Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
☐ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
June 30, 2019
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
CALIFORNIA | 94-2792841 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock | TCBK | NASDAQ Global Select |
☒ | Large accelerated | filer | ☐ | Accelerated filer | ||||||||
☐ | Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
☐ | Emerging growth company |
Securities registered pursuant to Section 12(b) of the Act:
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2 | ||||||
2 | ||||||
Exhibits |
Item 1. | Financial Statements (unaudited) |
At March 31, | At December 31, | |||||||
2019 | 2018 | |||||||
Assets: | ||||||||
Cash and due from banks | $ | 105,103 | $ | 119,781 | ||||
Cash at Federal Reserve and other banks | 213,605 | 107,752 | ||||||
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Cash and cash equivalents | 318,708 | 227,533 | ||||||
Investment securities: | ||||||||
Marketable equity securities | 2,910 | 2,874 | ||||||
Available for sale debt securities | 1,113,516 | 1,115,036 | ||||||
Held to maturity debt securities | 431,016 | 444,936 | ||||||
Restricted equity securities | 17,250 | 17,250 | ||||||
Loans held for sale | 5,410 | 3,687 | ||||||
Loans | 4,034,331 | 4,022,014 | ||||||
Allowance for loan losses | (32,064 | ) | (32,582 | ) | ||||
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Total loans, net | 4,002,267 | 3,989,432 | ||||||
Premises and equipment, net | 89,275 | 89,347 | ||||||
Cash value of life insurance | 117,841 | 117,318 | ||||||
Accrued interest receivable | 20,431 | 19,412 | ||||||
Goodwill | 220,972 | 220,972 | ||||||
Other intangible assets, net | 27,849 | 29,280 | ||||||
Operating leases,right-of-use | 30,942 | — | ||||||
Other assets | 73,465 | 75,364 | ||||||
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Total assets | $ | 6,471,852 | $ | 6,352,441 | ||||
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Liabilities and Shareholders’ Equity: | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 1,761,559 | $ | 1,760,580 | ||||
Interest-bearing | 3,668,703 | 3,605,886 | ||||||
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Total deposits | 5,430,262 | 5,366,466 | ||||||
Accrued interest payable | 2,195 | 1,997 | ||||||
Operating lease liability | 30,204 | — | ||||||
Other liabilities | 86,362 | 83,724 | ||||||
Other borrowings | 12,466 | 15,839 | ||||||
Junior subordinated debt | 57,085 | 57,042 | ||||||
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Total liabilities | 5,618,574 | 5,525,068 | ||||||
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Commitments and contingencies (Note 8) | ||||||||
Shareholders’ equity: | ||||||||
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at March 31, 2019 and December 31, 2018 | — | — | ||||||
Common stock, no par value: 50,000,000 shares authorized; 30,432,419 and 30,417,223 issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 542,340 | 541,762 | ||||||
Retained earnings | 319,865 | 303,490 | ||||||
Accumulated other comprehensive loss, net of tax | (8,927 | ) | (17,879 | ) | ||||
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Total shareholders’ equity | 853,278 | 827,373 | ||||||
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Total liabilities and shareholders’ equity | $ | 6,471,852 | $ | 6,352,441 | ||||
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At June 30, 2019 | At December 31, 2018 | |||||||
Assets: | ||||||||
Cash and due from banks | $ | 106,939 | $ | 119,781 | ||||
Cash at Federal Reserve and other banks | 68,643 | 107,752 | ||||||
Cash and cash equivalents | 175,582 | 227,533 | ||||||
Investment securities: | ||||||||
Marketable equity securities | 2,952 | 2,874 | ||||||
Available for sale debt securities | 1,133,994 | 1,115,036 | ||||||
Held to maturity debt securities | 412,524 | 444,936 | ||||||
Restricted equity securities | 17,250 | 17,250 | ||||||
Loans held for sale | 5,875 | 3,687 | ||||||
Loans | 4,103,687 | 4,022,014 | ||||||
Allowance for loan losses | (32,868 | ) | (32,582 | ) | ||||
Total loans, net | 4,070,819 | 3,989,432 | ||||||
Premises and equipment, net | 88,534 | 89,347 | ||||||
Cash value of life insurance | 116,606 | 117,318 | ||||||
Accrued interest receivable | 20,990 | 19,412 | ||||||
Goodwill | 220,972 | 220,972 | ||||||
Other intangible assets, net | 26,418 | 29,280 | ||||||
Operating leases, right-of-use | 30,030 | — | ||||||
Other assets | 72,626 | 75,364 | ||||||
Total assets | $ | 6,395,172 | $ | 6,352,441 | ||||
Liabilities and Shareholders’ Equity: | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 1,780,339 | $ | 1,760,580 | ||||
Interest-bearing | 3,561,834 | 3,605,886 | ||||||
Total deposits | 5,342,173 | 5,366,466 | ||||||
Accrued interest payable | 2,665 | 1,997 | ||||||
Operating lease liability | 29,434 | — | ||||||
Other liabilities | 74,590 | 83,724 | ||||||
Other borrowings | 13,292 | 15,839 | ||||||
Junior subordinated debt | 57,132 | 57,042 | ||||||
Total liabilities | 5,519,286 | 5,525,068 | ||||||
Commitments and contingencies (Note 8) | ||||||||
Shareholders’ equity: | ||||||||
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at June 30, 2019 and December 31, 2018 | — | — | ||||||
Common stock, no par value: 50,000,000 shares authorized; 30,502,757 and 30,417,223 issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 542,939 | 541,762 | ||||||
Retained earnings | 335,145 | 303,490 | ||||||
Accumulated other comprehensive loss, net of tax | (2,198 | ) | (17,879 | ) | ||||
Total shareholders’ equity | 875,886 | 827,373 | ||||||
Total liabilities and shareholders’ equity | $ | 6,395,172 | $ | 6,352,441 | ||||
Three months ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Interest and dividend income: | ||||||||
Loans, including fees | $ | 54,398 | $ | 38,049 | ||||
Investments: | ||||||||
Taxable securities | 10,555 | 7,322 | ||||||
Tax exempt securities | 1,073 | 1,041 | ||||||
Dividends | 360 | 336 | ||||||
Interest bearing cash at Federal Reserve and other banks | 1,071 | 373 | ||||||
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Total interest and dividend income | 67,457 | 47,121 | ||||||
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Interest expense: | ||||||||
Deposits | 2,719 | 1,096 | ||||||
Other borrowings | 13 | 342 | ||||||
Junior subordinated debt | 855 | 697 | ||||||
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Total interest expense | 3,587 | 2,135 | ||||||
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Net interest income | 63,870 | 44,986 | ||||||
Benefit from reversal of provision for loan losses | (1,600 | ) | (236 | ) | ||||
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Net interest income after benefit from reversal of provision for loan losses | 65,470 | 45,222 | ||||||
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Noninterest income: | ||||||||
Service charges and fees | 9,070 | 9,356 | ||||||
Gain on sale of loans | 412 | 626 | ||||||
Asset management and commission income | 642 | 876 | ||||||
Increase in cash value of life insurance | 775 | 608 | ||||||
Other | 965 | 824 | ||||||
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Total noninterest income | 11,864 | 12,290 | ||||||
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Noninterest expense: | ||||||||
Salaries and related benefits | 25,128 | 21,652 | ||||||
Other | 20,385 | 16,510 | ||||||
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Total noninterest expense | 45,513 | 38,162 | ||||||
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Income before provision for income taxes | 31,821 | 19,350 | ||||||
Provision for income taxes | 9,095 | 5,440 | ||||||
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Net income | $ | 22,726 | $ | 13,910 | ||||
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Earnings per share: | ||||||||
Basic | $ | 0.75 | $ | 0.61 | ||||
Diluted | $ | 0.74 | $ | 0.60 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest and dividend income: | ||||||||||||||||
Loans, including fees | $ | 55,491 | $ | 39,304 | $ | 109,889 | $ | 77,353 | ||||||||
Investments: | ||||||||||||||||
Taxable securities | 10,457 | 7,438 | 21,012 | 14,760 | ||||||||||||
Tax exempt securities | 1,061 | 1,042 | 2,134 | 2,083 | ||||||||||||
Dividends | 305 | 298 | 665 | 634 | ||||||||||||
Interest bearing cash at Federal Reserve and other banks | 866 | 396 | 1,937 | 769 | ||||||||||||
Total interest and dividend income | 68,180 | 48,478 | 135,637 | 95,599 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 2,999 | 1,234 | 5,718 | 2,330 | ||||||||||||
Other borrowings | 37 | 586 | 50 | 928 | ||||||||||||
Junior subordinated debt | 829 | 789 | 1,684 | 1,486 | ||||||||||||
Total interest expense | 3,865 | 2,609 | 7,452 | 4,744 | ||||||||||||
Net interest income | 64,315 | 45,869 | 128,185 | 90,855 | ||||||||||||
Provision for (reversal of) loan losses | 537 | (638 | ) | (1,063 | ) | (874 | ) | |||||||||
Net interest income after provision for (benefit from reversal of) loan losses | 63,778 | 46,507 | 129,248 | 91,729 | ||||||||||||
Noninterest income: | ||||||||||||||||
Service charges and fees | 10,128 | 9,228 | 19,198 | 18,584 | ||||||||||||
Gain on sale of loans | 575 | 666 | 987 | 1,292 | ||||||||||||
Asset management and commission income | 739 | 810 | 1,381 | 1,686 | ||||||||||||
Increase in cash value of life insurance | 746 | 656 | 1,521 | 1,264 | ||||||||||||
Other | 1,390 | 814 | 2,355 | 1,638 | ||||||||||||
Total noninterest income | 13,578 | 12,174 | 25,442 | 24,464 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and related benefits | 26,719 | 21,453 | 51,847 | 43,105 | ||||||||||||
Other | 20,133 | 16,417 | 40,518 | 32,927 | ||||||||||||
Total noninterest expense | 46,852 | 37,870 | 92,365 | 76,032 | ||||||||||||
Income before provision for income taxes | 30,504 | 20,811 | 62,325 | 40,161 | ||||||||||||
Provision for income taxes | 7,443 | 5,782 | 16,538 | 11,222 | ||||||||||||
Net income | $ | 23,061 | $ | 15,029 | $ | 45,787 | $ | 28,939 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.76 | $ | 0.65 | $ | 1.50 | $ | 1.26 | ||||||||
Diluted | $ | 0.75 | $ | 0.65 | $ | 1.49 | $ | 1.24 |
Three months ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Net income | $ | 22,726 | $ | 13,910 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Unrealized gains (losses) on available for sale securities arising during the period | 8,952 | (11,026 | ) | |||||
Change in minimum pension liability | — | 80 | ||||||
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Other comprehensive income (loss) | 8,952 | (10,946 | ) | |||||
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Comprehensive income | $ | 31,678 | $ | 2,964 | ||||
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Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | 23,061 | $ | 15,029 | $ | 45,787 | $ | 28,939 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Unrealized gains (losses) on available for sale securities arising during the period | 6,729 | (3,998 | ) | 15,681 | (15,024 | ) | ||||||||||
Change in minimum pension liability | — | 80 | — | 160 | ||||||||||||
Other comprehensive income (loss) | 6,729 | (3,918 | ) | 15,681 | (14,864 | ) | ||||||||||
Comprehensive income | $ | 29,790 | $ | 11,111 | $ | 61,468 | $ | 14,075 |
Accumulated | ||||||||||||||||||||
Shares of | Other | |||||||||||||||||||
Common | Common | Retained | Comprehensive | |||||||||||||||||
Stock | Stock | Earnings | Income (Loss) | Total | ||||||||||||||||
Balance at January 1, 2018 | 22,955,963 | $ | 255,836 | $ | 255,200 | $ | (5,228 | ) | $ | 505,808 | ||||||||||
Net income | 13,910 | 13,910 | ||||||||||||||||||
Adoption ASU2016-01 | (62 | ) | 62 | — | ||||||||||||||||
Adoption ASU2018-02 | 1,093 | (1,093 | ) | — | ||||||||||||||||
Other comprehensive loss | (10,946 | ) | (10,946 | ) | ||||||||||||||||
Stock option vesting | 37 | 37 | ||||||||||||||||||
RSU vesting | 238 | 238 | ||||||||||||||||||
PSU vesting | 116 | 116 | ||||||||||||||||||
RSUs released | 494 | — | ||||||||||||||||||
Repurchase of common stock | (134 | ) | (1 | ) | (3 | ) | (4 | ) | ||||||||||||
Dividends paid ($ 0.17 per share) | (3,903 | ) | (3,903 | ) | ||||||||||||||||
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Balance at March 31, 2018 | 22,956,323 | $ | 256,226 | $ | 266,235 | $ | (17,205 | ) | $ | 505,256 | ||||||||||
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Balance at January 1, 2019 | 30,417,223 | $ | 541,762 | $ | 303,490 | $ | (17,879 | ) | $ | 827,373 | ||||||||||
Net income | 22,726 | 22,726 | ||||||||||||||||||
Other comprehensive income | 8,952 | 8,952 | ||||||||||||||||||
Stock options exercised | 41,000 | 647 | 647 | |||||||||||||||||
RSU vesting | 278 | 278 | ||||||||||||||||||
PSU vesting | 119 | 119 | ||||||||||||||||||
RSUs released | 355 | |||||||||||||||||||
Repurchase of common stock | (26,159 | ) | (466 | ) | (569 | ) | (1,035 | ) | ||||||||||||
Dividends paid ($ 0.19 per share) | (5,782 | ) | (5,782 | ) | ||||||||||||||||
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Balance at March 31, 2019 | 30,432,419 | $ | 542,340 | $ | 319,865 | $ | (8,927 | ) | $ | 853,278 | ||||||||||
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Shares of Common Stock | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||
Balance at March 31, 2019 | 30,432,419 | $ | 542,340 | $ | 319,865 | $ | (8,927 | ) | $ | 853,278 | ||||||||||
Net income | 23,061 | 23,061 | ||||||||||||||||||
Other comprehensive income | 6,729 | 6,729 | ||||||||||||||||||
Stock option vesting | — | |||||||||||||||||||
Stock options exercised | 116,000 | 1,853 | 1,853 | |||||||||||||||||
RSU vesting | 289 | 289 | ||||||||||||||||||
PSU vesting | 129 | 129 | ||||||||||||||||||
RSUs released | 25,856 | — | ||||||||||||||||||
PSUs released | 22,237 | — | ||||||||||||||||||
Repurchase of common stock | (93,755 | ) | (1,672 | ) | (1,988 | ) | (3,660 | ) | ||||||||||||
Dividends paid ($ 0.19 per share) | (5,793 | ) | (5,793 | ) | ||||||||||||||||
Three months ending June 30, 2019 | 30,502,757 | $ | 542,939 | $ | 335,145 | $ | (2,198 | ) | $ | 875,886 | ||||||||||
Balance at January 1, 2019 | 30,417,223 | $ | 541,762 | $ | 303,490 | $ | (17,879 | ) | $ | 827,373 | ||||||||||
Net income | 45,787 | 45,787 | ||||||||||||||||||
Other comprehensive income | 15,681 | 15,681 | ||||||||||||||||||
Stock option vesting | — | |||||||||||||||||||
Stock options exercised | 157,000 | 2,500 | 2,500 | |||||||||||||||||
RSU vesting | 567 | 567 | ||||||||||||||||||
PSU vesting | 248 | 248 | ||||||||||||||||||
RSUs released | 26,211 | — | ||||||||||||||||||
PSUs released | 22,237 | — | ||||||||||||||||||
Repurchase of common stock | (119,914 | ) | (2,138 | ) | (2,557 | ) | (4,695 | ) | ||||||||||||
Dividends paid ($ 0.38 per share) | (11,575 | ) | (11,575 | ) | ||||||||||||||||
Six months ending June 30, 2019 | 30,502,757 | $ | 542,939 | $ | 335,145 | $ | (2,198 | ) | $ | 875,886 | ||||||||||
CHANGES IN SHAREHOLDERS’ EQUITY
For the three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Operating activities: | ||||||||
Net income | $ | 22,726 | $ | 13,910 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation of premises and equipment, and amortization | 1,838 | 1,613 | ||||||
Amortization of intangible assets | 1,431 | 339 | ||||||
Reversal of provision for loan losses | (1,600 | ) | (236 | ) | ||||
Amortization of investment securities premium, net | 571 | 700 | ||||||
Originations of loans for resale | (18,119 | ) | (20,332 | ) | ||||
Proceeds from sale of loans originated for resale | 16,689 | 23,270 | ||||||
Gain on sale of loans | (412 | ) | (626 | ) | ||||
Change in market value of mortgage servicing rights | 645 | (111 | ) | |||||
Provision for losses on foreclosed assets | — | 90 | ||||||
Gain on transfer of loans to foreclosed assets | (98 | ) | — | |||||
Gain on sale of foreclosed assets | (99 | ) | (371 | ) | ||||
Loss on disposal of fixed assets | 38 | 13 | ||||||
Increase in cash value of life insurance | (775 | ) | (608 | ) | ||||
Gain on life insurance death benefit | (32 | ) | — | |||||
(Gain) loss on marketable equity securities | (36 | ) | 48 | |||||
Equity compensation vesting expense | 397 | 391 | ||||||
Change in: | ||||||||
Interest receivable | (1,019 | ) | 1,365 | |||||
Interest payable | 198 | 28 | ||||||
Other assets and liabilities, net | (288 | ) | 4,231 | |||||
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Net cash from operating activities | 22,055 | 23,714 | ||||||
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Investing activities: | ||||||||
Proceeds from maturities of securities available for sale | 15,133 | 15,643 | ||||||
Proceeds from maturities of securities held to maturity | 13,684 | 18,535 | ||||||
Purchases of securities available for sale | (1,238 | ) | (39,647 | ) | ||||
Loan origination and principal collections, net | (11,351 | ) | (54,682 | ) | ||||
Proceeds from sale of other real estate owned | 278 | 1,943 | ||||||
Proceeds from sale of premises and equipment | 11 | — | ||||||
Purchases of premises and equipment | (1,650 | ) | (2,200 | ) | ||||
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Net cash from investing activities | 14,867 | (60,408 | ) | |||||
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Financing activities: | ||||||||
Net increase in deposits | 63,796 | 75,273 | ||||||
Net change in other borrowings | (3,373 | ) | (57,125 | ) | ||||
Repurchase of common stock, net | (388 | ) | — | |||||
Dividends paid | (5,782 | ) | (3,903 | ) | ||||
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Net cash used by financing activities | 54,253 | 14,245 | ||||||
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Net change in cash and cash equivalents | 91,175 | (22,449 | ) | |||||
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Cash and cash equivalents and beginning of year | 227,533 | 205,428 | ||||||
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Cash and cash equivalents at end of year | $ | 318,708 | $ | 182,979 | ||||
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Supplemental disclosure of noncash activities: | ||||||||
Unrealized gain (loss) on securities available for sale | $ | 12,710 | $ | (15,628 | ) | |||
Loans transferred to foreclosed assets | 116 | — | ||||||
Market value of shares tenderedin-lieu of cash to pay for exercise of options and/or related taxes | 647 | 4 | ||||||
Supplemental disclosure of cash flow activity: | ||||||||
Cash paid for interest expense | 3,389 | 2,107 | ||||||
Cash paid for income taxes | — | — |
Shares of Common Stock | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||
Balance at March 31, 2018 | 22,956,323 | $ | 256,226 | $ | 266,235 | $ | (17,205 | ) | $ | 505,256 | ||||||||||
Net income | 15,029 | 15,029 | ||||||||||||||||||
Adoption ASU 2016-01 | ||||||||||||||||||||
Adoption ASU 2018-02 | ||||||||||||||||||||
Other comprehensive loss | (3,918 | ) | (3,918 | ) | ||||||||||||||||
Stock option vesting | 17 | 17 | ||||||||||||||||||
Stock options exercised | 14,500 | 223 | 223 | |||||||||||||||||
RSU vesting | 233 | 233 | ||||||||||||||||||
PSU vesting | 81 | 81 | ||||||||||||||||||
RSUs released | 24,904 | — | ||||||||||||||||||
PSUs released | 25,512 | — | ||||||||||||||||||
Repurchase of common stock | (17,086 | ) | (190 | ) | (477 | ) | (667 | ) | ||||||||||||
Dividends paid ($ 0.17 per share) | (3,910 | ) | (3,910 | ) | ||||||||||||||||
Three months ending June 30, 2018 | 23,004,153 | $ | 256,590 | $ | 276,877 | $ | (21,123 | ) | $ | 512,344 | ||||||||||
Balance at January 1, 2018 | 22,955,963 | $ | 255,836 | $ | 255,200 | $ | (5,228 | ) | $ | 505,808 | ||||||||||
Net income | 28,939 | 28,939 | ||||||||||||||||||
Adoption ASU 2016-01 | (62 | ) | 62 | — | ||||||||||||||||
Adoption ASU 2018-02 | 1,093 | (1,093 | ) | — | ||||||||||||||||
Other comprehensive loss | (14,864 | ) | (14,864 | ) | ||||||||||||||||
Stock option vesting | 54 | 54 | ||||||||||||||||||
Stock options exercised | 14,500 | 223 | 223 | |||||||||||||||||
RSU vesting | 471 | 471 | ||||||||||||||||||
PSU vesting | 197 | 197 | ||||||||||||||||||
RSUs released | 25,398 | — | ||||||||||||||||||
PSUs released | 25,512 | — | ||||||||||||||||||
Repurchase of common stock | (17,220 | ) | (191 | ) | (480 | ) | (671 | ) | ||||||||||||
Dividends paid ($ 0.34 per share) | (7,813 | ) | (7,813 | ) | ||||||||||||||||
Six months ending June 30, 2018 | 23,004,153 | $ | 256,590 | $ | 276,877 | $ | (21,123 | ) | $ | 512,344 | ||||||||||
For the six months ended June 30, | ||||||||
2019 | 2018 | |||||||
Operating activities: | ||||||||
Net income | $ | 45,787 | $ | 28,939 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation of premises and equipment, and amortization | 3,582 | 3,229 | ||||||
Amortization of intangible assets | 2,862 | 678 | ||||||
Reversal of provision for loan losses | (1,063 | ) | (874 | ) | ||||
Amortization of investment securities premium, net | 1,186 | 1,340 | ||||||
Originations of loans for resale | (46,936 | ) | (43,389 | ) | ||||
Proceeds from sale of loans originated for resale | 45,407 | 45,437 | ||||||
Gain on sale of loans | (987 | ) | (1,292 | ) | ||||
Change in market value of mortgage servicing rights | 1,197 | (75 | ) | |||||
Provision for losses on foreclosed assets | 62 | 90 | ||||||
Gain on transfer of loans to foreclosed assets | (97 | ) | — | |||||
Gain on sale of foreclosed assets | (199 | ) | (388 | ) | ||||
Loss on disposal of fixed assets | 80 | 54 | ||||||
Increase in cash value of life insurance | (1,521 | ) | (1,264 | ) | ||||
Gain on life insurance death benefit | (728 | ) | — | |||||
(Gain) loss on marketable equity securities | (78 | ) | 70 | |||||
Equity compensation vesting expense | 815 | 722 | ||||||
Change in: | ||||||||
Interest receivable | (1,578 | ) | (481 | ) | ||||
Interest payable | 668 | 245 | ||||||
Other assets and liabilities, net | (14,592 | ) | (97 | ) | ||||
Net cash from operating activities | 33,867 | 32,944 | ||||||
Investing activities: | ||||||||
Proceeds from maturities of securities available for sale | 39,845 | 32,906 | ||||||
Proceeds from maturities of securities held to maturity | 31,938 | 36,587 | ||||||
Purchases of securities available for sale | (37,253 | ) | (81,300 | ) | ||||
Loan origination and principal collections, net | (80,440 | ) | (131,073 | ) | ||||
Proceeds from sale of other real estate owned | 1,082 | 2,150 | ||||||
Proceeds from sale of premises and equipment | 11 | 36 | ||||||
Purchases of premises and equipment | (2,586 | ) | (4,119 | ) | ||||
Net cash from investing activities | (47,403 | ) | (144,813 | ) | ||||
Financing activities: | ||||||||
Net change in deposits | (24,293 | ) | 68,091 | |||||
Net change in other borrowings | (2,547 | ) | 30,673 | |||||
Repurchase of common stock, net | — | (448 | ) | |||||
Dividends paid | (11,575 | ) | (7,813 | ) | ||||
Net cash used by financing activities | (38,415 | ) | 90,503 | |||||
Net change in cash and cash equivalents | (51,951 | ) | (21,366 | ) | ||||
Cash and cash equivalents and beginning of year | 227,533 | 205,428 | ||||||
Cash and cash equivalents at end of year | $ | 175,582 | $ | 184,062 | ||||
Supplemental disclosure of noncash activities: | ||||||||
Unrealized gain (loss) on securities available for sale | $ | 22,263 | $ | (21,304 | ) | |||
Loans transferred to foreclosed assets | 116 | — | ||||||
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes | 4,695 | 671 | ||||||
Obligations incurred in conjunction with leased assets | 156 | — | ||||||
Supplemental disclosure of cash flow activity: | ||||||||
Cash paid for interest expense | 6,982 | 4,499 | ||||||
Cash paid for income taxes | 22,000 | 8,525 |
leases and were not previously recognized on the Company’s balance sheets. As of January 1, 2019, the Company recorded a ROUA and corresponding lease liability for all applicable operating leases. While the guidance increased the Company’s gross assets and liabilities, the adoption of ASU
June
FNB Bancorp July 6, 2018 | ||||
Fair value of consideration transferred: | ||||
Fair value of shares issued | $ | 284,437 | ||
Cash consideration | 6,695 | |||
|
| |||
Total fair value of consideration transferred | 291,132 | |||
|
| |||
Assets acquired: | ||||
Cash and cash equivalents | 37,308 | |||
Securities available for sale | 335,667 | |||
