Wisconsin | 47-0871001 | |||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
111 North Washington Street | ||||||||||||||
Green Bay, | Wisconsin | 54301 | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
(920) | 430-1400 | |||||||||||||
(Registrant’s Telephone Number, Including Area Code) | ||||||||||||||
N/A (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | NIC | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
PAGE | |||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 122,021 | $ | 121,211 | Cash and due from banks | $ | 109,414 | $ | 121,211 | ||||||||||||
Interest-earning deposits | Interest-earning deposits | 383,185 | 33,512 | Interest-earning deposits | 436,466 | 33,512 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 505,206 | 154,723 | Cash and cash equivalents | 545,880 | 154,723 | ||||||||||||||||
Certificates of deposit in other banks | Certificates of deposit in other banks | 9,808 | 12,518 | Certificates of deposit in other banks | 7,598 | 12,518 | ||||||||||||||||
Securities available for sale (“AFS”), at fair value | Securities available for sale (“AFS”), at fair value | 921,108 | 917,618 | Securities available for sale (“AFS”), at fair value | 793,826 | 917,618 | ||||||||||||||||
Securities held to maturity (“HTM”), at amortized cost | Securities held to maturity (“HTM”), at amortized cost | — | 679,128 | Securities held to maturity (“HTM”), at amortized cost | — | 679,128 | ||||||||||||||||
Other investments | Other investments | 57,578 | 65,286 | Other investments | 58,367 | 65,286 | ||||||||||||||||
Loans held for sale | Loans held for sale | 3,849 | 1,482 | Loans held for sale | 6,500 | 1,482 | ||||||||||||||||
Loans | Loans | 6,222,776 | 6,180,499 | Loans | 6,239,257 | 6,180,499 | ||||||||||||||||
Allowance for credit losses - loans (“ACL-Loans”) | Allowance for credit losses - loans (“ACL-Loans”) | (62,811) | (61,829) | Allowance for credit losses - loans (“ACL-Loans”) | (63,160) | (61,829) | ||||||||||||||||
Loans, net | Loans, net | 6,159,965 | 6,118,670 | Loans, net | 6,176,097 | 6,118,670 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 117,278 | 108,956 | Premises and equipment, net | 117,744 | 108,956 | ||||||||||||||||
Bank owned life insurance (“BOLI”) | Bank owned life insurance (“BOLI”) | 167,192 | 165,137 | Bank owned life insurance (“BOLI”) | 168,223 | 165,137 | ||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 398,194 | 402,438 | Goodwill and other intangibles, net | 396,208 | 402,438 | ||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | 142,450 | 138,013 | Accrued interest receivable and other assets | 145,719 | 138,013 | ||||||||||||||||
Total assets | Total assets | $ | 8,482,628 | $ | 8,763,969 | Total assets | $ | 8,416,162 | $ | 8,763,969 | ||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 2,059,939 | $ | 2,361,816 | Noninterest-bearing demand deposits | $ | 2,020,074 | $ | 2,361,816 | ||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 5,138,665 | 4,817,105 | Interest-bearing deposits | 5,162,314 | 4,817,105 | ||||||||||||||||
Total deposits | Total deposits | 7,198,604 | 7,178,921 | Total deposits | 7,182,388 | 7,178,921 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 50,000 | 317,000 | Short-term borrowings | — | 317,000 | ||||||||||||||||
Long-term borrowings | Long-term borrowings | 197,577 | 225,342 | Long-term borrowings | 197,754 | 225,342 | ||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | 58,809 | 70,177 | Accrued interest payable and other liabilities | 61,559 | 70,177 | ||||||||||||||||
Total liabilities | Total liabilities | 7,504,990 | 7,791,440 | Total liabilities | 7,441,701 | 7,791,440 | ||||||||||||||||
Stockholders’ Equity: | Stockholders’ Equity: | Stockholders’ Equity: | ||||||||||||||||||||
Common stock | Common stock | 147 | 147 | Common stock | 147 | 147 | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 624,897 | 621,988 | Additional paid-in capital | 626,348 | 621,988 | ||||||||||||||||
Retained earnings | Retained earnings | 417,863 | 407,864 | Retained earnings | 431,317 | 407,864 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (65,269) | (57,470) | Accumulated other comprehensive income (loss) | (83,351) | (57,470) | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 977,638 | 972,529 | Total stockholders’ equity | 974,461 | 972,529 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 8,482,628 | $ | 8,763,969 | Total liabilities and stockholders’ equity | $ | 8,416,162 | $ | 8,763,969 | ||||||||||||
Preferred shares authorized (no par value) | Preferred shares authorized (no par value) | 10,000,000 | 10,000,000 | Preferred shares authorized (no par value) | 10,000,000 | 10,000,000 | ||||||||||||||||
Preferred shares issued and outstanding | Preferred shares issued and outstanding | — | — | Preferred shares issued and outstanding | — | — | ||||||||||||||||
Common shares authorized (par value $0.01 per share) | Common shares authorized (par value $0.01 per share) | 30,000,000 | 30,000,000 | Common shares authorized (par value $0.01 per share) | 30,000,000 | 30,000,000 | ||||||||||||||||
Common shares outstanding | Common shares outstanding | 14,717,938 | 14,690,614 | Common shares outstanding | 14,757,565 | 14,690,614 | ||||||||||||||||
Common shares issued | Common shares issued | 14,788,928 | 14,764,104 | Common shares issued | 14,818,155 | 14,764,104 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans, including loan fees | Loans, including loan fees | $ | 84,091 | $ | 52,954 | $ | 163,233 | $ | 104,253 | Loans, including loan fees | $ | 87,657 | $ | 63,060 | $ | 250,890 | $ | 167,313 | ||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 4,133 | 5,135 | 9,094 | 10,262 | Taxable | 4,351 | 5,350 | 13,445 | 15,612 | ||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 1,476 | 647 | 3,213 | 1,322 | Tax-exempt | 1,424 | 1,181 | 4,637 | 2,503 | ||||||||||||||||||||||||||||||||||||
Other interest income | Other interest income | 2,357 | 790 | 3,893 | 1,607 | Other interest income | 6,452 | 1,127 | 10,345 | 2,734 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 92,057 | 59,526 | 179,433 | 117,444 | Total interest income | 99,884 | 70,718 | 279,317 | 188,162 | ||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 29,340 | 2,410 | 54,277 | 4,602 | Deposits | 34,964 | 4,638 | 89,241 | 9,240 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 1,108 | 28 | 4,320 | 28 | Short-term borrowings | 474 | 594 | 4,794 | 622 | ||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 2,570 | 2,004 | 5,076 | 3,935 | Long-term borrowings | 2,972 | 2,496 | 8,048 | 6,431 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 33,018 | 4,442 | 63,673 | 8,565 | Total interest expense | 38,410 | 7,728 | 102,083 | 16,293 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 59,039 | 55,084 | 115,760 | 108,879 | Net interest income | 61,474 | 62,990 | 177,234 | 171,869 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 450 | 750 | 3,540 | 1,050 | Provision for credit losses | 450 | 8,600 | 3,990 | 9,650 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 58,589 | 54,334 | 112,220 | 107,829 | Net interest income after provision for credit losses | 61,024 | 54,390 | 173,244 | 162,219 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fee income | Wealth management fee income | 5,870 | 4,992 | 11,382 | 10,691 | Wealth management fee income | 6,057 | 5,009 | 17,439 | 15,700 | ||||||||||||||||||||||||||||||||||||
Mortgage income, net | Mortgage income, net | 1,822 | 2,205 | 3,288 | 5,458 | Mortgage income, net | 2,020 | 1,728 | 5,308 | 7,186 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 1,529 | 1,536 | 3,009 | 3,013 | Service charges on deposit accounts | 1,492 | 1,589 | 4,501 | 4,602 | ||||||||||||||||||||||||||||||||||||
Card interchange income | Card interchange income | 3,331 | 2,950 | 6,364 | 5,531 | Card interchange income | 3,321 | 3,012 | 9,685 | 8,543 | ||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 1,073 | 768 | 2,273 | 1,701 | BOLI income | 1,090 | 966 | 3,363 | 2,667 | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan asset market valuations | Deferred compensation plan asset market valuations | 499 | (1,316) | 1,445 | (1,783) | Deferred compensation plan asset market valuations | (457) | (571) | 988 | (2,354) | ||||||||||||||||||||||||||||||||||||
LSR income, net | LSR income, net | 1,135 | (143) | 2,290 | (525) | LSR income, net | 1,108 | (517) | 3,398 | (1,042) | ||||||||||||||||||||||||||||||||||||
Asset gains (losses), net | Asset gains (losses), net | (318) | 1,603 | (38,786) | 2,916 | Asset gains (losses), net | 31 | (46) | (38,755) | 2,870 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,900 | 1,536 | 3,732 | 3,072 | Other income | 1,879 | 1,830 | 5,611 | 4,902 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 16,841 | 14,131 | (5,003) | 30,074 | Total noninterest income | 16,541 | 13,000 | 11,538 | 43,074 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Personnel | Personnel | 23,900 | 19,681 | 48,228 | 40,872 | Personnel | 23,944 | 24,136 | 72,172 | 65,008 | ||||||||||||||||||||||||||||||||||||
Occupancy, equipment and office | Occupancy, equipment and office | 8,845 | 6,891 | 17,628 | 13,835 | Occupancy, equipment and office | 9,027 | 7,641 | 26,655 | 21,476 | ||||||||||||||||||||||||||||||||||||
Business development and marketing | Business development and marketing | 1,946 | 2,057 | 4,067 | 3,888 | Business development and marketing | 1,869 | 2,281 | 5,936 | 6,169 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 4,218 | 3,596 | 8,206 | 6,983 | Data processing | 4,643 | 3,664 | 12,849 | 10,647 | ||||||||||||||||||||||||||||||||||||
Intangibles amortization | Intangibles amortization | 2,083 | 1,347 | 4,244 | 2,771 | Intangibles amortization | 1,986 | 1,628 | 6,230 | 4,399 | ||||||||||||||||||||||||||||||||||||
FDIC assessments | FDIC assessments | 1,009 | 480 | 1,549 | 960 | FDIC assessments | 1,500 | 480 | 3,049 | 1,440 | ||||||||||||||||||||||||||||||||||||
Merger-related expense | Merger-related expense | 26 | 555 | 189 | 653 | Merger-related expense | — | 519 | 189 | 1,172 | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,930 | 1,931 | 5,721 | 4,126 | Other expense | 2,769 | 2,218 | 8,490 | 6,344 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 44,957 | 36,538 | 89,832 | 74,088 | Total noninterest expense | 45,738 | 42,567 | 135,570 | 116,655 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 30,473 | 31,927 | 17,385 | 63,815 | Income before income tax expense | 31,827 | 24,823 | 49,212 | 88,638 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 7,878 | 7,942 | 3,688 | 15,666 | Income tax expense | 14,669 | 6,313 | 18,357 | 21,979 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 22,595 | $ | 23,985 | $ | 13,697 | $ | 48,149 | Net income | $ | 17,158 | $ | 18,510 | $ | 30,855 | $ | 66,659 | ||||||||||||||||||||||||||||
Earnings per common share: | Earnings per common share: | Earnings per common share: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.54 | $ | 1.79 | $ | 0.93 | $ | 3.56 | Basic | $ | 1.16 | $ | 1.33 | $ | 2.10 | $ | 4.88 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | 1.51 | $ | 1.73 | $ | 0.91 | $ | 3.43 | Diluted | $ | 1.14 | $ | 1.29 | $ | 2.05 | $ | 4.72 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding: | Weighted average common shares outstanding: | Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 14,711,490 | 13,402,455 | 14,703,018 | 13,524,919 | Basic | 14,740,319 | 13,890,066 | 14,715,588 | 13,647,973 | ||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 14,959,778 | 13,852,179 | 15,011,418 | 14,035,086 | Diluted | 15,099,622 | 14,310,275 | 15,044,259 | 14,126,772 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 22,595 | $ | 23,985 | $ | 13,697 | $ | 48,149 | Net income | $ | 17,158 | $ | 18,510 | $ | 30,855 | $ | 66,659 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on securities AFS: | Unrealized gains (losses) on securities AFS: | Unrealized gains (losses) on securities AFS: | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) | Net unrealized holding gains (losses) | (5,893) | (23,520) | 9,401 | (63,468) | Net unrealized holding gains (losses) | (21,645) | (26,162) | (12,244) | (89,630) | ||||||||||||||||||||||||||||||||||||
Net realized (gains) losses included in income | Net realized (gains) losses included in income | 135 | — | 348 | (15) | Net realized (gains) losses included in income | (11) | — | 337 | (15) | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for securities transferred from held to maturity to available for sale | Reclassification adjustment for securities transferred from held to maturity to available for sale | — | — | (20,434) | — | Reclassification adjustment for securities transferred from held to maturity to available for sale | — | — | (20,434) | — | ||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | 1,556 | 6,350 | 2,886 | 17,140 | Income tax (expense) benefit | 3,574 | 7,064 | 6,460 | 24,204 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (4,202) | (17,170) | (7,799) | (46,343) | Total other comprehensive income (loss) | (18,082) | (19,098) | (25,881) | (65,441) | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 18,393 | $ | 6,815 | $ | 5,898 | $ | 1,806 | Comprehensive income (loss) | $ | (924) | $ | (588) | $ | 4,974 | $ | 1,218 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | 147 | $ | 623,746 | $ | 398,966 | $ | (61,067) | $ | 961,792 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | Balances at June 30, 2023 | $ | 147 | $ | 624,897 | $ | 417,863 | $ | (65,269) | $ | 977,638 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, three months ended June 30, 2023 | — | — | 22,595 | — | 22,595 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, three months ended September 30, 2023 | Net income, three months ended September 30, 2023 | — | — | 17,158 | — | 17,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (4,202) | (4,202) | Other comprehensive income (loss) | — | — | — | (18,082) | (18,082) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 2,006 | — | — | 2,006 | Stock-based compensation expense | — | 1,399 | — | — | 1,399 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $0.25 per share | Cash dividends on common stock, $0.25 per share | — | — | (3,698) | — | (3,698) | Cash dividends on common stock, $0.25 per share | — | — | (3,704) | — | (3,704) | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | 1 | 451 | — | — | 452 | Exercise of stock options, net | — | (146) | — | — | (146) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 214 | — | — | 214 | Issuance of common stock | — | 198 | — | — | 198 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | (1) | (1,520) | — | — | (1,521) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | $ | 147 | $ | 624,897 | $ | 417,863 | $ | (65,269) | $ | 977,638 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | 135 | $ | 524,478 | $ | 337,768 | $ | (26,071) | $ | 836,310 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | Balances at September 30, 2023 | $ | 147 | $ | 626,348 | $ | 431,317 | $ | (83,351) | $ | 974,461 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | Balances at June 30, 2022 | $ | 134 | $ | 520,741 | $ | 361,753 | $ | (43,241) | $ | 839,387 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, three months ended June 30, 2022 | — | — | 23,985 | — | 23,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, three months ended September 30, 2022 | Net income, three months ended September 30, 2022 | — | — | 18,510 | — | 18,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (19,098) | (19,098) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition | Issuance of common stock in acquisition | 13 | 98,136 | — | — | 98,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 1,329 | — | — | 1,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 185 | — | — | 185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | Balances at September 30, 2022 | $ | 147 | $ | 620,392 | $ | 380,263 | $ | (62,339) | $ | 938,463 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | Balances at December 31, 2022 | $ | 147 | $ | 621,988 | $ | 407,864 | $ | (57,470) | $ | 972,529 | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, nine months ended September 30, 2023 | Net income, nine months ended September 30, 2023 | — | — | 30,855 | — | 30,855 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (17,170) | (17,170) | Other comprehensive income (loss) | — | — | — | (25,881) | (25,881) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 2,154 | — | — | 2,154 | Stock-based compensation expense | — | 4,829 | — | — | 4,829 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $0.50 per share | Cash dividends on common stock, $0.50 per share | — | — | (7,402) | — | (7,402) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | — | 190 | — | — | 190 | Exercise of stock options, net | 1 | 453 | — | — | 454 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 197 | — | — | 197 | Issuance of common stock | — | 598 | — | — | 598 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | (1) | (6,278) | — | — | (6,279) | Purchase and retirement of common stock | (1) | (1,520) | — | — | (1,521) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | 134 | $ | 520,741 | $ | 361,753 | $ | (43,241) | $ | 839,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | 147 | $ | 621,988 | $ | 407,864 | $ | (57,470) | $ | 972,529 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, six months ended June 30, 2023 | — | — | 13,697 | — | 13,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (7,799) | (7,799) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 3,430 | — | — | 3,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock, $0.25 per share | — | — | (3,698) | — | (3,698) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | 1 | 599 | — | — | 600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | 400 | — | — | 400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | (1) | (1,520) | — | — | (1,521) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | $ | 147 | $ | 624,897 | $ | 417,863 | $ | (65,269) | $ | 977,638 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | Balances at September 30, 2023 | $ | 147 | $ | 626,348 | $ | 431,317 | $ | (83,351) | $ | 974,461 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | Balances at December 31, 2021 | $ | 140 | $ | 575,045 | $ | 313,604 | $ | 3,102 | $ | 891,891 | Balances at December 31, 2021 | $ | 140 | $ | 575,045 | $ | 313,604 | $ | 3,102 | $ | 891,891 | ||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, six months ended June 30, 2022 | — | — | 48,149 | — | 48,149 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, nine months ended September 30, 2022 | Net income, nine months ended September 30, 2022 | — | — | 66,659 | — | 66,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (46,343) | (46,343) | Other comprehensive income (loss) | — | — | — | (65,441) | (65,441) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition | Issuance of common stock in acquisition | 13 | 98,136 | — | — | 98,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 3,953 | — | — | 3,953 | Stock-based compensation expense | — | 5,282 | — | — | 5,282 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | 1 | 2,076 | — | — | 2,077 | Exercise of stock options, net | 1 | 2,077 | — | — | 2,078 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 372 | — | — | 372 | Issuance of common stock | — | 557 | — | — | 557 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | (7) | (60,705) | — | — | (60,712) | Purchase and retirement of common stock | (7) | (60,705) | — | — | (60,712) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | 134 | $ | 520,741 | $ | 361,753 | $ | (43,241) | $ | 839,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | Balances at September 30, 2022 | $ | 147 | $ | 620,392 | $ | 380,263 | $ | (62,339) | $ | 938,463 |
