Illinois | 37-1233196 | |||||||||||||
(State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
1201 Network Centre Drive | 62401 | |||||||||||||
Effingham, IL | (Zip Code) | |||||||||||||
(Address of principal executive offices) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.01 par value | MSBI | Nasdaq Global Select Market |
Large accelerated filer | ☐ | Accelerated filer | ☒ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Consolidated Balance Sheets at | ||||||||
Consolidated Statements of Income (Unaudited) for the three and six months ended | ||||||||
Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended | ||||||||
Consolidated Statements of | ||||||||
Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021 | ||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 326,086 | $ | 673,297 | ||||||||||
Federal funds sold | 6,178 | 7,074 | ||||||||||||
Cash and cash equivalents | 332,264 | 680,371 | ||||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at March 31, 2022 and December 31, 2021, respectively) | 849,074 | 906,603 | ||||||||||||
Equity securities, at fair value | 9,172 | 9,529 | ||||||||||||
Loans | 5,539,961 | 5,224,801 | ||||||||||||
Allowance for credit losses on loans | (52,938) | (51,062) | ||||||||||||
Total loans, net | 5,487,023 | 5,173,739 | ||||||||||||
Loans held for sale | 8,931 | 32,045 | ||||||||||||
Premises and equipment, net | 69,746 | 70,792 | ||||||||||||
Operating lease right-of-use asset | 8,111 | 8,428 | ||||||||||||
Other real estate owned | 11,537 | 12,059 | ||||||||||||
Nonmarketable equity securities | 36,451 | 36,341 | ||||||||||||
Accrued interest receivable | 19,831 | 19,470 | ||||||||||||
Loan servicing rights, at lower of cost or fair value | 27,484 | 28,865 | ||||||||||||
Goodwill | 161,904 | 161,904 | ||||||||||||
Other intangible assets, net | 22,976 | 24,374 | ||||||||||||
Cash surrender value of life insurance policies | 148,060 | 148,378 | ||||||||||||
Other assets | 146,151 | 130,907 | ||||||||||||
Total assets | $ | 7,338,715 | $ | 7,443,805 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 1,965,032 | $ | 2,245,701 | ||||||||||
Interest-bearing | 4,092,507 | 3,864,947 | ||||||||||||
Total deposits | 6,057,539 | 6,110,648 | ||||||||||||
Short-term borrowings | 60,352 | 76,803 | ||||||||||||
FHLB advances and other borrowings | 310,171 | 310,171 | ||||||||||||
Subordinated debt | 139,184 | 139,091 | ||||||||||||
Trust preferred debentures | 49,524 | 49,374 | ||||||||||||
Operating lease liabilities | 10,258 | 10,714 | ||||||||||||
Other liabilities | 66,701 | 83,167 | ||||||||||||
Total liabilities | 6,693,729 | 6,779,968 | ||||||||||||
Shareholders’ Equity: | ||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,044,626 and 22,050,537 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 220 | 221 | ||||||||||||
Capital surplus | 446,044 | 445,907 | ||||||||||||
Retained earnings | 226,757 | 212,472 | ||||||||||||
Accumulated other comprehensive (loss) income | (28,035) | 5,237 | ||||||||||||
Total shareholders’ equity | 644,986 | 663,837 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 7,338,715 | $ | 7,443,805 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest income: | |||||||||||
Loans: | |||||||||||
Taxable | $ | 56,586 | $ | 54,554 | |||||||
Tax exempt | 548 | 670 | |||||||||
Loans held for sale | 220 | 442 | |||||||||
Investment securities: | |||||||||||
Taxable | 3,897 | 3,280 | |||||||||
Tax exempt | 842 | 781 | |||||||||
Nonmarketable equity securities | 484 | 680 | |||||||||
Federal funds sold and cash investments | 171 | 96 | |||||||||
Total interest income | 62,748 | 60,503 | |||||||||
Interest expense: | |||||||||||
Deposits | 2,161 | 3,183 | |||||||||
Short-term borrowings | 23 | 24 | |||||||||
FHLB advances and other borrowings | 1,212 | 2,570 | |||||||||
Subordinated debt | 2,011 | 2,367 | |||||||||
Trust preferred debentures | 514 | 491 | |||||||||
Total interest expense | 5,921 | 8,635 | |||||||||
Net interest income | 56,827 | 51,868 | |||||||||
Provision for credit losses: | |||||||||||
Provision for credit losses on loans | 4,132 | 3,950 | |||||||||
Provision for credit losses on unfunded commitments | 256 | (535) | |||||||||
(Recapture of) provision for other credit losses | (221) | 150 | |||||||||
Total provision for credit losses | 4,167 | 3,565 | |||||||||
Net interest income after provision for credit losses | 52,660 | 48,303 | |||||||||
Noninterest income: | |||||||||||
Wealth management revenue | 7,139 | 5,931 | |||||||||
Residential mortgage banking revenue | 599 | 1,574 | |||||||||
Service charges on deposit accounts | 2,068 | 1,826 | |||||||||
Interchange revenue | 3,280 | 3,375 | |||||||||
Impairment on commercial mortgage servicing rights | (394) | (1,275) | |||||||||
Company-owned life insurance | 1,019 | 860 | |||||||||
Other income | 1,902 | 2,525 | |||||||||
Total noninterest income | 15,613 | 14,816 | |||||||||
Noninterest expense: | |||||||||||
Salaries and employee benefits | 21,870 | 20,528 | |||||||||
Occupancy and equipment | 3,755 | 3,940 | |||||||||
Data processing | 5,873 | 5,993 | |||||||||
Professional | 1,972 | 2,185 | |||||||||
Marketing | 688 | 477 | |||||||||
Communications | 712 | 822 | |||||||||
Amortization of intangible assets | 1,398 | 1,515 | |||||||||
Other expense | 4,616 | 3,619 | |||||||||
Total noninterest expense | 40,884 | 39,079 | |||||||||
Income before income taxes | 27,389 | 24,040 | |||||||||
Income taxes | 6,640 | 5,502 | |||||||||
Net income | $ | 20,749 | $ | 18,538 | |||||||
Per common share data: | |||||||||||
Basic earnings per common share | $ | 0.92 | $ | 0.81 | |||||||
Diluted earnings per common share | $ | 0.92 | $ | 0.81 | |||||||
Weighted average common shares outstanding | 22,274,884 | 22,522,983 | |||||||||
Weighted average diluted common shares outstanding | 22,350,307 | 22,578,553 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 264,173 | $ | 673,297 | ||||||||||
Federal funds sold | 5,944 | 7,074 | ||||||||||||
Cash and cash equivalents | 270,117 | 680,371 | ||||||||||||
Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at June 30, 2022 and December 31, 2021, respectively) | 760,540 | 906,603 | ||||||||||||
Equity securities, at fair value | 8,738 | 9,529 | ||||||||||||
Loans | 5,795,544 | 5,224,801 | ||||||||||||
Allowance for credit losses on loans | (54,898) | (51,062) | ||||||||||||
Total loans, net | 5,740,646 | 5,173,739 | ||||||||||||
Loans held for sale | 5,298 | 32,045 | ||||||||||||
Premises and equipment, net | 77,668 | 79,220 | ||||||||||||
Other real estate owned | 11,131 | 12,059 | ||||||||||||
Nonmarketable equity securities | 35,701 | 36,341 | ||||||||||||
Accrued interest receivable | 16,552 | 19,470 | ||||||||||||
Loan servicing rights, at lower of cost or fair value | 25,879 | 28,865 | ||||||||||||
Goodwill | 161,904 | 161,904 | ||||||||||||
Other intangible assets, net | 23,559 | 24,374 | ||||||||||||
Company-owned life insurance | 148,900 | 148,378 | ||||||||||||
Other assets | 149,179 | 130,907 | ||||||||||||
Total assets | $ | 7,435,812 | $ | 7,443,805 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing demand deposits | $ | 1,972,261 | $ | 2,245,701 | ||||||||||
Interest-bearing deposits | 4,212,177 | 3,864,947 | ||||||||||||
Total deposits | 6,184,438 | 6,110,648 | ||||||||||||
Short-term borrowings | 67,689 | 76,803 | ||||||||||||
Federal Home Loan Bank advances and other borrowings | 285,000 | 310,171 | ||||||||||||
Subordinated debt | 139,277 | 139,091 | ||||||||||||
Trust preferred debentures | 49,674 | 49,374 | ||||||||||||
Accrued interest payable and other liabilities | 73,546 | 93,881 | ||||||||||||
Total liabilities | 6,799,624 | 6,779,968 | ||||||||||||
Shareholders’ Equity: | ||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,060,255 and 22,050,537 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 221 | 221 | ||||||||||||
Capital surplus | 446,894 | 445,907 | ||||||||||||
Retained earnings | 242,170 | 212,472 | ||||||||||||
Accumulated other comprehensive (loss) income, net of tax | (53,097) | 5,237 | ||||||||||||
Total shareholders’ equity | 636,188 | 663,837 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 7,435,812 | $ | 7,443,805 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans including fees: | |||||||||||||||||||||||
Taxable | $ | 62,943 | $ | 52,490 | $ | 119,529 | $ | 107,044 | |||||||||||||||
Tax exempt | 514 | 650 | 1,062 | 1,320 | |||||||||||||||||||
Loans held for sale | 77 | 261 | 297 | 703 | |||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | 4,055 | 3,451 | 7,952 | 6,731 | |||||||||||||||||||
Tax exempt | 692 | 794 | 1,534 | 1,575 | |||||||||||||||||||
Nonmarketable equity securities | 487 | 609 | 971 | 1,289 | |||||||||||||||||||
Federal funds sold and cash investments | 468 | 142 | 639 | 238 | |||||||||||||||||||
Total interest income | 69,236 | 58,397 | 131,984 | 118,900 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | 3,810 | 2,992 | 5,971 | 6,175 | |||||||||||||||||||
Short-term borrowings | 22 | 20 | 45 | 44 | |||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | 1,435 | 2,470 | 2,647 | 5,040 | |||||||||||||||||||
Subordinated debt | 2,011 | 2,316 | 4,022 | 4,683 | |||||||||||||||||||
Trust preferred debentures | 624 | 489 | 1,138 | 980 | |||||||||||||||||||
Total interest expense | 7,902 | 8,287 | 13,823 | 16,922 | |||||||||||||||||||
Net interest income | 61,334 | 50,110 | 118,161 | 101,978 | |||||||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||
Provision for credit losses on loans | 4,741 | — | 8,873 | 3,950 | |||||||||||||||||||
Provision for credit losses on unfunded commitments | 700 | (265) | 956 | (800) | |||||||||||||||||||
Recapture of provision for other credit losses | — | (190) | (221) | (40) | |||||||||||||||||||
Total provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | |||||||||||||||||||
Net interest income after provision for credit losses | 55,893 | 50,565 | 108,553 | 98,868 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Wealth management revenue | 6,143 | 6,529 | 13,282 | 12,460 | |||||||||||||||||||
Residential mortgage banking revenue | 384 | 1,562 | 983 | 3,136 | |||||||||||||||||||
Service charges on deposit accounts | 2,304 | 1,916 | 4,372 | 3,742 | |||||||||||||||||||
Interchange revenue | 3,590 | 3,797 | 6,870 | 7,172 | |||||||||||||||||||
(Loss) gain on sales of investment securities, net | (101) | 377 | (101) | 377 | |||||||||||||||||||
Impairment on commercial mortgage servicing rights | (869) | (1,148) | (1,263) | (2,423) | |||||||||||||||||||
Company-owned life insurance | 840 | 863 | 1,859 | 1,723 | |||||||||||||||||||
Other income | 2,322 | 3,521 | 4,224 | 6,046 | |||||||||||||||||||
Total noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salaries and employee benefits | 22,645 | 22,071 | 44,515 | 42,599 | |||||||||||||||||||
Occupancy and equipment | 3,489 | 3,796 | 7,244 | 7,736 | |||||||||||||||||||
Data processing | 6,082 | 6,288 | 11,955 | 12,281 | |||||||||||||||||||
Professional | 1,516 | 5,549 | 3,488 | 7,734 | |||||||||||||||||||
Marketing | 733 | 700 | 1,421 | 1,177 | |||||||||||||||||||
Communications | 635 | 824 | 1,347 | 1,646 | |||||||||||||||||||
Amortization of intangible assets | 1,318 | 1,470 | 2,716 | 2,985 | |||||||||||||||||||
Federal Home Loan Bank advances prepayment fees | — | 3,669 | — | 3,677 | |||||||||||||||||||
Other expense | 4,921 | 4,574 | 9,537 | 8,185 | |||||||||||||||||||
Total noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | |||||||||||||||||||
Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | |||||||||||||||||||
Income taxes | 7,284 | (1,083) | 13,924 | 4,419 | |||||||||||||||||||
Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | |||||||||||||||
Per common share data: | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | |||||||||||||||
Diluted earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.69 | |||||||||||||||
Weighted average common shares outstanding | 22,305,590 | 22,591,127 | 22,290,486 | 22,557,728 | |||||||||||||||||||
Weighted average diluted common shares outstanding | 22,360,819 | 22,677,515 | 22,355,936 | 22,633,040 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net income | Net income | $ | 20,749 | $ | 18,538 | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | ||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||||
Other comprehensive loss: | Other comprehensive loss: | |||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||
Unrealized losses that occurred during the period | (50,776) | (6,741) | ||||||||||||||||||||||||||||||||
(Recapture of) provision for credit loss expense | (221) | 150 | ||||||||||||||||||||||||||||||||
Unrealized (losses) gains that occurred during the period | Unrealized (losses) gains that occurred during the period | (32,659) | 565 | (83,435) | (6,176) | |||||||||||||||||||||||||||||
Recapture of provision for credit loss expense | Recapture of provision for credit loss expense | — | (190) | (221) | (40) | |||||||||||||||||||||||||||||
Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income | Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income | 101 | (377) | 101 | (377) | |||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 14,024 | 1,813 | Income tax effect | 8,953 | — | 22,977 | 1,813 | ||||||||||||||||||||||||||
Change in investment securities available for sale, net of tax | Change in investment securities available for sale, net of tax | (36,973) | (4,778) | Change in investment securities available for sale, net of tax | (23,605) | (2) | (60,578) | (4,780) | ||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||
Net unrealized derivative gains on cash flow hedges | 5,105 | 8,262 | ||||||||||||||||||||||||||||||||
Net unrealized derivative (losses) gains on cash flow hedges | Net unrealized derivative (losses) gains on cash flow hedges | (2,010) | (2,797) | 3,095 | 4,838 | |||||||||||||||||||||||||||||
Reclassification adjustment for gains realized in net income | Reclassification adjustment for gains realized in net income | — | (314) | Reclassification adjustment for gains realized in net income | — | — | — | 314 | ||||||||||||||||||||||||||
Income tax effect | Income tax effect | (1,404) | (2,186) | Income tax effect | 553 | 770 | (851) | (1,417) | ||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | Change in cash flow hedges, net of tax | 3,701 | 5,762 | Change in cash flow hedges, net of tax | (1,457) | (2,027) | 2,244 | 3,735 | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (33,272) | 984 | ||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | (25,062) | (2,029) | (58,334) | (1,045) | |||||||||||||||||||||||||||||
Total comprehensive (loss) income | Total comprehensive (loss) income | $ | (12,523) | $ | 19,522 | Total comprehensive (loss) income | $ | (3,179) | $ | 18,095 | $ | (15,702) | $ | 37,617 |
Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive (loss) income | Total shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2022 | Balances, March 31, 2022 | $ | 220 | $ | 446,044 | $ | 226,757 | $ | (28,035) | $ | 644,986 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 21,883 | — | 21,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (25,062) | (25,062) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.29 per share) | Common dividends declared ($0.29 per share) | — | — | (6,470) | — | (6,470) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 519 | — | — | 519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | 1 | 331 | — | — | 332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | Balances, June 30, 2022 | $ | 221 | $ | 446,894 | $ | 242,170 | $ | (53,097) | $ | 636,188 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Capital surplus | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2021 | Balances, December 31, 2021 | $ | 221 | $ | 445,907 | $ | 212,472 | $ | 5,237 | $ | 663,837 | Balances, December 31, 2021 | $ | 221 | $ | 445,907 | $ | 212,472 | $ | 5,237 | $ | 663,837 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 20,749 | — | 20,749 | Net income | — | — | 42,632 | — | 42,632 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | (33,272) | (33,272) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.29 per share) | — | — | (6,464) | — | (6,464) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (58,334) | (58,334) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.58 per share) | Common dividends declared ($0.58 per share) | — | — | (12,934) | — | (12,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (1) | (1,108) | — | — | (1,109) | Common stock repurchased | (1) | (1,108) | — | — | (1,109) | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 527 | — | — | 527 | Share-based compensation expense | — | 1,046 | — | — | 1,046 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | — | 718 | — | — | 718 | Issuance of common stock under employee benefit plans | 1 | 1,049 | — | — | 1,050 | ||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2022 | $ | 220 | $ | 446,044 | $ | 226,757 | $ | (28,035) | $ | 644,986 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2022 | Balances, June 30, 2022 | $ | 221 | $ | 446,894 | $ | 242,170 | $ | (53,097) | $ | 636,188 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2021 | Balances, March 31, 2021 | $ | 224 | $ | 454,264 | $ | 168,564 | $ | 12,415 | $ | 635,467 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 20,124 | — | 20,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (2,029) | (2,029) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.28 per share) | Common dividends declared ($0.28 per share) | — | — | (6,327) | — | (6,327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 484 | — | — | 484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | — | 467 | — | — | 467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 | |||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2020 | Balances, December 31, 2020 | $ | 223 | $ | 453,410 | $ | 156,327 | $ | 11,431 | $ | 621,391 | Balances, December 31, 2020 | $ | 223 | $ | 453,410 | $ | 156,327 | $ | 11,431 | $ | 621,391 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 18,538 | — | 18,538 | Net income | — | — | 38,662 | — | 38,662 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 984 | 984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.28 per share) | — | — | (6,301) | — | (6,301) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (1,045) | (1,045) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.56 per share) | Common dividends declared ($0.56 per share) | — | — | (12,628) | — | (12,628) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (1) | (1,207) | — | — | (1,208) | Common stock repurchased | (1) | (1,207) | — | — | (1,208) | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | 502 | — | — | 502 | Share-based compensation expense | — | 986 | — | — | 986 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee benefit plans | Issuance of common stock under employee benefit plans | 2 | 1,559 | — | — | 1,561 | Issuance of common stock under employee benefit plans | 2 | 2,026 | — | — | 2,028 | ||||||||||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2021 | $ | 224 | $ | 454,264 | $ | 168,564 | $ | 12,415 | $ | 635,467 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | Balances, June 30, 2021 | $ | 224 | $ | 455,215 | $ | 182,361 | $ | 10,386 | $ | 648,186 |
Three Months Ended March 31, | Six months ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 20,749 | $ | 18,538 | Net income | $ | 42,632 | $ | 38,662 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 4,167 | 3,565 | Provision for credit losses | 9,608 | 3,110 | ||||||||||||||||
Depreciation on premises and equipment | Depreciation on premises and equipment | 1,255 | 1,436 | Depreciation on premises and equipment | 2,445 | 2,851 | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,398 | 1,515 | Amortization of intangible assets | 2,716 | 2,985 | ||||||||||||||||
Amortization of operating lease right-of-use asset | Amortization of operating lease right-of-use asset | 439 | 407 | Amortization of operating lease right-of-use asset | 904 | 845 | ||||||||||||||||
Amortization of loan servicing rights | Amortization of loan servicing rights | 771 | 858 | Amortization of loan servicing rights | 1,507 | 1,708 | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 527 | 502 | Share-based compensation expense | 1,046 | 986 | ||||||||||||||||