Restricted equity securities | 7,723 | |||
Loans | 834,683 | |||
Premises and equipment | 30,522 | |||
Cash value of life insurance | 16,817 | |||
Core deposit intangible | 27,605 | |||
Other assets | 16,214 | |||
|
| |||
Total assets acquired | 1,306,539 | |||
|
| |||
Liabilities assumed: | ||||
Deposits | 991,935 | |||
Other liabilities | 15,133 | |||
Short-term borrowings—Federal Home Loan Bank | 165,000 | |||
|
| |||
Total liabilities assumed | 1,172,068 | |||
|
| |||
Total net assets acquired | 134,471 | |||
|
| |||
Goodwill recognized | $ | 156,661 | ||
|
|
FNB Bancorp | ||||
July 6, 2018 | ||||
Fair value of consideration transferred: | ||||
Fair value of shares issued | $ | 284,437 | ||
Cash consideration | 6,695 | |||
Total fair value of consideration transferred | 291,132 | |||
Assets acquired: | ||||
Cash and cash equivalents | 37,308 | |||
Securities available for sale | 335,667 | |||
Restricted equity securities | 7,723 | |||
Loans | 834,683 | |||
Premises and equipment | 30,522 | |||
Cash value of life insurance | 16,817 | |||
Core deposit intangible | 27,605 | |||
Other assets | 16,214 | |||
Total assets acquired | 1,306,539 | |||
Liabilities assumed: | ||||
Deposits | 991,935 | |||
Other liabilities | 15,133 | |||
Short-term borrowings - Federal Home Loan Bank | 165,000 | |||
Total liabilities assumed | 1,172,068 | |||
Total net assets acquired | 134,471 | |||
Goodwill recognized | $ | 156,661 |
FNB Bancorp July 6, 2018 | ||||
Value of stock consideration paid to FNB Bancorp Shareholders | $ | 284,437 | ||
Cash consideration | 6,695 | |||
Less: | ||||
Cost basis net assets acquired | 114,030 | |||
Fair value adjustments: | ||||
Investments | (1,081 | ) | ||
Loans | (22,390 | ) | ||
Premises and Equipment | 21,590 | |||
Core deposit intangible | 27,327 | |||
Deferred income taxes | (6,394 | ) | ||
Other | 1,389 | |||
|
| |||
Goodwill | $ | 156,661 | ||
|
|
FNB Bancorp | ||||
July 6, 2018 | ||||
Value of stock consideration paid to FNB Bancorp Shareholders | $ | 284,437 | ||
Cash consideration | 6,695 | |||
Less: | ||||
Cost basis net assets acquired | 114,030 | |||
Fair value adjustments: | ||||
Investments | (1,081 | ) | ||
Loans | (22,390 | ) | ||
Premises and equipment | 21,590 | |||
Core deposit intangible | 27,327 | |||
Deferred income taxes | (6,394 | ) | ||
Other | 1,389 | |||
Goodwill | $ | 156,661 |
March 31, 2019 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||
Obligations of U.S. government agencies | $ | 631,914 | $ | 1,862 | $ | (6,676 | ) | $ | 627,100 | |||||||
Obligations of states and political subdivisions | 128,706 | 1,242 | (599 | ) | 129,349 | |||||||||||
Corporate bonds | 4,394 | 84 | — | 4,478 | ||||||||||||
Asset backed securities | 356,766 | 141 | (4,318 | ) | 352,589 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total debt securities available for sale | $ | 1,121,780 | $ | 3,329 | $ | (11,593 | ) | $ | 1,113,516 | |||||||
|
|
|
|
|
|
|
| |||||||||
Debt Securities Held to Maturity | ||||||||||||||||
Obligations of U.S. government agencies | $ | 416,418 | $ | 2,190 | $ | (2,581 | ) | $ | 416,027 | |||||||
Obligations of states and political subdivisions | 14,598 | 173 | (25 | ) | 14,746 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total debt securities held to maturity | $ | 431,016 | $ | 2,363 | $ | (2,606 | ) | $ | 430,773 | |||||||
|
|
|
|
|
|
|
|
December 31, 2018 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||
Obligations of U.S. government agencies | $ | 647,288 | $ | 771 | $ | (18,078 | ) | $ | 629,981 | |||||||
Obligations of states and political subdivisions | 128,890 | 294 | (3,112 | ) | 126,072 | |||||||||||
Corporate bonds | 4,381 | 97 | — | 4,478 | ||||||||||||
Asset backed securities | 355,451 | 73 | (1,019 | ) | 354,505 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total debt securities available for sale | $ | 1,136,010 | $ | 1,235 | $ | (22,209 | ) | $ | 1,115,036 | |||||||
|
|
|
|
|
|
|
| |||||||||
Debt Securities Held to Maturity | ||||||||||||||||
Obligations of U.S. government agencies | $ | 430,343 | $ | 327 | $ | (7,745 | ) | $ | 422,925 | |||||||
Obligations of states and political subdivisions | 14,593 | 82 | (230 | ) | 14,445 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total debt securities held to maturity | $ | 444,936 | $ | 409 | $ | (7,975 | ) | $ | 437,370 | |||||||
|
|
|
|
|
|
|
|
June 30, 2019 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(in thousands) | ||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||
Obligations of U.S. government agencies | $ | 627,996 | $ | 5,193 | $ | (2,278 | ) | $ | 630,911 | |||||||
Obligations of states and political subdivisions | 123,626 | 2,462 | (108 | ) | 125,980 | |||||||||||
Corporate bonds | 4,407 | 114 | — | 4,521 | ||||||||||||
Asset backed securities | 376,676 | 252 | (4,346 | ) | 372,582 | |||||||||||
Total debt securities available for sale | $ | 1,132,705 | $ | 8,021 | $ | (6,732 | ) | $ | 1,133,994 | |||||||
Debt Securities Held to Maturity | ||||||||||||||||
Obligations of U.S. government agencies | $ | 398,714 | $ | 3,661 | $ | (1,199 | ) | $ | 401,176 | |||||||
Obligations of states and political subdivisions | 13,810 | 290 | — | 14,100 | ||||||||||||
Total debt securities held to maturity | $ | 412,524 | $ | 3,951 | $ | (1,199 | ) | $ | 415,276 | |||||||
December 31, 2018 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(in thousands) | ||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||
Obligations of U.S. government agencies | $ | 647,288 | $ | 771 | $ | (18,078 | ) | $ | 629,981 | |||||||
Obligations of states and political subdivisions | 128,890 | 294 | (3,112 | ) | 126,072 | |||||||||||
Corporate bonds | 4,381 | 97 | — | 4,478 | ||||||||||||
Asset backed securities | 355,451 | 73 | (1,019 | ) | 354,505 | |||||||||||
Total debt securities available for sale | $ | 1,136,010 | $ | 1,235 | $ | (22,209 | ) | $ | 1,115,036 | |||||||
Debt Securities Held to Maturity | ||||||||||||||||
Obligations of U.S. government agencies | $ | 430,343 | $ | 327 | $ | (7,745 | ) | $ | 422,925 | |||||||
Obligations of states and political subdivisions | 14,593 | 82 | (230 | ) | 14,445 | |||||||||||
Total debt securities held to maturity | $ | 444,936 | $ | 409 | $ | (7,975 | ) | $ | 437,370 | |||||||
Debt Securities | Available for Sale | Held to Maturity | ||||||||||||||
(In thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
Due in one year | $ | 2,413 | $ | 2,418 | $ | — | $ | — | ||||||||
Due after one year through five years | 10,584 | 10,798 | 1,246 | 1,260 | ||||||||||||
Due after five years through ten years | 18,130 | 18,624 | 23,944 | 23,899 | ||||||||||||
Due after ten years | 1,090,653 | 1,081,676 | 405,826 | 405,614 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 1,121,780 | $ | 1,113,516 | $ | 431,016 | $ | 430,773 | ||||||||
|
|
|
|
|
|
|
|
Debt Securities | Available for Sale | Held to Maturity | ||||||||||||||
(In thousands) | Amortized | Estimated | Amortized | Estimated | ||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Due in one year | $ | 2,415 | $ | 2,421 | $ | — | $ | — | ||||||||
Due after one year through five years | 14,287 | 14,636 | 1,254 | 1,269 | ||||||||||||
Due after five years through ten years | 44,325 | 45,235 | 21,922 | 22,166 | ||||||||||||
Due after ten years | 1,071,678 | 1,071,702 | 389,348 | 391,841 | ||||||||||||
Totals | $ | 1,132,705 | $ | 1,133,994 | $ | 412,524 | $ | 415,276 | ||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
March 31, 2019 | (in thousands) | |||||||||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 481 | $ | (2 | ) | $ | 496,424 | $ | (6,674 | ) | $ | 496,905 | $ | (6,676 | ) | |||||||||
Obligations of states and political subdivisions | 24,644 | (598 | ) | 566 | (1 | ) | 25,210 | (599 | ) | |||||||||||||||
Asset backed securities | 330,078 | (4,318 | ) | — | — | 330,078 | (4,318 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total debt securities available for sale | $ | 355,203 | $ | (4,918 | ) | $ | 496,990 | $ | (6,675 | ) | $ | 852,193 | $ | (11,593 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Debt Securities Held to Maturity | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | 224,551 | $ | (2,581 | ) | $ | 224,551 | $ | (2,581 | ) | ||||||||||
Obligations of states and political subdivisions | — | — | 5,891 | (25 | ) | 5,891 | (25 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total debt securities held to maturity | $ | — | $ | — | $ | 230,442 | $ | (2,606 | ) | $ | 230,442 | $ | (2,606 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
December 31, 2018 | (in thousands) | |||||||||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 171,309 | $ | (3,588 | ) | $ | 394,630 | $ | (14,490 | ) | $ | 565,939 | $ | (18,078 | ) | |||||||||
Obligations of states and political subdivisions | 63,738 | (1,541 | ) | 20,719 | (1,571 | ) | 84,457 | (3,112 | ) | |||||||||||||||
Asset backed securities | 101,386 | (1,019 | ) | — | — | 101,386 | (1,019 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total debt securities available for sale | $ | 336,433 | $ | (6,148 | ) | $ | 415,349 | $ | (16,061 | ) | $ | 751,782 | $ | (22,209 | ) | |||||||||
Debt Securities Held to Maturity | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 223,810 | $ | (2,619 | ) | $ | 158,648 | $ | (5,126 | ) | $ | 382,458 | $ | (7,745 | ) | |||||||||
Obligations of states and political subdivisions | 5,786 | (114 | ) | 4,042 | (116 | ) | 9,828 | (230 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total debt securities held to maturity | $ | 229,596 | $ | (2,733 | ) | $ | 162,690 | $ | (5,242 | ) | $ | 392,286 | $ | (7,975 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | 247,286 | $ | (2,278 | ) | $ | 247,286 | $ | (2,278 | ) | ||||||||||
Obligations of states and political subdivisions | 5,208 | (108 | ) | — | — | 5,208 | (108 | ) | ||||||||||||||||
Corporate Bonds | — | — | — | — | — | — | ||||||||||||||||||
Asset backed securities | 340,012 | (4,346 | ) | — | — | 340,012 | (4,346 | ) | ||||||||||||||||
Total debt securities available for sale | $ | 345,220 | $ | (4,454 | ) | $ | 247,286 | $ | (2,278 | ) | $ | 592,506 | $ | (6,732 | ) | |||||||||
Debt Securities Held to Maturity | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | 110,702 | $ | (1,199 | ) | $ | 110,702 | $ | (1,199 | ) | ||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | — | ||||||||||||||||||
Total debt securities held to maturity | $ | — | $ | — | $ | 110,702 | $ | (1,199 | ) | $ | 110,702 | $ | (1,199 | ) | ||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 171,309 | $ | (3,588 | ) | $ | 394,630 | $ | (14,490 | ) | $ | 565,939 | $ | (18,078 | ) | |||||||||
Obligations of states and political subdivisions | 63,738 | (1,541 | ) | 20,719 | (1,571 | ) | 84,457 | (3,112 | ) | |||||||||||||||
Asset backed securities | 101,386 | (1,019 | ) | — | — | 101,386 | (1,019 | ) | ||||||||||||||||
Total debt securities available for sale | $ | 336,433 | $ | (6,148 | ) | $ | 415,349 | $ | (16,061 | ) | $ | 751,782 | $ | (22,209 | ) | |||||||||
Debt Securities Held to Maturity | ||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 223,810 | $ | (2,619 | ) | $ | 158,648 | $ | (5,126 | ) | $ | 382,458 | $ | (7,745 | ) | |||||||||
Obligations of states and political subdivisions | 5,786 | (114 | ) | 4,042 | (116 | ) | 9,828 | (230 | ) | |||||||||||||||
Total debt securities held to maturity | $ | 229,596 | $ | (2,733 | ) | $ | 162,690 | $ | (5,242 | ) | $ | 392,286 | $ | (7,975 | ) |
March 31, 2019 | ||||||||||||||||
Originated | PNCI | PCI | Total | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 357,559 | $ | 163,268 | $ | 1,585 | $ | 522,412 | ||||||||
Commercial | 1,929,508 | 671,397 | 6,022 | 2,606,927 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loan on real estate | 2,287,067 | 834,665 | 7,607 | 3,129,339 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 279,075 | 38,090 | 1,088 | 318,253 | ||||||||||||
Home equity loans | 31,245 | 3,356 | 436 | 35,037 | ||||||||||||
Other | 45,020 | 20,001 | 41 | 65,062 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 355,340 | 61,447 | 1,565 | 418,352 | ||||||||||||
Commercial | 227,314 | 39,295 | 2,554 | 269,163 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 115,688 | 30,096 | — | 145,784 | ||||||||||||
Commercial | 64,576 | 7,117 | — | 71,693 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 180,264 | 37,213 | — | 217,477 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total loans, net of deferred loan fees and discounts | $ | 3,049,985 | $ | 972,620 | $ | 11,726 | $ | 4,034,331 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total principal balance of loans owed, net of charge-offs | $ | 3,059,398 | $ | 1,007,678 | $ | 18,376 | $ | 4,085,452 | ||||||||
Unamortized net deferred loan fees | (9,413 | ) | — | — | (9,413 | ) | ||||||||||
Discounts to principal balance of loans owed, net of charge-offs | — | (35,058 | ) | (6,650 | ) | (41,708 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total loans, net of unamortized deferred loan fees and discounts | $ | 3,049,985 | $ | 972,620 | $ | 11,726 | $ | 4,034,331 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Allowance for loan losses | $ | (31,088 | ) | $ | (969 | ) | $ | (7 | ) | $ | (32,064 | ) | ||||
|
|
|
|
|
|
|
|
June 30, 2019 | ||||||||||||||||
Originated | PNCI | PCI | Total | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 348,737 | $ | 155,872 | $ | 1,440 | $ | 506,049 | ||||||||
Commercial | 2,005,985 | 660,737 | 5,959 | 2,672,681 | ||||||||||||
Total mortgage loan on real estate | 2,354,722 | 816,609 | 7,399 | 3,178,730 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 294,541 | 35,231 | 1,128 | 330,900 | ||||||||||||
Home equity loans | 29,041 | 2,875 | 429 | 32,345 | ||||||||||||
Other | 53,340 | 17,802 | 1 | 71,143 | ||||||||||||
Total consumer loans | 376,922 | 55,908 | 1,558 | 434,388 | ||||||||||||
Commercial | 248,523 | 24,984 | 2,538 | 276,045 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 148,432 | 9,083 | — | 157,515 | ||||||||||||
Commercial | 56,289 | 720 | — | 57,009 | ||||||||||||
Total construction | 204,721 | 9,803 | — | 214,524 | ||||||||||||
Total loans, net of deferred loan fees and discounts | $ | 3,184,888 | $ | 907,304 | $ | 11,495 | $ | 4,103,687 | ||||||||
Total principal balance of loans owed, net of charge-offs | $ | 3,193,938 | $ | 940,627 | $ | 17,975 | $ | 4,152,540 | ||||||||
Unamortized net deferred loan fees | (9,050 | ) | — | — | (9,050 | ) | ||||||||||
Discounts to principal balance of loans owed, net of charge-offs | — | (33,323 | ) | (6,480 | ) | (39,803 | ) | |||||||||
Total loans, net of unamortized deferred loan fees and discounts | $ | 3,184,888 | $ | 907,304 | $ | 11,495 | $ | 4,103,687 | ||||||||
Allowance for loan losses | $ | (32,273 | ) | $ | (585 | ) | $ | (10 | ) | $ | ( 32,868 | ) | ||||
December 31, 2018 | ||||||||||||||||
Originated | PNCI | PCI | Total | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 343,796 | $ | 169,792 | $ | 1,674 | $ | 515,262 | ||||||||
Commercial | 1,910,981 | 708,401 | 8,456 | 2,627,838 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loan on real estate | 2,254,777 | 878,193 | 10,130 | 3,143,100 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 284,453 | 40,957 | 1,167 | 326,577 | ||||||||||||
Home equity loans | 32,660 | 3,585 | 439 | 36,684 | ||||||||||||
Other | 34,020 | 21,659 | 42 | 55,721 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 351,133 | 66,201 | 1,648 | 418,982 | ||||||||||||
Commercial | 228,635 | 45,468 | 2,445 | 276,548 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 90,703 | 30,593 | — | 121,296 | ||||||||||||
Commercial | 56,208 | 5,880 | — | 62,088 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 146,911 | 36,473 | — | 183,384 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total loans, net of deferred loan fees and discounts | $ | 2,981,456 | $ | 1,026,335 | $ | 14,223 | $ | 4,022,014 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total principal balance of loans owed, net of charge-offs | $ | 2,991,324 | $ | 1,062,655 | $ | 21,265 | $ | 4,075,244 | ||||||||
Unamortized net deferred loan fees | (9,868 | ) | — | — | (9,868 | ) | ||||||||||
Discounts to principal balance of loans owed, net of charge-offs | — | (36,320 | ) | (7,042 | ) | (43,362 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total loans, net of unamortized deferred loan fees and discounts | $ | 2,981,456 | $ | 1,026,335 | $ | 14,223 | $ | 4,022,014 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Allowance for loan losses | $ | (31,793 | ) | $ | (667 | ) | $ | (122 | ) | $ | (32,582 | ) | ||||
|
|
|
|
|
|
|
|
December 31, 2018 | ||||||||||||||||
Originated | PNCI | PCI | Total | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 343,796 | $ | 169,792 | $ | 1,674 | $ | 515,262 | ||||||||
Commercial | 1,910,981 | 708,401 | 8,456 | 2,627,838 | ||||||||||||
Total mortgage loan on real estate | 2,254,777 | 878,193 | 10,130 | 3,143,100 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 284,453 | 40,957 | 1,167 | 326,577 | ||||||||||||
Home equity loans | 32,660 | 3,585 | 439 | 36,684 | ||||||||||||
Other | 34,020 | 21,659 | 42 | 55,721 | ||||||||||||
Total consumer loans | 351,133 | 66,201 | 1,648 | 418,982 | ||||||||||||
Commercial | 228,635 | 45,468 | 2,445 | 276,548 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 90,703 | 30,593 | — | 121,296 | ||||||||||||
Commercial | 56,208 | 5,880 | — | 62,088 | ||||||||||||
Total construction | 146,911 | 36,473 | — | 183,384 | ||||||||||||
Total loans, net of deferred loan fees and discounts | $ | 2,981,456 | $ | 1,026,335 | $ | 14,223 | $ | 4,022,014 | ||||||||
Total principal balance of loans owed, net of charge-offs | $ | 2,991,324 | $ | 1,062,655 | $ | 21,265 | $ | 4,075,244 | ||||||||
Unamortized net deferred loan fees | (9,868 | ) | — | — | (9,868 | ) | ||||||||||
Discounts to principal balance of loans owed, net of charge-offs | — | (36,320 | ) | (7,042 | ) | (43,362 | ) | |||||||||
Total loans, net of unamortized deferred loan fees and discounts | $ | 2,981,456 | $ | 1,026,335 | $ | 14,223 | $ | 4,022,014 | ||||||||
Allowance for loan losses | $ | (31,793 | ) | $ | (667 | ) | $ | (122 | ) | $ | (32,582 | ) | ||||
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Change in accretable yield: | ||||||||
Balance at beginning of period | $ | 6,059 | $ | 6,137 | ||||
Accretion to interest income | (301 | ) | (255 | ) | ||||
Reclassification (to) from nonaccretable difference | (11 | ) | 140 | |||||
|
|
|
| |||||
Balance at end of period | $ | 5,747 | $ | 6,022 | ||||
|
|
|
|
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Change in accretable yield: | ||||||||||||||||
Balance at beginning of period | $ | 5,747 | $ | 6,022 | $ | 6,059 | $ | 6,137 | ||||||||
Accretion to interest income | (109 | ) | (261 | ) | (410 | ) | (516 | ) | ||||||||
Reclassification (to) from nonaccretable difference | (320 | ) | 110 | (331 | ) | 250 | ||||||||||
Balance at end of period | $ | 5,318 | $ | 5,871 | $ | 5,318 | $ | 5,871 | ||||||||
Allowance for Loan Losses – Three Months Ended March 31, 2019 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential1-4 family | $ | 2,676 | $ | — | $ | 2 | $ | (178 | ) | $ | 2,500 | |||||||||
Commercial | 12,944 | — | 1,381 | (1,995 | ) | 12,330 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage loans on real estate | 15,620 | — | 1,383 | (2,173 | ) | 14,830 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 6,042 | — | 95 | (122 | ) | 6,015 | ||||||||||||||
Home equity loans | 1,540 | — | 87 | (341 | ) | 1,286 | ||||||||||||||
Other | 793 | (207 | ) | 75 | 379 | 1,040 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer loans | 8,375 | (207 | ) | 257 | (84 | ) | 8,341 | |||||||||||||
Commercial | 6,090 | (519 | ) | 168 | 339 | 6,078 | ||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 1,834 | — | — | 574 | 2,408 | |||||||||||||||
Commercial | 663 | — | — | (256 | ) | 407 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction | 2,497 | — | — | 318 | 2,815 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 32,582 | $ | (726 | ) | $ | 1,808 | $ | (1,600 | ) | $ | 32,064 | ||||||||
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses – As of March 31, 2019 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total allowance for loan losses | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 2,445 | $ | 55 | $ | — | $ | 2,500 | ||||||||
Commercial | 12,293 | 36 | 1 | 12,330 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loans on real estate | 14,738 | 91 | 1 | 14,830 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 5,879 | 130 | 6 | 6,015 | ||||||||||||
Home equity loans | 1,216 | 70 | — | 1,286 | ||||||||||||
Other | 1,023 | 17 | — | 1,040 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 8,118 | 217 | 6 | 8,341 | ||||||||||||
Commercial | 4,636 | 1,442 | — | 6,078 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 2,408 | — | — | 2,408 | ||||||||||||
Commercial | 407 | — | — | 407 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 2,815 | — | — | 2,815 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 30,307 | $ | 1,750 | $ | 7 | $ | 32,064 | ||||||||
|
|
|
|
|
|
|
|
Loans, Net of Unearned fees – As of March 31, 2019 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total loans, net of unearned fees | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 517,038 | $ | 3,789 | $ | 1,585 | $ | 522,412 | ||||||||
Commercial | 2,592,994 | 7,911 | 6,022 | 2,606,927 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loans on real estate | 3,110,032 | 11,700 | 7,607 | 3,129,339 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 314,609 | 2,556 | 1,088 | 318,253 | ||||||||||||
Home equity loans | 32,618 | 1,983 | 436 | 35,037 | ||||||||||||
Other | 64,891 | 130 | 41 | 65,062 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 412,118 | 4,669 | 1,565 | 418,352 | ||||||||||||
Commercial | 261,933 | 4,676 | 2,554 | 269,163 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 145,784 | — | — | 145,784 | ||||||||||||
Commercial | 71,693 | — | — | 71,693 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 217,477 | — | — | 217,477 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,001,560 | $ | 21,045 | $ | 11,726 | $ | 4,034,331 | ||||||||
|
|
|
|
|
|
|
|
Allowance for Loan Losses – Three Months Ended June 30, 2019 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 2,500 | $ | (2 | ) | $ | 3 | $ | 75 | $ | 2,576 | |||||||||
Commercial | 12,330 | — | 10 | (241 | ) | 12,099 | ||||||||||||||
Total mortgage loans on real estate | 14,830 | (2 | ) | 13 | (166 | ) | 14,675 | |||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 6,015 | — | 183 | (339 | ) | 5,859 | ||||||||||||||
Home equity loans | 1,286 | — | 171 | (215 | ) | 1,242 | ||||||||||||||
Other | 1,040 | (153 | ) | 108 | 456 | 1,451 | ||||||||||||||
Total consumer loans | 8,341 | (153 | ) | 462 | (98 | ) | 8,552 | |||||||||||||
Commercial | 6,078 | (138 | ) | 85 | 720 | 6,745 | ||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 2,408 | — | — | 130 | 2,538 | |||||||||||||||
Commercial | 407 | — | — | (49 | ) | 358 | ||||||||||||||
Total construction | 2,815 | — | — | 81 | 2,896 | |||||||||||||||
Total | $ | 32,064 | $ | (293 | ) | $ | 560 | $ | 537 | $ | 32,868 | |||||||||
Allowance for Loan Losses – Six Months Ended June 30, 2019 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 2,676 | $ | (2 | ) | $ | 5 | $ | (103 | ) | $ | 2,576 | ||||||||
Commercial | 12,944 | — | 1,391 | (2,236 | ) | 12,099 | ||||||||||||||
Total mortgage loans on real estate | 15,620 | (2 | ) | 1,396 | (2,339 | ) | 14,675 | |||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 6,042 | — | 278 | (461 | ) | 5,859 | ||||||||||||||
Home equity loans | 1,540 | — | 258 | (556 | ) | 1,242 | ||||||||||||||
Other | 793 | (360 | ) | 183 | 835 | 1,451 | ||||||||||||||
Total consumer loans | 8,375 | (360 | ) | 719 | (182 | ) | 8,552 | |||||||||||||
Commercial | 6,090 | (657 | ) | 253 | 1,059 | 6,745 | ||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 1,834 | — | — | 704 | 2,538 | |||||||||||||||
Commercial | 663 | — | — | (305 | ) | 358 | ||||||||||||||
Total construction | 2,497 | — | — | 399 | 2,896 | |||||||||||||||