(In thousands) | (In thousands) | Six Months Ended June 30, | (In thousands) | Nine Months Ended September 30, | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 13,697 | $ | 48,149 | Net income | $ | 30,855 | $ | 66,659 | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation, amortization, and accretion | Depreciation, amortization, and accretion | 9,274 | 11,804 | Depreciation, amortization, and accretion | 13,163 | 16,994 | ||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,540 | 1,050 | Provision for credit losses | 3,990 | 9,650 | ||||||||||||||||
Increase in cash surrender value of life insurance | Increase in cash surrender value of life insurance | (2,159) | (1,701) | Increase in cash surrender value of life insurance | (3,386) | (2,551) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 3,430 | 3,953 | Stock-based compensation expense | 4,829 | 5,282 | ||||||||||||||||
Asset (gains) losses, net | Asset (gains) losses, net | 38,786 | (2,916) | Asset (gains) losses, net | 38,755 | (2,870) | ||||||||||||||||
Gain on sale of loans held for sale, net | Gain on sale of loans held for sale, net | (1,860) | (3,468) | Gain on sale of loans held for sale, net | (3,230) | (4,520) | ||||||||||||||||
Net change due to: | Net change due to: | Net change due to: | ||||||||||||||||||||
Proceeds from sale of loans held for sale | Proceeds from sale of loans held for sale | 64,117 | 150,037 | Proceeds from sale of loans held for sale | 108,991 | 188,093 | ||||||||||||||||
Origination of loans held for sale | Origination of loans held for sale | (65,244) | (146,891) | Origination of loans held for sale | (111,883) | (182,962) | ||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | (3,846) | 8,112 | Accrued interest receivable and other assets | (3,263) | 7,719 | ||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | (11,368) | (18,787) | Accrued interest payable and other liabilities | (8,618) | (14,145) | ||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 48,367 | 49,342 | Net cash provided by (used in) operating activities | 70,203 | 87,349 | ||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | ||||||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (39,223) | (359,145) | Net (increase) decrease in loans | (55,042) | (537,001) | ||||||||||||||||
Net (increase) decrease in certificates of deposit in other banks | Net (increase) decrease in certificates of deposit in other banks | 2,710 | 6,427 | Net (increase) decrease in certificates of deposit in other banks | 4,920 | 8,419 | ||||||||||||||||
Purchases of securities AFS | Purchases of securities AFS | — | (8,017) | Purchases of securities AFS | (20,220) | (8,623) | ||||||||||||||||
Purchases of securities HTM | Purchases of securities HTM | — | (56,479) | Purchases of securities HTM | — | (56,479) | ||||||||||||||||
Proceeds from sales of securities AFS | Proceeds from sales of securities AFS | 26,798 | 3,400 | Proceeds from sales of securities AFS | 28,992 | 23,984 | ||||||||||||||||
Proceeds from sales of securities HTM | Proceeds from sales of securities HTM | 460,051 | — | Proceeds from sales of securities HTM | 460,051 | — | ||||||||||||||||
Proceeds from calls and maturities of securities AFS | Proceeds from calls and maturities of securities AFS | 133,027 | 47,052 | Proceeds from calls and maturities of securities AFS | 256,151 | 70,781 | ||||||||||||||||
Proceeds from calls and maturities of securities HTM | Proceeds from calls and maturities of securities HTM | 2,916 | 12,509 | Proceeds from calls and maturities of securities HTM | 2,916 | 21,378 | ||||||||||||||||
Purchases of other investments | Purchases of other investments | (12,022) | (11,303) | Purchases of other investments | (12,934) | (30,327) | ||||||||||||||||
Proceeds from sales of other investments | Proceeds from sales of other investments | 18,883 | 1,734 | Proceeds from sales of other investments | 18,939 | 4,014 | ||||||||||||||||
Proceeds from redemption of BOLI | Proceeds from redemption of BOLI | 117 | 117 | Proceeds from redemption of BOLI | 312 | 578 | ||||||||||||||||
Net (increase) decrease in premises and equipment | Net (increase) decrease in premises and equipment | (12,565) | (6,173) | Net (increase) decrease in premises and equipment | (15,104) | (7,965) | ||||||||||||||||
Net (increase) decrease in other real estate and other assets | Net (increase) decrease in other real estate and other assets | 794 | 9,836 | Net (increase) decrease in other real estate and other assets | 1,211 | 9,785 | ||||||||||||||||
Net cash (paid) received in branch sale | Net cash (paid) received in branch sale | — | 147,833 | Net cash (paid) received in branch sale | — | 147,833 | ||||||||||||||||
Net cash (paid) received in business combination | Net cash (paid) received in business combination | — | (28,221) | |||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 581,486 | (212,209) | Net cash provided by (used in) investing activities | 670,192 | (381,844) | ||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | ||||||||||||||||||||
Net increase (decrease) in deposits | Net increase (decrease) in deposits | 19,849 | (173,145) | Net increase (decrease) in deposits | 3,633 | 68,428 | ||||||||||||||||
Net increase (decrease) in short-term borrowings | Net increase (decrease) in short-term borrowings | (267,000) | — | Net increase (decrease) in short-term borrowings | (317,000) | 147,134 | ||||||||||||||||
Repayments of long-term borrowings | Repayments of long-term borrowings | (28,000) | (20,000) | Repayments of long-term borrowings | (28,000) | (20,000) | ||||||||||||||||
Purchase and retirement of common stock | Purchase and retirement of common stock | (1,521) | (60,712) | Purchase and retirement of common stock | (1,521) | (60,712) | ||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (3,698) | — | Cash dividends paid on common stock | (7,402) | — | ||||||||||||||||
Proceeds from issuance of common stock | Proceeds from issuance of common stock | 400 | 372 | Proceeds from issuance of common stock | 598 | 557 | ||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 600 | 2,077 | Proceeds from exercise of stock options | 454 | 2,078 | ||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (279,370) | (251,408) | Net cash provided by (used in) financing activities | (349,238) | 137,485 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 350,483 | (414,275) | Net increase (decrease) in cash and cash equivalents | 391,157 | (157,010) | ||||||||||||||||
Cash and cash equivalents: | Cash and cash equivalents: | Cash and cash equivalents: | ||||||||||||||||||||
Beginning | Beginning | 154,723 | 595,292 | Beginning | 154,723 | 595,292 | ||||||||||||||||
Ending * | Ending * | $ | 505,206 | $ | 181,017 | Ending * | $ | 545,880 | $ | 438,282 | ||||||||||||
Supplemental Disclosures of Cash Flow Information: | Supplemental Disclosures of Cash Flow Information: | Supplemental Disclosures of Cash Flow Information: | ||||||||||||||||||||
Cash paid for interest | Cash paid for interest | $ | 61,769 | $ | 11,367 | Cash paid for interest | $ | 99,486 | $ | 19,785 | ||||||||||||
Cash paid for taxes | Cash paid for taxes | 12,400 | 19,610 | Cash paid for taxes | 22,920 | 25,660 | ||||||||||||||||
Transfer of securities from HTM to AFS | Transfer of securities from HTM to AFS | 177,727 | — | Transfer of securities from HTM to AFS | 177,727 | — | ||||||||||||||||
Transfer of loans and bank premises to other real estate owned | Transfer of loans and bank premises to other real estate owned | — | 432 | Transfer of loans and bank premises to other real estate owned | 873 | 432 | ||||||||||||||||
Capitalized mortgage servicing rights | Capitalized mortgage servicing rights | 620 | 1,685 | Capitalized mortgage servicing rights | 1,104 | 2,127 | ||||||||||||||||
Acquisitions: | Acquisitions: | |||||||||||||||||||||
Fair value of assets acquired | Fair value of assets acquired | $ | — | $ | 1,121,000 | |||||||||||||||||
Fair value of liabilities assumed | Fair value of liabilities assumed | — | 1,034,000 | |||||||||||||||||||
Net assets acquired | Net assets acquired | — | 87,000 |
(In millions, except share data) | Acquired from Charter | Fair Value Adjustments | Estimated Fair Value | ||||||||
Assets Acquired: | |||||||||||
Cash and cash equivalents | $ | 10 | $ | — | $ | 10 | |||||
Investment securities | 218 | — | 218 | ||||||||
Loans | 848 | (21) | 827 | ||||||||
ACL-Loans | (9) | 7 | (2) | ||||||||
Premises and equipment | 9 | 1 | 10 | ||||||||
BOLI | 29 | — | 29 | ||||||||
Core deposit intangible | — | 19 | 19 | ||||||||
Other assets | 5 | 5 | 10 | ||||||||
Total assets | $ | 1,110 | $ | 11 | $ | 1,121 | |||||
Liabilities Assumed: | |||||||||||
Deposits | $ | 869 | $ | 1 | $ | 870 | |||||
Borrowings | 161 | — | 161 | ||||||||
Other liabilities | 3 | — | 3 | ||||||||
Total liabilities | $ | 1,033 | $ | 1 | $ | 1,034 | |||||
Net assets acquired | $ | 87 | |||||||||
Purchase Price: | |||||||||||
Nicolet common stock issued (in shares) | 1,262,360 | ||||||||||
Value of Nicolet common stock consideration | $ | 98 | |||||||||
Cash consideration paid | 39 | ||||||||||
Total purchase price | $ | 137 | |||||||||
Goodwill | $ | 50 |
(In thousands) | August 26, 2022 | |||||||
Purchase price of PCD loans at acquisition | $ | 24,031 | ||||||
Allowance for credit losses on PCD loans at acquisition | 1,709 | |||||||
Par value of PCD acquired loans at acquisition | $ | 25,740 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 22,595 | $ | 23,985 | $ | 13,697 | $ | 48,149 | Net income | $ | 17,158 | $ | 18,510 | $ | 30,855 | $ | 66,659 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 14,711 | 13,402 | 14,703 | 13,525 | Weighted average common shares outstanding | 14,740 | 13,890 | 14,716 | 13,648 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive common stock awards | Effect of dilutive common stock awards | 249 | 450 | 308 | 510 | Effect of dilutive common stock awards | 360 | 420 | 328 | 479 | ||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | Diluted weighted average common shares outstanding | 14,960 | 13,852 | 15,011 | 14,035 | Diluted weighted average common shares outstanding | 15,100 | 14,310 | 15,044 | 14,127 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share* | Basic earnings per common share* | $ | 1.54 | $ | 1.79 | $ | 0.93 | $ | 3.56 | Basic earnings per common share* | $ | 1.16 | $ | 1.33 | $ | 2.10 | $ | 4.88 | ||||||||||||||||||||||||||||
Diluted earnings per common share* | Diluted earnings per common share* | $ | 1.51 | $ | 1.73 | $ | 0.91 | $ | 3.43 | Diluted earnings per common share* | $ | 1.14 | $ | 1.29 | $ | 2.05 | $ | 4.72 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Dividend yield | Dividend yield | 1.6 | % | — | % | Dividend yield | 1.6 | % | — | % | ||||||||||||
Expected volatility | Expected volatility | 30 | % | 30 | % | Expected volatility | 30 | % | 30 | % | ||||||||||||
Risk-free interest rate | Risk-free interest rate | 3.74 | % | 1.77 | % | Risk-free interest rate | 3.74 | % | 3.03 | % | ||||||||||||
Expected average life | Expected average life | 7 years | 7 years | Expected average life | 7 years | 7 years | ||||||||||||||||
Weighted average per share fair value of options | Weighted average per share fair value of options | $ | 20.94 | $ | 32.99 | Weighted average per share fair value of options | $ | 20.94 | $ | 30.99 |
Stock Options | Stock Options | Option Shares Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Life (Years) | Aggregate Intrinsic Value (in thousands) | Stock Options | Option Shares Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Life (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Outstanding - December 31, 2022 | Outstanding - December 31, 2022 | 1,853,064 | $ | 59.79 | Outstanding - December 31, 2022 | 1,853,064 | $ | 59.79 | ||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 7,000 | 64.36 | Granted | 7,000 | 64.36 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options * | Exercise of stock options * | (48,979) | 31.67 | Exercise of stock options * | (115,179) | 40.02 | ||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (13,000) | 78.32 | Forfeited | (25,000) | 84.98 | ||||||||||||||||||||||||||||||||||||||||||||||
Outstanding - June 30, 2023 | 1,798,085 | $ | 60.44 | 5.5 | $ | 19,976 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercisable - June 30, 2023 | 1,310,642 | $ | 54.41 | 4.6 | $ | 19,862 | ||||||||||||||||||||||||||||||||||||||||||||||
Outstanding - September 30, 2023 | Outstanding - September 30, 2023 | 1,719,885 | $ | 60.76 | 5.3 | $ | 20,354 | |||||||||||||||||||||||||||||||||||||||||||||
Exercisable - September 30, 2023 | Exercisable - September 30, 2023 | 1,260,942 | $ | 55.09 | 4.5 | $ | 20,217 |
Restricted Stock | Restricted Stock | Weighted Average Grant Date Fair Value | Restricted Shares Outstanding | Restricted Stock | Weighted Average Grant Date Fair Value | Restricted Shares Outstanding | ||||||||||||||||||||||
Outstanding - December 31, 2022 | Outstanding - December 31, 2022 | $ | 76.49 | 73,490 | Outstanding - December 31, 2022 | $ | 76.49 | 73,490 | ||||||||||||||||||||
Granted | Granted | 55.65 | 11,674 | Granted | 55.65 | 11,674 | ||||||||||||||||||||||
Vested | Vested | 59.50 | (14,174) | Vested | 66.40 | (24,574) | ||||||||||||||||||||||
Outstanding - June 30, 2023 | $ | 76.45 | 70,990 | |||||||||||||||||||||||||
Outstanding - September 30, 2023 | Outstanding - September 30, 2023 | $ | 76.57 | 60,590 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||
Securities AFS: | Securities AFS: | Securities AFS: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 142,197 | $ | — | $ | 4,999 | $ | 137,198 | U.S. Treasury securities | $ | 42,190 | $ | — | $ | 4,686 | $ | 37,504 | ||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 8,807 | 29 | 44 | 8,792 | U.S. government agency securities | 8,293 | 2 | 74 | 8,221 | ||||||||||||||||||||||||||||||||||||
State, county and municipals | State, county and municipals | 401,293 | 263 | 32,718 | 368,838 | State, county and municipals | 387,259 | 69 | 45,998 | 341,330 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 342,945 | — | 41,161 | 301,784 | Mortgage-backed securities | 355,906 | — | 49,497 | 306,409 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 115,277 | — | 10,781 | 104,496 | Corporate debt securities | 111,245 | — | 10,883 | 100,362 | ||||||||||||||||||||||||||||||||||||
Total securities AFS | Total securities AFS | $ | 1,010,519 | $ | 292 | $ | 89,703 | $ | 921,108 | Total securities AFS | $ | 904,893 | $ | 71 | $ | 111,138 | $ | 793,826 |
December 31, 2022 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 192,116 | $ | — | $ | 8,286 | $ | 183,830 | |||||||||||||||
U.S. government agency securities | 2,133 | — | 33 | 2,100 | |||||||||||||||||||
State, county and municipals | 433,733 | 123 | 35,668 | 398,188 | |||||||||||||||||||
Mortgage-backed securities | 227,650 | 10 | 26,728 | 200,932 | |||||||||||||||||||
Corporate debt securities | 140,712 | 3 | 8,147 | 132,568 | |||||||||||||||||||
Total securities AFS | $ | 996,344 | $ | 136 | $ | 78,862 | $ | 917,618 | |||||||||||||||
Securities HTM: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 497,648 | $ | — | $ | 35,722 | $ | 461,926 | |||||||||||||||
U.S. government agency securities | 8,744 | 46 | — | 8,790 | |||||||||||||||||||
State, county and municipals | 34,874 | — | 3,349 | 31,525 | |||||||||||||||||||
Mortgage-backed securities | 137,862 | — | 16,751 | 121,111 | |||||||||||||||||||
Total securities HTM | $ | 679,128 | $ | 46 | $ | 55,822 | $ | 623,352 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | ||||||||||||||||
Securities AFS: | Securities AFS: | Securities AFS: | ||||||||||||||||||||
Gross gains | Gross gains | $ | 148 | $ | 20 | Gross gains | $ | 268 | $ | 20 | ||||||||||||
Gross losses | Gross losses | (496) | (5) | Gross losses | (605) | (5) | ||||||||||||||||
Gains (losses) on sales of securities AFS, net | Gains (losses) on sales of securities AFS, net | $ | (348) | $ | 15 | Gains (losses) on sales of securities AFS, net | $ | (337) | $ | 15 | ||||||||||||
Proceeds from sales of securities AFS | Proceeds from sales of securities AFS | $ | 26,798 | $ | 3,400 | Proceeds from sales of securities AFS | $ | 28,992 | $ | 23,984 | ||||||||||||
Securities HTM: | Securities HTM: | Securities HTM: | ||||||||||||||||||||
Gross gains | Gross gains | $ | — | $ | — | Gross gains | $ | — | $ | — | ||||||||||||
Gross losses | Gross losses | (37,723) | — | Gross losses | (37,723) | — | ||||||||||||||||
Gains (losses) on sales of securities HTM, net | Gains (losses) on sales of securities HTM, net | $ | (37,723) | $ | — | Gains (losses) on sales of securities HTM, net | $ | (37,723) | $ | — | ||||||||||||
Proceeds from sales of securities HTM | Proceeds from sales of securities HTM | $ | 460,051 | $ | — | Proceeds from sales of securities HTM | $ | 460,051 | $ | — |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities AFS: | Securities AFS: | Securities AFS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 453 | $ | 14 | $ | 136,733 | $ | 4,985 | $ | 137,186 | $ | 4,999 | 7 | U.S. Treasury securities | $ | — | $ | — | $ | 37,504 | $ | 4,686 | $ | 37,504 | $ | 4,686 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 1,771 | 38 | 106 | 6 | 1,877 | 44 | 8 | U.S. government agency securities | 5,396 | 32 | 1,798 | 42 | 7,194 | 74 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, county and municipals | State, county and municipals | 89,871 | 2,286 | 244,861 | 30,432 | 334,732 | 32,718 | 661 | State, county and municipals | 66,415 | 5,460 | 263,740 | 40,538 | 330,155 | 45,998 | 710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 10,915 | 616 | 290,862 | 40,545 | 301,777 | 41,161 | 445 | Mortgage-backed securities | 19,959 | 268 | 286,450 | 49,229 | 306,409 | 49,497 | 451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 33,133 | 1,231 | 66,984 | 9,550 | 100,117 | 10,781 | 70 | Corporate debt securities | 3,336 | 223 | 92,607 | 10,660 | 95,943 | 10,883 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 136,143 | $ | 4,185 | $ | 739,546 | $ | 85,518 | $ | 875,689 | $ | 89,703 | 1,191 | Total | $ | 95,106 | $ | 5,983 | $ | 682,099 | $ | 105,155 | $ | 777,205 | $ | 111,138 | 1,242 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ||||||||||||||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 448 | $ | 14 | $ | 183,382 | $ | 8,272 | $ | 183,830 | $ | 8,286 | 9 | ||||||||||||||||||||||||||||