Increase in cash surrender value of life insurance | Increase in cash surrender value of life insurance | (831) | (860) | Increase in cash surrender value of life insurance | (1,671) | (1,723) | ||||||||||||||||
Gain on proceeds from company-owned life insurance | Gain on proceeds from company-owned life insurance | (188) | — | Gain on proceeds from company-owned life insurance | (188) | — | ||||||||||||||||
Investment securities amortization, net | Investment securities amortization, net | 852 | 1,067 | Investment securities amortization, net | 1,440 | 2,148 | ||||||||||||||||
(Gain) loss on sales of other real estate owned | (42) | 9 | ||||||||||||||||||||
Loss (gain) on sales of investment securities, net | Loss (gain) on sales of investment securities, net | 101 | (377) | |||||||||||||||||||
Loss (gain) on sales of other real estate owned | Loss (gain) on sales of other real estate owned | 120 | (450) | |||||||||||||||||||
Impairment on other real estate owned | Impairment on other real estate owned | 337 | 104 | Impairment on other real estate owned | 404 | 417 | ||||||||||||||||
Origination of loans held for sale | Origination of loans held for sale | (79,601) | (199,721) | Origination of loans held for sale | (100,806) | (317,350) | ||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 103,133 | 332,685 | Proceeds from sales of loans held for sale | 203,545 | 494,541 | ||||||||||||||||
Gain on loans sold and held for sale | (484) | (1,234) | ||||||||||||||||||||
Gain on sale of loans held for sale | Gain on sale of loans held for sale | (799) | (2,728) | |||||||||||||||||||
Impairment on commercial mortgage servicing rights | Impairment on commercial mortgage servicing rights | 394 | 1,275 | Impairment on commercial mortgage servicing rights | 1,263 | 2,423 | ||||||||||||||||
Net change in operating assets and liabilities: | Net change in operating assets and liabilities: | Net change in operating assets and liabilities: | ||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | (361) | (1,134) | Accrued interest receivable | 2,954 | 922 | ||||||||||||||||
Other assets | Other assets | (14,228) | (6,986) | Other assets | (17,160) | (12,094) | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 790 | 6,349 | Accrued expenses and other liabilities | 4,416 | (223) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 39,077 | 158,375 | Net cash provided by operating activities | 154,477 | 216,653 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Purchases of investment securities available for sale | Purchases of investment securities available for sale | (15,873) | (56,983) | Purchases of investment securities available for sale | (99,882) | (206,033) | ||||||||||||||||
Proceeds from sales of investment securities available for sale | Proceeds from sales of investment securities available for sale | 107,740 | 12,617 | |||||||||||||||||||
Maturities and payments on investment securities available for sale | Maturities and payments on investment securities available for sale | 21,773 | 56,870 | Maturities and payments on investment securities available for sale | 53,329 | 114,808 | ||||||||||||||||
Purchases of equity securities | Purchases of equity securities | (312) | (154) | Purchases of equity securities | (379) | (186) | ||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (317,486) | 142,019 | Net (increase) decrease in loans | (634,229) | 212,886 | ||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (414) | (574) | Purchases of premises and equipment | (928) | (1,000) | ||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | — | 75 | Proceeds from sale of premises and equipment | 143 | 590 | ||||||||||||||||
Purchases of nonmarketable equity securities | Purchases of nonmarketable equity securities | (109) | — | Purchases of nonmarketable equity securities | (1,860) | — | ||||||||||||||||
Proceeds from sales of nonmarketable equity securities | Proceeds from sales of nonmarketable equity securities | — | 3,500 | Proceeds from sales of nonmarketable equity securities | 2,500 | 7,923 | ||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 315 | 131 | Proceeds from sales of other real estate owned | 505 | 8,069 | ||||||||||||||||
Purchases of company-owned life insurance | Purchases of company-owned life insurance | — | (550) | |||||||||||||||||||
Proceeds from settlements of company-owned life insurance | Proceeds from settlements of company-owned life insurance | 1,337 | — | Proceeds from settlements of company-owned life insurance | 1,337 | — | ||||||||||||||||
Net cash received (paid) on acquisition | Net cash received (paid) on acquisition | 60,275 | (2,797) | |||||||||||||||||||
Net cash (used in) provided by investing activities | Net cash (used in) provided by investing activities | (310,769) | 144,884 | Net cash (used in) provided by investing activities | (511,449) | 146,327 | ||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Net (decrease) increase in deposits | Net (decrease) increase in deposits | (53,109) | 239,497 | Net (decrease) increase in deposits | (6,004) | 95,335 | ||||||||||||||||
Net (decrease) increase in short-term borrowings | Net (decrease) increase in short-term borrowings | (16,451) | 2,771 | Net (decrease) increase in short-term borrowings | (9,114) | 7,028 | ||||||||||||||||
Proceeds from FHLB borrowings | Proceeds from FHLB borrowings | 50,000 | 250,000 | Proceeds from FHLB borrowings | 700,000 | 300,000 | ||||||||||||||||
Payments made on FHLB borrowings and other borrowings | Payments made on FHLB borrowings and other borrowings | (50,000) | (500,008) | Payments made on FHLB borrowings and other borrowings | (725,000) | (639,000) | ||||||||||||||||
FHLB advances prepayment fees | — | 8 | ||||||||||||||||||||
Payments made on subordinated debt | Payments made on subordinated debt | — | (31,075) | |||||||||||||||||||
Redemption of Series G preferred stock | Redemption of Series G preferred stock | (171) | — | |||||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (6,464) | (6,301) | Cash dividends paid on common stock | (12,934) | (12,628) | ||||||||||||||||
Common stock repurchased | Common stock repurchased | (1,109) | (1,208) | Common stock repurchased | (1,109) | (1,208) | ||||||||||||||||
Proceeds from issuance of common stock under employee benefit plans | Proceeds from issuance of common stock under employee benefit plans | 718 | 1,561 | Proceeds from issuance of common stock under employee benefit plans | 1,050 | 2,028 | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (76,415) | (13,680) | Net cash used in financing activities | (53,282) | (279,520) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | Net (decrease) increase in cash and cash equivalents | (348,107) | 289,579 | Net (decrease) increase in cash and cash equivalents | (410,254) | 83,460 | ||||||||||||||||
Cash and cash equivalents: | Cash and cash equivalents: | Cash and cash equivalents: | ||||||||||||||||||||
Beginning of period | Beginning of period | 680,371 | 341,640 | Beginning of period | 680,371 | 341,640 | ||||||||||||||||
End of period | End of period | $ | 332,264 | $ | 631,219 | End of period | $ | 270,117 | $ | 425,100 | ||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||
Cash payments for: | Cash payments for: | Cash payments for: | ||||||||||||||||||||
Interest paid on deposits and borrowed funds | Interest paid on deposits and borrowed funds | $ | 6,591 | $ | 9,436 | Interest paid on deposits and borrowed funds | $ | 13,746 | $ | 17,369 | ||||||||||||
Income tax paid (net of refunds) | 1,912 | 1,650 | ||||||||||||||||||||
Income tax paid, net of refunds | Income tax paid, net of refunds | 16,606 | 12,907 | |||||||||||||||||||
Supplemental disclosures of noncash investing and financing activities: | Supplemental disclosures of noncash investing and financing activities: | Supplemental disclosures of noncash investing and financing activities: | ||||||||||||||||||||
Transfer of loans to loans held for sale | Transfer of loans to loans held for sale | — | 48,494 | Transfer of loans to loans held for sale | 74,997 | 48,494 | ||||||||||||||||
Transfer of loans to other real estate owned | Transfer of loans to other real estate owned | 88 | 306 | Transfer of loans to other real estate owned | 102 | 485 | ||||||||||||||||
Pending settlements on securities purchased | — | 11,663 |
(dollars in thousands) | FNBC | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 60,275 | |||
Loans | 16,632 | ||||
Premises and equipment, net | 950 | ||||
Accrued interest receivable | 36 | ||||
Intangible assets | 1,901 | ||||
Total assets acquired | $ | 79,794 | |||
Liabilities assumed: | |||||
Deposits | $ | 79,794 | |||
Total liabilities assumed | $ | 79,794 | |||
Intangible assets: | |||||
Core deposit intangible | $ | 1,901 | |||
Estimated useful life | 10 years |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | (dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 66,534 | $ | — | $ | 3,410 | $ | — | $ | 63,124 | U.S. Treasury securities | $ | 68,390 | $ | — | $ | 4,394 | $ | — | $ | 63,996 | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 34,194 | 52 | 2,715 | — | 31,531 | U.S. government sponsored entities and U.S. agency securities | 33,756 | 66 | 3,519 | — | 30,303 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 437,125 | 620 | 34,758 | — | 402,987 | Mortgage-backed securities - agency | 480,408 | 17 | 56,587 | — | 423,838 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 27,174 | — | 2,072 | — | 25,102 | Mortgage-backed securities - non-agency | 26,118 | — | 3,341 | — | 22,777 | ||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 139,619 | 1,779 | 4,816 | — | 136,582 | State and municipal securities | 113,920 | 525 | 7,757 | — | 106,688�� | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 193,296 | 1,206 | 4,754 | — | 189,748 | Corporate securities | 119,374 | 56 | 6,492 | — | 112,938 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 897,942 | $ | 3,657 | $ | 52,525 | $ | — | $ | 849,074 | Total available for sale securities | $ | 841,966 | $ | 664 | $ | 82,090 | $ | — | $ | 760,540 |
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 65,347 | $ | — | $ | 430 | $ | — | $ | 64,917 | |||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 34,569 | 79 | 831 | — | 33,817 | ||||||||||||||||||||||||
Mortgage-backed securities - agency | 444,484 | 2,687 | 6,901 | — | 440,270 | ||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 29,037 | 50 | 381 | — | 28,706 | ||||||||||||||||||||||||
State and municipal securities | 137,904 | 5,561 | 366 | — | 143,099 | ||||||||||||||||||||||||
Corporate securities | 193,354 | 3,128 | 467 | 221 | 195,794 | ||||||||||||||||||||||||
Total available for sale securities | $ | 904,695 | $ | 11,505 | $ | 9,376 | $ | 221 | $ | 906,603 |
(dollars in thousands) | (dollars in thousands) | Amortized cost | Fair value | (dollars in thousands) | Amortized cost | Fair value | ||||||||||||||||
Investment securities available for sale | Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||
Within one year | Within one year | $ | 13,864 | $ | 13,999 | Within one year | $ | 12,828 | $ | 12,898 | ||||||||||||
After one year through five years | After one year through five years | 143,470 | 139,722 | After one year through five years | 134,666 | 127,807 | ||||||||||||||||
After five years through ten years | After five years through ten years | 237,281 | 230,606 | After five years through ten years | 156,446 | 145,497 | ||||||||||||||||
After ten years | After ten years | 39,028 | 36,658 | After ten years | 31,500 | 27,723 | ||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 464,299 | 428,089 | Mortgage-backed securities | 506,526 | 446,615 | ||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 897,942 | $ | 849,074 | Total available for sale securities | $ | 841,966 | $ | 760,540 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Proceeds from sales | $ | 107,740 | $ | 12,617 | $ | 107,740 | $ | 12,617 | |||||||||||||||
Gross realized gains on sales | 716 | 377 | 716 | 377 | |||||||||||||||||||
Gross realized losses on sales | (817) | — | (817) | — |
(dollars in thousands) | (dollars in thousands) | Mortgage-backed securities - non-agency | State and municipal securities | Corporate securities | Total | (dollars in thousands) | Mortgage-backed securities - non-agency | State and municipal securities | Corporate securities | Total | ||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on investment securities available for sale: | Changes in allowance for credit losses on investment securities available for sale: | Changes in allowance for credit losses on investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022 | For the three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | — | $ | 221 | $ | 221 | Balance, beginning of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Current-period recapture of expected credit losses | — | — | (221) | (221) | ||||||||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | — | $ | — | $ | — | $ | — | Balance, end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
For the three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | For the six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | 29 | $ | 337 | $ | 366 | Balance, beginning of period | $ | — | $ | — | $ | 221 | $ | 221 | ||||||||||||||||||||||||||||
Current-period provision for (recapture of) expected credit losses | 28 | (1) | 123 | 150 | ||||||||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | — | — | (221) | (221) | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 28 | $ | 28 | $ | 460 | $ | 516 | Balance, end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | For the three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 28 | $ | 28 | $ | 460 | $ | 516 | |||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | 85 | (28) | (247) | (190) | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 113 | $ | — | $ | 213 | $ | 326 | |||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | For the six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | 29 | $ | 337 | $ | 366 | |||||||||||||||||||||||||||||||||||||
Current-period provision for expected credit losses | Current-period provision for expected credit losses | 113 | (29) | (124) | (40) | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 113 | $ | — | $ | 213 | $ | 326 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 63,996 | $ | 4,394 | $ | — | $ | — | $ | 63,996 | $ | 4,394 | |||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 13,042 | 1,296 | 12,777 | 2,223 | 25,819 | 3,519 | |||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 319,343 | 35,977 | 103,015 | 20,610 | 422,358 | 56,587 | |||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 17,947 | 2,297 | 4,830 | 1,044 | 22,777 | 3,341 | |||||||||||||||||||||||||||||
State and municipal securities | 58,112 | 6,667 | 6,118 | 1,090 | 64,230 | 7,757 | |||||||||||||||||||||||||||||
Corporate securities | 100,250 | 6,383 | 2,869 | 109 | 103,119 | 6,492 | |||||||||||||||||||||||||||||
Total available for sale securities | $ | 572,690 | $ | 57,014 | $ | 129,609 | $ | 25,076 | $ | 702,299 | $ | 82,090 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 63,124 | $ | 3,410 | $ | — | $ | — | $ | 63,124 | $ | 3,410 | |||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 17,050 | 1,319 | 8,603 | 1,396 | 25,653 | 2,715 | |||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 249,809 | 21,437 | 113,330 | 13,321 | 363,139 | 34,758 | |||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 19,740 | 1,410 | 5,362 | 662 | 25,102 | 2,072 | |||||||||||||||||||||||||||||
State and municipal securities | 57,628 | 4,431 | 3,845 | 385 | 61,473 | 4,816 | |||||||||||||||||||||||||||||
Corporate securities | 103,496 | 4,646 | 2,869 | 108 | 106,365 | 4,754 | |||||||||||||||||||||||||||||
Total available for sale securities | $ | 510,847 | $ | 36,653 | $ | 134,009 | $ | 15,872 | $ | 644,856 | $ | 52,525 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or more | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 64,917 | $ | 430 | $ | — | $ | — | $ | 64,917 | $ | 430 | |||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | 17,487 | 263 | 9,432 | 568 | 26,919 | 831 | |||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 317,372 | 6,633 | 9,051 | 268 | 326,423 | 6,901 | |||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 24,095 | 381 | — | — | 24,095 | 381 | |||||||||||||||||||||||||||||
State and municipal securities | 27,324 | 270 | 2,538 | 96 | 29,862 | 366 | |||||||||||||||||||||||||||||
Corporate securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total available for sale securities | $ | 451,195 | $ | 7,977 | $ | 21,021 | $ | 932 | $ | 472,216 | $ | 8,909 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Equity securities | Equity securities | Equity securities | ||||||||||||||||||||||||||||||||
Net unrealized (losses) gains | Net unrealized (losses) gains | $ | (522) | $ | 81 | Net unrealized (losses) gains | $ | (425) | $ | 145 | $ | (947) | $ | 226 |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||
Commercial | Commercial | $ | 796,498 | $ | 770,670 | Commercial | $ | 747,782 | $ | 770,670 | ||||||||||||
Commercial other | Commercial other | 641,627 | 679,518 | Commercial other | 643,476 | 679,518 | ||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 1,291,239 | 1,105,333 | Commercial real estate non-owner occupied | 1,480,030 | 1,105,333 | ||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 499,871 | 469,658 | Commercial real estate owner occupied | 524,587 | 469,658 | ||||||||||||||||
Multi-family | Multi-family | 252,507 | 171,875 | Multi-family | 265,749 | 171,875 | ||||||||||||||||
Farmland | Farmland | 70,424 | 69,962 | Farmland | 65,289 | 69,962 | ||||||||||||||||
Construction and land development | Construction and land development | 188,668 | 193,749 | Construction and land development | 203,955 | 193,749 | ||||||||||||||||
Total commercial loans | Total commercial loans | 3,740,834 | 3,460,765 | Total commercial loans | 3,930,868 | 3,460,765 | ||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||
Residential first lien | Residential first lien | 268,787 | 274,412 | Residential first lien | 279,628 | 274,412 | ||||||||||||||||
Other residential | Other residential | 60,544 | 63,739 | Other residential | 60,475 | 63,739 | ||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||
Consumer | Consumer | 101,692 | 106,008 | Consumer | 98,558 | 106,008 | ||||||||||||||||
Consumer other | Consumer other | 939,104 | 896,597 | Consumer other | 986,813 | 896,597 | ||||||||||||||||
Lease financing | Lease financing | 429,000 | 423,280 | Lease financing | 439,202 | 423,280 | ||||||||||||||||
Total loans, gross | Total loans, gross | $ | 5,539,961 | $ | 5,224,801 | Total loans, gross | $ | 5,795,544 | $ | 5,224,801 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 13,869 | $ | 19,693 | Beginning balance | $ | 23,374 | $ | 19,372 | $ | 13,869 | $ | 19,693 | ||||||||||||||||||||
New loans and other additions | New loans and other additions | 9,805 | 543 | New loans and other additions | — | 404 | 9,805 | 1,024 | ||||||||||||||||||||||||||
Repayments and other reductions | Repayments and other reductions | (300) | (864) | Repayments and other reductions | (277) | (1,014) | (577) | (1,955) | ||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 23,374 | $ | 19,372 | Ending balance | $ | 23,097 | $ | 18,762 | $ | 23,097 | $ | 18,762 |
Commercial Loan Portfolio | Other Loan Portfolio | Commercial Loan Portfolio | Other Loan Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | (dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended March 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended June 30, 2022: | Changes in allowance for credit losses on loans for the three months ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 14,375 | $ | 22,993 | $ | 972 | $ | 2,695 | $ | 2,558 | $ | 7,469 | $ | 51,062 | Balance, beginning of period | $ | 12,621 | $ | 26,277 | $ | 816 | $ | 3,288 | $ | 2,672 | $ | 7,264 | $ | 52,938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 389 | 3,444 | (156) | 584 | 257 | (386) | 4,132 | Provision for credit losses on loans | (111) | 4,284 | 279 | 133 | 415 | (259) | 4,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,154) | (227) | (6) | (104) | (305) | (206) | (3,002) | Charge-offs | (60) | (2,625) | — | (46) | (191) | (499) | (3,421) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 11 | 67 | 6 | 113 | 162 | 387 | 746 | Recoveries | 298 | (62) | 6 | 41 | 98 | 259 | 640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 12,621 | $ | 26,277 | $ | 816 | $ | 3,288 | $ | 2,672 | $ | 7,264 | $ | 52,938 | Balance, end of period | $ | 12,748 | $ | 27,874 | $ | 1,101 | $ | 3,416 | $ | 2,994 | $ | 6,765 | $ | 54,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended March 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2022: | Changes in allowance for credit losses on loans for the six months ended June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 19,851 | $ | 25,465 | $ | 1,433 | $ | 3,929 | $ | 2,338 | $ | 7,427 | $ | 60,443 | Balance, beginning of period | $ | 14,375 | $ | 22,993 | $ | 972 | $ | 2,695 | $ | 2,558 | $ | 7,469 | $ | 51,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | (2,021) | 7,127 | 11 | 68 | 53 | (1,288) | 3,950 | Provision for credit losses on loans | 278 | 7,728 | 123 | 717 | 672 | (645) | 8,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (506) | (773) | (271) | (110) | (242) | (253) | (2,155) | Charge-offs | (2,214) | (2,852) | (6) | (150) | (496) | (705) | (6,423) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 15 | 2 | 66 | 94 | 122 | 150 | 449 | Recoveries | 309 | 5 | 12 | 154 | 260 | 646 | 1,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 17,339 | $ | 31,821 | $ | 1,239 | $ | 3,981 | $ | 2,271 | $ | 6,036 | $ | 62,687 | Balance, end of period | $ | 12,748 | $ | 27,874 | $ | 1,101 | $ | 3,416 | $ | 2,994 | $ | 6,765 | $ | 54,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the three months ended June 30, 2021: | Changes in allowance for credit losses on loans for the three months ended June 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 17,339 | $ | 31,821 | $ | 1,239 | $ | 3,981 | $ | 2,271 | $ | 6,036 | $ | 62,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 5 | (168) | 414 | (177) | 84 | (158) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,634) | (946) | (1) | (141) | (218) | (516) | (4,456) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 139 | 11 | 81 | 20 | 155 | 27 | 433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 14,849 | $ | 30,718 | $ | 1,733 | $ | 3,683 | $ | 2,292 | $ | 5,389 | $ | 58,664 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in allowance for credit losses on loans for the six months ended June 30, 2021: | Changes in allowance for credit losses on loans for the six months ended June 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 19,851 | $ | 25,465 | $ | 1,433 | $ | 3,929 | $ | 2,338 | $ | 7,427 | $ | 60,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | (2,016) | 6,959 | 425 | (109) | 137 | (1,446) | 3,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (3,140) | (1,719) | (272) | (251) | (460) | (769) | (6,611) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 154 | 13 | 147 | 114 | 277 | 177 | 882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 14,849 | $ | 30,718 | $ | 1,733 | $ | 3,683 | $ | 2,292 | $ | 5,389 | $ | 58,664 |
Risk state | Commercial loans risk rating | Consumer loans and equipment finance loans and leases days past due | ||||||||||||
1 | 0-5 | 0-14 | ||||||||||||
2 | 6 | 15-29 | ||||||||||||
3 | 7 | 30-59 | ||||||||||||
4 | 8 | 60-89 | ||||||||||||
Default | 9+ and nonaccrual | 90+ and nonaccrual |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | (dollars in thousands) | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | Nonaccrual with allowance | Nonaccrual with no allowance | Total nonaccrual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 4,463 | $ | 2,275 | $ | 6,738 | $ | 4,681 | $ | 2,275 | $ | 6,956 | Commercial | $ | 4,528 | $ | 2,275 | $ | 6,803 | $ | 4,681 | $ | 2,275 | $ | 6,956 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 3,248 | — | 3,248 | 4,467 | — | 4,467 | Commercial other | 2,950 | — | 2,950 | 4,467 | — | 4,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 1,992 | 21,344 | 23,336 | 1,914 | 9,912 | 11,826 | Commercial real estate non-owner occupied | 1,848 | 19,003 | 20,851 | 1,914 | 9,912 | 11,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 3,059 | 1,340 | 4,399 | 2,164 | 1,340 | 3,504 | Commercial real estate owner occupied | 2,627 | 1,340 | 3,967 | 2,164 | 1,340 | 3,504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 188 | 1,935 | 2,123 | 201 | 1,967 | 2,168 | Multi-family | 177 | 9,056 | 9,233 | 201 | 1,967 | 2,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 153 | — | 153 | 155 | — | 155 | Farmland | 150 | — | 150 | 155 | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 262 | — | 262 | 83 | — | 83 | Construction and land development | 251 | — | 251 | 83 | — | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 13,365 | 26,894 | 40,259 | 13,665 | 15,494 | 29,159 | Total commercial loans | 12,531 | 31,674 | 44,205 | 13,665 | 15,494 | 29,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 3,197 | 753 | 3,950 | 3,116 | 832 | 3,948 | Residential first lien | 3,685 | 639 | 4,324 | 3,116 | 832 | 3,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 926 | — | 926 | 836 | — | 836 | Other residential | 933 | — | 933 | 836 | — | 836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 97 | — | 97 | 110 | — | 110 | Consumer | 97 | — | 97 | 110 | — | 110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 1,454 | — | 1,454 | 1,510 | — | 1,510 | Lease financing | 1,399 | — | 1,399 | 1,510 | — | 1,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 19,039 | $ | 27,647 | $ | 46,686 | $ | 19,237 | $ | 16,326 | $ | 35,563 | Total loans | $ | 18,645 | $ | 32,313 | $ | 50,958 | $ | 19,237 | $ | 16,326 | $ | 35,563 |
Type of Collateral | |||||||||||||||||||||||||||||
(dollars in thousands) | Real Estate | Blanket Lien | Equipment | Total | |||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | — | $ | 4,890 | $ | — | $ | 4,890 | |||||||||||||||||||||
Commercial Other | — | 245 | 939 | 1,184 | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Non-Owner Occupied | 23,013 | — | — | 23,013 | |||||||||||||||||||||||||
Owner Occupied | 1,336 | — | — | 1,336 | |||||||||||||||||||||||||
Multi-Family | 1,937 | — | — | 1,937 | |||||||||||||||||||||||||
Total Collateral Dependent Loans | $ | 26,286 | $ | 5,135 | $ | 939 | $ | 32,360 | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | — | $ | 5,402 | $ | — | $ | 5,402 | |||||||||||||||||||||
Commercial Other | — | — | 502 | 502 | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Non-Owner Occupied | 11,604 | — | — | 11,604 | |||||||||||||||||||||||||
Owner Occupied | 1,336 | — | — | 1,336 | |||||||||||||||||||||||||
Multi-Family | 1,969 | — | — | 1,969 | |||||||||||||||||||||||||
Total Collateral Dependent Loans | $ | 14,909 | $ | 5,402 | $ | 502 | $ | 20,813 |
Type of Collateral | |||||||||||||||||||||||||||||
(dollars in thousands) | Real Estate | Blanket Lien | Equipment | Total | |||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | — | $ | 4,890 | $ | — | $ | 4,890 | |||||||||||||||||||||
Commercial other | — | — | — | — | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Non-owner occupied | 20,062 | — | — | 20,062 | |||||||||||||||||||||||||
Owner occupied | 1,336 | — | — | 1,336 | |||||||||||||||||||||||||
Multi-family | 1,905 | — | — | 1,905 | |||||||||||||||||||||||||
Total collateral dependent loans | $ | 23,303 | $ | 4,890 | $ | — | $ | 28,193 | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial | $ | — | $ | 5,402 | $ | — | $ | 5,402 | |||||||||||||||||||||
Commercial other | — | — | 502 | 502 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Non-owner occupied | 11,604 | — | — | 11,604 | |||||||||||||||||||||||||
Owner occupied | 1,336 | — | — | 1,336 | |||||||||||||||||||||||||
Multi-family | 1,969 | — | — | 1,969 | |||||||||||||||||||||||||
Total collateral dependent loans | $ | 14,909 | $ | 5,402 | $ | 502 | $ | 20,813 |
Accruing loans | Accruing loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | (dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 281 | $ | 25 | $ | 759 | $ | 1,065 | $ | 6,738 | $ | 788,695 | $ | 796,498 | Commercial | $ | 143 | $ | 92 | $ | — | $ | 235 | $ | 6,803 | $ | 740,744 | $ | 747,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Commercial other | 3,070 | 1,730 | — | 4,800 | 3,248 | 633,579 | 641,627 | Commercial other | 3,136 | 2,425 | — | 5,561 | 2,950 | 634,965 | 643,476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | 131 | 441 | — | 572 | 23,336 | 1,267,331 | 1,291,239 | Commercial real estate non-owner occupied | 741 | 26 | — | 767 | 20,851 | 1,458,412 | 1,480,030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 129 | — | — | 129 | 4,399 | 495,343 | 499,871 | Commercial real estate owner occupied | 76 | 338 | — | 414 | 3,967 | 520,206 | 524,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 14,465 | — | — | 14,465 | 2,123 | 235,919 | 252,507 | Multi-family | 162 | — | — | 162 | 9,233 | 256,354 | 265,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | 709 | 6 | — | 715 | 153 | 69,556 | 70,424 | Farmland | 190 | — | — | 190 | 150 | 64,949 | 65,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | — | — | — | — | 262 | 188,406 | 188,668 | Construction and land development | — | — | — | — | 251 | 203,704 | 203,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 18,785 | 2,202 | 759 | 21,746 | 40,259 | 3,678,829 | 3,740,834 | Total commercial loans | 4,448 | 2,881 | — | 7,329 | 44,205 | 3,879,334 | 3,930,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first lien | Residential first lien | 207 | 47 | — | 254 | 3,950 | 264,583 | 268,787 | Residential first lien | 64 | 318 | — | 382 | 4,324 | 274,922 | 279,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Other residential | 9 | 91 | — | 100 | 926 | 59,518 | 60,544 | Other residential | 109 | 41 | — | 150 | 933 | 59,392 | 60,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 84 | 4 | — | 88 | 97 | 101,507 | 101,692 | Consumer | 121 | 6 | — | 127 | 97 | 98,334 | 98,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Consumer other | 3,452 | 2,339 | 70 | 5,861 | — | 933,243 | 939,104 | Consumer other | 3,711 | 2,258 | — | 5,969 | — | 980,844 | 986,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 1,505 | 319 | — | 1,824 | 1,454 | 425,722 | 429,000 | Lease financing | 1,654 | 601 | — | 2,255 | 1,399 | 435,548 | 439,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 24,042 | $ | 5,002 | $ | 829 | $ | 29,873 | $ | 46,686 | $ | 5,463,402 | $ | 5,539,961 | Total loans | $ | 10,107 | $ | 6,105 | $ | — | $ | 16,212 | $ | 50,958 | $ | 5,728,374 | $ | 5,795,544 |
Accruing loans | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 days past due | 60-89 days past due | Past due 90 days or more | Total past due | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 283 | $ | 1,082 | $ | — | $ | 1,365 | $ | 6,956 | $ | 762,349 | $ | 770,670 | |||||||||||||||||||||||||||
Commercial other | 2,402 | 2,110 | 5 | 4,517 | 4,467 | 670,534 | 679,518 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 585 | 243 | — | 828 | 11,826 | 1,092,679 | 1,105,333 | ||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 232 | 730 | — | 962 | 3,504 | 465,192 | 469,658 | ||||||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | 2,168 | 169,707 | 171,875 | ||||||||||||||||||||||||||||||||||
Farmland | — | 26 | — | 26 | 155 | 69,781 | 69,962 | ||||||||||||||||||||||||||||||||||
Construction and land development | 195 | 195 | — | 390 | 83 | 193,276 | 193,749 | ||||||||||||||||||||||||||||||||||
Total commercial loans | 3,697 | 4,386 | 5 | 8,088 | 29,159 | 3,423,518 | 3,460,765 | ||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential first lien | 113 | 285 | — | 398 | 3,948 | 270,066 | 274,412 | ||||||||||||||||||||||||||||||||||
Other residential | 456 | 151 | — | 607 | 836 | 62,296 | 63,739 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Consumer | 127 | 20 | — | 147 | 110 | 105,751 | 106,008 | ||||||||||||||||||||||||||||||||||
Consumer other | 4,423 | 2,358 | 1 | 6,782 | — | 889,815 | 896,597 | ||||||||||||||||||||||||||||||||||
Lease financing | 1,253 | 245 | — | 1,498 | 1,510 | 420,272 | 423,280 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 10,069 | $ | 7,445 | $ | 6 | $ | 17,520 | $ | 35,563 | $ | 5,171,718 | $ | 5,224,801 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Accruing (1) | Non-accrual (2) | Total | Accruing (1) | Non-accrual (2) | Total | (dollars in thousands) | Accruing (1) | Non-accrual (2) | Total | Accruing (1) | Non-accrual (2) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 1,275 | $ | 1,220 | $ | 2,495 | $ | 833 | $ | 1,422 | $ | 2,255 | Commercial | $ | 1,826 | $ | 550 | $ | 2,376 | $ | 833 | $ | 1,422 | $ | 2,255 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 109 | 3,143 | 3,252 | 1,522 | 3,302 | 4,824 | Commercial real estate | 115 | 2,851 | 2,966 | 1,522 | 3,302 | 4,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 34 | — | 34 | 37 | — | 37 | Construction and land development | 32 | — | 32 | 37 | — | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 2,861 | 872 | 3,733 | 3,128 | 784 | 3,912 | Residential real estate | 2,917 | 1,188 | 4,105 | 3,128 | 784 | 3,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 175 | — | 175 | 98 | — | 98 | Consumer | 157 | — | 157 | 98 | — | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 931 | 520 | 1,451 | 1,394 | 241 | 1,635 | Lease financing | 878 | 84 | 962 | 1,394 | 241 | 1,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 5,385 | $ | 5,755 | $ | 11,140 | $ | 7,012 | $ | 5,749 | $ | 12,761 | Total loans | $ | 5,925 | $ | 4,673 | $ | 10,598 | $ | 7,012 | $ | 5,749 | $ | 12,761 |
Commercial loan portfolio | Other loan portfolio | Commercial loan portfolio | Other loan portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | (dollars in thousands) | Commercial | Commercial real estate | Construction and land development | Residential real estate | Consumer | Lease financing | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2022 | For the three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | 2 | — | — | 3 | 3 | 2 | 10 | Number of loans | 2 | 1 | — | 2 | 1 | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | 645 | $ | — | $ | — | $ | 200 | $ | 79 | $ | 91 | $ | 1,015 | Pre-modification outstanding balance | $ | 705 | $ | 6 | $ | — | $ | 176 | $ | 66 | $ | — | $ | 953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | 645 | — | — | 178 | 79 | 91 | 993 | Post-modification outstanding balance | 705 | 6 | — | 176 | 66 | — | 953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022 | For the six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | Troubled debt restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | — | — | 1 | 2 | 2 | — | 5 | Number of loans | 4 | 1 | — | 5 | 3 | 2 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | — | $ | — | $ | 49 | $ | 55 | $ | 31 | $ | — | $ | 135 | Pre-modification outstanding balance | $ | 1,324 | $ | 6 | $ | — | $ | 204 | $ | 107 | $ | 84 | $ | 1,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | — | — | 40 | 56 | 31 | — | 127 | Post-modification outstanding balance | 1,324 | 6 | — | 204 | 105 | 84 | 1,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended June 30, 2021 | For the three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | 5 | 1 | — | 1 | 1 | 1 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | — | $ | 136 | $ | 19 | $ | 505 | $ | 2,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | 609 | 1,432 | — | 139 | 19 | 505 | 2,704 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2021 | For the six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Number of loans | 5 | 1 | 1 | 3 | 3 | 1 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding balance | Pre-modification outstanding balance | $ | 609 | $ | 1,432 | $ | 49 | $ | 191 | $ | 50 | $ | 505 | $ | 2,836 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding balance | Post-modification outstanding balance | 609 | 1,432 | 40 | 195 | 50 | 505 | 2,831 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 35,988 | $ | 102,759 | $ | 78,574 | $ | 44,134 | $ | 20,640 | $ | 56,169 | $ | 425,219 | $ | 763,483 | Commercial | Acceptable credit quality | $ | 42,773 | $ | 104,834 | $ | 72,395 | $ | 30,577 | $ | 19,403 | $ | 53,815 | $ | 394,649 | $ | 718,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 129 | 48 | 551 | 1,343 | 299 | 3,130 | 5,500 | Special mention | — | 113 | — | 325 | 1,279 | 282 | 1,887 | 3,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 372 | — | 827 | 1,846 | 4,330 | 13,402 | 20,777 | Substandard | — | 364 | — | 631 | 1,822 | 4,260 | 11,570 | 18,647 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 340 | — | 240 | 174 | 463 | 5,521 | 6,738 | Substandard – nonaccrual | — | 340 | — | 370 | 174 | 383 | 5,536 | 6,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 35,988 | 103,600 | 78,622 | 45,752 | 24,003 | 61,261 | 447,272 | 796,498 | Subtotal | 42,773 | 105,651 | 72,395 | 31,903 | 22,678 | 58,740 | 413,642 | 747,782 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 66,720 | 213,502 | 149,049 | 88,347 | 24,879 | 438 | 77,191 | 620,126 | Commercial other | Acceptable credit quality | 132,949 | 182,457 | 131,480 | 77,820 | 20,303 | 359 | 79,421 | 624,789 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 227 | 1,861 | 9,462 | 3,745 | — | 1,375 | 16,670 | Special mention | — | 210 | 1,818 | 9,055 | 3,185 | — | — | 14,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 62 | — | — | 1,521 | 1,583 | Substandard | — | — | — | 61 | — | — | 1,408 | 1,469 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 355 | 72 | 2,466 | 350 | — | 5 | 3,248 | Substandard – nonaccrual | 422 | 712 | 26 | 1,216 | 574 | — | — | 2,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 66,720 | 214,084 | 150,982 | 100,337 | 28,974 | 438 | 80,092 | 641,627 | Subtotal | 133,371 | 183,379 | 133,324 | 88,152 | 24,062 | 359 | 80,829 | 643,476 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Non-owner occupied | Acceptable credit quality | 221,262 | 441,878 | 153,618 | 125,995 | 20,477 | 210,880 | 5,295 | 1,179,405 | Commercial real estate | Non-owner occupied | Acceptable credit quality | 453,041 | 433,844 | 143,804 | 113,828 | 19,577 | 187,187 | 3,203 | 1,354,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 26 | 3,480 | 15,343 | 1,006 | 1,776 | — | 21,631 | Special mention | 1,439 | 26 | 3,476 | 15,341 | 313 | 7,211 | — | 27,806 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 6,118 | — | 21,133 | 1,668 | 37,698 | 250 | 66,867 | Substandard | 663 | 109 | — | 37,065 | 1,641 | 37,161 | 250 | 76,889 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 134 | 989 | 6,013 | 12,779 | 3,421 | — | 23,336 | Substandard – nonaccrual | — | 744 | 859 | 5,879 | 10,246 | 3,123 | — | 20,851 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 221,262 | 448,156 | 158,087 | 168,484 | 35,930 | 253,775 | 5,545 | 1,291,239 | Subtotal | 455,143 | 434,723 | 148,139 | 172,113 | 31,777 | 234,682 | 3,453 | 1,480,030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 50,665 | 140,875 | 67,486 | 47,486 | 39,078 | 123,447 | 1,345 | 470,382 | Owner occupied | Acceptable credit quality | 97,287 | 138,775 | 68,158 | 45,755 | 34,857 | 115,714 | 4,548 | 505,094 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 146 | — | 182 | 161 | 4,585 | 32 | 5,106 | Special mention | — | 141 | — | 175 | 160 | 1,824 | 27 | 2,327 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 4,188 | 593 | 10,676 | — | 4,228 | 299 | 19,984 | Substandard | 47 | 4,187 | 585 | 2,901 | — | 5,182 | 297 | 13,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 338 | 334 | 162 | 333 | 3,232 | — | 4,399 | Substandard – nonaccrual | — | 402 | 320 | 157 | 333 | 2,755 | — | 3,967 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 50,665 | 145,547 | 68,413 | 58,506 | 39,572 | 135,492 | 1,676 | 499,871 | Subtotal | 97,334 | 143,505 | 69,063 | 48,988 | 35,350 | 125,475 | 4,872 | 524,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 99,607 | 77,047 | 19,938 | 504 | 25,326 | 15,591 | 1,556 | 239,569 | Multi-family | Acceptable credit quality | 138,000 | 52,078 | 19,800 | 475 | 24,927 | 16,031 | 1,597 | 252,908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | Special mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 975 | — | — | — | 9,840 | — | 10,815 | Substandard | — | — | — | — | — | 3,608 | — | 3,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | 118 | — | 2,005 | — | 2,123 | Substandard – nonaccrual | — | 969 | — | 114 | — | 8,150 | — | 9,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 99,607 | 78,022 | 19,938 | 622 | 25,326 | 27,436 | 1,556 | 252,507 | Subtotal | 138,000 | 53,047 | 19,800 | 589 | 24,927 | 27,789 | 1,597 | 265,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 1,606 | 17,142 | 14,466 | 4,811 | 3,216 | 25,943 | 1,944 | 69,128 | Farmland | Acceptable credit quality | 3,337 | 16,384 | 13,958 | 4,126 | 3,158 | 21,255 | 1,751 | 63,969 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | 145 | 187 | — | 332 | Special mention | — | — | — | — | — | 162 | — | 162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 71 | — | 166 | 13 | 561 | — | 811 | Substandard | — | 15 | — | 166 | 13 | 633 | 181 | 1,008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | — | 103 | — | 50 | 153 | Substandard – nonaccrual | — | — | — | — | 101 | — | 49 | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 1,606 | 17,213 | 14,466 | 4,977 | 3,477 | 26,691 | 1,994 | 70,424 | Subtotal | 3,337 | 16,399 | 13,958 | 4,292 | 3,272 | 22,050 | 1,981 | 65,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | Acceptable credit quality | 15,483 | 71,366 | 53,813 | 15,485 | 3,847 | 4,650 | 21,923 | 186,567 | Construction and land development | Acceptable credit quality | 49,052 | 67,643 | 46,495 | 8,052 | 4,102 | 2,363 | 24,033 | 201,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 220 | — | 220 | Special mention | — | — | — | — | — | 220 | — | 220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | 223 | — | 39 | — | 262 | Substandard – nonaccrual | — | — | — | 222 | — | 29 | — | 251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 163 | 1,257 | 36 | — | — | 163 | — | 1,619 | Not graded | 189 | 1,516 | 35 | — | — | 4 | — | 1,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 15,646 | 72,623 | 53,849 | 15,708 | 3,847 | 5,072 | 21,923 | 188,668 | Subtotal | 49,241 | 69,159 | 46,530 | 8,274 | 4,102 | 2,616 | 24,033 | 203,955 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Acceptable credit quality | 491,331 | 1,064,569 | 536,944 | 326,762 | 137,463 | 437,118 | 534,473 | 3,528,660 | Total | Acceptable credit quality | 916,439 | 996,015 | 496,090 | 280,633 | 126,327 | 396,724 | 509,202 | 3,721,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 528 | 5,389 | 25,538 | 6,400 | 7,067 | 4,537 | 49,459 | Special mention | 1,439 | 490 | 5,294 | 24,896 | 4,937 | 9,699 | 1,914 | 48,669 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 11,724 | 593 | 32,864 | 3,527 | 56,657 | 15,472 | 120,837 | Substandard | 710 | 4,675 | 585 | 40,824 | 3,476 | 50,844 | 13,706 | 114,820 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 1,167 | 1,395 | 9,222 | 13,739 | 9,160 | 5,576 | 40,259 | Substandard – nonaccrual | 422 | 3,167 | 1,205 | 7,958 | 11,428 | 14,440 | 5,585 | 44,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 163 | 1,257 | 36 | — | — | 163 | — | 1,619 | Not graded | 189 | 1,516 | 35 | — | — | 4 | — | 1,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | $ | 491,494 | $ | 1,079,245 | $ | 544,357 | $ | 394,386 | $ | 161,129 | $ | 510,165 | $ | 560,058 | $ | 3,740,834 | Total commercial loans | $ | 919,199 | $ | 1,005,863 | $ | 503,209 | $ | 354,311 | $ | 146,168 | $ | 471,711 | $ | 530,407 | $ | 3,930,868 |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | (dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Acceptable credit quality | $ | 108,490 | $ | 78,071 | $ | 50,458 | $ | 20,045 | $ | 27,405 | $ | 35,856 | $ | 417,920 | $ | 738,245 | Commercial | Acceptable credit quality | $ | 108,490 | $ | 78,071 | $ | 50,458 | $ | 20,045 | $ | 27,405 | $ | 35,856 | $ | 417,920 | $ | 738,245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 186 | 57 | 198 | 6,154 | 2 | 316 | 1,517 | 8,430 | Special mention | 186 | 57 | 198 | 6,154 | 2 | 316 | 1,517 | 8,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 380 | 372 | 1,934 | 1,868 | 64 | 4,322 | 8,099 | 17,039 | Substandard | 380 | 372 | 1,934 | 1,868 | 64 | 4,322 | 8,099 | 17,039 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 52 | — | 612 | 177 | 242 | 169 | 5,704 | 6,956 | Substandard – nonaccrual | 52 | — | 612 | 177 | 242 | 169 | 5,704 | 6,956 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 109,108 | 78,500 | 53,202 | 28,244 | 27,713 | 40,663 | 433,240 | 770,670 | Subtotal | 109,108 | 78,500 | 53,202 | 28,244 | 27,713 | 40,663 | 433,240 | 770,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial other | Acceptable credit quality | 264,282 | 167,326 | 101,083 | 29,981 | 303 | 341 | 88,198 | 651,514 | Commercial other | Acceptable credit quality | 264,282 | 167,326 | 101,083 | 29,981 | 303 | 341 | 88,198 | 651,514 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 1,929 | 10,676 | 3,966 | — | — | 3,252 | 19,823 | Special mention | — | 1,929 | 10,676 | 3,966 | — | — | 3,252 | 19,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 688 | — | 62 | 341 | — | — | 2,623 | 3,714 | Substandard | 688 | — | 62 | 341 | — | — | 2,623 | 3,714 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 10 | 158 | 3,894 | 384 | — | — | 21 | 4,467 | Substandard – nonaccrual | 10 | 158 | 3,894 | 384 | — | — | 21 | 4,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 264,980 | 169,413 | 115,715 | 34,672 | 303 | 341 | 94,094 | 679,518 | Subtotal | 264,980 | 169,413 | 115,715 | 34,672 | 303 | 341 | 94,094 | 679,518 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Non-owner occupied | Acceptable credit quality | 441,483 | 154,379 | 134,507 | 20,524 | 55,207 | 182,465 | 5,258 | 993,823 | Commercial real estate | Non-owner occupied | Acceptable credit quality | 441,483 | 154,379 | 134,507 | 20,524 | 55,207 | 182,465 | 5,258 | 993,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 26 | 6,341 | 14,177 | 2,296 | 711 | 2,272 | — | 25,823 | Special mention | 26 | 6,341 | 14,177 | 2,296 | 711 | 2,272 | — | 25,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 6,196 | 817 | 8,825 | 20,572 | 14,857 | 22,344 | 250 | 73,861 | Substandard | 6,196 | 817 | 8,825 | 20,572 | 14,857 | 22,344 | 250 | 73,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 169 | 992 | 6,206 | — | 195 | 4,264 | — | 11,826 | Substandard – nonaccrual | 169 | 992 | 6,206 | — | 195 | 4,264 | — | 11,826 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 447,874 | 162,529 | 163,715 | 43,392 | 70,970 | 211,345 | 5,508 | 1,105,333 | Subtotal | 447,874 | 162,529 | 163,715 | 43,392 | 70,970 | 211,345 | 5,508 | 1,105,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Acceptable credit quality | 141,084 | 69,415 | 47,187 | 35,974 | 30,583 | 98,442 | 1,886 | 424,571 | Owner occupied | Acceptable credit quality | 141,084 | 69,415 | 47,187 | 35,974 | 30,583 | 98,442 | 1,886 | 424,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 150 | 24 | 187 | 161 | 13,087 | 4,540 | 32 | 18,181 | Special mention | 150 | 24 | 187 | 161 | 13,087 | 4,540 | 32 | 18,181 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,192 | 1,127 | 10,810 | 205 | 297 | 6,466 | 305 | 23,402 | Substandard | 4,192 | 1,127 | 10,810 | 205 | 297 | 6,466 | 305 | 23,402 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | 318 | 129 | 336 | 72 | 2,649 | — | 3,504 | Substandard – nonaccrual | — | 318 | 129 | 336 | 72 | 2,649 | — | 3,504 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 145,426 | 70,884 | 58,313 | 36,676 | 44,039 | 112,097 | 2,223 | 469,658 | Subtotal | 145,426 | 70,884 | 58,313 | 36,676 | 44,039 | 112,097 | 2,223 | 469,658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Acceptable credit quality | 88,329 | 20,080 | 1,973 | 25,450 | 1,414 | 18,642 | 2,241 | 158,129 | Multi-family | Acceptable credit quality | 88,329 | 20,080 | 1,973 | 25,450 | 1,414 | 18,642 | 2,241 | 158,129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 451 | — | — | — | — | — | 451 | Special mention | — | 451 | — | — | — | — | — | 451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 988 | — | — | — | — | 10,139 | — | 11,127 | Substandard | 988 | — | — | — | — | 10,139 | — | 11,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | 123 | — | — | 2,045 | — | 2,168 | Substandard – nonaccrual | — | — | 123 | — | — | 2,045 | — | 2,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 89,317 | 20,531 | 2,096 | 25,450 | 1,414 | 30,826 | 2,241 | 171,875 | Subtotal | 89,317 | 20,531 | 2,096 | 25,450 | 1,414 | 30,826 | 2,241 | 171,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Acceptable credit quality | 15,689 | 14,966 | 3,931 | 3,162 | 7,996 | 19,305 | 1,196 | 66,245 | Farmland | Acceptable credit quality | 15,689 | 14,966 | 3,931 | 3,162 | 7,996 | 19,305 | 1,196 | 66,245 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 66 | 1,236 | 145 | 153 | 240 | — | 1,840 | Special mention | — | 66 | 1,236 | 145 | 153 | 240 | — | 1,840 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 371 | 76 | 166 | 211 | — | 898 | — | 1,722 | Substandard | 371 | 76 | 166 | 211 | — | 898 | — | 1,722 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | — | 105 | — | — | 50 | 155 | Substandard – nonaccrual | — | — | — | 105 | — | — | 50 | 155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | — | — | — | — | — | — | — | — | Not graded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 16,060 | 15,108 | 5,333 | 3,623 | 8,149 | 20,443 | 1,246 | 69,962 | Subtotal | 16,060 | 15,108 | 5,333 | 3,623 | 8,149 | 20,443 | 1,246 | 69,962 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | Acceptable credit quality | 65,053 | 65,274 | 19,269 | 10,029 | 2,511 | 3,841 | 19,452 | 185,429 | Construction and land development | Acceptable credit quality | 65,053 | 65,274 | 19,269 | 10,029 | 2,511 | 3,841 | 19,452 | 185,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 5,014 | — | — | 221 | — | 5,235 | Special mention | — | — | 5,014 | — | — | 221 | — | 5,235 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 1,336 | — | — | — | — | — | 1,336 | Substandard | — | 1,336 | — | — | — | — | — | 1,336 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | — | — | 43 | — | — | 40 | — | 83 | Substandard – nonaccrual | — | — | 43 | — | — | 40 | — | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 66,518 | 66,647 | 24,326 | 10,029 | 2,511 | 4,266 | 19,452 | 193,749 | Subtotal | 66,518 | 66,647 | 24,326 | 10,029 | 2,511 | 4,266 | 19,452 | 193,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Acceptable credit quality | 1,124,410 | 569,511 | 358,408 | 145,165 | 125,419 | 358,892 | 536,151 | 3,217,956 | Total | Acceptable credit quality | 1,124,410 | 569,511 | 358,408 | 145,165 | 125,419 | 358,892 | 536,151 | 3,217,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 362 | 8,868 | 31,488 | 12,722 | 13,953 | 7,589 | 4,801 | 79,783 | Special mention | 362 | 8,868 | 31,488 | 12,722 | 13,953 | 7,589 | 4,801 | 79,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 12,815 | 3,728 | 21,797 | 23,197 | 15,218 | 44,169 | 11,277 | 132,201 | Substandard | 12,815 | 3,728 | 21,797 | 23,197 | 15,218 | 44,169 | 11,277 | 132,201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – nonaccrual | 231 | 1,468 | 11,007 | 1,002 | 509 | 9,167 | 5,775 | 29,159 | Substandard – nonaccrual | 231 | 1,468 | 11,007 | 1,002 | 509 | 9,167 | 5,775 | 29,159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | Not graded | 1,465 | 37 | — | — | — | 164 | — | 1,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial loans | $ | 1,139,283 | $ | 583,612 | $ | 422,700 | $ | 182,086 | $ | 155,099 | $ | 419,981 | $ | 558,004 | $ | 3,460,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | $ | 1,139,283 | $ | 583,612 | $ | 422,700 | $ | 182,086 | $ | 155,099 | $ | 419,981 | $ | 558,004 | $ | 3,460,765 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential first lien | Performing | $ | 9,120 | $ | 39,688 | $ | 31,213 | $ | 22,780 | $ | 29,415 | $ | 130,266 | $ | 290 | $ | 262,772 | Residential real estate | Residential first lien | Performing | $ | 30,586 | $ | 41,338 | $ | 32,385 | $ | 21,765 | $ | 23,865 | $ | 122,619 | $ | 758 | $ | 273,316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 107 | 268 | 697 | 4,943 | — | 6,015 | Nonperforming | — | — | 106 | 260 | 942 | 5,004 | — | 6,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 9,120 | 39,688 | 31,320 | 23,048 | 30,112 | 135,209 | 290 | 268,787 | Subtotal | 30,586 | 41,338 | 32,491 | 22,025 | 24,807 | 127,623 | 758 | 279,628 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 533 | 569 | 644 | 1,384 | 1,782 | 2,340 | 51,570 | 58,822 | Other residential | Performing | 857 | 549 | 613 | 1,209 | 1,668 | 1,999 | 51,718 | 58,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | 10 | 10 | 227 | 1,475 | 1,722 | Nonperforming | — | — | — | 9 | 10 | 222 | 1,621 | 1,862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 533 | 569 | 644 | 1,394 | 1,792 | 2,567 | 53,045 | 60,544 | Subtotal | 857 | 549 | 613 | 1,218 | 1,678 | 2,221 | 53,339 | 60,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 5,533 | 63,545 | 11,939 | 6,860 | 7,400 | 4,052 | 2,088 | 101,417 | Consumer | Performing | 9,605 | 44,947 | 11,083 | 5,994 | 6,097 | 18,226 | 2,352 | 98,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 65 | 105 | 5 | 2 | 42 | 55 | 1 | 275 | Nonperforming | 91 | 61 | 12 | 2 | 37 | 51 | — | 254 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 5,598 | 63,650 | 11,944 | 6,862 | 7,442 | 4,107 | 2,089 | 101,692 | Subtotal | 9,696 | 45,008 | 11,095 | 5,996 | 6,134 | 18,277 | 2,352 | 98,558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 141,223 | 459,083 | 254,096 | 54,821 | 10,735 | 8,268 | 10,810 | 939,036 | Consumer other | Performing | 371,625 | 369,572 | 174,852 | 45,799 | 8,814 | 7,050 | 9,101 | 986,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | 68 | 68 | Nonperforming | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 141,223 | 459,083 | 254,096 | 54,821 | 10,735 | 8,268 | 10,878 | 939,104 | Subtotal | 371,625 | 369,572 | 174,852 | 45,799 | 8,814 | 7,050 | 9,101 | 986,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Leases financing | Performing | 52,071 | 137,002 | 115,102 | 77,931 | 36,775 | 7,734 | — | 426,615 | Leases financing | Performing | 88,299 | 127,755 | 104,682 | 70,913 | 31,261 | 14,015 | — | 436,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 529 | 672 | 1,049 | 135 | — | 2,385 | Nonperforming | — | 656 | 797 | 273 | 472 | 79 | — | 2,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 52,071 | 137,002 | 115,631 | 78,603 | 37,824 | 7,869 | — | 429,000 | Subtotal | 88,299 | 128,411 | 105,479 | 71,186 | 31,733 | 14,094 | — | 439,202 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Performing | 208,480 | 699,887 | 412,994 | 163,776 | 86,107 | 152,660 | 64,758 | 1,788,662 | Total | Performing | 500,972 | 584,161 | 323,615 | 145,680 | 71,705 | 163,909 | 63,929 | 1,853,971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 65 | 105 | 641 | 952 | 1,798 | 5,360 | 1,544 | 10,465 | Nonperforming | 91 | 717 | 915 | 544 | 1,461 | 5,356 | 1,621 | 10,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | Total other loans | $ | 208,545 | $ | 699,992 | $ | 413,635 | $ | 164,728 | $ | 87,905 | $ | 158,020 | $ | 66,302 | $ | 1,799,127 | Total other loans | $ | 501,063 | $ | 584,878 | $ | 324,530 | $ | 146,224 | $ | 73,166 | $ | 169,265 | $ | 65,550 | $ | 1,864,676 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential first lien | Performing | $ | 38,508 | $ | 31,920 | $ | 24,311 | $ | 30,842 | $ | 48,276 | $ | 93,462 | $ | 888 | $ | 268,207 | |||||||||||||||||||||||||||||||||||
Nonperforming | — | 108 | 173 | 780 | 764 | 4,380 | — | 6,205 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 38,508 | 32,028 | 24,484 | 31,622 | 49,040 | 97,842 | 888 | 274,412 | |||||||||||||||||||||||||||||||||||||||||||||
Other residential | Performing | 888 | 679 | 1,520 | 1,950 | 1,211 | 1,559 | 54,225 | 62,032 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 10 | 16 | 128 | 100 | 1,453 | 1,707 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 888 | 679 | 1,530 | 1,966 | 1,339 | 1,659 | 55,678 | 63,739 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Performing | 65,915 | 14,955 | 7,874 | 8,728 | 3,025 | 2,582 | 2,721 | 105,800 | |||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 89 | 5 | 3 | 14 | 24 | 71 | 2 | 208 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 66,004 | 14,960 | 7,877 | 8,742 | 3,049 | 2,653 | 2,723 | 106,008 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer other | Performing | 474,385 | 323,437 | 63,463 | 12,635 | 3,888 | 5,447 | 13,341 | 896,596 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 474,385 | 323,437 | 63,463 | 12,635 | 3,888 | 5,447 | 13,342 | 896,597 | |||||||||||||||||||||||||||||||||||||||||||||
Leases financing | Performing | 154,803 | 124,575 | 86,402 | 43,536 | 9,077 | 1,983 | — | 420,376 | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 757 | 1,001 | 1,012 | 95 | 39 | — | 2,904 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 154,803 | 125,332 | 87,403 | 44,548 | 9,172 | 2,022 | — | 423,280 | |||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 734,499 | 495,566 | 183,570 | 97,691 | 65,477 | 105,033 | 71,175 | 1,753,011 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 89 | 870 | 1,187 | 1,822 | 1,011 | 4,590 | 1,456 | 11,025 | |||||||||||||||||||||||||||||||||||||||||||||
Total other loans | $ | 734,588 | $ | 496,436 | $ | 184,757 | $ | 99,513 | $ | 66,488 | $ | 109,623 | $ | 72,631 | $ | 1,764,036 |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Land | Land | $ | 15,603 | $ | 15,696 | Land | $ | 15,948 | $ | 15,696 | ||||||||||||
Buildings and improvements | Buildings and improvements | 67,790 | 67,143 | Buildings and improvements | 68,625 | 67,143 | ||||||||||||||||
Furniture and equipment | Furniture and equipment | 33,491 | 33,545 | Furniture and equipment | 33,761 | 33,545 | ||||||||||||||||
Lease right-of-use assets | Lease right-of-use assets | 7,670 | 8,428 | |||||||||||||||||||
Total | Total | 116,884 | 116,384 | Total | 126,004 | 124,812 | ||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (47,138) | (45,592) | Accumulated depreciation | (48,336) | (45,592) | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | $ | 69,746 | $ | 70,792 | Premises and equipment, net | $ | 77,668 | $ | 79,220 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 508 | $ | 523 | Operating lease cost | $ | 532 | $ | 514 | $ | 1,040 | $ | 1,037 | ||||||||||||||||||||
Operating cash flows from leases | Operating cash flows from leases | 606 | 783 | Operating cash flows from leases | 630 | 603 | 1,236 | 1,386 | ||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | Right-of-use assets obtained in exchange for lease obligations | 121 | 80 | Right-of-use assets obtained in exchange for lease obligations | — | 609 | 121 | 689 | ||||||||||||||||||||||||||
Right-of-use assets derecognized due to terminations or impairment | Right-of-use assets derecognized due to terminations or impairment | — | (122) | Right-of-use assets derecognized due to terminations or impairment | — | (88) | — | (210) | ||||||||||||||||||||||||||
Weighted average remaining lease term | Weighted average remaining lease term | 7.43 years | 8.16 years | Weighted average remaining lease term | 7.4 years | 7.9 years | 7.4 years | 7.9 years | ||||||||||||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 2.87 | % | 2.91 | % | Weighted average discount rate | 2.89 | % | 2.86 | % | 2.89 | % | 2.86 | % |
(dollars in thousands) | (dollars in thousands) | Amount | (dollars in thousands) | Amount | ||||||
Year ending December 31: | Year ending December 31: | Year ending December 31: | ||||||||
2022 remaining | 2022 remaining | $ | 1,643 | 2022 remaining | $ | 1,028 | ||||
2023 | 2023 | 2,105 | 2023 | 2,105 | ||||||
2024 | 2024 | 1,799 | 2024 | 1,799 | ||||||
2025 | 2025 | 894 | 2025 | 894 | ||||||
2026 | 2026 | 763 | 2026 | 763 | ||||||
Thereafter | Thereafter | 4,251 | Thereafter | 4,251 | ||||||
Total future minimum lease payments | Total future minimum lease payments | 11,455 | Total future minimum lease payments | 10,840 | ||||||
Less imputed interest | Less imputed interest | (1,197) | Less imputed interest | (1,131) | ||||||
Total operating lease liabilities | Total operating lease liabilities | $ | 10,258 | Total operating lease liabilities | $ | 9,709 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | ||||||||||||||||||||||||||||||||||||||||||
Serviced Loans | Carrying Value | Serviced Loans | Carrying Value | |||||||||||||||||||||||||||||||||||||||||||
Commercial FHA | Commercial FHA | $ | 2,573,048 | $ | 26,111 | $ | 2,650,531 | $ | 27,386 | Commercial FHA | $ | 2,456,760 | $ | 24,603 | $ | 2,650,531 | $ | 27,386 | ||||||||||||||||||||||||||||
SBA | SBA | 47,675 | 716 | 50,043 | 774 | SBA | 46,997 | 660 | 50,043 | 774 | ||||||||||||||||||||||||||||||||||||
Residential | Residential | 287,963 | 657 | 302,618 | 705 | Residential | 275,673 | 616 | 302,618 | 705 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,908,686 | $ | 27,484 | $ | 3,003,192 | $ | 28,865 | Total | $ | 2,779,430 | $ | 25,879 | $ | 3,003,192 | $ | 28,865 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Loan servicing rights: | Loan servicing rights: | Loan servicing rights: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 27,386 | $ | 38,322 | Balance, beginning of period | $ | 26,111 | $ | 35,997 | $ | 27,386 | $ | 38,322 | ||||||||||||||||||||||||||||||||
Amortization | Amortization | (660) | (783) | Amortization | (639) | (780) | (1,299) | (1,563) | ||||||||||||||||||||||||||||||||||||||
Refinancing fee received from third party | Refinancing fee received from third party | (221) | (267) | Refinancing fee received from third party | — | (337) | (221) | (604) | ||||||||||||||||||||||||||||||||||||||
Permanent impairment | Permanent impairment | (394) | (1,275) | Permanent impairment | (869) | (1,148) | (1,263) | (2,423) | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 26,111 | $ | 35,997 | Balance, end of period | $ | 24,603 | $ | 33,732 | $ | 24,603 | $ | 33,732 | ||||||||||||||||||||||||||||||||
Fair value: | Fair value: | Fair value: | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | At beginning of period | $ | 28,368 | $ | 38,322 | At beginning of period | $ | 27,941 | $ | 35,997 | $ | 28,368 | $ | 38,322 | ||||||||||||||||||||||||||||||||
At end of period | At end of period | $ | 27,941 | $ | 35,997 | At end of period | 26,865 | 34,255 | 26,865 | 34,255 |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Banking | Banking | $ | 157,158 | $ | 157,158 | Banking | $ | 157,158 | $ | 157,158 | ||||||||||||
Wealth management | Wealth management | 4,746 | 4,746 | Wealth management | 4,746 | 4,746 | ||||||||||||||||
Total goodwill | Total goodwill | $ | 161,904 | $ | 161,904 | Total goodwill | $ | 161,904 | $ | 161,904 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross carrying amount | Accumulated amortization | Total | Gross carrying amount | Accumulated amortization | Total | |||||||||||||||||||||||||||||
Core deposit intangibles | $ | 58,913 | $ | (42,664) | $ | 16,249 | $ | 57,012 | $ | (40,603) | $ | 16,409 | |||||||||||||||||||||||
Customer relationship intangibles | 15,918 | (8,608) | 7,310 | 15,918 | (7,953) | 7,965 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 74,831 | $ | (51,272) | $ | 23,559 | $ | 72,930 | $ | (48,556) | $ | 24,374 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross carrying amount | Accumulated amortization | Total | Gross carrying amount | Accumulated amortization | Total | |||||||||||||||||||||||||||||
Core deposit intangibles | $ | 57,012 | $ | (41,667) | $ | 15,345 | $ | 57,012 | $ | (40,603) | $ | 16,409 | |||||||||||||||||||||||
Customer relationship intangibles | 15,918 | (8,287) | 7,631 | 15,918 | (7,953) | 7,965 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 72,930 | $ | (49,954) | $ | 22,976 | $ | 72,930 | $ | (48,556) | $ | 24,374 |
Notional amount | Fair value gain | Notional amount | Fair value gain | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Derivative instruments (included in other assets): | Derivative instruments (included in other assets): | Derivative instruments (included in other assets): | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | $ | 26,485 | $ | 66,216 | $ | 148 | $ | 410 | Interest rate lock commitments | $ | 22,704 | $ | 66,216 | $ | 91 | $ | 410 | ||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | 24,940 | 60,427 | 296 | — | Forward commitments to sell mortgage-backed securities | 8,213 | 60,427 | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 51,425 | $ | 126,643 | $ | 444 | $ | 410 | Total | $ | 30,917 | $ | 126,643 | $ | 91 | $ | 410 |
Notional amount | Fair value loss | Notional amount | Fair value loss | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Derivative instruments (included in other liabilities): | Derivative instruments (included in other liabilities): | Derivative instruments (included in other liabilities): | ||||||||||||||||||||||||||||||||||||||||||||
Forward commitments to sell mortgage-backed securities | Forward commitments to sell mortgage-backed securities | $ | — | $ | 18,362 | $ | — | $ | 19 | Forward commitments to sell mortgage-backed securities | $ | 9,500 | $ | 18,362 | $ | 11 | $ | 19 |
(dollars in thousands) | 2022 | ||||||||||
Notional Amount | $ | 200,000 | |||||||||
Average remaining life in years | |||||||||||
Weighted average pay rate | % | ||||||||||
Weighted average receive rate | 5.48 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,965,032 | $ | 2,245,701 | Noninterest-bearing demand | $ | 1,972,261 | $ | 2,245,701 | ||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||
Checking | Checking | 1,779,018 | 1,663,021 | Checking | 1,808,885 | 1,663,021 | ||||||||||||||||
Money market | Money market | 964,352 | 869,067 | Money market | 1,027,547 | 869,067 | ||||||||||||||||
Savings | Savings | 710,955 | 679,115 | Savings | 740,364 | 679,115 | ||||||||||||||||
Time | Time | 638,182 | 653,744 | Time | 635,381 | 653,744 | ||||||||||||||||
Total deposits | Total deposits | $ | 6,057,539 | $ | 6,110,648 | Total deposits | $ | 6,184,438 | $ | 6,110,648 |
Repurchase agreements | Repurchase agreements | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | As of and for the Three Months Ended March 31, 2022 | As of and for the Year Ended December 31, 2021 | (dollars in thousands) | As of and for the Six Months Ended June 30, 2022 | As of and for the Year Ended December 31, 2021 | ||||||||||||||||
Outstanding at period-end | Outstanding at period-end | $ | 60,352 | $ | 76,803 | Outstanding at period-end | $ | 67,689 | $ | 76,803 | ||||||||||||
Average amount outstanding | Average amount outstanding | 70,043 | 68,986 | Average amount outstanding | 64,642 | 68,986 | ||||||||||||||||
Maximum amount outstanding at any month end | Maximum amount outstanding at any month end | 76,807 | 77,497 | Maximum amount outstanding at any month end | 76,807 | 77,497 | ||||||||||||||||
Weighted average interest rate: | Weighted average interest rate: | Weighted average interest rate: | ||||||||||||||||||||
During period | During period | 0.14 | % | 0.12 | % | During period | 0.14 | % | 0.12 | % | ||||||||||||
End of period | End of period | 0.15 | % | 0.13 | % | End of period | 0.14 | % | 0.13 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | ||||||||||||||||||||
Revolving line of credit - variable interest rate equivalent to Daily Simple SOFR plus 1.60% | Revolving line of credit - variable interest rate equivalent to Daily Simple SOFR plus 1.60% | $ | — | $ | — | Revolving line of credit - variable interest rate equivalent to Daily Simple SOFR plus 1.60% | $ | — | $ | — | ||||||||||||
Series G redeemable preferred stock - 171 shares at $1,000 per share | Series G redeemable preferred stock - 171 shares at $1,000 per share | 171 | 171 | Series G redeemable preferred stock - 171 shares at $1,000 per share | — | 171 | ||||||||||||||||
Midland States Bank | Midland States Bank | Midland States Bank | ||||||||||||||||||||
FHLB advances – putable fixed rate at rates averaging 1.48% at March 31, 2022 and December 31, 2021 – maturing through February 2030 with call provisions through May 2022 | 210,000 | 210,000 | ||||||||||||||||||||
FHLB advances –SOFR floater at rates averaging 1.90% and 1.67% at March 31, 2022 and December 31, 2021, respectively – maturing in October 2023 | 100,000 | 100,000 | ||||||||||||||||||||
FHLB advances – putable fixed rate at rates averaging 2.35% and 1.48% at June 30, 2022 and December 31, 2021, respectively – maturing through December 2024 | FHLB advances – putable fixed rate at rates averaging 2.35% and 1.48% at June 30, 2022 and December 31, 2021, respectively – maturing through December 2024 | 110,000 | 210,000 | |||||||||||||||||||
FHLB advances –SOFR floater at rates averaging 3.14% and 1.67% at June 30, 2022 and December 31, 2021, respectively – maturing in October 2023 | FHLB advances –SOFR floater at rates averaging 3.14% and 1.67% at June 30, 2022 and December 31, 2021, respectively – maturing in October 2023 | 100,000 | 100,000 | |||||||||||||||||||
FHLB advances – Short term fixed rate at rates averaging 1.63% at June 30, 2022 – maturing in July 2022 | FHLB advances – Short term fixed rate at rates averaging 1.63% at June 30, 2022 – maturing in July 2022 | 75,000 | — | |||||||||||||||||||
Total FHLB advances and other borrowings | Total FHLB advances and other borrowings | $ | 310,171 | $ | 310,171 | Total FHLB advances and other borrowings | $ | 285,000 | $ | 310,171 |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Subordinated debt issued June 2015 – fixed interest rate of 6.50%, $550 - maturing June 18, 2025 | Subordinated debt issued June 2015 – fixed interest rate of 6.50%, $550 - maturing June 18, 2025 | $ | 546 | $ | 546 | Subordinated debt issued June 2015 – fixed interest rate of 6.50%, $550 - maturing June 18, 2025 | $ | 547 | $ | 546 | ||||||||||||
Subordinated debt issued October 2017 – fixed interest rate of 6.25% through October 2022 and a variable interest rate equivalent to three month LIBOR plus 4.23% thereafter, $40,000 - maturing October 15, 2027 | Subordinated debt issued October 2017 – fixed interest rate of 6.25% through October 2022 and a variable interest rate equivalent to three month LIBOR plus 4.23% thereafter, $40,000 - maturing October 15, 2027 | 39,642 | 39,626 | Subordinated debt issued October 2017 – fixed interest rate of 6.25% through October 2022 and a variable interest rate equivalent to three month LIBOR plus 4.23% thereafter, $40,000 - maturing October 15, 2027 | 39,658 | 39,626 | ||||||||||||||||
Subordinated debt issued September 2019 – fixed interest rate of 5.00% through September 2024 and a variable interest rate equivalent to three month SOFR plus 3.61% thereafter, $72,750 - maturing September 30, 2029 | Subordinated debt issued September 2019 – fixed interest rate of 5.00% through September 2024 and a variable interest rate equivalent to three month SOFR plus 3.61% thereafter, $72,750 - maturing September 30, 2029 | 72,107 | 72,042 | Subordinated debt issued September 2019 – fixed interest rate of 5.00% through September 2024 and a variable interest rate equivalent to three month SOFR plus 3.61% thereafter, $72,750 - maturing September 30, 2029 | 72,171 | 72,042 | ||||||||||||||||
Subordinated debt issued September 2019 – fixed interest rate of 5.50% through September 2029 and a variable interest rate equivalent to three month SOFR plus 4.05% thereafter, $27,250 - maturing September 30, 2034 | Subordinated debt issued September 2019 – fixed interest rate of 5.50% through September 2029 and a variable interest rate equivalent to three month SOFR plus 4.05% thereafter, $27,250 - maturing September 30, 2034 | 26,889 | 26,877 | Subordinated debt issued September 2019 – fixed interest rate of 5.50% through September 2029 and a variable interest rate equivalent to three month SOFR plus 4.05% thereafter, $27,250 - maturing September 30, 2034 | 26,901 | 26,877 | ||||||||||||||||
Total subordinated debt | Total subordinated debt | $ | 139,184 | $ | 139,091 | Total subordinated debt | $ | 139,277 | $ | 139,091 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | 2022 | 2021 | (dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,749 | $ | 18,538 | Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | ||||||||||||||||||||||||||||||||
Common shareholder dividends | Common shareholder dividends | (6,389) | (6,237) | Common shareholder dividends | (6,397) | (6,265) | (12,786) | (12,502) | ||||||||||||||||||||||||||||||||||||||
Unvested restricted stock award dividends | Unvested restricted stock award dividends | (75) | (64) | Unvested restricted stock award dividends | (73) | (62) | (148) | (126) | ||||||||||||||||||||||||||||||||||||||
Undistributed earnings to unvested restricted stock awards | Undistributed earnings to unvested restricted stock awards | (163) | (125) | Undistributed earnings to unvested restricted stock awards | (171) | (134) | (334) | (259) | ||||||||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | $ | 14,122 | $ | 12,112 | Undistributed earnings to common shareholders | $ | 15,242 | $ | 13,663 | $ | 29,364 | $ | 25,775 | ||||||||||||||||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,389 | $ | 6,237 | Distributed earnings to common shareholders | $ | 6,397 | $ | 6,265 | $ | 12,786 | $ | 12,502 | ||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 14,122 | 12,112 | Undistributed earnings to common shareholders | 15,242 | 13,663 | 29,364 | 25,775 | ||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, basic | Total common shareholders earnings, basic | $ | 20,511 | $ | 18,349 | Total common shareholders earnings, basic | $ | 21,639 | $ | 19,928 | $ | 42,150 | $ | 38,277 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 6,389 | $ | 6,237 | Distributed earnings to common shareholders | $ | 6,397 | $ | 6,265 | $ | 12,786 | $ | 12,502 | ||||||||||||||||||||||||||||||||
Undistributed earnings to common shareholders | Undistributed earnings to common shareholders | 14,122 | 12,112 | Undistributed earnings to common shareholders | 15,242 | 13,663 | 29,364 | 25,775 | ||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings | Total common shareholders earnings | 20,511 | 18,349 | Total common shareholders earnings | 21,639 | 19,928 | 42,150 | 38,277 | ||||||||||||||||||||||||||||||||||||||
Add back: | Add back: | Add back: | ||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings reallocated from unvested restricted stock awards | Undistributed earnings reallocated from unvested restricted stock awards | — | — | Undistributed earnings reallocated from unvested restricted stock awards | 1 | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, diluted | Total common shareholders earnings, diluted | $ | 20,511 | $ | 18,349 | Total common shareholders earnings, diluted | $ | 21,640 | $ | 19,928 | $ | 42,151 | $ | 38,278 | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | Weighted average common shares outstanding, basic | 22,274,884 | 22,522,983 | Weighted average common shares outstanding, basic | 22,305,590 | 22,591,127 | 22,290,486 | 22,557,728 | ||||||||||||||||||||||||||||||||||||||
Options | Options | 75,423 | 55,570 | Options | 55,229 | 86,388 | 65,450 | 75,312 | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | Weighted average common shares outstanding, diluted | 22,350,307 | 22,578,553 | Weighted average common shares outstanding, diluted | 22,360,819 | 22,677,515 | 22,355,936 | 22,633,040 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.92 | $ | 0.81 | Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | 0.92 | 0.81 | Diluted earnings per common share | 0.97 | 0.88 | 1.89 | 1.69 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Total | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | (dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 63,124 | $ | 63,124 | $ | — | $ | — | U.S. Treasury securities | $ | 63,996 | $ | 63,996 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 31,531 | — | 31,531 | — | U.S. government sponsored entities and U.S. agency securities | 30,303 | — | 30,303 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 402,987 | — | 402,987 | — | Mortgage-backed securities - agency | 423,838 | — | 423,838 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 25,102 | — | 25,102 | — | Mortgage-backed securities - non-agency | 22,777 | — | 22,777 | — | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 136,582 | — | 136,582 | — | State and municipal securities | 106,688 | — | 106,688 | — | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 189,748 | — | 188,813 | 935 | Corporate securities | 112,938 | — | 112,938 | — | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 9,172 | 9,172 | — | — | Equity securities | 8,738 | 8,738 | — | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 8,931 | — | 8,931 | — | Loans held for sale | 5,298 | — | 5,298 | — | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 10,654 | — | 10,654 | — | Derivative assets | 8,459 | — | 8,459 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 877,831 | $ | 72,296 | $ | 804,600 | $ | 935 | Total | $ | 783,035 | $ | 72,734 | $ | 710,301 | $ | — | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 10 | $ | — | $ | 10 | $ | — | Derivative liabilities | $ | 189 | $ | — | $ | 189 | $ | — | ||||||||||||||||||||||||||||
Total | Total | $ | 10 | $ | — | $ | 10 | $ | — | Total | $ | 189 | $ | — | $ | 189 | $ | — | ||||||||||||||||||||||||||||
Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Loan servicing rights | Loan servicing rights | $ | 27,484 | $ | — | $ | — | $ | 27,484 | Loan servicing rights | $ | 25,879 | $ | — | $ | — | $ | 25,879 | ||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 47,009 | 34,448 | 5,770 | 6,791 | Nonperforming loans | 50,958 | — | 44,599 | 6,359 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 11,537 | — | 11,537 | — | Other real estate owned | 11,131 | — | 11,131 | — | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 1,740 | — | 1,740 | — | Assets held for sale | 1,231 | — | 1,231 | — |
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Total | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | (dollars in thousands) | Carrying amount | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | Assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 64,917 | $ | 64,917 | $ | — | $ | — | U.S. Treasury securities | $ | 64,917 | $ | 64,917 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 33,817 | — | 33,817 | — | U.S. government sponsored entities and U.S. agency securities | 33,817 | — | 33,817 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 440,270 | — | 440,270 | — | Mortgage-backed securities - agency | 440,270 | — | 440,270 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 28,706 | — | 28,706 | — | Mortgage-backed securities - non-agency | 28,706 | — | 28,706 | — | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 143,099 | — | 143,099 | — | State and municipal securities | 143,099 | — | 143,099 | — | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 195,794 | — | 194,859 | 935 | Corporate securities | 195,794 | — | 194,859 | 935 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 9,529 | 9,529 | — | — | Equity securities | 9,529 | 9,529 | — | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 32,045 | — | 32,045 | — | Loans held for sale | 32,045 | — | 32,045 | — | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 5,883 | — | 5,883 | — | Derivative assets | 5,883 | — | 5,883 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 954,060 | $ | 74,446 | $ | 878,679 | $ | 935 | Total | $ | 954,060 | $ | 74,446 | $ | 878,679 | $ | 935 | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 397 | $ | — | $ | 397 | $ | — | Derivative liabilities | $ | 397 | $ | — | $ | 397 | $ | — | ||||||||||||||||||||||||||||
Total | Total | $ | 397 | $ | — | $ | 397 | $ | — | Total | $ | 397 | $ | — | $ | 397 | $ | — | ||||||||||||||||||||||||||||
Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | Assets measured at fair value on a non-recurring basis: | ||||||||||||||||||||||||||||||||||||||||||||
Loan servicing rights | Loan servicing rights | $ | 28,865 | $ | — | $ | — | $ | 28,865 | Loan servicing rights | $ | 28,865 | $ | — | $ | — | $ | 28,865 | ||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 36,542 | 24,358 | 6,129 | 6,055 | Nonperforming loans | 36,542 | 24,358 | 6,129 | 6,055 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 12,059 | — | 12,059 | — | Other real estate owned | 12,059 | — | 12,059 | — | ||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 2,284 | — | 2,284 | — | Assets held for sale | 2,284 | — | 2,284 | — |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 935 | $ | 959 | Balance, beginning of period | $ | 935 | $ | 959 | $ | 935 | $ | 959 | ||||||||||||||||||||||||||||||||
Transferred to level 2 | Transferred to level 2 | (935) | — | (935) | — | |||||||||||||||||||||||||||||||||||||||||
Total realized in earnings (1) | Total realized in earnings (1) | 4 | 2 | Total realized in earnings (1) | 6 | 4 | 11 | 6 | ||||||||||||||||||||||||||||||||||||||
Total unrealized in other comprehensive income (2) | Total unrealized in other comprehensive income (2) | — | — | Total unrealized in other comprehensive income (2) | — | 49 | — | 49 | ||||||||||||||||||||||||||||||||||||||
Net settlements (principal and interest) | Net settlements (principal and interest) | (4) | (2) | Net settlements (principal and interest) | (6) | (4) | (11) | (6) | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 935 | $ | 959 | Balance, end of period | $ | — | $ | 1,008 | $ | — | $ | 1,008 |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | |||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||
Corporate securities | $ | 935 | Consensus pricing | Net market price | 0.0% - 7.0% (4.5)% |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Loan servicing rights | Loan servicing rights | $ | 394 | $ | 1,275 | Loan servicing rights | $ | 869 | $ | 1,148 | $ | 1,263 | $ | 2,423 | ||||||||||||||||||||||||||||||||
Mortgage servicing rights held for sale | Mortgage servicing rights held for sale | — | 143 | — | 143 | |||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 1,930 | 1,977 | Nonperforming loans | 10,779 | 4,295 | 11,366 | 6,272 | ||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 337 | 103 | Other real estate owned | 67 | 314 | 404 | 417 | ||||||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total losses on assets measured on a nonrecurring basis | Total losses on assets measured on a nonrecurring basis | $ | 2,661 | $ | 3,355 | Total losses on assets measured on a nonrecurring basis | $ | 11,715 | $ | 5,900 | $ | 13,033 | $ | 9,255 |
(dollars in thousands) | Fair value | Valuation technique | Unobservable input / assumptions | Range (weighted average)(1) | |||||||||||||||||||||||||||
Loan servicing rights: | |||||||||||||||||||||||||||||||
Commercial MSR | $ | Discounted cash flow | Prepayment speed | 8.00% - 18.00% (8.21%) | |||||||||||||||||||||||||||
Discount rate | 10.00% - 27.00% | ||||||||||||||||||||||||||||||
SBA servicing rights | Discounted cash flow | Prepayment speed | |||||||||||||||||||||||||||||
Discount rate | 10.00% - 12.00% (11.00%) | ||||||||||||||||||||||||||||||
Residential | Discounted cash flow | Prepayment speed | |||||||||||||||||||||||||||||
Discount rate | 9.00% - 11.50% (10.13%) | ||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||
Loan servicing rights: | |||||||||||||||||||||||||||||||
Commercial MSR | $ | 28,368 | Discounted cash flow | Prepayment speed | 8.00% - 18.00% (8.24%) | ||||||||||||||||||||||||||
Discount rate | 10.00% - 27.00% (11.87%) | ||||||||||||||||||||||||||||||
SBA servicing rights | 898 | Discounted cash flow | Prepayment speed | 12.27% - 14.14% (13.88%) | |||||||||||||||||||||||||||
Discount rate | 10.00% - 12.00% (11.00%) | ||||||||||||||||||||||||||||||
705 | Discounted cash flow | Prepayment speed | 11.94% - 27.48% (14.94%) | ||||||||||||||||||||||||||||
Discount rate | 9.00% - 11.50% (10.25%) | ||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Aggregate fair value | Difference | Contractual principal | Aggregate fair value | Difference | Contractual principal | |||||||||||||||||||||||||||||
Commercial loans held for sale | $ | 1,269 | $ | 18 | $ | 1,251 | $ | 19,230 | $ | — | $ | 19,230 | |||||||||||||||||||||||
Residential loans held for sale | 7,662 | 151 | 7,511 | 12,815 | 584 | 12,231 | |||||||||||||||||||||||||||||
Total loans held for sale | $ | 8,931 | $ | 169 | $ | 8,762 | $ | 32,045 | $ | 584 | $ | 31,461 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Aggregate fair value | Difference | Contractual principal | Aggregate fair value | Difference | Contractual principal | |||||||||||||||||||||||||||||
Commercial loans held for sale | $ | — | $ | — | $ | — | $ | 19,230 | $ | — | $ | 19,230 | |||||||||||||||||||||||
Residential loans held for sale | 5,298 | 212 | 5,086 | 12,815 | 584 | 12,231 | |||||||||||||||||||||||||||||
Total loans held for sale | $ | 5,298 | $ | 212 | $ | 5,086 | $ | 32,045 | $ | 584 | $ | 31,461 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Commercial loans held for sale | Commercial loans held for sale | $ | 18 | $ | (44) | Commercial loans held for sale | $ | (18) | $ | (23) | $ | — | $ | (67) | ||||||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | (381) | (383) | Residential loans held for sale | 104 | 320 | (277) | (63) | ||||||||||||||||||||||||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | (363) | $ | (427) | Total loans held for sale | $ | 86 | $ | 297 | $ | (277) | $ | (130) |
March 31, 2022 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 326,086 | $ | 326,086 | $ | 326,086 | $ | — | $ | — | |||||||||||||||||||
Federal funds sold | 6,178 | 6,178 | 6,178 | — | — | ||||||||||||||||||||||||
Loans, net | 5,487,023 | 5,409,425 | — | — | 5,409,425 | ||||||||||||||||||||||||
Accrued interest receivable | 19,831 | 19,831 | — | 19,831 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 6,057,539 | $ | 6,046,710 | $ | — | $ | 6,046,710 | $ | — | |||||||||||||||||||
Short-term borrowings | 60,352 | 60,352 | — | 60,352 | — | ||||||||||||||||||||||||
FHLB and other borrowings | 310,171 | 312,791 | — | 312,791 | — | ||||||||||||||||||||||||
Subordinated debt | 139,184 | 141,859 | — | 141,859 | — | ||||||||||||||||||||||||
Trust preferred debentures | 49,524 | 56,232 | — | 56,232 | — | ||||||||||||||||||||||||
Accrued interest payable | 2,178 | 2,178 | — | 2,178 | — |
December 31, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | (dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 673,297 | $ | 673,297 | $ | 673,297 | $ | — | $ | — | Cash and due from banks | $ | 264,173 | $ | 264,173 | $ | 264,173 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 7,074 | 7,074 | 7,074 | — | — | Federal funds sold | 5,944 | 5,944 | 5,944 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 5,173,739 | 5,221,886 | — | — | 5,221,886 | Loans, net | 5,740,646 | 5,648,295 | — | — | 5,648,295 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 19,470 | 19,470 | — | 19,470 | — | Accrued interest receivable | 16,552 | 16,552 | — | 16,552 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,110,648 | $ | 6,109,077 | $ | — | $ | 6,109,077 | $ | — | Deposits | $ | 6,184,438 | $ | 6,171,119 | $ | — | $ | 6,171,119 | $ | — | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 76,803 | 76,803 | — | 76,803 | — | Short-term borrowings | 67,689 | 67,689 | — | 67,689 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB and other borrowings | FHLB and other borrowings | 310,171 | 317,464 | — | 317,464 | — | FHLB and other borrowings | 285,000 | 286,309 | — | 286,309 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 139,091 | 148,386 | — | 148,386 | — | Subordinated debt | 139,277 | 139,063 | — | 139,063 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 49,374 | 57,827 | — | 57,827 | — | Trust preferred debentures | 49,674 | 55,348 | — | 55,348 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | 2,848 | 2,848 | — | 2,848 | 0 |
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying amount | Fair value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 673,297 | $ | 673,297 | $ | 673,297 | $ | — | $ | — | |||||||||||||||||||
Federal funds sold | 7,074 | 7,074 | 7,074 | — | — | ||||||||||||||||||||||||
Loans, net | 5,173,739 | 5,221,886 | — | — | 5,221,886 | ||||||||||||||||||||||||
Accrued interest receivable | 19,470 | 19,470 | — | 19,470 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | $ | 6,110,648 | $ | 6,109,077 | $ | — | $ | 6,109,077 | $ | — | |||||||||||||||||||
Short-term borrowings | 76,803 | 76,803 | — | 76,803 | — | ||||||||||||||||||||||||
FHLB and other borrowings | 310,171 | 317,464 | — | 317,464 | — | ||||||||||||||||||||||||
Subordinated debt | 139,091 | 148,386 | — | 148,386 | — | ||||||||||||||||||||||||
Trust preferred debentures | 49,374 | 57,827 | — | 57,827 | — | ||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 1,045,127 | $ | 994,709 | Commitments to extend credit | $ | 1,206,523 | $ | 994,709 | ||||||||||||
Financial guarantees – standby letters of credit | Financial guarantees – standby letters of credit | 14,465 | 14,325 | Financial guarantees – standby letters of credit | 26,553 | 14,325 |
(dollars in thousands) | (dollars in thousands) | Banking | Wealth Management | Other | Total | (dollars in thousands) | Banking | Wealth Management | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 59,353 | $ | — | $ | (2,526) | $ | 56,827 | Net interest income (expense) | $ | 63,963 | $ | — | $ | (2,629) | $ | 61,334 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 4,167 | — | — | 4,167 | Provision for credit losses | 5,441 | — | — | 5,441 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 8,406 | 7,139 | 68 | 15,613 | Noninterest income | 8,495 | 6,143 | (25) | 14,613 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 36,247 | 4,675 | (38) | 40,884 | Noninterest expense | 37,362 | 4,091 | (114) | 41,339 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 27,345 | 2,464 | (2,420) | 27,389 | Income (loss) before income taxes (benefit) | 29,655 | 2,052 | (2,540) | 29,167 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 6,715 | 690 | (765) | 6,640 | Income taxes (benefit) | 7,545 | 573 | (834) | 7,284 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 20,630 | $ | 1,774 | $ | (1,655) | $ | 20,749 | Net income (loss) | $ | 22,110 | $ | 1,479 | $ | (1,706) | $ | 21,883 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,355,117 | $ | 29,828 | $ | (46,230) | $ | 7,338,715 | Total assets | $ | 7,422,518 | $ | 29,042 | $ | (15,748) | $ | 7,435,812 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 54,718 | $ | — | $ | (2,850) | $ | 51,868 | Net interest income (expense) | $ | 123,316 | $ | — | $ | (5,155) | $ | 118,161 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,565 | — | — | 3,565 | Provision for credit losses | 9,608 | — | — | 9,608 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 8,864 | 5,931 | 21 | 14,816 | Noninterest income | 16,901 | 13,282 | 43 | 30,226 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 35,516 | 4,001 | (438) | 39,079 | Noninterest expense | 73,609 | 8,766 | (152) | 82,223 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 24,501 | 1,930 | (2,391) | 24,040 | Income (loss) before income taxes (benefit) | 57,000 | 4,516 | (4,960) | 56,556 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 5,789 | 540 | (827) | 5,502 | Income taxes (benefit) | 14,260 | 1,263 | (1,599) | 13,924 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 18,712 | $ | 1,390 | $ | (1,564) | $ | 18,538 | Net income (loss) | $ | 42,740 | $ | 3,253 | $ | (3,361) | $ | 42,632 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,912,750 | $ | 29,513 | $ | (57,477) | $ | 6,884,786 | Total assets | $ | 7,422,518 | $ | 29,042 | $ | (15,748) | $ | 7,435,812 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 52,908 | $ | — | $ | (2,798) | $ | 50,110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (455) | — | — | (455) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 10,868 | 6,529 | 20 | 17,417 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 45,084 | 4,164 | (307) | 48,941 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 19,147 | 2,365 | (2,471) | 19,041 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | (913) | 663 | (833) | (1,083) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 20,060 | $ | 1,702 | $ | (1,638) | $ | 20,124 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,642,895 | $ | 30,913 | $ | (43,798) | $ | 6,630,010 | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 107,626 | $ | — | $ | (5,648) | $ | 101,978 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,110 | — | — | 3,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 19,732 | 12,460 | 41 | 32,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 80,600 | 8,165 | (745) | 88,020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (benefit) | Income (loss) before income taxes (benefit) | 43,648 | 4,295 | (4,862) | 43,081 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 4,876 | 1,203 | (1,660) | 4,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 38,772 | $ | 3,092 | $ | (3,202) | $ | 38,662 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,642,895 | $ | 30,913 | $ | (43,798) | $ | 6,630,010 |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||||||||||||||
Noninterest income - in-scope of Topic 606 | |||||||||||||||||||||||
Wealth management revenue: | |||||||||||||||||||||||
Trust management/administration fees | $ | 5,982 | $ | 4,459 | |||||||||||||||||||
Investment advisory fees | — | 453 | |||||||||||||||||||||
Investment brokerage fees | 598 | 400 | |||||||||||||||||||||
Other | 559 | 619 | |||||||||||||||||||||
Service charges on deposit accounts: | |||||||||||||||||||||||
Nonsufficient fund fees | 1,332 | 1,142 | |||||||||||||||||||||
Other | 736 | 684 | |||||||||||||||||||||
Interchange revenues | 3,280 | 3,375 | |||||||||||||||||||||
Other income: | |||||||||||||||||||||||
Merchant services revenue | 356 | 337 | |||||||||||||||||||||
Other | 768 | 792 | |||||||||||||||||||||
Noninterest income - out-of-scope of Topic 606 | 2,002 | 2,555 | |||||||||||||||||||||
Total noninterest income | $ | 15,613 | $ | 14,816 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Noninterest income - in-scope of Topic 606 | |||||||||||||||||||||||
Wealth management revenue: | |||||||||||||||||||||||
Trust management/administration fees | $ | 5,139 | $ | 4,971 | $ | 11,121 | $ | 9,430 | |||||||||||||||
Investment advisory fees | — | 423 | — | 876 | |||||||||||||||||||
Investment brokerage fees | 543 | 485 | 1,141 | 886 | |||||||||||||||||||
Other | 461 | 650 | 1,020 | 1,268 | |||||||||||||||||||
Service charges on deposit accounts: | |||||||||||||||||||||||
Nonsufficient fund fees | 1,524 | 1,202 | 2,856 | 2,343 | |||||||||||||||||||
Other | 780 | 714 | 1,516 | 1,399 | |||||||||||||||||||
Interchange revenues | 3,590 | 3,797 | 6,870 | 7,172 | |||||||||||||||||||
Other income: | |||||||||||||||||||||||
Merchant services revenue | 399 | 396 | 755 | 733 | |||||||||||||||||||
Other | 671 | 1,418 | 1,439 | 2,209 | |||||||||||||||||||
Noninterest income - out-of-scope of Topic 606 | 1,506 | 3,361 | 3,508 | 5,917 | |||||||||||||||||||
Total noninterest income | $ | 14,613 | $ | 17,417 | $ | 30,226 | $ | 32,233 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Income Statement Data: | |||||||||||||||||||||||
Interest income | $ | 69,236 | $ | 58,397 | $ | 131,984 | $ | 118,900 | |||||||||||||||
Interest expense | 7,902 | 8,287 | 13,823 | 16,922 | |||||||||||||||||||
Net interest income | 61,334 | 50,110 | 118,161 | 101,978 | |||||||||||||||||||
Provision for credit losses | 5,441 | (455) | 9,608 | 3,110 | |||||||||||||||||||
Noninterest income | 14,613 | 17,417 | 30,226 | 32,233 | |||||||||||||||||||
Noninterest expense | 41,339 | 48,941 | 82,223 | 88,020 | |||||||||||||||||||
Income before income taxes | 29,167 | 19,041 | 56,556 | 43,081 | |||||||||||||||||||
Income taxes | 7,284 | (1,083) | 13,924 | 4,419 | |||||||||||||||||||
Net income | $ | 21,883 | $ | 20,124 | $ | 42,632 | $ | 38,662 | |||||||||||||||
Basic earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.70 | |||||||||||||||
Diluted earnings per common share | $ | 0.97 | $ | 0.88 | $ | 1.89 | $ | 1.69 |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | |||||||||||||||||||||
Income Statement Data: | |||||||||||||||||||||||
Interest income | $ | 62,748 | $ | 60,503 | |||||||||||||||||||
Interest expense | 5,921 | 8,635 | |||||||||||||||||||||
Net interest income | 56,827 | 51,868 | |||||||||||||||||||||
Provision for credit losses | 4,167 | 3,565 | |||||||||||||||||||||
Noninterest income | 15,613 | 14,816 | |||||||||||||||||||||
Noninterest expense | 40,884 | 39,079 | |||||||||||||||||||||
Income before income taxes | 27,389 | 24,040 | |||||||||||||||||||||
Income taxes | 6,640 | 5,502 | |||||||||||||||||||||
Net income | $ | 20,749 | $ | 18,538 | |||||||||||||||||||
Per Common Share Data: | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.92 | $ | 0.81 | |||||||||||||||||||
Diluted earnings per common share | $ | 0.92 | $ | 0.81 | |||||||||||||||||||
Performance Metrics: | |||||||||||||||||||||||
Return on average assets | 1.16 | % | 1.11 | % | |||||||||||||||||||
Return on average shareholders' equity | 12.80 | % | 12.04 | % |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | (tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | (tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | $ | 384,231 | $ | 171 | 0.18 | % | $ | 350,061 | $ | 96 | 0.11 | % | Federal funds sold and cash investments | $ | 226,517 | $ | 468 | 0.83 | % | $ | 509,886 | $ | 142 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 760,783 | 3,897 | 2.05 | 562,182 | 3,280 | 2.33 | Taxable investment securities | 714,611 | 4,055 | 2.27 | 610,830 | 3,451 | 2.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | Investment securities exempt from federal income tax (1) | 133,851 | 1,065 | 3.18 | 118,020 | 989 | 3.35 | Investment securities exempt from federal income tax (1) | 104,316 | 876 | 3.36 | 123,632 | 1,004 | 3.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 894,634 | 4,962 | 2.22 | 680,202 | 4,269 | 2.51 | Total securities | 818,927 | 4,931 | 2.41 | 734,462 | 4,455 | 2.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) | Loans (2) | 5,201,449 | 56,586 | 4.41 | 4,905,288 | 54,554 | 4.51 | Loans (2) | 5,609,232 | 62,943 | 4.50 | 4,743,098 | 52,490 | 4.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | Loans exempt from federal income tax (1) | 72,602 | 694 | 3.88 | 87,514 | 848 | 3.93 | Loans exempt from federal income tax (1) | 68,559 | 651 | 3.81 | 83,136 | 823 | 3.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 5,274,051 | 57,280 | 4.40 | 4,992,802 | 55,402 | 4.50 | Total loans | 5,677,791 | 63,594 | 4.49 | 4,826,234 | 53,313 | 4.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 31,256 | 220 | 2.86 | 65,365 | 442 | 2.74 | Loans held for sale | 9,865 | 77 | 3.15 | 36,299 | 261 | 2.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | 36,378 | 484 | 5.40 | 55,935 | 680 | 4.93 | Nonmarketable equity securities | 36,338 | 487 | 5.38 | 49,388 | 609 | 4.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 6,620,550 | 63,117 | 3.87 | 6,144,365 | 60,889 | 4.02 | Total interest-earning assets | 6,769,438 | 69,557 | 4.12 | 6,156,269 | 58,780 | 3.83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 631,187 | 602,017 | Noninterest-earning assets | 615,348 | 589,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,251,737 | $ | 6,746,382 | Total assets | $ | 7,384,786 | $ | 6,745,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 2,609,931 | $ | 1,253 | 0.19 | % | $ | 2,403,468 | $ | 663 | 0.11 | % | Checking and money market deposits | $ | 2,800,779 | $ | 2,903 | 0.42 | % | $ | 2,397,644 | $ | 658 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 694,885 | 50 | 0.03 | 620,128 | 38 | 0.03 | Savings deposits | 719,204 | 87 | 0.05 | 666,000 | 51 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 626,996 | 800 | 0.52 | 681,347 | 2,348 | 1.40 | Time deposits | 615,614 | 770 | 0.50 | 723,232 | 2,165 | 1.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | 21,437 | 58 | 1.10 | 52,165 | 134 | 1.04 | Brokered time deposits | 17,167 | 50 | 1.16 | 28,303 | 118 | 1.67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 3,953,249 | 2,161 | 0.22 | 3,757,108 | 3,183 | 0.34 | Total interest-bearing deposits | 4,152,764 | 3,810 | 0.37 | 3,815,179 | 2,992 | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 70,043 | 23 | 0.14 | 75,544 | 24 | 0.13 | Short-term borrowings | 59,301 | 22 | 0.15 | 65,727 | 20 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | 311,282 | 1,212 | 1.58 | 617,504 | 2,570 | 1.69 | FHLB advances and other borrowings | 307,611 | 1,435 | 1.87 | 519,490 | 2,470 | 1.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 139,139 | 2,011 | 5.78 | 169,844 | 2,367 | 5.57 | Subordinated debt | 139,232 | 2,011 | 5.78 | 165,155 | 2,316 | 5.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 49,451 | 514 | 4.21 | 48,887 | 491 | 4.08 | Trust preferred debentures | 49,602 | 624 | 5.05 | 49,026 | 489 | 4.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,523,164 | 5,921 | 0.53 | 4,668,887 | 8,635 | 0.75 | Total interest-bearing liabilities | 4,708,510 | 7,902 | 0.67 | 4,614,577 | 8,287 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,989,413 | 1,370,604 | Noninterest-bearing deposits | 1,967,263 | 1,411,428 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 81,833 | 82,230 | Other noninterest-bearing liabilities | 66,009 | 78,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | Total noninterest-bearing liabilities | 2,071,246 | 1,452,834 | Total noninterest-bearing liabilities | 2,033,272 | 1,489,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 657,327 | 624,661 | Shareholders’ equity | 643,004 | 641,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 7,251,737 | $ | 6,746,382 | Total liabilities and shareholders’ equity | $ | 7,384,786 | $ | 6,745,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | Net interest income / net interest margin (3) | $ | 57,196 | 3.50 | % | $ | 52,254 | 3.45 | % | Net interest income / net interest margin (3) | $ | 61,655 | 3.65 | % | $ | 50,493 | 3.29 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | Average balance | Interest & fees | Yield/ Rate | Average balance | Interest & fees | Yield/ Rate | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | $ | 304,938 | $ | 639 | 0.42 | % | $ | 430,415 | $ | 238 | 0.11 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Taxable investment securities | 737,569 | 7,952 | 2.16 | 586,640 | 6,731 | 2.29 | |||||||||||||||||||||||||||||
Investment securities exempt from federal income tax (1) | 119,002 | 1,942 | 3.26 | 120,842 | 1,993 | 3.30 | |||||||||||||||||||||||||||||
Total securities | 856,571 | 9,894 | 2.31 | 707,482 | 8,724 | 2.47 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans (2) | 5,406,467 | 119,529 | 4.46 | 4,823,745 | 107,044 | 4.48 | |||||||||||||||||||||||||||||
Loans exempt from federal income tax (1) | 70,570 | 1,344 | 3.84 | 85,312 | 1,671 | 3.95 | |||||||||||||||||||||||||||||
Total loans | 5,477,037 | 120,873 | 4.45 | 4,909,057 | 108,715 | 4.47 | |||||||||||||||||||||||||||||
Loans held for sale | 20,501 | 297 | 2.93 | 50,752 | 703 | 2.79 | |||||||||||||||||||||||||||||
Nonmarketable equity securities | 36,358 | 971 | 5.39 | 52,644 | 1,289 | 4.94 | |||||||||||||||||||||||||||||
Total interest-earning assets | 6,695,405 | 132,674 | 4.00 | 6,150,350 | 119,669 | 3.92 | |||||||||||||||||||||||||||||
Noninterest-earning assets | 623,224 | 595,641 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,318,629 | $ | 6,745,991 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Checking and money market deposits | $ | 2,705,882 | $ | 4,156 | 0.31 | % | $ | 2,400,540 | $ | 1,321 | 0.11 | % | |||||||||||||||||||||||
Savings deposits | 707,111 | 137 | 0.04 | 643,190 | 89 | 0.03 | |||||||||||||||||||||||||||||
Time deposits | 621,274 | 1,570 | 0.51 | 702,405 | 4,513 | 1.30 | |||||||||||||||||||||||||||||
Brokered time deposits | 19,290 | 108 | 1.13 | 40,168 | 252 | 1.26 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,053,557 | 5,971 | 0.30 | 3,786,303 | 6,175 | 0.33 | |||||||||||||||||||||||||||||
Short-term borrowings | 64,642 | 45 | 0.14 | 70,608 | 44 | 0.13 | |||||||||||||||||||||||||||||
FHLB advances and other borrowings | 309,436 | 2,647 | 1.72 | 568,226 | 5,040 | 1.79 | |||||||||||||||||||||||||||||
Subordinated debt | 139,186 | 4,022 | 5.78 | 167,486 | 4,683 | 5.59 | |||||||||||||||||||||||||||||
Trust preferred debentures | 49,527 | 1,138 | 4.64 | 48,958 | 980 | 4.04 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,616,348 | 13,823 | 0.60 | 4,641,581 | 16,922 | 0.74 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,978,277 | 1,391,129 | |||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 73,878 | 80,366 | |||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 2,052,155 | 1,471,495 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 650,126 | 632,915 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,318,629 | $ | 6,745,991 | |||||||||||||||||||||||||||||||
Net interest income / net interest margin (3) | $ | 118,851 | 3.58 | % | $ | 102,747 | 3.37 | % |
Three Months Ended March 31, 2022 compared with Three Months Ended March 31, 2021 | Three Months Ended June 30, 2022 compared with Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 compared with Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change due to: | Interest Variance | Change due to: | Interest Variance | Change due to: | Interest Variance | |||||||||||||||||||||||||||||||||||||||||||||||
(tax-equivalent basis, dollars in thousands) | (tax-equivalent basis, dollars in thousands) | Volume | Rate | (tax-equivalent basis, dollars in thousands) | Volume | Rate | Volume | Rate | ||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and cash investments | Federal funds sold and cash investments | $ | 13 | $ | 62 | $ | 75 | Federal funds sold and cash investments | $ | (332) | $ | 658 | $ | 326 | $ | (166) | $ | 567 | $ | 401 | ||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 1,087 | (470) | 617 | Taxable investment securities | 588 | 16 | 604 | 1,680 | (459) | 1,221 | |||||||||||||||||||||||||||||||||||||||||
Investment securities exempt from federal income tax | Investment securities exempt from federal income tax | 129 | (53) | 76 | Investment securities exempt from federal income tax | (160) | 32 | (128) | (30) | (21) | (51) | |||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 1,216 | (523) | 693 | Total securities | 428 | 48 | 476 | 1,650 | (480) | 1,170 | |||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 3,258 | (1,226) | 2,032 | Loans | 9,652 | 801 | 10,453 | 12,907 | (422) | 12,485 | |||||||||||||||||||||||||||||||||||||||||
Loans exempt from federal income tax | Loans exempt from federal income tax | (144) | (10) | (154) | Loans exempt from federal income tax | (141) | (31) | (172) | (285) | (42) | (327) | |||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 3,114 | (1,236) | 1,878 | Total loans | 9,511 | 770 | 10,281 | 12,622 | (464) | 12,158 | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (236) | 14 | (222) | Loans held for sale | (199) | 15 | (184) | (429) | 23 | (406) | |||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | Nonmarketable equity securities | (249) | 53 | (196) | Nonmarketable equity securities | (168) | 46 | (122) | (417) | 99 | (318) | |||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | $ | 3,858 | $ | (1,630) | $ | 2,228 | Total interest-earning assets | $ | 9,240 | $ | 1,537 | $ | 10,777 | $ | 13,260 | $ | (255) | $ | 13,005 | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market deposits | Checking and money market deposits | $ | 78 | $ | 512 | $ | 590 | Checking and money market deposits | $ | 265 | $ | 1,980 | $ | 2,245 | $ | 319 | $ | 2,516 | $ | 2,835 | ||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 5 | 7 | 12 | Savings deposits | 5 | 31 | 36 | 11 | 37 | 48 | |||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | (128) | (1,420) | (1,548) | Time deposits | (228) | (1,167) | (1,395) | (363) | (2,580) | (2,943) | |||||||||||||||||||||||||||||||||||||||||
Brokered time deposits | Brokered time deposits | (82) | 6 | (76) | Brokered time deposits | (39) | (29) | (68) | (124) | (20) | (144) | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | (127) | (895) | (1,022) | Total interest-bearing deposits | 3 | 815 | 818 | (157) | (47) | (204) | |||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | (2) | 1 | (1) | Short-term borrowings | (2) | 4 | 2 | (4) | 5 | 1 | |||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | (1,233) | (125) | (1,358) | FHLB advances and other borrowings | (998) | (37) | (1,035) | (2,254) | (139) | (2,393) | |||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | (436) | 80 | (356) | Subordinated debt | (368) | 63 | (305) | (801) | 140 | (661) | |||||||||||||||||||||||||||||||||||||||||
Trust preferred debentures | Trust preferred debentures | 6 | 17 | 23 | Trust preferred debentures | 6 | 129 | 135 | 12 | 146 | 158 | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | (1,792) | $ | (922) | $ | (2,714) | Total interest-bearing liabilities | $ | (1,359) | $ | 974 | $ | (385) | $ | (3,204) | $ | 105 | $ | (3,099) | ||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 5,650 | $ | (708) | $ | 4,942 | Net interest income | $ | 10,599 | $ | 563 | $ | 11,162 | $ | 16,464 | $ | (360) | $ | 16,104 |
Three Months Ended March 31, | Increase (decrease) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||||||||
Wealth management revenue | $ | 7,139 | $ | 5,931 | $ | 1,208 | ||||||||||||||||||||||||||||||||
Residential mortgage banking revenue | 599 | 1,574 | (975) | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,068 | 1,826 | 242 | |||||||||||||||||||||||||||||||||||
Interchange revenue | 3,280 | 3,375 | (95) | |||||||||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | (394) | (1,275) | 881 | |||||||||||||||||||||||||||||||||||
Company-owned life insurance | 1,019 | 860 | 159 | |||||||||||||||||||||||||||||||||||
Other income | 1,902 | 2,525 | (623) | |||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 15,613 | $ | 14,816 | $ | 797 |
Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Wealth management revenue | $ | 6,143 | $ | 6,529 | $ | (386) | $ | 13,282 | $ | 12,460 | $ | 822 | |||||||||||||||||||||||
Residential mortgage banking revenue | 384 | 1,562 | (1,178) | 983 | 3,136 | (2,153) | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,304 | 1,916 | 388 | 4,372 | 3,742 | 630 | |||||||||||||||||||||||||||||
Interchange revenue | 3,590 | 3,797 | (207) | 6,870 | 7,172 | (302) | |||||||||||||||||||||||||||||
(Loss) gain on sales of investment securities, net | (101) | 377 | (478) | (101) | 377 | (478) | |||||||||||||||||||||||||||||
Impairment on commercial mortgage servicing rights | (869) | (1,148) | 279 | (1,263) | (2,423) | 1,160 | |||||||||||||||||||||||||||||
Company-owned life insurance | 840 | 863 | (23) | 1,859 | 1,723 | 136 | |||||||||||||||||||||||||||||
Other income | 2,322 | 3,521 | (1,199) | 4,224 | 6,046 | (1,822) | |||||||||||||||||||||||||||||
Total noninterest income | $ | 14,613 | $ | 17,417 | $ | (2,804) | $ | 30,226 | $ | 32,233 | $ | (2,007) |
Three Months Ended March 31, | Increase (decrease) | Three Months Ended June 30, | Increase (decrease) | Six Months Ended June 30, | Increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 21,870 | $ | 20,528 | $ | 1,342 | Salaries and employee benefits | $ | 22,645 | $ | 22,071 | $ | 574 | $ | 44,515 | $ | 42,599 | $ | 1,916 | ||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 3,755 | 3,940 | (185) | Occupancy and equipment | 3,489 | 3,796 | (307) | 7,244 | 7,736 | (492) | |||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 5,873 | 5,993 | (120) | Data processing | 6,082 | 6,288 | (206) | 11,955 | 12,281 | (326) | |||||||||||||||||||||||||||||||||||||||||
Professional | Professional | 1,972 | 2,185 | (213) | Professional | 1,516 | 5,549 | (4,033) | 3,488 | 7,734 | (4,246) | |||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 688 | 477 | 211 | Marketing | 733 | 700 | 33 | 1,421 | 1,177 | 244 | |||||||||||||||||||||||||||||||||||||||||
Communications | Communications | 712 | 822 | (110) | Communications | 635 | 824 | (189) | 1,347 | 1,646 | (299) | |||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,398 | 1,515 | (117) | Amortization of intangible assets | 1,318 | 1,470 | (152) | 2,716 | 2,985 | (269) | |||||||||||||||||||||||||||||||||||||||||
FHLB advances prepayment fees | FHLB advances prepayment fees | — | 3,669 | (3,669) | — | 3,677 | (3,677) | |||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 4,616 | 3,619 | 997 | Other expense | 4,921 | 4,574 | 347 | 9,537 | 8,185 | 1,352 | |||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 40,884 | $ | 39,079 | $ | 1,805 | Total noninterest expense | $ | 41,339 | $ | 48,941 | $ | (7,602) | $ | 82,223 | $ | 88,020 | $ | (5,797) |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Book Value | % | Book Value | % | (dollars in thousands) | Book Value | % | Book Value | % | ||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||
Equipment finance loans | Equipment finance loans | $ | 528,572 | 9.5 | % | $ | 521,973 | 10.0 | % | Equipment finance loans | $ | 546,267 | 9.4 | % | $ | 521,973 | 10.0 | % | ||||||||||||||||||||||||||||
Equipment finance leases | Equipment finance leases | 429,000 | 7.7 | 423,280 | 8.1 | Equipment finance leases | 439,202 | 7.6 | 423,280 | 8.1 | ||||||||||||||||||||||||||||||||||||
Commercial FHA warehouse lines | 83,999 | 1.5 | 91,927 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||
Commercial FHA lines | Commercial FHA lines | 23,872 | 0.4 | 91,927 | 1.8 | |||||||||||||||||||||||||||||||||||||||||
SBA PPP loans | SBA PPP loans | 22,862 | 0.4 | 52,477 | 1.0 | SBA PPP loans | 6,409 | 0.1 | 52,477 | 1.0 | ||||||||||||||||||||||||||||||||||||
Other commercial loans | Other commercial loans | 802,692 | 14.6 | 783,811 | 14.9 | Other commercial loans | 814,710 | 14.1 | 783,811 | 14.9 | ||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 1,867,125 | 33.7 | 1,873,468 | 35.8 | Total commercial loans and leases | 1,830,460 | 31.6 | 1,873,468 | 35.8 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,114,041 | 38.2 | 1,816,828 | 34.8 | Commercial real estate | 2,335,655 | 40.3 | 1,816,828 | 34.8 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 188,668 | 3.4 | 193,749 | 3.7 | Construction and land development | 203,955 | 3.5 | 193,749 | 3.7 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 329,331 | 5.9 | 338,151 | 6.5 | Residential real estate | 340,103 | 5.9 | 338,151 | 6.5 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 1,040,796 | 18.8 | 1,002,605 | 19.2 | Consumer | 1,085,371 | 18.7 | 1,002,605 | 19.2 | ||||||||||||||||||||||||||||||||||||
Total loans, gross | Total loans, gross | $ | 5,539,961 | 100.0 | $ | 5,224,801 | 100.0 | Total loans, gross | 5,795,544 | 100.0 | % | 5,224,801 | 100.0 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (52,938) | (51,062) | Allowance for credit losses on loans | (54,898) | (51,062) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | Total loans, net | $ | 5,487,023 | $ | 5,173,739 | Total loans, net | $ | 5,740,646 | $ | 5,173,739 |
March 31, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | One Year to Five Years | Five Years to 15 Years | After 15 Years | Within One Year | One Year to Five Years | Five Years to 15 Years | After 15 Years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fixed Rates | Adjustable Rates | Fixed Rates | Adjustable Rates | Fixed Rates | Adjustable Rates | Fixed Rates | Adjustable Rates | Total | (dollars in thousands) | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Fixed Rate | Adjustable Rate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 70,787 | $ | 411,800 | $ | 649,797 | $ | 97,938 | $ | 107,571 | $ | 92,829 | $ | 3,010 | $ | 4,393 | $ | 1,438,125 | Commercial | $ | 35,266 | $ | 380,389 | $ | 580,444 | $ | 113,358 | $ | 180,823 | $ | 93,638 | $ | 2,972 | $ | 4,368 | $ | 1,391,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 231,735 | 156,141 | 729,052 | 453,065 | 309,261 | 195,898 | 4,874 | 34,015 | 2,114,041 | Commercial real estate | 220,411 | 150,954 | 849,634 | 463,866 | 413,015 | 197,294 | 5,438 | 35,043 | 2,335,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 14,924 | 52,097 | 29,646 | 76,454 | 8,682 | 6,410 | 126 | 329 | 188,668 | Construction and land development | 1,889 | 62,429 | 28,723 | 82,905 | 8,823 | 18,104 | 122 | 960 | 203,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 317,446 | 620,038 | 1,408,495 | 627,457 | 425,514 | 295,137 | 8,010 | 38,737 | 3,740,834 | Total commercial loans | 257,566 | 593,772 | 1,458,801 | 660,129 | 602,661 | 309,036 | 8,532 | 40,371 | 3,930,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,936 | 6,033 | 8,233 | 18,735 | 33,733 | 36,842 | 127,020 | 96,799 | 329,331 | Residential real estate | 1,736 | 5,898 | 8,735 | 18,445 | 34,203 | 37,159 | 137,306 | 96,621 | 340,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 3,471 | 1,166 | 1,028,522 | 5,439 | 2,198 | — | — | — | 1,040,796 | Consumer | 2,265 | 1,290 | 1,074,110 | 4,941 | 2,765 | — | — | — | 1,085,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 10,445 | — | 380,048 | — | 38,507 | — | — | — | 429,000 | Lease financing | 10,161 | — | 331,152 | — | 97,889 | — | — | — | 439,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 333,298 | $ | 627,237 | $ | 2,825,298 | $ | 651,631 | $ | 499,952 | $ | 331,979 | $ | 135,030 | $ | 135,536 | $ | 5,539,961 | Total loans | $ | 271,728 | $ | 600,960 | $ | 2,872,798 | $ | 683,515 | $ | 737,518 | $ | 346,195 | $ | 145,838 | $ | 136,992 | $ | 5,795,544 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Allowance | % (1) | Allowance | % (1) | (dollars in thousands) | Allowance | % (1) | Allowance | % (1) | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 12,621 | 0.88 | % | $ | 14,375 | 0.99 | % | Commercial | $ | 12,748 | 0.92% | $ | 14,375 | 0.99% | ||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 26,277 | 1.24 | 22,993 | 1.27 | Commercial real estate | 27,874 | 1.19 | 22,993 | 1.27 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 816 | 0.43 | 972 | 0.50 | Construction and land development | 1,101 | 0.54 | 972 | 0.50 | ||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 39,714 | 1.06 | 38,340 | 1.11 | Total commercial loans | 41,723 | 1.06 | 38,340 | 1.11 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 3,288 | 1.00 | 2,695 | 0.80 | Residential real estate | 3,416 | 1.00 | 2,695 | 0.80 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,672 | 0.26 | 2,558 | 0.26 | Consumer | 2,994 | 0.28 | 2,558 | 0.26 | ||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 7,264 | 1.69 | 7,469 | 1.76 | Lease financing | 6,765 | 1.54 | 7,469 | 1.76 | ||||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans | Total allowance for credit losses on loans | $ | 52,938 | 0.96 | $ | 51,062 | 0.98 | Total allowance for credit losses on loans | $ | 54,898 | 0.95% | $ | 51,062 | 0.98% |
As of and for the Three Months Ended March 31, | As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2022 | 2021 | (dollars in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 51,062 | $ | 60,443 | Balance, beginning of period | $ | 52,938 | $ | 62,687 | $ | 51,062 | $ | 60,443 | ||||||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 2,154 | 506 | Commercial | 60 | 2,634 | 2,214 | 3,140 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 227 | 773 | Commercial real estate | 2,625 | 946 | 2,852 | 1,719 | ||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 6 | 271 | Construction and land development | — | 1 | 6 | 272 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 104 | 110 | Residential real estate | 46 | 141 | 150 | 251 | ||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 305 | 242 | Consumer | 191 | 218 | 496 | 460 | ||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 206 | 253 | Lease financing | 499 | 516 | 705 | 769 | ||||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | 3,002 | 2,155 | Total charge-offs | 3,421 | 4,456 | 6,423 | 6,611 | ||||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 11 | 15 | Commercial | 298 | 139 | 309 | 154 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 67 | 2 | Commercial real estate | (62) | 11 | 5 | 13 | ||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 6 | 66 | Construction and land development | 6 | 81 | 12 | 147 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 113 | 94 | Residential real estate | 41 | 20 | 154 | 114 | ||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 162 | 122 | Consumer | 98 | 155 | 260 | 277 | ||||||||||||||||||||||||||||||||||||||
Lease financing | Lease financing | 387 | 150 | Lease financing | 259 | 27 | 646 | 177 | ||||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 746 | 449 | Total recoveries | 640 | 433 | 1,386 | 882 | ||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 2,256 | 1,706 | Net charge-offs | 2,781 | 4,023 | 5,037 | 5,729 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 4,132 | 3,950 | Provision for credit losses on loans | 4,741 | — | 8,873 | 3,950 | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 52,938 | $ | 62,687 | Balance, end of period | $ | 54,898 | $ | 58,664 | $ | 54,898 | $ | 58,664 | ||||||||||||||||||||||||||||||||
Gross loans, end of period | Gross loans, end of period | $ | 5,539,961 | $ | 4,910,806 | Gross loans, end of period | $ | 5,795,544 | $ | 4,835,866 | $ | 5,795,544 | $ | 4,835,866 | ||||||||||||||||||||||||||||||||
Average total loans | Average total loans | $ | 5,274,051 | $ | 4,992,802 | Average total loans | $ | 5,677,791 | $ | 4,826,234 | $ | 5,477,037 | $ | 4,909,057 | ||||||||||||||||||||||||||||||||
Net charge-offs to average loans | Net charge-offs to average loans | 0.17 | % | 0.14 | % | Net charge-offs to average loans | 0.20 | % | 0.33 | % | 0.19 | % | 0.24 | % | ||||||||||||||||||||||||||||||||
Allowance to total loans | Allowance to total loans | 0.96 | % | 1.28 | % | Allowance to total loans | 0.95 | % | 1.21 | % | 0.95 | % | 1.21 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Nonperforming loans: | Nonperforming loans: | Nonperforming loans: | ||||||||||||||||||||
Commercial | Commercial | $ | 12,019 | $ | 12,261 | Commercial | $ | 11,579 | $ | 12,261 | ||||||||||||
Commercial real estate | Commercial real estate | 30,120 | 19,175 | Commercial real estate | 34,316 | 19,175 | ||||||||||||||||
Construction and land development | Construction and land development | 296 | 120 | Construction and land development | 283 | 120 | ||||||||||||||||
Residential real estate | Residential real estate | 7,737 | 7,912 | Residential real estate | 8,174 | 7,912 | ||||||||||||||||
Consumer | Consumer | 343 | 208 | Consumer | 254 | 208 | ||||||||||||||||
Lease financing | Lease financing | 2,385 | 2,904 | Lease financing | 2,277 | 2,904 | ||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 52,900 | 42,580 | Total nonperforming loans | 56,883 | 42,580 | ||||||||||||||||
Other real estate owned and other repossessed assets | Other real estate owned and other repossessed assets | 13,264 | 14,488 | Other real estate owned and other repossessed assets | 12,761 | 14,488 | ||||||||||||||||
Nonperforming assets | Nonperforming assets | $ | 66,164 | $ | 57,068 | Nonperforming assets | $ | 69,644 | $ | 57,068 | ||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.95 | % | 0.81 | % | Nonperforming loans to total loans | 0.98 | % | 0.81 | % | ||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.90 | % | 0.77 | % | Nonperforming assets to total assets | 0.93 | % | 0.77 | % | ||||||||||||
Allowance for credit losses to nonperforming loans | Allowance for credit losses to nonperforming loans | 100.07 | % | 119.92 | % | Allowance for credit losses to nonperforming loans | 96.51 | % | 119.92 | % |
Commercial | Commercial real estate | Construction & land development | Commercial | Commercial real estate | Construction & land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk category | Risk category | Risk category | Risk category | Risk category | Risk category | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 7 | 8 (1) | 7 | 8 (1) | 7 | 8 (1) | Total | (dollars in thousands) | 7 | 8 (1) | 7 | 8 (1) | 7 | 8 (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | $ | 21,175 | $ | 22,360 | $ | 27,069 | $ | 98,410 | $ | 220 | $ | — | $ | 169,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | $ | 17,446 | $ | 20,116 | $ | 30,295 | $ | 94,631 | $ | 221 | $ | — | $ | 162,709 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 28,248 | 20,413 | 46,295 | 108,634 | 5,235 | 1,336 | 210,161 | December 31, 2021 | 28,248 | 20,413 | 46,295 | 108,634 | 5,235 | 1,336 | 210,161 |
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Book Value | % of Total | Book Value | % of Total | (dollars in thousands) | Book Value | % of Total | Book Value | % of Total | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 63,124 | 7.4 | % | $ | 64,917 | 7.2 | % | U.S. Treasury securities | $ | 63,996 | 8.4 | % | $ | 64,917 | 7.2 | % | ||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 31,531 | 3.7 | 33,817 | 3.7 | U.S. government sponsored entities and U.S. agency securities | 30,303 | 4.0 | 33,817 | 3.7 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 402,987 | 47.5 | 440,270 | 48.5 | Mortgage-backed securities - agency | 423,838 | 55.7 | 440,270 | 48.5 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 25,102 | 3.0 | 28,706 | 3.2 | Mortgage-backed securities - non-agency | 22,777 | 3.0 | 28,706 | 3.2 | ||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 136,582 | 16.1 | 143,099 | 15.8 | State and municipal securities | 106,688 | 14.0 | 143,099 | 15.8 | ||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 189,748 | 22.3 | 195,794 | 21.6 | Corporate securities | 112,938 | 14.9 | 195,794 | 21.6 | ||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale, at fair value | Total investment securities, available for sale, at fair value | $ | 849,074 | 100.0 | % | $ | 906,603 | 100.0 | % | Total investment securities, available for sale, at fair value | $ | 760,540 | 100.0 | % | $ | 906,603 | 100.0 | % |
(dollars in thousands) | (dollars in thousands) | Book value | % of total | Weighted average yield | (dollars in thousands) | Book value | % of total | Weighted average yield | ||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities: | U.S. Treasury securities: | U.S. Treasury securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 625 | 0.1 | % | 0.6 | % | Maturing within one year | $ | 2,775 | 0.4 | % | 0.8 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 62,499 | 7.3 | 0.9 | Maturing in one to five years | 61,221 | 8.0 | 0.9 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | — | — | — | Maturing in five to ten years | — | — | — | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | 0.0 | — | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total U.S. Treasury securities | Total U.S. Treasury securities | $ | 63,124 | 7.4 | % | 0.9 | % | Total U.S. Treasury securities | $ | 63,996 | 8.4 | % | 0.9 | % | ||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities: | U.S. government sponsored entities and U.S. agency securities: | U.S. government sponsored entities and U.S. agency securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 1,231 | 0.1 | % | 2.3 | % | Maturing within one year | $ | 1,330 | 0.2 | % | 2.4 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 7,526 | 0.9 | 1.1 | Maturing in one to five years | 20,709 | 2.7 | 1.3 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 22,774 | 2.7 | 1.4 | Maturing in five to ten years | 8,264 | 1.1 | 1.0 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | 0.0 | — | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total U.S. government sponsored entities and U.S. agency securities | Total U.S. government sponsored entities and U.S. agency securities | $ | 31,531 | 3.7 | % | 1.4 | % | Total U.S. government sponsored entities and U.S. agency securities | $ | 30,303 | 4.0 | % | 1.3 | % | ||||||||||||||||||||
Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | Mortgage-backed securities - agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 5,388 | 0.6 | % | 3.0 | % | Maturing within one year | $ | 2,440 | 0.3 | % | 2.9 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 161,432 | 19.0 | 2.0 | Maturing in one to five years | 146,255 | 19.2 | 2.2 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 182,315 | 21.6 | 1.7 | Maturing in five to ten years | 193,814 | 25.5 | 1.8 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 53,852 | 6.3 | 2.3 | Maturing after ten years | 81,329 | 10.7 | 2.3 | ||||||||||||||||||||||||||
Total mortgage-backed securities - agency | Total mortgage-backed securities - agency | $ | 402,987 | 47.5 | % | 1.9 | % | Total mortgage-backed securities - agency | $ | 423,838 | 55.7 | % | 2.1 | % | ||||||||||||||||||||
Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | Mortgage-backed securities - non-agency: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | — | — | % | — | % | Maturing within one year | $ | — | — | % | — | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 25,102 | 3.0 | 2.2 | Maturing in one to five years | 2,485 | 0.3 | 3.4 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | — | — | — | Maturing in five to ten years | 14,590 | 1.9 | 2.3 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | Maturing after ten years | 5,702 | 0.8 | 2.4 | ||||||||||||||||||||||||||
Total mortgage-backed securities - non-agency | Total mortgage-backed securities - non-agency | $ | 25,102 | 3.0 | % | 2.2 | % | Total mortgage-backed securities - non-agency | $ | 22,777 | 3.0 | % | 2.4 | % | ||||||||||||||||||||
State and municipal securities (1): | State and municipal securities (1): | State and municipal securities (1): | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 7,622 | 0.9 | % | 5.0 | % | Maturing within one year | $ | 7,397 | 1.0 | % | 5.1 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 45,352 | 5.3 | 4.0 | Maturing in one to five years | 35,202 | 4.6 | 4.0 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 46,950 | 5.6 | 3.2 | Maturing in five to ten years | 36,366 | 4.8 | 2.8 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | 36,658 | 4.3 | 3.0 | Maturing after ten years | 27,723 | 3.6 | 2.8 | ||||||||||||||||||||||||||
Total state and municipal securities | Total state and municipal securities | $ | 136,582 | 16.1 | % | 3.5 | % | Total state and municipal securities | $ | 106,688 | 14.0 | % | 3.3 | % | ||||||||||||||||||||
Corporate securities: | Corporate securities: | Corporate securities: | ||||||||||||||||||||||||||||||||
Maturing within one year | Maturing within one year | $ | 4,521 | 0.5 | % | 3.5 | % | Maturing within one year | $ | 1,500 | 0.2 | % | 3.0 | % | ||||||||||||||||||||
Maturing in one to five years | Maturing in one to five years | 24,345 | 2.9 | 2.9 | Maturing in one to five years | 15,105 | 2.0 | 3.1 | ||||||||||||||||||||||||||
Maturing in five to ten years | Maturing in five to ten years | 160,882 | 18.9 | 3.8 | Maturing in five to ten years | 96,333 | 12.7 | 3.8 | ||||||||||||||||||||||||||
Maturing after ten years | Maturing after ten years | — | — | — | Maturing after ten years | — | — | — | ||||||||||||||||||||||||||
Total corporate securities | Total corporate securities | $ | 189,748 | 22.3 | % | 3.6 | % | Total corporate securities | $ | 112,938 | 14.9 | % | 3.7 | % | ||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 849,074 | 100.0 | % | 2.5 | % | Total investment securities, available for sale | $ | 760,540 | 100.0 | % | 2.3 | % |
Amortized | Estimated | Average credit rating | Amortized | Estimated | Average credit rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | cost | fair value | AAA | AA+/- | A+/- | BBB+/- | <BBB- | Not Rated | (dollars in thousands) | cost | fair value | AAA | AA+/- | A+/- | BBB+/- | <BBB- | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 66,534 | $ | 63,124 | $ | 63,124 | $ | — | $ | — | $ | — | $ | — | $ | — | U.S. Treasury securities | $ | 68,390 | $ | 63,996 | $ | 62,147 | $ | 1,849 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and U.S. agency securities | U.S. government sponsored entities and U.S. agency securities | 34,194 | 31,531 | 26,051 | 5,480 | — | — | — | — | U.S. government sponsored entities and U.S. agency securities | 33,756 | 30,303 | 25,246 | 5,057 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 437,125 | 402,987 | 2,098 | 400,889 | — | — | — | — | Mortgage-backed securities - agency | 480,408 | 423,838 | 427 | 423,411 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 27,174 | 25,102 | 25,102 | — | — | — | — | — | Mortgage-backed securities - non-agency | 26,118 | 22,777 | 22,777 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 139,619 | 136,582 | 15,258 | 107,972 | 4,759 | 968 | — | 7,625 | State and municipal securities | 113,920 | 106,688 | 7,949 | 85,764 | 2,231 | 949 | — | 9,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 193,296 | 189,748 | — | — | 69,169 | 113,691 | 3,127 | 3,761 | Corporate securities | 119,374 | 112,938 | — | — | 32,096 | 77,098 | — | 3,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities, available for sale | Total investment securities, available for sale | $ | 897,942 | $ | 849,074 | $ | 131,633 | $ | 514,341 | $ | 73,928 | $ | 114,659 | $ | 3,127 | $ | 11,386 | Total investment securities, available for sale | $ | 841,966 | $ | 760,540 | $ | 118,546 | $ | 516,081 | $ | 34,327 | $ | 78,047 | $ | — | $ | 13,539 |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Average balance | Weighted average rate | Average balance | Weighted average rate | (dollars in thousands) | Average balance | Weighted average rate | Average balance | Weighted average rate | ||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 1,989,413 | — | $ | 1,370,604 | — | Noninterest-bearing demand | $ | 1,967,263 | — | $ | 1,411,428 | — | ||||||||||||||||||||||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||||||||||||||||||||||||||
Checking | Checking | 1,730,307 | 0.24 | % | 1,605,876 | 0.12 | % | Checking | 1,770,635 | 0.47 | % | 1,604,496 | 0.12 | % | ||||||||||||||||||||||||||||||||
Money market | Money market | 879,624 | 0.10 | 797,592 | 0.09 | Money market | 1,030,144 | 0.32 | 793,148 | 0.09 | ||||||||||||||||||||||||||||||||||||
Savings | Savings | 694,885 | 0.03 | 620,128 | 0.03 | Savings | 719,204 | 0.05 | 666,000 | 0.03 | ||||||||||||||||||||||||||||||||||||
Time, insured | Time, insured | 482,043 | 0.51 | 571,595 | 1.43 | Time, insured | 476,233 | 0.47 | 574,570 | 1.28 | ||||||||||||||||||||||||||||||||||||
Time, uninsured | Time, uninsured | 144,953 | 0.53 | 109,752 | 1.20 | Time, uninsured | 139,381 | 0.59 | 148,662 | 0.97 | ||||||||||||||||||||||||||||||||||||
Time, brokered | Time, brokered | 21,437 | 1.10 | 52,165 | 1.04 | Time, brokered | 17,167 | 1.16 | 28,303 | 1.67 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing | Total interest-bearing | $ | 3,953,249 | 0.22 | % | $ | 3,757,108 | 0.34 | % | Total interest-bearing | $ | 4,152,764 | 0.37 | % | $ | 3,815,179 | 0.31 | % | ||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 5,942,662 | 0.15 | % | $ | 5,127,712 | 0.25 | % | Total deposits | $ | 6,120,027 | 0.25 | % | $ | 5,226,607 | 0.23 | % |
(dollars in thousands) | Amount | |||||||
Three months or less | $ | |||||||
Three to six months | ||||||||
Six to 12 months | ||||||||
After 12 months | ||||||||
Total | $ |
Ratio | Ratio | Actual | Minimum Regulatory Requirements (1) | Well Capitalized | Ratio | Actual | Minimum Regulatory Requirements (1) | Well Capitalized | ||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | Total risk-based capital ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 11.74 | % | 10.50 | % | N/A | Midland States Bancorp, Inc. | 11.44 | % | 10.50 | % | N/A | ||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 10.73 | 10.50 | 10.00 | % | Midland States Bank | 10.60 | 10.50 | 10.00 | % | ||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 8.82 | 8.50 | N/A | Midland States Bancorp, Inc. | 8.63 | 8.50 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 9.99 | 8.50 | 8.00 | Midland States Bank | 9.85 | 8.50 | 8.00 | ||||||||||||||||||||||||||||||||
Common equity tier 1 risk-based capital ratio | Common equity tier 1 risk-based capital ratio | Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 7.80 | 7.00 | N/A | Midland States Bancorp, Inc. | 7.66 | 7.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 9.99 | 7.00 | 6.50 | Midland States Bank | 9.85 | 7.00 | 6.50 | ||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | Tier 1 leverage ratio | ||||||||||||||||||||||||||||||||||||||
Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 7.96 | 4.00 | N/A | Midland States Bancorp, Inc. | 7.98 | 4.00 | N/A | ||||||||||||||||||||||||||||||||
Midland States Bank | Midland States Bank | 9.03 | 4.00 | 5.00 | Midland States Bank | 9.12 | 4.00 | 5.00 |
Net interest income sensitivity (Shocks) | Net interest income sensitivity (Shocks) | |||||||||||||||||||||||||||||||||
Immediate change in rates | Immediate change in rates | |||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | -100 | +100 | +200 | (dollars in thousands) | -100 | +100 | +200 | ||||||||||||||||||||||||||
March 31, 2022: | ||||||||||||||||||||||||||||||||||
June 30, 2022: | June 30, 2022: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (14,301) | $ | 13,185 | $ | 26,032 | Dollar change | $ | (12,793) | $ | 11,974 | $ | 23,823 | ||||||||||||||||||||
Percent change | Percent change | (5.9) | % | 5.4 | % | 10.7 | % | Percent change | (4.9) | % | 4.6 | % | 9.1 | % | ||||||||||||||||||||
December 31, 2021: | December 31, 2021: | December 31, 2021: | ||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (13,499) | $ | 23,513 | $ | 47,028 | Dollar change | $ | (13,499) | $ | 23,513 | $ | 47,028 | ||||||||||||||||||||
Percent change | Percent change | (6.1) | % | 10.6 | % | 21.2 | % | Percent change | (6.1) | % | 10.6 | % | 21.2 | % |
Economic value of equity sensitivity (Shocks) | Economic value of equity sensitivity (Shocks) | |||||||||||||||||||||||||||||||||
Immediate change in rates | Immediate change in rates | |||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | -100 | +100 | +200 | (dollars in thousands) | -100 | +100 | +200 | ||||||||||||||||||||||||||
March 31, 2022: | ||||||||||||||||||||||||||||||||||
June 30, 2022: | June 30, 2022: | |||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (40,280) | $ | 32,469 | $ | 63,728 | Dollar change | $ | (11,774) | $ | 8,759 | $ | 19,685 | ||||||||||||||||||||
Percent change | Percent change | (5.4) | % | 4.3 | % | 8.5 | % | Percent change | (1.6) | % | 1.2 | % | 2.7 | % | ||||||||||||||||||||
December 31, 2021: | December 31, 2021: | December 31, 2021: | ||||||||||||||||||||||||||||||||
Dollar change | Dollar change | $ | (89,850) | $ | 51,553 | $ | 96,875 | Dollar change | $ | (89,850) | $ | 51,553 | $ | 96,875 | ||||||||||||||||||||
Percent change | Percent change | (13.4) | % | 7.7 | % | 14.5 | % | Percent change | (13.4) | % | 7.7 | % | 14.5 | % |
Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (2) | ||||||||||||||||||||||
January 1 - 31, 2022 | 43,010 | $ | 25.77 | 43,010 | $ | 18,565,174 | ||||||||||||||||||||
February 1 - 28, 2022 | 707 | 29.35 | — | 18,565,174 | ||||||||||||||||||||||
March 1 - 31, 2022 | — | — | — | 18,565,174 | ||||||||||||||||||||||
Total | 43,717 | $ | 25.83 | 43,010 | $ | 18,565,174 |
Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (2) | ||||||||||||||||||||||
April 1 - 30, 2022 | — | $ | — | — | $ | 18,565,174 | ||||||||||||||||||||
May 1 - 31, 2022 | 876 | 25.99 | — | 18,565,174 | ||||||||||||||||||||||
June 1 - 30, 2022 | — | — | — | 18,565,174 | ||||||||||||||||||||||
Total | 876 | $ | 25.99 | — | $ | 18,565,174 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended | |||||||
104 | The cover page from Midland States Bancorp, Inc.’s Form 10-Q Report for the quarterly period ended |
Midland States Bancorp, Inc. | |||||||||||
Date: | By: | /s/ | Jeffrey G. Ludwig | ||||||||
Jeffrey G. Ludwig | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | By: | /s/ | Eric T. Lemke | ||||||||
Eric T. Lemke | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |