Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-12709 | |
Entity Registrant Name | Tompkins Financial Corp | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-1482357 | |
Entity Address, Address Line One | P.O. Box 460 | |
Entity Address, City or Town | Ithaca | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14851 | |
City Area Code | 888 | |
Local Phone Number | 503-5753 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | TMP | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,518,876 | |
Entity Central Index Key | 0001005817 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and noninterest bearing balances due from banks | $ 49,753 | $ 18,572 |
Interest bearing balances due from banks | 20,784 | 59,265 |
Cash and Cash Equivalents | 70,537 | 77,837 |
Available-for-sale debt securities, at fair value (amortized cost of $1,795,423 at March 31, 2023 and $1,831,791 at December 31, 2022) | 1,585,854 | 1,594,967 |
Held-to-maturity securities, at amortized cost (fair value of $267,099 at March 31, 2023 and $261,692 at December 31, 2022) | 312,357 | 312,344 |
Equity securities, at fair value | 790 | 777 |
Total loans and leases, net of unearned income and deferred costs and fees | 5,273,671 | 5,268,911 |
Less: Allowance for credit losses | 46,099 | 45,934 |
Net Loans and Leases | 5,227,572 | 5,222,977 |
Federal Home Loan Bank and other stock | 19,326 | 17,720 |
Bank premises and equipment, net | 81,633 | 82,140 |
Corporate owned life insurance | 86,175 | 85,556 |
Goodwill | 92,602 | 92,602 |
Other intangible assets, net | 2,605 | 2,708 |
Accrued interest and other assets | 164,920 | 181,058 |
Total Assets | 7,644,371 | 7,670,686 |
Interest bearing: | ||
Checking, savings and money market | 3,774,092 | 3,820,739 |
Time | 725,338 | 631,411 |
Noninterest bearing | 2,009,579 | 2,150,145 |
Total Deposits | 6,509,009 | 6,602,295 |
Federal funds purchased and securities sold under agreements to repurchase | 63,491 | 56,278 |
Other borrowings | 327,000 | 291,300 |
Other liabilities | 95,106 | 103,423 |
Total Liabilities | 6,994,606 | 7,053,296 |
Tompkins Financial Corporation shareholders' equity: | ||
Common Stock - par value $0.10 per share: Authorized 25,000,000 shares; Issued: 14,555,658 at March 31, 2023; and 14,555,741 at December 31, 2022 | 1,456 | 1,456 |
Additional paid-in capital | 303,357 | 302,763 |
Retained earnings | 537,331 | 526,727 |
Accumulated other comprehensive loss | (187,846) | (208,689) |
Treasury stock, at cost – 120,879 shares at March 31, 2023, and 128,749 shares at December 31, 2022 | (5,976) | (6,279) |
Total Tompkins Financial Corporation Shareholders’ Equity | 648,322 | 615,978 |
Noncontrolling interests | 1,443 | 1,412 |
Total Equity | 649,765 | 617,390 |
Total Liabilities and Equity | $ 7,644,371 | $ 7,670,686 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, at amortized cost | $ 1,795,423 | $ 1,831,791 |
Fair Value | $ 267,099 | $ 261,692 |
Common Stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common Stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Common Stock, issued (in shares) | 14,555,658 | 14,555,741 |
Treasury stock, shares (in shares) | 120,879 | 128,749 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST AND DIVIDEND INCOME | ||
Loans | $ 60,842 | $ 51,131 |
Due from banks | 139 | 41 |
Available-for-sale debt securities | 6,743 | 6,770 |
Held-to-maturity securities | 1,214 | 1,129 |
Federal Home Loan Bank and other stock | 300 | 105 |
Total Interest and Dividend Income | 69,238 | 59,176 |
INTEREST EXPENSE | ||
Time certificates of deposits of $250,000 or more | 1,788 | 426 |
Other deposits | 10,394 | 1,620 |
Federal funds purchased and securities sold under agreements to repurchase | 14 | 16 |
Other borrowings | 2,796 | 500 |
Total Interest Expense | 14,992 | 2,562 |
Net Interest Income | 54,246 | 56,614 |
Less: (Credit) for credit loss expense | (825) | (520) |
Net Interest Income After Credit for Credit Loss Expense | 55,071 | 57,134 |
NONINTEREST INCOME | ||
Insurance commissions and fees | 9,509 | 9,317 |
Wealth management fees | 4,509 | 4,917 |
Service charges on deposit accounts | 1,746 | 1,779 |
Card services income | 2,682 | 2,543 |
Other income | 1,941 | 1,476 |
Net gain (loss) on securities transactions | 13 | (47) |
Total Noninterest Income | 20,400 | 19,985 |
NONINTEREST EXPENSE | ||
Salaries and wages | 24,512 | 23,272 |
Other employee benefits | 6,741 | 5,797 |
Net occupancy expense of premises | 3,299 | 3,541 |
Furniture and fixture expense | 2,054 | 1,991 |
Amortization of intangible assets | 83 | 218 |
Other operating expense | 13,469 | 12,020 |
Total Noninterest Expenses | 50,158 | 46,839 |
Income Before Income Tax Expense | 25,313 | 30,280 |
Income Tax Expense | 5,901 | 6,976 |
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 19,412 | 23,304 |
Less: Net Income Attributable to Noncontrolling Interests | 31 | 31 |
Net Income Attributable to Tompkins Financial Corporation | $ 19,381 | $ 23,273 |
Basic Earnings Per Share (in dollars per share) | $ 1.35 | $ 1.61 |
Diluted Earnings Per Share (in dollars per share) | $ 1.35 | $ 1.60 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | $ 19,412 | $ 23,304 |
Available-for-sale debt securities: | ||
Change in net unrealized gain (loss) during the period | 20,578 | (80,405) |
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 0 | 0 |
Employee benefit plans: | ||
Amortization of net retirement plan actuarial loss | 224 | 464 |
Amortization of net retirement plan prior service cost | 41 | 42 |
Other comprehensive income (loss) | 20,843 | (79,899) |
Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | 40,255 | (56,595) |
Less: Net income attributable to noncontrolling interests | (31) | (31) |
Total comprehensive income (loss) attributable to Tompkins Financial Corporation | $ 40,224 | $ (56,626) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net income attributable to Tompkins Financial Corporation | $ 19,381,000 | $ 23,273,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Credit) for credit loss expense | (825,000) | (520,000) |
Depreciation and amortization of premises, equipment, and software | 2,678,000 | 2,650,000 |
Amortization of intangible assets | 83,000 | 218,000 |
Earnings from corporate owned life insurance | (615,000) | (423,000) |
Net amortization on securities | 961,000 | 1,819,000 |
Amortization/accretion related to purchase accounting | (213,000) | (191,000) |
Net (gain) loss on securities transactions | (13,000) | 47,000 |
Net gain on sale of loans originated for sale | (38,000) | (4,000) |
Proceeds from sale of loans originated for sale | 1,345,000 | 139,000 |
Loans originated for sale | (1,453,000) | (685,000) |
Net gain on sale of bank premises and equipment | (20,000) | (17,000) |
Net excess tax benefit from stock based compensation | 41,000 | 21,000 |
Stock-based compensation expense | 1,045,000 | 945,000 |
Decrease in accrued interest receivable | 1,236,000 | 1,047,000 |
Increase (decrease) in accrued interest payable | 159,000 | (106,000) |
Other, net | (994,000) | (4,295,000) |
Net Cash Provided by Operating Activities | 22,758,000 | 23,918,000 |
INVESTING ACTIVITIES | ||
Proceeds from maturities, calls and principal paydowns of available-for-sale debt securities | 35,646,000 | 79,753,000 |
Proceeds from sales of available-for-sale debt securities | 0 | 0 |
Purchases of available-for-sale debt securities | (252,000) | (124,668,000) |
Purchases of held-to-maturity securities | 0 | (19,534,000) |
Net (increase) decrease in loans | (3,218,000) | 12,662,000 |
Proceeds from sale/redemptions of Federal Home Loan Bank stock | 25,507,000 | 12,751,000 |
Purchases of Federal Home Loan Bank and other stock | (27,113,000) | (8,870,000) |
Proceeds from sale of bank premises and equipment | 55,000 | 42,000 |
Purchases of bank premises, equipment and software | (1,406,000) | (27,000) |
Other, net | (138,000) | 0 |
Net Cash Provided by (Used in) Investing Activities | 29,081,000 | (47,891,000) |
FINANCING ACTIVITIES | ||
Net (decrease) increase in demand, money market, and savings deposits | (187,213,000) | 249,042,000 |
Net increase (decrease) in time deposits | 94,021,000 | (23,630,000) |
Net increase (decrease) in Federal funds purchased and securities sold under agreements to repurchase | 7,213,000 | (9,672,000) |
Increase in other borrowings | 85,000,000 | 0 |
Repayment of other borrowings | (49,300,000) | (64,000,000) |
Cash dividends | (8,712,000) | (8,335,000) |
Repurchase of common stock | 0 | (10,370,000) |
Shares issued for employee stock ownership plan | 0 | 2,951,000 |
Net shares issued related to restricted stock awards | (40,000) | (3,000) |
Net proceeds from exercise of stock options | (108,000) | (42,000) |
Net Cash (Used) Provided by Financing Activities | (59,139,000) | 135,941,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (7,300,000) | 111,968,000 |
Cash and cash equivalents at beginning of period | 77,837,000 | 63,107,000 |
Total Cash and Cash Equivalents at End of Period | 70,537,000 | 175,075,000 |
Supplemental Information: | ||
Cash paid during the year for - Interest | 14,927,000 | 2,775,000 |
Cash paid during the year for - Taxes | 1,249,000 | 1,396,000 |
Transfer of loans to other real estate owned | 0 | 49,000 |
Initial recognition of operating lease right-of-use assets | 0 | 0 |
Initial recognition of operating lease liabilities | 0 | 0 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 418,000 | $ 552,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Adjustment | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests |
Balances at Beginning at Dec. 31, 2021 | $ 728,941 | $ 1,470 | $ 312,538 | $ 475,262 | $ (55,950) | $ (5,791) | $ 1,412 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 23,304 | 23,273 | 31 | ||||||
Other comprehensive income (loss) | (79,899) | (79,899) | |||||||
Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | (56,595) | ||||||||
Cash dividends | (8,335) | (8,335) | |||||||
Net exercise of stock options | (42) | (42) | |||||||
Common stock repurchased and returned to unissued status | (10,370) | (13) | (10,357) | ||||||
Stock-based compensation expense | 945 | 945 | |||||||
Shares issued for employee stock ownership plan | 2,951 | 4 | 2,947 | ||||||
Directors deferred compensation plan | 0 | (149) | 149 | ||||||
Restricted stock activity | (3) | (1) | (2) | ||||||
Balances at Ending at Mar. 31, 2022 | 657,492 | 1,460 | 305,880 | 490,200 | (135,849) | (5,642) | 1,443 | ||
Balances at Beginning at Dec. 31, 2022 | 617,390 | $ (65) | 1,456 | 302,763 | 526,727 | $ (65) | (208,689) | (6,279) | 1,412 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 19,412 | 19,381 | 31 | ||||||
Other comprehensive income (loss) | 20,843 | 20,843 | |||||||
Subtotal comprehensive income (loss) attributable to noncontrolling interests and Tompkins Financial Corporation | 40,255 | ||||||||
Cash dividends | (8,712) | (8,712) | |||||||
Net exercise of stock options | (108) | (108) | |||||||
Stock-based compensation expense | 1,045 | 1,045 | |||||||
Directors deferred compensation plan | 0 | (303) | 303 | ||||||
Restricted stock activity | (40) | (40) | |||||||
Balances at Ending at Mar. 31, 2023 | $ 649,765 | $ 1,456 | $ 303,357 | $ 537,331 | $ (187,846) | $ (5,976) | $ 1,443 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.60 | $ 0.57 |
Net exercise of stock options (in shares) | 1,509 | 630 |
Common stock repurchased and returned to unissued status (in shares) | (130,168) | |
Shares issued for employee stock ownership plan (in shares) | 37,454 | |
Directors deferred compensation plan | (7,870) | (4,367) |
Restricted stock activity | (1,592) | (7,467) |
Business
Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Tompkins Financial Corporation ("Tompkins" or the "Company") is headquartered in Ithaca, New York and is registered as a Financial Holding Company with the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended. The Company is a locally oriented, community-based financial services organization that offers a full array of products and services, including commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management, and insurance services. At March 31, 2023, the Company had one wholly-owned banking subsidiary, Tompkins Community Bank. Tompkins Community Bank provides a full array of trust and wealth management services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning as well as life, disability and long-term care insurance services. The Company also has a wholly-owned insurance agency subsidiary, Tompkins Insurance Agencies, Inc. ("Tompkins Insurance"). The Company’s principal offices are located at 118 E. Seneca Street, Ithaca, New York, 14850, and its telephone number is (888) 503-5753. The Company’s common stock is traded on the NYSE American under the symbol "TMP." As a registered financial holding company, the Company is regulated under the Bank Holding Company Act of 1956 ("BHC Act"), as amended and is subject to examination and comprehensive regulation by the Federal Reserve Board ("FRB"). The Company is also subject to the jurisdiction of the Securities and Exchange Commission ("SEC") and is subject to disclosure and regulatory requirements under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The Company is subject to the rules of the NYSE American for listed companies. Tompkins Community Bank is subject to examination and comprehensive regulation by various regulatory authorities, including the Federal Deposit Insurance Corporation ("FDIC"), and the New York State Department of Financial Services ("NYSDFS"). Each of these agencies issues regulations and requires the filing of reports describing the activities and financial condition of the entities under its jurisdiction. Likewise, such agencies conduct examinations on a recurring basis to evaluate the safety and soundness of the institutions, and to test compliance with various regulatory requirements, including: consumer protection, privacy, fair lending, the Community Reinvestment Act, the Bank Secrecy Act, sales of non-deposit investments, electronic data processing, and trust department activities. These agencies also examine and regulate the trust business of Tompkins Community Bank. Tompkins Insurance is subject to examination and regulation by the NYSDFS and the Pennsylvania Insurance Department. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements included in this quarterly report do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for a full year presentation and certain disclosures have been condensed or omitted in accordance with rules and regulations of the SEC. In the application of certain accounting policies, management is required to make assumptions regarding the effect of matters that are inherently uncertain. These estimates and assumptions affect the reported amounts of certain assets, liabilities, revenues, and expenses in the unaudited consolidated financial statements. Different amounts could be reported under different conditions, or if different assumptions were used in the application of these accounting policies. The accounting policies that management considers critical in this respect are the determination of the allowance for credit losses and the review of its securities portfolio for other than temporary impairment. In management’s opinion, the unaudited consolidated financial statements reflect all adjustments of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year ended December 31, 2023. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Cash and cash equivalents in the consolidated statements of cash flow include cash and noninterest bearing balances due from banks, interest-bearing balances due from banks, and money market funds. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risk on cash and cash equivalents. The Company has evaluated subsequent events for potential recognition and/or disclosure, and determined that no further disclosures were required. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Available-for-Sale Debt Securities The following table summarizes available-for-sale debt securities held by the Company at March 31, 2023: Available-for-Sale Debt Securities March 31, 2023 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 190,220 $ 0 $ 19,406 $ 170,814 Obligations of U.S. Government sponsored entities 670,978 0 71,216 599,762 Obligations of U.S. states and political subdivisions 92,915 10 6,241 86,684 Mortgage-backed securities – residential, issued by U.S. Government agencies 56,224 15 5,348 50,891 U.S. Government sponsored entities 782,586 0 107,276 675,310 U.S. corporate debt securities 2,500 0 107 2,393 Total available-for-sale debt securities $ 1,795,423 $ 25 $ 209,594 $ 1,585,854 The following table summarizes available-for-sale debt securities held by the Company at December 31, 2022: Available-for-Sale Debt Securities December 31, 2022 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 190,170 $ 0 $ 22,919 $ 167,251 Obligations of U.S. Government sponsored entities 681,192 0 80,025 601,167 Obligations of U.S. states and political subdivisions 93,599 8 8,326 85,281 Mortgage-backed securities – residential, issued by U.S. Government agencies 58,727 12 6,071 52,668 U.S. Government sponsored entities 805,603 0 119,381 686,222 U.S. corporate debt securities 2,500 0 122 2,378 Total available-for-sale debt securities $ 1,831,791 $ 20 $ 236,844 $ 1,594,967 Held-to-Maturity Debt Securities The following table summarizes held-to-maturity debt securities held by the Company at March 31, 2023: Held-to-Maturity Securities March 31, 2023 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 86,425 $ 0 $ 10,966 $ 75,459 Obligations of U.S. Government sponsored entities 225,932 0 34,292 191,640 Total held-to-maturity debt securities $ 312,357 $ 0 $ 45,258 $ 267,099 The following table summarizes held-to-maturity debt securities held by the Company at December 31, 2022: Held-to-Maturity Securities December 31, 2022 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 86,478 $ 0 $ 12,937 $ 73,541 Obligations of U.S. Government sponsored entities 225,866 0 37,715 188,151 Total held-to-maturity debt securities $ 312,344 $ 0 $ 50,652 $ 261,692 The Company may from time to time sell debt securities from its available-for-sale portfolio. There were no sales of available-for-sale debt securities for both the three months ended March 31, 2023 and the three months ended March 31, 2022. Realized gains (losses) on sales of available-for-sale debt securities were $0 for both the three months ended March 31, 2023 and the three months ended March 31, 2022. The Company's available-for-sale portfolio includes callable securities that may be called prior to maturity. There were no realized gains (losses) on called available-for-sale debt securities for the three months ended March 31, 2023 and the three months ended March 31, 2022. The Company also recognized net gains on equity securities of $13,000 for the three months ended March 31, 2023 and net losses of $47,000 for the same period during 2022, reflecting the change in fair value. The following table summarizes available-for-sale debt securities that had unrealized losses at March 31, 2023: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 0 $ 0 $ 170,814 $ 19,406 $ 170,814 $ 19,406 Obligations of U.S. Government sponsored entities 95,536 1,931 504,226 69,286 599,762 71,217 Obligations of U.S. states and political subdivisions 20,397 306 58,598 5,936 78,995 6,242 Mortgage-backed securities – residential, issued by U.S. Government agencies 5,484 183 45,046 5,164 50,530 5,347 U.S. Government sponsored entities 16,950 761 658,360 106,514 675,310 107,275 U.S. corporate debt securities 0 0 2,393 107 2,393 107 Total available-for-sale debt securities $ 138,367 $ 3,181 $ 1,439,437 $ 206,413 $ 1,577,804 $ 209,594 The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2022: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 28,602 $ 2,132 $ 138,649 $ 20,787 $ 167,251 $ 22,919 Obligations of U.S. Government sponsored entities 143,794 7,508 457,373 72,517 601,167 80,025 Obligations of U.S. states and political subdivisions 46,638 2,385 33,435 5,941 80,073 8,326 Mortgage-backed securities – residential, issued by U.S. Government agencies 22,945 1,258 29,356 4,813 52,301 6,071 U.S. Government sponsored entities 186,690 16,869 499,532 102,512 686,222 119,381 U.S. corporate debt securities 0 0 2,378 122 2,378 122 Total available-for-sale debt securities $ 428,669 $ 30,152 $ 1,160,723 $ 206,692 $ 1,589,392 $ 236,844 The following table summarizes held-to-maturity debt securities that had unrealized losses at March 31, 2023: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 0 $ 0 $ 75,459 $ 10,966 $ 75,459 $ 10,966 Obligations of U.S. Government sponsored entities 8,293 604 183,347 33,688 191,640 34,292 Total held-to-maturity debt securities $ 8,293 $ 604 $ 258,806 $ 44,654 $ 267,099 $ 45,258 The following table summarizes held-to-maturity debt securities that had unrealized losses at December 31, 2022: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 0 $ 0 $ 73,542 $ 12,937 $ 73,542 $ 12,937 Obligations of U.S. Government sponsored entities 24,543 3,903 163,607 33,812 188,150 37,715 Total held-to-maturity debt securities $ 24,543 $ 3,903 $ 237,149 $ 46,749 $ 261,692 $ 50,652 The Company evaluates available-for-sale debt securities for expected credit losses ("ECL") in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Factors that may be indicative of ECL include, but are not limited to, the following: • Extent to which the fair value is less than the amortized cost basis. • Adverse conditions specifically related to the security, an industry, or geographic area (changes in technology, business practice). • Payment structure of the debt security with respect to underlying issuer or obligor. • Failure of the issuer to make scheduled payment of principal and/or interest. • Changes to the rating of a security or issuer by a nationally recognized statistical rating organization. • Changes in tax or regulatory guidelines that impact a security or underlying issuer. For available-for-sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (technical impairment) is the result of changes in interest rates or reflects a fundamental change in the credit worthiness of the underlying issuer. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses ("ACL") on the Statement of Condition, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity debt securities from the estimate of credit losses. As of March 31, 2023, the held-to- maturity portfolio consisted of U.S. Treasury securities and securities issued by U.S. government-sponsored enterprises, including The Federal National Mortgage Agency and the Federal Farm Credit Banks Funding Corporation. U.S. Treasury securities are backed by the full faith and credit of and/or guaranteed by the U.S. government, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities. Securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as "low-risk," and have a long history of zero credit loss. As such, the Company did not record an allowance for credit losses for these securities as of March 31, 2023. The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit-related quality of the investment securities. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. The Company did not recognize any net credit impairment charge to earnings on investment securities in the first quarter of 2023. The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date. March 31, 2023 (In thousands) Amortized Cost Fair Value Available-for-sale debt securities: Due in one year or less $ 40,237 $ 39,828 Due after one year through five years 554,392 506,082 Due after five years through ten years 325,346 283,610 Due after ten years 36,638 30,133 Total 956,613 859,653 Mortgage-backed securities 838,810 726,201 Total available-for-sale debt securities $ 1,795,423 $ 1,585,854 December 31, 2022 (In thousands) Amortized Cost Fair Value Available-for-sale debt securities: Due in one year or less $ 50,922 $ 50,269 Due after one year through five years 508,880 459,721 Due after five years through ten years 367,743 314,408 Due after ten years 39,916 31,679 Total 967,461 856,077 Mortgage-backed securities 864,330 738,890 Total available-for-sale debt securities $ 1,831,791 $ 1,594,967 March 31, 2023 (In thousands) Amortized Cost Fair Value Held-to-maturity debt securities: Due after five years through ten years $ 312,357 $ 267,099 Total held-to-maturity debt securities $ 312,357 $ 267,099 December 31, 2022 (In thousands) Amortized Cost Fair Value Held-to-maturity debt securities: Due after five years through ten years $ 312,344 $ 261,692 Total held-to-maturity debt securities $ 312,344 $ 261,692 The Company also holds non-marketable Federal Home Loan Bank New York ("FHLBNY") stock and non-marketable Atlantic Community Bankers Bank ("ACBB") stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in Federal Home Loan Bank ("FHLB") stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock and ACBB stock totaled $19.2 million and $95,000, respectively, at March 31, 2023. These securities are carried at par, which is also cost. The FHLBNY continues to pay dividends and repurchase stock. Quarterly, we evaluate our investment in the FHLB for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, as of March 31, 2023, we determined that no impairment write-downs were required. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases Loans and Leases at March 31, 2023 and December 31, 2022 were as follows: (In thousands) 03/31/2023 12/31/2022 Commercial and industrial Agriculture $ 65,223 $ 85,073 Commercial and industrial other 673,104 705,700 PPP loans* 686 756 Subtotal commercial and industrial 739,013 791,529 Commercial real estate Construction 219,789 201,116 Agriculture 214,014 214,963 Commercial real estate other 2,476,532 2,437,339 Subtotal commercial real estate 2,910,335 2,853,418 Residential real estate Home equity 183,636 188,623 Mortgages 1,342,214 1,346,318 Subtotal residential real estate 1,525,850 1,534,941 Consumer and other Indirect 1,783 2,224 Consumer and other 83,775 75,412 Subtotal consumer and other 85,558 77,636 Leases 18,016 16,134 Total loans and leases 5,278,772 5,273,658 Less: unearned income and deferred costs and fees (5,101) (4,747) Total loans and leases, net of unearned income and deferred costs and fees $ 5,273,671 $ 5,268,911 *SBA Paycheck Protection Program ("PPP") The Company has adopted comprehensive lending policies, underwriting standards and loan review procedures. Management reviews these policies and procedures on a regular basis. The Company discussed its lending policies and underwriting guidelines for its various lending portfolios in Note 3 – "Loans and Leases" in the Notes to Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes in these policies and guidelines since the date of that report. The Company’s Board of Directors approves the lending policies at least annually. The Company recognizes that exceptions to policy guidelines may occasionally occur and has established procedures for approving exceptions to these policy guidelines. Management has also implemented reporting systems to monitor loan origination, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments are due. Generally loans are placed on nonaccrual status if principal or interest payments become 90 days or more contractually past due and/or management deems the collectability of the principal and/or interest to be in question as well as when required by regulatory agencies. When interest accrual is discontinued, all unpaid accrued interest is reversed. Payments received on loans on nonaccrual are generally applied to reduce the principal balance of the loan. Loans are generally returned to accrual status when all the principal and interest amounts contractually due are brought current, the borrower has established a payment history, and future payments are reasonably assured. When management determines that the collection of principal in full is not probable, management will charge-off a partial amount or full amount of the loan balance. Management considers specific facts and circumstances relative to each individual credit in making such a determination. For residential and consumer loans, management uses specific regulatory guidance and thresholds for determining charge-offs. The below tables are an age analysis of past due loans, segregated by class of loans as of March 31, 2023 and December 31, 2022: March 31, 2023 (In thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Loans Total Loans Loans and Leases Commercial and industrial Agriculture $ 152 $ 0 $ 0 $ 152 $ 65,071 $ 65,223 Commercial and industrial other 2,586 46 371 3,003 670,101 673,104 PPP loans* 0 0 0 0 686 686 Subtotal commercial and industrial 2,738 46 371 3,155 735,858 739,013 Commercial real estate Construction 0 0 0 0 219,789 219,789 Agriculture 170 0 0 170 213,844 214,014 Commercial real estate other 0 0 10,037 10,037 2,466,495 2,476,532 Subtotal commercial real estate 170 0 10,037 10,207 2,900,128 2,910,335 Residential real estate Home equity 512 400 1,426 2,338 181,298 183,636 Mortgages 1,741 30 6,505 8,276 1,333,938 1,342,214 Subtotal residential real estate 2,253 430 7,931 10,614 1,515,236 1,525,850 Consumer and other Indirect 56 11 41 108 1,675 1,783 Consumer and other 120 70 104 294 83,481 83,775 Subtotal consumer and other 176 81 145 402 85,156 85,558 Leases 0 0 0 0 18,016 18,016 Total loans and leases 5,337 557 18,484 24,378 5,254,394 5,278,772 Less: unearned income and deferred costs and fees 0 0 0 0 (5,101) (5,101) Total loans and leases, net of unearned income and deferred costs and fees $ 5,337 $ 557 $ 18,484 $ 24,378 $ 5,249,293 $ 5,273,671 *SBA Paycheck Protection Program ("PPP") December 31, 2022 (In thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Loans Total Loans Loans and Leases Commercial and industrial Agriculture $ 58 $ 0 $ 0 $ 58 $ 85,015 $ 85,073 Commercial and industrial other 50 381 82 513 705,187 705,700 PPP loans* 0 0 0 0 756 756 Subtotal commercial and industrial 108 381 82 571 790,958 791,529 Commercial real estate Construction 0 0 0 0 201,116 201,116 Agriculture 128 0 0 128 214,835 214,963 Commercial real estate other 0 0 11,449 11,449 2,425,890 2,437,339 Subtotal commercial real estate 128 0 11,449 11,577 2,841,841 2,853,418 Residential real estate Home equity 435 204 1,628 2,267 186,356 188,623 Mortgages 1,748 0 6,802 8,550 1,337,768 1,346,318 Subtotal residential real estate 2,183 204 8,430 10,817 1,524,124 1,534,941 Consumer and other Indirect 66 31 53 150 2,074 2,224 Consumer and other 52 19 112 183 75,229 75,412 Subtotal consumer and other 118 50 165 333 77,303 77,636 Leases 0 0 0 0 16,134 16,134 Total loans and leases 2,537 635 20,126 23,298 5,250,360 5,273,658 Less: unearned income and deferred costs and fees 0 0 0 0 (4,747) (4,747) Total loans and leases, net of unearned income and deferred costs and fees $ 2,537 $ 635 $ 20,126 $ 23,298 $ 5,245,613 $ 5,268,911 *SBA Paycheck Protection Program ("PPP") The following tables present the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses. The below tables are an age analysis of nonaccrual loans segregated by class of loans, as of March 31, 2023 and December 31, 2022: March 31, 2023 (In thousands) Nonaccrual Loans and Leases with no ACL Nonaccrual Loans and Leases Loans and Leases Past Due Over 89 Days and Accruing Loans and Leases Commercial and industrial Agriculture $ 0 $ 17 $ 0 Commercial and industrial other 0 906 0 Subtotal commercial and industrial 0 923 0 Commercial real estate Agriculture 0 183 0 Commercial real estate other 10,547 12,197 0 Subtotal commercial real estate 10,547 12,380 0 Residential real estate Home equity 0 2,547 0 Mortgages 181 12,322 0 Subtotal residential real estate 181 14,869 0 Consumer and other Indirect 0 78 0 Consumer and other 0 174 13 Subtotal consumer and other 0 252 13 Total loans and leases $ 10,728 $ 28,424 $ 13 December 31, 2022 (In thousands) Nonaccrual Loans and Leases with no ACL Nonaccrual Loans and Leases Loans and Leases Past Due Over 89 Days and Accruing Loans and Leases Commercial and industrial Commercial and industrial other $ 411 $ 618 $ 25 Subtotal commercial and industrial 411 618 25 Commercial real estate Agriculture 186 186 0 Commercial real estate other 13,101 13,672 0 Subtotal commercial real estate 13,287 13,858 0 Residential real estate Home equity 318 2,391 0 Mortgages 1,177 11,153 0 Subtotal residential real estate 1,495 13,544 0 Consumer and other Indirect 0 94 0 Consumer and other 0 175 0 Subtotal consumer and other 0 269 0 Total loans and leases $ 15,193 $ 28,289 $ 25 |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses Management reviews the appropriateness of the allowance for credit losses ("allowance" or "ACL") on a regular basis. Management considers the accounting policy relating to the allowance to be a critical accounting policy, given the inherent uncertainty in evaluating the levels of the allowance required to cover credit losses in the portfolio and the material effect that assumptions could have on the Company’s results of operations. The Company has developed a methodology to measure the amount of estimated credit loss exposure inherent in the loan portfolio to assure that an appropriate allowance is maintained. The Company’s methodology is based upon guidance provided in SEC Staff Accounting Bulletin No. 119, Measurement of Credit Losses on Financial Instruments ("CECL"), and Financial Instruments - Credit Losses and ASC Topic 326, Financial Instruments - Credit Losses. The Company uses a Discounted Cash Flow ("DCF") method to estimate expected credit losses for all loan segments excluding the leasing segment. For each of these loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, recovery lag, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on internal historical data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loans utilizing the DCF method, management utilizes forecasts of national unemployment and a one year percentage change in national gross domestic product as loss drivers in the model. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over eight quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts, and scenario weightings, are also considered by management when developing the forecast metrics. Due to the size and characteristics of the leasing portfolio, the Company uses the remaining life method, using the historical loss rate of the commercial and industrial segment, to determine the allowance for credit losses. The combination of adjustments for credit expectations and timing expectations produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce a net present value of expected cash flows ("NPV"). An ACL is established for the difference between the NPV and amortized cost basis. Since the methodology is based upon historical experience and trends, current conditions, and reasonable and supportable forecasts, as well as management’s judgment, factors may arise that result in different estimates. While management’s evaluation of the allowance as of March 31, 2023, considers the allowance to be appropriate, under adversely different conditions or assumptions, the Company would need to increase or decrease the allowance. In addition, various federal and State regulatory agencies, as part of their examination process, review the Company's allowance and may require the Company to recognize additions to the allowance based on their judgements and information available to them at the time of their examinations. Loan Commitments and Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Financial instruments include off-balance sheet credit instruments, such as commitments to make loans, and commercial letters of credit. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancellable, through a charge to credit loss expense for off-balance sheet credit exposures included in provision for credit loss expense in the Company's consolidated statements of income. The following table details activity in the allowance for credit losses on loans and leases for the three months ended March 31, 2023 and 2022. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Three Months Ended March 31, 2023 (In thousands) Commercial Commercial Residential Consumer Finance Total Allowance for credit losses: Beginning balance $ 6,039 $ 27,287 $ 11,154 $ 1,358 $ 96 $ 45,934 Impact of adopting ASU 2022-22 2 16 46 0 0 64 Charge-offs 0 0 (2) (106) 0 (108) Recoveries 46 1,246 64 33 0 1,389 (Credit) provision for credit loss expense 229 (1,363) (404) 343 15 (1,180) Ending Balance $ 6,316 $ 27,186 $ 10,858 $ 1,628 $ 111 $ 46,099 Three Months Ended March 31, 2022 (In thousands) Commercial Commercial Residential Consumer Finance Total Allowance for credit losses: Beginning balance $ 6,335 $ 24,813 $ 10,139 $ 1,492 $ 64 42,843 Charge-offs (23) (27) 0 (196) 0 (246) Recoveries 20 42 109 92 0 263 (Credit) provision for credit loss expense 695 (1,846) 199 200 18 (734) Ending Balance $ 7,027 $ 22,982 $ 10,447 $ 1,588 $ 82 $ 42,126 The following table details activity in the liabilities for off-balance sheet credit exposures for the three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Liabilities for off-balance sheet credit exposures at beginning of period $ 2,796 $ 2,507 Provision for credit loss expense related to off-balance sheet credit exposures 355 214 Liabilities for off-balance sheet credit exposures at end of period $ 3,151 $ 2,721 The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans: March 31, 2023 (In thousands) Real Estate Business Assets Other Total ACL Allocation Commercial Real Estate $ 10,547 $ 0 $ 0 $ 10,547 $ 0 Residential Real Estate 181 0 0 181 0 Total $ 10,728 $ 0 $ 0 $ 10,728 $ 0 December 31, 2022 (In thousands) Real Estate Business Assets Other Total ACL Allocation Commercial and Industrial $ 642 $ 28 $ 0 $ 670 $ 0 Commercial Real Estate 13,209 0 78 13,287 0 Commercial Real Estate - Agriculture 1,515 0 0 1,515 0 Residential Real Estate 188 0 0 188 3 Total $ 15,554 $ 28 $ 78 $ 15,660 $ 3 The Company adopted ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)" ("ASU 2022-02") effective January 1, 2023. ASU 2022-02 eliminates the guidance on troubled debt restructurings (TDRs) and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of the existing loan. ASU 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases, which has been incorporated in the credit quality table below. There were no new borrowers experiencing financial difficulty in the first quarter of 2023, and no new TDRs reported in the first quarter of 2022 . The following tables present credit quality indicators by total loans on an amortized cost basis by origination year as of March 31, 2023 and December 31, 2022: March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Commercial and Industrial - Other: Internal risk grade: Pass $ 16,897 $ 113,621 $ 80,606 $ 36,432 $ 44,230 $ 167,183 $ 203,174 $ 1,170 $ 663,313 Special Mention 0 0 120 338 132 1,339 800 0 2,729 Substandard 0 0 102 417 65 1,562 4,916 0 7,062 Total Commercial and Industrial - Other $ 16,897 $ 113,621 $ 80,828 $ 37,187 $ 44,427 $ 170,084 $ 208,890 $ 1,170 $ 673,104 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial and Industrial - PPP: Pass $ 0 $ 0 $ 383 $ 303 $ 0 $ 0 $ 0 $ 0 $ 686 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial and Industrial - PPP $ 0 $ 0 $ 383 $ 303 $ 0 $ 0 $ 0 $ 0 $ 686 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial and Industrial - Agriculture: Pass $ 2,152 $ 15,034 $ 4,399 $ 4,162 $ 3,479 $ 12,092 $ 23,745 $ 0 $ 65,063 Special Mention 0 0 56 0 0 0 20 0 76 Substandard 0 0 0 67 0 13 4 0 84 Total Commercial and Industrial - Agriculture $ 2,152 $ 15,034 $ 4,455 $ 4,229 $ 3,479 $ 12,105 $ 23,769 $ 0 $ 65,223 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial Real Estate Pass $ 39,210 $ 340,604 $ 367,485 $ 317,991 $ 278,372 $ 1,021,145 $ 35,794 $ 2,056 $ 2,402,657 Special Mention 0 643 0 1,682 11,380 21,234 0 0 34,939 Substandard 0 74 109 0 3,147 35,482 124 0 38,936 Total Commercial Real Estate $ 39,210 $ 341,321 $ 367,594 319,673 292,899 1,077,861 $ 35,918 $ 2,056 $ 2,476,532 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial Real Estate - Agriculture: Pass $ 2,578 $ 34,652 $ 23,976 $ 22,525 $ 24,893 $ 100,038 $ 2,158 $ 1,450 $ 212,270 Special Mention 0 0 0 0 396 1,115 0 0 1,511 Substandard 0 0 0 0 183 50 0 0 233 Total Commercial Real Estate - Agriculture $ 2,578 $ 34,652 $ 23,976 $ 22,525 $ 25,472 $ 101,203 $ 2,158 $ 1,450 $ 214,014 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Commercial Real Estate - Construction Pass $ 0 $ 30,152 $ 73,446 $ 17,738 $ 11,859 $ 16,312 $ 62,168 $ 8,114 $ 219,789 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial Real Estate - Construction $ 0 $ 30,152 $ 73,446 $ 17,738 $ 11,859 $ 16,312 $ 62,168 $ 8,114 $ 219,789 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Residential - Home Equity Performing $ 499 $ 2,357 $ 1,033 $ 610 $ 953 $ 10,589 $ 164,730 $ 317 $ 181,088 Nonperforming 0 0 0 0 0 288 2,260 0 2,548 Total Residential - Home Equity $ 499 $ 2,357 $ 1,033 $ 610 $ 953 $ 10,877 $ 166,990 $ 317 $ 183,636 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 2 $ 0 $ 0 $ 2 Residential - Mortgages Performing $ 15,811 $ 192,106 $ 269,413 $ 235,432 $ 116,045 $ 501,085 $ 0 $ 0 $ 1,329,892 Nonperforming 0 218 330 619 670 10,485 0 0 12,322 Total Residential - Mortgages $ 15,811 $ 192,324 $ 269,743 $ 236,051 $ 116,715 $ 511,570 $ 0 $ 0 $ 1,342,214 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Consumer - Direct Performing $ 26,213 $ 16,366 $ 13,338 $ 6,844 $ 5,762 $ 11,873 $ 3,205 $ 0 $ 83,601 Nonperforming 0 0 0 0 63 108 3 0 174 Total Consumer - Direct $ 26,213 $ 16,366 $ 13,338 $ 6,844 $ 5,825 $ 11,981 $ 3,208 $ 0 $ 83,775 Current-period gross writeoffs $ 33 $ 0 $ 0 $ 14 $ 20 $ 3 $ 0 $ 0 $ 70 Consumer - Indirect Performing $ 0 $ 0 $ 139 $ 127 $ 885 $ 554 $ 0 $ 0 $ 1,705 Nonperforming 0 0 0 0 55 23 0 0 78 Total Consumer - Indirect $ 0 $ 0 $ 139 $ 127 $ 940 $ 577 $ 0 $ 0 $ 1,783 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 31 $ 5 $ 0 $ 0 $ 36 December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Commercial and Industrial - Other: Internal risk grade: Pass $ 124,190 $ 79,861 $ 38,158 $ 41,391 $ 33,238 $ 156,038 $ 215,890 $ 6,466 $ 695,232 Special Mention 0 127 421 285 271 1,380 501 0 2,985 Substandard 0 111 442 35 733 503 5,659 0 7,483 Total Commercial and Industrial - Other $ 124,190 $ 80,099 $ 39,021 $ 41,711 $ 34,242 $ 157,921 $ 222,050 $ 6,466 $ 705,700 Commercial and Industrial - Agriculture: Pass $ 16,694 $ 4,120 $ 4,944 $ 4,186 $ 7,734 $ 4,883 $ 42,097 $ 215 $ 84,873 Special Mention 0 58 0 0 0 0 50 0 108 Substandard 0 0 71 0 0 16 5 0 92 Total Commercial and Industrial - Agriculture $ 16,694 $ 4,178 $ 5,015 $ 4,186 $ 7,734 $ 4,899 $ 42,152 $ 215 $ 85,073 Commercial and Industrial - PPP: Pass $ 0 $ 416 $ 340 $ 0 $ 0 $ 0 $ 0 $ 0 $ 756 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial and Industrial - PPP $ 0 $ 416 $ 340 $ 0 $ 0 $ 0 $ 0 $ 0 $ 756 Commercial Real Estate Pass $ 342,311 $ 367,104 $ 311,607 $ 279,587 $ 203,016 $ 812,563 $ 10,906 $ 24,503 $ 2,351,597 Special Mention 643 3,406 1,688 11,462 2,555 25,361 0 0 45,115 Substandard 78 110 0 3,394 1,692 35,221 132 0 40,627 Total Commercial Real Estate $ 343,032 $ 370,620 $ 313,295 $ 294,443 $ 207,263 $ 873,145 $ 11,038 $ 24,503 $ 2,437,339 Commercial Real Estate - Agriculture: Pass $ 33,241 $ 24,125 $ 22,831 $ 25,576 $ 37,835 $ 65,112 $ 3,131 $ 1,235 $ 213,086 Special Mention 0 0 0 401 0 1,142 0 0 1,543 Substandard 0 0 0 186 38 110 0 0 334 Total Commercial Real Estate - Agriculture $ 33,241 $ 24,125 $ 22,831 $ 26,163 $ 37,873 $ 66,364 $ 3,131 $ 1,235 $ 214,963 Commercial Real Estate - Construction Pass $ 23,105 $ 75,245 $ 27,584 $ 14,842 $ 9,083 $ 7,268 $ 42,701 $ 1,288 $ 201,116 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial Real Estate - Construction $ 23,105 $ 75,245 $ 27,584 $ 14,842 $ 9,083 $ 7,268 $ 42,701 $ 1,288 $ 201,116 The following tables present credit quality indicators by total loans on an amortized cost basis by origination year as of December 31, 2022, continued: December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Residential - Home Equity Performing $ 3,030 $ 1,062 $ 637 $ 992 $ 792 $ 3,183 $ 175,451 $ 1,085 $ 186,232 Nonperforming 0 0 0 14 0 25 2,352 0 2,391 Total Residential - Home Equity $ 3,030 $ 1,062 $ 637 $ 1,006 $ 792 $ 3,208 $ 177,803 $ 1,085 $ 188,623 Residential - Mortgages Performing $ 187,129 $ 272,235 $ 239,584 $ 117,391 $ 66,605 $ 452,221 $ 0 $ 0 $ 1,335,165 Nonperforming 218 335 628 682 1,552 7,738 0 0 11,153 Total Residential - Mortgages $ 187,347 $ 272,570 $ 240,212 $ 118,073 $ 68,157 $ 459,959 $ 0 $ 0 $ 1,346,318 Consumer - Direct Performing $ 31,243 $ 13,999 $ 7,372 $ 6,138 $ 4,386 $ 8,029 $ 4,070 $ 0 $ 75,237 Nonperforming 0 0 3 93 76 0 3 0 175 Total Consumer - Direct $ 31,243 $ 13,999 $ 7,375 $ 6,231 $ 4,462 $ 8,029 $ 4,073 $ 0 $ 75,412 Consumer - Indirect Performing $ 0 $ 156 $ 146 $ 1,092 $ 635 $ 101 $ 0 $ 0 $ 2,130 Nonperforming 0 0 0 76 10 8 0 0 94 Total Consumer - Indirect $ 0 $ 156 $ 146 $ 1,168 $ 645 $ 109 $ 0 $ 0 $ 2,224 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share in the table below, for the three month periods ended March 31, 2023 and 2022 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share (ASC 260). ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has issued restricted stock awards that contain such rights and are therefore considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities. Three Months Ended (In thousands, except share and per share data) 03/31/2023 03/31/2022 Basic Net income available to common shareholders $ 19,381 $ 23,273 Less: income attributable to unvested stock-based compensation awards (18) (76) Net earnings allocated to common shareholders 19,363 23,197 Weighted average shares outstanding, including unvested stock-based compensation awards 14,520,092 14,611,709 Less: average unvested stock-based compensation awards (193,497) (211,706) Weighted average shares outstanding - Basic 14,326,595 14,400,003 Diluted Net earnings allocated to common shareholders 19,363 23,197 Weighted average shares outstanding - Basic 14,326,595 14,400,003 Plus: incremental shares from assumed conversion of stock-based compensation awards 63,078 78,180 Weighted average shares outstanding - Diluted 14,389,673 14,478,183 Basic EPS $ 1.35 $ 1.61 Diluted EPS $ 1.35 $ 1.60 Stock-based compensation awards representing 2,860 and 1,848 of common shares during the three months ended March 31, 2023 and 2022, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present reclassifications out of the accumulated other comprehensive income (loss) for the three month periods ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 (In thousands) Before-Tax Tax (Expense) Net of Tax Available-for-sale debt securities: Change in net unrealized gain (loss) during the period $ 27,255 $ (6,677) $ 20,578 Net unrealized gains/losses 27,255 (6,677) 20,578 Employee benefit plans: Amortization of net retirement plan actuarial gain 297 (73) 224 Amortization of net retirement plan prior service cost 55 (14) 41 Employee benefit plans 352 (87) 265 Other comprehensive (loss) income $ 27,607 $ (6,764) $ 20,843 Three Months Ended March 31, 2022 (In thousands) Before-Tax Tax (Expense) Net of Tax Available-for-sale debt securities: Change in net unrealized (loss) gain during the period $ (106,481) $ 26,076 $ (80,405) Net unrealized gains/losses (106,481) 26,076 (80,405) Employee benefit plans: Amortization of net retirement plan actuarial gain 615 (151) 464 Amortization of net retirement plan prior service cost 56 (14) 42 Employee benefit plans 671 (165) 506 Other comprehensive (loss) income $ (105,810) $ 25,911 $ (79,899) The following table presents the activity in our accumulated other comprehensive income (loss) for the periods indicated: (In thousands) Available-for- Employee Accumulated Balance at January 1, 2023 $ (178,803) $ (29,886) $ (208,689) Other comprehensive income before reclassifications 20,578 0 20,578 Amounts reclassified from accumulated other comprehensive (loss) income 0 265 265 Net current-period other comprehensive income (loss) 20,578 265 20,843 Balance at March 31, 2023 $ (158,225) $ (29,621) $ (187,846) Balance at January 1, 2022 $ (14,560) $ (41,390) $ (55,950) Other comprehensive loss before reclassifications (80,405) 0 (80,405) Amounts reclassified from accumulated other comprehensive (loss) income 0 506 506 Net current-period other comprehensive income (loss) (80,405) 506 (79,899) March 31, 2022 $ (94,965) $ (40,884) $ (135,849) The following tables present the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) Amount 1 Affected Line Item in the Available-for-sale debt securities: Unrealized gains and losses on available-for-sale debt securities $ 0 Net (loss) gain on securities transactions 0 Tax expense 0 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (297) Other operating expense Net retirement plan prior service cost (55) Other operating expense (352) Total before tax 87 Tax benefit $ (265) Net of tax Three Months Ended March 31, 2022 Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) Amount 1 Affected Line Item in the Available-for-sale debt securities: Unrealized gains and losses on available-for-sale debt securities $ 0 Net (loss) gain on securities transactions 0 Tax expense 0 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (615) Other operating expense Net retirement plan prior service cost (56) Other operating expense (671) Total before tax 165 Tax benefit $ (506) Net of tax 1 Amounts in parentheses indicated debits in income statement. 2 The accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost (See Note 8 - "Employee Benefit Plan"). |
Employee Benefit Plan
Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The following table sets forth the amount of the net periodic benefit cost recognized by the Company for the Company’s pension plan, post-retirement plan (Life and Health), and supplemental employee retirement plans ("SERP") including the following components: service cost, interest cost, expected return on plan assets for the period, amortization of net retirement plan actuarial loss, and prior service cost recognized. Components of Net Periodic Benefit Cost: Pension Benefits Life and Health SERP Benefits Three Months Ended Three Months Ended Three Months Ended (In thousands) 03/31/2023 03/31/2022 03/31/2023 03/31/2022 03/31/2023 03/31/2022 Service cost $ 0 $ 0 $ 15 $ 44 $ 14 $ 52 Interest cost 823 463 89 52 299 201 Expected return on plan assets (1,199) (1,468) 0 0 0 0 Amortization of net retirement plan actuarial loss 304 323 (7) 52 0 240 Amortization of net retirement plan prior service (credit) cost 0 0 (15) (15) 70 71 Net periodic benefit (income) cost $ (72) $ (682) $ 82 $ 133 $ 383 $ 564 The service component of net periodic benefit cost for the Company's benefit plans is recorded as a part of salaries and wages in the consolidated statements of income. All other components are recorded as part of other operating expenses in the consolidated statements of income. The Company realized approximately $266,000 and $506,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the three months ended March 31, 2023 and 2022, respectively. |
Other Income and Operating Expe
Other Income and Operating Expense | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income and Operating Expense | Other Income and Operating Expense Other income and operating expense totals are presented in the table below. Components of these totals exceeding 1% of the aggregate of total noninterest income and total noninterest expenses for any periods presented below are stated separately. Three Months Ended (In thousands) 03/31/2023 03/31/2022 Noninterest Income Other service charges $ 615 $ 627 Earnings from corporate owned life insurance 615 423 Net gains on the sale of loans originated for sale 38 4 Other income 673 422 Total other income $ 1,941 $ 1,476 Noninterest Expenses Marketing expense $ 1,105 $ 1,056 Professional fees 1,804 1,606 Legal fees 419 210 Technology expense 4,007 3,683 FDIC insurance 1,054 701 Cardholder expense 1,016 1,141 Other expenses 4,064 3,623 Total other operating expense $ 13,469 $ 12,020 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition As stated in Note 1 - "Summary of Significant Accounting Policies," in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company adopted ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers on January 1, 2022. The update relates to the previous adoption of ASC 606, "Revenue from Contracts with Customers" and all subsequent ASUs that modified ASC 606, and will be applied to future acquisitions. As there were no acquisitions during the current year, the adoption of ASU No. 2021-08 had no effect on the financial statements for the current fiscal year. Generally, this new guidance strives to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity and inconsistency amongst entities in measuring contract assets and liabilities. The update requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if it had originated the contract. Changes in the acquiree’s balance of contract asset and contract liabilities identified as necessary to conform to the acquirer’s accounting policies would result in a reallocation of the purchase price. ASC 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of ASC 606. ASC 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, merchant income, and annuity and insurance commissions. However, the recognition of these revenue streams did not change significantly upon adoption of ASC 606. Insurance Commissions and Fees Insurance commissions and fees from insurance product sales are typically earned upon the effective date of bound coverage, as no significant performance obligation remains after coverage is bound. Commission revenue on policies billed in installments is now accrued based upon the completion of the performance obligation creating a current asset for the unbilled revenue until such time as an invoice is generated, typically not to exceed twelve months. The impact of these changes was not significant, but it will result in slight variances from quarter to quarter. Contingent commissions are estimated based upon management’s expectations for the year with an appropriate constraint applied and accrued relative to the recognition of the corresponding core commissions. Trust & Asset Management Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Mutual Fund & Investment Income Mutual fund and investment income consists of other recurring revenue streams such as commissions from sales of mutual funds and other investments, investment advisory fees from the Company’s Strategic Asset Management Services (SAM) wealth management product. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. The Company also receives periodic service fees (i.e., trailers) from mutual fund companies typically based on a percentage of net asset value, recorded over time, usually monthly or quarterly, as net asset value is determined. Investment advisor fees from the wealth management product is earned over time and based on an annual percentage rate of the net asset value. The investment advisor fees are charged to the customer’s account in advance on the first month of the quarter, and the revenue is recognized over the following three-month period. The Company does engage a third party, LPL Financial, LLC (LPL), to satisfy part of this performance obligation, and therefore this income is reported net of any corresponding expenses paid to LPL. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Card Services Income Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. The Company’s performance obligation for fees and exchange are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Other Other service charges include revenue from processing wire and ACH transfers, lock box service and safe deposit box rental. Payment on these revenue streams is received primarily through a direct charge to the customer’s account, immediately or in the following month, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. The following table presents noninterest income, segregated by revenue streams, for the three months ended March 31, 2023 and 2022: Three Months Ended (In thousands) 03/31/2023 03/31/2022 Noninterest Income In-scope of Topic 606: Commissions and Fees $ 8,517 $ 7,964 Installment Billing 1 44 Refund of Commissions 59 (28) Contract Liabilities/Deferred Revenue (3) (1) Contingent Commissions 935 1,338 Subtotal Insurance Revenues 9,509 9,317 Trust and Asset Management 3,435 3,503 Mutual Fund & Investment Income 1,074 1,414 Subtotal Investment Service Income 4,509 4,917 Service Charges on Deposit Accounts 1,746 1,779 Card Services Income 2,682 2,543 Other 351 316 Noninterest Income (in-scope of ASC 606) 18,797 18,872 Noninterest Income (out-of-scope of ASC 606) 1,603 1,113 Total Noninterest Income $ 20,400 $ 19,985 Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration or before payment is due, which would result in contract receivables or assets, respectively. A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment or for which payment is due from the customer. The Company’s noninterest revenue streams, excluding some insurance commissions and fees, are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Receivables primarily consist of amounts due for insurance and wealth management services performed for which the Company's performance obligations have been fully satisfied. Receivables for the insurance and wealth management services amounted to $4.3 million and $2.8 million, respectively, at March 31, 2023, compared to $6.1 million and $2.5 million, respectively, at December 31, 2022. Additionally, the Company had contract assets related to contingent income of $0.7 million and $2.9 million, respectively, at March 31, 2023 and December 31, 2022, and contract liabilities of $0.8 million and $1.6 million, respectively at March 31, 2023 and December 31, 2022. Contract Acquisition Costs In connection with the adoption of ASC 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of ASC 606, the Company did not capitalize any contract acquisition costs. |
Financial Guarantees
Financial Guarantees | 3 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Financial Guarantees | Financial Guarantees The Company currently does not issue any guarantees that would require liability recognition or disclosure, other than standby letters of credit. The Company extends standby letters of credit to its customers in the normal course of business. The standby letters of credit are generally short-term. As of March 31, 2023, the Company’s maximum potential obligation under standby letters of credit was $34.9 million compared to $35.8 million at December 31, 2022. Management uses the same credit policies to extend standby letters of credit that it uses for on-balance sheet lending decisions and may require collateral to support standby letters of credit based upon its evaluation of the counterparty. Management does not anticipate any significant losses as a result of these transactions, and has determined that the fair value of standby letters of credit is not significant. |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related Information The Company manages its operations through three reportable business segments in accordance with the standards set forth in FASB ASC 280, "Segment Reporting": (i) banking ("Banking"), (ii) insurance ("Tompkins Insurance") and (iii) wealth management ("Tompkins Financial Advisors"). The Company’s insurance services and wealth management services, other than trust services, are managed separately from the Banking segment. Banking Tompkins Community Bank has twelve banking offices located in Ithaca, NY and surrounding communities; sixteen banking offices located in the Genesee Valley region of New York State, which includes Monroe County; thirteen banking offices located in the counties north of New York City; and nineteen banking offices headquartered and operating in the areas surrounding southeastern Pennsylvania. Insurance The Company provides property and casualty insurance services and employee benefits consulting through Tompkins Insurance Agencies, Inc., a 100% wholly-owned subsidiary of the Company, headquartered in Batavia, New York. Tompkins Insurance is an independent insurance agency, representing many major insurance carriers and provides employee benefit consulting to employers in Western and Central New York and Southeastern Pennsylvania, assisting them with their medical, group life insurance and group disability insurance. Tompkins Insurance has five stand-alone offices in Western New York. Wealth Management The Wealth Management segment is generally organized under the Tompkins Financial Advisors brand. Tompkins Financial Advisors offers a comprehensive suite of financial services to customers, including trust and estate services, investment management and financial and insurance planning for individuals, corporate executives, small business owners and high net worth individuals. Tompkins Financial Advisors has offices in each of the Company’s regional markets. Summarized financial information concerning the Company’s reportable segments and the reconciliation to the Company’s consolidated results is shown in the following table. Investment in subsidiaries is netted out of the presentations below. The “Intercompany” column identifies the intercompany activities of revenues, expenses and other assets between the banking, insurance and wealth management services segments. The Company accounts for intercompany fees and services at an estimated fair value according to regulatory requirements for the services provided. Intercompany items relate primarily to the use of human resources, information systems, accounting and marketing services provided by the bank and the holding company. All other accounting policies are the same as those described in the summary of significant accounting policies in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Three months ended March 31, 2023 (In thousands) Banking Insurance Wealth Management Intercompany Consolidated Interest income $ 69,238 $ 1 $ 0 $ (1) $ 69,238 Interest expense 14,993 0 0 (1) 14,992 Net interest income 54,245 1 0 0 54,246 Credit for credit loss expense (825) 0 0 0 (825) Noninterest income 6,698 9,636 4,621 (555) 20,400 Noninterest expense 39,848 7,215 3,650 (555) 50,158 Income before income tax expense 21,920 2,422 971 0 25,313 Income tax expense 4,989 673 239 0 5,901 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 16,931 1,749 732 0 19,412 Less: Net income attributable to noncontrolling interests 31 0 0 0 31 Net Income attributable to Tompkins Financial Corporation $ 16,900 $ 1,749 $ 732 $ 0 $ 19,381 Depreciation and amortization $ 2,589 $ 44 $ 45 $ 0 $ 2,678 Assets 7,586,753 43,779 29,013 (15,174) 7,644,371 Goodwill 64,655 19,866 8,081 0 92,602 Other intangibles, net 984 1,576 45 0 2,605 Net loans and leases 5,227,572 0 0 0 5,227,572 Deposits 6,527,953 0 (4,245) (14,699) 6,509,009 Total Equity $ 584,650 $ 35,625 $ 29,490 $ 0 $ 649,765 Three months ended March 31, 2022 (In thousands) Banking Insurance Wealth Intercompany Consolidated Interest income $ 59,176 $ 1 $ 0 $ (1) $ 59,176 Interest expense 2,563 0 0 (1) 2,562 Net interest income 56,613 1 0 0 56,614 Credit for credit loss expense (520) 0 0 0 (520) Noninterest income 6,193 9,434 4,934 (576) 19,985 Noninterest expense 37,190 6,501 3,724 (576) 46,839 Income before income tax expense 26,136 2,934 1,210 0 30,280 Income tax expense 5,791 815 370 0 6,976 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 20,345 2,119 840 0 23,304 Less: Net income attributable to noncontrolling interests 31 0 0 0 31 Net Income attributable to Tompkins Financial Corporation $ 20,314 $ 2,119 $ 840 $ 0 $ 23,273 Depreciation and amortization $ 2,578 $ 44 $ 28 $ 0 $ 2,650 Assets 7,835,767 44,247 26,684 (15,587) 7,891,111 Goodwill 64,500 19,866 8,081 0 92,447 Other