U.S. government agency securities | 2,083 | 32 | 17 | 1 | 2,100 | 33 | 9 | ||||||||||||||||||||||||||||||||||
State, county and municipals | 277,546 | 18,041 | 86,569 | 17,627 | 364,115 | 35,668 | 812 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 102,108 | 11,320 | 95,614 | 15,408 | 197,722 | 26,728 | 376 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 114,887 | 6,186 | 12,938 | 1,961 | 127,825 | 8,147 | 90 | ||||||||||||||||||||||||||||||||||
Total | $ | 497,072 | $ | 35,593 | $ | 378,520 | $ | 43,269 | $ | 875,592 | $ | 78,862 | 1,296 | ||||||||||||||||||||||||||||
Securities HTM: | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | — | $ | 461,926 | $ | 35,722 | $ | 461,926 | $ | 35,722 | 6 | ||||||||||||||||||||||||||||
State, county and municipals | 17,591 | 1,594 | 11,654 | 1,755 | 29,245 | 3,349 | 58 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 68,108 | 8,029 | 53,003 | 8,722 | 121,111 | 16,751 | 106 | ||||||||||||||||||||||||||||||||||
Total | $ | 85,699 | $ | 9,623 | $ | 526,583 | $ | 46,199 | $ | 612,282 | $ | 55,822 | 170 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ||||||||||||||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 448 | $ | 14 | $ | 183,382 | $ | 8,272 | $ | 183,830 | $ | 8,286 | 9 | ||||||||||||||||||||||||||||
U.S. government agency securities | 2,083 | 32 | 17 | 1 | 2,100 | 33 | 9 | ||||||||||||||||||||||||||||||||||
State, county and municipals | 277,546 | 18,041 | 86,569 | 17,627 | 364,115 | 35,668 | 812 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 102,108 | 11,320 | 95,614 | 15,408 | 197,722 | 26,728 | 376 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 114,887 | 6,186 | 12,938 | 1,961 | 127,825 | 8,147 | 90 | ||||||||||||||||||||||||||||||||||
Total | $ | 497,072 | $ | 35,593 | $ | 378,520 | $ | 43,269 | $ | 875,592 | $ | 78,862 | 1,296 | ||||||||||||||||||||||||||||
Securities HTM: | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | — | $ | 461,926 | $ | 35,722 | $ | 461,926 | $ | 35,722 | 6 | ||||||||||||||||||||||||||||
State, county and municipals | 17,591 | 1,594 | 11,654 | 1,755 | 29,245 | 3,349 | 58 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 68,108 | 8,029 | 53,003 | 8,722 | 121,111 | 16,751 | 106 | ||||||||||||||||||||||||||||||||||
Total | $ | 85,699 | $ | 9,623 | $ | 526,583 | $ | 46,199 | $ | 612,282 | $ | 55,822 | 170 |
As of June 30, 2023 | Securities AFS | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | |||||||||||||||||||||
Due in less than one year | $ | 172,412 | $ | 170,901 | |||||||||||||||||||
Due in one year through five years | 163,610 | 151,145 | |||||||||||||||||||||
Due after five years through ten years | 209,473 | 185,108 | |||||||||||||||||||||
Due after ten years | 122,079 | 112,170 | |||||||||||||||||||||
667,574 | 619,324 | ||||||||||||||||||||||
Mortgage-backed securities | 342,945 | 301,784 | |||||||||||||||||||||
Total investment securities | $ | 1,010,519 | $ | 921,108 |
As of September 30, 2023 | Securities AFS | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | |||||||||||||||||||||
Due in less than one year | $ | 65,155 | $ | 64,470 | |||||||||||||||||||
Due in one year through five years | 162,719 | 147,803 | |||||||||||||||||||||
Due after five years through ten years | 207,337 | 177,658 | |||||||||||||||||||||
Due after ten years | 113,776 | 97,486 | |||||||||||||||||||||
548,987 | 487,417 | ||||||||||||||||||||||
Mortgage-backed securities | 355,906 | 306,409 | |||||||||||||||||||||
Total investment securities | $ | 904,893 | $ | 793,826 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (in thousands) | Amount | Amount | (in thousands) | Amount | Amount | ||||||||||||||||
Federal Reserve Bank stock | Federal Reserve Bank stock | $ | 32,411 | $ | 32,219 | Federal Reserve Bank stock | $ | 33,050 | $ | 32,219 | ||||||||||||
Federal Home Loan Bank (“FHLB”) stock | Federal Home Loan Bank (“FHLB”) stock | 9,674 | 18,625 | Federal Home Loan Bank (“FHLB”) stock | 9,674 | 18,625 | ||||||||||||||||
Equity securities with readily determinable fair values | Equity securities with readily determinable fair values | 3,748 | 4,376 | Equity securities with readily determinable fair values | 3,893 | 4,376 | ||||||||||||||||
Other investments | Other investments | 11,745 | 10,066 | Other investments | 11,750 | 10,066 | ||||||||||||||||
Total other investments | Total other investments | $ | 57,578 | $ | 65,286 | Total other investments | $ | 58,367 | $ | 65,286 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amount | % of Total | Amount | % of Total | (in thousands) | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 1,318,567 | 21 | % | $ | 1,304,819 | 21 | % | Commercial & industrial | $ | 1,237,789 | 20 | % | $ | 1,304,819 | 21 | % | ||||||||||||||||||||||||||||
Owner-occupied commercial real estate (“CRE”) | Owner-occupied commercial real estate (“CRE”) | 969,202 | 16 | 954,599 | 15 | Owner-occupied commercial real estate (“CRE”) | 971,397 | 16 | 954,599 | 15 | ||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 1,068,999 | 17 | 1,088,607 | 18 | Agricultural | 1,108,261 | 18 | 1,088,607 | 18 | ||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 1,108,692 | 18 | 1,149,949 | 19 | CRE investment | 1,130,938 | 18 | 1,149,949 | 19 | ||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 337,389 | 5 | 318,600 | 5 | Construction & land development | 326,747 | 5 | 318,600 | 5 | ||||||||||||||||||||||||||||||||||||
Residential construction | Residential construction | 108,095 | 2 | 114,392 | 2 | Residential construction | 76,289 | 1 | 114,392 | 2 | ||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 1,072,609 | 17 | 1,016,935 | 16 | Residential first mortgage | 1,136,748 | 18 | 1,016,935 | 16 | ||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 184,873 | 3 | 177,332 | 3 | Residential junior mortgage | 195,432 | 3 | 177,332 | 3 | ||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 54,350 | 1 | 55,266 | 1 | Retail & other | 55,656 | 1 | 55,266 | 1 | ||||||||||||||||||||||||||||||||||||
Loans | Loans | 6,222,776 | 100 | % | 6,180,499 | 100 | % | Loans | 6,239,257 | 100 | % | 6,180,499 | 100 | % | ||||||||||||||||||||||||||||||||
Less allowance for credit losses - Loans (“ACL-Loans”) | Less allowance for credit losses - Loans (“ACL-Loans”) | 62,811 | 61,829 | Less allowance for credit losses - Loans (“ACL-Loans”) | 63,160 | 61,829 | ||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | $ | 6,159,965 | $ | 6,118,670 | Loans, net | $ | 6,176,097 | $ | 6,118,670 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses - Loans to loans | Allowance for credit losses - Loans to loans | 1.01 | % | 1.00 | % | Allowance for credit losses - Loans to loans | 1.01 | % | 1.00 | % |
Three Months Ended | Six Months Ended | Year Ended | Three Months Ended | Nine Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | December 31, 2022 | (in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 62,412 | $ | 49,906 | $ | 61,829 | $ | 49,672 | $ | 49,672 | Beginning balance | $ | 62,811 | $ | 50,655 | $ | 61,829 | $ | 49,672 | $ | 49,672 | ||||||||||||||||||||||||||||||||||||
ACL on PCD loans acquired | ACL on PCD loans acquired | — | — | — | — | 1,937 | ACL on PCD loans acquired | — | 1,709 | — | 1,709 | 1,937 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 450 | 600 | 1,200 | 900 | 10,950 | Provision for credit losses | 450 | 8,200 | 1,650 | 9,100 | 10,950 | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (561) | (42) | (745) | (142) | (1,033) | Charge-offs | (346) | (300) | (1,091) | (442) | (1,033) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 510 | 191 | 527 | 225 | 303 | Recoveries | 245 | 84 | 772 | 309 | 303 | ||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (51) | 149 | (218) | 83 | (730) | Net (charge-offs) recoveries | (101) | (216) | (319) | (133) | (730) | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 62,811 | $ | 50,655 | $ | 62,811 | $ | 50,655 | $ | 61,829 | Ending balance | $ | 63,160 | $ | 60,348 | $ | 63,160 | $ | 60,348 | $ | 61,829 |
Six Months Ended June 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | (in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL-Loans | ACL-Loans | ACL-Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 16,350 | $ | 9,138 | $ | 9,762 | $ | 12,744 | $ | 2,572 | $ | 1,412 | $ | 6,976 | $ | 1,846 | $ | 1,029 | $ | 61,829 | Beginning balance | $ | 16,350 | $ | 9,138 | $ | 9,762 | $ | 12,744 | $ | 2,572 | $ | 1,412 | $ | 6,976 | $ | 1,846 | $ | 1,029 | $ | 61,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | Provision | (387) | (307) | 1,865 | (301) | 127 | (69) | (46) | 136 | 182 | 1,200 | Provision | (1,518) | 48 | 2,467 | 46 | 96 | (484) | 336 | 295 | 364 | 1,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (403) | — | (66) | — | — | — | — | (96) | (180) | (745) | Charge-offs | (403) | (301) | (66) | — | — | — | — | (96) | (225) | (1,091) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 518 | — | 3 | — | — | — | 2 | — | 4 | 527 | Recoveries | 518 | 241 | 3 | — | — | — | 3 | — | 7 | 772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | 115 | — | (63) | — | — | — | 2 | (96) | (176) | (218) | Net (charge-offs) recoveries | 115 | (60) | (63) | — | — | — | 3 | (96) | (218) | (319) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 16,078 | $ | 8,831 | $ | 11,564 | $ | 12,443 | $ | 2,699 | $ | 1,343 | $ | 6,932 | $ | 1,886 | $ | 1,035 | $ | 62,811 | Ending balance | $ | 14,947 | $ | 9,126 | $ | 12,166 | $ | 12,790 | $ | 2,668 | $ | 928 | $ | 7,315 | $ | 2,045 | $ | 1,175 | $ | 63,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As % of ACL-Loans | As % of ACL-Loans | 26 | % | 14 | % | 18 | % | 20 | % | 4 | % | 2 | % | 11 | % | 3 | % | 2 | % | 100 | % | As % of ACL-Loans | 24 | % | 14 | % | 19 | % | 20 | % | 4 | % | 2 | % | 12 | % | 3 | % | 2 | % | 100 | % |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
ACL-Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,613 | $ | 7,222 | $ | 9,547 | $ | 8,462 | $ | 1,812 | $ | 900 | $ | 6,844 | $ | 1,340 | $ | 932 | $ | 49,672 | |||||||||||||||||||||||||||||||||||||||
ACL on PCD loans | 1,408 | 384 | — | 38 | 2 | — | 93 | 12 | — | 1,937 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 2,415 | 2,087 | 215 | 4,075 | 758 | 512 | 96 | 493 | 299 | 10,950 | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (190) | (555) | — | — | — | — | (65) | — | (223) | (1,033) | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 104 | — | — | 169 | — | — | 8 | 1 | 21 | 303 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (86) | (555) | — | 169 | — | — | (57) | 1 | (202) | (730) | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 16,350 | $ | 9,138 | $ | 9,762 | $ | 12,744 | $ | 2,572 | $ | 1,412 | $ | 6,976 | $ | 1,846 | $ | 1,029 | $ | 61,829 | |||||||||||||||||||||||||||||||||||||||
As % of ACL-Loans | 26 | % | 15 | % | 16 | % | 21 | % | 4 | % | 2 | % | 11 | % | 3 | % | 2 | % | 100 | % |
Three Months Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||||
(in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||
Provision for credit losses on: | |||||||||||||||||||||||||||||
Loans | $ | 450 | $ | 600 | $ | 1,200 | $ | 900 | $ | 10,950 | |||||||||||||||||||
Unfunded commitments | — | 150 | — | 150 | 550 | ||||||||||||||||||||||||
Investment securities | — | — | 2,340 | — | — | ||||||||||||||||||||||||
Total | $ | 450 | $ | 750 | $ | 3,540 | $ | 1,050 | $ | 11,500 |
Three Months Ended | Nine Months Ended | Year Ended | |||||||||||||||||||||||||||
(in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||
Provision for credit losses on: | |||||||||||||||||||||||||||||
Loans | $ | 450 | $ | 8,200 | $ | 1,650 | $ | 9,100 | $ | 10,950 | |||||||||||||||||||
Unfunded commitments | — | 400 | — | 550 | 550 | ||||||||||||||||||||||||
Investment securities | — | — | 2,340 | — | — | ||||||||||||||||||||||||
Total | $ | 450 | $ | 8,600 | $ | 3,990 | $ | 9,650 | $ | 11,500 |
June 30, 2023 | Collateral Type | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Collateral Type | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | (in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | ||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | — | $ | 1,989 | $ | 1,989 | $ | 561 | $ | 1,428 | $ | 461 | Commercial & industrial | $ | — | $ | 3,402 | $ | 3,402 | $ | 2,351 | $ | 1,051 | $ | 230 | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 5,236 | — | 5,236 | 5,236 | — | — | Owner-occupied CRE | 4,827 | — | 4,827 | 4,827 | — | — | ||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 5,805 | 3,069 | 8,874 | 3,871 | 5,003 | 91 | Agricultural | 7,629 | 5,811 | 13,440 | 8,530 | 4,910 | 123 | ||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 2,434 | — | 2,434 | 1,911 | 523 | 7 | CRE investment | 942 | — | 942 | 552 | 390 | 19 | ||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | — | — | — | — | — | — | Construction & land development | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 693 | — | 693 | 693 | — | — | Residential first mortgage | 686 | — | 686 | 686 | — | — | ||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | — | — | — | — | — | — | Residential junior mortgage | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 14,168 | $ | 5,058 | $ | 19,226 | $ | 12,272 | $ | 6,954 | $ | 559 | Total loans | $ | 14,084 | $ | 9,213 | $ | 23,297 | $ | 16,946 | $ | 6,351 | $ | 372 |
December 31, 2022 | Collateral Type | ||||||||||||||||||||||
(in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | |||||||||||||||||
Commercial & industrial | $ | — | $ | 3,475 | $ | 3,475 | $ | 1,927 | $ | 1,548 | $ | 595 | |||||||||||
Owner-occupied CRE | 4,907 | — | 4,907 | 4,699 | 208 | 53 | |||||||||||||||||
Agricultural | 13,758 | 6,458 | 20,216 | 14,358 | 5,858 | 261 | |||||||||||||||||
CRE investment | 2,713 | — | 2,713 | 979 | 1,734 | 212 | |||||||||||||||||
Construction & land development | 670 | — | 670 | 670 | — | — | |||||||||||||||||
Residential first mortgage | 91 | — | 91 | 91 | — | — | |||||||||||||||||
Total loans | $ | 22,139 | $ | 9,933 | $ | 32,072 | $ | 22,724 | $ | 9,348 | $ | 1,121 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | (in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 260 | $ | 3,157 | $ | 1,315,150 | $ | 1,318,567 | Commercial & industrial | $ | 281 | $ | 5,192 | $ | 1,232,316 | $ | 1,237,789 | ||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 28 | 6,573 | 962,601 | 969,202 | Owner-occupied CRE | 76 | 5,602 | 965,719 | 971,397 | ||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 151 | 9,092 | 1,059,756 | 1,068,999 | Agricultural | 151 | 13,458 | 1,094,652 | 1,108,261 | ||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 56 | 2,535 | 1,106,101 | 1,108,692 | CRE investment | 240 | 1,100 | 1,129,598 | 1,130,938 | ||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 121 | 95 | 337,173 | 337,389 | Construction & land development | 23 | 177 | 326,547 | 326,747 | ||||||||||||||||||||||||||||||||||||
Residential construction | Residential construction | — | — | 108,095 | 108,095 | Residential construction | — | — | 76,289 | 76,289 | ||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 868 | 3,638 | 1,068,103 | 1,072,609 | Residential first mortgage | 1,710 | 3,812 | 1,131,226 | 1,136,748 | ||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 118 | 87 | 184,668 | 184,873 | Residential junior mortgage | 67 | 92 | 195,273 | 195,432 | ||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 215 | 101 | 54,034 | 54,350 | Retail & other | 729 | 74 | 54,853 | 55,656 | ||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 1,817 | $ | 25,278 | $ | 6,195,681 | $ | 6,222,776 | Total loans | $ | 3,277 | $ | 29,507 | $ | 6,206,473 | $ | 6,239,257 | ||||||||||||||||||||||||||||
Percent of total loans | Percent of total loans | — | % | 0.4 | % | 99.6 | % | 100.0 | % | Percent of total loans | 0.1 | % | 0.5 | % | 99.4 | % | 100.0 | % |
December 31, 2022 | |||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | |||||||||||||||||||
Commercial & industrial | $ | 210 | $ | 3,328 | $ | 1,301,281 | $ | 1,304,819 | |||||||||||||||
Owner-occupied CRE | 833 | 5,647 | 948,119 | 954,599 | |||||||||||||||||||
Agricultural | 20 | 20,416 | 1,068,171 | 1,088,607 | |||||||||||||||||||
CRE investment | — | 3,832 | 1,146,117 | 1,149,949 | |||||||||||||||||||
Construction & land development | — | 771 | 317,829 | 318,600 | |||||||||||||||||||
Residential construction | — | — | 114,392 | 114,392 | |||||||||||||||||||
Residential first mortgage | 3,628 | 3,780 | 1,009,527 | 1,016,935 | |||||||||||||||||||
Residential junior mortgage | 236 | 224 | 176,872 | 177,332 | |||||||||||||||||||
Retail & other | 261 | 82 | 54,923 | 55,266 | |||||||||||||||||||
Total loans | $ | 5,188 | $ | 38,080 | $ | 6,137,231 | $ | 6,180,499 | |||||||||||||||
Percent of total loans | 0.1 | % | 0.6 | % | 99.3 | % | 100.0 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Nonaccrual Loans | % of Total | Nonaccrual Loans | % of Total | (in thousands) | Nonaccrual Loans | % of Total | Nonaccrual Loans | % of Total | ||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 3,157 | 12 | % | $ | 3,328 | 9 | % | Commercial & industrial | $ | 5,192 | 17 | % | $ | 3,328 | 9 | % | ||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 6,573 | 26 | 5,647 | 15 | Owner-occupied CRE | 5,602 | 19 | 5,647 | 15 | ||||||||||||||||||||||||
Agricultural | Agricultural | 9,092 | 36 | 20,416 | 53 | Agricultural | 13,458 | 46 | 20,416 | 53 | ||||||||||||||||||||||||
CRE investment | CRE investment | 2,535 | 10 | 3,832 | 10 | CRE investment | 1,100 | 4 | 3,832 | 10 | ||||||||||||||||||||||||
Construction & land development | Construction & land development | 95 | 1 | 771 | 2 | Construction & land development | 177 | 1 | 771 | 2 | ||||||||||||||||||||||||
Residential construction | Residential construction | — | — | — | — | Residential construction | — | — | — | — | ||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 3,638 | 14 | 3,780 | 10 | Residential first mortgage | 3,812 | 13 | 3,780 | 10 | ||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 87 | — | 224 | 1 | Residential junior mortgage | 92 | — | 224 | 1 | ||||||||||||||||||||||||
Retail & other | Retail & other | 101 | 1 | 82 | — | Retail & other | 74 | — | 82 | — | ||||||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 25,278 | 100 | % | $ | 38,080 | 100 | % | Nonaccrual loans | $ | 29,507 | 100 | % | $ | 38,080 | 100 | % | ||||||||||||||||
Percent of total loans | Percent of total loans | 0.4 | % | 0.6 | % | Percent of total loans | 0.5 | % | 0.6 | % |