Total | $ | 32,582 | $ | (1,019 | ) | $ | 2,368 | $ | (1,063 | ) | $ | 32,868 |
Allowance for Loan Losses – Year Ended December 31, 2018 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential1-4 family | $ | 2,317 | $ | (77 | ) | $ | — | $ | 436 | $ | 2,676 | |||||||||
Commercial | 11,441 | (15 | ) | 68 | 1,450 | 12,944 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage loans on real estate | 13,758 | (92 | ) | 68 | 1,886 | 15,620 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 5,800 | (277 | ) | 846 | (327 | ) | 6,042 | |||||||||||||
Home equity loans | 1,841 | (24 | ) | 297 | (574 | ) | 1,540 | |||||||||||||
Other | 586 | (783 | ) | 288 | 702 | 793 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer loans | 8,227 | (1,084 | ) | 1,431 | (199 | ) | 8,375 | |||||||||||||
Commercial | 6,512 | (1,188 | ) | 541 | 225 | 6,090 | ||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 1,184 | — | — | 650 | 1,834 | |||||||||||||||
Commercial | 642 | — | — | 21 | 663 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction | 1,826 | — | — | 671 | 2,497 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 30,323 | $ | (2,364 | ) | $ | 2,040 | $ | 2,583 | $ | 32,582 | |||||||||
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses – As of December 31, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total allowance for loan losses | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 2,620 | $ | 56 | $ | — | $ | 2,676 | ||||||||
Commercial | 12,737 | 91 | 116 | 12,944 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loans on real estate | 15,357 | 147 | 116 | 15,620 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 5,838 | 198 | 6 | 6,042 | ||||||||||||
Home equity loans | 1,486 | 54 | — | 1,540 | ||||||||||||
Other | 779 | 14 | — | 793 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 8,103 | 266 | 6 | 8,375 | ||||||||||||
Commercial | 4,309 | 1,781 | — | 6,090 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 1,834 | — | — | 1,834 | ||||||||||||
Commercial | 663 | — | — | 663 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 2,497 | — | — | 2,497 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 30,266 | $ | 2,194 | $ | 122 | $ | 32,582 | ||||||||
|
|
|
|
|
|
|
|
Loans, Net of Unearned fees – As of December 31, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total loans, net of unearned fees | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 509,267 | $ | 4,321 | $ | 1,674 | $ | 515,262 | ||||||||
Commercial | 2,606,819 | 12,563 | 8,456 | 2,627,838 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loans on real estate | 3,116,086 | 16,884 | 10,130 | 3,143,100 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 322,764 | 2,646 | 1,167 | 326,577 | ||||||||||||
Home equity loans | 33,142 | 3,103 | 439 | 36,684 | ||||||||||||
Other | 55,483 | 196 | 42 | 55,721 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 411,389 | 5,945 | 1,648 | 418,982 | ||||||||||||
Commercial | 268,885 | 5,218 | 2,445 | 276,548 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 121,296 | — | — | 121,296 | ||||||||||||
Commercial | 62,088 | — | — | 62,088 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 183,384 | — | — | 183,384 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,979,744 | $ | 28,047 | $ | 14,223 | $ | 4,022,014 | ||||||||
|
|
|
|
|
|
|
|
Allowance for Loan Losses – Three Months Ended March 31, 2018 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential1-4 family | $ | 2,317 | $ | (1 | ) | $ | — | $ | (146 | ) | $ | 2,170 | ||||||||
Commercial | 11,441 | — | 15 | 39 | 11,495 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage loans on real estate | 13,758 | (1 | ) | 15 | (107 | ) | 13,665 | |||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 5,800 | (80 | ) | 209 | (517 | ) | 5,412 | |||||||||||||
Home equity loans | 1,841 | — | 14 | (119 | ) | 1,736 | ||||||||||||||
Other | 586 | (194 | ) | 78 | 100 | 570 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer loans | 8,227 | (274 | ) | 301 | (536 | ) | 7,718 | |||||||||||||
Commercial | 6,512 | (205 | ) | 50 | 35 | 6,392 | ||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 1,184 | — | — | 167 | 1,351 | |||||||||||||||
Commercial | 642 | — | — | 205 | 847 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction | 1,826 | — | — | 372 | 2,198 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 30,323 | $ | (480 | ) | $ | 366 | $ | (236 | ) | $ | 29,973 | ||||||||
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses – As of March 31, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total allowance for loan losses | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 1,910 | $ | 190 | $ | 70 | $ | 2,170 | ||||||||
Commercial | 11,281 | 154 | 60 | 11,495 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loans on real estate | 13,191 | 344 | 130 | 13,665 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 4,956 | 448 | 8 | 5,412 | ||||||||||||
Home equity loans | 1,606 | 130 | — | 1,736 | ||||||||||||
Other | 514 | 56 | — | 570 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 7,076 | 634 | 8 | 7,718 | ||||||||||||
Commercial | 4,249 | 2,113 | 30 | 6,392 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 1,351 | — | — | 1,351 | ||||||||||||
Commercial | 847 | — | — | 847 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 2,198 | — | — | 2,198 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 26,714 | $ | 3,091 | $ | 168 | $ | 29,973 | ||||||||
|
|
|
|
|
|
|
|
Loans, Net of Unearned fees – As of March 31, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total loans, net of unearned fees | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential1-4 family | $ | 378,832 | $ | 5,535 | $ | 1,744 | $ | 386,111 | ||||||||
Commercial | 1,954,120 | 11,110 | 8,038 | 1,973,268 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total mortgage loans on real estate | 2,332,952 | 16,645 | 9,782 | 2,359,379 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 279,140 | 2,450 | 1,661 | 283,251 | ||||||||||||
Home equity loans | 39,774 | 1,673 | 485 | 41,932 | ||||||||||||
Other | 23,285 | 278 | 43 | 23,606 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total consumer loans | 342,199 | 4,401 | 2,189 | 348,789 | ||||||||||||
Commercial | 208,889 | 4,621 | 2,505 | 216,015 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 71,462 | 136 | — | 71,598 | ||||||||||||
Commercial | 73,952 | — | — | 73,952 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total construction | 145,414 | 136 | — | 145,550 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,029,454 | $ | 25,803 | $ | 14,476 | $ | 3,069,733 | ||||||||
|
|
|
|
|
|
|
|
Allowance for Loan Losses – As of June 30, 2019 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total allowance for loan losses | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 2,522 | $ | 54 | $ | — | $ | 2,576 | ||||||||
Commercial | 12,015 | 84 | — | 12,099 | ||||||||||||
Total mortgage loans on real estate | 14,537 | 138 | — | 14,675 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 5,764 | 85 | 10 | 5,859 | ||||||||||||
Home equity loans | 1,181 | 61 | — | 1,242 | ||||||||||||
Other | 1,433 | 18 | — | 1,451 | ||||||||||||
Total consumer loans | 8,378 | 164 | 10 | 8,552 | ||||||||||||
Commercial | 4,605 | 2,140 | — | 6,745 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 2,538 | — | — | 2,538 | ||||||||||||
Commercial | 358 | — | — | 358 | ||||||||||||
Total construction | 2,896 | — | — | 2,896 | ||||||||||||
Total | $ | 30,416 | $ | 2,442 | $ | 10 | $ | 32,868 |
Loans, Net of Unearned fees – As of June 30, 2019 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total loans, net of unearned fees | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 500,304 | $ | 4,305 | $ | 1,440 | $ | 506,049 | ||||||||
Commercial | 2,655,692 | 11,030 | 5,959 | 2,672,681 | ||||||||||||
Total mortgage loans on real estate | 3,155,996 | 15,335 | 7,399 | 3,178,730 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 327,726 | 2,046 | 1,128 | 330,900 | ||||||||||||
Home equity loans | 29,860 | 2,056 | 429 | 32,345 | ||||||||||||
Other | 70,986 | 156 | 1 | 71,143 | ||||||||||||
Total consumer loans | 428,572 | 4,258 | 1,558 | 434,388 | ||||||||||||
Commercial | 268,405 | 5,102 | 2,538 | 276,045 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 157,515 | — | — | 157,515 | ||||||||||||
Commercial | 57,009 | — | — | 57,009 | ||||||||||||
Total construction | 214,524 | — | — | 214,524 | ||||||||||||
Total | $ | 4,067,497 | $ | 24,695 | $ | 11,495 | $ | 4,103,687 |
Allowance for Loan Losses – Year Ended December 31, 2018 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 2,317 | $ | (77 | ) | $ | — | $ | 436 | $ | 2,676 | |||||||||
Commercial | 11,441 | (15 | ) | 68 | 1,450 | 12,944 | ||||||||||||||
Total mortgage loans on real estate | 13,758 | (92 | ) | 68 | 1,886 | 15,620 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 5,800 | (277 | ) | 846 | (327 | ) | 6,042 | |||||||||||||
Home equity loans | 1,841 | (24 | ) | 297 | (574 | ) | 1,540 | |||||||||||||
Other | 586 | (783 | ) | 288 | 702 | 793 | ||||||||||||||
Total consumer loans | 8,227 | (1,084 | ) | 1,431 | (199 | ) | 8,375 | |||||||||||||
Commercial | 6,512 | (1,188 | ) | 541 | 225 | 6,090 | ||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 1,184 | — | — | 650 | 1,834 | |||||||||||||||
Commercial | 642 | — | — | 21 | 663 | |||||||||||||||
Total construction | 1,826 | — | — | 671 | 2,497 | |||||||||||||||
Total | $ | 30,323 | $ | (2,364 | ) | $ | 2,040 | $ | 2,583 | $ | 32,582 |
Allowance for Loan Losses – As of December 31, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total allowance for loan losses | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 2,620 | $ | 56 | $ | — | $ | 2,676 | ||||||||
Commercial | 12,737 | 91 | 116 | 12,944 | ||||||||||||
Total mortgage loans on real estate | 15,357 | 147 | 116 | 15,620 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 5,838 | 198 | 6 | 6,042 | ||||||||||||
Home equity loans | 1,486 | 54 | — | 1,540 | ||||||||||||
Other | 779 | 14 | — | 793 | ||||||||||||
Total consumer loans | 8,103 | 266 | 6 | 8,375 | ||||||||||||
Commercial | 4,309 | 1,781 | — | 6,090 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 1,834 | — | — | 1,834 | ||||||||||||
Commercial | 663 | — | — | 663 | ||||||||||||
Total construction | 2,497 | — | — | 2,497 | ||||||||||||
Total | $ | 30,266 | $ | 2,194 | $ | 122 | $ | 32,582 |
Loans, Net of Unearned fees – As of December 31, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total loans, net of unearned fees | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 509,267 | $ | 4,321 | $ | 1,674 | $ | 515,262 | ||||||||
Commercial | 2,606,819 | 12,563 | 8,456 | 2,627,838 | ||||||||||||
Total mortgage loans on real estate | �� | 3,116,086 | 16,884 | 10,130 | 3,143,100 | |||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 322,764 | 2,646 | 1,167 | 326,577 | ||||||||||||
Home equity loans | 33,142 | 3,103 | 439 | 36,684 | ||||||||||||
Other | 55,483 | 196 | 42 | 55,721 | ||||||||||||
Total consumer loans | 411,389 | 5,945 | 1,648 | 418,982 | ||||||||||||
Commercial | 268,885 | 5,218 | 2,445 | 276,548 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 121,296 | — | — | 121,296 | ||||||||||||
Commercial | 62,088 | — | — | 62,088 | ||||||||||||
Total construction | 183,384 | — | — | 183,384 | ||||||||||||
Total | $ | 3,979,744 | $ | 28,047 | $ | 14,223 | $ | 4,022,014 | ||||||||
Allowance for Loan Losses – Three Months Ended June 30, 2018 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 2,170 | $ | (51 | ) | $ | — | $ | (128 | ) | $ | 1,991 | ||||||||
Commercial | 11,495 | (15 | ) | 21 | 106 | 11,607 | ||||||||||||||
Total mortgage loans on real estate | 13,665 | (66 | ) | 21 | (22 | ) | 13,598 | |||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 5,412 | (24 | ) | 317 | (657 | ) | 5,048 | |||||||||||||
Home equity loans | 1,736 | — | 23 | (227 | ) | 1,532 | ||||||||||||||
Other | 570 | (174 | ) | 66 | 95 | 557 | ||||||||||||||
Total consumer loans | 7,718 | (198 | ) | 406 | (789 | ) | 7,137 | |||||||||||||
Commercial | 6,392 | (54 | ) | 80 | (40 | ) | 6,378 | |||||||||||||
Construction: | ||||||||||||||||||||
Residential | 1,351 | — | — | 83 | 1,434 | |||||||||||||||
Commercial | 847 | — | — | 130 | 977 | |||||||||||||||
Total construction | 2,198 | — | — | 213 | 2,411 | |||||||||||||||
Total | $ | 29,973 | $ | (318 | ) | $ | 507 | $ | (638 | ) | $ | 29,524 | ||||||||
Allowance for Loan Losses – Six Months Ended June 30, 2018 | ||||||||||||||||||||
(in thousands) | Beginning Balance | Charge-offs | Recoveries | Provision (benefit) | Ending Balance | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 2,317 | $ | (52 | ) | $ | — | $ | (274 | ) | $ | 1,991 | ||||||||
Commercial | 11,441 | (15 | ) | 36 | 145 | 11,607 | ||||||||||||||
Total mortgage loans on real estate | 13,758 | (67 | ) | 36 | (129 | ) | 13,598 | |||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 5,800 | (104 | ) | 526 | (1,174 | ) | 5,048 | |||||||||||||
Home equity loans | 1,841 | — | 37 | (346 | ) | 1,532 | ||||||||||||||
Other | 586 | (368 | ) | 144 | 195 | 557 | ||||||||||||||
Total consumer loans | 8,227 | (472 | ) | 707 | (1,325 | ) | 7,137 | |||||||||||||
Commercial | 6,512 | (259 | ) | 130 | (5 | ) | 6,378 | |||||||||||||
Construction: | ||||||||||||||||||||
Residential | 1,184 | — | — | 250 | 1,434 | |||||||||||||||
Commercial | 642 | — | — | 335 | 977 | |||||||||||||||
Total construction | 1,826 | — | — | 585 | 2,411 | |||||||||||||||
Total | $ | 30,323 | $ | (798 | ) | $ | 873 | $ | (874 | ) | $ | 29,524 | ||||||||
Allowance for Loan Losses – As of June 30, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total allowance for loan losses | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 1,794 | $ | 147 | $ | 50 | $ | 1,991 | ||||||||
Commercial | 11,466 | 82 | 59 | 11,607 | ||||||||||||
Total mortgage loans on real estate | 13,260 | 229 | 109 | 13,598 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 4,754 | 287 | 7 | 5,048 | ||||||||||||
Home equity loans | 1,340 | 192 | — | 1,532 | ||||||||||||
Other | 503 | 54 | — | 557 | ||||||||||||
Total consumer loans | 6,597 | 533 | 7 | 7,137 | ||||||||||||
Commercial | 4,228 | 2,127 | 23 | 6,378 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 1,434 | — | — | 1,434 | ||||||||||||
Commercial | 977 | — | — | 977 | ||||||||||||
Total construction | 2,411 | — | — | 2,411 | ||||||||||||
Total | $ | 26,496 | $ | 2,889 | $ | 139 | $ | 29,524 | ||||||||
Loans, Net of Unearned fees – As of June 30, 2018 | ||||||||||||||||
(in thousands) | Loans pooled for evaluation | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Total loans, net of unearned fees | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Residential 1-4 family | $ | 376,628 | $ | 6,344 | $ | 1,720 | $ | 384,692 | ||||||||
Commercial | 1,997,591 | 11,162 | 7,595 | 2,016,348 | ||||||||||||
Total mortgage loans on real estate | 2,374,219 | 17,506 | 9,315 | 2,401,040 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines of credit | 282,611 | 2,250 | 1,575 | 286,436 | ||||||||||||
Home equity loans | 38,074 | 2,457 | 455 | 40,986 | ||||||||||||
Other | 23,213 | 247 | 43 | 23,503 | ||||||||||||
Total consumer loans | 343,898 | 4,954 | 2,073 | 350,925 | ||||||||||||
Commercial | 230,395 | 4,751 | 2,473 | 237,619 | ||||||||||||
Construction: | ||||||||||||||||
Residential | 73,578 | — | — | 73,578 | ||||||||||||
Commercial | 83,151 | — | — | 83,151 | ||||||||||||
Total construction | 156,729 | — | — | 156,729 | ||||||||||||
Total | $ | 3,105,241 | $ | 27,211 | $ | 13,861 | $ | 3,146,313 | ||||||||
|
|
|
|
|
Credit Quality Indicators Originated Loans– As of March 31, 2019 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total Originated Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential1-4 family | $ | 350,256 | $ | 1,807 | $ | 5,496 | $ | — | $ | 357,559 | ||||||||||
Commercial | 1,886,958 | 33,094 | 9,456 | — | 1,929,508 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage loans on real estate | 2,237,214 | 34,901 | 14,952 | — | 2,287,067 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 273,144 | 2,867 | 3,064 | — | 279,075 | |||||||||||||||
Home equity loans | 27,328 | 1,533 | 2,384 | — | 31,245 | |||||||||||||||
Other | 44,611 | 309 | 100 | — | 45,020 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer loans | 345,083 | 4,709 | 5,548 | — | 355,340 | |||||||||||||||
Commercial | 214,758 | 7,896 | 4,660 | — | 227,314 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 115,432 | — | 256 | — | 115,688 | |||||||||||||||
Commercial | 64,238 | 338 | — | — | 64,576 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction | 179,670 | 338 | 256 | — | 180,264 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans | $ | 2,976,725 | $ | 47,844 | $ | 25,416 | $ | — | $ | 3,049,985 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Credit Quality Indicators Originated Loans – As of June 30, 2019 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total Originated Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 342,847 | $ | 1,048 | $ | 4,842 | $ | — | $ | 348,737 | ||||||||||
Commercial | 1,964,292 | 32,562 | 9,131 | — | 2,005,985 | |||||||||||||||
Total mortgage loans on real estate | 2,307,139 | 33,610 | 13,973 | — | 2,354,722 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 290,524 | 1,673 | 2,344 | — | 294,541 | |||||||||||||||
Home equity loans | 26,265 | 564 | 2,212 | — | 29,041 | |||||||||||||||
Other | 53,044 | 189 | 107 | — | 53,340 | |||||||||||||||
Total consumer loans | 369,833 | 2,426 | 4,663 | — | 376,922 | |||||||||||||||
Commercial | 237,025 | 5,194 | 5,993 | 311 | 248,523 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 148,178 | — | 254 | — | 148,432 | |||||||||||||||
Commercial | 55,958 | 331 | — | — | 56,289 | |||||||||||||||
Total construction | 204,136 | 331 | 254 | — | 204,721 | |||||||||||||||
Total loans | $ | 3,118,133 | $ | 41,561 | $ | 24,883 | $ | 311 | $ | 3,184,888 | ||||||||||
Credit Quality Indicators PNCI Loans – As of June 30, 2019 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total PNCI Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 154,238 | $ | 864 | $ | 770 | $ | — | $ | 155,872 | ||||||||||
Commercial | 650,821 | 3,141 | 6,775 | — | 660,737 | |||||||||||||||
Total mortgage loans on real estate | 805,059 | 4,005 | 7,545 | — | 816,609 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 33,345 | 795 | 1,091 | — | 35,231 | |||||||||||||||
Home equity loans | 2,727 | 69 | 79 | — | 2,875 | |||||||||||||||
Other | 17,545 | 254 | 3 | — | 17,802 | |||||||||||||||
Total consumer loans | 53,617 | 1,118 | 1,173 | — | 55,908 | |||||||||||||||
Commercial | 24,650 | 1 | 333 | — | 24,984 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 9,083 | — | — | — | 9,083 | |||||||||||||||
Commercial | 475 | — | 245 | — | 720 | |||||||||||||||
Total construction | 9,558 | — | 245 | — | 9,803 | |||||||||||||||
Total loans | $ | 892,884 | $ | 5,124 | $ | 9,296 | $ | — | $ | 907,304 | ||||||||||
Credit Quality Indicators PNCI Loans – As of March 31, 2019 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total PNCI Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential1-4 family | $ | 161,351 | $ | 1,109 | $ | 808 | $ | — | $ | 163,268 | ||||||||||
Commercial | 665,630 | 2,727 | 3,040 | — | 671,397 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage loans on real estate | 826,981 | 3,836 | 3,848 | — | 834,665 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 35,888 | 925 | 1,277 | — | 38,090 | |||||||||||||||
Home equity loans | 3,174 | 98 | 84 | — | 3,356 | |||||||||||||||
Other | 19,790 | 208 | 3 | — | 20,001 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer loans | 58,852 | 1,231 | 1,364 | — | 61,447 | |||||||||||||||
Commercial | 38,762 | 201 | 332 | — | 39,295 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 30,096 | — | — | — | 30,096 | |||||||||||||||
Commercial | 6,872 | — | 245 | — | 7,117 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction | 36,968 | — | 245 | — | 37,213 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans | $ | 961,563 | $ | 5,268 | $ | 5,789 | $ | — | $ | 972,620 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Credit Quality Indicators Originated Loans– As of December 31, 2018 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total Originated Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential1-4 family | $ | 337,189 | $ | 1,724 | $ | 4,883 | $ | — | $ | 343,796 | ||||||||||
Commercial | 1,861,627 | 33,483 | 15,871 | — | 1,910,981 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage loans on real estate | 2,198,816 | 35,207 | 20,754 | — | 2,254,777 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 279,491 | 2,309 | 2,653 | — | 284,453 | |||||||||||||||
Home equity loans | 29,289 | 1,054 | 2,317 | — | 32,660 | |||||||||||||||
Other | 33,606 | 341 | 73 | — | 34,020 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer loans | 342,386 | 3,704 | 5,043 | — | 351,133 | |||||||||||||||
Commercial | 217,126 | 6,127 | 5,382 | — | 228,635 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 90,412 | 32 | 259 | — | 90,703 | |||||||||||||||
Commercial | 55,863 | 345 | — | — | 56,208 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction | 146,275 | 377 | 259 | — | 146,911 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans | $ | 2,904,603 | $ | 45,415 | $ | 31,438 | $ | — | $ | 2,981,456 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Credit Quality Indicators PNCI Loans – As of December 31, 2018 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total PNCI Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential1-4 family | $ | 167,908 | $ | 1,086 | $ | 798 | $ | — | $ | 169,792 | ||||||||||
Commercial | 701,868 | 3,085 | 3,448 | — | 708,401 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage loans on real estate | 869,776 | 4,171 | 4,246 | — | 878,193 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 38,780 | 1,124 | 1,053 | — | 40,957 | |||||||||||||||
Home equity loans | 3,413 | 74 | 98 | — | 3,585 | |||||||||||||||
Other | 21,481 | 173 | 5 | — | 21,659 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total consumer loans | 63,674 | 1,371 | 1,156 | — | 66,201 | |||||||||||||||
Commercial | 45,027 | 321 | 120 | — | 45,468 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 30,593 | — | — | — | 30,593 | |||||||||||||||
Commercial | 5,880 | — | — | — | 5,880 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction | 36,473 | — | — | — | 36,473 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 1,014,950 | $ | 5,863 | $ | 5,522 | $ | — | $ | 1,026,335 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Credit Quality Indicators Originated Loans – As of December 31, 2018 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total Originated Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 337,189 | $ | 1,724 | $ | 4,883 | $ | — | $ | 343,796 | ||||||||||
Commercial | 1,861,627 | 33,483 | 15,871 | — | 1,910,981 | |||||||||||||||
Total mortgage loans on real estate | 2,198,816 | 35,207 | 20,754 | — | 2,254,777 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 279,491 | 2,309 | 2,653 | — | 284,453 | |||||||||||||||
Home equity loans | 29,289 | 1,054 | 2,317 | — | 32,660 | |||||||||||||||
Other | 33,606 | 341 | 73 | — | 34,020 | |||||||||||||||
Total consumer loans | 342,386 | 3,704 | 5,043 | — | 351,133 | |||||||||||||||
Commercial | 217,126 | 6,127 | 5,382 | — | 228,635 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 90,412 | 32 | 259 | — | 90,703 | |||||||||||||||
Commercial | 55,863 | 345 | — | — | 56,208 | |||||||||||||||
Total construction | 146,275 | 377 | 259 | — | 146,911 | |||||||||||||||
Total loans | $ | 2,904,603 | $ | 45,415 | $ | 31,438 | $ | — | $ | 2,981,456 | ||||||||||
Credit Quality Indicators PNCI Loans – As of December 31, 2018 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful / Loss | Total PNCI Loans | |||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||
Residential 1-4 family | $ | 167,908 | $ | 1,086 | $ | 798 | $ | — | $ | 169,792 | ||||||||||
Commercial | 701,868 | 3,085 | 3,448 | — | 708,401 | |||||||||||||||