intangibles, net 1,402 1,917 63 0 3,382 Net loans and leases 5,021,325 0 0 0 5,021,325 Deposits 7,031,223 0 (10) (14,474) 7,016,739 Total Equity $ 598,707 $ 34,128 $ 24,657 $ 0 $ 657,492 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. FASB ASC Topic 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Transfers between levels, when determined to be appropriate, are recognized at the end of each reporting period. The three levels of the fair value hierarchy under FASB ASC Topic 820 are: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value: Recurring Fair Value Measurements March 31, 2023 (In thousands) Total (Level 1) (Level 2) (Level 3) Available-for-sale debt securities U.S. Treasuries $ 170,814 $ 0 $ 170,814 $ 0 Obligations of U.S. Government sponsored entities 599,762 0 599,762 0 Obligations of U.S. states and political subdivisions 86,684 0 86,684 0 Mortgage-backed securities – residential, issued by: U.S. Government agencies 50,891 0 50,891 0 U.S. Government sponsored entities 675,310 0 675,310 0 U.S. corporate debt securities 2,393 0 2,393 0 Total Available-for-sale debt securities $ 1,585,854 $ 0 $ 1,585,854 $ 0 Equity securities, at fair value $ 790 $ 0 $ 0 $ 790 Recurring Fair Value Measurements December 31, 2022 (In thousands) Total (Level 1) (Level 2) (Level 3) Available-for-sale debt securities U.S. Treasuries $ 167,251 $ 0 $ 167,251 $ 0 Obligations of U.S. Government sponsored entities 601,167 0 601,167 0 Obligations of U.S. states and political subdivisions 85,281 0 85,281 0 Mortgage-backed securities – residential, issued by: U.S. Government agencies 52,668 0 52,668 0 U.S. Government sponsored entities 686,222 0 686,222 0 U.S. corporate debt securities 2,378 0 2,378 0 Total Available-for-sale debt securities $ 1,594,967 $ 0 $ 1,594,967 $ 0 Equity securities, at fair value $ 777 $ 0 $ 0 $ 777 Securities: Fair values for U.S. Treasury securities are based on quoted market prices. Fair values for obligations of U.S. government sponsored entities, mortgage-backed securities-residential, obligations of U.S. states and political subdivisions, and U.S. corporate debt securities are based on quoted market prices, where available, as provided by third party pricing vendors. If quoted market prices were not available, fair values are based on quoted market prices of comparable instruments in active markets and/or based upon a matrix pricing methodology, which uses comprehensive interest rate tables to determine market price, movement and yield relationships. These securities are reviewed periodically to determine if there are any events or changes in circumstances that would adversely affect their value. The change in the fair value of equity securities valued using significant unobservable inputs (level 3), between December 31, 2022 and March 31, 2023, was immaterial. There were no transfers between Levels 1, 2 and 3 for the three months ended March 31, 2023. The Company determines fair value for its available-for-sale debt securities using an independent bond pricing service for identical assets or very similar securities. The Company determines fair value for its equity securities based on the underlying equity fund’s pricing and valuation procedures which consider recent sales price, market quotations from a pricing service, or market quotes from an independent broker-dealer. The Company has reviewed the pricing sources, including methodologies used, and finds them to be fairly stated. Certain assets are measured at fair value on a nonrecurring basis. For the Company, these include loans held for sale, collateral dependent individually evaluated loans, and other real estate owned ("OREO"). As of March 31, 2023 and 2022, certain collateral dependent evaluated loans were remeasured and reported at fair value through a specific valuation allowance and/or partial charge-offs for credit losses based upon the fair value of the underlying collateral. Collateral values are estimated using Level 3 inputs. Upon initial recognition, fair value write-downs are taken through a charge-off to the allowance for credit losses. Subsequent fair value write-downs on other real estate owned are reported in other noninterest expense. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at March 31, 2023 and 2022. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions: Three months ended March 31, 2023 (In thousands) Fair value measurements at reporting Gain (losses) Assets: As of 03/31/2023 Quoted prices in Significant other Significant Three months ended 03/31/2023 Individually evaluated loans $ 0 $ 0 $ 0 $ 0 $ 826 Other real estate owned 36 0 36 22 December 31, 2022 (In thousands) Fair value measurements at reporting Gain (losses) Assets: As of 12/31/2022 Quoted prices in Significant other Significant Three months ended 12/31/2022 Individually evaluated loans $ 9,460 $ 0 $ 0 $ 9,460 $ 59 Other real estate owned 152 0 0 152 15 The fair value estimates, methods and assumptions set forth below for the Company's financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by U.S. GAAP and should be read in conjunction with the financial statements and notes included herein. For loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For real estate loans, fair value of the loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. Estimated Fair Value of Financial Instruments March 31, 2023 (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 70,537 $ 70,537 $ 70,537 $ 0 $ 0 Securities - held-to-maturity 312,357 267,099 0 267,099 0 FHLB and other stock 19,326 19,326 0 19,326 0 Accrued interest receivable 23,629 23,629 0 23,629 0 Loans/leases, net 1 5,227,572 4,911,105 0 0 4,911,105 Financial Liabilities: Time deposits $ 725,338 $ 713,125 $ 0 $ 713,125 $ 0 Other deposits 5,783,671 5,783,671 0 5,783,671 0 Fed funds purchased and securities sold under agreements to repurchase 63,491 63,491 0 63,491 0 Other borrowings 327,000 324,849 0 324,849 0 Accrued interest payable 1,579 1,579 0 1,579 0 Estimated Fair Value of Financial Instruments December 31, 2022 (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 77,837 $ 77,837 $ 77,837 $ 0 $ 0 Securities - held to maturity 312,344 261,692 0 261,692 0 FHLB and other stock 17,720 17,720 0 17,720 0 Accrued interest receivable 24,865 24,865 0 24,865 0 Loans/leases, net 1 5,222,977 4,939,246 0 0 4,939,246 Financial Liabilities: Time deposits $ 631,411 $ 616,488 $ 0 $ 616,488 $ 0 Other deposits 5,970,884 5,970,884 0 5,970,884 0 Fed funds purchased and securities sold under agreements to repurchase 56,278 56,278 0 56,278 0 Other borrowings 291,300 289,234 0 289,234 0 Accrued interest payable 1,420 1,420 0 1,420 0 1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. The following methods and assumptions were used in estimating fair value disclosures for financial instruments. Cash and Cash Equivalents: The carrying amounts reported in the Consolidated Statements of Condition for cash, noninterest-bearing deposits, money market funds, and Federal funds sold approximate the fair value of those assets. FHLB Stock: The carrying amount of FHLB stock approximates fair value. If the stock is redeemed, the Company will receive an amount equal to the par value of the stock. For other stock reported above, carrying value is cost. Loans and Leases: Fair value for loans are calculated using an exit price notion. The Company's valuation methodology takes into account factors such as estimated cash flows, including contractual cash flow and assumptions for prepayments; liquidity risk; and credit risk. The fair values of residential loans were estimated using discounted cash flow analyses, based upon available market benchmarks for rates and prepayment assumptions. The fair values of commercial and consumer loans were estimated using discounted cash flow analyses, based upon interest rates currently offered for loans and leases with similar terms and credit quality. The fair values of loans held for sale were determined based upon contractual prices for loans with similar characteristics. Accrued Interest Receivable and Accrued Interest Payable: The carrying amount of these short term instruments approximate fair value. Deposits: The fair values disclosed for noninterest bearing accounts and accounts with no stated maturities are equal to the amount payable on demand at the reporting date. The fair value of time deposits is based upon discounted cash flow analyses using rates offered for FHLB advances, which is the Company’s primary alternative source of funds. Other borrowings: The fair value of other borrowings is based upon discounted cash flow analyses using current rates offered for FHLB advances, with similar terms. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Management of economic risks, by the Company, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Existing credit derivatives result from participation in loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Non-designated Hedges The Company’s existing credit derivatives result from participation in or out of interest rate swaps provided by or to external lenders as part of loan participation arrangements, and therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans. Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated statements of condition as of March 31, 2023 and December 31, 2022. The Company began entering into derivative transactions in the second quarter of 2022. Derivative Liabilities March 31, 2023 December 31, 2022 Notional Balance Sheet Fair Balance Sheet Fair (In thousands) Amount Location Value Location Value Derivatives not designated as hedging instruments Interest Rate Products $ 0 Other Liabilities $ 0 Other Liabilities $ 0 Risk Participation Agreement 7,499 Other Liabilities 26 Other Liabilities 21 Total derivatives not designated as hedging instruments $ 26 $ 21 Tabular Disclosure of the Effect of Derivatives Not Designated as Hedging Instruments on the Income Statement The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the three months ended March 31, 2023: Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative (In thousands) Three Months Ended March 31, 2023 Interest Rate Products Other income / (expense) $ 0 Risk Participation Agreement Other income / (expense) (6) Total $ (6) |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available for sale securities | The following table summarizes available-for-sale debt securities held by the Company at March 31, 2023: Available-for-Sale Debt Securities March 31, 2023 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 190,220 $ 0 $ 19,406 $ 170,814 Obligations of U.S. Government sponsored entities 670,978 0 71,216 599,762 Obligations of U.S. states and political subdivisions 92,915 10 6,241 86,684 Mortgage-backed securities – residential, issued by U.S. Government agencies 56,224 15 5,348 50,891 U.S. Government sponsored entities 782,586 0 107,276 675,310 U.S. corporate debt securities 2,500 0 107 2,393 Total available-for-sale debt securities $ 1,795,423 $ 25 $ 209,594 $ 1,585,854 The following table summarizes available-for-sale debt securities held by the Company at December 31, 2022: Available-for-Sale Debt Securities December 31, 2022 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 190,170 $ 0 $ 22,919 $ 167,251 Obligations of U.S. Government sponsored entities 681,192 0 80,025 601,167 Obligations of U.S. states and political subdivisions 93,599 8 8,326 85,281 Mortgage-backed securities – residential, issued by U.S. Government agencies 58,727 12 6,071 52,668 U.S. Government sponsored entities 805,603 0 119,381 686,222 U.S. corporate debt securities 2,500 0 122 2,378 Total available-for-sale debt securities $ 1,831,791 $ 20 $ 236,844 $ 1,594,967 |
Schedule of held to maturity securities | The following table summarizes held-to-maturity debt securities held by the Company at March 31, 2023: Held-to-Maturity Securities March 31, 2023 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 86,425 $ 0 $ 10,966 $ 75,459 Obligations of U.S. Government sponsored entities 225,932 0 34,292 191,640 Total held-to-maturity debt securities $ 312,357 $ 0 $ 45,258 $ 267,099 The following table summarizes held-to-maturity debt securities held by the Company at December 31, 2022: Held-to-Maturity Securities December 31, 2022 Amortized Gross Gross Fair Value (In thousands) U.S. Treasuries $ 86,478 $ 0 $ 12,937 $ 73,541 Obligations of U.S. Government sponsored entities 225,866 0 37,715 188,151 Total held-to-maturity debt securities $ 312,344 $ 0 $ 50,652 $ 261,692 March 31, 2023 (In thousands) Amortized Cost Fair Value Held-to-maturity debt securities: Due after five years through ten years $ 312,357 $ 267,099 Total held-to-maturity debt securities $ 312,357 $ 267,099 December 31, 2022 (In thousands) Amortized Cost Fair Value Held-to-maturity debt securities: Due after five years through ten years $ 312,344 $ 261,692 Total held-to-maturity debt securities $ 312,344 $ 261,692 |
Schedule of available for sale securities with unrealized losses | The following table summarizes available-for-sale debt securities that had unrealized losses at March 31, 2023: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 0 $ 0 $ 170,814 $ 19,406 $ 170,814 $ 19,406 Obligations of U.S. Government sponsored entities 95,536 1,931 504,226 69,286 599,762 71,217 Obligations of U.S. states and political subdivisions 20,397 306 58,598 5,936 78,995 6,242 Mortgage-backed securities – residential, issued by U.S. Government agencies 5,484 183 45,046 5,164 50,530 5,347 U.S. Government sponsored entities 16,950 761 658,360 106,514 675,310 107,275 U.S. corporate debt securities 0 0 2,393 107 2,393 107 Total available-for-sale debt securities $ 138,367 $ 3,181 $ 1,439,437 $ 206,413 $ 1,577,804 $ 209,594 The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2022: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 28,602 $ 2,132 $ 138,649 $ 20,787 $ 167,251 $ 22,919 Obligations of U.S. Government sponsored entities 143,794 7,508 457,373 72,517 601,167 80,025 Obligations of U.S. states and political subdivisions 46,638 2,385 33,435 5,941 80,073 8,326 Mortgage-backed securities – residential, issued by U.S. Government agencies 22,945 1,258 29,356 4,813 52,301 6,071 U.S. Government sponsored entities 186,690 16,869 499,532 102,512 686,222 119,381 U.S. corporate debt securities 0 0 2,378 122 2,378 122 Total available-for-sale debt securities $ 428,669 $ 30,152 $ 1,160,723 $ 206,692 $ 1,589,392 $ 236,844 |
Schedule held-to-maturity securities with unrealized losses | The following table summarizes held-to-maturity debt securities that had unrealized losses at March 31, 2023: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 0 $ 0 $ 75,459 $ 10,966 $ 75,459 $ 10,966 Obligations of U.S. Government sponsored entities 8,293 604 183,347 33,688 191,640 34,292 Total held-to-maturity debt securities $ 8,293 $ 604 $ 258,806 $ 44,654 $ 267,099 $ 45,258 The following table summarizes held-to-maturity debt securities that had unrealized losses at December 31, 2022: Less than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasuries $ 0 $ 0 $ 73,542 $ 12,937 $ 73,542 $ 12,937 Obligations of U.S. Government sponsored entities 24,543 3,903 163,607 33,812 188,150 37,715 Total held-to-maturity debt securities $ 24,543 $ 3,903 $ 237,149 $ 46,749 $ 261,692 $ 50,652 |
Schedule of amortized cost and estimated fair value of debt securities by contractual maturity | The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date. March 31, 2023 (In thousands) Amortized Cost Fair Value Available-for-sale debt securities: Due in one year or less $ 40,237 $ 39,828 Due after one year through five years 554,392 506,082 Due after five years through ten years 325,346 283,610 Due after ten years 36,638 30,133 Total 956,613 859,653 Mortgage-backed securities 838,810 726,201 Total available-for-sale debt securities $ 1,795,423 $ 1,585,854 December 31, 2022 (In thousands) Amortized Cost Fair Value Available-for-sale debt securities: Due in one year or less $ 50,922 $ 50,269 Due after one year through five years 508,880 459,721 Due after five years through ten years 367,743 314,408 Due after ten years 39,916 31,679 Total 967,461 856,077 Mortgage-backed securities 864,330 738,890 Total available-for-sale debt securities $ 1,831,791 $ 1,594,967 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of loans and leases | Loans and Leases at March 31, 2023 and December 31, 2022 were as follows: (In thousands) 03/31/2023 12/31/2022 Commercial and industrial Agriculture $ 65,223 $ 85,073 Commercial and industrial other 673,104 705,700 PPP loans* 686 756 Subtotal commercial and industrial 739,013 791,529 Commercial real estate Construction 219,789 201,116 Agriculture 214,014 214,963 Commercial real estate other 2,476,532 2,437,339 Subtotal commercial real estate 2,910,335 2,853,418 Residential real estate Home equity 183,636 188,623 Mortgages 1,342,214 1,346,318 Subtotal residential real estate 1,525,850 1,534,941 Consumer and other Indirect 1,783 2,224 Consumer and other 83,775 75,412 Subtotal consumer and other 85,558 77,636 Leases 18,016 16,134 Total loans and leases 5,278,772 5,273,658 Less: unearned income and deferred costs and fees (5,101) (4,747) Total loans and leases, net of unearned income and deferred costs and fees $ 5,273,671 $ 5,268,911 *SBA Paycheck Protection Program ("PPP") |
Schedule of age analysis of past due loans | The below tables are an age analysis of past due loans, segregated by class of loans as of March 31, 2023 and December 31, 2022: March 31, 2023 (In thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Loans Total Loans Loans and Leases Commercial and industrial Agriculture $ 152 $ 0 $ 0 $ 152 $ 65,071 $ 65,223 Commercial and industrial other 2,586 46 371 3,003 670,101 673,104 PPP loans* 0 0 0 0 686 686 Subtotal commercial and industrial 2,738 46 371 3,155 735,858 739,013 Commercial real estate Construction 0 0 0 0 219,789 219,789 Agriculture 170 0 0 170 213,844 214,014 Commercial real estate other 0 0 10,037 10,037 2,466,495 2,476,532 Subtotal commercial real estate 170 0 10,037 10,207 2,900,128 2,910,335 Residential real estate Home equity 512 400 1,426 2,338 181,298 183,636 Mortgages 1,741 30 6,505 8,276 1,333,938 1,342,214 Subtotal residential real estate 2,253 430 7,931 10,614 1,515,236 1,525,850 Consumer and other Indirect 56 11 41 108 1,675 1,783 Consumer and other 120 70 104 294 83,481 83,775 Subtotal consumer and other 176 81 145 402 85,156 85,558 Leases 0 0 0 0 18,016 18,016 Total loans and leases 5,337 557 18,484 24,378 5,254,394 5,278,772 Less: unearned income and deferred costs and fees 0 0 0 0 (5,101) (5,101) Total loans and leases, net of unearned income and deferred costs and fees $ 5,337 $ 557 $ 18,484 $ 24,378 $ 5,249,293 $ 5,273,671 *SBA Paycheck Protection Program ("PPP") December 31, 2022 (In thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Loans Total Loans Loans and Leases Commercial and industrial Agriculture $ 58 $ 0 $ 0 $ 58 $ 85,015 $ 85,073 Commercial and industrial other 50 381 82 513 705,187 705,700 PPP loans* 0 0 0 0 756 756 Subtotal commercial and industrial 108 381 82 571 790,958 791,529 Commercial real estate Construction 0 0 0 0 201,116 201,116 Agriculture 128 0 0 128 214,835 214,963 Commercial real estate other 0 0 11,449 11,449 2,425,890 2,437,339 Subtotal commercial real estate 128 0 11,449 11,577 2,841,841 2,853,418 Residential real estate Home equity 435 204 1,628 2,267 186,356 188,623 Mortgages 1,748 0 6,802 8,550 1,337,768 1,346,318 Subtotal residential real estate 2,183 204 8,430 10,817 1,524,124 1,534,941 Consumer and other Indirect 66 31 53 150 2,074 2,224 Consumer and other 52 19 112 183 75,229 75,412 Subtotal consumer and other 118 50 165 333 77,303 77,636 Leases 0 0 0 0 16,134 16,134 Total loans and leases 2,537 635 20,126 23,298 5,250,360 5,273,658 Less: unearned income and deferred costs and fees 0 0 0 0 (4,747) (4,747) Total loans and leases, net of unearned income and deferred costs and fees $ 2,537 $ 635 $ 20,126 $ 23,298 $ 5,245,613 $ 5,268,911 *SBA Paycheck Protection Program ("PPP") |