June 30, 2023 | Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Revolving to Term | TOTAL | (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Revolving to Term | TOTAL | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | Commercial & industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 97,859 | $ | 292,993 | $ | 198,515 | $ | 85,707 | $ | 59,568 | $ | 102,696 | $ | 383,527 | $ | — | $ | 1,220,865 | Grades 1-4 | $ | 152,385 | $ | 254,446 | $ | 184,778 | $ | 73,488 | $ | 53,351 | $ | 96,269 | $ | 334,059 | $ | — | $ | 1,148,776 | ||||||||||||||||||||
Grade 5 | Grade 5 | 5,318 | 6,973 | 6,397 | 1,929 | 1,156 | 7,678 | 27,520 | — | 56,971 | Grade 5 | 5,350 | 10,296 | 6,779 | 2,908 | 1,246 | 7,364 | 24,477 | — | 58,420 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | 1,688 | 1,361 | 837 | 5 | 1,127 | 4,907 | — | 9,925 | Grade 6 | — | 591 | 612 | 194 | 4 | 1,028 | 1,850 | — | 4,279 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | 605 | 3,578 | 2,590 | 2,319 | 2,189 | 13,912 | 5,613 | — | 30,806 | Grade 7 | 4,444 | 4,600 | 2,653 | 2,372 | 1,952 | 7,205 | 3,088 | — | 26,314 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 103,782 | $ | 305,232 | $ | 208,863 | $ | 90,792 | $ | 62,918 | $ | 125,413 | $ | 421,567 | $ | — | $ | 1,318,567 | Total | $ | 162,179 | $ | 269,933 | $ | 194,822 | $ | 78,962 | $ | 56,553 | $ | 111,866 | $ | 363,474 | $ | — | $ | 1,237,789 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | (77) | $ | (114) | $ | — | $ | — | $ | (197) | $ | (15) | $ | — | $ | (403) | Current period gross charge-offs | $ | — | $ | (77) | $ | (114) | $ | — | $ | — | $ | (197) | $ | (15) | $ | — | $ | (403) | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | Owner-occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 60,120 | $ | 160,217 | $ | 189,378 | $ | 100,814 | $ | 92,047 | $ | 302,445 | $ | 3,210 | $ | — | $ | 908,231 | Grades 1-4 | $ | 101,687 | $ | 157,461 | $ | 186,745 | $ | 98,057 | $ | 90,223 | $ | 277,024 | $ | 3,114 | $ | — | $ | 914,311 | ||||||||||||||||||||
Grade 5 | Grade 5 | 1,398 | 4,237 | 9,020 | 5,009 | 1,139 | 16,269 | 509 | — | 37,581 | Grade 5 | 949 | 3,754 | 9,854 | 5,362 | 1,481 | 15,158 | 212 | — | 36,770 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | 261 | 352 | 546 | 1,561 | 954 | 150 | — | 3,824 | Grade 6 | — | — | 348 | 1,545 | 605 | 150 | — | — | 2,648 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | 221 | 2,069 | 6,806 | 577 | 9,893 | — | — | 19,566 | Grade 7 | — | 218 | 1,024 | 6,916 | 354 | 8,861 | 295 | — | 17,668 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 61,518 | $ | 164,936 | $ | 200,819 | $ | 113,175 | $ | 95,324 | $ | 329,561 | $ | 3,869 | $ | — | $ | 969,202 | Total | $ | 102,636 | $ | 161,433 | $ | 197,971 | $ | 111,880 | $ | 92,663 | $ | 301,193 | $ | 3,621 | $ | — | $ | 971,397 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (301) | $ | — | $ | — | $ | (301) | ||||||||||||||||||||
Agricultural | Agricultural | Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 34,882 | $ | 281,777 | $ | 139,350 | $ | 82,481 | $ | 24,247 | $ | 152,130 | $ | 230,863 | $ | — | $ | 945,730 | Grades 1-4 | $ | 72,777 | $ | 282,254 | $ | 136,796 | $ | 80,960 | $ | 23,694 | $ | 144,223 | $ | 252,202 | $ | — | $ | 992,906 | ||||||||||||||||||||
Grade 5 | Grade 5 | 2,335 | 12,391 | 6,359 | 741 | 373 | 39,105 | 14,380 | — | 75,684 | Grade 5 | 2,809 | 11,201 | 6,003 | 725 | 384 | 33,751 | 14,316 | — | 69,189 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | 109 | 1,144 | — | 52 | 2,320 | 129 | — | 3,754 | Grade 6 | — | 134 | 1,114 | — | 51 | 2,293 | 207 | — | 3,799 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | 2,570 | 7,057 | 6,827 | 589 | 1,890 | 15,082 | 9,816 | — | 43,831 | Grade 7 | 3,851 | 6,898 | 6,455 | 492 | 1,865 | 14,764 | 8,042 | — | 42,367 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 39,787 | $ | 301,334 | $ | 153,680 | $ | 83,811 | $ | 26,562 | $ | 208,637 | $ | 255,188 | $ | — | $ | 1,068,999 | Total | $ | 79,437 | $ | 300,487 | $ | 150,368 | $ | 82,177 | $ | 25,994 | $ | 195,031 | $ | 274,767 | $ | — | $ | 1,108,261 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (66) | $ | — | $ | — | $ | (66) | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (66) | $ | — | $ | — | $ | (66) | ||||||||||||||||||||
CRE investment | CRE investment | CRE investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 17,613 | $ | 196,825 | $ | 217,555 | $ | 181,239 | $ | 123,758 | $ | 305,218 | $ | 13,699 | $ | — | $ | 1,055,907 | Grades 1-4 | $ | 27,123 | $ | 183,799 | $ | 247,563 | $ | 172,237 | $ | 117,114 | $ | 294,916 | $ | 11,445 | $ | — | $ | 1,054,197 | ||||||||||||||||||||
Grade 5 | Grade 5 | 2,814 | 559 | 13,092 | 3,908 | 3,812 | 19,960 | 49 | — | 44,194 | Grade 5 | 2,802 | 7,859 | 14,857 | 8,634 | 10,066 | 21,927 | 49 | — | 66,194 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | 497 | 3,693 | 73 | — | 4,263 | Grade 6 | — | — | — | — | — | 1,357 | 65 | — | 1,422 | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | — | 21 | 523 | 2,403 | 1,381 | — | — | 4,328 | Grade 7 | — | 55 | 21 | — | 1,043 | 8,006 | — | — | 9,125 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 20,427 | $ | 197,384 | $ | 230,668 | $ | 185,670 | $ | 130,470 | $ | 330,252 | $ | 13,821 | $ | — | $ | 1,108,692 | Total | $ | 29,925 | $ | 191,713 | $ | 262,441 | $ | 180,871 | $ | 128,223 | $ | 326,206 | $ | 11,559 | $ | — | $ | 1,130,938 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Construction & land development | Construction & land development | Construction & land development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 19,928 | $ | 132,395 | $ | 129,347 | $ | 9,924 | $ | 8,498 | $ | 31,872 | $ | 3,237 | $ | — | $ | 335,201 | Grades 1-4 | $ | 37,180 | $ | 153,809 | $ | 88,212 | $ | 9,610 | $ | 5,288 | $ | 28,329 | $ | 2,070 | $ | — | $ | 324,498 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | 30 | 128 | 1,285 | 511 | 91 | — | — | 2,045 | Grade 5 | — | 26 | 127 | 1,275 | 508 | 89 | — | — | 2,025 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | 48 | — | — | — | — | 95 | — | — | 143 | Grade 7 | 47 | — | — | — | — | 92 | 85 | — | 224 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 19,976 | $ | 132,425 | $ | 129,475 | $ | 11,209 | $ | 9,009 | $ | 32,058 | $ | 3,237 | $ | — | $ | 337,389 | Total | $ | 37,227 | $ | 153,835 | $ | 88,339 | $ | 10,885 | $ | 5,796 | $ | 28,510 | $ | 2,155 | $ | — | $ | 326,747 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Residential construction | Residential construction | Residential construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 15,583 | $ | 80,786 | $ | 8,244 | $ | 1,064 | $ | 127 | $ | 1,513 | $ | — | $ | — | $ | 107,317 | Grades 1-4 | $ | 35,996 | $ | 32,539 | $ | 5,279 | $ | 1,101 | $ | 125 | $ | 1,209 | $ | 40 | $ | — | $ | 76,289 | ||||||||||||||||||||
Grade 5 | Grade 5 | 162 | — | 616 | — | — | — | — | — | 778 | Grade 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | — | — | — | — | — | — | — | — | Grade 7 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 15,745 | $ | 80,786 | $ | 8,860 | $ | 1,064 | $ | 127 | $ | 1,513 | $ | — | $ | — | $ | 108,095 | Total | $ | 35,996 | $ | 32,539 | $ | 5,279 | $ | 1,101 | $ | 125 | $ | 1,209 | $ | 40 | $ | — | $ | 76,289 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Residential first mortgage | Residential first mortgage | Residential first mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 76,867 | $ | 338,815 | $ | 264,697 | $ | 137,536 | $ | 62,134 | $ | 176,793 | $ | 805 | $ | 3 | $ | 1,057,650 | Grades 1-4 | $ | 125,176 | $ | 377,475 | $ | 256,628 | $ | 134,035 | $ | 59,281 | $ | 168,739 | $ | 614 | $ | 3 | $ | 1,121,951 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | 1,305 | 1,055 | 1,272 | 2,874 | 2,858 | — | — | 9,364 | Grade 5 | — | 1,296 | 1,259 | 1,262 | 2,538 | 2,684 | — | — | 9,039 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | 562 | — | — | — | 562 | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | 151 | 471 | 276 | 424 | 3,711 | — | — | 5,033 | Grade 7 | — | 150 | 467 | 485 | 1,074 | 3,582 | — | — | 5,758 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 76,867 | $ | 340,271 | $ | 266,223 | $ | 139,084 | $ | 65,994 | $ | 183,362 | $ | 805 | $ | 3 | $ | 1,072,609 | Total | $ | 125,176 | $ | 378,921 | $ | 258,354 | $ | 135,782 | $ | 62,893 | $ | 175,005 | $ | 614 | $ | 3 | $ | 1,136,748 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | Residential junior mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 7,841 | $ | 9,094 | $ | 4,026 | $ | 4,821 | $ | 2,955 | $ | 4,387 | $ | 144,869 | $ | 6,590 | $ | 184,583 | Grades 1-4 | $ | 12,538 | $ | 7,607 | $ | 3,915 | $ | 4,360 | $ | 2,848 | $ | 4,110 | $ | 153,322 | $ | 6,446 | $ | 195,146 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | — | — | — | — | — | — | — | — | Grade 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | — | 32 | 204 | — | — | 15 | 39 | — | 290 | Grade 7 | — | 32 | 202 | — | — | 14 | 38 | — | 286 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 7,841 | $ | 9,126 | $ | 4,230 | $ | 4,821 | $ | 2,955 | $ | 4,402 | $ | 144,908 | $ | 6,590 | $ | 184,873 | Total | $ | 12,538 | $ | 7,639 | $ | 4,117 | $ | 4,360 | $ | 2,848 | $ | 4,124 | $ | 153,360 | $ | 6,446 | $ | 195,432 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (96) | $ | — | $ | — | $ | (96) | Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (96) | $ | — | $ | — | $ | (96) | ||||||||||||||||||||
Retail & other | Retail & other | Retail & other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grades 1-4 | Grades 1-4 | $ | 4,078 | $ | 9,654 | $ | 7,001 | $ | 3,212 | $ | 2,378 | $ | 4,282 | $ | 23,638 | $ | — | $ | 54,243 | Grades 1-4 | $ | 7,281 | $ | 8,932 | $ | 6,202 | $ | 2,925 | $ | 2,045 | $ | 4,042 | $ | 24,107 | $ | — | $ | 55,534 | ||||||||||||||||||||
Grade 5 | Grade 5 | — | — | 19 | — | — | — | — | — | 19 | Grade 5 | — | — | 18 | — | — | — | — | — | 18 | ||||||||||||||||||||||||||||||||||||||
Grade 6 | Grade 6 | — | — | — | — | — | — | — | — | — | Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Grade 7 | Grade 7 | 30 | — | 21 | 11 | 1 | 25 | — | — | 88 | Grade 7 | — | — | 26 | 10 | 1 | 67 | — | — | 104 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,108 | $ | 9,654 | $ | 7,041 | $ | 3,223 | $ | 2,379 | $ | 4,307 | $ | 23,638 | $ | — | $ | 54,350 | Total | $ | 7,281 | $ | 8,932 | $ | 6,246 | $ | 2,935 | $ | 2,046 | $ | 4,109 | $ | 24,107 | $ | — | $ | 55,656 | ||||||||||||||||||||
Current period gross charge-offs | Current period gross charge-offs | $ | (6) | $ | (1) | $ | — | $ | (1) | $ | — | $ | (52) | $ | (120) | $ | — | $ | (180) | Current period gross charge-offs | $ | (6) | $ | (1) | $ | — | $ | (1) | $ | — | $ | (52) | $ | (165) | $ | — | $ | (225) | ||||||||||||||||||||
Total loans | Total loans | $ | 350,051 | $ | 1,541,148 | $ | 1,209,859 | $ | 632,849 | $ | 395,738 | $ | 1,219,505 | $ | 867,033 | $ | 6,593 | $ | 6,222,776 | Total loans | $ | 592,395 | $ | 1,505,432 | $ | 1,167,937 | $ | 608,953 | $ | 377,141 | $ | 1,147,253 | $ | 833,697 | $ | 6,449 | $ | 6,239,257 |
December 31, 2022 | Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Revolving to Term | TOTAL | ||||||||||||||||||||
Commercial & industrial | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 317,394 | $ | 226,065 | $ | 101,374 | $ | 68,884 | $ | 50,189 | $ | 77,589 | $ | 360,978 | $ | — | $ | 1,202,473 | |||||||||||
Grade 5 | 9,938 | 5,902 | 10,811 | 1,530 | 3,986 | 4,562 | 20,617 | — | 57,346 | ||||||||||||||||||||
Grade 6 | 1,459 | 2,283 | 629 | 511 | 402 | 11,653 | 14,047 | — | 30,984 | ||||||||||||||||||||
Grade 7 | 556 | 293 | 3,211 | 2,990 | 775 | 1,070 | 5,121 | — | 14,016 | ||||||||||||||||||||
Total | $ | 329,347 | $ | 234,543 | $ | 116,025 | $ | 73,915 | $ | 55,352 | $ | 94,874 | $ | 400,763 | $ | — | $ | 1,304,819 | |||||||||||
Current period gross charge-offs | $ | (38) | $ | (41) | $ | (2) | $ | — | $ | (109) | $ | — | $ | — | $ | — | $ | (190) | |||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 151,391 | $ | 190,313 | $ | 105,156 | $ | 100,606 | $ | 91,479 | $ | 252,574 | $ | 6,734 | $ | — | $ | 898,253 | |||||||||||
Grade 5 | 5,241 | 3,192 | 4,287 | 2,163 | 4,791 | 14,632 | 348 | — | 34,654 | ||||||||||||||||||||
Grade 6 | — | — | 763 | 2,361 | — | 877 | — | — | 4,001 | ||||||||||||||||||||
Grade 7 | 227 | 706 | 6,344 | 616 | — | 9,798 | — | — | 17,691 | ||||||||||||||||||||
Total | $ | 156,859 | $ | 194,211 | $ | 116,550 | $ | 105,746 | $ | 96,270 | $ | 277,881 | $ | 7,082 | $ | — | $ | 954,599 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (555) | $ | — | $ | — | $ | (555) | |||||||||||
Agricultural | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 275,208 | $ | 145,272 | $ | 85,413 | $ | 25,463 | $ | 19,687 | $ | 130,849 | $ | 249,033 | $ | — | $ | 930,925 | |||||||||||
Grade 5 | 13,295 | 18,178 | 2,694 | 1,992 | 517 | 43,927 | 21,199 | — | 101,802 | ||||||||||||||||||||
Grade 6 | 115 | 1,457 | 28 | 33 | — | 5,258 | 429 | — | 7,320 | ||||||||||||||||||||
Grade 7 | 7,165 | 2,632 | 720 | 1,977 | 4,611 | 19,948 | 11,507 | — | 48,560 | ||||||||||||||||||||
Total | $ | 295,783 | $ | 167,539 | $ | 88,855 | $ | 29,465 | $ | 24,815 | $ | 199,982 | $ | 282,168 | $ | — | $ | 1,088,607 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
CRE investment | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 205,930 | $ | 229,252 | $ | 192,527 | $ | 134,301 | $ | 79,649 | $ | 248,595 | $ | 11,383 | $ | — | $ | 1,101,637 | |||||||||||
Grade 5 | 567 | 1,649 | 3,578 | 4,266 | 3,086 | 24,897 | — | — | 38,043 | ||||||||||||||||||||
Grade 6 | — | — | — | 1,170 | 2,396 | 2,483 | 206 | — | 6,255 | ||||||||||||||||||||
Grade 7 | — | — | 121 | 299 | 245 | 3,140 | 209 | — | 4,014 | ||||||||||||||||||||
Total | $ | 206,497 | $ | 230,901 | $ | 196,226 | $ | 140,036 | $ | 85,376 | $ | 279,115 | $ | 11,798 | $ | — | $ | 1,149,949 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Construction & land development | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 104,804 | $ | 140,727 | $ | 12,188 | $ | 9,747 | $ | 23,811 | $ | 13,138 | $ | 13,235 | $ | — | $ | 317,650 | |||||||||||
Grade 5 | 37 | — | — | 14 | — | 95 | — | — | 146 | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | 33 | — | — | — | — | 771 | — | — | 804 | ||||||||||||||||||||
Total | $ | 104,874 | $ | 140,727 | $ | 12,188 | $ | 9,761 | $ | 23,811 | $ | 14,004 | $ | 13,235 | $ | — | $ | 318,600 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential construction | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 92,417 | $ | 16,774 | $ | 966 | $ | 123 | $ | 336 | $ | 229 | $ | 3,547 | $ | — | $ | 114,392 | |||||||||||
Grade 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 92,417 | $ | 16,774 | $ | 966 | $ | 123 | $ | 336 | $ | 229 | $ | 3,547 | $ | — | $ | 114,392 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential first mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 318,628 | $ | 272,011 | $ | 147,857 | $ | 68,975 | $ | 31,208 | $ | 162,153 | $ | 2,080 | $ | 3 | $ | 1,002,915 | |||||||||||
Grade 5 | 1,494 | 758 | 997 | 1,803 | 2,272 | 465 | — | — | 7,789 | ||||||||||||||||||||
Grade 6 | — | — | — | 711 | — | — | — | — | 711 | ||||||||||||||||||||
Grade 7 | 154 | 329 | 188 | 349 | 197 | 4,303 | — | — | 5,520 | ||||||||||||||||||||
Total | $ | 320,276 | $ | 273,098 | $ | 149,042 | $ | 71,838 | $ | 33,677 | $ | 166,921 | $ | 2,080 | $ | 3 | $ | 1,016,935 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (65) | $ | — | $ | — | $ | (65) | |||||||||||
Residential junior mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 10,119 | $ | 4,580 | $ | 5,207 | $ | 3,151 | $ | 1,573 | $ | 3,409 | $ | 142,784 | $ | 5,762 | $ | 176,585 | |||||||||||
Grade 5 | — | — | — | — | — | 143 | 165 | — | 308 | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | — | 206 | — | — | — | 24 | 209 | — | 439 | ||||||||||||||||||||
Total | $ | 10,119 | $ | 4,786 | $ | 5,207 | $ | 3,151 | $ | 1,573 | $ | 3,576 | $ | 143,158 | $ | 5,762 | $ | 177,332 | |||||||||||
Current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Retail & other | |||||||||||||||||||||||||||||
Grades 1-4 | $ | 12,318 | $ | 8,957 | $ | 4,221 | $ | 3,188 | $ | 1,035 | $ | 24,950 | $ | 492 | $ | — | $ | 55,161 | |||||||||||
Grade 5 | — | 23 | — | — | — | — | — | — | 23 | ||||||||||||||||||||
Grade 6 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Grade 7 | — | 23 | 22 | 2 | 30 | 5 | — | — | 82 | ||||||||||||||||||||
Total | $ | 12,318 | $ | 9,003 | $ | 4,243 | $ | 3,190 | $ | 1,065 | $ | 24,955 | $ | 492 | $ | — | $ | 55,266 | |||||||||||
Current period gross charge-offs | $ | — | $ | (1) | $ | (6) | $ | (1) | $ | — | $ | — | $ | (215) | $ | — | $ | (223) | |||||||||||
Total loans | $ | 1,528,490 | $ | 1,271,582 | $ | 689,302 | $ | 437,225 | $ | 322,275 | $ | 1,061,537 | $ | 864,323 | $ | 5,765 | $ | 6,180,499 |
(in thousands) | (in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Term Extension & Interest Rate Reduction | Total | % of Total Loans | (in thousands) | Payment Delay | Term Extension | Interest Rate Reduction | Term Extension & Interest Rate Reduction | Total | % of Total Loans | ||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 454 | $ | — | $ | 88 | $ | — | $ | 542 | 0.04 | % | Commercial & industrial | $ | 433 | $ | — | $ | 87 | $ | — | $ | 520 | 0.04 | % | ||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | — | — | — | — | — | % | Owner-occupied CRE | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Agricultural | Agricultural | 109 | — | — | — | 109 | 0.01 | % | Agricultural | 107 | — | — | — | 107 | 0.01 | % | ||||||||||||||||||||||||
CRE investment | CRE investment | — | — | — | — | — | — | % | CRE investment | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Construction & land development | Construction & land development | — | — | — | — | — | — | % | Construction & land development | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | — | — | — | — | — | — | % | Residential first mortgage | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Total | Total | $ | 563 | $ | — | $ | 88 | $ | — | $ | 651 | 0.01 | % | Total | $ | 540 | $ | — | $ | 87 | $ | — | $ | 627 | 0.01 | % |
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Goodwill | Goodwill | $ | 367,387 | $ | 367,387 | Goodwill | $ | 367,387 | $ | 367,387 | ||||||||||||
Core deposit intangibles | Core deposit intangibles | 28,710 | 32,701 | Core deposit intangibles | 26,842 | 32,701 | ||||||||||||||||
Customer list intangibles | Customer list intangibles | 2,097 | 2,350 | Customer list intangibles | 1,979 | 2,350 | ||||||||||||||||
Other intangibles | Other intangibles | 30,807 | 35,051 | Other intangibles | 28,821 | 35,051 | ||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | $ | 398,194 | $ | 402,438 | Goodwill and other intangibles, net | $ | 396,208 | $ | 402,438 |
Six Months Ended | Year Ended | Nine Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Goodwill: | Goodwill: | Goodwill: | ||||||||||||||||||||
Goodwill at beginning of year | Goodwill at beginning of year | $ | 367,387 | $ | 317,189 | Goodwill at beginning of year | $ | 367,387 | $ | 317,189 | ||||||||||||
Acquisitions | Acquisitions | — | 49,970 | Acquisitions | — | 49,970 | ||||||||||||||||
Purchase accounting adjustment | Purchase accounting adjustment | — | 228 | Purchase accounting adjustment | — | 228 | ||||||||||||||||
Goodwill at end of period | Goodwill at end of period | $ | 367,387 | $ | 367,387 | Goodwill at end of period | $ | 367,387 | $ | 367,387 |
Six Months Ended | Year Ended | Nine Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Core deposit intangibles: | Core deposit intangibles: | Core deposit intangibles: | ||||||||||||||||||||
Gross carrying amount | Gross carrying amount | $ | 60,724 | $ | 60,724 | Gross carrying amount | $ | 60,724 | $ | 60,724 | ||||||||||||
Accumulated amortization | Accumulated amortization | (32,014) | (28,023) | Accumulated amortization | (33,882) | (28,023) | ||||||||||||||||
Net book value | Net book value | $ | 28,710 | $ | 32,701 | Net book value | $ | 26,842 | $ | 32,701 | ||||||||||||
Additions during the period | Additions during the period | $ | — | $ | 19,364 | Additions during the period | $ | — | $ | 19,364 | ||||||||||||
Amortization during the period | Amortization during the period | $ | 3,991 | $ | 6,108 | Amortization during the period | $ | 5,859 | $ | 6,108 | ||||||||||||
Customer list intangibles: | Customer list intangibles: | Customer list intangibles: | ||||||||||||||||||||
Gross carrying amount | Gross carrying amount | $ | 5,523 | $ | 5,523 | Gross carrying amount | $ | 5,523 | $ | 5,523 | ||||||||||||
Accumulated amortization | Accumulated amortization | (3,426) | (3,173) | Accumulated amortization | (3,544) | (3,173) | ||||||||||||||||
Net book value | Net book value | $ | 2,097 | $ | 2,350 | Net book value | $ | 1,979 | $ | 2,350 | ||||||||||||
Amortization during the period | Amortization during the period | $ | 253 | $ | 508 | Amortization during the period | $ | 371 | $ | 508 |
Six Months Ended | Year Ended | Nine Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Mortgage servicing rights asset: | Mortgage servicing rights asset: | Mortgage servicing rights asset: | ||||||||||||||||||||
MSR asset at beginning of year | MSR asset at beginning of year | $ | 13,080 | $ | 13,636 | MSR asset at beginning of year | $ | 13,080 | $ | 13,636 | ||||||||||||
Capitalized MSR | Capitalized MSR | 620 | 2,327 | Capitalized MSR | 1,104 | 2,327 | ||||||||||||||||
Amortization during the period | Amortization during the period | (1,489) | (2,883) | Amortization during the period | (2,248) | (2,883) | ||||||||||||||||
MSR asset at end of period | MSR asset at end of period | $ | 12,211 | $ | 13,080 | MSR asset at end of period | $ | 11,936 | $ | 13,080 | ||||||||||||
Valuation allowance at beginning of year | Valuation allowance at beginning of year | $ | (500) | $ | (1,200) | Valuation allowance at beginning of year | $ | (500) | $ | (1,200) | ||||||||||||
Reversals | Reversals | 500 | 700 | Reversals | 500 | 700 | ||||||||||||||||
Valuation allowance at end of period | Valuation allowance at end of period | $ | — | $ | (500) | Valuation allowance at end of period | $ | — | $ | (500) | ||||||||||||
MSR asset, net | MSR asset, net | $ | 12,211 | $ | 12,580 | MSR asset, net | $ | 11,936 | $ | 12,580 | ||||||||||||
Fair value of MSR asset at end of period | Fair value of MSR asset at end of period | $ | 16,200 | $ | 17,215 | Fair value of MSR asset at end of period | $ | 15,847 | $ | 17,215 | ||||||||||||
Residential mortgage loans serviced for others | Residential mortgage loans serviced for others | $ | 1,615,985 | $ | 1,637,109 | Residential mortgage loans serviced for others | $ | 1,610,318 | $ | 1,637,109 | ||||||||||||
Net book value of MSR asset to loans serviced for others | Net book value of MSR asset to loans serviced for others | 0.76 | % | 0.77 | % | Net book value of MSR asset to loans serviced for others | 0.74 | % | 0.77 | % |
Six Months Ended | Year Ended | Nine Months Ended | Year Ended | |||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Loan servicing rights asset: | Loan servicing rights asset: | Loan servicing rights asset: | ||||||||||||||||||||
LSR asset at beginning of year | LSR asset at beginning of year | $ | 11,039 | $ | 20,055 | LSR asset at beginning of year | $ | 11,039 | $ | 20,055 | ||||||||||||
Amortization during the period | Amortization during the period | (1,104) | (9,016) | Amortization during the period | (1,656) | (9,016) | ||||||||||||||||
LSR asset at end of period | LSR asset at end of period | $ | 9,935 | $ | 11,039 | LSR asset at end of period | $ | 9,383 | $ | 11,039 | ||||||||||||
Agricultural loans serviced for others | Agricultural loans serviced for others | $ | 512,766 | $ | 538,392 | Agricultural loans serviced for others | $ | 502,901 | $ | 538,392 |
(in thousands) | (in thousands) | Core deposit intangibles | Customer list intangibles | MSR asset | LSR asset | (in thousands) | Core deposit intangibles | Customer list intangibles | MSR asset | LSR asset | ||||||||||||||||||||||||||||||||||||
Year ending December 31, | Year ending December 31, | Year ending December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2023 (remaining six months) | $ | 3,598 | $ | 230 | $ | 945 | $ | 1,104 | ||||||||||||||||||||||||||||||||||||||
2023 (remaining three months) | 2023 (remaining three months) | $ | 1,730 | $ | 112 | $ | 687 | $ | 552 | |||||||||||||||||||||||||||||||||||||
2024 | 2024 | 6,298 | 449 | 2,725 | 1,962 | 2024 | 6,298 | 449 | 2,661 | 1,962 | ||||||||||||||||||||||||||||||||||||
2025 | 2025 | 5,161 | 449 | 1,998 | 1,717 | 2025 | 5,161 | 449 | 1,978 | 1,717 | ||||||||||||||||||||||||||||||||||||
2026 | 2026 | 3,983 | 249 | 1,474 | 1,472 | 2026 | 3,983 | 249 | 1,457 | 1,472 | ||||||||||||||||||||||||||||||||||||
2027 | 2027 | 3,218 | 166 | 1,473 | 1,227 | 2027 | 3,218 | 166 | 1,457 | 1,227 | ||||||||||||||||||||||||||||||||||||
2028 | 2028 | 2,622 | 166 | 1,472 | 981 | 2028 | 2,622 | 166 | 1,456 | 981 | ||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 3,830 | 388 | 2,124 | 1,472 | Thereafter | 3,830 | 388 | 2,240 | 1,472 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 28,710 | $ | 2,097 | $ | 12,211 | $ | 9,935 | Total | $ | 26,842 | $ | 1,979 | $ | 11,936 | $ | 9,383 |
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
FHLB advances | FHLB advances | $ | 5,000 | $ | 33,000 | FHLB advances | $ | 5,000 | $ | 33,000 | ||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 40,136 | 39,720 | Junior subordinated debentures | 40,344 | 39,720 | ||||||||||||||||
Subordinated notes | Subordinated notes | 152,441 | 152,622 | Subordinated notes | 152,410 | 152,622 | ||||||||||||||||
Total long-term borrowings | Total long-term borrowings | $ | 197,577 | $ | 225,342 | Total long-term borrowings | $ | 197,754 | $ | 225,342 |
As of June 30, 2023 | As of December 31, 2022 | As of September 30, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Maturity Date | Interest Rate | Par | Unamortized Premium /(Discount) / Debt Issue Costs (1) | Carrying Value | Interest Rate | Carrying Value | (in thousands) | Maturity Date | Interest Rate | Par | Unamortized Premium /(Discount) / Debt Issue Costs (1) | Carrying Value | Interest Rate | Carrying Value | ||||||||||||||||||||||||||||||||||||
Junior Subordinated Debentures: | Junior Subordinated Debentures: | Junior Subordinated Debentures: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Wisconsin Statutory Trust I (2) | Mid-Wisconsin Statutory Trust I (2) | 12/15/2035 | 6.98 | % | $ | 10,310 | $ | (2,478) | $ | 7,832 | 6.20 | % | $ | 7,734 | Mid-Wisconsin Statutory Trust I (2) | 12/15/2035 | 7.10 | % | $ | 10,310 | $ | (2,429) | $ | 7,881 | 6.20 | % | $ | 7,734 | ||||||||||||||||||||||||
Baylake Capital Trust II (3) | Baylake Capital Trust II (3) | 9/30/2036 | 6.89 | % | 16,598 | (3,056) | 13,542 | 6.08 | % | 13,424 | Baylake Capital Trust II (3) | 9/30/2036 | 7.01 | % | 16,598 | (2,997) | 13,601 | 6.08 | % | 13,424 | ||||||||||||||||||||||||||||||||
First Menasha Statutory Trust (4) | First Menasha Statutory Trust (4) | 3/17/2034 | 8.30 | % | 5,155 | (465) | 4,690 | 7.53 | % | 4,668 | First Menasha Statutory Trust (4) | 3/17/2034 | 8.46 | % | 5,155 | (454) | 4,701 | 7.53 | % | 4,668 | ||||||||||||||||||||||||||||||||
County Bancorp Statutory Trust II (5) | County Bancorp Statutory Trust II (5) | 9/15/2035 | 7.08 | % | 6,186 | (831) | 5,355 | 6.30 | % | 5,277 | County Bancorp Statutory Trust II (5) | 9/15/2035 | 7.20 | % | 6,186 | (792) | 5,394 | 6.30 | % | 5,277 | ||||||||||||||||||||||||||||||||
County Bancorp Statutory Trust III (6) | County Bancorp Statutory Trust III (6) | 6/15/2036 | 7.24 | % | 6,186 | (889) | 5,297 | 6.46 | % | 5,219 | County Bancorp Statutory Trust III (6) | 6/15/2036 | 7.36 | % | 6,186 | (850) | 5,336 | 6.46 | % | 5,219 | ||||||||||||||||||||||||||||||||
Fox River Valley Capital Trust (7) | Fox River Valley Capital Trust (7) | 5/30/2033 | 6.40 | % | 3,610 | (190) | 3,420 | 6.40 | % | 3,398 | Fox River Valley Capital Trust (7) | 5/30/2033 | 6.40 | % | 3,610 | (179) | 3,431 | 6.40 | % | 3,398 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 48,045 | $ | (7,909) | $ | 40,136 | $ | 39,720 | Total | $ | 48,045 | $ | (7,701) | $ | 40,344 | $ | 39,720 | ||||||||||||||||||||||||||||||||||
Subordinated Notes: | Subordinated Notes: | Subordinated Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes due 2031 | Subordinated Notes due 2031 | 7/15/2031 | 3.13 | % | $ | 100,000 | $ | (628) | $ | 99,372 | 3.13 | % | $ | 99,267 | Subordinated Notes due 2031 | 7/15/2031 | 3.13 | % | $ | 100,000 | $ | (576) | $ | 99,424 | 3.13 | % | $ | 99,267 | ||||||||||||||||||||||||
County Subordinated Notes due 2028 | County Subordinated Notes due 2028 | 6/1/2028 | 8.38 | % | 30,000 | — | 30,000 | 5.88 | % | 30,119 | County Subordinated Notes due 2028 | 6/1/2028 | 8.56 | % | 30,000 | — | 30,000 | 5.88 | % | 30,119 | ||||||||||||||||||||||||||||||||
County Subordinated Notes due 2030 | County Subordinated Notes due 2030 | 6/30/2030 | 7.00 | % | 22,400 | 669 | 23,069 | 7.00 | % | 23,236 | County Subordinated Notes due 2030 | 6/30/2030 | 7.00 | % | 22,400 | 586 | 22,986 | 7.00 | % | 23,236 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 152,400 | $ | 41 | $ | 152,441 | $ | 152,622 | Total | $ | 152,400 | $ | 10 | $ | 152,410 | $ | 152,622 |
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 1,826,995 | $ | 1,850,601 | Commitments to extend credit | $ | 1,810,068 | $ | 1,850,601 | ||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 22,777 | 26,530 | Financial standby letters of credit | 18,235 | 26,530 | ||||||||||||||||
Performance standby letters of credit | Performance standby letters of credit | 12,824 | 9,375 | Performance standby letters of credit | 15,814 | 9,375 |
(in thousands) | (in thousands) | Fair Value Measurements Using | (in thousands) | Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | Measured at Fair Value on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | Measured at Fair Value on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 137,198 | $ | — | $ | 137,198 | $ | — | U.S. Treasury securities | $ | 37,504 | $ | — | $ | 37,504 | $ | — | ||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 8,792 | — | 8,792 | — | U.S. government agency securities | 8,221 | — | 8,221 | — | ||||||||||||||||||||||||||||||||||||||||||
State, county and municipals | State, county and municipals | 368,838 | — | 367,417 | 1,421 | State, county and municipals | 341,330 | — | 339,949 | 1,381 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 301,784 | — | 300,805 | 979 | Mortgage-backed securities | 306,409 | — | 305,438 | 971 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 104,496 | — | 99,241 | 5,255 | Corporate debt securities | 100,362 | — | 97,064 | 3,298 | ||||||||||||||||||||||||||||||||||||||||||
Securities AFS | Securities AFS | $ | 921,108 | $ | — | $ | 913,453 | $ | 7,655 | Securities AFS | $ | 793,826 | $ | — | $ | 788,176 | $ | 5,650 | ||||||||||||||||||||||||||||||||||
Other investments (equity securities) | Other investments (equity securities) | $ | 3,748 | $ | 3,748 | $ | — | $ | — | Other investments (equity securities) | $ | 3,893 | $ | 3,893 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | $ | 186 | $ | — | $ | — | $ | 186 | |||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 183,830 | $ | — | $ | 183,830 | $ | — | U.S. Treasury securities | $ | 183,830 | $ | — | $ | 183,830 | $ | — | ||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 2,100 | — | 2,100 | — | U.S. government agency securities | 2,100 | — | 2,100 | — | ||||||||||||||||||||||||||||||||||||||||||
State, county and municipals | State, county and municipals | 398,188 | — | 396,315 | 1,873 | State, county and municipals | 398,188 | — | 396,315 | 1,873 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 200,932 | — | 199,951 | 981 | Mortgage-backed securities | 200,932 | — | 199,951 | 981 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 132,568 | — | 127,269 | 5,299 | Corporate debt securities | 132,568 | — | 127,269 | 5,299 | ||||||||||||||||||||||||||||||||||||||||||
Securities AFS | Securities AFS | $ | 917,618 | $ | — | $ | 909,465 | $ | 8,153 | Securities AFS | $ | 917,618 | $ | — | $ | 909,465 | $ | 8,153 | ||||||||||||||||||||||||||||||||||
Other investments (equity securities) | Other investments (equity securities) | $ | 4,376 | $ | 4,376 | $ | — | $ | — | Other investments (equity securities) | $ | 4,376 | $ | 4,376 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | $ | 60 | $ | — | $ | — | $ | 60 | |||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 10 | $ | — | $ | — | $ | 10 |
(in thousands) | Six Months Ended | Year Ended | ||||||||||||
Level 3 Fair Value Measurements: | June 30, 2023 | December 31, 2022 | ||||||||||||
Balance at beginning of year | $ | 8,153 | $ | 8,065 | ||||||||||
Acquired balance | — | 750 | ||||||||||||
Maturities / Paydowns | (451) | (451) | ||||||||||||
Unrealized gain / (loss) | (47) | (211) | ||||||||||||
Balance at end of period | $ | 7,655 | $ | 8,153 |
(in thousands) | Nine Months Ended | Year Ended | ||||||||||||
Level 3 Fair Value Measurements: | September 30, 2023 | December 31, 2022 | ||||||||||||
Balance at beginning of year | $ | 8,153 | $ | 8,065 | ||||||||||
Acquired balance | — | 750 | ||||||||||||
Maturities / Paydowns | (2,469) | (451) | ||||||||||||
Unrealized gain / (loss) | (34) | (211) | ||||||||||||
Balance at end of period | $ | 5,650 | $ | 8,153 |
(in thousands) | (in thousands) | Fair Value Measurements Using | (in thousands) | Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | Measured at Fair Value on a Nonrecurring Basis: | Total | Level 1 | Level 2 | Level 3 | Measured at Fair Value on a Nonrecurring Basis: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans | Collateral dependent loans | $ | 18,667 | $ | — | $ | — | $ | 18,667 | Collateral dependent loans | $ | 22,925 | $ | — | $ | — | $ | 22,925 | ||||||||||||||||||||||||||||||||||
Other real estate owned (“OREO”) | Other real estate owned (“OREO”) | 1,478 | — | — | 1,478 | Other real estate owned (“OREO”) | 2,031 | — | — | 2,031 | ||||||||||||||||||||||||||||||||||||||||||
MSR asset | MSR asset | 12,211 | — | — | 12,211 | MSR asset | 11,936 | — | — | 11,936 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans | Collateral dependent loans | $ | 30,951 | $ | — | $ | — | $ | 30,951 | Collateral dependent loans | $ | 30,951 | $ | — | $ | — | $ | 30,951 | ||||||||||||||||||||||||||||||||||
OREO | OREO | 1,975 | — | — | 1,975 | OREO | 1,975 | — | — | 1,975 | ||||||||||||||||||||||||||||||||||||||||||
MSR asset | MSR asset | 12,580 | — | — | 12,580 | MSR asset | 12,580 | — | — | 12,580 |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | (in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 505,206 | $ | 505,206 | $ | 505,206 | $ | — | $ | — | Cash and cash equivalents | $ | 545,880 | $ | 545,880 | $ | 545,880 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit in other banks | Certificates of deposit in other banks | 9,808 | 9,710 | — | 9,710 | — | Certificates of deposit in other banks | 7,598 | 7,519 | — | 7,519 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities AFS | Securities AFS | 921,108 | 921,108 | — | 913,453 | 7,655 | Securities AFS | 793,826 | 793,826 | — | 788,176 | 5,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments, including equity securities | Other investments, including equity securities | 57,578 | 57,578 | 3,748 | 43,334 | 10,496 | Other investments, including equity securities | 58,367 | 58,367 | 3,893 | 43,973 | 10,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 3,849 | 3,944 | — | 3,944 | — | Loans held for sale | 6,500 | 6,641 | — | 6,641 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 6,159,965 | 5,854,647 | — | — | 5,854,647 | Loans, net | 6,176,097 | 5,908,160 | — | — | 5,908,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MSR asset | MSR asset | 12,211 | 16,200 | — | — | 16,200 | MSR asset | 11,936 | 15,847 | — | — | 15,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LSR asset | LSR asset | 9,383 | 9,383 | — | — | 9,383 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 21,511 | 21,511 | 21,511 | — | — | Accrued interest receivable | 24,166 | 24,166 | 24,166 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 7,198,604 | $ | 7,167,820 | $ | — | $ | — | $ | 7,167,820 | Deposits | $ | 7,182,388 | $ | 7,164,174 | $ | — | $ | — | $ | 7,164,174 | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 50,000 | 50,000 | — | 50,000 | — | Short-term borrowings | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 197,577 | 188,603 | — | 4,701 | 183,902 | Long-term borrowings | 197,754 | 190,738 | — | 4,736 | 186,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 6,335 | 6,335 | 6,335 | — | — | Accrued interest payable | 7,028 | 7,028 | 7,028 | — | — |
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | (in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 154,723 | $ | 154,723 | $ | 154,723 | $ | — | $ | — | Cash and cash equivalents | $ | 154,723 | $ | 154,723 | $ | 154,723 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit in other banks | Certificates of deposit in other banks | 12,518 | 12,407 | — | 12,407 | — | Certificates of deposit in other banks | 12,518 | 12,407 | — | 12,407 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities AFS | Securities AFS | 917,618 | 917,618 | — | 909,465 | 8,153 | Securities AFS | 917,618 | 917,618 | — | 909,465 | 8,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities HTM | Securities HTM | 679,128 | 623,352 | — | 623,352 | — | Securities HTM | 679,128 | 623,352 | — | 623,352 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments, including equity securities | Other investments, including equity securities | 65,286 | 65,286 | 4,376 | 52,093 | 8,817 | Other investments, including equity securities | 65,286 | 65,286 | 4,376 | 52,093 | 8,817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 1,482 | 1,529 | — | 1,529 | — | Loans held for sale | 1,482 | 1,529 | — | 1,529 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 6,118,670 | 5,863,570 | — | — | 5,863,570 | Loans, net | 6,118,670 | 5,863,570 | — | — | 5,863,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MSR asset | MSR asset | 12,580 | 17,215 | — | — | 17,215 | MSR asset | 12,580 | 17,215 | — | — | 17,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LSR asset | LSR asset | 11,039 | 11,039 | — | — | 11,039 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 21,275 | 21,275 | 21,275 | — | — | Accrued interest receivable | 21,275 | 21,275 | 21,275 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 7,178,921 | $ | 7,172,779 | $ | — | $ | — | $ | 7,172,779 | Deposits | $ | 7,178,921 | $ | 7,172,779 | $ | — | $ | — | $ | 7,172,779 | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 317,000 | 317,000 | 317,000 | — | — | Short-term borrowings | 317,000 | 317,000 | 317,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | 225,342 | 220,513 | — | 33,001 | 187,512 | Long-term borrowings | 225,342 | 220,513 | — | 33,001 | 187,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 4,265 | 4,265 | 4,265 | — | — | Accrued interest payable | 4,265 | 4,265 | 4,265 | — | — |
Table 1: Earnings Summary and Selected Financial Data | Table 1: Earnings Summary and Selected Financial Data | Table 1: Earnings Summary and Selected Financial Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At or for the Three Months Ended | At or for the Six Months Ended | At or for the Three Months Ended | At or for the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | 6/30/2023 | 6/30/2022 | (In thousands, except per share data) | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results of operations: | Results of operations: | Results of operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 59,039 | $ | 56,721 | $ | 68,092 | $ | 62,990 | $ | 55,084 | $ | 115,760 | $ | 108,879 | Net interest income | $ | 61,474 | $ | 59,039 | $ | 56,721 | $ | 68,092 | $ | 62,990 | $ | 177,234 | $ | 171,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 450 | 3,090 | 1,850 | 8,600 | 750 | 3,540 | 1,050 | Provision for credit losses | 450 | 450 | 3,090 | 1,850 | 8,600 | 3,990 | 9,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 16,841 | (21,844) | 14,846 | 13,000 | 14,131 | (5,003) | 30,074 | Noninterest income | 16,541 | 16,841 | (21,844) | 14,846 | 13,000 | 11,538 | 43,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 44,957 | 44,875 | 43,989 | 42,567 | 36,538 | 89,832 | 74,088 | Noninterest expense | 45,738 | 44,957 | 44,875 | 43,989 | 42,567 | 135,570 | 116,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | Income (loss) before income tax expense | 30,473 | (13,088) | 37,099 | 24,823 | 31,927 | 17,385 | 63,815 | Income (loss) before income tax expense | 31,827 | 30,473 | (13,088) | 37,099 | 24,823 | 49,212 | 88,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 7,878 | (4,190) | 9,498 | 6,313 | 7,942 | 3,688 | 15,666 | Income tax expense (benefit) | 14,669 | 7,878 | (4,190) | 9,498 | 6,313 | 18,357 | 21,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 22,595 | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 23,985 | $ | 13,697 | $ | 48,149 | Net income (loss) | $ | 17,158 | $ | 22,595 | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 30,855 | $ | 66,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) per common share ("EPS"): | Earnings (loss) per common share ("EPS"): | Earnings (loss) per common share ("EPS"): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.54 | $ | (0.61) | $ | 1.88 | $ | 1.33 | $ | 1.79 | $ | 0.93 | $ | 3.56 | Basic | $ | 1.16 | $ | 1.54 | $ | (0.61) | $ | 1.88 | $ | 1.33 | $ | 2.10 | $ | 4.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 1.51 | $ | (0.61) | $ | 1.83 | $ | 1.29 | $ | 1.73 | $ | 0.91 | $ | 3.43 | Diluted | $ | 1.14 | $ | 1.51 | $ | (0.61) | $ | 1.83 | $ | 1.29 | $ | 2.05 | $ | 4.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares: | Common Shares: | Common Shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average | Basic weighted average | 14,711 | 14,694 | 14,685 | 13,890 | 13,402 | 14,703 | 13,525 | Basic weighted average | 14,740 | 14,711 | 14,694 | 14,685 | 13,890 | 14,716 | 13,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average | Diluted weighted average | 14,960 | 14,694 | 15,110 | 14,310 | 13,852 | 15,011 | 14,035 | Diluted weighted average | 15,100 | 14,960 | 14,694 | 15,110 | 14,310 | 15,044 | 14,127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding (period end) | Outstanding (period end) | 14,718 | 14,698 | 14,691 | 14,673 | 13,407 | 14,718 | 13,407 | Outstanding (period end) | 14,758 | 14,718 | 14,698 | 14,691 | 14,673 | 14,758 | 14,673 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End Balances: | Period-End Balances: | Period-End Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 6,222,776 | $ | 6,223,732 | $ | 6,180,499 | $ | 5,984,437 | $ | 4,978,654 | $ | 6,222,776 | $ | 4,978,654 | Loans | $ | 6,239,257 | $ | 6,222,776 | $ | 6,223,732 | $ | 6,180,499 | $ | 5,984,437 | $ | 6,239,257 | $ | 5,984,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses - loans | Allowance for credit losses - loans | 62,811 | 62,412 | 61,829 | 60,348 | 50,655 | 62,811 | 50,655 | Allowance for credit losses - loans | 63,160 | 62,811 | 62,412 | 61,829 | 60,348 | 63,160 | 60,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 8,482,628 | 8,192,354 | 8,763,969 | 8,895,916 | 7,370,252 | 8,482,628 | 7,370,252 | Total assets | 8,416,162 | 8,482,628 | 8,192,354 | 8,763,969 | 8,895,916 | 8,416,162 | 8,895,916 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 7,198,604 | 6,928,579 | 7,178,921 | 7,395,902 | 6,286,266 | 7,198,604 | 6,286,266 | Deposits | 7,182,388 | 7,198,604 | 6,928,579 | 7,178,921 | 7,395,902 | 7,182,388 | 7,395,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity (common) | Stockholders’ equity (common) | 977,638 | 961,792 | 972,529 | 938,463 | 839,387 | 977,638 | 839,387 | Stockholders’ equity (common) | 974,461 | 977,638 | 961,792 | 972,529 | 938,463 | 974,461 | 938,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share | Book value per common share | 66.42 | 65.44 | 66.20 | 63.96 | 62.61 | 66.42 | 62.61 | Book value per common share | 66.03 | 66.42 | 65.44 | 66.20 | 63.96 | 66.03 | 63.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share (2) | Tangible book value per common share (2) | 39.37 | 38.20 | 38.81 | 36.21 | 37.49 | 39.37 | 37.49 | Tangible book value per common share (2) | 39.18 | 39.37 | 38.20 | 38.81 | 36.21 | 39.18 | 36.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Ratios: (1) | Financial Ratios: (1) | Financial Ratios: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 1.10 | % | (0.42) | % | 1.26 | % | 0.93 | % | 1.32 | % | 0.33 | % | 1.31 | % | Return on average assets | 0.81 | % | 1.10 | % | (0.42) | % | 1.26 | % | 0.93 | % | 0.49 | % | 1.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | 9.37 | (3.72) | 11.47 | 8.25 | 11.48 | 2.85 | 11.43 | Return on average common equity | 6.92 | 9.37 | (3.72) | 11.47 | 8.25 | 4.24 | 10.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (2) | Return on average tangible common equity (2) | 15.95 | (6.34) | 19.85 | 13.93 | 19.21 | 4.86 | 18.98 | Return on average tangible common equity (2) | 11.62 | 15.95 | (6.34) | 19.85 | 13.93 | 7.18 | 17.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity to assets | Stockholders' equity to assets | 11.53 | 11.74 | 11.10 | 10.55 | 11.39 | 11.53 | 11.39 | Stockholders' equity to assets | 11.58 | 11.53 | 11.74 | 11.10 | 10.55 | 11.58 | 10.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets (2) | Tangible common equity to tangible assets (2) | 7.17 | 7.21 | 6.82 | 6.26 | 7.15 | 7.17 | 7.15 | Tangible common equity to tangible assets (2) | 7.21 | 7.17 | 7.21 | 6.82 | 6.26 | 7.21 | 6.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures: | Reconciliation of Non-GAAP Financial Measures: | Reconciliation of Non-GAAP Financial Measures: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (loss) reconciliation (3) | Adjusted net income (loss) reconciliation (3) | Adjusted net income (loss) reconciliation (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) (GAAP) | Net income (loss) (GAAP) | $ | 22,595 | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 23,985 | $ | 13,697 | $ | 48,149 | Net income (loss) (GAAP) | $ | 17,158 | $ | 22,595 | $ | (8,898) | $ | 27,601 | $ | 18,510 | $ | 30,855 | $ | 66,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision expense (4) | Provision expense (4) | — | 2,340 | — | 8,000 | — | 2,340 | — | Provision expense (4) | — | — | 2,340 | — | 8,000 | 2,340 | 8,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets (gains) losses, net | Assets (gains) losses, net | 318 | 38,468 | (260) | 46 | (1,603) | 38,786 | (2,916) | Assets (gains) losses, net | (31) | 318 | 38,468 | (260) | 46 | 38,755 | (2,870) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related expense | Merger-related expense | 26 | 163 | 492 | 519 | 555 | 189 | 653 | Merger-related expense | — | 26 | 163 | 492 | 519 | 189 | 1,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments subtotal | Adjustments subtotal | 344 | 40,971 | 232 | 8,565 | (1,048) | 41,315 | (2,263) | Adjustments subtotal | (31) | 344 | 40,971 | 232 | 8,565 | 41,284 | 6,302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax on Adjustments (25% effective tax rate) | 86 | 10,243 | 58 | 2,141 | (262) | 10,329 | (566) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments, net of tax | 258 | 30,728 | 174 | 6,424 | (786) | 30,986 | (1,697) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax on Adjustments (5) | Tax on Adjustments (5) | (6) | 86 | 10,243 | 58 | 2,141 | 8,050 | 1,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax - Wisconsin tax law change (5) | Tax - Wisconsin tax law change (5) | 6,151 | — | — | — | — | 9,118 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income (Non-GAAP) | Adjusted net income (Non-GAAP) | $ | 22,853 | $ | 21,830 | $ | 27,775 | $ | 24,934 | $ | 23,199 | $ | 44,683 | $ | 46,452 | Adjusted net income (Non-GAAP) | $ | 23,284 | $ | 22,853 | $ | 21,830 | $ | 27,775 | $ | 24,934 | $ | 73,207 | $ | 71,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS (Non-GAAP) | Adjusted diluted EPS (Non-GAAP) | $ | 1.53 | $ | 1.45 | $ | 1.84 | $ | 1.74 | $ | 1.67 | $ | 2.98 | $ | 3.31 | Adjusted diluted EPS (Non-GAAP) | $ | 1.54 | $ | 1.53 | $ | 1.45 | $ | 1.84 | $ | 1.74 | $ | 4.87 | $ | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Assets: | Tangible Assets: | Tangible Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,482,628 | $ | 8,192,354 | $ | 8,763,969 | $ | 8,895,916 | $ | 7,370,252 | Total assets | $ | 8,416,162 | $ | 8,482,628 | $ | 8,192,354 | $ | 8,763,969 | $ | 8,895,916 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 398,194 | 400,277 | 402,438 | 407,117 | 336,721 | Goodwill and other intangibles, net | 396,208 | 398,194 | 400,277 | 402,438 | 407,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets | Tangible assets | $ | 8,084,434 | $ | 7,792,077 | $ | 8,361,531 | $ | 8,488,799 | $ | 7,033,531 | Tangible assets | $ | 8,019,954 | $ | 8,084,434 | $ | 7,792,077 | $ | 8,361,531 | $ | 8,488,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Common Equity: | Tangible Common Equity: | Tangible Common Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity (common) | Stockholders’ equity (common) | $ | 977,638 | $ | 961,792 | $ | 972,529 | $ | 938,463 | $ | 839,387 | Stockholders’ equity (common) | $ | 974,461 | $ | 977,638 | $ | 961,792 | $ | 972,529 | $ | 938,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 398,194 | 400,277 | 402,438 | 407,117 | 336,721 | Goodwill and other intangibles, net | 396,208 | 398,194 | 400,277 | 402,438 | 407,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | $ | 579,444 | $ | 561,515 | $ | 570,091 | $ | 531,346 | $ | 502,666 | Tangible common equity | $ | 578,253 | $ | 579,444 | $ | 561,515 | $ | 570,091 | $ | 531,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Tangible Common Equity: | Average Tangible Common Equity: | Average Tangible Common Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity (common) | Stockholders’ equity (common) | $ | 967,142 | $ | 970,108 | $ | 954,970 | $ | 890,205 | $ | 837,975 | $ | 968,617 | $ | 849,582 | Stockholders’ equity (common) | $ | 983,133 | $ | 967,142 | $ | 970,108 | $ | 954,970 | $ | 890,205 | $ | 973,509 | $ | 863,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles, net | Goodwill and other intangibles, net | 399,080 | 401,212 | 403,243 | 363,211 | 337,289 | 400,140 | 337,988 | Goodwill and other intangibles, net | 397,052 | 399,080 | 401,212 | 403,243 | 363,211 | 399,100 | 346,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible common equity | Average tangible common equity | $ | 568,062 | $ | 568,896 | $ | 551,727 | $ | 526,994 | $ | 500,686 | $ | 568,477 | $ | 511,594 | Average tangible common equity | $ | 586,081 | $ | 568,062 | $ | 568,896 | $ | 551,727 | $ | 526,994 | $ | 574,409 | $ | 516,784 |
Sale Metrics | $ in Thousands | Assumptions | ||||||
Loss on sale of U.S.Treasury securities | $ | (37,723) | Sale of $500 million U.S. Treasury securities yielding 88 bps | |||||
Lost interest from U.S. Treasury securities | $ | (4,380) | Assumes $500 million at 88 bps | |||||
Lower interest expense on FHLB borrowings | 17,128 | Assumes $377 million at 456 bps (at time of sale) | ||||||
Interest income from investable cash | 3,905 | Assumes $83 million at 465 bps (at time of sale) | ||||||
Projected net impact from repositioning | $ | 16,653 | ||||||
Estimated earn back (in years) | 2.26 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | (in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, including loan fees (1)(2) | Total loans, including loan fees (1)(2) | $ | 6,219,868 | $ | 163,318 | 5.23 | % | $ | 4,764,073 | $ | 104,318 | 4.36 | % | Total loans, including loan fees (1)(2) | $ | 6,223,396 | $ | 251,019 | 5.33 | % | $ | 4,975,432 | $ | 167,413 | 4.45 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 1,022,188 | 9,094 | 1.78 | % | 1,388,630 | 10,262 | 1.48 | % | Taxable | 924,829 | 13,445 | 1.94 | % | 1,389,540 | 15,612 | 1.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt (2) | Tax-exempt (2) | 264,935 | 4,246 | 3.21 | % | 185,689 | 2,022 | 2.18 | % | Tax-exempt (2) | 252,933 | 6,130 | 3.23 | % | 202,011 | 3,661 | 2.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 1,287,123 | 13,340 | 2.07 | % | 1,574,319 | 12,284 | 1.56 | % | Total investment securities | 1,177,762 | 19,575 | 2.22 | % | 1,591,551 | 19,273 | 1.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | 156,353 | 3,893 | 4.96 | % | 306,662 | 1,607 | 1.05 | % | Other interest-earning assets | 266,753 | 10,345 | 5.13 | % | 251,983 | 2,734 | 1.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-loan earning assets | Total non-loan earning assets | 1,443,476 | 17,233 | 2.39 | % | 1,880,981 | 13,891 | 1.48 | % | Total non-loan earning assets | 1,444,515 | 29,920 | 2.75 | % | 1,843,534 | 22,007 | 1.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,663,344 | $ | 180,551 | 4.69 | % | 6,645,054 | $ | 118,209 | 3.54 | % | Total interest-earning assets | 7,667,911 | $ | 280,939 | 4.85 | % | 6,818,966 | $ | 189,420 | 3.67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | Other assets, net | 735,323 | 750,693 | Other assets, net | 737,088 | 731,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,398,667 | $ | 7,395,747 | Total assets | $ | 8,404,999 | $ | 7,550,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 865,588 | $ | 4,867 | 1.13 | % | $ | 831,335 | $ | 339 | 0.08 | % | Savings | $ | 845,079 | $ | 7,387 | 1.17 | % | $ | 854,307 | $ | 827 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 929,728 | 6,449 | 1.40 | % | 1,020,273 | 1,499 | 0.30 | % | Interest-bearing demand | 900,802 | 9,677 | 1.44 | % | 1,010,372 | 2,647 | 0.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts (“MMA”) | Money market accounts (“MMA”) | 1,836,405 | 23,191 | 2.55 | % | 1,482,431 | 823 | 0.11 | % | Money market accounts (“MMA”) | 1,848,921 | 36,223 | 2.62 | % | 1,502,038 | 2,132 | 0.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Core time deposits | Core time deposits | 670,071 | 7,808 | 2.35 | % | 563,846 | 833 | 0.30 | % | Core time deposits | 771,041 | 16,656 | 2.89 | % | 556,970 | 1,240 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing core deposits | Total interest-bearing core deposits | 4,301,792 | 42,315 | 1.98 | % | 3,897,885 | 3,494 | 0.18 | % | Total interest-bearing core deposits | 4,365,843 | 69,943 | 2.14 | % | 3,923,687 | 6,846 | 0.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 603,668 | 11,962 | 4.00 | % | 441,316 | 1,108 | 0.51 | % | Brokered deposits | 619,870 | 19,298 | 4.16 | % | 450,311 | 2,394 | 0.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,905,460 | 54,277 | 2.23 | % | 4,339,201 | 4,602 | 0.21 | % | Total interest-bearing deposits | 4,985,713 | 89,241 | 2.39 | % | 4,373,998 | 9,240 | 0.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale funding | Wholesale funding | 395,742 | 9,396 | 4.72 | % | 214,767 | 3,963 | 3.69 | % | Wholesale funding | 343,827 | 12,842 | 4.93 | % | 239,362 | 7,053 | 3.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,301,202 | 63,673 | 2.42 | % | 4,553,968 | 8,565 | 0.38 | % | Total interest-bearing liabilities | 5,329,540 | 102,083 | 2.56 | % | 4,613,360 | 16,293 | 0.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 2,094,860 | 1,950,528 | Noninterest-bearing demand deposits | 2,067,265 | 2,034,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 33,988 | 41,669 | Other liabilities | 34,685 | 39,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 968,617 | 849,582 | Stockholders’ equity | 973,509 | 863,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 8,398,667 | $ | 7,395,747 | Total liabilities and stockholders’ equity | $ | 8,404,999 | $ | 7,550,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.27 | % | 3.16 | % | Interest rate spread | 2.29 | % | 3.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net free funds | Net free funds | 0.75 | % | 0.13 | % | Net free funds | 0.78 | % | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income and net interest margin | Tax-equivalent net interest income and net interest margin | $ | 116,878 | 3.02 | % | $ | 109,644 | 3.29 | % | Tax-equivalent net interest income and net interest margin | $ | 178,856 | 3.07 | % | $ | 173,127 | 3.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | Tax-equivalent adjustment | $ | 1,118 | $ | 765 | Tax-equivalent adjustment | $ | 1,622 | $ | 1,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 115,760 | $ | 108,879 | Net interest income | $ | 177,234 | $ | 171,869 |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | (in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, including loan fees (1)(2) | Total loans, including loan fees (1)(2) | $ | 6,237,757 | $ | 84,132 | 5.35 | % | $ | 4,838,535 | $ | 52,984 | 4.34 | % | Total loans, including loan fees (1)(2) | $ | 6,230,336 | $ | 87,701 | 5.54 | % | $ | 5,391,258 | $ | 63,095 | 4.60 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 822,204 | 4,133 | 2.01 | % | 1,390,642 | 5,135 | 1.48 | % | Taxable | 733,286 | 4,351 | 2.37 | % | 1,391,330 | 5,350 | 1.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt (2) | Tax-exempt (2) | 245,940 | 1,961 | 3.19 | % | 182,385 | 991 | 2.17 | % | Tax-exempt (2) | 229,321 | 1,884 | 3.29 | % | 234,123 | 1,639 | 2.80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 1,068,144 | 6,094 | 2.28 | % | 1,573,027 | 6,126 | 1.56 | % | Total investment securities | 962,607 | 6,235 | 2.59 | % | 1,625,453 | 6,989 | 1.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | 192,034 | 2,357 | 4.87 | % | 168,082 | 790 | 1.87 | % | Other interest-earning assets | 483,952 | 6,452 | 5.23 | % | 144,409 | 1,127 | 3.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-loan earning assets | Total non-loan earning assets | 1,260,178 | 8,451 | 2.68 | % | 1,741,109 | 6,916 | 1.59 | % | Total non-loan earning assets | 1,446,559 | 12,687 | 3.47 | % | 1,769,862 | 8,116 | 1.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,497,935 | $ | 92,583 | 4.90 | % | 6,579,644 | $ | 59,900 | 3.61 | % | Total interest-earning assets | 7,676,895 | $ | 100,388 | 5.15 | % | 7,161,120 | $ | 71,211 | 3.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | Other assets, net | 730,665 | 693,575 | Other assets, net | 740,561 | 695,011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,228,600 | $ | 7,273,219 | Total assets | $ | 8,417,456 | $ | 7,856,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 842,454 | $ | 2,502 | 1.19 | % | $ | 841,109 | $ | 234 | 0.11 | % | Savings | $ | 804,730 | $ | 2,520 | 1.24 | % | $ | 899,503 | $ | 488 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 874,294 | 3,110 | 1.43 | % | 988,820 | 798 | 0.32 | % | Interest-bearing demand | 843,893 | 3,228 | 1.52 | % | 990,891 | 1,148 | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MMA | MMA | 1,825,233 | 12,001 | 2.64 | % | 1,424,995 | 500 | 0.14 | % | MMA | 1,873,545 | 13,032 | 2.76 | % | 1,540,610 | 1,309 | 0.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Core time deposits | Core time deposits | 736,521 | 5,115 | 2.79 | % | 532,179 | 325 | 0.24 | % | Core time deposits | 969,690 | 8,848 | 3.62 | % | 543,444 | 408 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing core deposits | Total interest-bearing core deposits | 4,278,502 | 22,728 | 2.13 | % | 3,787,103 | 1,857 | 0.20 | % | Total interest-bearing core deposits | 4,491,858 | 27,628 | 2.44 | % | 3,974,448 | 3,353 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 640,643 | 6,612 | 4.14 | % | 423,372 | 553 | 0.52 | % | Brokered deposits | 651,745 | 7,336 | 4.47 | % | 468,010 | 1,285 | 1.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 4,919,145 | 29,340 | 2.39 | % | 4,210,475 | 2,410 | 0.23 | % | Total interest-bearing deposits | 5,143,603 | 34,964 | 2.70 | % | 4,442,458 | 4,638 | 0.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale funding | Wholesale funding | 293,140 | 3,678 | 4.96 | % | 214,975 | 2,032 | 3.77 | % | Wholesale funding | 241,689 | 3,446 | 5.58 | % | 287,751 | 3,090 | 4.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 5,212,285 | 33,018 | 2.54 | % | 4,425,450 | 4,442 | 0.40 | % | Total interest-bearing liabilities | 5,385,292 | 38,410 | 2.83 | % | 4,730,209 | 7,728 | 0.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 2,021,892 | 1,977,569 | Noninterest-bearing demand deposits | 2,012,974 | 2,200,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 27,281 | 32,225 | Other liabilities | 36,057 | 34,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 967,142 | 837,975 | Stockholders’ equity | 983,133 | 890,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 8,228,600 | $ | 7,273,219 | Total liabilities and stockholders’ equity | $ | 8,417,456 | $ | 7,856,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.36 | % | 3.21 | % | Interest rate spread | 2.32 | % | 3.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net free funds | Net free funds | 0.78 | % | 0.13 | % | Net free funds | 0.84 | % | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income and net interest margin | Tax-equivalent net interest income and net interest margin | $ | 59,565 | 3.14 | % | $ | 55,458 | 3.34 | % | Tax-equivalent net interest income and net interest margin | $ | 61,978 | 3.16 | % | $ | 63,483 | 3.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | Tax-equivalent adjustment | $ | 526 | $ | 374 | Tax-equivalent adjustment | $ | 504 | $ | 493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 59,039 | $ | 55,084 | Net interest income | $ | 61,474 | $ | 62,990 |
For the Three Months Ended June 30, 2023 Compared to June 30, 2022: | For the Six Months Ended June 30, 2023 Compared to June 30, 2022: | For the Three Months Ended September 30, 2023 Compared to September 30, 2022: | For the Nine Months Ended September 30, 2023 Compared to September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to Changes in | Increase (Decrease) Due to Changes in | Increase (Decrease) Due to Changes in | Increase (Decrease) Due to Changes in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Volume | Rate | Net (1) | Volume | Rate | Net (1) | (in thousands) | Volume | Rate | Net (1) | Volume | Rate | Net (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans (2) | Total loans (2) | $ | 24,153 | $ | 6,995 | $ | 31,148 | $ | 35,730 | $ | 23,270 | $ | 59,000 | Total loans (2) | $ | 10,704 | $ | 13,902 | $ | 24,606 | $ | 46,562 | $ | 37,044 | $ | 83,606 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | (1,054) | 52 | (1,002) | (1,598) | 430 | (1,168) | Taxable | (1,442) | 443 | (999) | (3,073) | 906 | (2,167) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt (2) | Tax-exempt (2) | 414 | 556 | 970 | 1,056 | 1,168 | 2,224 | Tax-exempt (2) | (34) | 279 | 245 | 1,056 | 1,413 | 2,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | (640) | 608 | (32) | (542) | 1,598 | 1,056 | Total investment securities | (1,476) | 722 | (754) | (2,017) | 2,319 | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | (57) | 1,624 | 1,567 | 171 | 2,115 | 2,286 | Other interest-earning assets | 4,100 | 1,225 | 5,325 | 160 | 7,451 | 7,611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-loan earning assets | Total non-loan earning assets | (697) | 2,232 | 1,535 | (371) | 3,713 | 3,342 | Total non-loan earning assets | 2,624 | 1,947 | 4,571 | (1,857) | 9,770 | 7,913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | $ | 23,456 | $ | 9,227 | $ | 32,683 | $ | 35,359 | $ | 26,983 | $ | 62,342 | Total interest-earning assets | $ | 13,328 | $ | 15,849 | $ | 29,177 | $ | 44,705 | $ | 46,814 | $ | 91,519 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 2 | $ | 2,266 | $ | 2,268 | $ | 14 | $ | 4,514 | $ | 4,528 | Savings | $ | (57) | $ | 2,089 | $ | 2,032 | $ | (9) | $ | 6,569 | $ | 6,560 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | (103) | 2,415 | 2,312 | (145) | 5,095 | 4,950 | Interest-bearing demand | (194) | 2,274 | 2,080 | (318) | 7,348 | 7,030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MMA | MMA | 179 | 11,322 | 11,501 | 241 | 22,127 | 22,368 | MMA | 342 | 11,381 | 11,723 | 602 | 33,489 | 34,091 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core time deposits | Core time deposits | 171 | 4,619 | 4,790 | 184 | 6,791 | 6,975 | Core time deposits | 554 | 7,886 | 8,440 | 651 | 14,765 | 15,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing core deposits | Total interest-bearing core deposits | 249 | 20,622 | 20,871 | 294 | 38,527 | 38,821 | Total interest-bearing core deposits | 645 | 23,630 | 24,275 | 926 | 62,171 | 63,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 420 | 5,639 | 6,059 | 546 | 10,308 | 10,854 | Brokered deposits | 680 | 5,371 | 6,051 | 1,213 | 15,691 | 16,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 669 | 26,261 | 26,930 | 840 | 48,835 | 49,675 | Total interest-bearing deposits | 1,325 | 29,001 | 30,326 | 2,139 | 77,862 | 80,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale funding | Wholesale funding | 674 | 972 | 1,646 | 3,790 | 1,643 | 5,433 | Wholesale funding | (360) | 716 | 356 | 3,472 | 2,317 | 5,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 1,343 | 27,233 | 28,576 | 4,630 | 50,478 | 55,108 | Total interest-bearing liabilities | 965 | 29,717 | 30,682 | 5,611 | 80,179 | 85,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 22,113 | $ | (18,006) | $ | 4,107 | $ | 30,729 | $ | (23,495) | $ | 7,234 | Net interest income | $ | 12,363 | $ | (13,868) | $ | (1,505) | $ | 39,094 | $ | (33,365) | $ | 5,729 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | (in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust services fee income | Trust services fee income | $ | 2,148 | $ | 2,004 | $ | 144 | 7 | % | $ | 4,181 | $ | 4,015 | $ | 166 | 4 | % | Trust services fee income | $ | 2,107 | $ | 1,969 | $ | 138 | 7 | % | $ | 6,288 | $ | 5,984 | $ | 304 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokerage fee income | Brokerage fee income | 3,722 | 2,988 | 734 | 25 | 7,201 | 6,676 | 525 | 8 | Brokerage fee income | 3,950 | 3,040 | 910 | 30 | 11,151 | 9,716 | 1,435 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management fee income | Wealth management fee income | 5,870 | 4,992 | 878 | 18 | 11,382 | 10,691 | 691 | 6 | Wealth management fee income | 6,057 | 5,009 | 1,048 | 21 | 17,439 | 15,700 | 1,739 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage income, net | Mortgage income, net | 1,822 | 2,205 | (383) | (17) | 3,288 | 5,458 | (2,170) | (40) | Mortgage income, net | 2,020 | 1,728 | 292 | 17 | 5,308 | 7,186 | (1,878) | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 1,529 | 1,536 | (7) | — | 3,009 | 3,013 | (4) | — | Service charges on deposit accounts | 1,492 | 1,589 | (97) | (6) | 4,501 | 4,602 | (101) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Card interchange income | Card interchange income | 3,331 | 2,950 | 381 | 13 | 6,364 | 5,531 | 833 | 15 | Card interchange income | 3,321 | 3,012 | 309 | 10 | 9,685 | 8,543 | 1,142 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BOLI income | BOLI income | 1,073 | 768 | 305 | 40 | 2,273 | 1,701 | 572 | 34 | BOLI income | 1,090 | 966 | 124 | 13 | 3,363 | 2,667 | 696 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan asset market valuations | Deferred compensation plan asset market valuations | 499 | (1,316) | 1,815 | N/M | 1,445 | (1,783) | 3,228 | N/M | Deferred compensation plan asset market valuations | (457) | (571) | 114 | N/M | 988 | (2,354) | 3,342 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LSR income, net | LSR income, net | 1,135 | (143) | 1,278 | N/M | 2,290 | (525) | 2,815 | N/M | LSR income, net | 1,108 | (517) | 1,625 | N/M | 3,398 | (1,042) | 4,440 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,900 | 1,536 | 364 | 24 | 3,732 | 3,072 | 660 | 21 | Other income | 1,879 | 1,830 | 49 | 3 | 5,611 | 4,902 | 709 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income without net gains (losses) | Noninterest income without net gains (losses) | 17,159 | 12,528 | 4,631 | 37 | 33,783 | 27,158 | 6,625 | 24 | Noninterest income without net gains (losses) | 16,510 | 13,046 | 3,464 | 27 | 50,293 | 40,204 | 10,089 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net | Asset gains (losses), net | (318) | 1,603 | (1,921) | N/M | (38,786) | 2,916 | (41,702) | N/M | Asset gains (losses), net | 31 | (46) | 77 | N/M | (38,755) | 2,870 | (41,625) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 16,841 | $ | 14,131 | $ | 2,710 | 19 | % | $ | (5,003) | $ | 30,074 | $ | (35,077) | (117) | % | Total noninterest income | $ | 16,541 | $ | 13,000 | $ | 3,541 | 27 | % | $ | 11,538 | $ | 43,074 | $ | (31,536) | (73) | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | 2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | ($ in thousands) | 2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel | Personnel | $ | 23,900 | $ | 19,681 | $ | 4,219 | 21 | % | $ | 48,228 | $ | 40,872 | $ | 7,356 | 18 | % | Personnel | $ | 23,944 | $ | 24,136 | $ | (192) | (1) | % | $ | 72,172 | $ | 65,008 | $ | 7,164 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy, equipment and office | Occupancy, equipment and office | 8,845 | 6,891 | 1,954 | 28 | 17,628 | 13,835 | 3,793 | 27 | Occupancy, equipment and office | 9,027 | 7,641 | 1,386 | 18 | 26,655 | 21,476 | 5,179 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business development and marketing | Business development and marketing | 1,946 | 2,057 | (111) | (5) | 4,067 | 3,888 | 179 | 5 | Business development and marketing | 1,869 | 2,281 | (412) | (18) | 5,936 | 6,169 | (233) | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 4,218 | 3,596 | 622 | 17 | 8,206 | 6,983 | 1,223 | 18 | Data processing | 4,643 | 3,664 | 979 | 27 | 12,849 | 10,647 | 2,202 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles amortization | Intangibles amortization | 2,083 | 1,347 | 736 | 55 | 4,244 | 2,771 | 1,473 | 53 | Intangibles amortization | 1,986 | 1,628 | 358 | 22 | 6,230 | 4,399 | 1,831 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC assessments | FDIC assessments | 1,009 | 480 | 529 | 110 | 1,549 | 960 | 589 | 61 | FDIC assessments | 1,500 | 480 | 1,020 | 213 | 3,049 | 1,440 | 1,609 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related expense | Merger-related expense | 26 | 555 | (529) | (95) | 189 | 653 | (464) | (71) | Merger-related expense | — | 519 | (519) | (100) | 189 | 1,172 | (983) | (84) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,930 | 1,931 | 999 | 52 | 5,721 | 4,126 | 1,595 | 39 | Other expense | 2,769 | 2,218 | 551 | 25 | 8,490 | 6,344 | 2,146 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 44,957 | $ | 36,538 | $ | 8,419 | 23 | % | $ | 89,832 | $ | 74,088 | $ | 15,744 | 21 | % | Total noninterest expense | $ | 45,738 | $ | 42,567 | $ | 3,171 | 7 | % | $ | 135,570 | $ | 116,655 | $ | 18,915 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-personnel expenses | Non-personnel expenses | $ | 21,057 | $ | 16,857 | $ | 4,200 | 25 | % | $ | 41,604 | $ | 33,216 | $ | 8,388 | 25 | % | Non-personnel expenses | $ | 21,794 | $ | 18,431 | $ | 3,363 | 18 | % | $ | 63,398 | $ | 51,647 | $ | 11,751 | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average full-time equivalent (“FTE”) employees | Average full-time equivalent (“FTE”) employees | 943 | 850 | 93 | 11 | % | 943 | 842 | 101 | 12 | % | Average full-time equivalent (“FTE”) employees | 977 | 907 | 70 | 8 | % | 955 | 863 | 92 | 11 | % |
June 30, 2023 | December 31, 2022 | June 30, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 1,318,567 | 21 | % | $ | 1,304,819 | 21 | % | $ | 1,118,360 | 23 | % | Commercial & industrial | $ | 1,237,789 | 20 | % | $ | 1,304,819 | 21 | % | $ | 1,268,252 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 969,202 | 16 | 954,599 | 15 | 790,680 | 16 | Owner-occupied CRE | 971,397 | 16 | 954,599 | 15 | 954,933 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 1,068,999 | 17 | 1,088,607 | 18 | 967,192 | 19 | Agricultural | 1,108,261 | 18 | 1,088,607 | 18 | 1,017,498 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 3,356,768 | 54 | 3,348,025 | 54 | 2,876,232 | 58 | Commercial | 3,317,447 | 54 | 3,348,025 | 54 | 3,240,683 | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 1,108,692 | 18 | 1,149,949 | 19 | 818,562 | 16 | CRE investment | 1,130,938 | 18 | 1,149,949 | 19 | 1,132,951 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 337,389 | 5 | 318,600 | 5 | 228,575 | 5 | Construction & land development | 326,747 | 5 | 318,600 | 5 | 306,446 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 1,446,081 | 23 | 1,468,549 | 24 | 1,047,137 | 21 | Commercial real estate | 1,457,685 | 23 | 1,468,549 | 24 | 1,439,397 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial-based loans | Commercial-based loans | 4,802,849 | 77 | 4,816,574 | 78 | 3,923,369 | 79 | Commercial-based loans | 4,775,132 | 77 | 4,816,574 | 78 | 4,680,080 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | Residential construction | 108,095 | 2 | 114,392 | 2 | 69,423 | 1 | Residential construction | 76,289 | 1 | 114,392 | 2 | 101,286 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 1,072,609 | 17 | 1,016,935 | 16 | 785,591 | 16 | Residential first mortgage | 1,136,748 | 18 | 1,016,935 | 16 | 970,384 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 184,873 | 3 | 177,332 | 3 | 148,732 | 3 | Residential junior mortgage | 195,432 | 3 | 177,332 | 3 | 176,428 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,365,577 | 22 | 1,308,659 | 21 | 1,003,746 | 20 | Residential real estate | 1,408,469 | 22 | 1,308,659 | 21 | 1,248,098 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 54,350 | 1 | 55,266 | 1 | 51,539 | 1 | Retail & other | 55,656 | 1 | 55,266 | 1 | 56,259 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail-based loans | Retail-based loans | 1,419,927 | 23 | 1,363,925 | 22 | 1,055,285 | 21 | Retail-based loans | 1,464,125 | 23 | 1,363,925 | 22 | 1,304,357 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 6,222,776 | 100 | % | $ | 6,180,499 | 100 | % | $ | 4,978,654 | 100 | % | Total loans | $ | 6,239,257 | 100 | % | $ | 6,180,499 | 100 | % | $ | 5,984,437 | 100 | % |
Commercial Loan Portfolio by Industry Type (based on NAICS codes) | |||||
As of June 30, 2023 | Loan Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | Loan Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | One Year or Less | After One Year to Five Years | After Five Years to Fifteen Years | After Fifteen Years | Total | (in thousands) | One Year or Less | After One Year to Five Years | After Five Years to Fifteen Years | After Fifteen Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 464,614 | $ | 652,126 | $ | 190,494 | $ | 11,333 | $ | 1,318,567 | Commercial & industrial | $ | 421,162 | $ | 648,557 | $ | 157,771 | $ | 10,299 | $ | 1,237,789 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 74,675 | 657,889 | 203,445 | 33,193 | 969,202 | Owner-occupied CRE | 77,437 | 674,765 | 190,312 | 28,883 | 971,397 | ||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | Agricultural | 330,163 | 336,515 | 361,578 | 40,743 | 1,068,999 | Agricultural | 395,017 | 322,060 | 350,574 | 40,610 | 1,108,261 | ||||||||||||||||||||||||||||||||||||||||||||||
CRE investment | CRE investment | 131,458 | 724,139 | 226,416 | 26,679 | 1,108,692 | CRE investment | 127,690 | 748,772 | 228,546 | 25,930 | 1,130,938 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction & land development | Construction & land development | 32,270 | 187,928 | 91,499 | 25,692 | 337,389 | Construction & land development | 30,254 | 184,992 | 85,995 | 25,506 | 326,747 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential construction * | Residential construction * | 28,627 | 8,088 | 4,014 | 67,366 | 108,095 | Residential construction * | 28,245 | 8,189 | 1,248 | 38,607 | 76,289 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 20,151 | 260,733 | 193,751 | 597,974 | 1,072,609 | Residential first mortgage | 24,177 | 265,884 | 186,542 | 660,145 | 1,136,748 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 9,681 | 20,068 | 33,646 | 121,478 | 184,873 | Residential junior mortgage | 15,247 | 18,580 | 34,558 | 127,047 | 195,432 | ||||||||||||||||||||||||||||||||||||||||||||||
Retail & other | Retail & other | 28,946 | 13,454 | 7,699 | 4,251 | 54,350 | Retail & other | 29,656 | 13,012 | 8,861 | 4,127 | 55,656 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 1,120,585 | $ | 2,860,940 | $ | 1,312,542 | $ | 928,709 | $ | 6,222,776 | Total loans | $ | 1,148,885 | $ | 2,884,811 | $ | 1,244,407 | $ | 961,154 | $ | 6,239,257 | ||||||||||||||||||||||||||||||||||||
Percent by maturity distribution | Percent by maturity distribution | 18 | % | 46 | % | 21 | % | 15 | % | 100 | % | Percent by maturity distribution | 19 | % | 46 | % | 20 | % | 15 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
Total fixed rate loans | Total fixed rate loans | $ | 452,373 | $ | 2,692,047 | $ | 929,155 | $ | 322,487 | $ | 4,396,062 | Total fixed rate loans | $ | 505,680 | $ | 2,681,310 | $ | 863,139 | $ | 323,819 | $ | 4,373,948 | ||||||||||||||||||||||||||||||||||||
Total floating rate loans | Total floating rate loans | $ | 668,212 | $ | 168,893 | $ | 383,387 | $ | 606,222 | $ | 1,826,714 | Total floating rate loans | $ | 643,205 | $ | 203,501 | $ | 381,268 | $ | 637,335 | $ | 1,865,309 |
As of December 31, 2022 | Loan Maturity | ||||||||||||||||||||||||||||
(in thousands) | One Year or Less | After One Year to Five Years | After Five Years to Fifteen Years | After Fifteen Years | Total | ||||||||||||||||||||||||
Commercial & industrial | $ | 433,319 | $ | 660,560 | $ | 197,352 | $ | 13,588 | $ | 1,304,819 | |||||||||||||||||||
Owner-occupied CRE | 78,759 | 639,093 | 208,719 | 28,028 | 954,599 | ||||||||||||||||||||||||
Agricultural | 350,752 | 328,495 | 367,913 | 41,447 | 1,088,607 | ||||||||||||||||||||||||
CRE investment | 129,770 | 737,869 | 250,256 | 32,054 | 1,149,949 | ||||||||||||||||||||||||
Construction & land development | 64,169 | 131,889 | 92,379 | 30,163 | 318,600 | ||||||||||||||||||||||||
Residential construction * | 41,049 | 6,922 | 2,091 | 64,330 | 114,392 | ||||||||||||||||||||||||
Residential first mortgage | 22,985 | 263,810 | 202,514 | 527,626 | 1,016,935 | ||||||||||||||||||||||||
Residential junior mortgage | 6,814 | 19,941 | 33,201 | 117,376 | 177,332 | ||||||||||||||||||||||||
Retail & other | 27,814 | 15,002 | 8,021 | 4,429 | 55,266 | ||||||||||||||||||||||||
Total loans | $ | 1,155,431 | $ | 2,803,581 | $ | 1,362,446 | $ | 859,041 | $ | 6,180,499 | |||||||||||||||||||
Percent by maturity distribution | 19 | % | 45 | % | 22 | % | 14 | % | 100 | % | |||||||||||||||||||
Total fixed rate loans | $ | 520,535 | $ | 2,631,295 | $ | 987,225 | $ | 315,982 | $ | 4,455,037 | |||||||||||||||||||
Total floating rate loans | $ | 634,896 | $ | 172,286 | $ | 375,221 | $ | 543,059 | $ | 1,725,462 | |||||||||||||||||||
Six Months Ended | Year Ended | Nine Months Ended | Year Ended | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2023 | June 30, 2022 | December 31, 2022 | (in thousands) | September 30, 2023 | September 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
ACL-Loans: | ACL-Loans: | ACL-Loans: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 61,829 | $ | 49,672 | $ | 49,672 | Balance at beginning of period | $ | 61,829 | $ | 49,672 | $ | 49,672 | ||||||||||||||||||||
ACL on PCD loans acquired | ACL on PCD loans acquired | — | — | 1,937 | ACL on PCD loans acquired | — | 1,709 | 1,937 | ||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 1,200 | 900 | 10,950 | Provision for credit losses | 1,650 | 9,100 | 10,950 | ||||||||||||||||||||||||||
Charge-offs | Charge-offs | (745) | (142) | (1,033) | Charge-offs | (1,091) | (442) | (1,033) | ||||||||||||||||||||||||||
Recoveries | Recoveries | 527 | 225 | 303 | Recoveries | 772 | 309 | 303 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (218) | 83 | (730) | Net (charge-offs) recoveries | (319) | (133) | (730) | ||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 62,811 | $ | 50,655 | $ | 61,829 | Balance at end of period | $ | 63,160 | $ | 60,348 | $ | 61,829 | ||||||||||||||||||||
Net loan (charge-offs) recoveries: | Net loan (charge-offs) recoveries: | Net loan (charge-offs) recoveries: | ||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 115 | $ | 30 | $ | (86) | Commercial & industrial | $ | 115 | $ | (49) | $ | (86) | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | — | (36) | (555) | Owner-occupied CRE | (60) | (36) | (555) | ||||||||||||||||||||||||||
Agricultural | Agricultural | (63) | — | — | Agricultural | (63) | — | — | ||||||||||||||||||||||||||
CRE investment | CRE investment | — | 169 | 169 | CRE investment | — | 169 | 169 | ||||||||||||||||||||||||||
Construction & land development | Construction & land development | — | — | — | Construction & land development | — | — | — | ||||||||||||||||||||||||||
Residential construction | Residential construction | — | — | — | Residential construction | — | — | — | ||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 2 | 5 | (57) | Residential first mortgage | 3 | (58) | (57) | ||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | (96) | 1 | 1 | Residential junior mortgage | (96) | 9 | 1 | ||||||||||||||||||||||||||
Retail & other | Retail & other | (176) | (86) | (202) | Retail & other | (218) | (168) | (202) | ||||||||||||||||||||||||||
Total net (charge-offs) recoveries | Total net (charge-offs) recoveries | $ | (218) | $ | 83 | $ | (730) | Total net (charge-offs) recoveries | $ | (319) | $ | (133) | $ | (730) | ||||||||||||||||||||
Ratios: | Ratios: | Ratios: | ||||||||||||||||||||||||||||||||
ACL-Loans to total loans | ACL-Loans to total loans | 1.01 | % | 1.02 | % | 1.00 | % | ACL-Loans to total loans | 1.01 | % | 1.01 | % | 1.00 | % | ||||||||||||||||||||
Net charge-offs to average loans, annualized | Net charge-offs to average loans, annualized | 0.01 | % | — | % | 0.01 | % | Net charge-offs to average loans, annualized | 0.01 | % | — | % | 0.01 | % |
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | June 30, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||
Nonperforming loans: | Nonperforming loans: | Nonperforming loans: | ||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 3,157 | $ | 3,328 | $ | 1,784 | Commercial & industrial | $ | 5,192 | $ | 3,328 | $ | 3,052 | ||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 6,573 | 5,647 | 5,183 | Owner-occupied CRE | 5,602 | 5,647 | 5,806 | ||||||||||||||||||||||||||
Agricultural | Agricultural | 9,092 | 20,416 | 21,054 | Agricultural | 13,458 | 20,416 | 20,646 | ||||||||||||||||||||||||||
Commercial | Commercial | 18,822 | 29,391 | 28,021 | Commercial | 24,252 | 29,391 | 29,504 | ||||||||||||||||||||||||||
CRE investment | CRE investment | 2,535 | 3,832 | 3,617 | CRE investment | 1,100 | 3,832 | 3,343 | ||||||||||||||||||||||||||
Construction & land development | Construction & land development | 95 | 771 | 1,044 | Construction & land development | 177 | 771 | 794 | ||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,630 | 4,603 | 4,661 | Commercial real estate | 1,277 | 4,603 | 4,137 | ||||||||||||||||||||||||||
Commercial-based loans | Commercial-based loans | 21,452 | 33,994 | 32,682 | Commercial-based loans | 25,529 | 33,994 | 33,641 | ||||||||||||||||||||||||||
Residential construction | Residential construction | — | — | — | Residential construction | — | — | — | ||||||||||||||||||||||||||
Residential first mortgage | Residential first mortgage | 3,638 | 3,780 | 3,580 | Residential first mortgage | 3,812 | 3,780 | 4,309 | ||||||||||||||||||||||||||
Residential junior mortgage | Residential junior mortgage | 87 | 224 | 221 | Residential junior mortgage | 92 | 224 | 277 | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,725 | 4,004 | 3,801 | Residential real estate | 3,904 | 4,004 | 4,586 | ||||||||||||||||||||||||||
Retail & other | Retail & other | 101 | 82 | 97 | Retail & other | 74 | 82 | 99 | ||||||||||||||||||||||||||
Retail-based loans | Retail-based loans | 3,826 | 4,086 | 3,898 | Retail-based loans | 3,978 | 4,086 | 4,685 | ||||||||||||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | 25,278 | 38,080 | 36,580 | Total nonaccrual loans | 29,507 | 38,080 | 38,326 | ||||||||||||||||||||||||||
Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | — | — | — | Accruing loans past due 90 days or more | — | — | — | ||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | $ | 25,278 | $ | 38,080 | $ | 36,580 | Total nonperforming loans | $ | 29,507 | $ | 38,080 | $ | 38,326 | ||||||||||||||||||||
Nonaccrual loans (included above) covered by guarantees | Nonaccrual loans (included above) covered by guarantees | $ | 3,110 | $ | 5,459 | $ | 4,883 | Nonaccrual loans (included above) covered by guarantees | $ | 5,919 | $ | 5,459 | $ | 5,493 | ||||||||||||||||||||
OREO: | OREO: | OREO: | ||||||||||||||||||||||||||||||||
Commercial real estate owned | Commercial real estate owned | $ | 520 | $ | 628 | $ | 628 | Commercial real estate owned | $ | 1,147 | $ | 628 | $ | 628 | ||||||||||||||||||||
Bank property real estate owned | Bank property real estate owned | 958 | 1,347 | 4,378 | Bank property real estate owned | 884 | 1,347 | 1,506 | ||||||||||||||||||||||||||
Total OREO | Total OREO | 1,478 | 1,975 | 5,006 | Total OREO | 2,031 | 1,975 | 2,134 | ||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 26,756 | $ | 40,055 | $ | 41,586 | Total nonperforming assets | $ | 31,538 | $ | 40,055 | $ | 40,460 | ||||||||||||||||||||
Ratios: | Ratios: | Ratios: | ||||||||||||||||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.41 | % | 0.62 | % | 0.73 | % | Nonperforming loans to total loans | 0.47 | % | 0.62 | % | 0.64 | % | ||||||||||||||||||||
Nonperforming assets to total loans plus OREO | Nonperforming assets to total loans plus OREO | 0.43 | % | 0.65 | % | 0.83 | % | Nonperforming assets to total loans plus OREO | 0.51 | % | 0.65 | % | 0.68 | % | ||||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.32 | % | 0.46 | % | 0.56 | % | Nonperforming assets to total assets | 0.37 | % | 0.46 | % | 0.45 | % | ||||||||||||||||||||
ACL-Loans to nonperforming loans | ACL-Loans to nonperforming loans | 248 | % | 162 | % | 138 | % | ACL-Loans to nonperforming loans | 214 | % | 162 | % | 157 | % |
June 30, 2023 | December 31, 2022 | June 30, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | (in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 2,059,939 | 29 | % | $ | 2,361,816 | 33 | % | $ | 2,045,732 | 33 | % | Noninterest-bearing demand | $ | 2,020,074 | 28 | % | $ | 2,361,816 | 33 | % | $ | 2,477,507 | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 1,030,919 | 14 | % | 1,279,850 | 18 | % | 1,230,822 | 20 | % | Interest-bearing demand | 955,746 | 13 | % | 1,279,850 | 18 | % | 1,242,961 | 17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 1,835,523 | 26 | % | 1,707,619 | 24 | % | 1,411,688 | 22 | % | Money market | 1,933,227 | 27 | % | 1,707,619 | 24 | % | 1,769,444 | 24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 821,803 | 11 | % | 931,417 | 13 | % | 858,160 | 13 | % | Savings | 789,045 | 11 | % | 931,417 | 13 | % | 939,832 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Time | Time | 1,450,420 | 20 | % | 898,219 | 12 | % | 739,864 | 12 | % | Time | 1,484,296 | 21 | % | 898,219 | 12 | % | 966,158 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 7,198,604 | 100 | % | $ | 7,178,921 | 100 | % | $ | 6,286,266 | 100 | % | Total deposits | $ | 7,182,388 | 100 | % | $ | 7,178,921 | 100 | % | $ | 7,395,902 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brokered transaction accounts | Brokered transaction accounts | $ | 173,107 | 2 | % | $ | 252,829 | 3 | % | $ | 265,240 | 4 | % | Brokered transaction accounts | $ | 146,517 | 2 | % | $ | 252,829 | 3 | % | $ | 252,891 | 3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brokered and listed time deposits | Brokered and listed time deposits | 566,405 | 8 | % | 339,066 | 5 | % | 218,198 | 4 | % | Brokered and listed time deposits | 457,433 | 6 | % | 339,066 | 5 | % | 386,101 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total brokered deposits | Total brokered deposits | $ | 739,512 | 10 | % | $ | 591,895 | 8 | % | $ | 483,438 | 8 | % | Total brokered deposits | $ | 603,950 | 8 | % | $ | 591,895 | 8 | % | $ | 638,992 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Customer transaction accounts | Customer transaction accounts | $ | 5,575,077 | 78 | % | $ | 6,027,873 | 84 | % | $ | 5,281,162 | 84 | % | Customer transaction accounts | $ | 5,551,575 | 77 | % | $ | 6,027,873 | 84 | % | $ | 6,176,853 | 84 | % | ||||||||||||||||||||||||||||||||||||||||||||
Customer time deposits | Customer time deposits | 884,015 | 12 | % | 559,153 | 8 | % | 521,666 | 8 | % | Customer time deposits | 1,026,863 | 15 | % | 559,153 | 8 | % | 580,057 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total customer deposits (core) | Total customer deposits (core) | $ | 6,459,092 | 90 | % | $ | 6,587,026 | 92 | % | $ | 5,802,828 | 92 | % | Total customer deposits (core) | $ | 6,578,438 | 92 | % | $ | 6,587,026 | 92 | % | $ | 6,756,910 | 92 | % |
(in thousands) | (in thousands) | June 30, 2023 | December 31, 2022 | (in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 1,826,995 | $ | 1,850,601 | Commitments to extend credit | $ | 1,810,068 | $ | 1,850,601 | ||||||||||||
Financial standby letters of credit | Financial standby letters of credit | 22,777 | 26,530 | Financial standby letters of credit | 18,235 | 26,530 | ||||||||||||||||
Performance standby letters of credit | Performance standby letters of credit | 12,824 | 9,375 | Performance standby letters of credit | 15,814 | 9,375 |
(in millions) | ||||||||
FHLB Borrowing Availability (1) | $ | |||||||
Fed Funds Lines | ||||||||
Fed Discount Window | 11 | |||||||
Immediate Funding Availability | $ | |||||||
Brokered Capacity | ||||||||
Guaranteed portion of SBA loans | ||||||||
Other funding sources | ||||||||
Short-Term Funding Availability | $ | |||||||
Total Contingent Funding Availability | $ | |||||||
(1) Excludes outstanding FHLB borrowings of | ||||||||
(2) | ||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
200 bps decrease in interest rates | 200 bps decrease in interest rates | (2.1) | % | (0.7) | % | 200 bps decrease in interest rates | (1.8) | % | (0.7) | % | ||||||||||||
100 bps decrease in interest rates | 100 bps decrease in interest rates | (1.1) | % | (0.4) | % | 100 bps decrease in interest rates | (0.9) | % | (0.4) | % | ||||||||||||
100 bps increase in interest rates | 100 bps increase in interest rates | 1.1 | % | — | % | 100 bps increase in interest rates | 1.1 | % | — | % | ||||||||||||
200 bps increase in interest rates | 200 bps increase in interest rates | 2.3 | % | 0.1 | % | 200 bps increase in interest rates | 2.3 | % | 0.1 | % |
At or for the Six Months Ended | At or for the Year Ended | At or for the Nine Months Ended | At or for the Year Ended | |||||||||||||||||||
($ in thousands) | ($ in thousands) | June 30, 2023 | December 31, 2022 | ($ in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Company Stock Repurchases: * | Company Stock Repurchases: * | Company Stock Repurchases: * | ||||||||||||||||||||
Common stock repurchased during the period (dollars) | Common stock repurchased during the period (dollars) | $ | 1,519 | $ | 61,483 | Common stock repurchased during the period (dollars) | $ | 1,519 | $ | 61,483 | ||||||||||||
Common stock repurchased during the period (full shares) | Common stock repurchased during the period (full shares) | 26,853 | 671,662 | Common stock repurchased during the period (full shares) | 26,853 | 671,662 | ||||||||||||||||
Company Risk-Based Capital: | Company Risk-Based Capital: | Company Risk-Based Capital: | ||||||||||||||||||||
Total risk-based capital | Total risk-based capital | $ | 902,726 | $ | 889,763 | Total risk-based capital | $ | 920,142 | $ | 889,763 | ||||||||||||
Tier 1 risk-based capital | Tier 1 risk-based capital | 698,469 | 684,280 | Tier 1 risk-based capital | 715,567 | 684,280 | ||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 660,114 | 646,341 | Common equity Tier 1 capital | 677,004 | 646,341 | ||||||||||||||||
Total capital ratio | Total capital ratio | 12.7 | % | 12.3 | % | Total capital ratio | 13.0 | % | 12.3 | % | ||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 9.8 | % | 9.5 | % | Tier 1 capital ratio | 10.1 | % | 9.5 | % | ||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | 9.3 | % | 9.0 | % | Common equity tier 1 capital ratio | 9.6 | % | 9.0 | % | ||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 8.8 | % | 8.2 | % | Tier 1 leverage ratio | 8.8 | % | 8.2 | % | ||||||||||||
Bank Risk-Based Capital: | Bank Risk-Based Capital: | Bank Risk-Based Capital: | ||||||||||||||||||||
Total risk-based capital | Total risk-based capital | $ | 841,973 | $ | 816,951 | Total risk-based capital | $ | 863,617 | $ | 816,951 | ||||||||||||
Tier 1 risk-based capital | Tier 1 risk-based capital | 784,157 | 764,090 | Tier 1 risk-based capital | 805,452 | 764,090 | ||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 784,157 | 764,090 | Common equity Tier 1 capital | 805,452 | 764,090 | ||||||||||||||||
Total capital ratio | Total capital ratio | 11.8 | % | 11.3 | % | Total capital ratio | 12.2 | % | 11.3 | % | ||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 11.0 | % | 10.6 | % | Tier 1 capital ratio | 11.4 | % | 10.6 | % | ||||||||||||
Common equity tier 1 capital ratio | Common equity tier 1 capital ratio | 11.0 | % | 10.6 | % | Common equity tier 1 capital ratio | 11.4 | % | 10.6 | % | ||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 9.9 | % | 9.1 | % | Tier 1 leverage ratio | 9.9 | % | 9.1 | % | ||||||||||||
* Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. | * Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. | * Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. |
Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||||||||||||
(#) | ($) | (#) | (#) | ||||||||||||||||||||
Period | |||||||||||||||||||||||
April 1 – April 30, 2023 | 21,031 | $ | 59.63 | 12,116 | |||||||||||||||||||
May 1 – May 31, 2023 | 18,430 | $ | 57.48 | 14,737 | |||||||||||||||||||
June 1 – June 30, 2023 | 1,672 | $ | 72.36 | — | |||||||||||||||||||
Total | 41,133 | $ | 59.18 | 26,853 | 677,000 |
Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||||||||||||
(#) | ($) | (#) | (#) | ||||||||||||||||||||
Period | |||||||||||||||||||||||
July 1 – July 31, 2023 | 39,745 | $ | 80.60 | — | |||||||||||||||||||
August 1 – August 31, 2023 | — | $ | — | — | |||||||||||||||||||
September 1 – September 30, 2023 | — | $ | — | — | |||||||||||||||||||
Total | 39,745 | $ | 80.60 | — | 659,000 |
Exhibit Number | Description | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
104 | Cover Page |
NICOLET BANKSHARES, INC. | |||||
/s/ Michael E. Daniels | |||||
Michael E. Daniels | |||||
President and Chief Executive Officer | |||||
/s/ H. Phillip Moore, Jr. | |||||
H. Phillip Moore, Jr. | |||||
Chief Financial Officer |