Total mortgage loans on real estate | 869,776 | 4,171 | 4,246 | — | 878,193 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity lines of credit | 38,780 | 1,124 | 1,053 | — | 40,957 | |||||||||||||||
Home equity loans | 3,413 | 74 | 98 | — | 3,585 | |||||||||||||||
Other | 21,481 | 173 | 5 | — | 21,659 | |||||||||||||||
Total consumer loans | 63,674 | 1,371 | 1,156 | — | 66,201 | |||||||||||||||
Commercial | 45,027 | 321 | 120 | — | 45,468 | |||||||||||||||
Construction: | ||||||||||||||||||||
Residential | 30,593 | — | — | — | 30,593 | |||||||||||||||
Commercial | 5,880 | — | — | — | 5,880 | |||||||||||||||
Total construction | 36,473 | — | — | — | 36,473 | |||||||||||||||
Total | $ | 1,014,950 | $ | 5,863 | $ | 5,522 | $ | — | $ | 1,026,335 | ||||||||||
Analysis of Originated Past Due Loans - As of March 31, 2019 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 2,231 | $ | — | $ | 396 | $ | 2,627 | $ | 354,932 | $ | 357,559 | $ | — | ||||||||||||||
Commercial | 767 | — | 901 | 1,668 | 1,927,840 | 1,929,508 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 2,998 | — | 1,297 | 4,295 | 2,282,772 | 2,287,067 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,774 | 11 | 362 | 2,147 | 276,928 | 279,075 | — | |||||||||||||||||||||
Home equity loans | 512 | 24 | 163 | 699 | 30,546 | 31,245 | 17 | |||||||||||||||||||||
Other | 151 | — | 9 | 160 | 44,860 | 45,020 | 9 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 2,437 | 35 | 534 | 3,006 | 352,334 | 355,340 | 26 | |||||||||||||||||||||
Commercial | 1,122 | 453 | 371 | 1,946 | 225,368 | 227,314 | 14 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | 785 | — | — | 785 | 114,903 | 115,688 | — | |||||||||||||||||||||
Commercial | — | — | — | — | 64,576 | 64,576 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | 785 | — | — | 785 | 179,479 | 180,264 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total originated loans | $ | 7,342 | $ | 488 | $ | 2,202 | $ | 10,032 | $ | 3,039,953 | $ | 3,049,985 | $ | 40 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Originated Past Due Loans - As of June 30, 2019 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 635 | $ | 1,132 | $ | 758 | $ | 2,525 | $ | 346,212 | $ | 348,737 | $ | — | ||||||||||||||
Commercial | 1,022 | 174 | 901 | 2,097 | 2,003,888 | 2,005,985 | — | |||||||||||||||||||||
Total mortgage loans on real estate | 1,657 | 1,306 | 1,659 | 4,622 | 2,350,100 | 2,354,722 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,197 | 557 | 157 | 1,911 | 292,630 | 294,541 | — | |||||||||||||||||||||
Home equity loans | 565 | 89 | 217 | 871 | 28,170 | 29,041 | ||||||||||||||||||||||
Other | 44 | 13 | 7 | 64 | 53,276 | 53,340 | 12 | |||||||||||||||||||||
Total consumer loans | 1,806 | 659 | 381 | 2,846 | 374,076 | 376,922 | 12 | |||||||||||||||||||||
Commercial | 1,154 | 1,560 | 333 | 3,047 | 245,476 | 248,523 | 10 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | 151 | — | — | 151 | 148,281 | 148,432 | — | |||||||||||||||||||||
Commercial | — | — | — | — | 56,289 | 56,289 | — | |||||||||||||||||||||
Total construction | 151 | — | — | 151 | 204,570 | 204,721 | — | |||||||||||||||||||||
Total originated loans | $ | 4,768 | $ | 3,525 | $ | 2,373 | $ | 10,666 | $ | 3,174,222 | $ | 3,184,888 | $ | 22 | ||||||||||||||
Analysis of PNCI Past Due Loans - As of March 31, 2019 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 1,457 | $ | 270 | $ | — | $ | 1,727 | $ | 161,541 | $ | 163,268 | $ | — | ||||||||||||||
Commercial | 2,898 | — | 949 | 3,847 | 667,550 | 671,397 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 4,355 | 270 | 949 | 5,574 | 829,091 | 834,665 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 418 | — | 1 | 419 | 37,671 | 38,090 | — | |||||||||||||||||||||
Home equity loans | 14 | — | — | 14 | 3,342 | 3,356 | — | |||||||||||||||||||||
Other | 151 | — | — | 151 | 19,850 | 20,001 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 583 | — | 1 | 584 | 60,863 | 61,447 | — | |||||||||||||||||||||
Commercial | 2 | 99 | 233 | 334 | 38,961 | 39,295 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | 30,096 | 30,096 | — | |||||||||||||||||||||
Commercial | — | — | — | — | 7,117 | 7,117 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | 37,213 | 37,213 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total PNCI loans | $ | 4,940 | $ | 369 | $ | 1,183 | $ | 6,492 | $ | 966,128 | $ | 972,620 | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of PNCI Past Due Loans - As of June 30, 2019 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | — | $ | 682 | $ | — | $ | 682 | $ | 155,190 | $ | 155,872 | $ | — | ||||||||||||||
Commercial | — | 195 | 950 | 1,145 | 659,592 | 660,737 | — | |||||||||||||||||||||
Total mortgage loans on real estate | — | 877 | 950 | 1,827 | 814,782 | 816,609 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 101 | 73 | 24 | 198 | 35,033 | 35,231 | — | |||||||||||||||||||||
Home equity loans | 62 | — | — | 62 | 2,813 | 2,875 | — | |||||||||||||||||||||
Other | 119 | — | — | 119 | 17,683 | 17,802 | — | |||||||||||||||||||||
Total consumer loans | 282 | 73 | 24 | 379 | 55,529 | 55,908 | — | |||||||||||||||||||||
Commercial | 820 | 150 | 113 | 1,083 | 23,901 | 24,984 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | 9,083 | 9,083 | — | |||||||||||||||||||||
Commercial | 245 | — | — | 245 | 475 | 720 | — | |||||||||||||||||||||
Total construction | 245 | — | — | 245 | 9,558 | 9,803 | — | |||||||||||||||||||||
Total PNCI loans | $ | 1,347 | $ | 1,100 | $ | 1,087 | $ | 3,534 | $ | 903,770 | $ | 907,304 | $ | — | ||||||||||||||
Analysis of Originated Past Due Loans - As of December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 1,675 | $ | 132 | $ | 478 | $ | 2,285 | $ | 341,511 | $ | 343,796 | $ | — | ||||||||||||||
Commercial | 431 | 1,200 | 296 | 1,927 | 1,909,054 | 1,910,981 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 2,106 | 1,332 | 774 | 4,212 | 2,250,565 | 2,254,777 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 908 | 47 | 609 | 1,564 | 282,889 | 284,453 | — | |||||||||||||||||||||
Home equity loans | 1,043 | 24 | 214 | 1,281 | 31,379 | 32,660 | — | |||||||||||||||||||||
Other | 298 | 17 | — | 315 | 33,705 | 34,020 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 2,249 | 88 | 823 | 3,160 | 347,973 | 351,133 | — | |||||||||||||||||||||
Commercial | 1,053 | 579 | 1,247 | 2,879 | 225,756 | 228,635 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | 209 | — | — | 209 | 90,494 | 90,703 | — | |||||||||||||||||||||
Commercial | — | — | — | — | 56,208 | 56,208 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | 209 | — | — | 209 | 146,702 | 146,911 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total loans | $ | 5,617 | $ | 1,999 | $ | 2,844 | $ | 10,460 | $ | 2,970,996 | $ | 2,981,456 | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Originated Past Due Loans - As of December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,675 | $ | 132 | $ | 478 | $ | 2,285 | $ | 341,511 | $ | 343,796 | $ | — | ||||||||||||||
Commercial | 431 | 1,200 | 296 | 1,927 | 1,909,054 | 1,910,981 | — | |||||||||||||||||||||
Total mortgage loans on real estate | 2,106 | 1,332 | 774 | 4,212 | 2,250,565 | 2,254,777 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 908 | 47 | 609 | 1,564 | 282,889 | 284,453 | — | |||||||||||||||||||||
Home equity loans | 1,043 | 24 | 214 | 1,281 | 31,379 | 32,660 | — | |||||||||||||||||||||
Other | 298 | 17 | — | 315 | 33,705 | 34,020 | — | |||||||||||||||||||||
Total consumer loans | 2,249 | 88 | 823 | 3,160 | 347,973 | 351,133 | — | |||||||||||||||||||||
Commercial | 1,053 | 579 | 1,247 | 2,879 | 225,756 | 228,635 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | 209 | — | — | 209 | 90,494 | 90,703 | — | |||||||||||||||||||||
Commercial | — | — | — | — | 56,208 | 56,208 | — | |||||||||||||||||||||
Total construction | 209 | — | — | 209 | 146,702 | 146,911 | — | |||||||||||||||||||||
Total loans | $ | 5,617 | $ | 1,999 | $ | 2,844 | $ | 10,460 | $ | 2,970,996 | $ | 2,981,456 | $ | — | ||||||||||||||
Analysis of PNCI Past Due Loans - As of December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 1,009 | $ | 133 | $ | 156 | $ | 1,298 | $ | 168,494 | $ | 169,792 | $ | — | ||||||||||||||
Commercial | 1,646 | 1,136 | 1,082 | 3,864 | 704,537 | 708,401 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 2,655 | 1,269 | 1,238 | 5,162 | 873,031 | 878,193 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 304 | 35 | 237 | 576 | 40,381 | 40,957 | — | |||||||||||||||||||||
Home equity loans | 74 | — | — | 74 | 3,511 | 3,585 | — | |||||||||||||||||||||
Other | 160 | — | — | 160 | 21,499 | 21,659 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 538 | 35 | 237 | 810 | 65,391 | 66,201 | — | |||||||||||||||||||||
Commercial | 678 | 145 | 113 | 936 | 44,532 | 45,468 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | 30,593 | 30,593 | — | |||||||||||||||||||||
Commercial | — | — | — | — | 5,880 | 5,880 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | 36,473 | 36,473 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total loans | $ | 3,871 | $ | 1,449 | $ | 1,588 | $ | 6,908 | $ | 1,019,427 | $ | 1,026,335 | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of PNCI Past Due Loans - As of December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | > 90 days | Total Past Due Loans | Current | Total | > 90 Days and Still Accruing | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,009 | $ | 133 | $ | 156 | $ | 1,298 | $ | 168,494 | $ | 169,792 | $ | — | ||||||||||||||
Commercial | 1,646 | 1,136 | 1,082 | 3,864 | 704,537 | 708,401 | — | |||||||||||||||||||||
Total mortgage loans on real estate | 2,655 | 1,269 | 1,238 | 5,162 | 873,031 | 878,193 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 304 | 35 | 237 | 576 | 40,381 | 40,957 | — | |||||||||||||||||||||
Home equity loans | 74 | — | — | 74 | 3,511 | 3,585 | — | |||||||||||||||||||||
Other | 160 | — | — | 160 | 21,499 | 21,659 | — | |||||||||||||||||||||
Total consumer loans | 538 | 35 | 237 | 810 | 65,391 | 66,201 | — | |||||||||||||||||||||
Commercial | 678 | 145 | 113 | 936 | 44,532 | 45,468 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | 30,593 | 30,593 | — | |||||||||||||||||||||
Commercial | — | — | — | — | 5,880 | 5,880 | — | |||||||||||||||||||||
Total construction | — | — | — | — | 36,473 | 36,473 | — | |||||||||||||||||||||
Total loans | $ | 3,871 | $ | 1,449 | $ | 1,588 | $ | 6,908 | $ | 1,019,427 | $ | 1,026,335 | $ | — | ||||||||||||||
$12,000.
Non Accrual Loans | ||||||||||||||||||||||||
As of March 31, 2019 | As of December 31, 2018 | |||||||||||||||||||||||
(in thousands) | Originated | PNCI | Total | Originated | PNCI | Total | ||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||
Residential1-4 family | $ | 3,066 | $ | 308 | $ | 3,374 | $ | 3,244 | $ | 334 | $ | 3,578 | ||||||||||||
Commercial | 4,493 | 1,445 | 5,938 | 9,263 | 1,468 | 10,731 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total mortgage loans on real estate | 7,559 | 1,753 | 9,312 | 12,507 | 1,802 | 14,309 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 1,366 | 501 | 1,867 | 1,429 | 885 | 2,314 | ||||||||||||||||||
Home equity loans | 1,599 | 36 | 1,635 | 1,722 | 47 | 1,769 | ||||||||||||||||||
Other | 28 | 4 | 32 | 3 | 4 | 7 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total consumer loans | 2,993 | 541 | 3,534 | 3,154 | 936 | 4,090 | ||||||||||||||||||
Commercial | 3,144 | 332 | 3,476 | 3,755 | 120 | 3,875 | ||||||||||||||||||
Construction: | ||||||||||||||||||||||||
Residential | — | — | — | — | — | — | ||||||||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total construction | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total non accrual loans | $ | 13,696 | $ | 2,626 | $ | 16,322 | $ | 19,416 | $ | 2,858 | $ | 22,274 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Non Accrual Loans | ||||||||||||||||||||||||
As of June 30, 2019 | As of December 31, 2018 | |||||||||||||||||||||||
(in thousands) | Originated | PNCI | Total | Originated | PNCI | Total | ||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||
Residential 1-4 family | $ | 3,357 | $ | 300 | $ | 3,657 | $ | 3,244 | $ | 334 | $ | 3,578 | ||||||||||||
Commercial | 4,354 | 3,461 | 7,815 | 9,263 | 1,468 | 10,731 | ||||||||||||||||||
Total mortgage loans on real estate | 7,711 | 3,761 | 11,472 | 12,507 | 1,802 | 14,309 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 880 | 516 | 1,396 | 1,429 | 885 | 2,314 | ||||||||||||||||||
Home equity loans | 1,610 | 34 | 1,644 | 1,722 | 47 | 1,769 | ||||||||||||||||||
Other | 58 | 3 | 61 | 3 | 4 | 7 | ||||||||||||||||||
Total consumer loans | 2,548 | 553 | 3,101 | 3,154 | 936 | 4,090 | ||||||||||||||||||
Commercial | 3,873 | 183 | 4,056 | 3,755 | 120 | 3,875 | ||||||||||||||||||
Construction: | ||||||||||||||||||||||||
Residential | — | — | — | — | — | — | ||||||||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||||||||
Total construction | — | — | — | — | — | — | ||||||||||||||||||
Total non accrual loans | $ | 14,132 | $ | 4,497 | $ | 18,629 | $ | 19,416 | $ | 2,858 | $ | 22,274 | ||||||||||||
Impaired Originated Loans – As of, or for the Three Months Ended, March 31, 2019 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 4,148 | $ | 3,481 | $ | — | $ | 3,481 | $ | 55 | $ | 4,029 | $ | 6 | ||||||||||||||
Commercial | 6,771 | 5,874 | 592 | 6,466 | 37 | 9,453 | 22 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 10,919 | 9,355 | 592 | 9,947 | 92 | 13,482 | 28 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,857 | 1,737 | 58 | 1,795 | 18 | 1,943 | 4 | |||||||||||||||||||||
Home equity loans | 2,333 | 1,639 | 120 | 1,759 | 20 | 1,963 | — | |||||||||||||||||||||
Other | 46 | — | 28 | 28 | 9 | 33 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 4,236 | 3,376 | 206 | 3,582 | 47 | 3,939 | 4 | |||||||||||||||||||||
Commercial | 4,538 | 2,301 | 2,043 | 4,344 | 1,223 | 4,778 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 19,693 | $ | 15,032 | $ | 2,841 | $ | 17,873 | $ | 1,362 | $ | 22,199 | $ | 32 | ||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Impaired PNCI Loans – As of, or for the Three Months Ended, March 31, 2019 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 344 | $ | 308 | $ | — | $ | 308 | $ | — | $ | 321 | $ | — | ||||||||||||||
Commercial | 3,089 | 1,445 | — | 1,445 | — | 1,456 | 58 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 3,433 | 1,753 | — | 1,753 | — | 1,777 | 58 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 831 | 401 | 360 | 761 | 112 | 883 | — | |||||||||||||||||||||
Home equity loans | 242 | 102 | 122 | 224 | 50 | 232 | — | |||||||||||||||||||||
Other | 102 | 64 | 38 | 102 | 7 | 106 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 1,175 | 567 | 520 | 1,087 | 169 | 1,221 | — | |||||||||||||||||||||
Commercial | 335 | 113 | 219 | 332 | 219 | 226 | 2 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 4,943 | $ | 2,433 | $ | 739 | $ | 3,172 | $ | 388 | $ | 3,224 | $ | 60 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Impaired Originated Loans – As of, or for the Twelve Months Ended, December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 4,594 | $ | 3,663 | $ | 308 | $ | 3,971 | $ | 56 | $ | 3,517 | $ | 90 | ||||||||||||||
Commercial | 13,081 | 10,676 | 1,765 | 12,441 | 42 | 13,115 | 137 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 17,675 | 14,339 | 2,073 | 16,412 | 98 | 16,632 | 227 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,900 | 1,749 | 111 | 1,860 | 71 | 1,885 | 43 | |||||||||||||||||||||
Home equity loans | 2,374 | 1,892 | 65 | 1,957 | 2 | 1,520 | 23 | |||||||||||||||||||||
Other | 3 | — | 3 | 3 | 3 | 17 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 4,277 | 3,641 | 179 | 3,820 | 76 | 3,422 | 68 | |||||||||||||||||||||
Commercial | 5,433 | 2,924 | 2,287 | 5,211 | 1,774 | 4,654 | 91 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | 5 | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | — | 5 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 27,385 | $ | 20,904 | $ | 4,539 | $ | 25,443 | $ | 1,948 | $ | 24,713 | $ | 386 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired PNCI Loans – As of, or for the Twelve Months Ended, December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 375 | $ | 334 | $ | — | $ | 334 | $ | — | $ | 529 | $ | 5 | ||||||||||||||
Commercial | 3,110 | 1,468 | — | 1,468 | — | 1,713 | 183 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 3,485 | 1,802 | — | 1,802 | — | 2,242 | 188 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,027 | 587 | 367 | 954 | 127 | 1,120 | 18 | |||||||||||||||||||||
Home equity loans | 252 | 47 | 197 | 244 | 101 | 155 | — | |||||||||||||||||||||
Other | 106 | 21 | 85 | 106 | 11 | 114 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 1,385 | 655 | 649 | 1,304 | 239 | 1,389 | 18 | |||||||||||||||||||||
Commercial | 120 | 113 | 7 | 120 | 7 | 60 | 1 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 4,990 | $ | 2,570 | $ | 656 | $ | 3,226 | $ | 246 | $ | 3,691 | $ | 207 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Impaired Originated Loans – As of, or for the Three Months Ended, March 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 4,378 | $ | 2,678 | $ | 1,525 | $ | 4,203 | $ | 190 | $ | 4,071 | $ | 28 | ||||||||||||||
Commercial | 11,407 | 9,848 | 1,262 | 11,110 | 154 | 12,510 | 44 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 15,785 | 12,526 | 2,787 | 15,313 | 344 | 16,581 | 72 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,478 | 888 | 527 | 1,415 | 146 | 1,455 | 10 | |||||||||||||||||||||
Home equity loans | 1,744 | 1,193 | 196 | 1,389 | 10 | 1,347 | 2 | |||||||||||||||||||||
Other | 4 | — | 4 | 4 | 4 | 6 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 3,226 | 2,081 | 727 | 2,808 | 160 | 2,808 | 12 | |||||||||||||||||||||
Commercial | 4,756 | 881 | 3,740 | 4,621 | 2,113 | 4,545 | 26 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | 136 | 136 | — | 136 | — | 138 | 2 | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | 136 | 136 | — | 136 | — | 138 | 2 | |||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 23,903 | $ | 15,624 | $ | 7,254 | $ | 22,878 | $ | 2,617 | $ | 24,072 | $ | 112 | ||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Impaired PNCI Loans – As of, or for the Three Months Ended, March 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | $ | 1,390 | $ | 1,332 | $ | — | $ | 1,332 | $ | — | $ | 1,345 | $ | 2 | ||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 1,390 | 1,332 | — | 1,332 | — | 1,345 | 2 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,065 | 501 | 534 | 1,035 | 302 | 1,114 | 5 | |||||||||||||||||||||
Home equity loans | 298 | 40 | 244 | 284 | 120 | 225 | 3 | |||||||||||||||||||||
Other | 274 | 28 | 246 | 274 | 52 | 262 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 1,637 | 569 | 1,024 | 1,593 | 474 | 1,601 | 10 | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 3,027 | $ | 1,901 | $ | 1,024 | $ | 2,925 | $ | 474 | $ | 2,946 | $ | 12 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Originated Loans – As of, or for the Six Months Ended, June 30, 2019 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,739 | $ | 3,705 | $ | 300 | $ | 4,005 | $ | 54 | $ | 4,291 | $ | 18 | ||||||||||||||
Commercial | 7,906 | 5,103 | 2,465 | 7,568 | 808 | 10,004 | 40 | |||||||||||||||||||||
Total mortgage loans on real estate | 12,645 | 8,808 | 2,765 | 11,573 | 862 | 14,295 | 58 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,333 | 1,271 | — | 1,271 | — | 1,510 | 8 | |||||||||||||||||||||
Home equity loans | 2,373 | 1,571 | 268 | 1,839 | 61 | 2,003 | 4 | |||||||||||||||||||||
Other | 76 | 3 | 54 | 57 | 13 | 48 | 1 | |||||||||||||||||||||
Total consumer loans | 3,782 | 2,845 | 322 | 3,167 | 74 | 3,561 | 13 | |||||||||||||||||||||
Commercial | 5,150 | 1,884 | 3,035 | 4,919 | 1,301 | 5,065 | 15 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 21,577 | $ | 13,537 | $ | 6,122 | $ | 19,659 | $ | 2,237 | $ | 22,921 | $ | 86 | ||||||||||||||
Impaired PNCI Loans – As of, or for the Six Months Ended, June 30, 2019 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 339 | $ | 300 | $ | — | $ | 300 | $ | — | $ | 317 | $ | — | ||||||||||||||
Commercial | 5,079 | 3,462 | — | 3,462 | — | 2,465 | 171 | |||||||||||||||||||||
Total mortgage loans on real estate | 5,418 | 3,762 | — | 3,762 | — | 2,782 | 171 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 612 | 534 | 241 | 775 | 85 | 889 | — | |||||||||||||||||||||
Home equity loans | 167 | 148 | 69 | 217 | 44 | 229 | — | |||||||||||||||||||||
Other | 62 | 62 | 37 | 99 | 6 | 105 | — | |||||||||||||||||||||
Total consumer loans | 841 | 744 | 347 | 1,091 | 135 | 1,223 | — | |||||||||||||||||||||
Commercial | 113 | 113 | 70 | 183 | 70 | 151 | ||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 6,372 | $ | 4,619 | $ | 417 | $ | 5,036 | $ | 205 | $ | 4,156 | $ | 171 | ||||||||||||||
Impaired Originated Loans – As of, or for the Twelve Months Ended, December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,594 | $ | 3,663 | $ | 308 | $ | 3,971 | $ | 56 | $ | 3,517 | $ | 90 | ||||||||||||||
Commercial | 13,081 | 10,676 | 1,765 | 12,441 | 42 | 13,115 | 137 | |||||||||||||||||||||
Total mortgage loans on real estate | 17,675 | 14,339 | 2,073 | 16,412 | 98 | 16,632 | 227 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,900 | 1,749 | 111 | 1,860 | 71 | 1,885 | 43 | |||||||||||||||||||||
Home equity loans | 2,374 | 1,892 | 65 | 1,957 | 2 | 1,520 | 23 | |||||||||||||||||||||
Other | 3 | — | 3 | 3 | 3 | 17 | 2 | |||||||||||||||||||||
Total consumer loans | 4,277 | 3,641 | 179 | 3,820 | 76 | 3,422 | 68 | |||||||||||||||||||||
Commercial | 5,433 | 2,924 | 2,287 | 5,211 | 1,774 | 4,654 | 91 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | 5 | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | 5 | — | |||||||||||||||||||||
Total | $ | 27,385 | $ | 20,904 | $ | 4,539 | $ | 25,443 | $ | 1,948 | $ | 24,713 | $ | 386 | ||||||||||||||
Impaired PNCI Loans – As of, or for the Twelve Months Ended, December 31, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 375 | $ | 334 | $ | — | $ | 334 | $ | — | $ | 529 | $ | 5 | ||||||||||||||
Commercial | 3,110 | 1,468 | — | 1,468 | — | 1,713 | 183 | |||||||||||||||||||||
Total mortgage loans on real estate | 3,485 | 1,802 | — | 1,802 | — | 2,242 | 188 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,027 | 587 | 367 | 954 | 127 | 1,120 | 18 | |||||||||||||||||||||
Home equity loans | 252 | 47 | 197 | 244 | 101 | 155 | — | |||||||||||||||||||||
Other | 106 | 21 | 85 | 106 | 11 | 114 | — | |||||||||||||||||||||
Total consumer loans | 1,385 | 655 | 649 | 1,304 | 239 | 1,389 | 18 | |||||||||||||||||||||
Commercial | 120 | 113 | 7 | 120 | 7 | 60 | 1 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 4,990 | $ | 2,570 | $ | 656 | $ | 3,226 | $ | 246 | $ | 3,691 | $ | 207 | ||||||||||||||
Impaired Originated Loans – As of, or for the Six Months Ended, June 30, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,656 | $ | 3,947 | $ | 1,050 | $ | 4,997 | $ | 147 | $ | 4,600 | $ | 28 | ||||||||||||||
Commercial | 11,280 | 9,763 | 1,076 | 10,839 | 82 | 10,975 | 9 | |||||||||||||||||||||
Total mortgage loans on real estate | 16,936 | 13,710 | 2,126 | 15,836 | 229 | 15,575 | 37 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,244 | 1,108 | 106 | 1,214 | 29 | 1,315 | 3 | |||||||||||||||||||||
Home equity loans | 2,558 | 1,828 | 351 | 2,179 | 38 | 1,784 | 15 | |||||||||||||||||||||
Other | 3 | — | 3 | 3 | 3 | 3 | — | |||||||||||||||||||||
Total consumer loans | 3,805 | 2,936 | 460 | 3,396 | 70 | 3,102 | 18 | |||||||||||||||||||||
Commercial | 4,952 | 809 | 3,942 | 4,751 | 2,127 | 4,686 | 20 | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | 68 | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | 68 | — | |||||||||||||||||||||
Total | $ | 25,693 | $ | 17,455 | $ | 6,528 | $ | 23,983 | $ | 2,426 | $ | 23,431 | $ | 75 | ||||||||||||||
Impaired PNCI Loans – As of, or for the Six Months Ended, June 30, 2018 | ||||||||||||||||||||||||||||
(in thousands) | Unpaid principal balance | Recorded investment with no related allowance | Recorded investment with related allowance | Total recorded investment | Related Allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,417 | $ | 1,348 | $ | — | $ | 1,348 | $ | — | $ | 1,339 | $ | — | ||||||||||||||