Schedule of nonaccrual loans | The below tables are an age analysis of nonaccrual loans segregated by class of loans, as of March 31, 2023 and December 31, 2022: March 31, 2023 (In thousands) Nonaccrual Loans and Leases with no ACL Nonaccrual Loans and Leases Loans and Leases Past Due Over 89 Days and Accruing Loans and Leases Commercial and industrial Agriculture $ 0 $ 17 $ 0 Commercial and industrial other 0 906 0 Subtotal commercial and industrial 0 923 0 Commercial real estate Agriculture 0 183 0 Commercial real estate other 10,547 12,197 0 Subtotal commercial real estate 10,547 12,380 0 Residential real estate Home equity 0 2,547 0 Mortgages 181 12,322 0 Subtotal residential real estate 181 14,869 0 Consumer and other Indirect 0 78 0 Consumer and other 0 174 13 Subtotal consumer and other 0 252 13 Total loans and leases $ 10,728 $ 28,424 $ 13 December 31, 2022 (In thousands) Nonaccrual Loans and Leases with no ACL Nonaccrual Loans and Leases Loans and Leases Past Due Over 89 Days and Accruing Loans and Leases Commercial and industrial Commercial and industrial other $ 411 $ 618 $ 25 Subtotal commercial and industrial 411 618 25 Commercial real estate Agriculture 186 186 0 Commercial real estate other 13,101 13,672 0 Subtotal commercial real estate 13,287 13,858 0 Residential real estate Home equity 318 2,391 0 Mortgages 1,177 11,153 0 Subtotal residential real estate 1,495 13,544 0 Consumer and other Indirect 0 94 0 Consumer and other 0 175 0 Subtotal consumer and other 0 269 0 Total loans and leases $ 15,193 $ 28,289 $ 25 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of originated and acquired loan and lease losses by portfolio segment | The following table details activity in the allowance for credit losses on loans and leases for the three months ended March 31, 2023 and 2022. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Three Months Ended March 31, 2023 (In thousands) Commercial Commercial Residential Consumer Finance Total Allowance for credit losses: Beginning balance $ 6,039 $ 27,287 $ 11,154 $ 1,358 $ 96 $ 45,934 Impact of adopting ASU 2022-22 2 16 46 0 0 64 Charge-offs 0 0 (2) (106) 0 (108) Recoveries 46 1,246 64 33 0 1,389 (Credit) provision for credit loss expense 229 (1,363) (404) 343 15 (1,180) Ending Balance $ 6,316 $ 27,186 $ 10,858 $ 1,628 $ 111 $ 46,099 Three Months Ended March 31, 2022 (In thousands) Commercial Commercial Residential Consumer Finance Total Allowance for credit losses: Beginning balance $ 6,335 $ 24,813 $ 10,139 $ 1,492 $ 64 42,843 Charge-offs (23) (27) 0 (196) 0 (246) Recoveries 20 42 109 92 0 263 (Credit) provision for credit loss expense 695 (1,846) 199 200 18 (734) Ending Balance $ 7,027 $ 22,982 $ 10,447 $ 1,588 $ 82 $ 42,126 The following table details activity in the liabilities for off-balance sheet credit exposures for the three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Liabilities for off-balance sheet credit exposures at beginning of period $ 2,796 $ 2,507 Provision for credit loss expense related to off-balance sheet credit exposures 355 214 Liabilities for off-balance sheet credit exposures at end of period $ 3,151 $ 2,721 The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans: March 31, 2023 (In thousands) Real Estate Business Assets Other Total ACL Allocation Commercial Real Estate $ 10,547 $ 0 $ 0 $ 10,547 $ 0 Residential Real Estate 181 0 0 181 0 Total $ 10,728 $ 0 $ 0 $ 10,728 $ 0 December 31, 2022 (In thousands) Real Estate Business Assets Other Total ACL Allocation Commercial and Industrial $ 642 $ 28 $ 0 $ 670 $ 0 Commercial Real Estate 13,209 0 78 13,287 0 Commercial Real Estate - Agriculture 1,515 0 0 1,515 0 Residential Real Estate 188 0 0 188 3 Total $ 15,554 $ 28 $ 78 $ 15,660 $ 3 |
Schedule of credit quality indicators on loans by class of commercial and industrial loans and commercial real estate loans | The following tables present credit quality indicators by total loans on an amortized cost basis by origination year as of March 31, 2023 and December 31, 2022: March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Commercial and Industrial - Other: Internal risk grade: Pass $ 16,897 $ 113,621 $ 80,606 $ 36,432 $ 44,230 $ 167,183 $ 203,174 $ 1,170 $ 663,313 Special Mention 0 0 120 338 132 1,339 800 0 2,729 Substandard 0 0 102 417 65 1,562 4,916 0 7,062 Total Commercial and Industrial - Other $ 16,897 $ 113,621 $ 80,828 $ 37,187 $ 44,427 $ 170,084 $ 208,890 $ 1,170 $ 673,104 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial and Industrial - PPP: Pass $ 0 $ 0 $ 383 $ 303 $ 0 $ 0 $ 0 $ 0 $ 686 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial and Industrial - PPP $ 0 $ 0 $ 383 $ 303 $ 0 $ 0 $ 0 $ 0 $ 686 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial and Industrial - Agriculture: Pass $ 2,152 $ 15,034 $ 4,399 $ 4,162 $ 3,479 $ 12,092 $ 23,745 $ 0 $ 65,063 Special Mention 0 0 56 0 0 0 20 0 76 Substandard 0 0 0 67 0 13 4 0 84 Total Commercial and Industrial - Agriculture $ 2,152 $ 15,034 $ 4,455 $ 4,229 $ 3,479 $ 12,105 $ 23,769 $ 0 $ 65,223 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial Real Estate Pass $ 39,210 $ 340,604 $ 367,485 $ 317,991 $ 278,372 $ 1,021,145 $ 35,794 $ 2,056 $ 2,402,657 Special Mention 0 643 0 1,682 11,380 21,234 0 0 34,939 Substandard 0 74 109 0 3,147 35,482 124 0 38,936 Total Commercial Real Estate $ 39,210 $ 341,321 $ 367,594 319,673 292,899 1,077,861 $ 35,918 $ 2,056 $ 2,476,532 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial Real Estate - Agriculture: Pass $ 2,578 $ 34,652 $ 23,976 $ 22,525 $ 24,893 $ 100,038 $ 2,158 $ 1,450 $ 212,270 Special Mention 0 0 0 0 396 1,115 0 0 1,511 Substandard 0 0 0 0 183 50 0 0 233 Total Commercial Real Estate - Agriculture $ 2,578 $ 34,652 $ 23,976 $ 22,525 $ 25,472 $ 101,203 $ 2,158 $ 1,450 $ 214,014 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Commercial Real Estate - Construction Pass $ 0 $ 30,152 $ 73,446 $ 17,738 $ 11,859 $ 16,312 $ 62,168 $ 8,114 $ 219,789 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial Real Estate - Construction $ 0 $ 30,152 $ 73,446 $ 17,738 $ 11,859 $ 16,312 $ 62,168 $ 8,114 $ 219,789 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Residential - Home Equity Performing $ 499 $ 2,357 $ 1,033 $ 610 $ 953 $ 10,589 $ 164,730 $ 317 $ 181,088 Nonperforming 0 0 0 0 0 288 2,260 0 2,548 Total Residential - Home Equity $ 499 $ 2,357 $ 1,033 $ 610 $ 953 $ 10,877 $ 166,990 $ 317 $ 183,636 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 2 $ 0 $ 0 $ 2 Residential - Mortgages Performing $ 15,811 $ 192,106 $ 269,413 $ 235,432 $ 116,045 $ 501,085 $ 0 $ 0 $ 1,329,892 Nonperforming 0 218 330 619 670 10,485 0 0 12,322 Total Residential - Mortgages $ 15,811 $ 192,324 $ 269,743 $ 236,051 $ 116,715 $ 511,570 $ 0 $ 0 $ 1,342,214 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Consumer - Direct Performing $ 26,213 $ 16,366 $ 13,338 $ 6,844 $ 5,762 $ 11,873 $ 3,205 $ 0 $ 83,601 Nonperforming 0 0 0 0 63 108 3 0 174 Total Consumer - Direct $ 26,213 $ 16,366 $ 13,338 $ 6,844 $ 5,825 $ 11,981 $ 3,208 $ 0 $ 83,775 Current-period gross writeoffs $ 33 $ 0 $ 0 $ 14 $ 20 $ 3 $ 0 $ 0 $ 70 Consumer - Indirect Performing $ 0 $ 0 $ 139 $ 127 $ 885 $ 554 $ 0 $ 0 $ 1,705 Nonperforming 0 0 0 0 55 23 0 0 78 Total Consumer - Indirect $ 0 $ 0 $ 139 $ 127 $ 940 $ 577 $ 0 $ 0 $ 1,783 Current-period gross writeoffs $ 0 $ 0 $ 0 $ 0 $ 31 $ 5 $ 0 $ 0 $ 36 December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Commercial and Industrial - Other: Internal risk grade: Pass $ 124,190 $ 79,861 $ 38,158 $ 41,391 $ 33,238 $ 156,038 $ 215,890 $ 6,466 $ 695,232 Special Mention 0 127 421 285 271 1,380 501 0 2,985 Substandard 0 111 442 35 733 503 5,659 0 7,483 Total Commercial and Industrial - Other $ 124,190 $ 80,099 $ 39,021 $ 41,711 $ 34,242 $ 157,921 $ 222,050 $ 6,466 $ 705,700 Commercial and Industrial - Agriculture: Pass $ 16,694 $ 4,120 $ 4,944 $ 4,186 $ 7,734 $ 4,883 $ 42,097 $ 215 $ 84,873 Special Mention 0 58 0 0 0 0 50 0 108 Substandard 0 0 71 0 0 16 5 0 92 Total Commercial and Industrial - Agriculture $ 16,694 $ 4,178 $ 5,015 $ 4,186 $ 7,734 $ 4,899 $ 42,152 $ 215 $ 85,073 Commercial and Industrial - PPP: Pass $ 0 $ 416 $ 340 $ 0 $ 0 $ 0 $ 0 $ 0 $ 756 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial and Industrial - PPP $ 0 $ 416 $ 340 $ 0 $ 0 $ 0 $ 0 $ 0 $ 756 Commercial Real Estate Pass $ 342,311 $ 367,104 $ 311,607 $ 279,587 $ 203,016 $ 812,563 $ 10,906 $ 24,503 $ 2,351,597 Special Mention 643 3,406 1,688 11,462 2,555 25,361 0 0 45,115 Substandard 78 110 0 3,394 1,692 35,221 132 0 40,627 Total Commercial Real Estate $ 343,032 $ 370,620 $ 313,295 $ 294,443 $ 207,263 $ 873,145 $ 11,038 $ 24,503 $ 2,437,339 Commercial Real Estate - Agriculture: Pass $ 33,241 $ 24,125 $ 22,831 $ 25,576 $ 37,835 $ 65,112 $ 3,131 $ 1,235 $ 213,086 Special Mention 0 0 0 401 0 1,142 0 0 1,543 Substandard 0 0 0 186 38 110 0 0 334 Total Commercial Real Estate - Agriculture $ 33,241 $ 24,125 $ 22,831 $ 26,163 $ 37,873 $ 66,364 $ 3,131 $ 1,235 $ 214,963 Commercial Real Estate - Construction Pass $ 23,105 $ 75,245 $ 27,584 $ 14,842 $ 9,083 $ 7,268 $ 42,701 $ 1,288 $ 201,116 Special Mention 0 0 0 0 0 0 0 0 0 Substandard 0 0 0 0 0 0 0 0 0 Total Commercial Real Estate - Construction $ 23,105 $ 75,245 $ 27,584 $ 14,842 $ 9,083 $ 7,268 $ 42,701 $ 1,288 $ 201,116 The following tables present credit quality indicators by total loans on an amortized cost basis by origination year as of December 31, 2022, continued: December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Loans Residential - Home Equity Performing $ 3,030 $ 1,062 $ 637 $ 992 $ 792 $ 3,183 $ 175,451 $ 1,085 $ 186,232 Nonperforming 0 0 0 14 0 25 2,352 0 2,391 Total Residential - Home Equity $ 3,030 $ 1,062 $ 637 $ 1,006 $ 792 $ 3,208 $ 177,803 $ 1,085 $ 188,623 Residential - Mortgages Performing $ 187,129 $ 272,235 $ 239,584 $ 117,391 $ 66,605 $ 452,221 $ 0 $ 0 $ 1,335,165 Nonperforming 218 335 628 682 1,552 7,738 0 0 11,153 Total Residential - Mortgages $ 187,347 $ 272,570 $ 240,212 $ 118,073 $ 68,157 $ 459,959 $ 0 $ 0 $ 1,346,318 Consumer - Direct Performing $ 31,243 $ 13,999 $ 7,372 $ 6,138 $ 4,386 $ 8,029 $ 4,070 $ 0 $ 75,237 Nonperforming 0 0 3 93 76 0 3 0 175 Total Consumer - Direct $ 31,243 $ 13,999 $ 7,375 $ 6,231 $ 4,462 $ 8,029 $ 4,073 $ 0 $ 75,412 Consumer - Indirect Performing $ 0 $ 156 $ 146 $ 1,092 $ 635 $ 101 $ 0 $ 0 $ 2,130 Nonperforming 0 0 0 76 10 8 0 0 94 Total Consumer - Indirect $ 0 $ 156 $ 146 $ 1,168 $ 645 $ 109 $ 0 $ 0 $ 2,224 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Earnings per share in the table below, for the three month periods ended March 31, 2023 and 2022 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share (ASC 260). ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has issued restricted stock awards that contain such rights and are therefore considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities. Three Months Ended (In thousands, except share and per share data) 03/31/2023 03/31/2022 Basic Net income available to common shareholders $ 19,381 $ 23,273 Less: income attributable to unvested stock-based compensation awards (18) (76) Net earnings allocated to common shareholders 19,363 23,197 Weighted average shares outstanding, including unvested stock-based compensation awards 14,520,092 14,611,709 Less: average unvested stock-based compensation awards (193,497) (211,706) Weighted average shares outstanding - Basic 14,326,595 14,400,003 Diluted Net earnings allocated to common shareholders 19,363 23,197 Weighted average shares outstanding - Basic 14,326,595 14,400,003 Plus: incremental shares from assumed conversion of stock-based compensation awards 63,078 78,180 Weighted average shares outstanding - Diluted 14,389,673 14,478,183 Basic EPS $ 1.35 $ 1.61 Diluted EPS $ 1.35 $ 1.60 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of tax effect allocated to each component of other comprehensive income | The following tables present reclassifications out of the accumulated other comprehensive income (loss) for the three month periods ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 (In thousands) Before-Tax Tax (Expense) Net of Tax Available-for-sale debt securities: Change in net unrealized gain (loss) during the period $ 27,255 $ (6,677) $ 20,578 Net unrealized gains/losses 27,255 (6,677) 20,578 Employee benefit plans: Amortization of net retirement plan actuarial gain 297 (73) 224 Amortization of net retirement plan prior service cost 55 (14) 41 Employee benefit plans 352 (87) 265 Other comprehensive (loss) income $ 27,607 $ (6,764) $ 20,843 Three Months Ended March 31, 2022 (In thousands) Before-Tax Tax (Expense) Net of Tax Available-for-sale debt securities: Change in net unrealized (loss) gain during the period $ (106,481) $ 26,076 $ (80,405) Net unrealized gains/losses (106,481) 26,076 (80,405) Employee benefit plans: Amortization of net retirement plan actuarial gain 615 (151) 464 Amortization of net retirement plan prior service cost 56 (14) 42 Employee benefit plans 671 (165) 506 Other comprehensive (loss) income $ (105,810) $ 25,911 $ (79,899) |
Schedule of accumulated other comprehensive income | The following table presents the activity in our accumulated other comprehensive income (loss) for the periods indicated: (In thousands) Available-for- Employee Accumulated Balance at January 1, 2023 $ (178,803) $ (29,886) $ (208,689) Other comprehensive income before reclassifications 20,578 0 20,578 Amounts reclassified from accumulated other comprehensive (loss) income 0 265 265 Net current-period other comprehensive income (loss) 20,578 265 20,843 Balance at March 31, 2023 $ (158,225) $ (29,621) $ (187,846) Balance at January 1, 2022 $ (14,560) $ (41,390) $ (55,950) Other comprehensive loss before reclassifications (80,405) 0 (80,405) Amounts reclassified from accumulated other comprehensive (loss) income 0 506 506 Net current-period other comprehensive income (loss) (80,405) 506 (79,899) March 31, 2022 $ (94,965) $ (40,884) $ (135,849) The following tables present the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) Amount 1 Affected Line Item in the Available-for-sale debt securities: Unrealized gains and losses on available-for-sale debt securities $ 0 Net (loss) gain on securities transactions 0 Tax expense 0 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (297) Other operating expense Net retirement plan prior service cost (55) Other operating expense (352) Total before tax 87 Tax benefit $ (265) Net of tax Three Months Ended March 31, 2022 Details about Accumulated other Comprehensive Income (Loss) Components (In thousands) Amount 1 Affected Line Item in the Available-for-sale debt securities: Unrealized gains and losses on available-for-sale debt securities $ 0 Net (loss) gain on securities transactions 0 Tax expense 0 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (615) Other operating expense Net retirement plan prior service cost (56) Other operating expense (671) Total before tax 165 Tax benefit $ (506) Net of tax 1 Amounts in parentheses indicated debits in income statement. 2 The accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost (See Note 8 - "Employee Benefit Plan"). |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic benefit cost and other comprehensive income (loss) | Components of Net Periodic Benefit Cost: Pension Benefits Life and Health SERP Benefits Three Months Ended Three Months Ended Three Months Ended (In thousands) 03/31/2023 03/31/2022 03/31/2023 03/31/2022 03/31/2023 03/31/2022 Service cost $ 0 $ 0 $ 15 $ 44 $ 14 $ 52 Interest cost 823 463 89 52 299 201 Expected return on plan assets (1,199) (1,468) 0 0 0 0 Amortization of net retirement plan actuarial loss 304 323 (7) 52 0 240 Amortization of net retirement plan prior service (credit) cost 0 0 (15) (15) 70 71 Net periodic benefit (income) cost $ (72) $ (682) $ 82 $ 133 $ 383 $ 564 |
Other Income and Operating Ex_2
Other Income and Operating Expense (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of other income and operating expense | Other income and operating expense totals are presented in the table below. Components of these totals exceeding 1% of the aggregate of total noninterest income and total noninterest expenses for any periods presented below are stated separately. Three Months Ended (In thousands) 03/31/2023 03/31/2022 Noninterest Income Other service charges $ 615 $ 627 Earnings from corporate owned life insurance 615 423 Net gains on the sale of loans originated for sale 38 4 Other income 673 422 Total other income $ 1,941 $ 1,476 Noninterest Expenses Marketing expense $ 1,105 $ 1,056 Professional fees 1,804 1,606 Legal fees 419 210 Technology expense 4,007 3,683 FDIC insurance 1,054 701 Cardholder expense 1,016 1,141 Other expenses 4,064 3,623 Total other operating expense $ 13,469 $ 12,020 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of noninterest income | The following table presents noninterest income, segregated by revenue streams, for the three months ended March 31, 2023 and 2022: Three Months Ended (In thousands) 03/31/2023 03/31/2022 Noninterest Income In-scope of Topic 606: Commissions and Fees $ 8,517 $ 7,964 Installment Billing 1 44 Refund of Commissions 59 (28) Contract Liabilities/Deferred Revenue (3) (1) Contingent Commissions 935 1,338 Subtotal Insurance Revenues 9,509 9,317 Trust and Asset Management 3,435 3,503 Mutual Fund & Investment Income 1,074 1,414 Subtotal Investment Service Income 4,509 4,917 Service Charges on Deposit Accounts 1,746 1,779 Card Services Income 2,682 2,543 Other 351 316 Noninterest Income (in-scope of ASC 606) 18,797 18,872 Noninterest Income (out-of-scope of ASC 606) 1,603 1,113 Total Noninterest Income $ 20,400 $ 19,985 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of segment and related information | Summarized financial information concerning the Company’s reportable segments and the reconciliation to the Company’s consolidated results is shown in the following table. Investment in subsidiaries is netted out of the presentations below. The “Intercompany” column identifies the intercompany activities of revenues, expenses and other assets between the banking, insurance and wealth management services segments. The Company accounts for intercompany fees and services at an estimated fair value according to regulatory requirements for the services provided. Intercompany items relate primarily to the use of human resources, information systems, accounting and marketing services provided by the bank and the holding company. All other accounting policies are the same as those described in the summary of significant accounting policies in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Three months ended March 31, 2023 (In thousands) Banking Insurance Wealth Management Intercompany Consolidated Interest income $ 69,238 $ 1 $ 0 $ (1) $ 69,238 Interest expense 14,993 0 0 (1) 14,992 Net interest income 54,245 1 0 0 54,246 Credit for credit loss expense (825) 0 0 0 (825) Noninterest income 6,698 9,636 4,621 (555) 20,400 Noninterest expense 39,848 7,215 3,650 (555) 50,158 Income before income tax expense 21,920 2,422 971 0 25,313 Income tax expense 4,989 673 239 0 5,901 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 16,931 1,749 732 0 19,412 Less: Net income attributable to noncontrolling interests 31 0 0 0 31 Net Income attributable to Tompkins Financial Corporation $ 16,900 $ 1,749 $ 732 $ 0 $ 19,381 Depreciation and amortization $ 2,589 $ 44 $ 45 $ 0 $ 2,678 Assets 7,586,753 43,779 29,013 (15,174) 7,644,371 Goodwill 64,655 19,866 8,081 0 92,602 Other intangibles, net 984 1,576 45 0 2,605 Net loans and leases 5,227,572 0 0 0 5,227,572 Deposits 6,527,953 0 (4,245) (14,699) 6,509,009 Total Equity $ 584,650 $ 35,625 $ 29,490 $ 0 $ 649,765 Three months ended March 31, 2022 (In thousands) Banking Insurance Wealth Intercompany Consolidated Interest income $ 59,176 $ 1 $ 0 $ (1) $ 59,176 Interest expense 2,563 0 0 (1) 2,562 Net interest income 56,613 1 0 0 56,614 Credit for credit loss expense (520) 0 0 0 (520) Noninterest income 6,193 9,434 4,934 (576) 19,985 Noninterest expense 37,190 6,501 3,724 (576) 46,839 Income before income tax expense 26,136 2,934 1,210 0 30,280 Income tax expense 5,791 815 370 0 6,976 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 20,345 2,119 840 0 23,304 Less: Net income attributable to noncontrolling interests 31 0 0 0 31 Net Income attributable to Tompkins Financial Corporation $ 20,314 $ 2,119 $ 840 $ 0 $ 23,273 Depreciation and amortization $ 2,578 $ 44 $ 28 $ 0 $ 2,650 Assets 7,835,767 44,247 26,684 (15,587) 7,891,111 Goodwill 64,500 19,866 8,081 0 92,447 Other intangibles, net 1,402 1,917 63 0 3,382 Net loans and leases 5,021,325 0 0 0 5,021,325 Deposits 7,031,223 0 (10) (14,474) 7,016,739 Total Equity $ 598,707 $ 34,128 $ 24,657 $ 0 $ 657,492 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value: Recurring Fair Value Measurements March 31, 2023 (In thousands) Total (Level 1) (Level 2) (Level 3) Available-for-sale debt securities U.S. Treasuries $ 170,814 $ 0 $ 170,814 $ 0 Obligations of U.S. Government sponsored entities 599,762 0 599,762 0 Obligations of U.S. states and political subdivisions 86,684 0 86,684 0 Mortgage-backed securities – residential, issued by: U.S. Government agencies 50,891 0 50,891 0 U.S. Government sponsored entities 675,310 0 675,310 0 U.S. corporate debt securities 2,393 0 2,393 0 Total Available-for-sale debt securities $ 1,585,854 $ 0 $ 1,585,854 $ 0 Equity securities, at fair value $ 790 $ 0 $ 0 $ 790 Recurring Fair Value Measurements December 31, 2022 (In thousands) Total (Level 1) (Level 2) (Level 3) Available-for-sale debt securities U.S. Treasuries $ 167,251 $ 0 $ 167,251 $ 0 Obligations of U.S. Government sponsored entities 601,167 0 601,167 0 Obligations of U.S. states and political subdivisions 85,281 0 85,281 0 Mortgage-backed securities – residential, issued by: U.S. Government agencies 52,668 0 52,668 0 U.S. Government sponsored entities 686,222 0 686,222 0 U.S. corporate debt securities 2,378 0 2,378 0 Total Available-for-sale debt securities $ 1,594,967 $ 0 $ 1,594,967 $ 0 Equity securities, at fair value $ 777 $ 0 $ 0 $ 777 |
Schedule of assets and liabilities measured at fair value on a non recurring basis | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at March 31, 2023 and 2022. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions: Three months ended March 31, 2023 (In thousands) Fair value measurements at reporting Gain (losses) Assets: As of 03/31/2023 Quoted prices in Significant other Significant Three months ended 03/31/2023 Individually evaluated loans $ 0 $ 0 $ 0 $ 0 $ 826 Other real estate owned 36 0 36 22 December 31, 2022 (In thousands) Fair value measurements at reporting Gain (losses) Assets: As of 12/31/2022 Quoted prices in Significant other Significant Three months ended 12/31/2022 Individually evaluated loans $ 9,460 $ 0 $ 0 $ 9,460 $ 59 Other real estate owned 152 0 0 152 15 |
Schedule of carrying amount and fair value of financial instruments | Estimated Fair Value of Financial Instruments March 31, 2023 (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 70,537 $ 70,537 $ 70,537 $ 0 $ 0 Securities - held-to-maturity 312,357 267,099 0 267,099 0 FHLB and other stock 19,326 19,326 0 19,326 0 Accrued interest receivable 23,629 23,629 0 23,629 0 Loans/leases, net 1 5,227,572 4,911,105 0 0 4,911,105 Financial Liabilities: Time deposits $ 725,338 $ 713,125 $ 0 $ 713,125 $ 0 Other deposits 5,783,671 5,783,671 0 5,783,671 0 Fed funds purchased and securities sold under agreements to repurchase 63,491 63,491 0 63,491 0 Other borrowings 327,000 324,849 0 324,849 0 Accrued interest payable 1,579 1,579 0 1,579 0 Estimated Fair Value of Financial Instruments December 31, 2022 (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 77,837 $ 77,837 $ 77,837 $ 0 $ 0 Securities - held to maturity 312,344 261,692 0 261,692 0 FHLB and other stock 17,720 17,720 0 17,720 0 Accrued interest receivable 24,865 24,865 0 24,865 0 Loans/leases, net 1 5,222,977 4,939,246 0 0 4,939,246 Financial Liabilities: Time deposits $ 631,411 $ 616,488 $ 0 $ 616,488 $ 0 Other deposits 5,970,884 5,970,884 0 5,970,884 0 Fed funds purchased and securities sold under agreements to repurchase 56,278 56,278 0 56,278 0 Other borrowings 291,300 289,234 0 289,234 0 Accrued interest payable 1,420 1,420 0 1,420 0 1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Company began entering into derivative transactions in the second quarter of 2022. Derivative Liabilities March 31, 2023 December 31, 2022 Notional Balance Sheet Fair Balance Sheet Fair (In thousands) Amount Location Value Location Value Derivatives not designated as hedging instruments Interest Rate Products $ 0 Other Liabilities $ 0 Other Liabilities $ 0 Risk Participation Agreement 7,499 Other Liabilities 26 Other Liabilities 21 Total derivatives not designated as hedging instruments $ 26 $ 21 |
Schedule of Derivative Instruments in Statement of Income | The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the three months ended March 31, 2023: Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Financial Performance Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative (In thousands) Three Months Ended March 31, 2023 Interest Rate Products Other income / (expense) $ 0 Risk Participation Agreement Other income / (expense) (6) Total $ (6) |
Business (Details)
Business (Details) | 3 Months Ended |
Mar. 31, 2023 subsidiary_Bank | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly owned subsidiaries | 1 |
Securities - Available-for-Sale
Securities - Available-for-Sale Securities Held by Company (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,795,423 | $ 1,831,791 |
Gross Unrealized Gains | 25 | 20 |
Gross Unrealized Losses | 209,594 | 236,844 |
Fair Value | 1,585,854 | 1,594,967 |
U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 190,220 | 190,170 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 19,406 | 22,919 |
Fair Value | 170,814 | 167,251 |
Obligations of U.S. Government sponsored entities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 670,978 | 681,192 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 71,216 | 80,025 |
Fair Value | 599,762 | 601,167 |
Obligations of U.S. states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 92,915 | 93,599 |
Gross Unrealized Gains | 10 | 8 |
Gross Unrealized Losses | 6,241 | 8,326 |
Fair Value | 86,684 | 85,281 |
U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 56,224 | 58,727 |
Gross Unrealized Gains | 15 | 12 |
Gross Unrealized Losses | 5,348 | 6,071 |
Fair Value | 50,891 | 52,668 |
U.S. Government sponsored entities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 782,586 | 805,603 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 107,276 | 119,381 |
Fair Value | 675,310 | 686,222 |
U.S. corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,500 | 2,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 107 | 122 |
Fair Value | $ 2,393 | $ 2,378 |
Securities - Held-to-Maturity S
Securities - Held-to-Maturity Securities Held by Company (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 312,357 | $ 312,344 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 45,258 | 50,652 |
Fair Value | 267,099 | 261,692 |
U.S. Treasuries | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 86,425 | 86,478 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 10,966 | 12,937 |
Fair Value | 75,459 | 73,541 |
Obligations of U.S. Government sponsored entities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 225,932 | 225,866 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 34,292 | 37,715 |
Fair Value | $ 191,640 | $ 188,151 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Proceeds from sales of available-for-sale debt securities | $ 0 | $ 0 |
Realized gain (loss) on available for sale debt securities | 0 | 0 |
Realized gains (losses) on called securities | 0 | 0 |
Gain on equity securities | 13,000 | |
Loss on equity securities | $ 47,000 | |
Federal Home Loan Bank New York (FHLBNY) | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB bank, amount of advances | 19,200,000 | |
Atlantic Central Bankers Bank (ACBB) | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB bank, amount of advances | $ 95,000 |
Securities - Unrealized Losses
Securities - Unrealized Losses on Available-for-Sale of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less than 12 Months | $ 138,367 | $ 428,669 |
12 Months or Longer | 1,439,437 | 1,160,723 |
Total | 1,577,804 | 1,589,392 |
Unrealized Losses | ||
Less than 12 Months | 3,181 | 30,152 |
12 Months or Longer | 206,413 | 206,692 |
Total | 209,594 | 236,844 |
U.S. Treasuries | ||
Fair Value | ||
Less than 12 Months | 0 | 28,602 |
12 Months or Longer | 170,814 | 138,649 |
Total | 170,814 | 167,251 |
Unrealized Losses | ||
Less than 12 Months | 0 | 2,132 |
12 Months or Longer | 19,406 | 20,787 |
Total | 19,406 | 22,919 |
Obligations of U.S. Government sponsored entities | ||
Fair Value | ||
Less than 12 Months | 95,536 | 143,794 |
12 Months or Longer | 504,226 | 457,373 |
Total | 599,762 | 601,167 |
Unrealized Losses | ||
Less than 12 Months | 1,931 | 7,508 |
12 Months or Longer | 69,286 | 72,517 |
Total | 71,217 | 80,025 |
Obligations of U.S. states and political subdivisions | ||
Fair Value | ||
Less than 12 Months | 20,397 | 46,638 |
12 Months or Longer | 58,598 | 33,435 |
Total | 78,995 | 80,073 |
Unrealized Losses | ||
Less than 12 Months | 306 | 2,385 |
12 Months or Longer | 5,936 | 5,941 |
Total | 6,242 | 8,326 |
U.S. Government agencies | ||
Fair Value | ||
Less than 12 Months | 5,484 | 22,945 |
12 Months or Longer | 45,046 | 29,356 |
Total | 50,530 | 52,301 |
Unrealized Losses | ||
Less than 12 Months | 183 | 1,258 |
12 Months or Longer | 5,164 | 4,813 |
Total | 5,347 | 6,071 |
U.S. Government sponsored entities | ||
Fair Value | ||
Less than 12 Months | 16,950 | 186,690 |
12 Months or Longer | 658,360 | 499,532 |
Total | 675,310 | 686,222 |
Unrealized Losses | ||
Less than 12 Months | 761 | 16,869 |
12 Months or Longer | 106,514 | 102,512 |
Total | 107,275 | 119,381 |
U.S. corporate debt securities | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 2,393 | 2,378 |
Total | 2,393 | 2,378 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 107 | 122 |
Total | $ 107 | $ 122 |
Securities - Unrealized Losse_2
Securities - Unrealized Losses on Held-to-Maturity Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less than 12 Months | $ 8,293 | $ 24,543 |
12 Months or Longer | 258,806 | 237,149 |
Total | 267,099 | 261,692 |
Unrealized Losses | ||
Less than 12 Months | 604 | 3,903 |
12 Months or Longer | 44,654 | 46,749 |
Total | 45,258 | 50,652 |
U.S. Treasuries | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 75,459 | 73,542 |
Total | 75,459 | 73,542 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 10,966 | 12,937 |
Total | 10,966 | 12,937 |
Obligations of U.S. Government sponsored entities | ||
Fair Value | ||
Less than 12 Months | 8,293 | 24,543 |
12 Months or Longer | 183,347 | 163,607 |
Total | 191,640 | 188,150 |
Unrealized Losses | ||
Less than 12 Months | 604 | 3,903 |
12 Months or Longer | 33,688 | 33,812 |
Total | $ 34,292 | $ 37,715 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 40,237 | $ 50,922 |
Due after one year through five years | 554,392 | 508,880 |
Due after five years through ten years | 325,346 | 367,743 |
Due after ten years | 36,638 | 39,916 |
Total | 956,613 | 967,461 |
Mortgage-backed securities | 838,810 | 864,330 |
Amortized Cost | 1,795,423 | 1,831,791 |
Fair Value | ||
Due in one year or less | 39,828 | 50,269 |
Due after one year through five years | 506,082 | 459,721 |
Due after five years through ten years | 283,610 | 314,408 |
Due after ten years | 30,133 | 31,679 |
Total | 859,653 | 856,077 |
Mortgage-backed securities | 726,201 | 738,890 |
Fair Value | $ 1,585,854 | $ 1,594,967 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Held-to-maturity debt securities: | $ 312,357 | $ 312,344 |
Total held-to-maturity debt securities | 312,357 | 312,344 |
Fair Value | ||
Due after five years through ten years | 267,099 | 261,692 |
Total held-to-maturity debt securities | $ 267,099 | $ 261,692 |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 5,278,772 | $ 5,273,658 |
Less: unearned income and deferred costs and fees | (5,101) | (4,747) |
Total Loans | 5,273,671 | 5,268,911 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 739,013 | 791,529 |
Commercial and industrial | Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 65,223 | 85,073 |
Total Loans | 65,223 | 85,073 |
Commercial and industrial | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 673,104 | 705,700 |
Total Loans | 673,104 | 705,700 |
Commercial and industrial | PPP loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 686 | 756 |
Total Loans | 686 | 756 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 2,910,335 | 2,853,418 |
Commercial real estate | Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 214,014 | 214,963 |
Total Loans | 214,014 | 214,963 |
Commercial real estate | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 2,476,532 | 2,437,339 |
Total Loans | 2,476,532 | 2,437,339 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 219,789 | 201,116 |
Total Loans | 219,789 | 201,116 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,525,850 | 1,534,941 |
Residential real estate | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 183,636 | 188,623 |
Total Loans | 183,636 | 188,623 |
Residential real estate | Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,342,214 | 1,346,318 |
Total Loans | 1,342,214 | 1,346,318 |
Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 85,558 | 77,636 |
Consumer and other | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 83,775 | 75,412 |
Consumer and other | Indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,783 | 2,224 |
Total Loans | 1,783 | 2,224 |
Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 18,016 | $ 16,134 |
Loans and Leases - Schedule o_2
Loans and Leases - Schedule of Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | $ 5,278,772 | $ 5,273,658 |
Less: unearned income and deferred costs and fees | (5,101) | (4,747) |
Total Loans | 5,273,671 | 5,268,911 |
30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 5,337 | 2,537 |
60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 557 | 635 |
90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 18,484 | 20,126 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 24,378 | 23,298 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 5,254,394 | 5,250,360 |
Less: unearned income and deferred costs and fees | (5,101) | (4,747) |
Total Loans | 5,249,293 | 5,245,613 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 739,013 | 791,529 |
Commercial and industrial | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,738 | 108 |
Commercial and industrial | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 46 | 381 |
Commercial and industrial | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 371 | 82 |
Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 3,155 | 571 |
Commercial and industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 735,858 | 790,958 |
Commercial and industrial | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 65,223 | 85,073 |
Total Loans | 65,223 | 85,073 |
Commercial and industrial | Agriculture | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 152 | 58 |
Commercial and industrial | Agriculture | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial and industrial | Agriculture | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial and industrial | Agriculture | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 152 | 58 |
Commercial and industrial | Agriculture | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 65,071 | 85,015 |
Commercial and industrial | Commercial and industrial other | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 673,104 | 705,700 |
Total Loans | 673,104 | 705,700 |
Commercial and industrial | Commercial and industrial other | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,586 | 50 |
Commercial and industrial | Commercial and industrial other | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 46 | 381 |
Commercial and industrial | Commercial and industrial other | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 371 | 82 |
Commercial and industrial | Commercial and industrial other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 3,003 | 513 |
Commercial and industrial | Commercial and industrial other | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 670,101 | 705,187 |
Commercial and industrial | PPP loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 686 | 756 |
Total Loans | 686 | 756 |
Commercial and industrial | PPP loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial and industrial | PPP loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial and industrial | PPP loans | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial and industrial | PPP loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial and industrial | PPP loans | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 686 | 756 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,910,335 | 2,853,418 |
Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 170 | 128 |
Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 10,037 | 11,449 |
Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 10,207 | 11,577 |
Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,900,128 | 2,841,841 |
Commercial real estate | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 214,014 | 214,963 |
Total Loans | 214,014 | 214,963 |
Commercial real estate | Agriculture | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 170 | 128 |
Commercial real estate | Agriculture | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Agriculture | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Agriculture | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 170 | 128 |
Commercial real estate | Agriculture | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 213,844 | 214,835 |
Commercial real estate | Commercial and industrial other | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,476,532 | 2,437,339 |
Total Loans | 2,476,532 | 2,437,339 |
Commercial real estate | Commercial and industrial other | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Commercial and industrial other | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Commercial and industrial other | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 10,037 | 11,449 |
Commercial real estate | Commercial and industrial other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 10,037 | 11,449 |
Commercial real estate | Commercial and industrial other | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,466,495 | 2,425,890 |
Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 219,789 | 201,116 |
Total Loans | 219,789 | 201,116 |
Commercial real estate | Construction | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Construction | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Construction | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Commercial real estate | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 219,789 | 201,116 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,525,850 | 1,534,941 |
Residential real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,253 | 2,183 |
Residential real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 430 | 204 |
Residential real estate | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 7,931 | 8,430 |
Residential real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 10,614 | 10,817 |
Residential real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,515,236 | 1,524,124 |
Residential real estate | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 183,636 | 188,623 |
Total Loans | 183,636 | 188,623 |
Residential real estate | Home equity | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 512 | 435 |
Residential real estate | Home equity | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 400 | 204 |
Residential real estate | Home equity | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,426 | 1,628 |
Residential real estate | Home equity | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,338 | 2,267 |
Residential real estate | Home equity | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 181,298 | 186,356 |
Residential real estate | Mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,342,214 | 1,346,318 |
Total Loans | 1,342,214 | 1,346,318 |
Residential real estate | Mortgages | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,741 | 1,748 |
Residential real estate | Mortgages | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 30 | 0 |
Residential real estate | Mortgages | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 6,505 | 6,802 |
Residential real estate | Mortgages | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 8,276 | 8,550 |
Residential real estate | Mortgages | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,333,938 | 1,337,768 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 85,558 | 77,636 |
Consumer and other | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 176 | 118 |
Consumer and other | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 81 | 50 |
Consumer and other | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 145 | 165 |
Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 402 | 333 |
Consumer and other | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 85,156 | 77,303 |
Consumer and other | Commercial and industrial other | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 83,775 | 75,412 |
Consumer and other | Commercial and industrial other | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 120 | 52 |
Consumer and other | Commercial and industrial other | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 70 | 19 |
Consumer and other | Commercial and industrial other | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 104 | 112 |
Consumer and other | Commercial and industrial other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 294 | 183 |
Consumer and other | Commercial and industrial other | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 83,481 | 75,229 |
Consumer and other | Indirect | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,783 | 2,224 |
Total Loans | 1,783 | 2,224 |
Consumer and other | Indirect | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 56 | 66 |
Consumer and other | Indirect | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 11 | 31 |
Consumer and other | Indirect | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 41 | 53 |
Consumer and other | Indirect | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 108 | 150 |
Consumer and other | Indirect | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,675 | 2,074 |
Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 18,016 | 16,134 |
Leases | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Leases | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Leases | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Leases | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Leases | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | $ 18,016 | $ 16,134 |
Loans and Leases - Nonaccrual L
Loans and Leases - Nonaccrual Loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | $ 10,728,000 | $ 15,193,000 |
Nonaccrual Loans and Leases | 28,424,000 | 28,289,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 13,000 | 25,000 |
Interest on nonaccrual loans | 0 | |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | 411,000 |
Nonaccrual Loans and Leases | 923,000 | 618,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 25,000 |
Commercial and industrial | Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | |
Nonaccrual Loans and Leases | 17,000 | |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | |
Commercial and industrial | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | 411,000 |
Nonaccrual Loans and Leases | 906,000 | 618,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 25,000 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 10,547,000 | 13,287,000 |
Nonaccrual Loans and Leases | 12,380,000 | 13,858,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 0 |
Commercial real estate | Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | 186,000 |
Nonaccrual Loans and Leases | 183,000 | 186,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 0 |
Commercial real estate | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 10,547,000 | 13,101,000 |
Nonaccrual Loans and Leases | 12,197,000 | 13,672,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 0 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 181,000 | 1,495,000 |
Nonaccrual Loans and Leases | 14,869,000 | 13,544,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 0 |
Residential real estate | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | 318,000 |
Nonaccrual Loans and Leases | 2,547,000 | 2,391,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 0 |
Residential real estate | Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 181,000 | 1,177,000 |
Nonaccrual Loans and Leases | 12,322,000 | 11,153,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 0 | 0 |
Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | 0 |
Nonaccrual Loans and Leases | 252,000 | 269,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 13,000 | 0 |
Consumer and other | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | 0 |
Nonaccrual Loans and Leases | 174,000 | 175,000 |
Loans and Leases Past Due Over 89 Days and Accruing | 13,000 | 0 |
Consumer and other | Indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans and Leases with no ACL | 0 | 0 |
Nonaccrual Loans and Leases | 78,000 | 94,000 |
Loans and Leases Past Due Over 89 Days and Accruing | $ 0 | $ 0 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Detail in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 45,934 | $ 42,843 |
Charge-offs | (108) | (246) |
Recoveries | 1,389 | 263 |
(Credit) provision for credit loss expense | (1,180) | (734) |
Ending Balance | 46,099 | 42,126 |
Cumulative Effect, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 64 | |
Commercial and industrial | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 6,039 | 6,335 |
Charge-offs | 0 | (23) |
Recoveries | 46 | 20 |
(Credit) provision for credit loss expense | 229 | 695 |
Ending Balance | 6,316 | 7,027 |
Commercial and industrial | Cumulative Effect, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 2 | |
Commercial real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 27,287 | 24,813 |
Charge-offs | 0 | (27) |
Recoveries | 1,246 | 42 |
(Credit) provision for credit loss expense | (1,363) | (1,846) |
Ending Balance | 27,186 | 22,982 |
Commercial real estate | Cumulative Effect, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 16 | |
Residential real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 11,154 | 10,139 |
Charge-offs | (2) | 0 |
Recoveries | 64 | 109 |
(Credit) provision for credit loss expense | (404) | 199 |
Ending Balance | 10,858 | 10,447 |
Residential real estate | Cumulative Effect, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 46 | |
Consumer and other | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,358 | 1,492 |
Charge-offs | (106) | (196) |
Recoveries | 33 | 92 |
(Credit) provision for credit loss expense | 343 | 200 |
Ending Balance | 1,628 | 1,588 |
Consumer and other | Cumulative Effect, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 0 | |
Finance Leases | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 96 | 64 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Credit) provision for credit loss expense | 15 | 18 |
Ending Balance | 111 | $ 82 |
Finance Leases | Cumulative Effect, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 0 |
Allowance for Credit Losses - O
Allowance for Credit Losses - Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Liabilities for off-balance sheet credit exposures at beginning of period | $ 2,796 | $ 2,507 |
Provision for credit loss expense related to off-balance sheet credit exposures | 355 | 214 |
Liabilities for off-balance sheet credit exposures at end of period | $ 3,151 | $ 2,721 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | $ 10,728 | $ 15,660 |
ACL Allocation | 0 | 3 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 10,728 | 15,554 |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 0 | 28 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 0 | 78 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 10,547 | 13,287 |
ACL Allocation | 0 | 0 |
Commercial Real Estate | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 10,547 | 13,209 |
Commercial Real Estate | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 0 | 0 |
Commercial Real Estate | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 0 | 78 |
Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 181 | 188 |
ACL Allocation | 0 | 3 |
Residential Real Estate | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 181 | 188 |
Residential Real Estate | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 0 | 0 |
Residential Real Estate | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | $ 0 | 0 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 670 | |
ACL Allocation | 0 | |
Commercial and Industrial | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 642 | |
Commercial and Industrial | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 28 | |
Commercial and Industrial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 0 | |
Commercial Real Estate - Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 1,515 | |
ACL Allocation | 0 | |
Commercial Real Estate - Agriculture | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 1,515 | |
Commercial Real Estate - Agriculture | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | 0 | |
Commercial Real Estate - Agriculture | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, individually evaluated for impairment | $ 0 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Receivables [Abstract] | ||
TDRs reported during period | $ 0 | $ 0 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Credit Quality Indicators by Commercial and Industrial Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 5,273,671 | $ 5,268,911 |
Commercial and industrial | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 16,897 | 124,190 |
One year before current fiscal year | 113,621 | 80,099 |
Two years before current fiscal year | 80,828 | 39,021 |
Three years before current fiscal year | 37,187 | 41,711 |
Four years before current fiscal year | 44,427 | 34,242 |
Prior | 170,084 | 157,921 |
Revolving Loans Amortized Cost Basis | 208,890 | 222,050 |
Revolving Loans Converted to Term | 1,170 | 6,466 |
Total Loans | 673,104 | 705,700 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Commercial and industrial | Commercial and industrial other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 16,897 | 124,190 |
One year before current fiscal year | 113,621 | 79,861 |
Two years before current fiscal year | 80,606 | 38,158 |
Three years before current fiscal year | 36,432 | 41,391 |
Four years before current fiscal year | 44,230 | 33,238 |
Prior | 167,183 | 156,038 |
Revolving Loans Amortized Cost Basis | 203,174 | 215,890 |
Revolving Loans Converted to Term | 1,170 | 6,466 |
Total Loans | 663,313 | 695,232 |
Commercial and industrial | Commercial and industrial other | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 127 |
Two years before current fiscal year | 120 | 421 |
Three years before current fiscal year | 338 | 285 |
Four years before current fiscal year | 132 | 271 |
Prior | 1,339 | 1,380 |
Revolving Loans Amortized Cost Basis | 800 | 501 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 2,729 | 2,985 |
Commercial and industrial | Commercial and industrial other | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 111 |
Two years before current fiscal year | 102 | 442 |
Three years before current fiscal year | 417 | 35 |
Four years before current fiscal year | 65 | 733 |
Prior | 1,562 | 503 |
Revolving Loans Amortized Cost Basis | 4,916 | 5,659 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 7,062 | 7,483 |
Commercial and industrial | PPP loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 416 |
Two years before current fiscal year | 383 | 340 |
Three years before current fiscal year | 303 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 686 | 756 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Commercial and industrial | PPP loans | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 416 |
Two years before current fiscal year | 383 | 340 |
Three years before current fiscal year | 303 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 686 | 756 |
Commercial and industrial | PPP loans | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 0 | 0 |
Commercial and industrial | PPP loans | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 0 | 0 |
Commercial and industrial | Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 2,152 | 16,694 |
One year before current fiscal year | 15,034 | 4,178 |
Two years before current fiscal year | 4,455 | 5,015 |
Three years before current fiscal year | 4,229 | 4,186 |
Four years before current fiscal year | 3,479 | 7,734 |
Prior | 12,105 | 4,899 |
Revolving Loans Amortized Cost Basis | 23,769 | 42,152 |
Revolving Loans Converted to Term | 0 | 215 |
Total Loans | 65,223 | 85,073 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Commercial and industrial | Agriculture | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 2,152 | 16,694 |
One year before current fiscal year | 15,034 | 4,120 |
Two years before current fiscal year | 4,399 | 4,944 |
Three years before current fiscal year | 4,162 | 4,186 |
Four years before current fiscal year | 3,479 | 7,734 |
Prior | 12,092 | 4,883 |
Revolving Loans Amortized Cost Basis | 23,745 | 42,097 |
Revolving Loans Converted to Term | 0 | 215 |
Total Loans | 65,063 | 84,873 |
Commercial and industrial | Agriculture | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 58 |
Two years before current fiscal year | 56 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 20 | 50 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 76 | 108 |
Commercial and industrial | Agriculture | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 71 |
Three years before current fiscal year | 67 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 13 | 16 |
Revolving Loans Amortized Cost Basis | 4 | 5 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 84 | 92 |
Commercial real estate | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 39,210 | 343,032 |
One year before current fiscal year | 341,321 | 370,620 |
Two years before current fiscal year | 367,594 | 313,295 |
Three years before current fiscal year | 319,673 | 294,443 |
Four years before current fiscal year | 292,899 | 207,263 |
Prior | 1,077,861 | 873,145 |
Revolving Loans Amortized Cost Basis | 35,918 | 11,038 |
Revolving Loans Converted to Term | 2,056 | 24,503 |
Total Loans | 2,476,532 | 2,437,339 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Commercial real estate | Commercial and industrial other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 39,210 | 342,311 |
One year before current fiscal year | 340,604 | 367,104 |
Two years before current fiscal year | 367,485 | 311,607 |
Three years before current fiscal year | 317,991 | 279,587 |
Four years before current fiscal year | 278,372 | 203,016 |
Prior | 1,021,145 | 812,563 |
Revolving Loans Amortized Cost Basis | 35,794 | 10,906 |
Revolving Loans Converted to Term | 2,056 | 24,503 |
Total Loans | 2,402,657 | 2,351,597 |
Commercial real estate | Commercial and industrial other | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 643 |
One year before current fiscal year | 643 | 3,406 |
Two years before current fiscal year | 0 | 1,688 |
Three years before current fiscal year | 1,682 | 11,462 |
Four years before current fiscal year | 11,380 | 2,555 |
Prior | 21,234 | 25,361 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 34,939 | 45,115 |
Commercial real estate | Commercial and industrial other | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 78 |
One year before current fiscal year | 74 | 110 |
Two years before current fiscal year | 109 | 0 |
Three years before current fiscal year | 0 | 3,394 |
Four years before current fiscal year | 3,147 | 1,692 |
Prior | 35,482 | 35,221 |
Revolving Loans Amortized Cost Basis | 124 | 132 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 38,936 | 40,627 |
Commercial real estate | Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 2,578 | 33,241 |
One year before current fiscal year | 34,652 | 24,125 |
Two years before current fiscal year | 23,976 | 22,831 |
Three years before current fiscal year | 22,525 | 26,163 |
Four years before current fiscal year | 25,472 | 37,873 |
Prior | 101,203 | 66,364 |
Revolving Loans Amortized Cost Basis | 2,158 | 3,131 |
Revolving Loans Converted to Term | 1,450 | 1,235 |
Total Loans | 214,014 | 214,963 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Commercial real estate | Agriculture | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 2,578 | 33,241 |
One year before current fiscal year | 34,652 | 24,125 |
Two years before current fiscal year | 23,976 | 22,831 |
Three years before current fiscal year | 22,525 | 25,576 |
Four years before current fiscal year | 24,893 | 37,835 |
Prior | 100,038 | 65,112 |
Revolving Loans Amortized Cost Basis | 2,158 | 3,131 |
Revolving Loans Converted to Term | 1,450 | 1,235 |
Total Loans | 212,270 | 213,086 |
Commercial real estate | Agriculture | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 401 |
Four years before current fiscal year | 396 | 0 |
Prior | 1,115 | 1,142 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 1,511 | 1,543 |
Commercial real estate | Agriculture | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 186 |
Four years before current fiscal year | 183 | 38 |
Prior | 50 | 110 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 233 | 334 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 23,105 |
One year before current fiscal year | 30,152 | 75,245 |
Two years before current fiscal year | 73,446 | 27,584 |
Three years before current fiscal year | 17,738 | 14,842 |
Four years before current fiscal year | 11,859 | 9,083 |
Prior | 16,312 | 7,268 |
Revolving Loans Amortized Cost Basis | 62,168 | 42,701 |
Revolving Loans Converted to Term | 8,114 | 1,288 |
Total Loans | 219,789 | 201,116 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Commercial real estate | Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 23,105 |
One year before current fiscal year | 30,152 | 75,245 |
Two years before current fiscal year | 73,446 | 27,584 |
Three years before current fiscal year | 17,738 | 14,842 |
Four years before current fiscal year | 11,859 | 9,083 |
Prior | 16,312 | 7,268 |
Revolving Loans Amortized Cost Basis | 62,168 | 42,701 |
Revolving Loans Converted to Term | 8,114 | 1,288 |
Total Loans | 219,789 | 201,116 |
Commercial real estate | Construction | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 0 | 0 |
Commercial real estate | Construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 0 | 0 |
Residential real estate | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 499 | 3,030 |
One year before current fiscal year | 2,357 | 1,062 |
Two years before current fiscal year | 1,033 | 637 |
Three years before current fiscal year | 610 | 1,006 |
Four years before current fiscal year | 953 | 792 |
Prior | 10,877 | 3,208 |
Revolving Loans Amortized Cost Basis | 166,990 | 177,803 |
Revolving Loans Converted to Term | 317 | 1,085 |
Total Loans | 183,636 | 188,623 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 2 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 2 | |
Residential real estate | Home equity | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 499 | 3,030 |
One year before current fiscal year | 2,357 | 1,062 |
Two years before current fiscal year | 1,033 | 637 |
Three years before current fiscal year | 610 | 992 |
Four years before current fiscal year | 953 | 792 |
Prior | 10,589 | 3,183 |
Revolving Loans Amortized Cost Basis | 164,730 | 175,451 |
Revolving Loans Converted to Term | 317 | 1,085 |
Total Loans | 181,088 | 186,232 |
Residential real estate | Home equity | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 14 |
Four years before current fiscal year | 0 | 0 |
Prior | 288 | 25 |
Revolving Loans Amortized Cost Basis | 2,260 | 2,352 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 2,548 | 2,391 |
Residential real estate | Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 15,811 | 187,347 |
One year before current fiscal year | 192,324 | 272,570 |
Two years before current fiscal year | 269,743 | 240,212 |
Three years before current fiscal year | 236,051 | 118,073 |
Four years before current fiscal year | 116,715 | 68,157 |
Prior | 511,570 | 459,959 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 1,342,214 | 1,346,318 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Residential real estate | Mortgages | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 15,811 | 187,129 |
One year before current fiscal year | 192,106 | 272,235 |
Two years before current fiscal year | 269,413 | 239,584 |
Three years before current fiscal year | 235,432 | 117,391 |
Four years before current fiscal year | 116,045 | 66,605 |
Prior | 501,085 | 452,221 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 1,329,892 | 1,335,165 |
Residential real estate | Mortgages | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 218 |
One year before current fiscal year | 218 | 335 |
Two years before current fiscal year | 330 | 628 |
Three years before current fiscal year | 619 | 682 |
Four years before current fiscal year | 670 | 1,552 |
Prior | 10,485 | 7,738 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 12,322 | 11,153 |
Consumer and other | Direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 26,213 | 31,243 |
One year before current fiscal year | 16,366 | 13,999 |
Two years before current fiscal year | 13,338 | 7,375 |
Three years before current fiscal year | 6,844 | 6,231 |
Four years before current fiscal year | 5,825 | 4,462 |
Prior | 11,981 | 8,029 |
Revolving Loans Amortized Cost Basis | 3,208 | 4,073 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 83,775 | 75,412 |
Current-period gross writeoffs | ||
2023 | 33 | |
2022 | 0 | |
2021 | 0 | |
2020 | 14 | |
2019 | 3 | |
Prior | 20 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 70 | |
Consumer and other | Direct | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 26,213 | 31,243 |
One year before current fiscal year | 16,366 | 13,999 |
Two years before current fiscal year | 13,338 | 7,372 |
Three years before current fiscal year | 6,844 | 6,138 |
Four years before current fiscal year | 5,762 | 4,386 |
Prior | 11,873 | 8,029 |
Revolving Loans Amortized Cost Basis | 3,205 | 4,070 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 83,601 | 75,237 |
Consumer and other | Direct | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 3 |
Three years before current fiscal year | 0 | 93 |
Four years before current fiscal year | 63 | 76 |
Prior | 108 | 0 |
Revolving Loans Amortized Cost Basis | 3 | 3 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 174 | 175 |
Consumer and other | Indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 156 |
Two years before current fiscal year | 139 | 146 |
Three years before current fiscal year | 127 | 1,168 |
Four years before current fiscal year | 940 | 645 |
Prior | 577 | 109 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 1,783 | 2,224 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 5 | |
Prior | 31 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 36 | |
Consumer and other | Indirect | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 156 |
Two years before current fiscal year | 139 | 146 |
Three years before current fiscal year | 127 | 1,092 |
Four years before current fiscal year | 885 | 635 |
Prior | 554 | 101 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | 1,705 | 2,130 |
Consumer and other | Indirect | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 76 |
Four years before current fiscal year | 55 | 10 |
Prior | 23 | 8 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total Loans | $ 78 | $ 94 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic | ||
Net income available to common shareholders | $ 19,381 | $ 23,273 |
Less: income attributable to unvested stock-based compensation awards | (18) | (76) |
Net earnings allocated to common shareholders | $ 19,363 | $ 23,197 |
Weighted average shares outstanding, including unvested stock-based compensation awards (in shares) | 14,520,092 | 14,611,709 |
Less: average unvested stock-based compensation awards (in shares) | (193,497) | (211,706) |
Weighted average shares outstanding - Basic (in shares) | 14,326,595 | 14,400,003 |
Diluted | ||
Net earnings allocated to common shareholders | $ 19,363 | $ 23,197 |
Weighted average shares outstanding - Basic (in shares) | 14,326,595 | 14,400,003 |
Plus: incremental shares from assumed conversion of stock-based compensation awards (in shares) | 63,078 | 78,180 |
Weighted average shares outstanding - Diluted (in shares) | 14,389,673 | 14,478,183 |
Basic EPS (in dollars per share) | $ 1.35 | $ 1.61 |
Diluted EPS (in dollars per share) | $ 1.35 | $ 1.60 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earning per share (in shares) | 2,860 | 1,848 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Reclassification Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Before-Tax Amount | ||
Net unrealized gains/losses | $ 27,607 | $ (105,810) |
Tax (Expense) Benefit | ||
Net unrealized gains/losses | (6,764) | 25,911 |
Net of Tax | ||
Other comprehensive income (loss) | 20,843 | (79,899) |
Net unrealized gains/losses | ||
Before-Tax Amount | ||
Change in net unrealized gain (loss) during the period | 27,255 | (106,481) |
Net unrealized gains/losses | 27,255 | (106,481) |
Tax (Expense) Benefit | ||
Change in net unrealized gain (loss) during the period | (6,677) | 26,076 |
Net unrealized gains/losses | (6,677) | 26,076 |
Net of Tax | ||
Change in net unrealized gain (loss) during the period | 20,578 | (80,405) |
Other comprehensive income (loss) | 20,578 | (80,405) |
Amortization of net retirement plan actuarial gain | ||
Before-Tax Amount | ||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 297 | 615 |
Tax (Expense) Benefit | ||
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (73) | (151) |
Net of Tax | ||
Net of tax | 224 | 464 |
Amortization of net retirement plan prior service cost | ||
Before-Tax Amount | ||
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income | 55 | 56 |
Tax (Expense) Benefit | ||
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (14) | (14) |
Net of Tax | ||
Net of tax | 41 | 42 |
Employee benefit plans | ||
Before-Tax Amount | ||
Net unrealized gains/losses | 352 | 671 |
Tax (Expense) Benefit | ||
Net unrealized gains/losses | (87) | (165) |
Net of Tax | ||
Other comprehensive income (loss) | $ 265 | $ 506 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Activity in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning | $ 617,390 | $ 728,941 |
Other comprehensive income (loss) | 20,843 | (79,899) |
Balances at Ending | 649,765 | 657,492 |
Available-for- Sale Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning | (178,803) | (14,560) |
Other comprehensive income (loss) before reclassifications | 20,578 | (80,405) |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 |
Other comprehensive income (loss) | 20,578 | (80,405) |
Balances at Ending | (158,225) | (94,965) |
Employee Benefit Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning | (29,886) | (41,390) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive (loss) income | 265 | 506 |
Other comprehensive income (loss) | 265 | 506 |
Balances at Ending | (29,621) | (40,884) |
Accumulated Other Comprehensive (Loss) Income | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning | (208,689) | (55,950) |
Other comprehensive income (loss) before reclassifications | 20,578 | (80,405) |
Amounts reclassified from accumulated other comprehensive (loss) income | 265 | 506 |
Other comprehensive income (loss) | 20,843 | (79,899) |
Balances at Ending | $ (187,846) | $ (135,849) |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Reclassified Out of Each Component of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net gain (loss) on securities transactions | $ 13 | $ (47) |
Other operating expense | (13,469) | (12,020) |
Income Before Income Tax Expense | 25,313 | 30,280 |
Tax expense (benefit) | (5,901) | (6,976) |
Net income attributable to Tompkins Financial Corporation | 19,381 | 23,273 |
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income | Unrealized gains and losses on available-for-sale debt securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net gain (loss) on securities transactions | 0 | 0 |
Tax expense (benefit) | 0 | 0 |
Net income attributable to Tompkins Financial Corporation | 0 | 0 |
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income | Net retirement plan actuarial loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other operating expense | (297) | (615) |
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income | Net retirement plan prior service cost | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other operating expense | (55) | (56) |
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income | Employee Benefit Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income Before Income Tax Expense | (352) | (671) |
Tax expense (benefit) | 87 | 165 |
Net income attributable to Tompkins Financial Corporation | $ (265) | $ (506) |
Employee Benefit Plan - Compone
Employee Benefit Plan - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Benefits | ||
Components of net periodic benefit cost | ||
Service cost | $ 0 | $ 0 |
Interest cost | 823 | 463 |
Expected return on plan assets | (1,199) | (1,468) |
Amortization of net retirement plan actuarial loss | 304 | 323 |
Amortization of net retirement plan prior service (credit) cost | 0 | 0 |
Net periodic benefit (income) cost | (72) | (682) |
Life and Health | ||
Components of net periodic benefit cost | ||
Service cost | 15 | 44 |
Interest cost | 89 | 52 |
Expected return on plan assets | 0 | 0 |
Amortization of net retirement plan actuarial loss | (7) | 52 |
Amortization of net retirement plan prior service (credit) cost | (15) | (15) |
Net periodic benefit (income) cost | 82 | 133 |
SERP Benefits | ||
Components of net periodic benefit cost | ||
Service cost | 14 | 52 |
Interest cost | 299 | 201 |
Expected return on plan assets | 0 | 0 |
Amortization of net retirement plan actuarial loss | 0 | 240 |
Amortization of net retirement plan prior service (credit) cost | 70 | 71 |
Net periodic benefit (income) cost | $ 383 | $ 564 |
Employee Benefit Plan - Narrati
Employee Benefit Plan - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Amortization of amounts previously recognized in accumulated other comprehensive income | $ 266,000 | $ 506,000 |
Contribution to pension plan | $ 0 | $ 0 |
Other Income and Operating Ex_3
Other Income and Operating Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Reporting threshold for other income and operating expenses (percent, greater than) | 1% | |
Noninterest Income | ||
Other service charges | $ 615 | $ 627 |
Earnings from corporate owned life insurance | 615 | 423 |
Net gains on the sale of loans originated for sale | 38 | 4 |
Other income | 673 | 422 |
Total other income | 1,941 | 1,476 |
Noninterest Expenses | ||
Marketing expense | 1,105 | 1,056 |
Professional fees | 1,804 | 1,606 |
Legal fees | 419 | 210 |
Technology expense | 4,007 | 3,683 |
FDIC insurance | 1,054 | 701 |
Cardholder expense | 1,016 | 1,141 |
Other expenses | 4,064 | 3,623 |
Total other operating expense | $ 13,469 | $ 12,020 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | $ 18,797 | $ 18,872 |
Noninterest Income (out-of-scope of ASC 606) | 1,603 | 1,113 |
Total Noninterest Income | 20,400 | 19,985 |
Commissions and Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 8,517 | 7,964 |
Installment Billing | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 1 | 44 |
Refund of Commissions | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 59 | (28) |
Contract Liabilities/Deferred Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | (3) | (1) |
Contingent Commissions | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 935 | 1,338 |
Subtotal Insurance Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 9,509 | 9,317 |
Trust and Asset Management | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 3,435 | 3,503 |
Mutual Fund & Investment Income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 1,074 | 1,414 |
Subtotal Investment Service Income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 4,509 | 4,917 |
Service Charges on Deposit Accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 1,746 | 1,779 |
Card Services Income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | 2,682 | 2,543 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest Income (in-scope of ASC 606) | $ 351 | $ 316 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Net increase to beginning retained earnings | $ 537,331 | $ 526,727 |
Contingent Income | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets, receivables | 700 | 2,900 |
Contract liabilities | 800 | 1,600 |
Insurance | ||
Disaggregation of Revenue [Line Items] | ||
Net increase to beginning retained earnings | 4,300 | 6,100 |
Wealth Management | ||
Disaggregation of Revenue [Line Items] | ||
Net increase to beginning retained earnings | $ 2,800 | $ 2,500 |
Financial Guarantees (Details)
Financial Guarantees (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Guarantees [Abstract] | ||
Obligations to extend credit for loan commitments | $ 34.9 | $ 35.8 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 office banking_Office segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
Tompkins Insurance Agencies, Inc. | |
Segment Reporting Information [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 100% |
Tompkins, Cayuga, Cortland and Schuyler Counties, New York | |
Segment Reporting Information [Line Items] | |
Nature of operations, number of banking offices | 12 |
Wyoming, Livingston, Genessee, Orleans and Monroe, New York | |
Segment Reporting Information [Line Items] | |
Nature of operations, number of banking offices | 16 |
Putnam Country, Dutchess Country and Westchester, New York | |
Segment Reporting Information [Line Items] | |
Nature of operations, number of banking offices | 13 |
Berks, Montgomery, Philadelphia, Deleware and Schuylkill, Pennsylvania | |
Segment Reporting Information [Line Items] | |
Nature of operations, number of banking offices | 19 |
Western New York | |
Segment Reporting Information [Line Items] | |
Number of offices | office | 5 |
Segment and Related Informati_4
Segment and Related Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Interest income | $ 69,238 | $ 59,176 | ||
Interest expense | 14,992 | 2,562 | ||
Net Interest Income | 54,246 | 56,614 | ||
(Credit) for credit loss expense | (825) | (520) | ||
Noninterest income | 20,400 | 19,985 | ||
Noninterest expense | 50,158 | 46,839 | ||
Income Before Income Tax Expense | 25,313 | 30,280 | ||
Income tax expense | 5,901 | 6,976 | ||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 19,412 | 23,304 | ||
Less: Net Income Attributable to Noncontrolling Interests | 31 | 31 | ||
Net Income Attributable to Tompkins Financial Corporation | 19,381 | 23,273 | ||
Depreciation and amortization | 2,678 | 2,650 | ||
Assets | 7,644,371 | 7,891,111 | $ 7,670,686 | |
Goodwill | 92,602 | 92,447 | 92,602 | |
Other intangibles, net | 2,605 | 3,382 | 2,708 | |
Net loans and leases | 5,227,572 | 5,021,325 | 5,222,977 | |
Deposits | 6,509,009 | 7,016,739 | 6,602,295 | |
Total Equity | 649,765 | 657,492 | $ 617,390 | $ 728,941 |
Operating Segments | Banking | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 69,238 | 59,176 | ||
Interest expense | 14,993 | 2,563 | ||
Net Interest Income | 54,245 | 56,613 | ||
(Credit) for credit loss expense | (825) | (520) | ||
Noninterest income | 6,698 | 6,193 | ||
Noninterest expense | 39,848 | 37,190 | ||
Income Before Income Tax Expense | 21,920 | 26,136 | ||
Income tax expense | 4,989 | 5,791 | ||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 16,931 | 20,345 | ||
Less: Net Income Attributable to Noncontrolling Interests | 31 | 31 | ||
Net Income Attributable to Tompkins Financial Corporation | 16,900 | 20,314 | ||
Depreciation and amortization | 2,589 | 2,578 | ||
Assets | 7,586,753 | 7,835,767 | ||
Goodwill | 64,655 | 64,500 | ||
Other intangibles, net | 984 | 1,402 | ||
Net loans and leases | 5,227,572 | 5,021,325 | ||
Deposits | 6,527,953 | 7,031,223 | ||
Total Equity | 584,650 | 598,707 | ||
Operating Segments | Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 1 | 1 | ||
Interest expense | 0 | 0 | ||
Net Interest Income | 1 | 1 | ||
(Credit) for credit loss expense | 0 | 0 | ||
Noninterest income | 9,636 | 9,434 | ||
Noninterest expense | 7,215 | 6,501 | ||
Income Before Income Tax Expense | 2,422 | 2,934 | ||
Income tax expense | 673 | 815 | ||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 1,749 | 2,119 | ||
Less: Net Income Attributable to Noncontrolling Interests | 0 | 0 | ||
Net Income Attributable to Tompkins Financial Corporation | 1,749 | 2,119 | ||
Depreciation and amortization | 44 | 44 | ||
Assets | 43,779 | 44,247 | ||
Goodwill | 19,866 | 19,866 | ||
Other intangibles, net | 1,576 | 1,917 | ||
Net loans and leases | 0 | 0 | ||
Deposits | 0 | 0 | ||
Total Equity | 35,625 | 34,128 | ||
Operating Segments | Wealth Management | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 0 | 0 | ||
Interest expense | 0 | 0 | ||
Net Interest Income | 0 | 0 | ||
(Credit) for credit loss expense | 0 | 0 | ||
Noninterest income | 4,621 | 4,934 | ||
Noninterest expense | 3,650 | 3,724 | ||
Income Before Income Tax Expense | 971 | 1,210 | ||
Income tax expense | 239 | 370 | ||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 732 | 840 | ||
Less: Net Income Attributable to Noncontrolling Interests | 0 | 0 | ||
Net Income Attributable to Tompkins Financial Corporation | 732 | 840 | ||
Depreciation and amortization | 45 | 28 | ||
Assets | 29,013 | 26,684 | ||
Goodwill | 8,081 | 8,081 | ||
Other intangibles, net | 45 | 63 | ||
Net loans and leases | 0 | 0 | ||
Deposits | (4,245) | (10) | ||
Total Equity | 29,490 | 24,657 | ||
Intercompany | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | (1) | (1) | ||
Interest expense | (1) | (1) | ||
Net Interest Income | 0 | 0 | ||
(Credit) for credit loss expense | 0 | 0 | ||
Noninterest income | (555) | (576) | ||
Noninterest expense | (555) | (576) | ||
Income Before Income Tax Expense | 0 | 0 | ||
Income tax expense | 0 | 0 | ||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 0 | 0 | ||
Less: Net Income Attributable to Noncontrolling Interests | 0 | 0 | ||
Net Income Attributable to Tompkins Financial Corporation | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Assets | (15,174) | (15,587) | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Net loans and leases | 0 | 0 | ||
Deposits | (14,699) | (14,474) | ||
Total Equity | $ 0 | $ 0 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | $ 790 | $ 777 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 1,585,854 | 1,594,967 |
Equity securities, at fair value | 790 | 777 |
Recurring | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Recurring | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 1,585,854 | 1,594,967 |
Equity securities, at fair value | 0 | 0 |
Recurring | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Equity securities, at fair value | 790 | 777 |
Recurring | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 170,814 | 167,251 |
Recurring | U.S. Treasuries | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | U.S. Treasuries | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 170,814 | 167,251 |
Recurring | U.S. Treasuries | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Obligations of U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 599,762 | 601,167 |
Recurring | Obligations of U.S. Government sponsored entities | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Obligations of U.S. Government sponsored entities | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 599,762 | 601,167 |
Recurring | Obligations of U.S. Government sponsored entities | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Obligations of U.S. states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 86,684 | 85,281 |
Recurring | Obligations of U.S. states and political subdivisions | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Obligations of U.S. states and political subdivisions | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 86,684 | 85,281 |
Recurring | Obligations of U.S. states and political subdivisions | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 50,891 | 52,668 |
Recurring | U.S. Government agencies | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | U.S. Government agencies | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 50,891 | 52,668 |
Recurring | U.S. Government agencies | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 675,310 | 686,222 |
Recurring | U.S. Government sponsored entities | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | U.S. Government sponsored entities | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 675,310 | 686,222 |
Recurring | U.S. Government sponsored entities | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 2,393 | 2,378 |
Recurring | U.S. corporate debt securities | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | U.S. corporate debt securities | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | 2,393 | 2,378 |
Recurring | U.S. corporate debt securities | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities, fair value | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 10,728 | $ 15,660 |
Non-Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 9,460 |
Other real estate owned | 36 | 152 |
Gain (losses) from fair value changes, Impaired loans | 826 | 59 |
Gain (losses) from fair value changes, Other real estate owned | 22 | 15 |
Non-Recurring | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Non-Recurring | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Other real estate owned | 0 | |
Non-Recurring | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 9,460 |
Other real estate owned | $ 36 | $ 152 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Mar. 31, 2023 |
Minimum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Land selling and closing costs, as percentage of appraisal value | 5% |
Maximum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Land selling and closing costs, as percentage of appraisal value | 8% |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Value of Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Securities - held-to-maturity | $ 267,099 | $ 261,692 |
FHLB and other stock | 19,326 | 17,720 |
Financial Liabilities: | ||
Time deposits | 725,338 | 631,411 |
Fed funds purchased and securities sold under agreements to repurchase | 63,491 | 56,278 |
Other borrowings | 327,000 | 291,300 |
(Level 1) | ||
Financial Assets: | ||
Cash and cash equivalents | 70,537 | 77,837 |
Securities - held-to-maturity | 0 | 0 |
FHLB and other stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Loans/leases, net | 0 | 0 |
Financial Liabilities: | ||
Time deposits | 0 | 0 |
Other deposits | 0 | 0 |
Fed funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
(Level 2) | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities - held-to-maturity | 267,099 | 261,692 |
FHLB and other stock | 19,326 | 17,720 |
Accrued interest receivable | 23,629 | 24,865 |
Loans/leases, net | 0 | 0 |
Financial Liabilities: | ||
Time deposits | 713,125 | 616,488 |
Other deposits | 5,783,671 | 5,970,884 |
Fed funds purchased and securities sold under agreements to repurchase | 63,491 | 56,278 |
Other borrowings | 324,849 | 289,234 |
Accrued interest payable | 1,579 | 1,420 |
(Level 3) | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities - held-to-maturity | 0 | 0 |
FHLB and other stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Loans/leases, net | 4,911,105 | 4,939,246 |
Financial Liabilities: | ||
Time deposits | 0 | 0 |
Other deposits | 0 | 0 |
Fed funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount | ||
Financial Assets: | ||
Cash and cash equivalents | 70,537 | 77,837 |
Securities - held-to-maturity | 312,357 | 312,344 |
FHLB and other stock | 19,326 | 17,720 |
Accrued interest receivable | 23,629 | 24,865 |
Loans/leases, net | 5,227,572 | 5,222,977 |
Financial Liabilities: | ||
Time deposits | 725,338 | 631,411 |
Other deposits | 5,783,671 | 5,970,884 |
Fed funds purchased and securities sold under agreements to repurchase | 63,491 | 56,278 |
Other borrowings | 327,000 | 291,300 |
Accrued interest payable | 1,579 | 1,420 |
Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 70,537 | 77,837 |
Securities - held-to-maturity | 267,099 | 261,692 |
FHLB and other stock | 19,326 | 17,720 |
Accrued interest receivable | 23,629 | 24,865 |
Loans/leases, net | 4,911,105 | 4,939,246 |
Financial Liabilities: | ||
Time deposits | 713,125 | 616,488 |
Other deposits | 5,783,671 | 5,970,884 |
Fed funds purchased and securities sold under agreements to repurchase | 63,491 | 56,278 |
Other borrowings | 324,849 | 289,234 |
Accrued interest payable | $ 1,579 | $ 1,420 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Derivative Instruments in Statement of Financial Position (Details) - Derivatives not designated as hedging instruments - Other Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Fair Value | $ 26 | $ 21 |
Interest Rate Products | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | |
Fair Value | 0 | 0 |
Risk Participation Agreement | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 7,499 | |
Fair Value | $ 26 | $ 21 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Derivative Instruments in Statement of Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (6) |
Interest Rate Products | Other income / (expense) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 |
Risk Participation Agreement | Other income / (expense) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (6) |