||
(Dollars in thousands) | One Year or Less | After One But Within Five Years | After Five Years But Within Fifteen Years | After Fifteen Years | Total | |||||||||||||||
Gross loan and leases: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Commercial | $ | 54,825 | $ | 300,999 | $ | 853,261 | $ | 37,720 | $ | 1,246,805 | ||||||||||
Agricultural | 26,331 | 155,660 | 466,352 | 74,105 | 722,448 | |||||||||||||||
Residential and home equity | 407 | 4,616 | 117,436 | 254,790 | 377,249 | |||||||||||||||
Construction | 105,343 | 64,281 | - | - | 169,624 | |||||||||||||||
Total real estate | 186,906 | 525,556 | 1,437,049 | 366,615 | 2,516,126 | |||||||||||||||
Commercial & industrial | 180,294 | 206,003 | 61,714 | 6,174 | 454,185 | |||||||||||||||
Agricultural | 164,616 | 79,574 | 16,106 | - | 260,296 | |||||||||||||||
Commercial leases | 7,299 | 32,471 | 54,319 | - | 94,089 | |||||||||||||||
Consumer and other(1) | 707 | 5,639 | 1,430 | - | 7,776 | |||||||||||||||
Total gross loans and leases | $ | 539,822 | $ | 849,243 | $ | 1,570,618 | $ | 372,789 | $ | 3,332,472 | ||||||||||
Rate Structure for Loans | ||||||||||||||||||||
Fixed Rate | $ | 87,323 | $ | 354,357 | $ | 1,188,033 | $ | 241,872 | $ | 1,871,585 | ||||||||||
Adjustable Rate | 452,499 | 494,886 | 382,585 | 130,917 | 1,460,887 | |||||||||||||||
Total gross loans and leases | $ | 539,822 | $ | 849,243 | $ | 1,570,618 | $ | 372,789 | $ | 3,332,472 |
(Dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||
Non-performing assets: | ||||||||
Non-accrual loans and leases, not TDRs | ||||||||
Real estate: | ||||||||
Commercial | $ | 1,674 | $ | - | ||||
Agricultural | 475 | 18 | ||||||
Residential and home equity | - | - | ||||||
Construction | - | - | ||||||
Total real estate | 2,149 | 18 | ||||||
Commercial & industrial | - | - | ||||||
Agricultural | 879 | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Subtotal | 3,028 | 18 | ||||||
Non-accrual loans and leases, are TDRs | ||||||||
Real estate: | ||||||||
Commercial | - | - | ||||||
Agricultural | - | 498 | ||||||
Residential and home equity | - | - | ||||||
Construction | - | - | ||||||
Total real estate | - | 498 | ||||||
Commercial & industrial | - | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Subtotal | - | 498 | ||||||
Total non-performing loans and leases | $ | 3,028 | $ | 516 | ||||
Other real estate owned ("OREO") | $ | 873 | $ | 873 | ||||
Total non-performing assets | $ | 3,901 | $ | 1,389 | ||||
Performing TDRs | $ | 1,389 | $ | 1,824 | ||||
Selected ratios: | ||||||||
Non-performing loans to total loans | 0.09 | % | 0.02 | % | ||||
Non-performing assets to total assets | 0.07 | % | 0.03 | % |
(Dollars in thousands) | September 30, 2022 | December 31, 2021 | ||||||
Non-performing assets: | ||||||||
Non-accrual loans and leases, not TDRs | ||||||||
Real estate: | ||||||||
Commercial | $ | 411 | $ | - | ||||
Agricultural | - | 18 | ||||||
Residential and home equity | - | - | ||||||
Construction | - | - | ||||||
Total real estate | 411 | 18 | ||||||
Commercial & industrial | - | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Subtotal | 411 | 18 | ||||||
Non-accrual loans and leases, are TDRs | ||||||||
Real estate: | ||||||||
Commercial | - | - | ||||||
Agricultural | - | 498 | ||||||
Residential and home equity | - | - | ||||||
Construction | - | - | ||||||
Total real estate | - | 498 | ||||||
Commercial & industrial | - | - | ||||||
Agricultural | - | - | ||||||
Commercial leases | - | - | ||||||
Consumer and other | - | - | ||||||
Subtotal | - | 498 | ||||||
Total non-performing loans and leases | $ | 411 | $ | 516 | ||||
Other real estate owned ("OREO") | $ | 873 | $ | 873 | ||||
Total non-performing assets | $ | 1,284 | $ | 1,389 | ||||
Performing TDRs | $ | 1,325 | $ | 1,824 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Allowance for credit losses: | ||||||||||||||||
Balance at beginning of year | $ | 61,007 | $ | 58,862 | $ | 61,007 | $ | 58,862 | ||||||||
Provision / (recapture) for credit losses | 1,107 | 1,250 | 2,606 | 1,250 | ||||||||||||
Charge-offs: | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | - | - | - | - | ||||||||||||
Agricultural | - | - | - | - | ||||||||||||
Residential and home equity | - | - | - | - | ||||||||||||
Construction | - | - | - | - | ||||||||||||
Total real estate | - | - | - | - | ||||||||||||
Commercial & industrial | (276 | ) | - | (324 | ) | - | ||||||||||
Agricultural | - | - | - | - | ||||||||||||
Commercial leases | - | - | - | - | ||||||||||||
Consumer and other | (18 | ) | (16 | ) | (38 | ) | (33 | ) | ||||||||
Total charge-offs | (294 | ) | (16 | ) | (362 | ) | (33 | ) | ||||||||
Recoveries: | ||||||||||||||||
Real estate: | ||||||||||||||||
Commercial | - | - | - | - | ||||||||||||
Agricultural | - | - | - | - | ||||||||||||
Residential and home equity | 119 | 70 | 125 | 91 | ||||||||||||
Construction | - | - | - | - | ||||||||||||
Total real estate | 119 | 70 | 125 | 91 | ||||||||||||
Commercial & industrial | 131 | 45 | 176 | 83 | ||||||||||||
Agricultural | 4 | 5 | 51 | 29 | ||||||||||||
Commercial leases | - | - | - | - | ||||||||||||
Consumer and other | 6 | 13 | 14 | 21 | ||||||||||||
Total recoveries | 260 | 133 | 366 | 224 | ||||||||||||
Net recoveries / charge-offs | (34 | ) | 117 | 4 | 191 | |||||||||||
Balance at end of period | $ | 62,080 | $ | 60,229 | $ | 63,617 | $ | 60,303 | ||||||||
Selected financial information: | ||||||||||||||||
Gross loans held for investment | $ | 3,258,400 | $ | 3,046,492 | $ | 3,332,472 | $ | 3,151,508 | ||||||||
Average loans | 3,222,763 | 3,062,940 | 3,242,195 | 3,063,124 | ||||||||||||
Non-performing loans | 3,028 | 548 | 411 | 516 | ||||||||||||
Allowance for credit losses to non-performing loans | 2050.20 | % | 10990.69 | % | 15478.59 | % | 11686.63 | % | ||||||||
Net (recoveries)/charge-offs to average loans | 0.00 | % | 0.00 | % | 0.00 | % | (0.01 | )% | ||||||||
Provision for credit losses to average loans | 0.03 | % | 0.04 | % | 0.08 | % | 0.04 | % | ||||||||
Allowance for credit losses to loans held for investment | 1.91 | % | 1.98 | % | 1.91 | % | 1.91 | % |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Dollars | Percent of Total | Dollars | Percent of Total | Dollars | Percent of Total | Dollars | Percent of Total | ||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||
Commercial | $ | 17,879 | 37.14 | % | $ | 28,536 | 35.95 | % | $ | 16,540 | 37.41 | % | $ | 28,536 | 35.95 | % | ||||||||||||||||
Agricultural | 16,837 | 21.78 | % | 9,613 | 20.72 | % | 16,560 | 21.68 | % | 9,613 | 20.72 | % | ||||||||||||||||||||
Residential and home equity | 6,874 | 11.41 | % | 2,847 | 10.79 | % | 6,865 | 11.32 | % | 2,847 | 10.79 | % | ||||||||||||||||||||
Construction | 2,876 | 4.99 | % | 1,456 | 5.45 | % | 2,995 | 5.09 | % | 1,456 | 5.45 | % | ||||||||||||||||||||
Total real estate | 44,466 | 75.32 | % | 42,452 | 72.91 | % | 42,960 | 75.50 | % | 42,452 | 72.91 | % | ||||||||||||||||||||
Commercial & Industrial | 10,139 | 13.49 | % | 11,489 | 13.17 | % | 10,392 | 13.63 | % | 11,489 | 13.17 | % | ||||||||||||||||||||
Agricultural | 5,669 | 8.04 | % | 5,465 | 8.52 | % | 8,523 | 7.81 | % | 5,465 | 8.52 | % | ||||||||||||||||||||
Commercial leases | 1,645 | 2.73 | % | 938 | 2.99 | % | 1,588 | 2.83 | % | 938 | 2.99 | % | ||||||||||||||||||||
Consumer and other | 161 | 0.42 | % | 663 | 2.41 | % | 154 | 0.23 | % | 663 | 2.41 | % | ||||||||||||||||||||
Total allowance for credit losses | $ | 62,080 | 100.00 | % | $ | 61,007 | 100.00 | % | $ | 63,617 | 100.00 | % | $ | 61,007 | 100.00 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Expense | Average Rate | Average Balance | Interest Expense | Average Rate | Average Balance | Interest Expense | Average Rate | Average Balance | Interest Expense | Average Rate | ||||||||||||||||||||||||||||||||||||
Total deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand | $ | 1,116,436 | 578 | 0.10 | % | $ | 968,496 | $ | 576 | 0.12 | % | $ | 1,111,513 | 1,023 | 0.12 | % | $ | 1,002,267 | $ | 869 | 0.12 | % | ||||||||||||||||||||||||||
Savings and money market | 1,531,069 | 703 | 0.09 | % | 1,312,122 | 790 | 0.12 | % | 1,550,334 | 1,179 | 0.10 | % | 1,336,826 | 1,136 | 0.11 | % | ||||||||||||||||||||||||||||||||
Certificates of deposit greater than $250,000 | 166,725 | 203 | 0.25 | % | 169,967 | 444 | 0.53 | % | 163,148 | 299 | 0.25 | % | 169,545 | 587 | 0.46 | % | ||||||||||||||||||||||||||||||||
Certificates of deposit less than $250,000 | 221,487 | 192 | 0.17 | % | 243,583 | 461 | 0.38 | % | 218,302 | 297 | 0.18 | % | 239,185 | 608 | 0.34 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 3,035,717 | 1,676 | 0.11 | % | 2,694,168 | 2,271 | 0.17 | % | 3,043,297 | 2,798 | 0.12 | % | 2,747,823 | 3,200 | 0.16 | % | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 1,728,962 | 1,522,029 | 1,740,859 | 1,567,089 | ||||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 4,764,679 | $ | 1,676 | 0.07 | % | $ | 4,216,197 | $ | 2,271 | 0.11 | % | $ | 4,784,156 | $ | 2,798 | 0.08 | % | $ | 4,314,912 | $ | 3,200 | 0.10 | % |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Deposits greater than $250,000 | $ | 2,817,460 | $ | 2,708,576 | $ | 2,990,165 | $ | 2,708,576 | ||||||||
Certificates of deposit greater $250,000, by maturity: | ||||||||||||||||
Certificates of deposit greater than $250,000, by maturity: | ||||||||||||||||
Less than 3 months | 58,135 | 59,591 | 58,384 | 59,591 | ||||||||||||
3 months to 6 months | 46,841 | 37,182 | 38,722 | 37,182 | ||||||||||||
6 months to 12 months | 50,299 | 59,945 | 43,161 | 59,945 | ||||||||||||
More than 12 months | 6,965 | 12,147 | 11,875 | 12,147 | ||||||||||||
Total time deposits greater than $250,000 | $ | 162,240 | $ | 168,865 | ||||||||||||
Total certificates of deposit greater than $250,000 | $ | 152,142 | $ | 168,865 | ||||||||||||
Total deposits greater than $250,000 | $ | 2,979,700 | $ | 2,877,441 | $ | 3,142,307 | $ | 2,877,441 |
(Dollars in thousands) | Minimum to be Categorized as "Well Capitalized" | Minimum to be Categorized as "Adequately Capitalized" | June 30, 2022 | December 31, 2021 | Minimum to be Categorized as "Well Capitalized" | Minimum to be Categorized as "Adequately Capitalized" | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Farmers & Merchants Bancorp | ||||||||||||||||||||||||||||||||
CET1 capital to risk-weighted assets | N/A | 4.50 | % | 11.55 | % | 11.68 | % | N/A | 4.50 | % | 11.82 | % | 11.68 | % | ||||||||||||||||||
Tier 1 capital to risk-weighted assets | N/A | 6.00 | % | 11.80 | % | 11.94 | % | N/A | 6.00 | % | 12.06 | % | 11.94 | % | ||||||||||||||||||
Risk-based capital to risk-weighted assets | N/A | 8.00 | % | 13.05 | % | 13.19 | % | N/A | 8.00 | % | 13.32 | % | 13.19 | % | ||||||||||||||||||
Tier 1 leverage capital ratio | N/A | 4.00 | % | 8.94 | % | 8.92 | % | N/A | 4.00 | % | 9.12 | % | 8.92 | % | ||||||||||||||||||
Farmers & Merchants Bank | ||||||||||||||||||||||||||||||||
CET1 capital to risk-weighted assets | 6.50 | % | 4.50 | % | 11.72 | % | 11.91 | % | 6.50 | % | 4.50 | % | 12.04 | % | 11.91 | % | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 8.00 | % | 6.00 | % | 11.72 | % | 11.91 | % | 8.00 | % | 6.00 | % | 12.04 | % | 11.91 | % | ||||||||||||||||