Commercial | 323 | 323 | — | 323 | — | 161 | 9 | |||||||||||||||||||||
Total mortgage loans on real estate | 1,740 | 1,671 | — | 1,671 | — | 1,500 | 9 | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1,098 | 529 | 506 | 1,035 | 258 | 1,035 | 2 | |||||||||||||||||||||
Home equity loans | 293 | 36 | 242 | 278 | 154 | 281 | — | |||||||||||||||||||||
Other | 244 | — | 244 | 244 | 51 | 259 | — | |||||||||||||||||||||
Total consumer loans | 1,635 | 565 | 992 | 1,557 | 463 | 1,575 | 2 | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 3,375 | $ | 2,236 | $ | 992 | $ | 3,228 | $ | 463 | $ | 3,075 | $ | 11 | ||||||||||||||
TDR Information for the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number | Pre-mod outstanding principal balance | Post-mod outstanding principal balance | Financial impact due to TDR taken as additional provision | Number that defaulted during the period | Recorded investment of TDRs that defaulted during the period | Financial impact due to the default of previous TDR taken as charge- offs or additional provisions | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | 1 | $ | 163 | $ | 162 | $ | — | — | $ | — | $ | — | ||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 1 | 163 | 162 | — | — | — | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | — | — | — | — | — | — | — | |||||||||||||||||||||
Home equity loans | 1 | 121 | 120 | 1 | — | — | — | |||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 1 | 121 | 120 | 1 | — | — | — | |||||||||||||||||||||
Commercial | 2 | 15 | 15 | — | 1 | 7 | — | |||||||||||||||||||||
Construction: | �� | |||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | 4 | $ | 299 | $ | 297 | $ | 1 | 1 | $ | 7 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
TDR Information for the Three Months Ended March 31, 2018 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number | Pre-mod outstanding principal balance | Post-mod outstanding principal balance | Financial impact due to TDR taken as additional provision | Number that defaulted during the period | Recorded investment of TDRs that defaulted during the period | Financial impact due to the default of previous TDR taken as charge- offs or additional provisions | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential1-4 family | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||
Commercial | 1 | 384 | 384 | 11 | 1 | 169 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total mortgage loans on real estate | 1 | 384 | 384 | 11 | 1 | 169 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 133 | 138 | — | — | — | — | |||||||||||||||||||||
Home equity loans | 1 | 121 | 121 | — | — | — | — | |||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total consumer loans | 2 | 254 | 259 | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | 3 | $ | 638 | $ | 643 | $ | 11 | 1 | $ | 169 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TDR Information for the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number | Pre-mod outstanding principal balance | Post-mod outstanding principal balance | Financial impact due to TDR taken as additional provision | Number that defaulted during the period | Recorded investment of TDRs that defaulted during the period | Financial impact due to the default of previous TDR taken as charge- offs or additional provisions | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | $ | $ | — | — | $ | — | $ | — | |||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total mortgage loans on real estate | — | — | — | — | — | — | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 65 | 68 | — | — | — | — | |||||||||||||||||||||
Home equity loans | 1 | 28 | 27 | 27 | — | — | — | |||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||
Total consumer loans | 2 | 93 | 95 | 27 | — | — | — | |||||||||||||||||||||
Commercial | 4 | 1,754 | 1,722 | 2 | — | |||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | 6 | $ | 1,847 | $ | 1,817 | $ | 29 | — | $ | — | $ | — | ||||||||||||||||
TDR Information for the Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number | Pre-mod outstanding principal balance | Post-mod outstanding principal balance | Financial impact due to TDR taken as additional provision | Number that defaulted during the period | Recorded investment of TDRs that defaulted during the period | Financial impact due to the default of previous TDR taken as charge- offs or additional provisions | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 163 | $ | 162 | $ | — | — | $ | — | $ | — | ||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total mortgage loans on real estate | 1 | 163 | 162 | — | — | — | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 65 | 68 | — | — | — | — | |||||||||||||||||||||
Home equity loans | 2 | 149 | 147 | 29 | — | — | — | |||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||
Total consumer loans | 3 | 214 | 215 | 29 | — | — | — | |||||||||||||||||||||
Commercial | 6 | 1,768 | 1,737 | 2 | 1 | 7 | — | |||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | 10 | $ | 2,145 | $ | 2,114 | $ | 31 | 1 | $ | 7 | $ | — | ||||||||||||||||
TDR Information for the Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number | Pre-mod outstanding principal balance | Post-mod outstanding principal balance | Financial impact due to TDR taken as additional provision | Number that defaulted during the period | Recorded investment of TDRs that defaulted during the period | Financial impact due to the default of previous TDR taken as charge- offs or additional provisions | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||
Commercial | 1 | 34 | 34 | 34 | — | — | — | |||||||||||||||||||||
Total mortgage loans on real estate | 1 | 34 | 34 | 34 | — | — | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | — | — | — | — | ||||||||||||||||||||||||
Home equity loans | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||
Total consumer loans | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 2 | 416 | 421 | (2 | ) | 4 | 340 | (2 | ) | |||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | 3 | $ | 450 | $ | 455 | $ | 32 | 4 | $ | 340 | $ | (2 | ) | |||||||||||||||
TDR Information for the Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number | Pre-mod outstanding principal balance | Post-mod outstanding principal balance | Financial impact due to TDR taken as additional provision | Number that defaulted during the period | Recorded investment of TDRs that defaulted during the period | Financial impact due to the default of previous TDR taken as charge- offs or additional provisions | |||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||
Commercial | 2 | 417 | 417 | 46 | 1 | 169 | — | |||||||||||||||||||||
Total mortgage loans on real estate | 2 | 417 | 417 | 46 | 1 | 169 | — | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 133 | 138 | — | — | — | — | |||||||||||||||||||||
Home equity loans | 1 | 121 | 121 | — | — | — | — | |||||||||||||||||||||
Other | — | — | — | — | — | — | — | |||||||||||||||||||||
Total consumer loans | 2 | 254 | 259 | — | — | — | — | |||||||||||||||||||||
Commercial | 2 | 416 | 421 | (2 | ) | 4 | 340 | (2 | ) | |||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | |||||||||||||||||||||
Total construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | 6 | $ | 1,087 | $ | 1,097 | $ | 44 | 5 | $ | 509 | $ | (2 | ) | |||||||||||||||
Three months ended | ||||
(in thousands) | March 31, 2019 | |||
Operating lease cost | $ | 1,311 | ||
Short-term lease cost | 71 | |||
Variable lease cost | (5 | ) | ||
Sublease income | (34 | ) | ||
|
| |||
Total lease cost | $ | 1,343 | ||
|
|
(in thousands) | Three months ended June 30, 2019 | Six months ended June 30, 2019 | ||||||
Operating lease cost | $ | 1,310 | $ | 2,621 | ||||
Short-term lease cost | 58 | 129 | ||||||
Variable lease cost | (17 | ) | (22 | ) | ||||
Sublease income | (32 | ) | (66 | ) | ||||
Total lease cost | $ | 1,319 | $ | 2,662 | ||||
Three months ended | ||||
(in thousands) | March 31, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows for operating leases | $ | 1,218 | ||
ROUA obtained in exchange for operating lease liabilities | $ | 32,006 |
(in thousands) | Three months ended June 30, 2019 | Six months ended June 30, 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows for operating leases | $ | 1,229 | $ | 2,447 | ||||
ROUA obtained in exchange for operating lease liabilities | $ | 156 | $ | 32,162 |
| ||||
Weighted-average remaining lease term | 9.5 years | |||
Weighted-average discount rate | 3.18 | % |
(in thousands) | ||||
Periods ending December 31, | ||||
2019 | $ | 3,519 | ||
2020 | 4,380 | |||
2021 | 4,226 | |||
2022 | 3,887 | |||
2023 | 3,208 | |||
Thereafter | 16,455 | |||
|
| |||
35,675 | ||||
Discount for present value of expected cash flows | (5,471 | ) | ||
|
| |||
Lease liability at March 31, 2019 | $ | 30,204 | ||
|
|
(in thousands) | ||||
Periods ending December 31, | ||||
2019 | $ | 2,352 | ||
2020 | 4,387 | |||
2021 | 4,235 | |||
2022 | 3,896 | |||
2023 | 3,216 | |||
Thereafter | 16,682 | |||
34,768 | ||||
Discount for present value of expected cash flows | (5,334 | ) | ||
Lease liability at June 30, 2019 | $ | 29,434 | ||
March 31, | December 31, | |||||||
2019 | 2018 | |||||||
Noninterest-bearing demand | $ | 1,761,559 | $ | 1,760,580 | ||||
Interest-bearing demand | 1,297,672 | 1,252,366 | ||||||
Savings | 1,925,168 | 1,921,324 | ||||||
Time certificates, $250,000 and above | 135,716 | 132,429 | ||||||
Other time certificates | 310,147 | 299,767 | ||||||
|
|
|
| |||||
Total deposits | $ | 5,430,262 | $ | 5,366,466 | ||||
|
|
|
|
June 30, 2019 | December 31, 2018 | |||||||
Noninterest-bearing demand | $ | 1,780,339 | $ | 1,760,580 | ||||
Interest-bearing demand | 1,263,635 | 1,252,366 | ||||||
Savings | 1,856,749 | 1,921,324 | ||||||
Time certificates, $250,000 or more | 130,061 | 132,429 | ||||||
Other time certificates | 311,389 | 299,767 | ||||||
Total deposits | $ | 5,342,173 | $ | 5,366,466 | ||||
(in thousands) | March 31, | December 31, | ||||||
2019 | 2018 | |||||||
Financial instruments whose amounts represent risk: | ||||||||
Commitments to extend credit: | ||||||||
Commercial loans | $ | 316,382 | $ | 306,191 | ||||
Consumer loans | 514,413 | 496,575 | ||||||
Real estate mortgage loans | 163,733 | 140,292 | ||||||
Real estate construction loans | 232,385 | 248,996 | ||||||
Standby letters of credit | 11,743 | 11,346 | ||||||
Deposit account overdraft privilege | 115,552 | 111,956 |
(in thousands) | June 30, 2019 | December 31, 2018 | ||||||
Financial instruments whose amounts represent risk: | ||||||||
Commitments to extend credit: | ||||||||
Commercial loans | $ | 311,850 | $ | 306,191 | ||||
Consumer loans | 506,448 | 496,575 | ||||||
Real estate mortgage loans | 173,451 | 140,292 | ||||||
Real estate construction loans | 210,143 | 248,996 | ||||||
Standby letters of credit | 11,338 | 11,346 | ||||||
Deposit account overdraft privilege | 108,941 | 111,956 |
Weighted | ||||||||||||||
Number | Option Price | Average | ||||||||||||
of Shares | per Share | Exercise Price | ||||||||||||
Outstanding at December 31, 2018 | 343,000 | $12.63 to $23.21 | $ | 16.67 | ||||||||||
Options granted | — | — to — | — | |||||||||||
Options exercised | (41,000 | ) | $12.63 to $19.46 | 15.78 | ||||||||||
Options forfeited | — | — to — | — | |||||||||||
|
| |||||||||||||
Outstanding at March 31, 2019 | 302,000 | $14.54 to $23.21 | $ | 16.88 |
Number of Shares | Option Price per Share | Weighted Average Exercise Price | ||||||||||
Outstanding at December 31, 2018 | 343,000 | $ 12.63 to $23.21 | $ | 16.67 | ||||||||
Options granted | — | — to — | — | |||||||||
Options exercised | (157,000 | ) | $12.63 to $19.46 | 15.92 | ||||||||
Options forfeited | — | — to — | — | |||||||||
Outstanding at June 30, 2019 | 186,000 | $14.54 to $23.21 | $ | 17.45 |
Currently | Currently Not | Total | ||||||||||
Exercisable | Exercisable | Outstanding | ||||||||||
Number of options | 300,875 | 1,125 | 302,000 | |||||||||
Weighted average exercise price | $ | 16.86 | $ | 23.21 | $ | 16.88 | ||||||
Intrinsic value (in thousands) | $ | 5,095 | $ | 12 | $ | 5,107 | ||||||
Weighted average remaining contractual term (yrs.) | 3.4 | 5.8 | 3.4 |
Currently Exercisable | Currently Not Exercisable | Total Outstanding | ||||||||||
Number of options | 185,250 | 750 | 186,000 | |||||||||
Weighted average exercise price | $ | 17.43 | $ | 23.21 | $ | 17.45 | ||||||
Intrinsic value (in thousands) | $ | 3,774 | $ | 11 | $ | 3,785 | ||||||
Weighted average remaining contractual term (yrs.) | 3.1 | 5.3 | 3.1 |
Service Condition Vesting RSUs | Market Plus Service Condition Vesting RSUs | |||||||
Outstanding at December 31, 2018 | 66,947 | 45,536 | ||||||
RSUs granted | — | — | ||||||
RSUs added through dividend credits | 322 | — | ||||||
RSUs released | (355 | ) | — | |||||
RSUs forfeited/expired | — | — | ||||||
|
|
|
| |||||
Outstanding at March 31, 2019 | 66,914 | 45,536 | ||||||
|
|
|
|
Service Condition Vesting RSUs | Market Plus Service Condition Vesting RSUs | |||||||
Outstanding at December 31, 2018 | 66,947 | 45,536 | ||||||
RSUs granted | 35,272 | 22,898 | ||||||
RSUs added through dividend and performance credits | 519 | 7,414 | ||||||
RSUs released | (26,211 | ) | (22,237 | ) | ||||
RSUs forfeited/expired | — | — | ||||||
Outstanding at June 30, 2019 | 76,527 | 53,611 | ||||||
Three months ended March 31, | ||||||||
(dollars in thousands) | 2019 | 2018 | ||||||
ATM and interchange fees | $ | 4,581 | $ | 4,235 | ||||
Service charges on deposit accounts | 3,880 | 3,779 | ||||||
Other service fees | 771 | 714 | ||||||
Mortgage banking service fees | 483 | 517 | ||||||
Change in value of mortgage servicing rights | (645 | ) | 111 | |||||
|
|
|
| |||||
Total service charges and fees | 9,070 | 9,356 | ||||||
|
|
|
| |||||
Increase in cash value of life insurance | 775 | 608 | ||||||
Asset management and commission income | 642 | 876 | ||||||
Gain on sale of loans | 412 | 626 | ||||||
Lease brokerage income | 220 | 128 | ||||||
Sale of customer checks | 140 | 101 | ||||||
Gain on sale of foreclosed assets | 99 | 371 | ||||||
Gain (loss) on marketable equity securities | 36 | (48 | ) | |||||
Loss on disposal of fixed assets | (38 | ) | (13 | ) | ||||
Other | 508 | 285 | ||||||
|
|
|
| |||||
Total other noninterest income | 2,794 | 2,934 | ||||||
|
|
|
| |||||
Total noninterest income | $ | 11,864 | $ | 12,290 | ||||
|
|
|
|
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
ATM and interchange fees | $ | 5,404 | $ | 4,510 | $ | 9,985 | $ | 8,745 | ||||||||
Service charges on deposit accounts | 4,182 | 3,613 | 8,062 | 7,392 | ||||||||||||
Other service fees | 619 | 630 | 1,390 | 1,344 | ||||||||||||
Mortgage banking service fees | 475 | 511 | 958 | 1,028 | ||||||||||||
Change in value of mortgage servicing rights | (552 | ) | (36 | ) | (1,197 | ) | 75 | |||||||||
Total service charges and fees | 10,128 | 9,228 | 19,198 | 18,584 | ||||||||||||
Increase in cash value of life insurance | 746 | 656 | 1,521 | 1,264 | ||||||||||||
Asset management and commission income | 739 | 810 | 1,381 | 1,686 | ||||||||||||
Gain on sale of loans | 575 | 666 | 987 | 1,292 | ||||||||||||
Lease brokerage income | 239 | 200 | 459 | 328 | ||||||||||||
Sale of customer checks | 135 | 138 | 275 | 239 | ||||||||||||
Gain on sale of foreclosed assets | 197 | 17 | 296 | 388 | ||||||||||||
Gain (loss) on marketable equity securities | 42 | (23 | ) | 78 | (70 | ) | ||||||||||
Loss on disposal of fixed assets | (42 | ) | (41 | ) | (80 | ) | (54 | ) | ||||||||
Other | 819 | 523 | 1,327 | 807 | ||||||||||||
Total other noninterest income | 3,450 | 2,946 | 6,244 | 5,880 | ||||||||||||
Total noninterest income | $ | 13,578 | $ | 12,174 | $ | 25,442 | $ | 24,464 | ||||||||
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Base salaries, net of deferred loan origination costs | $ | 16,757 | $ | 13,962 | ||||
Incentive compensation | 2,567 | 2,452 | ||||||
Benefits and other compensation costs | 5,804 | 5,238 | ||||||
|
|
|
| |||||
Total salaries and benefits expense | 25,128 | 21,652 | ||||||
|
|
|
| |||||
Occupancy | 3,774 | 2,681 | ||||||
Data processing and software | 3,349 | 2,514 | ||||||
Equipment | 1,867 | 1,551 | ||||||
Intangible amortization | 1,431 | 339 | ||||||
Advertising | 1,331 | 838 | ||||||
ATM and POS network charges | 1,323 | 1,226 | ||||||
Professional fees | 839 | 773 | ||||||
Telecommunications | 797 | 701 | ||||||
Regulatory assessments and insurance | 511 | 430 | ||||||
Merger and acquisition expense | — | 476 | ||||||
Postage | 310 | 358 | ||||||
Operational losses | 225 | 294 | ||||||
Courier service | 270 | 267 | ||||||
Other miscellaneous expense | 4,358 | 4,062 | ||||||
|
|
|
| |||||
Total other noninterest expense | 20,385 | 16,510 | ||||||
|
|
|
| |||||
Total noninterest expense | $ | 45,513 | $ | 38,162 | ||||
|
|
|
|
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Base salaries, net of deferred loan origination costs | $ | 17,211 | $ | 14,429 | $ | 33,968 | $ | 28,391 | ||||||||
Incentive compensation | 3,706 | 2,159 | 6,273 | 4,611 | ||||||||||||
Benefits and other compensation costs | 5,802 | 4,865 | 11,606 | 10,103 | ||||||||||||
Total salaries and benefits expense | 26,719 | 21,453 | 51,847 | 43,105 | ||||||||||||
Occupancy | 3,738 | 2,720 | 7,512 | 5,401 | ||||||||||||
Data processing and software | 3,354 | 2,679 | 6,703 | 5,193 | ||||||||||||
Equipment | 1,752 | 1,637 | 3,619 | 3,188 | ||||||||||||
Intangible amortization | 1,431 | 339 | 2,862 | 678 | ||||||||||||
Advertising | 1,533 | 1,035 | 2,864 | 1,873 | ||||||||||||
ATM and POS network charges | 1,270 | 1,437 | 2,593 | 2,663 | ||||||||||||
Professional fees | 1,057 | 774 | 1,896 | 1,546 | ||||||||||||
Telecommunications | 773 | 681 | 1,570 | 1,382 | ||||||||||||
Regulatory assessments and insurance | 490 | 417 | 1,001 | 847 | ||||||||||||
Merger and acquisition expense | — | 601 | — | 1,077 | ||||||||||||
Postage | 315 | 301 | 625 | 659 | ||||||||||||
Operational losses | 226 | 252 | 451 | 546 | ||||||||||||
Courier service | 412 | 224 | 682 | 491 | ||||||||||||
Other miscellaneous expense | 3,782 | 3,320 | 8,140 | 7,383 | ||||||||||||
Total other noninterest expense | 20,133 | 16,417 | 40,518 | 32,927 | ||||||||||||
Total noninterest expense | $ | 46,852 | $ | 37,870 | $ | 92,365 | $ | 76,032 | ||||||||
Three months ended March 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Net income | $ | 22,726 | $ | 13,910 | ||||
Average number of common shares outstanding | 30,424 | 22,956 | ||||||
Effect of dilutive stock options and restricted stock | 234 | 327 | ||||||
|
|
|
| |||||
Average number of common shares outstanding used to calculate diluted earnings per share | 30,658 | 23,283 | ||||||
|
|
|
| |||||
Options excluded from diluted earnings per share because the effect of these options was antidilutive | — | — |
Three months ended June 30, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Net income | $ | 23,061 | $ | 15,029 | ||||
Average number of common shares outstanding | 30,458 | 22,983 | ||||||
Effect of dilutive stock options and restricted stock | 185 | 293 | ||||||
Average number of common shares outstanding used to calculate diluted earnings per share | 30,643 | 23,276 | ||||||
Options excluded from diluted earnings per share because the effect of these options was antidilutive | — | — |
Six months ended June 30, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Net income | $ | 45,787 | $ | 28,939 | ||||
Average number of common shares outstanding | 30,441 | 22,970 | ||||||
Effect of dilutive stock options and restricted stock | 209 | 310 | ||||||
Average number of common shares outstanding used to calculate diluted earnings per share | 30,650 | 23,280 | ||||||
Options excluded from diluted earnings per share because the effect of these options was antidilutive | — | — |
Three months ended March 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Unrealized holding gains (losses) on available for sale securities before reclassifications | 12,710 | $ | (15,265 | ) | ||||
Amounts reclassified out of accumulated other comprehensive income: | ||||||||
Adoption ASU2016-01 | — | 62 | ||||||
Adoption ASU2018-02 | — | (425 | ) | |||||
|
|
|
| |||||
Total amounts reclassified out of accumulated other comprehensive income | — | (363 | ) | |||||
|
|
|
| |||||
Unrealized holding gains (losses) on available for sale securities after reclassifications | 12,710 | (15,628 | ) | |||||
Tax effect | (3,758 | ) | 4,602 | |||||
|
|
|
| |||||
Unrealized holding gains (losses) on available for sale securities, net of tax | 8,952 | (11,026 | ) | |||||
|
|
|
| |||||
Change in unfunded status of the supplemental retirement plans before reclassifications | (89 | ) | 667 | |||||
Amounts reclassified out of accumulated other comprehensive income: | ||||||||
Amortization of prior service cost | (13 | ) | (13 | ) | ||||
Amortization of actuarial losses | 102 | 127 | ||||||
Adoption ASU2018-02 | — | (668 | ) | |||||
|
|
|
| |||||
Total amounts reclassified out of accumulated other comprehensive income | 89 | �� | (554 | ) | ||||
|
|
|
| |||||
Change in unfunded status of the supplemental retirement plans after reclassifications | — | 113 | ||||||
Tax effect | — | (33 | ) | |||||
|
|
|
| |||||
Change in unfunded status of the supplemental retirement plans, net of tax | — | 80 | ||||||
|
|
|
| |||||
Total other comprehensive income (loss) | $ | 8,952 | $ | (10,946 | ) | |||
|
|
|
|
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Unrealized holding gains (losses) on available for sale securities before reclassifications | $ | 9,553 | $ | (5,676 | ) | $ | 22,263 | $ | (20,941 | ) | ||||||
Amounts reclassified out of accumulated other comprehensive income: | ||||||||||||||||
Adoption ASU 2016-01 | — | — | — | 62 | ||||||||||||
Adoption ASU 2018-02 | — | — | — | (425 | ) | |||||||||||
Total amounts reclassified out of accumulated other comprehensive income | — | — | — | (363 | ) | |||||||||||
Unrealized holding gains (losses) on available for sale securities after reclassifications | 9,553 | (5,676 | ) | 22,263 | (21,304 | ) | ||||||||||
Tax effect | (2,824 | ) | 1,678 | (6,582 | ) | 6,280 | ||||||||||
Unrealized holding gains (losses) on available for sale securities, net of tax | 6,729 | (3,998 | ) | 15,681 | (15,024 | ) | ||||||||||
Change in unfunded status of the supplemental retirement plans before reclassifications | (89 | ) | — | (177 | ) | 668 | ||||||||||
Amounts reclassified out of accumulated other comprehensive income: | ||||||||||||||||
Amortization of prior service cost | (13 | ) | (13 | ) | (27 | ) | (27 | ) | ||||||||
Amortization of actuarial losses | 102 | 127 | 204 | 254 | ||||||||||||
Adoption ASU 2018-02 | — | — | — | (668 | ) | |||||||||||
Total amounts reclassified out of accumulated other comprehensive income | 89 | 114 | 177 | (441 | ) | |||||||||||
Change in unfunded status of the supplemental retirement plans after reclassifications | — | 114 | — | 227 | ||||||||||||
Tax effect | — | (34 | ) | — | (67 | ) | ||||||||||
Change in unfunded status of the supplemental retirement plans, net of tax | — | 80 | — | 160 | ||||||||||||
Total other comprehensive income (loss) | $ | 6,729 | $ | (3,918 | ) | $ | 15,681 | $ | (14,864 | ) | ||||||
March 31, | December 31, | |||||||
(in thousands) | 2019 | 2018 | ||||||
Net unrealized loss on available for sale securities | $ | (8,264 | ) | $ | (20,974 | ) | ||
Tax effect | 2,443 | 6,201 | ||||||
|
|
|
| |||||
Unrealized holding loss on available for sale securities, net of tax | (5,821 | ) | (14,773 | ) | ||||
|
|
|
| |||||
Unfunded status of the supplemental retirement plans | (4,802 | ) | (4,802 | ) | ||||
Tax effect | 1,420 | 1,420 | ||||||
|
|
|
| |||||
Unfunded status of the supplemental retirement plans, net of tax | (3,382 | ) | (3,382 | ) | ||||
|
|
|
| |||||
Joint beneficiary agreement liability | 276 | 276 | ||||||
Tax effect | — | — | ||||||
|
|
|
| |||||
Joint beneficiary agreement liability, net of tax | 276 | 276 | ||||||
|
|
|
| |||||
Accumulated other comprehensive loss | $ | (8,927 | ) | $ | (17,879 | ) | ||
|
|
|
|
June 30, | December 31, | |||||||
(in thousands) | 2019 | 2018 | ||||||
Net unrealized loss on available for sale securities | $ | 1,289 | $ | (20,974 | ) | |||
Tax effect | (381 | ) | 6,201 | |||||
Unrealized holding loss on available for sale securities, net of tax | 908 | (14,773 | ) | |||||
Unfunded status of the supplemental retirement plans | (4,802 | ) | (4,802 | ) | ||||
Tax effect | 1,420 | 1,420 | ||||||
Unfunded status of the supplemental retirement plans, net of tax | (3,382 | ) | (3,382 | ) | ||||
Joint beneficiary agreement liability | 276 | 276 | ||||||
Tax effect | — | — | ||||||
Joint beneficiary agreement liability, net of tax | 276 | 276 | ||||||
Accumulated other comprehensive loss | $ | (2,198 | ) | $ | (17,879 | ) | ||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Fair value at March 31, 2019 | ||||||||||||||||
Marketable equity securities | $ | 2,910 | $ | 2,910 | $ | — | $ | — | ||||||||
Debt securities available for sale: | ||||||||||||||||
Obligations of U.S. government corporations and agencies | 627,100 | — | 627,100 | — | ||||||||||||
Obligations of states and political subdivisions | 129,349 | — | 129,349 | — | ||||||||||||
Corporate bonds | 4,478 | — | 4,478 | — | ||||||||||||
Asset backed securities | 352,589 | — | 352,589 | — | ||||||||||||
Loans held for sale | 5,410 | — | 5,410 | — | ||||||||||||
Mortgage servicing rights | 6,572 | — | — | 6,572 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets measured at fair value | $ | 1,128,408 | $ | 2,910 | $ | 1,118,926 | $ | 6,572 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Fair value at December 31, 2018 | ||||||||||||||||
Marketable equity securities | $ | 2,874 | $ | 2,874 | $ | — | $ | — | ||||||||
Debt securities available for sale: | ||||||||||||||||
Obligations of U.S. government corporations and agencies | 629,981 | — | 629,981 | — | ||||||||||||
Obligations of states and political subdivisions | 126,072 | — | 126,072 | — | ||||||||||||
Corporate bonds | 4,478 | — | 4,478 | — | ||||||||||||
Asset backed securities | 354,505 | — | 354,505 | — | ||||||||||||
Loans held for sale | 3,687 | — | 3,687 | — | ||||||||||||
Mortgage servicing rights | 7,098 | — | — | 7,098 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets measured at fair value | $ | 1,128,695 | $ | 2,874 | $ | 1,118,723 | $ | 7,098 | ||||||||
|
|
|
|
|
|
|
|
Fair value at June 30, 2019 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable equity securities | $ | 2,952 | $ | 2,952 | $ | — | $ | — | ||||||||
Debt securities available for sale: | ||||||||||||||||
Obligations of U.S. government corporations and agencies | 630,911 | — | 630,911 | — | ||||||||||||
Obligations of states and political subdivisions | 125,980 | — | 125,980 | — | ||||||||||||
Corporate bonds | 4,521 | — | 4,521 | — | ||||||||||||
Asset backed securities | 372,582 | — | 372,582 | — | ||||||||||||
Loans held for sale | 5,875 | — | 5,875 | — | ||||||||||||
Mortgage servicing rights | 6,229 | — | — | 6,229 | ||||||||||||
Total assets measured at fair value | $ | 1,149,050 | $ | 2,952 | $ | 1,139,869 | $ | 6,229 | ||||||||
Fair value at December 31, 2018 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable equity securities | $ | 2,874 | $ | 2,874 | $ | — | $ | — | ||||||||
Debt securities available for sale: | ||||||||||||||||
Obligations of U.S. government corporations and agencies | 629,981 | — | 629,981 | — | ||||||||||||
Obligations of states and political subdivisions | 126,072 | — | 126,072 | — | ||||||||||||
Corporate bonds | 4,478 | — | 4,478 | — | ||||||||||||
Asset backed securities | 354,505 | — | 354,505 | — | ||||||||||||
Loans held for sale | 3,687 | — | 3,687 | — | ||||||||||||
Mortgage servicing rights | 7,098 | — | — | 7,098 | ||||||||||||
Total assets measured at fair value | $ | 1,128,695 | $ | 2,874 | $ | 1,118,723 | $ | 7,098 | ||||||||
Beginning Balance | Transfers into (out of) Level 3 | Change Included in Earnings | Issuances | Ending Balance | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2019: Mortgage servicing rights | $ | 7,098 | — | $ | (645 | ) | $ | 119 | $ | 6,572 | ||||||||||
2018: Mortgage servicing rights | $ | 6,687 | — | $ | 111 | $ | 155 | $ | 6,953 |
Transfers | Change | |||||||||||||||||||
Beginning | into (out of) | Included | Ending | |||||||||||||||||
Three months ended June 30, | Balance | Level 3 | in Earnings | Issuances | Balance | |||||||||||||||
2019: Mortgage servicing rights | $ | 6,572 | — | $ | (552 | ) | $ | 209 | $ | 6,229 | ||||||||||
2018: Mortgage servicing rights | $ | 6,953 | — | $ | (36 | ) | $ | 104 | $ | 7,021 |
Six months ended June 30, | Beginning Balance | Transfers into (out of) Level 3 | Change Included in Earnings | Issuances | Ending Balance | |||||||||||||||
2019: Mortgage servicing rights | $ | 7,098 | — | $ | (1,197 | ) | $ | 328 | $ | 6,229 | ||||||||||
2018: Mortgage servicing rights | $ | 6,687 | — | $ | 75 | $ | 259 | $ | 7,021 |
Fair Value (in thousands) | Valuation Technique | Unobservable Inputs | Range, Weighted Average | |||||||||||||
As of March 31, 2019: | ||||||||||||||||
Mortgage Servicing Rights | $ | 6,572 | | Discounted cash flow | | Constant prepayment rate | | 5.4% - 27.1%; 8.9% | | |||||||
Discount rate | | 12% - 13%; 12% | ||||||||||||||
As of December 31, 2018: | ||||||||||||||||
Mortgage Servicing Rights | $ | 7,098 | | Discounted cash flow | | Constant prepayment rate | | 5.0% - 27.3%; 7.6% | | |||||||
Discount rate | | 12% - 13%; 12% |
Fair Value | Valuation | Unobservable | Range, Weighted | |||||||||||||
As of June 30, 2019: | (in thousands) | Technique | Inputs | Average | ||||||||||||
Mortgage Servicing Rights | $ | 6,229 | Discounted cash flow | Constant prepayment rate | 6.9% - 39.0%; 10.5 | % | ||||||||||
Discount rate | 10% - 14%;12 | % | ||||||||||||||
As of December 31, 2018: | ||||||||||||||||
Mortgage Servicing Rights | $ | 7,098 | Discounted cash flow | Constant prepayment rate | 5.0% - 27.3%; 7.6 | % | ||||||||||
Discount rate | 12% - 13%;12 | % |
Total | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | ||||||||||||||||
Three months ended March 31, 2019 | ||||||||||||||||||||
Fair value: | ||||||||||||||||||||
Impaired Originated & PNCI loans | $ | 212 | — | — | $ | 212 | $ | (197 | ) | |||||||||||
Foreclosed assets | 214 | — | — | 214 | 98 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets measured at fair value | $ | 426 | — | — | $ | 426 | $ | (99 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | ||||||||||||||||
Year ended December 31, 2018 | ||||||||||||||||||||
Fair value: | ||||||||||||||||||||
Impaired Originated & PNCI loans | $ | 281 | — | — | $ | 281 | $ | (294 | ) | |||||||||||
Foreclosed assets | 1,311 | — | — | 1,311 | (8 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets measured at fair value | $ | 1,592 | — | — | $ | 1,592 | $ | (302 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | ||||||||||||||||
Three months ended March 31, 2018 | ||||||||||||||||||||
Fair value: | ||||||||||||||||||||
Impaired Originated & PNCI loans | $ | 2,103 | — | — | $ | 2,103 | $ | (795 | ) | |||||||||||
Foreclosed assets | 774 | — | — | 774 | (87 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets measured at fair value | $ | 2,877 | — | — | $ | 2,877 | $ | (882 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
Total Gains | ||||||||||||||||||||
June 30, 2019 | Total | Level 1 | Level 2 | Level 3 | (Losses) | |||||||||||||||
Fair value: | ||||||||||||||||||||
Impaired Originated & PNCI loans | $ | 1,164 | — | — | $ | 1,164 | $ | (808 | ) | |||||||||||
Foreclosed assets | 454 | — | — | 454 | (63 | ) | ||||||||||||||
Total assets measured at fair value | $ | 1,618 | — | — | $ | 1,618 | $ | (871 | ) | |||||||||||
Total Gains | ||||||||||||||||||||
December 31, 2018 | Total | Level 1 | Level 2 | Level 3 | (Losses) | |||||||||||||||
Fair value: | ||||||||||||||||||||
Impaired Originated & PNCI loans | $ | 281 | — | — | $ | 281 | $ | (294 | ) | |||||||||||
Foreclosed assets | 1,311 | — | — | 1,311 | (8 | ) | ||||||||||||||
Total assets measured at fair value | $ | 1,592 | — | — | $ | 1,592 | $ | (302 | ) | |||||||||||
Total Gains | ||||||||||||||||||||
June 30, 2018 | Total | Level 1 | Level 2 | Level 3 | (Losses) | |||||||||||||||
Fair value: | ||||||||||||||||||||
Impaired Originated & PNCI loans | $ | 1,647 | — | — | $ | 1,647 | $ | (505 | ) | |||||||||||
Foreclosed assets | 584 | — | — | 584 | (90 | ) | ||||||||||||||
Total assets measured at fair value | $ | 2,231 | — | — | $ | 2,231 | $ | (595 | ) | |||||||||||
Fair Value (in thousands) | Valuation Technique | Unobservable Inputs | Range, Weighted Average | |||||||||
March 31, 2019 | ||||||||||||
Impaired Originated & PNCI loans | $ | 212 | Sales comparison approach | Adjustment for differences between comparable sales | Not meaningful | |||||||
Income approach | Capitalization rate | N/A | ||||||||||
Foreclosed assets (Residential real estate) | $ | 214 | Sales comparison approach | Adjustment for differences between comparable sales | Not meaningful |
June 30, 2019 | Fair Value (in thousands) | Valuation Technique | Unobservable Inputs | Range, Weighted Average | ||||||||||||
Impaired Originated & PNCI loans | $ | — | Sales comparison approach Income approach | Adjustment for differences between comparable sales Capitalization rate | Not meaningful N/A | |||||||||||
Foreclosed assets (Residential real estate) | $ | — | Sales comparison approach | Adjustment for differences between comparable sales | Not meaningful |
Fair Value (in thousands) | Valuation Technique | Unobservable Inputs | Range, | |||||||
December 31, 2018 | ||||||||||
Impaired Originated & PNCI loans | $ | 281 | Sales comparison approach | Adjustment for differences between comparable sales | (16.3%) - 35.14%; 10.45% | |||||
Income approach | Capitalization rate | N/A | ||||||||
Foreclosed assets (Residential real estate) | $ | 693 | Sales comparison approach | Adjustment for differences between comparable sales | (21.83%) - 7.25%; (3.75%) | |||||
Foreclosed assets (Commercial real estate) | $ | 618 | Sales comparison approach | Adjustment for differences between comparable sales | (65%) - 20%; (45%) |
December 31, 2018 | Fair Value (in thousands) | Valuation Technique | Unobservable Inputs | Range, Weighted Average | ||||||||||||
Impaired Originated & PNCI loans | $ | 281 | Sales comparison approach Income approach | Adjustment for differences between comparable sales Capitalization rate | (16.3%) - 35.14%; 10.45% N/A | |||||||||||
Foreclosed assets (Residential real estate) | $ | 693 | Sales comparison approach | Adjustment for differences between comparable sales | (21.83%) - 7.25%; (3.75%) | |||||||||||
Foreclosed assets (Commercial real estate) | $ | 618 | Sales comparison approach | Adjustment for differences between comparable sales | (65%) - 20%; (45%) |
March 31, 2019 | December 31, 2018 | |||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Financial assets: | ||||||||||||||||
Level 1 inputs: | ||||||||||||||||
Cash and due from banks | $ | 105,103 | $ | 105,103 | $ | 119,781 | $ | 119,781 | ||||||||
Cash at Federal Reserve and other banks | 213,605 | 213,605 | 107,752 | 107,752 | ||||||||||||
Level 2 inputs: | ||||||||||||||||
Securities held to maturity | 431,016 | 430,773 | 444,936 | 437,370 | ||||||||||||
Restricted equity securities | 17,250 | N/A | 17,250 | N/A | ||||||||||||
Loans held for sale | 5,410 | 5,410 | 3,687 | 4,616 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Loans, net | 4,002,267 | 4,053,496 | 3,989,432 | 4,006,986 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Level 2 inputs: | ||||||||||||||||
Deposits | 5,430,262 | 5,427,004 | 5,366,466 | 5,362,173 | ||||||||||||
Other borrowings | 12,466 | 12,466 | 15,839 | 15,839 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Junior subordinated debt | 57,085 | 56,180 | 57,042 | 62,610 | ||||||||||||
(in thousands) | Contract Amount | Fair Value | Contract Amount | Fair Value | ||||||||||||
Off-balance sheet: | ||||||||||||||||
Level 3 inputs: | ||||||||||||||||
Commitments | $ | 1,226,913 | $ | 12,269 | $ | 1,192,054 | $ | 11,921 | ||||||||
Standby letters of credit | 11,743 | 117 | 11,346 | 113 | ||||||||||||
Overdraft privilege commitments | 115,552 | 1,156 | 111,956 | 1,120 |
June 30, 2019 | December 31, 2018 | |||||||||||||||
(in thouands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Financial assets: | ||||||||||||||||
Level 1 inputs: | ||||||||||||||||
Cash and due from banks | $ | 106,939 | $ | 106,939 | $ | 119,781 | $ | 119,781 | ||||||||
Cash at Federal Reserve and other banks | 68,643 | 68,643 | 107,752 | 107,752 | ||||||||||||
Level 2 inputs: | ||||||||||||||||
Securities held to maturity | 412,524 | 415,276 | 444,936 | 437,370 | ||||||||||||
Restricted equity securities | 17,250 | N/A | 17,250 | N/A | ||||||||||||
Loans held for sale | 5,875 | 5,875 | 3,687 | 4,616 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Loans, net | 4,070,819 | 4,057,792 | 3,989,432 | 4,006,986 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Level 2 inputs: | ||||||||||||||||
Deposits | 5,342,173 | 5,341,105 | 5,366,466 | 5,362,173 | ||||||||||||
Other borrowings | 13,292 | 13,292 | 15,839 | 15,839 | ||||||||||||
Level 3 inputs: | ||||||||||||||||
Junior subordinated debt | 57,132 | 56,209 | 57,042 | 62,610 | ||||||||||||
(in thouands) | Contract Amount | Fair Value | Contract Amount | Fair Value | ||||||||||||
Off-balance sheet: | ||||||||||||||||
Level 3 inputs: | ||||||||||||||||
Commitments | $ | 1,201,892 | $ | 12,019 | $ | 1,192,054 | $ | 11,921 | ||||||||
Standby letters of credit | 11,338 | 113 | 11,346 | 113 | ||||||||||||
Overdraft privilege commitments | 108,941 | 1,089 | 111,956 | 1,120 |
Minimum Capital | Required to be | |||||||||||||||||||||||
Required – Basel III | Considered Well | |||||||||||||||||||||||
Actual | Fully Phased In | Capitalized | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
As of March 31, 2019: | ||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): |
| |||||||||||||||||||||||
Consolidated | $ | 700,542 | 14.73 | % | $ | 449,380 | 10.50 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 697,549 | 14.67 | % | $ | 499,195 | 10.50 | % | $ | 475,424 | 10.00 | % | ||||||||||||
Tier 1 Capital (to Risk Weighted Assets): |
| |||||||||||||||||||||||
Consolidated | $ | 665,688 | 14.00 | % | $ | 404,260 | 8.50 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 662,695 | 13.94 | % | $ | 404,111 | 8.50 | % | $ | 380,339 | 8.00 | % | ||||||||||||
Common equity Tier 1 Capital (to Risk Weighted Assets): |
| |||||||||||||||||||||||
Consolidated | $ | 610,317 | 12.83 | % | $ | 332,920 | 7.00 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 662,695 | 13.94 | % | $ | 332,797 | 7.00 | % | $ | 309,026 | 6.50 | % | ||||||||||||
Tier 1 Capital (to Average Assets): |
| |||||||||||||||||||||||
Consolidated | $ | 665,688 | 10.84 | % | $ | 245,649 | 4.00 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 662,695 | 10.79 | % | $ | 245,643 | 4.00 | % | $ | 307,054 | 5.00 | % |
Minimum Capital | Minimum Capital | Required to be | ||||||||||||||||||||||||||||||
Required – Basel III | Required – Basel III | Considered Well | ||||||||||||||||||||||||||||||
Actual | Phase-in Schedule | Fully Phased In | Capitalized | |||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
As of December 31, 2018: | ||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): |
| |||||||||||||||||||||||||||||||
Consolidated | $ | 682,419 | 14.40 | % | $ | 467,874 | 9.875 | % | $ | 497,486 | 10.50 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 680,624 | 14.37 | % | $ | 467,704 | 9.875 | % | $ | 497,305 | 10.50 | % | $ | 473,624 | 10.00 | % | ||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets): |
| |||||||||||||||||||||||||||||||
Consolidated | $ | 647,262 | 13.66 | % | $ | 373,115 | 7.875 | % | $ | 402,727 | 8.50 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 645,467 | 13.63 | % | $ | 372,979 | 7.875 | % | $ | 402,581 | 8.50 | % | $ | 378,899 | 8.00 | % | ||||||||||||||||
Common equity Tier 1 Capital (to Risk Weighted Assets): |
| |||||||||||||||||||||||||||||||
Consolidated | $ | 591,933 | 12.49 | % | $ | 302,045 | 6.375 | % | $ | 331,658 | 7.00 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 645,467 | 13.63 | % | $ | 301,935 | 6.375 | % | $ | 331,537 | 7.00 | % | $ | 307,856 | 6.50 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets): |
| |||||||||||||||||||||||||||||||
Consolidated | $ | 647,262 | 10.68 | % | $ | 242,452 | 4.000 | % | $ | 242,452 | 4.00 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 645,467 | 10.65 | % | $ | 242,447 | 4.000 | % | $ | 242,447 | 4.00 | % | $ | 303,059 | 5.00 | % |
Actual | Minimum Capital Required – Basel III Fully Phased In | Required to be Considered Well Capitalized | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
As of June 30, 2019: | ||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Consolidated | $ | 718,901 | 14.93 | % | $ | 505,569 | 10.50 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 714,018 | 14.83 | % | $ | 505,385 | 10.50 | % | $ | 481,320 | 10.00 | % | ||||||||||||
Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Consolidated | $ | 683,043 | 14.19 | % | $ | 409,270 | 8.50 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 678,160 | 14.09 | % | $ | 409,122 | 8.50 | % | $ | 385,056 | 8.00 | % | ||||||||||||
Common equity Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Consolidated | $ | 627,627 | 13.03 | % | $ | 337,046 | 7.00 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 678,160 | 14.09 | % | $ | 336,924 | 7.00 | % | $ | 312,858 | 6.50 | % | ||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||||||
Consolidated | $ | 683,043 | 11.08 | % | $ | 246,599 | 4.00 | % | N/A | N/A | ||||||||||||||
Tri Counties Bank | $ | 678,160 | 11.00 | % | $ | 246,594 | 4.00 | % | $ | 308,242 | 5.00 | % |
Actual | Minimum Capital Required – Basel III Phase-in Schedule | Minimum Capital Required – Basel III Fully Phased In | Required to be Considered Well Capitalized | |||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
As of December 31, 2018: | ||||||||||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||
Consolidated | $ | 682,419 | 14.40 | % | $ | 467,874 | 9.875 | % | $ | 497,486 | 10.50 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 680,624 | 14.37 | % | $ | 467,704 | 9.875 | % | $ | 497,305 | 10.50 | % | $ | 473,624 | 10.00 | % | ||||||||||||||||
Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||
Consolidated | $ | 647,262 | 13.66 | % | $ | 373,115 | 7.875 | % | $ | 402,727 | 8.50 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 645,467 | 13.63 | % | $ | 372,979 | 7.875 | % | $ | 402,581 | 8.50 | % | $ | 378,899 | 8.00 | % | ||||||||||||||||
Common equity Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||||||||||
Consolidated | $ | 591,933 | 12.49 | % | $ | 302,045 | 6.375 | % | $ | 331,658 | 7.00 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 645,467 | 13.63 | % | $ | 301,935 | 6.375 | % | $ | 331,537 | 7.00 | % | $ | 307,856 | 6.50 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||||||||||||||
Consolidated | $ | 647,262 | 10.68 | % | $ | 242,452 | 4.000 | % | $ | 242,452 | 4.00 | % | N/A | N/A | ||||||||||||||||||
Tri Counties Bank | $ | 645,467 | 10.65 | % | $ | 242,447 | 4.000 | % | $ | 242,447 | 4.00 | % | $ | 303,059 | 5.00 | % |
Contents
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Return
Three months ended | ||||||||
March 31, | March 31, | |||||||
2019 | 2018 | |||||||
Net interest income | $ | 63,870 | $ | 44,986 | ||||
Benefit from reversal of provision for loan losses | 1,600 | 236 | ||||||
Noninterest income | 11,864 | 12,290 | ||||||
Noninterest expense | (45,513 | ) | (38,162 | ) | ||||
Provision for income taxes | (9,095 | ) | (5,440 | ) | ||||
|
|
|
| |||||
Net income | $ | 22,726 | $ | 13,910 | ||||
|
|
|
| |||||
Per share: | ||||||||
Basic Earnings per share | $ | 0.75 | $ | 0.61 | ||||
Diluted earnings per share | $ | 0.74 | $ | 0.60 | ||||
Dividends paid | $ | 0.19 | $ | 0.17 | ||||
Book value at period end | $ | 28.04 | $ | 22.01 | ||||
Average common shares outstanding | 30,424,184 | 22,956,239 | ||||||
Average diluted common shares outstanding | 30,657,833 | 23,283,127 | ||||||
Shares outstanding at period end | 30,432,419 | 22,956,323 | ||||||
At period end: | ||||||||
Loans, net | $ | 4,002,267 | $ | 3,039,760 | ||||
Total investment securities | 1,547,442 | 1,234,820 | ||||||
Total assets | 6,471,852 | 4,779,957 | ||||||
Total deposits | 5,430,262 | 4,084,404 | ||||||
Other borrowings | 12,466 | 65,041 | ||||||
Junior subordinated debt | 57,085 | 56,905 | ||||||
Shareholders’ equity | 853,278 | 505,256 | ||||||
Financial Ratios: | ||||||||
During the period (annualized): | ||||||||
Return on average assets | 1.41 | % | 1.17 | % | ||||
Return on average equity | 10.78 | % | 11.00 | % | ||||
Net interest margin1 | 4.46 | % | 4.14 | % | ||||
Efficiency ratio | 60.10 | % | 66.63 | % | ||||
At period end: | ||||||||
Equity to assets | 13.18 | % | 10.57 | % | ||||
Total capital to risk-adjusted assets | 14.73 | % | 13.91 | % |
1 Fully taxable equivalent (FTE)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net interest income | $ | 64,315 | $ | 45,869 | $ | 128,185 | $ | 90,855 | ||||||||
(Provision for) benefit from reversal of loan losses | (537 | ) | 638 | 1,063 | 874 | |||||||||||
Noninterest income | 13,578 | 12,174 | 25,442 | 24,464 | ||||||||||||
Noninterest expense | (46,852 | ) | (37,870 | ) | (92,365 | ) | (76,032 | ) | ||||||||
Provision for income taxes | (7,443 | ) | (5,782 | ) | (16,538 | ) | (11,222 | ) | ||||||||
Net income | $ | 23,061 | $ | 15,029 | $ | 45,787 | $ | 28,939 | ||||||||
Per Share Data: | ||||||||||||||||
Basic earnings per share | $ | 0.76 | $ | 0.65 | $ | 1.50 | $ | 1.26 | ||||||||
Diluted earnings per share | $ | 0.75 | $ | 0.65 | $ | 1.49 | $ | 1.24 | ||||||||
Dividends paid | $ | 0.19 | $ | 0.17 | $ | 0.38 | $ | 0.34 | ||||||||
Book value at period end | $ | 28.71 | $ | 22.27 | ||||||||||||
Average common shares outstanding | 30,458 | 22,983 | 30,441 | 22,970 | ||||||||||||
Average diluted common shares outstanding | 30,643 | 23,276 | 30,650 | 23,280 | ||||||||||||
Shares outstanding at period end | 30,503 | 23,004 | ||||||||||||||
At period end: | ||||||||||||||||
Loans, net | 4,070,819 | 3,116,789 | ||||||||||||||
Total investment securities | 1,566,720 | 1,251,776 | ||||||||||||||
Total assets | 6,395,172 | 4,863,153 | ||||||||||||||
Total deposits | 5,342,173 | 4,077,222 | ||||||||||||||
Other borrowings | 13,292 | 152,839 | ||||||||||||||
Shareholders’ equity | 875,886 | 512,344 | ||||||||||||||
Financial Ratios: | ||||||||||||||||
During the period (annualized): | ||||||||||||||||
Return on average assets | 1.44 | % | 1.25 | % | 1.43 | % | 1.21 | % | ||||||||
Return on average equity | 10.65 | % | 11.78 | % | 10.71 | % | 11.39 | % | ||||||||
Net interest margin 1 | 4.48 | % | 4.14 | % | 4.47 | % | 4.14 | % | ||||||||
Efficiency ratio | 60.1 | % | 65.2 | % | 60.1 | % | 65.9 | % | ||||||||
Average equity to average assets | 13.6 | % | 10.6 | % | 13.3 | % | 10.6 | % | ||||||||
At end of period: | ||||||||||||||||
Equity to assets | 13.70 | % | 10.54 | % | ||||||||||||
Total capital to risk-sdjusted assets | 14.93 | % | 13.91 | % |
1 | Fully taxable equivalent (FTE) |
Three months ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Net interest income (FTE) | $ | 64,192 | $ | 45,298 | ||||
Benefit from reversal of provision for loan losses | 1,600 | 236 | ||||||
Noninterest income | 11,864 | 12,290 | ||||||
Noninterest expense | (45,513 | ) | (38,162 | ) | ||||
Provision for income taxes (FTE) | (9,417 | ) | (5,752 | ) | ||||
|
|
|
| |||||
Net income | $ | 22,726 | $ | 13,910 | ||||
|
|
|
|
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net interest income (FTE) | $ | 64,613 | $ | 46,182 | $ | 128,804 | $ | 91,480 | ||||||||
(Provision for) Benefit from reversal of loan losses | (537 | ) | 638 | 1,063 | 874 | |||||||||||
Noninterest income | 13,578 | 12,174 | 25,442 | 24,464 | ||||||||||||
Noninterest expense | (46,852 | ) | (37,870 | ) | (92,365 | ) | (76,032 | ) | ||||||||
Provision for income taxes (FTE) | (7,741 | ) | (6,095 | ) | (17,157 | ) | (11,847 | ) | ||||||||
Net income | $ | 23,061 | $ | 15,029 | $ | 45,787 | $ | 28,939 | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Interest income | $ | 67,457 | $ | 47,121 | ||||
Interest expense | (3,587 | ) | (2,135 | ) | ||||
FTE adjustment | 322 | 312 | ||||||
|
|
|
| |||||
Net interest income (FTE) | $ | 64,192 | $ | 45,298 | ||||
|
|
|
| |||||
Net interest margin (FTE) | 4.46 | % | 4.14 | % | ||||
|
|
|
| |||||
Acquired loans discount accretion, net: | ||||||||
Amount (included in interest income) | $ | 1,655 | $ | 632 | ||||
Effect on average loan yield | 0.17 | % | 0.09 | % | ||||
Effect on net interest margin (FTE) | 0.12 | % | 0.06 | % |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest income | $ | 68,180 | $ | 48,478 | $ | 135,637 | $ | 95,599 | ||||||||
Interest expense | (3,865 | ) | (2,609 | ) | (7,452 | ) | (4,744 | ) | ||||||||
FTE adjustment | 298 | 313 | 619 | 625 | ||||||||||||
Net interest income (FTE) | $ | 64,613 | $ | 46,182 | $ | 128,804 | $ | 91,480 | ||||||||
Net interest margin (FTE) | 4.48 | % | 4.14 | % | 4.47 | % | 4.14 | % | ||||||||
Acquired loans discount accretion, net: | ||||||||||||||||
Amount (included in interest income) | $ | 1,904 | $ | 559 | $ | 3,559 | $ | 1,191 | ||||||||
Effect on average loan yield | 0.19 | % | 0.07 | % | 0.18 | % | 0.08 | % | ||||||||
Effect on net interest margin (FTE) | 0.13 | % | 0.05 | % | 0.12 | % | 0.05 | % |
For the three months ended | ||||||||||||||||||||||||
March 31, 2019 | March 31, 2018 | |||||||||||||||||||||||
Interest | Rates | Interest | Rates | |||||||||||||||||||||
Average | Income/ | Earned | Average | Income/ | Earned | |||||||||||||||||||
Balance | Expense | /Paid | Balance | Expense | /Paid | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Loans | $ | 4,023,864 | $ | 54,398 | 5.41 | % | $ | 3,028,178 | $ | 38,049 | 5.03 | % | ||||||||||||
Investment securities - taxable | 1,425,352 | 10,915 | 3.06 | % | 1,125,394 | 7,658 | 2.72 | % | ||||||||||||||||
Investment securities - nontaxable(1) | 142,232 | 1,395 | 3.92 | % | 136,160 | 1,353 | 3.97 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total investments | 1,567,584 | 12,310 | 3.14 | % | 1,261,554 | 9,011 | 2.86 | % | ||||||||||||||||
Cash at Federal Reserve and other banks | 168,518 | 1,071 | 2.54 | % | 90,864 | 373 | 1.64 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total interest-earning assets | 5,759,966 | 67,779 | 4.71 | % | 4,380,596 | 47,433 | 4.33 | % | ||||||||||||||||
Other assets | 666,261 | 360,631 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total assets | $ | 6,426,227 | $ | 4,741,227 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,279,639 | $ | 287 | 0.09 | % | $ | 994,206 | $ | 211 | 0.08 | % | ||||||||||||
Savings deposits | 1,926,339 | 1,133 | 0.24 | % | 1,371,377 | 411 | 0.12 | % | ||||||||||||||||
Time deposits | 441,778 | 1,299 | 1.18 | % | 306,514 | 474 | 0.62 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total interest-bearing deposits | 3,647,756 | 2,719 | 0.30 | % | 2,672,097 | 1,096 | 0.16 | % | ||||||||||||||||
Other borrowings | 15,509 | 13 | 0.34 | % | 107,781 | 342 | 1.27 | % | ||||||||||||||||
Junior subordinated debt | 56,950 | 855 | 6.01 | % | 56,882 | 697 | 4.90 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total interest-bearing liabilities | 3,720,215 | 3,587 | 0.39 | % | 2,836,760 | 2,135 | 0.30 | % | ||||||||||||||||
Noninterest-bearing deposits | 1,745,432 | 1,332,235 | ||||||||||||||||||||||
Other liabilities | 117,490 | 66,219 | ||||||||||||||||||||||
Shareholders’ equity | 843,090 | 506,013 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 6,426,227 | $ | 4,741,227 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net interest spread(2) | 4.32 | % | 4.03 | % | ||||||||||||||||||||
Net interest income and interest margin(3) | $ | 64,192 | 4.46 | % | $ | 45,298 | 4.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
For the three months ended | ||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Rates Earned /Paid | Average Balance | Interest Income/ Expense | Rates Earned /Paid | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Loans | $ | 4,044,044 | $ | 55,492 | 5.49 | % | $ | 3,104,126 | $ | 39,304 | 5.06 | % | ||||||||||||
Investment securities - taxable | 1,432,550 | 10,762 | 3.00 | % | 1,122,534 | 7,736 | 2.76 | % | ||||||||||||||||
Investment securities - nontaxable (1) | 140,562 | 1,358 | 3.86 | % | 136,126 | 1,355 | 3.98 | % | ||||||||||||||||
Total investments | 1,573,112 | 12,120 | 3.08 | % | 1,258,660 | 9,091 | 2.89 | % | ||||||||||||||||
Cash at Federal Reserve and other banks | 147,810 | 866 | 2.34 | % | 94,874 | 396 | 1.67 | % | ||||||||||||||||
Total interest-earning assets | 5,764,966 | 68,478 | 4.75 | % | 4,457,660 | 48,791 | 4.38 | % | ||||||||||||||||
Other assets | 620,923 | 356,863 | ||||||||||||||||||||||
Total assets | $ | 6,385,889 | $ | 4,814,523 | ||||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,276,388 | $ | 289 | 0.09 | % | $ | 995,528 | $ | 214 | 0.09 | % | ||||||||||||
Savings deposits | 1,888,234 | 1,306 | 0.28 | % | 1,393,121 | 427 | 0.12 | % | ||||||||||||||||
Time deposits | 441,116 | 1,404 | 1.27 | % | 313,556 | 593 | 0.76 | % | ||||||||||||||||
Total interest-bearing deposits | 3,605,738 | 2,999 | 0.33 | % | 2,702,205 | 1,234 | 0.18 | % | ||||||||||||||||
Other borrowings | 17,963 | 37 | 0.82 | % | 139,307 | 586 | 1.68 | % | ||||||||||||||||
Junior subordinated debt | 57,222 | 829 | 5.79 | % | 56,928 | 789 | 5.54 | % | ||||||||||||||||
Total interest-bearing liabilities | 3,680,923 | 3,865 | 0.42 | % | 2,898,440 | 2,609 | 0.36 | % | ||||||||||||||||
Noninterest-bearing deposits | 1,765,141 | 1,339,905 | ||||||||||||||||||||||
Other liabilities | 73,541 | 65,745 | ||||||||||||||||||||||
Shareholders’ equity | 866,284 | 510,433 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 6,385,889 | $ | 4,814,523 | ||||||||||||||||||||
Net interest spread (2) | 4.33 | % | 4.02 | % | ||||||||||||||||||||
Net interest income and interest margin (3) | $ | 64,613 | 4.48 | % | $ | 46,182 | 4.14 | % | ||||||||||||||||
(1) | Fully taxable equivalent (FTE) |
(2) | Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(3) | Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets. |
($’s in thousands) | As of March 31, | Acquired | Organic | Organic | ||||||||||||||||||||
Ending balances | 2019 | 2018 | $ Change | Balances | $ Change | % Change | ||||||||||||||||||
Total assets | $ | 6,471,852 | $ | 4,779,957 | $ | 1,691,895 | $ | 1,463,200 | $ | 228,695 | 4.8 | % | ||||||||||||
Total loans | 4,034,331 | 3,069,733 | 964,598 | 834,683 | 129,915 | 4.2 | % | |||||||||||||||||
Total investments | 1,564,692 | 1,251,776 | 312,916 | 335,667 | (22,751 | ) | (1.8 | %) | ||||||||||||||||
Total deposits | $ | 5,430,262 | $ | 4,084,404 | $ | 1,345,858 | $ | 991,935 | $ | 353,923 | 8.7 | % |
As of June 30, | Acquired | Organic | Organic | |||||||||||||||||||||
($‘s in thousands) | 2019 | 2018 | $ Change | Balances | $ Change | % Change | ||||||||||||||||||
Ending balances | ||||||||||||||||||||||||
Total assets | $ | 6,395,172 | $ | 4,863,153 | $ | 1,532,019 | $ | 1,463,200 | $ | 68,819 | 1.4 | % | ||||||||||||
Total loans | 4,103,687 | 3,146,313 | 957,374 | 834,683 | 122,691 | 3.9 | % | |||||||||||||||||
Total investments | 1,566,720 | 1,251,776 | 314,944 | 335,667 | (20,723 | ) | (1.7 | %) | ||||||||||||||||
Total deposits | $ | 5,342,173 | $ | 4,077,222 | $ | 1,264,951 | $ | 991,935 | $ | 273,016 | 6.7 | % |
For the six months ended | ||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Rates Earned /Paid | Average Balance | Interest Income/ Expense | Rates Earned /Paid | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Loans | $ | 4,033,954 | $ | 109,889 | 5.45 | % | $ | 3,066,152 | $ | 77,353 | 5.05 | % | ||||||||||||
Investment securities - taxable | 1,428,951 | 21,677 | 3.03 | % | 1,123,964 | 15,394 | 2.74 | % | ||||||||||||||||
Investment securities - nontaxable (1) | 141,397 | 2,753 | 3.89 | % | 136,143 | 2,708 | 3.98 | % | ||||||||||||||||
Total investments | 1,570,348 | 24,430 | 3.11 | % | 1,260,107 | 18,102 | 2.87 | % | ||||||||||||||||
Cash at Federal Reserve and other banks | 158,164 | 1,937 | 2.45 | % | 92,869 | 769 | 1.66 | % | ||||||||||||||||
Total interest-earning assets | 5,762,466 | 136,256 | 4.73 | % | 4,419,128 | 96,224 | 4.35 | % | ||||||||||||||||
Other assets | 643,592 | 358,747 | ||||||||||||||||||||||
Total assets | $ | 6,406,058 | $ | 4,777,875 | ||||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,274,882 | $ | 576 | 0.09 | % | $ | 994,867 | $ | 425 | 0.09 | % | ||||||||||||
Savings deposits | 1,907,677 | 2,439 | 0.26 | % | 1,382,249 | 838 | 0.12 | % | ||||||||||||||||
Time deposits | 441,447 | 2,703 | 1.22 | % | 310,035 | 1,067 | 0.69 | % | ||||||||||||||||
Total interest-bearing deposits | 3,624,006 | 5,718 | 0.32 | % | 2,687,151 | 2,330 | 0.17 | % | ||||||||||||||||
Other borrowings | 16,736 | 50 | 0.60 | % | 123,544 | 928 | 1.50 | % | ||||||||||||||||
Junior subordinated debt | 57,086 | 1,684 | 5.90 | % | 56,905 | 1,486 | 5.22 | % | ||||||||||||||||
Total interest-bearing liabilities | 3,697,828 | 7,452 | 0.40 | % | 2,867,600 | 4,744 | 0.33 | % | ||||||||||||||||
Noninterest-bearing deposits | 1,754,973 | 1,336,070 | ||||||||||||||||||||||
Other liabilities | 98,570 | 65,982 | ||||||||||||||||||||||
Shareholders’ equity | 854,687 | 508,223 | ||||||||||||||||||||||
�� | ||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 6,406,058 | $ | 4,777,875 | ||||||||||||||||||||
Net interest spread (2) | 4.33 | % | 4.02 | % | ||||||||||||||||||||
Net interest income and interest margin (3) | $ | 128,804 | 4.47 | % | $ | 91,480 | 4.14 | % | ||||||||||||||||
(1) | Fully taxable equivalent (FTE) |
(2) | Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(3) | Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets. |
Three months ended March 31, 2019 | ||||||||||||
compared with three months | ||||||||||||
ended March 31, 2018 | ||||||||||||
Volume | Rate | Total | ||||||||||
Increase in interest income: | ||||||||||||
Loans | $ | 12,521 | $ | 3,828 | $ | 16,349 | ||||||
Investment securities (1) | 2,100 | 1,199 | 3,299 | |||||||||
Cash at Federal Reserve and other banks | 318 | 380 | 698 | |||||||||
|
|
|
|
|
| |||||||
Total interest-earning assets | 14,939 | 5,407 | 20,346 | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in interest expense: | ||||||||||||
Interest-bearing demand deposits | 57 | 19 | 76 | |||||||||
Savings deposits | 165 | 557 | 722 | |||||||||
Time deposits | 209 | 616 | 825 | |||||||||
Other borrowings | (293 | ) | (36 | ) | (329 | ) | ||||||
Junior subordinated debt | 1 | 157 | 158 | |||||||||
|
|
|
|
|
| |||||||
Total interest-bearing liabilities | 139 | 1,313 | 1,452 | |||||||||
|
|
|
|
|
| |||||||
Increase in net interest income | $ | 14,800 | $ | 4,094 | $ | 18,894 | ||||||
|
|
|
|
|
|
Three months ended June 30, 2019 compared with three months ended June 30, 2018 | ||||||||||||
Volume | Rate | Total | ||||||||||
Increase in interest income: | ||||||||||||
Loans | $ | 12,681 | $ | 3,507 | $ | 16,188 | ||||||
Investment securities (1) | 2,391 | 638 | 3,029 | |||||||||
Cash at Federal Reserve and other banks | 273 | 197 | 470 | |||||||||
Total interest-earning assets | 15,345 | 4,342 | 19,687 | |||||||||
Increase (decrease) in interest expense: | ||||||||||||
Interest-bearing demand deposits | 63 | 12 | 75 | |||||||||
Savings deposits | 194 | 685 | 879 | |||||||||
Time deposits | 303 | 508 | 811 | |||||||||
Other borrowings | (346 | ) | (203 | ) | (549 | ) | ||||||
Junior subordinated debt | 4 | 36 | 40 | |||||||||
Total interest-bearing liabilities | 218 | 1,038 | 1,256 | |||||||||
Increase in net interest income | $ | 15,127 | $ | 3,304 | $ | 18,431 | ||||||
(1) | Fully taxable equivalent (FTE) |
Six months ended June 30, 2019 compared with six months ended June 30, 2018 | ||||||||||||
Volume | Rate | Total | ||||||||||
Increase in interest income: | ||||||||||||
Loans | $ | 25,971 | $ | 6,565 | $ | 32,536 | ||||||
Investment securities (1) | 4,733 | 1,595 | 6,328 | |||||||||
Cash at Federal Reserve and other banks | 695 | 473 | 1,168 | |||||||||
Total interest-earning assets | 31,399 | 8,633 | 40,032 | |||||||||
Increase (decrease) in interest expense: | ||||||||||||
Interest-bearing demand deposits | 126 | 25 | 151 | |||||||||
Savings deposits | 408 | 1,193 | 1,601 | |||||||||
Time deposits | 576 | 1,060 | 1,636 | |||||||||
Other borrowings | (518 | ) | (360 | ) | (878 | ) | ||||||
Junior subordinated debt | 4 | 194 | 198 | |||||||||
Total interest-bearing liabilities | 596 | 2,112 | 2,708 | |||||||||
Increase in net interest income | $ | 30,803 | $ | 6,521 | $ | 37,324 | ||||||
(1) | Fully taxable equivalent (FTE) |
$632,000 during the quarter ended June 30, 2019, therefore, changes in those risks could result in additional levels of provisioning being required in the future.
Three months ended March 31, | ||||||||||||||||
(dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
ATM and interchange fees | $ | 4,581 | $ | 4,235 | $ | 346 | 8.2 | % | ||||||||
Service charges on deposit accounts | 3,880 | 3,779 | 101 | 2.7 | % | |||||||||||
Other service fees | 771 | 714 | 57 | 8.0 | % | |||||||||||
Mortgage banking service fees | 483 | 517 | (34 | ) | (6.6 | %) | ||||||||||
Change in value of mortgage servicing rights | (645 | ) | 111 | (756 | ) | (681.1 | %) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total service charges and fees | 9,070 | 9,356 | (286 | ) | (3.1 | %) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase in cash value of life insurance | 775 | 608 | 167 | 27.5 | % | |||||||||||
Asset management and commission income | 642 | 876 | (234 | ) | (26.7 | %) | ||||||||||
Gain on sale of loans | 412 | 626 | (214 | ) | (34.2 | %) | ||||||||||
Lease brokerage income | 220 | 128 | 92 | 71.9 | % | |||||||||||
Sale of customer checks | 140 | 101 | 39 | 38.6 | % | |||||||||||
Gain on sale of foreclosed assets | 99 | 371 | (272 | ) | (73.3 | %) | ||||||||||
Gain (loss) on marketable equity securities | 36 | (48 | ) | 84 | (175.0 | %) | ||||||||||
Loss on disposal of fixed assets | (38 | ) | (13 | ) | (25 | ) | 192.3 | % | ||||||||
Other | 508 | 285 | 223 | 78.2 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total other noninterest income | 2,794 | 2,934 | (140 | ) | (4.8 | %) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total noninterest income | $ | 11,864 | $ | 12,290 | $ | (426 | ) | (3.5 | %) | |||||||
|
|
|
|
|
|
|
|
Three months ended June 30, | ||||||||||||||||
(dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
ATM and interchange fees | $ | 5,404 | $ | 4,510 | $ | 894 | 19.8 | % | ||||||||
Service charges on deposit accounts | 4,182 | 3,613 | 569 | 15.7 | % | |||||||||||
Other service fees | 619 | 630 | (11 | ) | (1.7 | %) | ||||||||||
Mortgage banking service fees | 475 | 511 | (36 | ) | (7.0 | %) | ||||||||||
Change in value of mortgage servicing rights | (552 | ) | (36 | ) | (516 | ) | 1433.3 | % | ||||||||
Total service charges and fees | 10,128 | 9,228 | 900 | 9.8 | % | |||||||||||
Increase in cash value of life insurance | 746 | 656 | 90 | 13.7 | % | |||||||||||
Asset management and commission income | 739 | 810 | (71 | ) | (8.8 | %) | ||||||||||
Gain on sale of loans | 575 | 666 | (91 | ) | (13.7 | %) | ||||||||||
Lease brokerage income | 239 | 200 | 39 | 19.5 | % | |||||||||||
Sale of customer checks | 135 | 138 | (3 | ) | (2.2 | %) | ||||||||||
Gain on sale of foreclosed assets | 197 | 17 | 180 | 1058.8 | % | |||||||||||
Gain (loss) on marketable equity securities | 42 | (23 | ) | 65 | (282.6 | %) | ||||||||||
Loss on disposal of fixed assets | (42 | ) | (41 | ) | (1 | ) | 2.4 | % | ||||||||
Other | 819 | 523 | 296 | 56.6 | % | |||||||||||
Total other noninterest income | 3,450 | 2,946 | 504 | 17.1 | % | |||||||||||
Total noninterest income | $ | 13,578 | $ | 12,174 | $ | 1,404 | 11.5 | % | ||||||||
Six months ended June 30, | ||||||||||||||||
(dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
ATM and interchange fees | $ | 9,985 | $ | 8,745 | $ | 1,240 | 14.2 | % | ||||||||
Service charges on deposit accounts | 8,062 | 7,392 | 670 | 9.1 | % | |||||||||||
Other service fees | 1,390 | 1,344 | 46 | 3.4 | % | |||||||||||
Mortgage banking service fees | 958 | 1,028 | (70 | ) | (6.8 | %) | ||||||||||
Change in value of mortgage servicing rights | (1,197 | ) | 75 | (1,272 | ) | (1696.0 | %) | |||||||||
Total service charges and fees | 19,198 | 18,584 | 614 | 3.3 | % | |||||||||||
Increase in cash value of life insurance | 1,521 | 1,264 | 257 | 20.3 | % | |||||||||||
Asset management and commission income | 1,381 | 1,686 | (305 | ) | (18.1 | %) | ||||||||||
Gain on sale of loans | 987 | 1,292 | (305 | ) | (23.6 | %) | ||||||||||
Lease brokerage income | 459 | 328 | 131 | 39.9 | % | |||||||||||
Sale of customer checks | 275 | 239 | 36 | 15.1 | % | |||||||||||
Gain on sale of foreclosed assets | 199 | 388 | (189 | ) | (48.7 | %) | ||||||||||
Gain (loss) on marketable equity securities | 78 | (70 | ) | 148 | (211.4 | %) | ||||||||||
Loss on disposal of fixed assets | (80 | ) | (54 | ) | (26 | ) | 48.1 | % | ||||||||
Other | 1,424 | 807 | 617 | 76.5 | % | |||||||||||
Total other noninterest income | 6,244 | 5,880 | 364 | 6.2 | % | |||||||||||
Total noninterest income | $ | 25,442 | $ | 24,464 | $ | 978 | 4.0 | % | ||||||||
Three months ended March 31, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Base salaries, net of deferred loan origination costs | $ | 16,757 | $ | 13,962 | $ | 2,795 | 20.0 | % | ||||||||
Incentive compensation | 2,567 | 2,452 | 115 | 4.7 | % | |||||||||||
Benefits and other compensation costs | 5,804 | 5,238 | 566 | 10.8 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total salaries and benefits expense | 25,128 | 21,652 | 3,476 | 16.1 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Occupancy | 3,774 | 2,681 | 1,093 | 40.8 | % | |||||||||||
Data processing and software | 3,349 | 2,514 | 835 | 33.2 | % | |||||||||||
Equipment | 1,867 | 1,551 | 316 | 20.4 | % | |||||||||||
Intangible amortization | 1,431 | 339 | 1,092 | 322.1 | % | |||||||||||
Advertising | 1,331 | 838 | 493 | 58.8 | % | |||||||||||
ATM and POS network charges | 1,323 | 1,226 | 97 | 7.9 | % | |||||||||||
Professional fees | 839 | 773 | 66 | 8.6 | % | |||||||||||
Telecommunications | 797 | 701 | 96 | 13.7 | % | |||||||||||
Regulatory assessments and insurance | 511 | 430 | 81 | 18.8 | % | |||||||||||
Merger and acquisition expense | — | 476 | (476 | ) | (100.0 | %) | ||||||||||
Postage | 310 | 358 | (48 | ) | (13.4 | %) | ||||||||||
Operational losses | 225 | 294 | (69 | ) | (23.5 | %) | ||||||||||
Courier service | 270 | 267 | 3 | 1.1 | % | |||||||||||
Other miscellaneous expense | 4,358 | 4,062 | 296 | 7.3 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total other noninterest expense | 20,385 | 16,510 | 3,875 | 23.5 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total noninterest expense | $ | 45,513 | $ | 38,162 | $ | 7,351 | 19.3 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Average full time equivalent staff | 1,138 | 1,002 | 136 | 13.6 | % |
Three months ended June 30, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Base salaries, net of deferred loan origination costs | $ | 17,211 | $ | 14,429 | $ | 2,782 | 19.3 | % | ||||||||
Incentive compensation | 3,706 | 2,159 | 1,547 | 71.7 | % | |||||||||||
Benefits and other compensation costs | 5,802 | 4,865 | 937 | 19.3 | % | |||||||||||
Total salaries and benefits expense | 26,719 | 21,453 | 5,266 | 24.5 | % | |||||||||||
Occupancy | 3,738 | 2,720 | 1,018 | 37.4 | % | |||||||||||
Data processing and software | 3,354 | 2,679 | 675 | 25.2 | % | |||||||||||
Equipment | 1,752 | 1,637 | 115 | 7.0 | % | |||||||||||
Intangible amortization | 1,431 | 339 | 1,092 | 322.1 | % | |||||||||||
Advertising | 1,533 | 1,035 | 498 | 48.1 | % | |||||||||||
ATM and POS network charges | 1,270 | 1,437 | (167 | ) | (11.6 | %) | ||||||||||
Professional fees | 1,057 | 774 | 283 | 36.6 | % | |||||||||||
Telecommunications | 773 | 681 | 92 | 13.5 | % | |||||||||||
Regulatory assessments and insurance | 490 | 417 | 73 | 17.5 | % | |||||||||||
Merger and acquisition expense | — | 601 | (601 | ) | (100.0 | %) | ||||||||||
Postage | 315 | 301 | 14 | 4.7 | % | |||||||||||
Operational losses | 226 | 252 | (26 | ) | (10.3 | %) | ||||||||||
Courier service | 412 | 224 | 188 | 83.9 | % | |||||||||||
Other miscellaneous expense | 3,782 | 3,320 | 462 | 13.9 | % | |||||||||||
Total other noninterest expense | 20,133 | 16,417 | 3,716 | 22.6 | % | |||||||||||
Total noninterest expense | $ | 46,852 | $ | 37,870 | $ | 8,982 | 23.7 | % | ||||||||
Average full time equivalent staff | 1,138 | 1,001 | 137 | 13.7 | % | |||||||||||
Six months ended June 30, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
Base salaries, net of deferred loan origination costs | $ | 33,968 | $ | 28,391 | $ | 5,577 | 19.6 | % | ||||||||
Incentive compensation | 6,273 | 4,611 | 1,662 | 36.0 | % | |||||||||||
Benefits and other compensation costs | 11,606 | 10,103 | 1,503 | 14.9 | % | |||||||||||
Total salaries and benefits expense | 51,847 | 43,105 | 8,742 | 20.3 | % | |||||||||||
Occupancy | 7,512 | 5,401 | 2,111 | 39.1 | % | |||||||||||
Data processing and software | 6,703 | 5,193 | 1,510 | 29.1 | % | |||||||||||
Equipment | 3,619 | 3,188 | 431 | 13.5 | % | |||||||||||
Intangible amortization | 2,862 | 678 | 2,184 | 322.1 | % | |||||||||||
Advertising | 2,864 | 1,873 | 991 | 52.9 | % | |||||||||||
ATM and POS network charges | 2,593 | 2,663 | (70 | ) | (2.6 | %) | ||||||||||
Professional fees | 1,896 | 1,546 | 350 | 22.6 | % | |||||||||||
Telecommunications | 1,570 | 1,382 | 188 | 13.6 | % | |||||||||||
Regulatory assessments and insurance | 1,001 | 847 | 154 | 18.2 | % | |||||||||||
Merger and acquisition expense | — | 1,077 | (1,077 | ) | (100.0 | %) | ||||||||||
Postage | 625 | 659 | (34 | ) | (5.2 | %) | ||||||||||
Operational losses | 451 | 546 | (95 | ) | (17.4 | %) | ||||||||||
Courier service | 682 | 491 | 191 | 38.9 | % | |||||||||||
Other miscellaneous expense | 8,140 | 7,383 | 757 | 10.3 | % | |||||||||||
Total other noninterest expense | 40,518 | 32,927 | 7,591 | 23.1 | % | |||||||||||
Total noninterest expense | $ | 92,365 | $ | 76,032 | $ | 16,333 | 21.5 | % | ||||||||
Average full time equivalent staff | 1,137 | 1,001 | 136 | 13.6 | % |
Other noninterest expense increased $3,875,000 (23.5%) to $20,385,000 during the three months ended March 31,June 30, 2019 compared to the three months ended March 31,June 30, 2018. The increase in other noninterest expense was due primarily to increased overhead operating costs related to the additional branches as a result of the prior year acquisition of FNB Bancorp. Highlighting those increases were intangible amortization, occupancy, data processing and software, and advertising expenses, which increased by $1,092,000, $1,093,000, $835,000$1,018,000, $675,000 and $493,000,$498,000, respectively, as compared to the prior year quarter. The increases in noninterest expenses were partially offset by decreased merger & acquisition expenses of $476,000.
$601,000 during the comparable quarterly periods.
(dollars in thousands) | March 31, 2019 | December 31, 2018 | ||||||||||||||
Fair Value | % | Fair Value | % | |||||||||||||
Debt securities available for sale: | ||||||||||||||||
Obligations of U.S. government agencies | $ | 627,100 | 56.3 | % | $ | 629,981 | 56.5 | % | ||||||||
Obligations of states and political subdivisions | 129,349 | 11.6 | % | 126,072 | 11.3 | % | ||||||||||
Corporate bonds | 4,478 | 0.4 | % | 4,478 | 0.4 | % | ||||||||||
Asset backed securities | 352,589 | 31.7 | % | 354,505 | 31.8 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total debt securities available for sale | $ | 1,113,516 | 100.0 | % | $ | 1,115,036 | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
(dollars in thousands) | June 30, 2019 | December 31, 2018 | ||||||||||||||
Fair Value | % | Fair Value | % | |||||||||||||
Debt securities available for sale: | ||||||||||||||||
Obligations of U.S. government agencies | $ | 630,911 | 55.6 | % | $ | 629,981 | 56.5 | % | ||||||||
Obligations of states and political subdivisions | 125,980 | 11.1 | % | 126,072 | 11.3 | % | ||||||||||
Corporate bonds | 4,521 | 0.4 | % | 4,478 | 0.4 | % | ||||||||||
Asset backed securities | 372,582 | 32.9 | % | 354,505 | 31.8 | % | ||||||||||
Total debt securities available for sale | $ | 1,133,994 | 100.0 | % | $ | 1,115,036 | 100.0 | % | ||||||||
$474,000.
(dollars in thousands) | March 31, 2019 | December 31, 2018 | ||||||||||||||
Cost Basis | % | Cost Basis | % | |||||||||||||
Debt securities held to maturity: | ||||||||||||||||
Obligations of U.S. government and agencies | $ | 416,418 | 96.6 | % | $ | 430,343 | 96.7 | % | ||||||||
Obligations of states and political subdivisions | 14,598 | 3.4 | % | 14,593 | 3.3 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total debt securities held to maturity | $ | 431,016 | 100 | % | $ | 444,936 | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
(dollars in thousands) | June 30, 2019 | December 31, 2018 | ||||||||||||||
Amortized Cost | % | Amortized Cost | % | |||||||||||||
Debt securities held to maturity: | ||||||||||||||||
Obligations of U.S. government and agencies | $ | 398,714 | 96.7 | % | $ | 430,343 | 96.7 | % | ||||||||
Obligations of states and political subdivisions | 13,810 | 3.3 | % | 14,593 | 3.3 | % | ||||||||||
Total debt securities held to maturity | $ | 412,524 | 100 | % | $ | 444,936 | 100.0 | % | ||||||||
(dollars in thousands) | March 31, 2019 | December 31, 2018 | ||||||||||||||
Real estate mortgage | $ | 3,129,339 | 77.6 | % | $ | 3,143,100 | 78.1 | % | ||||||||
Consumer | 418,352 | 10.4 | % | 418,982 | 10.4 | % | ||||||||||
Commercial | 269,163 | 6.6 | % | 276,548 | 6.9 | % | ||||||||||
Real estate construction | 217,477 | 5.4 | % | 183,384 | 4.6 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total loans | $ | 4,034,331 | 100 | % | $ | 4,022,014 | 100 | % | ||||||||
|
|
|
|
|
|
|
|
(dollars in thousands) | June 30, 2019 | December 31, 2018 | ||||||||||||||
Real estate mortgage | $ | 3,178,730 | 77.5 | % | $ | 3,143,100 | 78.1 | % | ||||||||
Consumer | 434,388 | 10.6 | % | 418,982 | 10.4 | % | ||||||||||
Commercial | 276,045 | 6.7 | % | 276,548 | 6.9 | % | ||||||||||
Real estate construction | 214,524 | 5.2 | % | 183,384 | 4.6 | % | ||||||||||
Total loans | $ | 4,103,687 | 100 | % | $ | 4,022,014 | 100 | % | ||||||||
(dollars in thousands) | March 31, 2019 | December 31, 2018 | ||||||
Performing nonaccrual loans | $ | 14,567 | $ | 22,689 | ||||
Nonperforming nonaccrual loans | 4,958 | 4,805 | ||||||
|
|
|
| |||||
Total nonaccrual loans | 19,525 | 27,494 | ||||||
Loans 90 days past due and still accruing | 40 | — | ||||||
|
|
|
| |||||
Total nonperforming loans | 19,565 | 27,494 | ||||||
Foreclosed assets | 2,315 | 2,280 | ||||||
|
|
|
| |||||
Total nonperforming assets | $ | 21,880 | $ | 29,774 | ||||
|
|
|
| |||||
Nonperforming assets to total assets | 0.34 | % | 0.47 | % | ||||
Nonperforming loans to total loans | 0.48 | % | 0.68 | % | ||||
Allowance for loan losses to nonperforming loans | 164 | % | 119 | % | ||||
Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed | 2.04 | % | 2.11 | % |
March 31, 2019 | ||||||||||||||||
(dollars in thousands) | Originated | PNCI | PCI | Total | ||||||||||||
Performing nonaccrual loans | $ | 10,341 | $ | 1,443 | $ | 2,783 | $ | 14,567 | ||||||||
Nonperforming nonaccrual loans | 3,355 | 1,183 | 420 | 4,958 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total nonaccrual loans | 13,696 | 2,626 | 3,203 | 19,525 | ||||||||||||
Loans 90 days past due and still accruing | 40 | — | — | 40 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total nonperforming loans | 13,736 | 2,626 | 3,203 | 19,565 | ||||||||||||
Foreclosed assets | 1,525 | — | 790 | 2,315 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total nonperforming assets | $ | 15,261 | $ | 2,626 | $ | 3,993 | $ | 21,880 | ||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. government, including its agencies and its government-sponsored agencies, guaranteed portion of nonperforming loans | $ | 778 | $ | — | $ | 320 | $ | 1,098 | ||||||||
Nonperforming assets to total assets | 0.24 | % | 0.04 | % | 0.06 | % | 0.34 | % | ||||||||
Nonperforming loans to total loans | 0.33 | % | 0.07 | % | 0.08 | % | 0.48 | % | ||||||||
Allowance for loan losses to nonperforming loans | 226 | % | 37 | % | 0.22 | % | 164 | % | ||||||||
Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed | 1.32 | % | 3.58 | % | 36.23 | % | 2.04 | % |
(dollars in thousands) | June 30, 2019 | December 31, 2018 | ||||||
Performing nonaccrual loans | $ | 17,825 | $ | 22,689 | ||||
Nonperforming nonaccrual loans | 3,844 | 4,805 | ||||||
Total nonaccrual loans | 21,669 | 27,494 | ||||||
Loans 90 days past due and still accruing | 22 | — | ||||||
Total nonperforming loans | 21,691 | 27,494 | ||||||
Foreclosed assets | 1,548 | 2,280 | ||||||
Total nonperforming assets | $ | 23,239 | $ | 29,774 | ||||
Nonperforming assets to total assets | 0.36 | % | 0.47 | % | ||||
Nonperforming loans to total loans | 0.53 | % | 0.68 | % | ||||
Allowance for loan losses to nonperforming loans | 152 | % | 119 | % | ||||
Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed | 1.97 | % | 2.11 | % |
June 30, 2019 | ||||||||||||||||
(dollars in thousands) | Originated | PNCI | PCI | Total | ||||||||||||
Performing nonaccrual loans | $ | 11,773 | $ | 3,410 | $ | 2,642 | $ | 17,825 | ||||||||
Nonperforming nonaccrual loans | 2,360 | 1,087 | 397 | 3,844 | ||||||||||||
Total nonaccrual loans | 14,133 | 4,497 | 3,039 | 21,669 | ||||||||||||
Loans 90 days past due and still accruing | 22 | — | — | 22 | ||||||||||||
Total nonperforming loans | 14,155 | 4,497 | 3,039 | 21,691 | ||||||||||||
Foreclosed assets | 1,103 | — | 445 | 1,548 | ||||||||||||
Total nonperforming assets | $ | 15,258 | $ | 4,497 | $ | 3,484 | $ | 23,239 | ||||||||
U.S. government, including its agencies and its government-sponsored agencies, guaranteed portion of nonperforming loans | $ | 790 | $ | — | $ | 294 | $ | 1,084 | ||||||||
Nonperforming assets to total assets | 0.24 | % | 0.07 | % | 0.05 | % | 0.36 | % | ||||||||
Nonperforming loans to total loans | 0.35 | % | 0.11 | % | 0.07 | % | 0.53 | % | ||||||||
Allowance for loan losses to nonperforming loans | 228 | % | 13 | % | 0.33 | % | 152 | % | ||||||||
Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed | 1.29 | % | 3.60 | % | 36.11 | % | 1.97 | % |
December 31, 2018 | ||||||||||||||||
(dollars in thousands) | Originated | PNCI | PCI | Total | ||||||||||||
Performing nonaccrual loans | $ | 16,573 | $ | 1,269 | $ | 4,847 | $ | 22,689 | ||||||||
Nonperforming nonaccrual loans | 2,843 | 1,589 | 373 | 4,805 | ||||||||||||
Total nonaccrual loans | 19,416 | 2,858 | 5,220 | 27,494 | ||||||||||||
Loans 90 days past due and still accruing | — | — | — | — | ||||||||||||
Total nonperforming loans | 19,416 | 2,858 | 5,220 | 27,494 | ||||||||||||
Foreclosed assets | 1,490 | — | 790 | 2,280 | ||||||||||||
Total nonperforming assets | $ | 20,906 | $ | 2,858 | $ | 6,010 | $ | 29,774 | ||||||||
U.S. government, including its agencies and its government-sponsored agencies, guaranteed portion of nonperforming loans | $ | 800 | $ | — | $ | — | $ | 800 | ||||||||
Nonperforming assets to total assets | 0.33 | % | 0.04 | % | 0.09 | % | 0.47 | % | ||||||||
Nonperforming loans to total loans | 0.48 | % | 0.07 | % | 0.13 | % | 0.68 | % | ||||||||
Allowance for loan losses to nonperforming loans | 164 | % | 23.3 | % | 2.34 | % | 119 | % | ||||||||
Allowance for loan losses, unamortized loan fees, and discounts to loan principal balances owed | 1.39 | % | 3.48 | % | 33.69 | % | 2.11 | % |
(in thousands): | Balance at March 31, 2019 | New NPA / Valuation Adjustments | Pay-downs /Sales /Upgrades | Charge-offs/ Write-downs | Transfers to Foreclosed Assets | Balance at December 31, 2018 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | $ | 2,668 | $ | — | $ | (70 | ) | $ | — | $ | (116 | ) | $ | 2,854 | ||||||||||
Commercial | 8,306 | 267 | (7,007 | ) | — | — | 15,046 | |||||||||||||||||
Consumer | ||||||||||||||||||||||||
Home equity lines | 2,434 | 24 | (339 | ) | — | — | 2,749 | |||||||||||||||||
Home equity loans | 2,587 | 32 | (408 | ) | — | — | 2,963 | |||||||||||||||||
Other consumer | 70 | 64 | (1 | ) | — | — | 7 | |||||||||||||||||
Commercial | 3,500 | 273 | (159 | ) | (489 | ) | — | 3,875 | ||||||||||||||||
Construction: | ||||||||||||||||||||||||
Residential | — | — | — | — | — | — | ||||||||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total nonperforming loans | 19,565 | 660 | (7,984 | ) | (489 | ) | (116 | ) | 27,494 | |||||||||||||||
Foreclosed assets | 2,315 | 98 | (179 | ) | — | 116 | 2,280 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total nonperforming assets | $ | 21,880 | $ | 758 | $ | (8,163 | ) | $ | (489 | ) | $ | — | $ | 29,774 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands): | Balance at June 30, 2019 | New NPA / Valuation Adjustments | Pay-downs /Sales /Upgrades | Charge-offs/ Write-downs | Transfers to Foreclosed Assets | Balance at March 31, 2019 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | $ | 4,350 | $ | 2,187 | $ | (503 | ) | $ | (2 | ) | $ | — | $ | 2,668 | ||||||||||
Commercial | 8,678 | 579 | (207 | ) | — | — | 8,306 | |||||||||||||||||
Consumer | ||||||||||||||||||||||||
Home equity lines | 2,476 | 67 | (25 | ) | — | — | 2,434 | |||||||||||||||||
Home equity loans | 2,047 | 168 | (708 | ) | — | — | 2,587 | |||||||||||||||||
Other consumer | 74 | 81 | (40 | ) | (37 | ) | — | 70 | ||||||||||||||||
Commercial | 4,066 | 1,126 | (422 | ) | (138 | ) | — | 3,500 | ||||||||||||||||
Construction: | ||||||||||||||||||||||||
Residential | — | — | — | — | — | — | ||||||||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||||||||
Total nonperforming loans | 21,691 | 4,208 | (1,905 | ) | (177 | ) | — | 19,565 | ||||||||||||||||
Foreclosed assets | 1,548 | (63 | ) | (704 | ) | — | — | 2,315 | ||||||||||||||||
Total nonperforming assets | $ | 23,239 | $ | 4,145 | $ | (2,609 | ) | $ | (177 | ) | $ | — | $ | 21,880 | ||||||||||
(in thousands): | Balance at June 30, 2019 | New NPA / Valuation Adjustments | Pay-downs /Sales /Upgrades | Charge-offs/ Write-downs | Transfers to Foreclosed Assets | Balance at December 31, 2018 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | $ | 4,350 | $ | 2,187 | $ | (573 | ) | $ | (2 | ) | $ | (116 | ) | $ | 2,854 | |||||||||
Commercial | 8,678 | 846 | (7,214 | ) | — | — | 15,046 | |||||||||||||||||
Consumer | ||||||||||||||||||||||||
Home equity lines | 2,476 | 91 | (364 | ) | — | — | 2,749 | |||||||||||||||||
Home equity loans | 2,047 | 200 | (1,116 | ) | — | — | 2,963 | |||||||||||||||||
Other consumer | 74 | 145 | (41 | ) | (37 | ) | — | 7 | ||||||||||||||||
Commercial | 4,066 | 1,399 | (581 | ) | (627 | ) | — | 3,875 | ||||||||||||||||
Construction: | ||||||||||||||||||||||||
Residential | — | — | — | — | — | — | ||||||||||||||||||
Commercial | — | — | — | — | — | — | ||||||||||||||||||
Total nonperforming loans | 21,691 | 4,868 | (9,889 | ) | (666 | ) | (116 | ) | 27,494 | |||||||||||||||
Foreclosed assets | 1,548 | 35 | (883 | ) | — | 116 | 2,280 | |||||||||||||||||
Total nonperforming assets | $ | 23,239 | $ | 4,903 | $ | (10,772 | ) | $ | (666 | ) | $ | — | $ | 29,774 | ||||||||||
$4,902,000.
consumer loans of $66,000.
Total charge-offs were generally comprised of individual charges of less than $250,000 each. Generally losses are triggered bynon-performance by the borrower and calculated based on any difference between the current loan amount and the current value of the underlying collateral less any estimated costs associated with the disposition of the collateral.
Allowance for Loan Losses
(dollars in thousands) | March 31, 2019 | December 31, 2018 | ||||||
Allowance for originated and PNCI loan losses: | ||||||||
Environmental factors allowance | $ | 10,638 | $ | 11,577 | ||||
Formula allowance | 19,669 | 18,689 | ||||||
|
|
|
| |||||
Total allowance for originated and PNCI loan losses | 30,307 | 30,266 | ||||||
Allowance for impaired loans | 1,750 | 2,194 | ||||||
Allowance for PCI loan losses | 7 | 122 | ||||||
|
|
|
| |||||
Total allowance for loan losses | $ | 32,064 | $ | 32,582 | ||||
|
|
|
| |||||
Allowance for loan losses to loans | 0.79 | % | 0.81 | % |
(dollars in thousands) | 2019 | 2018 | ||||||
Allowance for originated and PNCI loan losses: | ||||||||
Environmental factors allowance | $ | 12,455 | $ | 11,577 | ||||
Formula allowance | 17,961 | 18,689 | ||||||
Total allowance for originated and PNCI loan losses | 30,416 | 30,266 | ||||||
Allowance for impaired loans | 2,442 | 2,194 | ||||||
Allowance for PCI loan losses | 10 | 122 | ||||||
Total allowance for loan losses | $ | 32,868 | $ | 32,582 | ||||
Allowance for loan losses to loans | 0.80 | % | 0.81 | % |
(in thousands) | March 31, 2019 | December 31, 2018 | ||||||||||||||
Real estate mortgage | $ | 14,830 | 46.2 | % | $ | 15,620 | 47.9 | % | ||||||||
Consumer | 8,341 | 26.0 | % | 8,375 | 25.7 | % | ||||||||||
Commercial | 6,078 | 19.0 | % | 6,090 | 18.7 | % | ||||||||||
Real estate construction | 2,815 | 8.8 | % | 2,497 | 7.7 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total allowance for loan losses | $ | 32,064 | 100.0 | % | $ | 32,582 | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
Real estate mortgage | $ | 14,675 | 44.7 | % | $ | 15,620 | 47.9 | % | ||||||||
Consumer | 8,552 | 26.0 | % | 8,375 | 25.7 | % | ||||||||||
Commercial | 6,745 | 20.5 | % | 6,090 | 18.7 | % | ||||||||||
Real estate construction | 2,896 | 8.8 | % | 2,497 | 7.7 | % | ||||||||||
Total allowance for loan losses | $ | 32,868 | 100.0 | % | $ | 32,582 | 100.0 | % | ||||||||
March 31, 2019 | December 31, 2018 | |||||||||||||||
Real estate mortgage | $ | 3,129,339 | 0.47 | % | $ | 3,143,100 | 0.50 | % | ||||||||
Consumer | 418,352 | 1.99 | % | 418,982 | 2.00 | % | ||||||||||
Commercial | 269,163 | 2.26 | % | 276,548 | 2.20 | % | ||||||||||
Real estate construction | 217,477 | 1.29 | % | 183,384 | 1.36 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total allowance for loan losses | $ | 4,034,331 | 0.79 | % | $ | 4,022,014 | 0.81 | % | ||||||||
|
|
|
|
|
|
|
|
Real estate mortgage | $ | 3,178,730 | 0.46 | % | $ | 3,143,100 | 0.50 | % | ||||||||
Consumer | 434,388 | 1.97 | % | 418,982 | 2.00 | % | ||||||||||
Commercial | 276,045 | 2.44 | % | 276,548 | 2.20 | % | ||||||||||
Real estate construction | 214,524 | 1.35 | % | 183,384 | 1.36 | % | ||||||||||
Total allowance for loan losses | $ | 4,103,687 | 0.80 | % | $ | 4,022,014 | 0.81 | % | ||||||||
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Allowance for loan losses: | ||||||||
Balance at beginning of period | $ | 32,582 | $ | 30,323 | ||||
Reversal of provision for loan losses | (1,600 | ) | (236 | ) | ||||
Loans charged off: | ||||||||
Real estate mortgage: | ||||||||
Residential | — | (1 | ) | |||||
Commercial | — | — | ||||||
Consumer: | ||||||||
Home equity lines | — | (80 | ) | |||||
Home equity loans | — | — | ||||||
Other consumer | (207 | ) | (194 | ) | ||||
Commercial | (519 | ) | (205 | ) | ||||
Construction: | ||||||||
Residential | — | — | ||||||
Commercial | — | — | ||||||
|
|
|
| |||||
Total loans charged off | (726 | ) | (480 | ) | ||||
Recoveries of previouslycharged-off loans: | ||||||||
Real estate mortgage: | ||||||||
Residential | 2 | — | ||||||
Commercial | 1,381 | 15 | ||||||
Consumer: | ||||||||
Home equity lines | 95 | 209 | ||||||
Home equity loans | 87 | 14 | ||||||
Other consumer | 75 | 78 | ||||||
Commercial | 168 | 50 | ||||||
Construction: | ||||||||
Residential | — | — | ||||||
Commercial | — | — | ||||||
|
|
|
| |||||
Total recoveries of previously charged off loans | 1,808 | 366 | ||||||
|
|
|
| |||||
Net recoveries (charge-offs) | 1,082 | (114 | ) | |||||
|
|
|
| |||||
Balance at end of period | $ | 32,064 | $ | 29,973 | ||||
|
|
|
| |||||
Average total loans | $ | 4,023,864 | $ | 3,028,178 | ||||
Ratios (annualized): | ||||||||
Net charge-offs (recoveries) during period to average loans outstanding during period | (0.11 | )% | 0.02 | % | ||||
Benefit from reversal of loan losses to average loans outstanding during period | (0.16 | )% | (0.03 | )% |
(in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Allowance for loan losses: | ||||||||||||||||
Balance at beginning of period | $ | 32,064 | $ | 29,973 | $ | 32,582 | $ | 30,323 | ||||||||
Reversal of provision for loan losses | 537 | (638 | ) | (1,063 | ) | (874 | ) | |||||||||
Loans charged off: | ||||||||||||||||
Real estate mortgage: | ||||||||||||||||
Residential | (2 | ) | (51 | ) | (2 | ) | (52 | ) | ||||||||
Commercial | — | (15 | ) | — | (15 | ) | ||||||||||
Consumer: | ||||||||||||||||
Home equity lines | — | (24 | ) | — | (104 | ) | ||||||||||
Home equity loans | — | — | — | — | ||||||||||||
Other consumer | (153 | ) | (174 | ) | (360 | ) | (368 | ) | ||||||||
Commercial | (138 | ) | (54 | ) | (657 | ) | (259 | ) | ||||||||
Construction: | ||||||||||||||||
Residential | — | — | — | — | ||||||||||||
Commercial | — | — | — | — | ||||||||||||
Total loans charged off | (293 | ) | (318 | ) | (1,019 | ) | (798 | ) | ||||||||
Recoveries of previously charged-off loans: | ||||||||||||||||
Real estate mortgage: | ||||||||||||||||
Residential | 3 | — | 5 | — | ||||||||||||
Commercial | 10 | 21 | 1,391 | 36 | ||||||||||||
Consumer: | ||||||||||||||||
Home equity lines | 183 | 317 | 278 | 526 | ||||||||||||
Home equity loans | 171 | 23 | 258 | 37 | ||||||||||||
Other consumer | 108 | 66 | 183 | 144 | ||||||||||||
Commercial | 85 | 80 | 253 | 130 | ||||||||||||
Construction: | ||||||||||||||||
Residential | — | — | — | — | ||||||||||||
Commercial | — | — | — | — | ||||||||||||
Total recoveries of previously charged off loans | 560 | 507 | 2,368 | 873 | ||||||||||||
Net recoveries (charge-offs) | 267 | 189 | 1,349 | 75 | ||||||||||||
Balance at end of period | $ | 32,868 | $ | 29,524 | $ | 32,868 | $ | 29,524 | ||||||||
Average total loans | $ | 4,044,044 | $ | 3,104,126 | $ | 4,033,954 | $ | 3,066,152 | ||||||||
Ratios (annualized): | ||||||||||||||||
Net charge-offs (recoveries) during period to average loans outstanding during period | (0.03 | )% | (0.02 | )% | (0.13 | )% | (0.01 | )% | ||||||||
Benefit from reversal of loan losses to average loans outstanding during period | 0.05 | % | (0.08 | )% | (0.11 | )% | (0.11 | )% |
Balance at March 31, 2019 | Sales | Valuation Adjustments | Transfers from Loans | Balance at December 31, 2018 | ||||||||||||||||
Land & Construction | $ | 445 | $ | — | $ | — | $ | — | $ | 445 | ||||||||||
Residential real estate | 1,777 | (179 | ) | 98 | 116 | 1,742 | ||||||||||||||
Commercial real estate | 93 | — | — | — | 93 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total foreclosed assets | $ | 2,315 | $ | (179 | ) | $ | 98 | $ | 116 | $ | 2,280 | |||||||||
|
|
|
|
|
|
|
|
|
|
indicated:
(in thousands) | Balance at June 30, 2019 | Sales | Valuation Adjustments | Transfers from Loans | Balance at December 31, 2018 | |||||||||||||||
Land & Construction | $ | 445 | $ | — | $ | — | $ | — | $ | 445 | ||||||||||
Residential real estate | 1,015 | (883 | ) | 40 | 116 | 1,742 | ||||||||||||||
Commercial real estate | 88 | — | (5 | ) | — | 93 | ||||||||||||||
Total foreclosed assets | $ | 1,548 | $ | (883 | ) | $ | 35 | $ | 116 | $ | 2,280 | |||||||||
March 31, 2019 | December 31, 2018 | |||||||||||||||
Ratio | Minimum Regulatory Requirement | Ratio | Minimum Regulatory Requirement | |||||||||||||
Total capital | 14.73 | % | 10.50 | % | 14.40 | % | 9.25 | % | ||||||||
Tier I capital | 14.00 | % | 8.50 | % | 13.66 | % | 7.25 | % | ||||||||
Common equity Tier 1 capital | 12.83 | % | 7.00 | % | 12.49 | % | 5.75 | % | ||||||||
Leverage | 10.84 | % | 4.00 | % | 10.68 | % | 4.00 | % |
June 30, 2019 | December 31, 2018 | |||||||||||||||
Ratio | Minimum Regulatory Requirement | Ratio | Minimum Regulatory Requirement | |||||||||||||
Total capital | 14.93 | % | 10.50 | % | 14.40 | % | 9.25 | % | ||||||||
Tier I capital | 14.19 | % | 8.50 | % | 13.66 | % | 7.25 | % | ||||||||
Common equity Tier 1 capital | 13.03 | % | 7.00 | % | 12.49 | % | 5.75 | % | ||||||||
Leverage | 11.08 | % | 4.00 | % | 10.68 | % | 4.00 | % |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Period | (a) Total number of shares purchased(1) | (b) Average price paid per share | (c) Total number of shares purchased as of part of publicly announced plans or programs | (d) Maximum number of shares that may yet be purchased under the plans or programs (2) | ||||||||||||
January1-31, 2019 | 45 | $ | 34.08 | — | 303,434 | |||||||||||
February1-28, 2019 | 3,414 | $ | 37.50 | — | 303,434 | |||||||||||
March1-31, 2019 | 22,700 | $ | 39.91 | — | 303,434 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 26,159 | $ | 39.59 | — | 303,434 |
Period | (a) Total number of shares purchased (1) | (b) Average price paid per share | (c) Total number of shares purchased as of part of publicly announced plans or programs | (d) Maximum number of shares that may yet be purchased under the plans or programs (2) | ||||||||||||
April 1-30, 2019 | 38,087 | $ | 39.91 | — | 303,434 | |||||||||||
May 1-31, 2019 | 12,487 | $ | 39.88 | — | 303,434 | |||||||||||
June 1-30, 2019 | 43,181 | $ | 38.28 | — | 303,434 | |||||||||||
Total | 93,755 | $ | 39.16 | — | 303,434 |
(1) | Includes shares purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchased under equity compensation plans. |
(2) | Does not include shares that may be purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. |
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Exhibit No. | Exhibit | |||
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31.1 | ||||
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31.2 | ||||
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32.1 | ||||
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32.2 | ||||
99.1* | ||||
99.2* | ||||
99.3* | ||||
101.INS | XBRL Instance Document | |||
101.SCH | XBRL Taxonomy Extension Schema Document | |||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
* | Management contract or compensatory plan or arrangement. |
TRICO BANCSHARES | ||||||||
(Registrant) | ||||||||
Date: August 9, 2019 | /s/ Peter G. Wiese | |||||||
Peter G. Wiese | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Duly authorized officer and principal financial and chief accounting officer) |
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