Risk-based capital to risk-weighted assets | 10.00 | % | 8.00 | % | 12.97 | % | 13.17 | % | 10.00 | % | 8.00 | % | 13.30 | % | 13.17 | % | ||||||||||||||||
Tier 1 leverage capital ratio | 5.00 | % | 4.00 | % | 8.89 | % | 8.91 | % | 5.00 | % | 4.00 | % | 9.12 | % | 8.91 | % |
Amount of Commitment Expiration per Period | Amount of Commitment Expiration per Period | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total Committed Amount | Less than One Year | One to Three Years | Three to Five Years | After Five Years | Total Committed Amount | Less than One Year | One to Three Years | Three to Five Years | After Five Years | ||||||||||||||||||||||||||||||
Off-balance sheet commitments | ||||||||||||||||||||||||||||||||||||||||
Commitments to extend credit | $ | 995,795 | $ | 402,558 | $ | 410,901 | $ | 27,166 | $ | 155,170 | $ | 1,128,340 | $ | 401,604 | $ | 477,113 | $ | 46,626 | $ | 202,997 | ||||||||||||||||||||
Standby letters of credit | 16,484 | 7,076 | 7,662 | 1,470 | 276 | 16,629 | 10,403 | 4,326 | 1,470 | 430 | ||||||||||||||||||||||||||||||
Total off-balance sheet commitments | $ | 1,012,279 | $ | 409,634 | $ | 418,563 | $ | 28,636 | $ | 155,446 | $ | 1,144,969 | $ | 412,007 | $ | 481,439 | $ | 48,096 | $ | 203,427 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total Credit Line Limit | Current Credit Line Available | Outstanding Amount | Remaining Credit Line Available | Value of Collateral Pledged | Total Credit Line Limit | Current Credit Line Available | Outstanding Amount | Remaining Credit Line Available | Value of Collateral Pledged | ||||||||||||||||||||||||||||||
Additional liquidity sources: | ||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank | $ | 796,368 | $ | 796,368 | $ | - | $ | 796,368 | $ | 1,169,949 | $ | 766,011 | $ | 766,011 | $ | - | $ | 766,011 | $ | 1,183,540 | ||||||||||||||||||||
Federal Reserve BIC | 656,756 | 656,756 | - | 656,756 | 869,376 | 657,350 | 657,350 | - | 657,350 | 890,564 | ||||||||||||||||||||||||||||||
FHLB Fed Funds | 18,000 | 18,000 | - | 18,000 | - | 18,000 | 18,000 | - | 18,000 | - | ||||||||||||||||||||||||||||||
US Bank Fed Funds | 35,000 | 35,000 | - | 35,000 | - | 35,000 | 35,000 | - | 35,000 | - | ||||||||||||||||||||||||||||||
MUFG Union Bank Fed Funds | 15,000 | 15,000 | - | 15,000 | - | 15,000 | 15,000 | - | 15,000 | - | ||||||||||||||||||||||||||||||
PCBB Fed Funds | 50,000 | 50,000 | - | 50,000 | - | 50,000 | 50,000 | - | 50,000 | - | ||||||||||||||||||||||||||||||
Total additional liquidity sources | $ | 1,571,124 | $ | 1,571,124 | $ | - | $ | 1,571,124 | $ | 2,039,325 | $ | 1,541,361 | $ | 1,541,361 | $ | - | $ | 1,541,361 | $ | 2,074,104 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
(a) The following documents are filed as a part of this Quarterly Report on Form 10-Q: |
(1) Financial Statements and |
(2) Financial Statement schedules required to be filed by Item 1 of this Quarterly Report on Form 10-Q. |
(3) The following exhibits are required by Item 601 of Regulation S-K and are included as part of this Quarterly Report on Form 10-Q: |
Exhibit Number | Description |
Employment Agreement effective August 1, 2022, between Farmers & Merchants Bank of Central California and Kyle Koelbel, filed on Registrant’s Form 10-Q for the quarter ended September 30, 2022. | |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith |
FARMERS & MERCHANTS BANCORP | |
Date: | /s/ Kent A. Steinwert |
Kent A. Steinwert | |
Director, Chairman, President and Chief Executive Officer (Principal Executive Officer) |
Date: | /s/ Stephen W. Haley |
Stephen W. Haley | |
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |