Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000712771 | |
Entity Registrant Name | ConnectOne Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-11486 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 52-1273725 | |
Entity Address, Address Line One | 301 Sylvan Avenue | |
Entity Address, City or Town | Englewood Cliffs | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07632 | |
City Area Code | 201 | |
Local Phone Number | 816-8900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,606,370 | |
Depositary Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock) | |
Trading Symbol | CNOBP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock | |
Trading Symbol | CNOB | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Cond
Consolidated Statements of Condition (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 56,170 | $ 61,629 |
Interest-bearing deposits with banks | 197,128 | 206,686 |
Cash and cash equivalents | 253,298 | 268,315 |
Investment securities | 581,867 | 634,884 |
Equity securities | 17,677 | 15,811 |
Loans held-for-sale | 0 | 13,772 |
Loans receivable | 8,181,109 | 8,099,689 |
Less: Allowance for credit losses - loans | 88,230 | 90,513 |
Net loans receivable | 8,092,879 | 8,009,176 |
Investment in restricted stock, at cost | 49,387 | 46,604 |
Bank premises and equipment, net | 28,432 | 27,800 |
Accrued interest receivable | 46,795 | 46,062 |
Bank owned life insurance | 236,009 | 231,328 |
Right of use operating lease assets | 11,229 | 10,179 |
Other real estate owned | 0 | 264 |
Goodwill | 208,372 | 208,372 |
Core deposit intangibles | 6,222 | 7,312 |
Other assets | 146,718 | 125,069 |
Total assets | 9,678,885 | 9,644,948 |
Deposits: | ||
Noninterest-bearing | 1,224,125 | 1,501,614 |
Interest-bearing | 6,214,370 | 5,855,008 |
Total deposits | 7,438,495 | 7,356,622 |
Borrowings | 887,590 | 857,622 |
Subordinated debentures, net | 79,313 | 153,255 |
Operating lease liabilities | 12,424 | 11,397 |
Other liabilities | 72,909 | 87,301 |
Total liabilities | 8,490,731 | 8,466,197 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, no par value; $1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of September 30, 2023 and as of December 31, 2022; outstanding 115,000 shares as of September 30, 2023 and as of December 31, 2022 | 110,927 | 110,927 |
Common stock, no par value: Authorized 100,000,000 shares; issued 42,122,948 shares as of September 30, 2023 and 41,942,149 shares as of December 31, 2022; outstanding 38,621,970 shares as of September 30, 2023 and 39,243,123 as of December 31, 2022 | 586,946 | 586,946 |
Additional paid-in capital | 32,027 | 30,126 |
Retained earnings | 579,776 | 535,915 |
Treasury stock, at cost 3,500,978 common shares as of September 30, 2023 and 2,699,026 as of December 31, 2022 | (68,108) | (52,799) |
Accumulated other comprehensive loss | (53,414) | (32,364) |
Total stockholders’ equity | 1,188,154 | 1,178,751 |
Total liabilities and stockholders’ equity | $ 9,678,885 | $ 9,644,948 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Peferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued (in shares) | 115,000 | 115,000 |
Preferred Stock, Shares Outstanding (in shares) | 115,000 | 115,000 |
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued (in shares) | 42,122,948 | 41,942,149 |
Common Stock, Shares, Outstanding (in shares) | 38,621,970 | 39,243,123 |
Treasury Stock, Common, Shares (in shares) | 3,500,978 | 2,699,026 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and fees on loans | $ 115,405 | $ 90,731 | $ 333,356 | $ 248,041 |
Interest and dividends on investment securities: | ||||
Taxable | 4,128 | 4,063 | 12,386 | 8,487 |
Tax-exempt | 1,136 | 1,083 | 3,475 | 2,708 |
Dividends | 907 | 438 | 2,750 | 943 |
Interest on federal funds sold and other short-term investments | 2,110 | 665 | 9,141 | 1,098 |
Total interest income | 123,686 | 96,980 | 361,108 | 261,277 |
Interest expense | ||||
Deposits | 56,043 | 13,299 | 146,844 | 24,018 |
Borrowings | 5,286 | 5,520 | 20,980 | 13,149 |
Total interest expense | 61,329 | 18,819 | 167,824 | 37,167 |
Net interest income | 62,357 | 78,161 | 193,284 | 224,110 |
Provision for credit losses | 1,500 | 10,000 | 5,500 | 14,450 |
Net interest income after provision for credit losses | 60,857 | 68,161 | 187,784 | 209,660 |
Noninterest income | ||||
Deposit, loan and other income | 1,605 | 1,969 | 4,553 | 5,578 |
Income on bank owned life insurance | 1,597 | 1,521 | 4,681 | 4,069 |
Net gains on sale of loans held-for-sale | 633 | 262 | 1,232 | 1,519 |
Net losses on equity securities | (273) | (430) | (674) | (1,431) |
Total noninterest income | 3,562 | 3,322 | 9,792 | 9,735 |
Noninterest expenses | ||||
Salaries and employee benefits | 22,276 | 21,025 | 66,289 | 59,470 |
Occupancy and equipment | 2,738 | 2,600 | 8,176 | 7,262 |
FDIC insurance | 1,800 | 720 | 4,465 | 2,051 |
Professional and consulting | 1,834 | 1,980 | 5,960 | 5,896 |
Marketing and advertising | 554 | 461 | 1,642 | 1,238 |
Information technology and communications | 3,487 | 2,747 | 10,192 | 8,414 |
Amortization of intangibles | 347 | 409 | 1,090 | 1,276 |
Other components of net periodic pension expense | (25) | (143) | (76) | (429) |
Increase in value of acquisition price | 0 | 0 | 0 | 1,516 |
Other expenses | 2,773 | 2,344 | 8,366 | 6,382 |
Total noninterest expenses | 35,784 | 32,143 | 106,104 | 93,076 |
Income before income tax expense | 28,635 | 39,340 | 91,472 | 126,319 |
Income tax expense | 7,228 | 10,425 | 23,742 | 33,665 |
Net income | 21,407 | 28,915 | 67,730 | 92,654 |
Preferred dividends | 1,509 | 1,509 | 4,527 | 4,527 |
Net income available to common stockholders | $ 19,898 | $ 27,406 | $ 63,203 | $ 88,127 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.51 | $ 0.7 | $ 1.62 | $ 2.24 |
Diluted (in dollars per share) | $ 0.51 | $ 0.7 | $ 1.61 | $ 2.23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 21,407 | $ 28,915 | $ 67,730 | $ 92,654 |
Other comprehensive income (loss): | ||||
Unrealized holding losses on available-for-sale securities arising during the period | (32,285) | (39,912) | (36,060) | (94,428) |
Tax effect | 9,177 | 11,471 | 10,087 | 27,178 |
Net of tax | (23,108) | (28,441) | (25,973) | (67,250) |
Unrealized gains on cash flow hedges | 9,768 | 16,969 | 19,832 | 44,253 |
Tax effect | (2,938) | (5,094) | (5,966) | (13,381) |
Net of tax | 6,830 | 11,875 | 13,866 | 30,872 |
Reclassification adjustment for realized gains on cash flow hedges | (4,793) | (1,178) | (13,013) | (524) |
Tax effect | 1,442 | 343 | 3,915 | 159 |
Net of tax | (3,351) | (835) | (9,098) | (365) |
Unrealized gains on pension plan | 0 | 0 | 0 | 2,187 |
Tax effect | 0 | 0 | 0 | (567) |
Net of tax | 0 | 0 | 0 | 1,620 |
Reclassification adjustment for realized losses on pension plan included in net income | 74 | 17 | 222 | 49 |
Tax effect | (22) | (5) | (67) | (14) |
Net of tax | 52 | 12 | 155 | 35 |
Total other comprehensive loss | (19,577) | (17,389) | (21,050) | (35,088) |
Total comprehensive income | $ 1,830 | $ 11,526 | $ 46,680 | $ 57,566 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Performance Shares [Member] Preferred Stock [Member] | Performance Shares [Member] Common Stock [Member] | Performance Shares [Member] Additional Paid-in Capital [Member] | Performance Shares [Member] Retained Earnings [Member] | Performance Shares [Member] Treasury Stock, Common [Member] | Performance Shares [Member] AOCI Attributable to Parent [Member] | Performance Shares [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2021 | $ 110,927 | $ 586,946 | $ 27,246 | $ 440,169 | $ (39,672) | $ (1,404) | $ 1,124,212 | |||||||
Net income | 0 | 0 | 0 | 92,654 | 0 | 0 | 92,654 | |||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (35,088) | (35,088) | |||||||
Cash dividends paid on preferred stock | (4,527) | (4,527) | ||||||||||||
Cash dividends paid on common stock | 0 | 0 | 0 | (17,339) | 0 | 0 | (17,339) | |||||||
Exercise of stock options | 0 | 0 | 124 | 0 | 0 | 0 | 124 | |||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (13,127) | 0 | (13,127) | |||||||
Stock-based compensation expense | 0 | 0 | 3,519 | 0 | 0 | 0 | 3,519 | |||||||
Balance at Sep. 30, 2022 | 110,927 | 586,946 | 28,756 | 510,957 | (52,799) | (36,492) | 1,148,295 | |||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Share redemption for tax withholdings on performance units and deferred stock units earned | 0 | 0 | (2,133) | 0 | 0 | 0 | (2,133) | |||||||
Balance at Jun. 30, 2022 | 110,927 | 586,946 | 27,536 | 489,640 | (52,799) | (19,103) | 1,143,147 | |||||||
Net income | 0 | 0 | 0 | 28,915 | 0 | 0 | 28,915 | |||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (17,389) | (17,389) | |||||||
Cash dividends paid on preferred stock | (1,509) | (1,509) | ||||||||||||
Cash dividends paid on common stock | 0 | 0 | 0 | (6,089) | 0 | 0 | (6,089) | |||||||
Stock-based compensation expense | 0 | 0 | 1,220 | 0 | 0 | 0 | 1,220 | |||||||
Balance at Sep. 30, 2022 | 110,927 | 586,946 | 28,756 | 510,957 | (52,799) | (36,492) | 1,148,295 | |||||||
Balance at Dec. 31, 2022 | 110,927 | 586,946 | 30,126 | 535,915 | (52,799) | (32,364) | 1,178,751 | |||||||
Net income | 0 | 0 | 0 | 67,730 | 0 | 0 | 67,730 | |||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (21,050) | (21,050) | |||||||
Cash dividends paid on preferred stock | 0 | 0 | 0 | (4,527) | 0 | 0 | (4,527) | |||||||
Cash dividends paid on common stock | 0 | 0 | 0 | (19,342) | 0 | 0 | (19,342) | |||||||
Exercise of stock options | 0 | 0 | 96 | 0 | 0 | 0 | 96 | |||||||
Net shares issued in satisfaction of units earned | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (15,309) | 0 | (15,309) | |||||||
Stock-based compensation expense | 0 | 0 | 3,641 | 0 | 0 | 0 | 3,641 | |||||||
Balance at Sep. 30, 2023 | 110,927 | 586,946 | 32,027 | 579,776 | (68,108) | (53,414) | 1,188,154 | |||||||
Stock grants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Share redemption for tax withholdings on performance units and deferred stock units earned | 0 | 0 | (1,836) | 0 | 0 | 0 | (1,836) | |||||||
Balance at Jun. 30, 2023 | 110,927 | 586,946 | 30,740 | 566,498 | (61,877) | (33,837) | 1,199,397 | |||||||
Net income | 0 | 0 | 0 | 21,407 | 0 | 0 | 21,407 | |||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 0 | (19,577) | (19,577) | |||||||
Cash dividends paid on preferred stock | 0 | 0 | 0 | (1,509) | 0 | 0 | (1,509) | |||||||
Cash dividends paid on common stock | 0 | 0 | 0 | (6,620) | 0 | 0 | (6,620) | |||||||
Exercise of stock options | 0 | 0 | 11 | 0 | 0 | 0 | 11 | |||||||
Net shares issued in satisfaction of units earned | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Restricted stock grants, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Repurchase of stock | 0 | 0 | 0 | 0 | (6,231) | 0 | (6,231) | |||||||
Stock-based compensation expense | 0 | 0 | 1,276 | 0 | 0 | 0 | 1,276 | |||||||
Balance at Sep. 30, 2023 | $ 110,927 | $ 586,946 | $ 32,027 | $ 579,776 | $ (68,108) | $ (53,414) | $ 1,188,154 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Performance Shares [Member] | ||||
Net shares issued in satisfaction of units earned, shares (in shares) | 52,353 | 22,350 | ||
Cash dividend declared on preferred stock, per share (in dollars per share) | $ 0.328125 | $ 0.328125 | $ 0.984375 | $ 0.984375 |
Cash dividends declared on common stock, per share (in dollars per share) | $ 0.17 | $ 0.155 | $ 0.51 | $ 0.44 |
Exercise of options, shares (in shares) | 646 | 7,388 | 15,086 | |
Net shares issued in satisfaction of units earned, shares (in shares) | 3,938 | 36,006 | 31,383 | |
Restricted stock grants, shares (i (in shares) | 2,477 | 84,057 | 53,169 | |
Repurchase of stock, shares (in shares) | 316,789 | 801,952 | 447,108 | |
Stock grants, shares (in shares) | 995 | 153 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 67,730 | $ 92,654 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 3,355 | 2,903 |
Provision for credit losses | 5,500 | 14,450 |
Amortization of intangibles | 1,090 | 1,276 |
Net accretion of loans | (1,618) | (2,448) |
Accretion on bank premises | (37) | (37) |
Accretion on deposits | (232) | (657) |
Amortization on borrowings, net | 16 | 27 |
Stock-based compensation | 3,641 | 3,519 |
Losses on equity securities, net | 674 | 1,431 |
Gains on sale of loans held-for-sale, net | (1,232) | (1,519) |
Loans originated for resale | (19,511) | (18,619) |
Proceeds from sale of loans held-for-sale | 29,531 | 25,955 |
Loss on sale of other real estate owned | 22 | 6 |
Increase in cash surrender value of bank owned life insurance | (4,681) | (4,069) |
Amortization of premium and accretion of discounts on securities available-for-sale | 821 | 1,848 |
Amortization of subordinated debentures issuance costs | 1,058 | 228 |
Increase in accrued interest receivable | (733) | (4,788) |
Net change in operating leases | (23) | (142) |
Increase in other assets | (6,861) | (4,781) |
Decrease in other liabilities | (13,949) | (12,291) |
Net cash provided by operating activities | 64,561 | 94,946 |
Cash flows from investing activities | ||
Purchases | (33,454) | (320,946) |
Maturities, calls and principal repayments | 49,590 | 135,548 |
Purchase of equity securities | (2,540) | (3,200) |
Net purchases of restricted investment in bank stocks | (2,783) | (17,498) |
Cash flow hedge premium payment | 0 | (6,965) |
Payments on loans held-for-sale | 25 | 5 |
Net increase in loans | (82,847) | (1,084,483) |
Purchase of bank owned life insurance | 0 | (30,000) |
Purchases of premises and equipment | (3,950) | (2,353) |
Proceeds from sale of OREO | 242 | 309 |
Net cash used in investing activities | (75,717) | (1,329,583) |
Cash flows from financing activities | ||
Net increase in deposits | 82,105 | 978,214 |
Advances of Federal Home Loan Bank (“FHLB”) borrowings | 2,391,500 | 2,305,181 |
Repayments of subordinated debt | (75,000) | 0 |
Repayments of borrowings | (2,361,548) | (1,943,448) |
Cash dividends on preferred stock | (4,527) | (4,528) |
Cash dividends paid on common stock | (19,342) | (17,338) |
Repurchase of treasury stock | (15,309) | (13,127) |
Proceeds from exercise of stock options | 96 | 124 |
Share redemption for tax withholdings on performance units and deferred stock units earned | (1,836) | (2,133) |
Net cash (used by) provided by financing activities | (3,861) | 1,302,945 |
Net change in cash and cash equivalents | (15,017) | 68,308 |
Cash and cash equivalents at beginning of period | 268,315 | 265,536 |
Cash and cash equivalents at end of period | 253,298 | 333,844 |
Supplemental disclosures of cash flow information | ||
Interest paid on deposits and borrowings | 164,108 | 34,552 |
Income taxes | 27,377 | 31,426 |
Supplemental disclosures of noncash activities | ||
Transfer of loans held-for-investment to other real estate owned | 0 | 579 |
Transfer of loans from held-for-sale to held-for-investment | 11,197 | 0 |
Transfer of loans from held-for-investment to held-for-sale | $ 16,156 | $ 13,652 |
Note 1a - Nature of Operations,
Note 1a - Nature of Operations, Principles of Consolidation and Risk and Uncertainties | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1a. Nature of Operations, Principles of Consolidation and Risk and Uncertainties Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, 1, The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. 301 24 Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. Segments FASB ASC 28, one not one Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Risks and Uncertainties The United States economy is currently experiencing a level of price inflation not 1970’s 1980’s. may Adoption of New Accounting Standards in 2023 In March 2022, 2022 02, 326 2022 02” 2022 02 310 40, 2016 13, 326 2016 13” 2022 02 326 20, 2022 02 December 15, 2022, 2022 02 January 1, 2023 not Newly Issued, But Not In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 December 15, 2023, 2022 03 |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Earnings per Common Share Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260 10 45 two Earnings per common share have been computed based on the following: Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands, except for per share data) 2023 2022 2023 2022 Net income available to common stockholders $ 19,898 $ 27,406 $ 63,203 $ 88,127 Earnings allocated to participating securities (63 ) (67 ) (160 ) (217 ) Income attributable to common stock $ 19,835 $ 27,339 $ 63,043 $ 87,910 Weighted average common shares outstanding, including participating securities 38,817 39,243 39,020 39,393 Weighted average participating securities (123 ) (96 ) (99 ) (97 ) Weighted average common shares outstanding 38,694 39,147 38,921 39,296 Incremental shares from assumed conversions of options, performance units and restricted shares 135 192 135 214 Weighted average common and equivalent shares outstanding 38,829 39,339 39,056 39,510 Earnings per common share: Basic $ 0.51 $ 0.70 $ 1.62 $ 2.24 Diluted 0.51 0.70 1.61 2.23 There were no antidilutive share equivalents during the nine September 30, 2023 September 30, 2022 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Investment Securities All of the Company’s investment securities are classified as available-for-sale as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 6 The following tables present information related to the Company’s portfolio of securities available-for-sale as of September 30, 2023 December 31, 2022 Allowance for Gross Gross Investment Amortized Unrealized Unrealized Fair Credit Cost Gains Losses Value Losses (dollars in thousands) September 30, 2023 Investment securities available-for-sale: Federal agency obligations $ 57,243 $ - $ (13,274 ) $ 43,969 $ - Residential mortgage pass-through securities 466,362 - (76,935 ) 389,427 - Commercial mortgage pass-through securities 25,303 - (5,376 ) 19,927 - Obligations of U.S. states and political subdivisions 150,218 - (27,319 ) 122,899 - Corporate bonds and notes 3,000 - (39 ) 2,961 - Asset-backed securities 1,354 - (32 ) 1,322 - Other securities 1,362 - - 1,362 - Total investment securities available-for-sale $ 704,842 $ - $ (122,975 ) $ 581,867 $ - December 31, 2022 Investment securities available-for-sale: Federal agency obligations $ 54,889 $ - $ (10,439 ) $ 44,450 $ - Residential mortgage pass-through securities 475,263 178 (57,863 ) 417,578 - Commercial mortgage pass-through securities 25,485 - (4,381 ) 21,104 - Obligations of U.S. states and political subdivisions 157,247 111 (14,462 ) 142,896 - Corporate bonds and notes 7,000 - (26 ) 6,974 - Asset-backed securities 1,673 - (33 ) 1,640 - Other securities 242 - - 242 - Total investment securities available-for-sale $ 721,799 $ 289 $ (87,204 ) $ 634,884 $ - Investment securities having a carrying value of approximately $332.5 million and $157.0 million as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 one 10% The following table presents information for investments in securities available-for-sale as of September 30, 2023 not September 30, 2023 Amortized Fair Cost Value (dollars in thousands) Investment securities available-for-sale: Due in one year or less $ 2,000 $ 1,967 Due after one year through five years 4,389 4,331 Due after five years through ten years 1,856 1,783 Due after ten years 203,570 163,070 Residential mortgage pass-through securities 466,362 389,427 Commercial mortgage pass-through securities 25,303 19,927 Other securities 1,362 1,362 Total investment securities available-for-sale $ 704,842 $ 581,867 There were no realized gains or losses on securities during the nine September 30, 2023 September 30, 2022 Impairment Analysis of Available-for-Sale Debt Securities The following tables indicate securities in an unrealized loss position for which an allowance for credit losses (“ACL”) has not September 30, 2023 December 31, 2022 September 30, 2023 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 43,969 $ (13,274 ) $ 6,056 $ (194 ) $ 37,913 $ (13,080 ) Residential mortgage pass-through securities 389,427 (76,935 ) 28,555 (858 ) 360,872 (76,077 ) Commercial mortgage pass-through securities 19,927 (5,376 ) - - 19,927 (5,376 ) Obligations of U.S. states and political subdivisions 122,899 (27,319 ) 22,739 (1,825 ) 100,160 (25,494 ) Corporate bonds and notes 2,961 (39 ) 994 (6 ) 1,967 (33 ) Asset-backed securities 1,322 (32 ) - - 1,322 (32 ) Total temporarily impaired securities $ 580,505 $ (122,975 ) $ 58,344 $ (2,883 ) $ 522,161 $ (120,092 ) December 31, 2022 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 44,451 $ (10,439 ) $ 20,517 $ (1,831 ) $ 23,934 $ (8,608 ) Residential mortgage pass-through securities 403,039 (57,863 ) 218,918 (13,869 ) 184,121 (43,994 ) Commercial mortgage pass-through securities 21,105 (4,381 ) 14,523 (2,304 ) 6,582 (2,077 ) Obligations of U.S. states and political subdivisions 133,265 (14,462 ) 47,446 (3,404 ) 85,819 (11,058 ) Corporate bonds and notes 4,973 (26 ) 4,973 (26 ) - - Asset-backed securities 1,640 (33 ) 1,048 (16 ) 592 (17 ) Total temporarily impaired securities $ 608,473 $ (87,204 ) $ 307,425 $ (21,450 ) $ 301,048 $ (65,754 ) The Company has elected to exclude accrued interest from the amortized cost of its investment securities available-for-sale. Accrued interest receivable for investment securities available-for-sale as of September 30, 2023 December 31, 2022 The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first not one not not not not not September 30, 2023. Federal agency obligations, residential mortgage-backed pass-through securities and commercial mortgage-backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not 2008. not not zero |
Note 4 - Derivatives
Note 4 - Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 4. As part of our overall asset liability management strategy the Company uses derivative instruments, which can include interest rate swaps, collars, caps, and floors. The notional amount does not not Derivatives Designated as Hedges Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner: 1 2 As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% not no Cash Flow Hedges The Company entered into eleven pay fixed-rate interest rate swaps, with a total notional amount of $500 million, all of which were entered into in 2021 2022. eleven December 2025 March 2028. no no The Company previously entered into two one October 1, 2022 October 2027 one November 2022 November 2027. $225 No Net interest income recorded on these swap and interest rate cap transactions totaled approximately $5.5 million and $14.6 million during the three nine September 30, 2023 three nine September 30, 2022, The following table presents the net gains (losses) recorded in other comprehensive income and the Consolidated Statements of Income relating to the cash flow hedge derivative instruments for the periods indicated: Nine Months Ended September 30, 2023 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 19,832 $ (13,013 ) $ - Nine Months Ended September 30, 2022 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 44,253 $ (524 ) $ - The following table reflects the cash flow hedges included in the consolidated statements of condition as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate contracts $ 950,000 $ 61,972 $ 950,000 $ 56,797 |
Note 5 - Loans and the Allowanc
Note 5 - Loans and the Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. Loans Receivable September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (dollars in thousands) Commercial $ 1,475,571 $ 1,472,734 Commercial real estate 5,837,539 5,795,228 Commercial construction 622,748 574,139 Residential real estate 251,416 264,748 Consumer 936 2,312 Gross loans 8,188,210 8,109,161 Net deferred loan fees (7,101 ) (9,472 ) Total loans receivable $ 8,181,109 $ 8,099,689 As of September 30, 2023 December 31, 2022 Loans held-for-sale - September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (dollars in thousands) Commercial real estate $ - $ 13,473 Residential real estate - 299 Total carrying amount $ - $ 13,772 Loans Receivable on Nonaccrual Status - September 30, 2023 December 31, 2022 September 30, 2023 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 21,604 $ 555 $ 22,159 Commercial real estate 70 29,754 29,824 Residential real estate 806 3,270 4,076 Total $ 22,480 $ 33,579 $ 56,059 December 31, 2022 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 23,512 $ 1,745 $ 25,257 Commercial real estate 10,220 6,597 16,817 Residential real estate 604 1,776 2,380 Total $ 34,336 $ 10,118 $ 44,454 Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated and individually evaluated. Credit Quality Indicators third no not may not We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purpose of the table below. The following table presents loans by origination and risk designation as of September 30, 2023 Term loans amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total Gross Loans Commercial Pass $ 146,241 $ 259,603 $ 271,580 $ 41,459 $ 13,749 $ 119,592 $ 590,667 $ 1,442,891 Special mention - 337 86 - 567 3,445 3,989 8,424 Substandard 304 1,316 163 4 1,551 19,559 1,359 24,256 Doubtful - - - - - - - - Total Commercial $ 146,545 $ 261,256 $ 271,829 $ 41,463 $ 15,867 $ 142,596 $ 596,015 $ 1,475,571 Commercial Real Estate Pass $ 170,541 $ 1,572,880 $ 1,581,212 $ 356,251 $ 355,665 $ 1,269,678 $ 462,573 $ 5,768,800 Special mention - - - - - 26,421 - 26,421 Substandard - - 1,899 - 2,625 20,964 16,830 42,318 Doubtful - - - - - - - - Total Commercial Real Estate $ 170,541 $ 1,572,880 $ 1,583,111 $ 356,251 $ 358,290 $ 1,317,063 $ 479,403 $ 5,837,539 Commercial Construction Pass $ 582 $ 5,693 $ 15,682 $ 6,236 $ - $ - $ 585,855 $ 614,048 Special mention - - - - - - - - Substandard - - - - - - 8,700 8,700 Doubtful - - - - - - - - Total Commercial Construction $ 582 $ 5,693 $ 15,682 $ 6,236 $ - $ - $ 594,555 $ 622,748 Residential Pass $ 8,009 $ 43,048 $ 23,247 $ 21,863 $ 20,059 $ 92,966 $ 34,663 $ 243,855 Special mention - - - - - 655 2,830 3,485 Substandard - - 563 438 - 2,520 555 4,076 Doubtful - - - - - - - - Total Residential Real Estate $ 8,009 $ 43,048 $ 23,810 $ 22,301 $ 20,059 $ 96,141 $ 38,048 $ 251,416 Consumer Pass $ 747 $ 96 $ - $ 6 $ - $ - $ 87 $ 936 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 747 $ 96 $ - $ 6 $ - $ - $ 87 $ 936 Total Pass $ 326,120 $ 1,881,320 $ 1,891,721 $ 425,815 $ 389,473 $ 1,482,236 $ 1,673,845 $ 8,070,530 Special mention - 337 86 - 567 30,521 6,819 38,330 Substandard 304 1,316 2,625 442 4,176 43,043 27,444 79,350 Doubtful - - - - - - - - Grand Total $ 326,424 $ 1,882,973 $ 1,894,432 $ 426,257 $ 394,216 $ 1,555,800 $ 1,708,108 $ 8,188,210 The following table presents loans by origination and risk designation as of December 31, 2022 Term loans amortized cost basis by origination year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Gross Loans Commercial Pass $ 301,636 $ 305,721 $ 47,952 $ 28,177 $ 52,950 $ 127,739 $ 550,483 $ 1,414,658 Special mention - - - 583 26 8,551 3,292 12,452 Substandard 7,615 146 15 1,769 11,214 22,596 2,269 45,624 Doubtful - - - - - - - - Total Commercial $ 309,251 $ 305,867 $ 47,967 $ 30,529 $ 64,190 $ 158,886 $ 556,044 $ 1,472,734 Commercial Real Estate Pass $ 1,571,751 $ 1,608,023 $ 382,987 $ 358,578 $ 375,886 $ 987,982 $ 401,365 $ 5,686,572 Special mention 3,040 - - - - 37,774 8,839 49,653 Substandard - 1,929 - 6,526 19,138 23,287 8,123 59,003 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,574,791 $ 1,609,952 $ 382,987 $ 365,104 $ 395,024 $ 1,049,043 $ 418,327 $ 5,795,228 Commercial Construction Pass $ 8,615 $ 7,605 $ 6,720 $ 508 $ - $ - $ 542,460 $ 565,908 Special mention - - - - - - - - Substandard - - - - - - 8,231 8,231 Doubtful - - - - - - - - Total Commercial Construction $ 8,615 $ 7,605 $ 6,720 $ 508 $ - $ - $ 550,691 $ 574,139 Residential Real Estate Pass $ 45,926 $ 25,318 $ 24,409 $ 21,557 $ 20,284 $ 78,314 $ 41,468 $ 257,276 Special mention - - - - - - - - Substandard - - - - - 3,379 4,093 7,472 Doubtful - - - - - - - - Total Residential Real Estate $ 45,926 $ 25,318 $ 24,409 $ 21,557 $ 20,284 $ 81,693 $ 45,561 $ 264,748 Consumer Pass $ 2,219 $ - $ 9 $ - $ - $ 2 $ 82 $ 2,312 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 2,219 $ - $ 9 $ - $ - $ 2 $ 82 $ 2,312 Total Pass $ 1,930,147 $ 1,946,667 $ 462,077 $ 408,820 $ 449,120 $ 1,194,037 $ 1,535,858 $ 7,926,726 Special mention 3,040 - - 583 26 46,325 12,131 62,105 Substandard 7,615 2,075 15 8,295 30,352 49,262 22,716 120,330 Doubtful - - - - - - - - Grand Total $ 1,940,802 $ 1,948,742 $ 462,092 $ 417,698 $ 479,498 $ 1,289,624 $ 1,570,705 $ 8,109,161 Collateral Dependent Loans September 30, 2023 December 31, 2022 September 30, 2023 Real Estate Other Total (dollars in thousands) Commercial $ 4,891 $ 14,719 $ 19,610 Commercial real estate 41,636 - 41,636 Commercial construction 8,700 - 8,700 Residential real estate 6,755 - 6,755 Total $ 61,982 $ 14,719 $ 76,701 December 31, 2022 Real Estate Other Total (dollars in thousands) Commercial $ 5,352 $ 22,517 $ 27,869 Commercial real estate 52,477 - 52,477 Commercial construction 8,232 - 8,232 Residential real estate 5,864 - 5,864 Total $ 71,925 $ 22,517 $ 94,442 Aging Analysis - September 30, 2023 December 31, 2022: September 30, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 433 $ 1,979 $ - $ 22,159 $ 24,571 $ 1,451,000 $ 1,475,571 Commercial real estate - 597 - 29,824 30,421 5,807,118 5,837,539 Commercial construction - - - - - 622,748 622,748 Residential real estate 227 - - 4,076 4,303 247,113 251,416 Consumer - 254 - - 254 682 936 Total $ 660 $ 2,830 $ - $ 56,059 $ 59,549 $ 8,128,661 $ 8,188,210 December 31, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 306 $ - $ - $ 25,257 $ 25,563 $ 1,447,171 $ 1,472,734 Commercial real estate 90 - 5,591 16,817 22,498 5,772,730 5,795,228 Commercial construction - - - - - 574,139 574,139 Residential real estate 1,569 - - 2,380 3,949 260,799 264,748 Consumer - - - - - 2,312 2,312 Total $ 1,965 $ - $ 5,591 $ 44,454 $ 52,010 $ 8,057,151 $ 8,109,161 The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, those acquired with deteriorated quality, and the related portion of the allowance for credit losses that are allocated to each loan portfolio segment: September 30, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 7,685 $ 661 $ - $ - $ - $ 8,346 Collectively evaluated impairment 19,433 52,072 3,909 3,732 5 79,151 Acquired with deteriorated credit quality individually analyzed 733 - - - - 733 Total $ 27,851 $ 52,733 $ 3,909 $ 3,732 $ 5 $ 88,230 Gross loans Individually evaluated impairment $ 24,676 $ 41,636 $ 8,700 $ 6,755 $ - $ 81,767 Collectively evaluated impairment 1,450,405 5,795,903 614,048 244,661 936 8,105,953 Acquired with deteriorated credit quality individually analyzed 490 - - - - 490 Total $ 1,475,571 $ 5,837,539 $ 622,748 $ 251,416 $ 936 $ 8,188,210 December 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 7,426 $ 1,003 $ - $ 50 $ - $ 8,479 Collectively evaluated impairment 19,319 50,818 3,718 4,093 7 77,955 Acquired with deteriorated credit quality individually analyzed 2,158 1,921 - - - 4,079 Total $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Gross loans Individually evaluated impairment $ 30,994 $ 46,886 $ 8,232 $ 5,864 $ - $ 91,976 Collectively evaluated impairment 1,436,866 5,742,751 565,907 258,884 2,312 8,006,720 Acquired with deteriorated credit quality individually analyzed 4,874 5,591 - - - 10,465 Total $ 1,472,734 $ 5,795,228 $ 574,139 $ 264,748 $ 2,312 $ 8,109,161 Activity in the Company’s ACL for loans for the three nine September 30, 2023 Three Months Ended September 30, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of June 30, 2023 $ 29,326 $ 52,509 $ 3,546 $ 3,819 $ 5 $ 89,205 Charge-offs (2,250 ) (237 ) - - - (2,487 ) Recoveries - - - 1 7 8 Provision for (reversal of) credit losses - loans 775 461 363 (88 ) (7 ) 1,504 Balance as of September 30, 2023 $ 27,851 $ 52,733 $ 3,909 $ 3,732 $ 5 $ 88,230 Nine Months Ended September 30, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2022 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Charge-offs (6,117 ) (1,954 ) - (18 ) - (8,089 ) Recoveries 9 - - 69 7 85 Provision for (reversal of) credit losses - loans 5,056 945 191 (462 ) (9 ) 5,721 Balance as of September 30, 2023 $ 27,851 $ 52,733 $ 3,909 $ 3,732 $ 5 $ 88,230 Three Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of June 30, 2022 $ 28,135 $ 47,562 $ 3,413 $ 3,625 $ 4 $ 82,739 Charge-offs (410 ) - - - (3 ) (413 ) Recoveries 53 - - - - 53 Provision for credit losses - loans 1,911 6,964 31 428 4 9,338 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ 91,717 Nine Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Charge-offs (751 ) (226 ) - (9 ) (3 ) (989 ) Recoveries 54 - - 63 - 117 Provision for (reversal of) credit losses - loans 4,417 9,163 (136 ) 371 1 13,816 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ 91,717 Loan Modifications to Borrowers Experiencing Financial Difficulty: The Company adopted Accounting Standards Update (“ASU”) 2022 02, 326 2022 02” January 1, 2023. 2022 02 The following table presents the amortized cost basis at the end of the reporting period of the loan modifications to borrowers experiencing financial difficulty: Nine Months Ended September 30, 2023 Term Extension % of Portfolio (dollars in thousands) Commercial $ 44 0.00 % Commercial real estate 211 0.00 % The above table consists of loans that added a weighted average of 13 not The following table presents the performance of loans that have been modified in the last twelve September 30, 2023 Current Past Due 30-89 Days Past Due 90 Days or More (dollars in thousands) Commercial $ 44 $ - $ - Commercial real estate 211 - - There were no loans to borrowers experiencing financial difficulty that had a payment default during the nine September 30, 2023 twelve 90 Troubled debt restructurings: Information on loan modifications prior to the adoption of ASU 2022 02 January 1, 2023 nine September 30, 2022, one one one Allowance for Credit Losses for Unfunded Commitments The Company has recorded an ACL for unfunded credit commitments, which was recorded in other liabilities. The provision is recorded within the provision for (reversal of) credit losses on the Company’s income statement. The following table presents a roll forward of the allowance for credit losses for unfunded commitments for the three nine September 30, 2023 2022 Three Months Ended Three Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Balance at beginning of period $ 2,819 $ 2,324 (Reversal of) provision for credit losses - unfunded commitments (4 ) 662 Balance at end of period $ 2,815 $ 2,986 Nine Months Ended Nine Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Balance at beginning of period $ 3,036 $ 2,352 (Reversal of) provision for credit losses - unfunded commitments (221 ) 634 Balance at end of period $ 2,815 $ 2,986 Components of (Reversal of) Provision for Credit Losses The following table summarizes the provision for (reversal of) credit losses for the three nine September 30, 2023 2022 Three Months Ended Three Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Provision for credit losses – loans $ 1,504 $ 9,338 (Reversal of) provision for credit losses - unfunded commitments (4 ) 662 Provision for credit losses $ 1,500 $ 10,000 Nine Months Ended Nine Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Provision for credit losses – loans $ 5,721 $ 13,816 (Reversal of) provision for credit losses - unfunded commitments (221 ) 634 Provision for credit losses $ 5,500 $ 14,450 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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 and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following information should not may not Assets and Liabilities Measured at Fair Value on a Recurring Basis The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of September 30, 2023 December 31, 2022 Investment Securities Available-for-Sale and Equity Securities 1 1 not 2 3. Derivatives 2 not third For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used as of September 30, 2023 December 31, 2022 September 30, 2023 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 43,969 $ - $ 43,969 $ - Residential mortgage pass-through securities 389,427 - 389,427 - Commercial mortgage pass-through securities 19,927 - 19,927 - Obligations of U.S. states and political subdivision 122,899 - 115,882 7,017 Corporate bonds and notes 2,961 - 2,961 - Asset-backed securities 1,322 - 1,322 - Other securities 1,362 1,362 - - Total available-for-sale 581,867 1,362 573,488 7,017 Equity securities 17,677 9,394 8,283 - Derivatives 61,972 - 61,972 - Total assets $ 661,516 $ 10,756 $ 643,743 $ 7,017 December 31, 2022 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 44,450 $ - $ 44,450 $ - Residential mortgage pass- through securities 417,578 - 417,578 - Commercial mortgage pass-through securities 21,104 - 21,104 - Obligations of U.S. states and political subdivision 142,896 - 135,547 7,349 Corporate bonds and notes 6,974 - 6,974 - Asset-backed securities 1,640 - 1,640 - Other securities 242 242 - - Total available-for-sale $ 634,884 $ 242 $ 627,293 $ 7,349 Equity securities 15,811 9,733 6,078 - Derivatives 56,797 - 56,797 - Total assets $ 707,492 $ 9,975 $ 690,168 $ 7,349 There were no 1 2 nine September 30, 2023 December 31, 2022 Assets Measured at Fair Value on a Nonrecurring Basis The Company may September 30, 2023 December 31, 2022 Loans Held-for-Sale 2 Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value of these loans is determined based on the terms of the loan, such as interest rate, maturity date, reset term, as well as sales of similar assets (Level 3 Collateral Dependent Loans may not 3 not 3 For assets measured at fair value on a nonrecurring basis, the fair value measurements as of September 30, 2023 December 31, 2022 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 10,659 $ - $ - $ 10,659 Commercial real estate 7,330 - - 7,330 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 14,550 $ - $ - $ 14,550 Commercial real estate 17,264 - - 17,264 Residential real estate 1,392 - - 1,392 Collateral dependent loans September 30, 2023 December 31, 2022 Assets Measured with Significant Unobservable Level 3 Recurring basis The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 nine September 30, 2023 December 31, 2022: Municipal Securities (dollars in thousands) Beginning balance, December 31, 2022 $ 7,349 Principal paydowns (221 ) Change in unrealized gain (111 ) Ending balance, September 30, 2023 $ 7,017 Municipal Securities (dollars in thousands) Beginning balance, December 31, 2021 $ 8,565 Principal paydowns (287 ) Changes in unrealized loss (929 ) Ending balance, December 31, 2022 $ 7,349 The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of September 30, 2023 December 31, 2022 3 September 30, 2023 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,017 Discounted cash flows Discount rate 4.4 % December 31, 2022 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,349 Discounted cash flows Discount rate 4.3 % Nonrecurring basis : 3 September 30, 2023 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 10,205 Market approach (100%) Average transfer price as a price to unpaid principal balance 65% –92% (68%) Commercial 454 Appraisals of collateral value Adjustment for comparable sales -7.5% to +25% (+0.1%) Commercial real estate 7,330 Appraisals of collateral value Adjustment for comparable sales -15% to +5% (+4%) December 31, 2022 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial loans $ 14,028 Market approach (100%) Average transfer price as a price to unpaid principal balance 65% to 96% (67%) Commercial loans 522 Appraisals of collateral value Adjustment for comparable sales -10% to +13% (+3%) Commercial real estate loans 17,264 Appraisals of collateral value Adjustment for comparable sales -20% to +0% (-15%) Residential real estate loans 1,392 Appraisals of collateral value Adjustment for comparable sales +21% to +39% (22%) As of September 30, 2023 820, Fair Value Measurement September 30, 2023 December 31, 2022 Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) September 30, 2023 Financial assets: Cash and due from banks $ 253,298 $ 253,298 $ 253,298 $ - $ - Securities available-for-sale 581,867 581,867 1,362 573,488 7,017 Restricted investments in bank stocks 49,387 n/a n/a n/a n/a Equity securities 17,677 17,677 9,394 8,283 - Net loans 8,092,879 7,725,439 - - 7,725,439 Derivatives - interest rate contracts 61,972 61,972 - 61,972 - Accrued interest receivable 46,795 46,795 - 5,160 41,635 Financial liabilities: Noninterest-bearing deposits 1,224,125 1,224,125 1,224,125 - - Interest-bearing deposits 6,214,370 6,181,082 3,692,159 2,488,923 - Borrowings 887,590 884,745 - 884,745 - Subordinated debentures 79,313 77,588 - 77,588 - Accrued interest payable 9,800 9,800 - 9,800 - December 31, 2022 Financial assets: Cash and due from banks $ 268,315 $ 268,315 $ 268,315 $ - $ - Investment securities available-for-sale 634,884 634,884 242 627,293 7,349 Restricted investment in bank stocks 46,604 n/a n/a n/a n/a Equity securities 15,811 15,811 9,733 6,078 - Net loans 8,009,176 7,723,378 - - 7,723,378 Derivatives - interest rate contracts 56,797 56,797 - 56,797 - Accrued interest receivable 46,062 46,062 - 4,685 41,377 Financial liabilities: Noninterest-bearing deposits 1,501,614 1,501,614 1,501,614 - - Interest-bearing deposits 5,855,008 5,811,291 3,460,818 2,350,473 - Borrowings 857,622 854,698 . 854,698 - Subordinated debentures 153,255 153,581 - 153,581 - Accrued interest payable 6,925 6,925 - 6,925 - The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to originate loans is immaterial and not Changes in assumptions or estimation methodologies may The Company’s remaining assets and liabilities, which are not not No 825 10. Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not not not Management believes that reasonable comparability between financial institutions may not |
Note 7 - Comprehensive (Loss) I
Note 7 - Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7. Total comprehensive (loss) income includes all changes in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrealized gains (losses) on cash flow hedges, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, each net of taxes. The following table represents the reclassification out of accumulated other comprehensive (loss) for the periods presented (dollars in thousands): Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income (expense) on cash flow hedges $ 4,793 $ 1,178 $ 13,013 $ 524 Borrowings and deposits expense (1,442 ) (343 ) (3,915 ) (159 ) Income tax (expense) benefit $ 3,351 $ 835 $ 9,098 $ 365 Amortization of pension plan net actuarial losses $ (74 ) $ (17 ) $ (222 ) $ (49 ) Other components of net periodic pension expense 22 5 67 14 Income tax benefit $ (52 ) $ (12 ) $ (155 ) $ (35 ) Total reclassification $ 3,299 $ 823 $ 8,943 $ 330 Accumulated other comprehensive loss as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (dollars in thousands) Investment securities available-for-sale, net of tax $ (87,748 ) $ (61,775 ) Cash flow hedge, net of tax 37,128 32,360 Defined benefit pension and post-retirement plans, net of tax (2,794 ) (2,949 ) Total $ (53,414 ) $ (32,364 ) |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8. Stock-based Compensation The Company’s stockholders approved the 2017 May 23, 2017. September 30, 2023 May 30, 2023, may September 30, 2023 Restricted stock, options and deferred stock units typically have a three one one third ten may three no not. All awards are issued at the fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant, ratably over the vesting period. Forfeiture rates are not three nine September 30, 2023 three nine September 30, 2022 Activity under the Company’s options for the nine September 30, 2023 Number of Stock Options Weighted-Average Exercise Price Outstanding as of December 31, 2022 8,680 $ 12.95 Exercised (7,388 ) 12.73 Forfeited/cancelled/expired (1,292 ) 14.24 Outstanding as of September 30, 2023 - - Exercisable as of September 30, 2023 - $ - Activity under the Company’s restricted stock for the nine September 30, 2023 Nonvested Shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2022 85,931 $ 26.20 Granted 93,147 16.19 Vested (47,067 ) 27.59 Forfeited/cancelled/expired (9,090 ) 21.76 Nonvested as of September 30, 2023 122,921 $ 18.41 As of September 30, 2023 A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2022 195,265 $ 17.98 Awarded 85,158 17.93 Vested shares (116,192 ) 10.77 Unearned as of September 30, 2023 164,231 233,087 $ 23.06 As of September 30, 2023 September 30, 2023 nine September 30, 2023 nine September 30, 2023 September 30, 2023 not A summary of the status of unearned deferred stock units and the changes in deferred stock units during the period is presented in the table below: Units (expected) Weighted Average Grant Date Fair Value Unearned as of December 31, 2022 120,035 $ 23.84 Awarded 146,857 18.97 Vested shares (78,544 ) 19.71 Unearned as of September 30, 2023 188,348 $ 21.77 Any forfeitures would result in previously recognized expense being reversed. A portion of the shares that vest will be netted out to satisfy the tax obligations of the recipient. During the nine September 30, 2023 nine September 30, 2023 September 30, 2023 not |
Note 9 - Components of Net Peri
Note 9 - Components of Net Periodic Pension Cost | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 9. Components of Net Periodic Pension Cost The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until June 30, 2007, Three Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2023 2022 (dollars in thousands) Service cost $ - $ - Interest cost 110 78 Other components of net periodic pension expense Expected return on plan assets (209 ) (237 ) Other components of net periodic pension expense Net amortization 74 17 Other components of net periodic pension expense Total periodic pension income $ (25 ) $ (142 ) Nine Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2023 2022 (dollars in thousands) Service cost $ - $ - Interest cost 330 233 Other components of net periodic pension expense Expected return on plan assets (628 ) (711 ) Other components of net periodic pension expense Net amortization 222 49 Other components of net periodic pension expense Total periodic pension income $ (76 ) $ (429 ) Contributions The Company did not nine September 30, 2023 not 2023. No may |
Note 10 - FHLB Borrowings
Note 10 - FHLB Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank, Advances [Text Block] | Note 10. The Company’s FHLB borrowings and weighted average interest rates are summarized below: September 30, 2023 December 31, 2022 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 835,000 5.60 % $ 830,000 4.42 % 1 year through less than 2 years 25,000 1.00 - - 2 years through less than 3 years 2,050 2.23 25,000 1.00 3 years through less than 4 years - - 2,050 2.23 4 years through 5 years 25,301 4.16 326 2.85 After 5 years 302 2.96 326 2.96 FHLB borrowings - gross 887,653 5.42 % 857,702 4.32 % Fair value discount (63 ) (80 ) Total FHLB borrowings $ 887,590 $ 857,622 The FHLB borrowings are secured by pledges of certain collateral including, but not first Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances bear fixed rates. The advances as of September 30, 2023 September 30, 2023 |
Note 11 - Subordinated Debentur
Note 11 - Subordinated Debentures | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 11. During 2003, December 19, 2003, January 23, 2034. three June 30, 2023 July 3, 2023 three September 30, 2023 not not 810 10. The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II as of September 30, 2023 December 31, 2022 As of September 30, 2023 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points 1/23/2034 1/23/2009 As of December 31, 2022 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points 1/23/2034 1/23/2009 On June 10, 2020, “2020 2020 June 15, 2025 June 15 December 15 December 15, 2020. June 15, 2025 March 15, June 15, September 15 December 15 September 15, 2025. On January 11, 2018, “2018 2018 three 2018 February 1, May 1, August 1, November 1, 2018 February 1, 2023. |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5 Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, 1, The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. 301 24 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. |
Segment Reporting, Policy [Policy Text Block] | Segments FASB ASC 28, one not one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The United States economy is currently experiencing a level of price inflation not 1970’s 1980’s. may |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards in 2023 In March 2022, 2022 02, 326 2022 02” 2022 02 310 40, 2016 13, 326 2016 13” 2022 02 326 20, 2022 02 December 15, 2022, 2022 02 January 1, 2023 not Newly Issued, But Not In June 2022, 2022 03, 820 2022 03” 2022 03 not not 2022 03 December 15, 2023, 2022 03 |
Note 2 - Earnings Per Common _2
Note 2 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands, except for per share data) 2023 2022 2023 2022 Net income available to common stockholders $ 19,898 $ 27,406 $ 63,203 $ 88,127 Earnings allocated to participating securities (63 ) (67 ) (160 ) (217 ) Income attributable to common stock $ 19,835 $ 27,339 $ 63,043 $ 87,910 Weighted average common shares outstanding, including participating securities 38,817 39,243 39,020 39,393 Weighted average participating securities (123 ) (96 ) (99 ) (97 ) Weighted average common shares outstanding 38,694 39,147 38,921 39,296 Incremental shares from assumed conversions of options, performance units and restricted shares 135 192 135 214 Weighted average common and equivalent shares outstanding 38,829 39,339 39,056 39,510 Earnings per common share: Basic $ 0.51 $ 0.70 $ 1.62 $ 2.24 Diluted 0.51 0.70 1.61 2.23 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Allowance for Gross Gross Investment Amortized Unrealized Unrealized Fair Credit Cost Gains Losses Value Losses (dollars in thousands) September 30, 2023 Investment securities available-for-sale: Federal agency obligations $ 57,243 $ - $ (13,274 ) $ 43,969 $ - Residential mortgage pass-through securities 466,362 - (76,935 ) 389,427 - Commercial mortgage pass-through securities 25,303 - (5,376 ) 19,927 - Obligations of U.S. states and political subdivisions 150,218 - (27,319 ) 122,899 - Corporate bonds and notes 3,000 - (39 ) 2,961 - Asset-backed securities 1,354 - (32 ) 1,322 - Other securities 1,362 - - 1,362 - Total investment securities available-for-sale $ 704,842 $ - $ (122,975 ) $ 581,867 $ - December 31, 2022 Investment securities available-for-sale: Federal agency obligations $ 54,889 $ - $ (10,439 ) $ 44,450 $ - Residential mortgage pass-through securities 475,263 178 (57,863 ) 417,578 - Commercial mortgage pass-through securities 25,485 - (4,381 ) 21,104 - Obligations of U.S. states and political subdivisions 157,247 111 (14,462 ) 142,896 - Corporate bonds and notes 7,000 - (26 ) 6,974 - Asset-backed securities 1,673 - (33 ) 1,640 - Other securities 242 - - 242 - Total investment securities available-for-sale $ 721,799 $ 289 $ (87,204 ) $ 634,884 $ - |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2023 Amortized Fair Cost Value (dollars in thousands) Investment securities available-for-sale: Due in one year or less $ 2,000 $ 1,967 Due after one year through five years 4,389 4,331 Due after five years through ten years 1,856 1,783 Due after ten years 203,570 163,070 Residential mortgage pass-through securities 466,362 389,427 Commercial mortgage pass-through securities 25,303 19,927 Other securities 1,362 1,362 Total investment securities available-for-sale $ 704,842 $ 581,867 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2023 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 43,969 $ (13,274 ) $ 6,056 $ (194 ) $ 37,913 $ (13,080 ) Residential mortgage pass-through securities 389,427 (76,935 ) 28,555 (858 ) 360,872 (76,077 ) Commercial mortgage pass-through securities 19,927 (5,376 ) - - 19,927 (5,376 ) Obligations of U.S. states and political subdivisions 122,899 (27,319 ) 22,739 (1,825 ) 100,160 (25,494 ) Corporate bonds and notes 2,961 (39 ) 994 (6 ) 1,967 (33 ) Asset-backed securities 1,322 (32 ) - - 1,322 (32 ) Total temporarily impaired securities $ 580,505 $ (122,975 ) $ 58,344 $ (2,883 ) $ 522,161 $ (120,092 ) December 31, 2022 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment securities available-for-sale: Federal agency obligations $ 44,451 $ (10,439 ) $ 20,517 $ (1,831 ) $ 23,934 $ (8,608 ) Residential mortgage pass-through securities 403,039 (57,863 ) 218,918 (13,869 ) 184,121 (43,994 ) Commercial mortgage pass-through securities 21,105 (4,381 ) 14,523 (2,304 ) 6,582 (2,077 ) Obligations of U.S. states and political subdivisions 133,265 (14,462 ) 47,446 (3,404 ) 85,819 (11,058 ) Corporate bonds and notes 4,973 (26 ) 4,973 (26 ) - - Asset-backed securities 1,640 (33 ) 1,048 (16 ) 592 (17 ) Total temporarily impaired securities $ 608,473 $ (87,204 ) $ 307,425 $ (21,450 ) $ 301,048 $ (65,754 ) |
Note 4 - Derivatives (Tables)
Note 4 - Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Nine Months Ended September 30, 2023 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 19,832 $ (13,013 ) $ - Nine Months Ended September 30, 2022 Amount of gain (loss) recognized in OCI (Effective Portion) Amount of (gain) loss reclassified from OCI to interest expense Amount of gain recognized in other Noninterest income (Ineffective Portion) (dollars in thousands) Interest rate contracts $ 44,253 $ (524 ) $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | September 30, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate contracts $ 950,000 $ 61,972 $ 950,000 $ 56,797 |
Note 5 - Loans and the Allowa_2
Note 5 - Loans and the Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2023 December 31, 2022 (dollars in thousands) Commercial $ 1,475,571 $ 1,472,734 Commercial real estate 5,837,539 5,795,228 Commercial construction 622,748 574,139 Residential real estate 251,416 264,748 Consumer 936 2,312 Gross loans 8,188,210 8,109,161 Net deferred loan fees (7,101 ) (9,472 ) Total loans receivable $ 8,181,109 $ 8,099,689 |
Schedule of Loans Held-for-sale [Table Text Block] | September 30, 2023 December 31, 2022 (dollars in thousands) Commercial real estate $ - $ 13,473 Residential real estate - 299 Total carrying amount $ - $ 13,772 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2023 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 21,604 $ 555 $ 22,159 Commercial real estate 70 29,754 29,824 Residential real estate 806 3,270 4,076 Total $ 22,480 $ 33,579 $ 56,059 December 31, 2022 Nonaccrual loans with ACL Nonaccrual loans without ACL Total nonaccrual loans (dollars in thousands) Commercial $ 23,512 $ 1,745 $ 25,257 Commercial real estate 10,220 6,597 16,817 Residential real estate 604 1,776 2,380 Total $ 34,336 $ 10,118 $ 44,454 |
Financing Receivable Origination And Risk Designation [Table Text Block] | Term loans amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total Gross Loans Commercial Pass $ 146,241 $ 259,603 $ 271,580 $ 41,459 $ 13,749 $ 119,592 $ 590,667 $ 1,442,891 Special mention - 337 86 - 567 3,445 3,989 8,424 Substandard 304 1,316 163 4 1,551 19,559 1,359 24,256 Doubtful - - - - - - - - Total Commercial $ 146,545 $ 261,256 $ 271,829 $ 41,463 $ 15,867 $ 142,596 $ 596,015 $ 1,475,571 Commercial Real Estate Pass $ 170,541 $ 1,572,880 $ 1,581,212 $ 356,251 $ 355,665 $ 1,269,678 $ 462,573 $ 5,768,800 Special mention - - - - - 26,421 - 26,421 Substandard - - 1,899 - 2,625 20,964 16,830 42,318 Doubtful - - - - - - - - Total Commercial Real Estate $ 170,541 $ 1,572,880 $ 1,583,111 $ 356,251 $ 358,290 $ 1,317,063 $ 479,403 $ 5,837,539 Commercial Construction Pass $ 582 $ 5,693 $ 15,682 $ 6,236 $ - $ - $ 585,855 $ 614,048 Special mention - - - - - - - - Substandard - - - - - - 8,700 8,700 Doubtful - - - - - - - - Total Commercial Construction $ 582 $ 5,693 $ 15,682 $ 6,236 $ - $ - $ 594,555 $ 622,748 Residential Pass $ 8,009 $ 43,048 $ 23,247 $ 21,863 $ 20,059 $ 92,966 $ 34,663 $ 243,855 Special mention - - - - - 655 2,830 3,485 Substandard - - 563 438 - 2,520 555 4,076 Doubtful - - - - - - - - Total Residential Real Estate $ 8,009 $ 43,048 $ 23,810 $ 22,301 $ 20,059 $ 96,141 $ 38,048 $ 251,416 Consumer Pass $ 747 $ 96 $ - $ 6 $ - $ - $ 87 $ 936 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 747 $ 96 $ - $ 6 $ - $ - $ 87 $ 936 Total Pass $ 326,120 $ 1,881,320 $ 1,891,721 $ 425,815 $ 389,473 $ 1,482,236 $ 1,673,845 $ 8,070,530 Special mention - 337 86 - 567 30,521 6,819 38,330 Substandard 304 1,316 2,625 442 4,176 43,043 27,444 79,350 Doubtful - - - - - - - - Grand Total $ 326,424 $ 1,882,973 $ 1,894,432 $ 426,257 $ 394,216 $ 1,555,800 $ 1,708,108 $ 8,188,210 Term loans amortized cost basis by origination year 2022 2021 2020 2019 2018 Prior Revolving Loans Total Gross Loans Commercial Pass $ 301,636 $ 305,721 $ 47,952 $ 28,177 $ 52,950 $ 127,739 $ 550,483 $ 1,414,658 Special mention - - - 583 26 8,551 3,292 12,452 Substandard 7,615 146 15 1,769 11,214 22,596 2,269 45,624 Doubtful - - - - - - - - Total Commercial $ 309,251 $ 305,867 $ 47,967 $ 30,529 $ 64,190 $ 158,886 $ 556,044 $ 1,472,734 Commercial Real Estate Pass $ 1,571,751 $ 1,608,023 $ 382,987 $ 358,578 $ 375,886 $ 987,982 $ 401,365 $ 5,686,572 Special mention 3,040 - - - - 37,774 8,839 49,653 Substandard - 1,929 - 6,526 19,138 23,287 8,123 59,003 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,574,791 $ 1,609,952 $ 382,987 $ 365,104 $ 395,024 $ 1,049,043 $ 418,327 $ 5,795,228 Commercial Construction Pass $ 8,615 $ 7,605 $ 6,720 $ 508 $ - $ - $ 542,460 $ 565,908 Special mention - - - - - - - - Substandard - - - - - - 8,231 8,231 Doubtful - - - - - - - - Total Commercial Construction $ 8,615 $ 7,605 $ 6,720 $ 508 $ - $ - $ 550,691 $ 574,139 Residential Real Estate Pass $ 45,926 $ 25,318 $ 24,409 $ 21,557 $ 20,284 $ 78,314 $ 41,468 $ 257,276 Special mention - - - - - - - - Substandard - - - - - 3,379 4,093 7,472 Doubtful - - - - - - - - Total Residential Real Estate $ 45,926 $ 25,318 $ 24,409 $ 21,557 $ 20,284 $ 81,693 $ 45,561 $ 264,748 Consumer Pass $ 2,219 $ - $ 9 $ - $ - $ 2 $ 82 $ 2,312 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 2,219 $ - $ 9 $ - $ - $ 2 $ 82 $ 2,312 Total Pass $ 1,930,147 $ 1,946,667 $ 462,077 $ 408,820 $ 449,120 $ 1,194,037 $ 1,535,858 $ 7,926,726 Special mention 3,040 - - 583 26 46,325 12,131 62,105 Substandard 7,615 2,075 15 8,295 30,352 49,262 22,716 120,330 Doubtful - - - - - - - - Grand Total $ 1,940,802 $ 1,948,742 $ 462,092 $ 417,698 $ 479,498 $ 1,289,624 $ 1,570,705 $ 8,109,161 |
Financing Receivable, Collateral Dependent [Table Text Block] | September 30, 2023 Real Estate Other Total (dollars in thousands) Commercial $ 4,891 $ 14,719 $ 19,610 Commercial real estate 41,636 - 41,636 Commercial construction 8,700 - 8,700 Residential real estate 6,755 - 6,755 Total $ 61,982 $ 14,719 $ 76,701 December 31, 2022 Real Estate Other Total (dollars in thousands) Commercial $ 5,352 $ 22,517 $ 27,869 Commercial real estate 52,477 - 52,477 Commercial construction 8,232 - 8,232 Residential real estate 5,864 - 5,864 Total $ 71,925 $ 22,517 $ 94,442 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 433 $ 1,979 $ - $ 22,159 $ 24,571 $ 1,451,000 $ 1,475,571 Commercial real estate - 597 - 29,824 30,421 5,807,118 5,837,539 Commercial construction - - - - - 622,748 622,748 Residential real estate 227 - - 4,076 4,303 247,113 251,416 Consumer - 254 - - 254 682 936 Total $ 660 $ 2,830 $ - $ 56,059 $ 59,549 $ 8,128,661 $ 8,188,210 December 31, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 306 $ - $ - $ 25,257 $ 25,563 $ 1,447,171 $ 1,472,734 Commercial real estate 90 - 5,591 16,817 22,498 5,772,730 5,795,228 Commercial construction - - - - - 574,139 574,139 Residential real estate 1,569 - - 2,380 3,949 260,799 264,748 Consumer - - - - - 2,312 2,312 Total $ 1,965 $ - $ 5,591 $ 44,454 $ 52,010 $ 8,057,151 $ 8,109,161 |
Schedule of Evaluation of Impairment on Financing Receivables [Table Text Block] | September 30, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 7,685 $ 661 $ - $ - $ - $ 8,346 Collectively evaluated impairment 19,433 52,072 3,909 3,732 5 79,151 Acquired with deteriorated credit quality individually analyzed 733 - - - - 733 Total $ 27,851 $ 52,733 $ 3,909 $ 3,732 $ 5 $ 88,230 Gross loans Individually evaluated impairment $ 24,676 $ 41,636 $ 8,700 $ 6,755 $ - $ 81,767 Collectively evaluated impairment 1,450,405 5,795,903 614,048 244,661 936 8,105,953 Acquired with deteriorated credit quality individually analyzed 490 - - - - 490 Total $ 1,475,571 $ 5,837,539 $ 622,748 $ 251,416 $ 936 $ 8,188,210 December 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 7,426 $ 1,003 $ - $ 50 $ - $ 8,479 Collectively evaluated impairment 19,319 50,818 3,718 4,093 7 77,955 Acquired with deteriorated credit quality individually analyzed 2,158 1,921 - - - 4,079 Total $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Gross loans Individually evaluated impairment $ 30,994 $ 46,886 $ 8,232 $ 5,864 $ - $ 91,976 Collectively evaluated impairment 1,436,866 5,742,751 565,907 258,884 2,312 8,006,720 Acquired with deteriorated credit quality individually analyzed 4,874 5,591 - - - 10,465 Total $ 1,472,734 $ 5,795,228 $ 574,139 $ 264,748 $ 2,312 $ 8,109,161 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of June 30, 2023 $ 29,326 $ 52,509 $ 3,546 $ 3,819 $ 5 $ 89,205 Charge-offs (2,250 ) (237 ) - - - (2,487 ) Recoveries - - - 1 7 8 Provision for (reversal of) credit losses - loans 775 461 363 (88 ) (7 ) 1,504 Balance as of September 30, 2023 $ 27,851 $ 52,733 $ 3,909 $ 3,732 $ 5 $ 88,230 Nine Months Ended September 30, 2023 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2022 $ 28,903 $ 53,742 $ 3,718 $ 4,143 $ 7 $ 90,513 Charge-offs (6,117 ) (1,954 ) - (18 ) - (8,089 ) Recoveries 9 - - 69 7 85 Provision for (reversal of) credit losses - loans 5,056 945 191 (462 ) (9 ) 5,721 Balance as of September 30, 2023 $ 27,851 $ 52,733 $ 3,909 $ 3,732 $ 5 $ 88,230 Three Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of June 30, 2022 $ 28,135 $ 47,562 $ 3,413 $ 3,625 $ 4 $ 82,739 Charge-offs (410 ) - - - (3 ) (413 ) Recoveries 53 - - - - 53 Provision for credit losses - loans 1,911 6,964 31 428 4 9,338 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ 91,717 Nine Months Ended September 30, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Charge-offs (751 ) (226 ) - (9 ) (3 ) (989 ) Recoveries 54 - - 63 - 117 Provision for (reversal of) credit losses - loans 4,417 9,163 (136 ) 371 1 13,816 Balance as of September 30, 2022 $ 29,689 $ 54,526 $ 3,444 $ 4,053 $ 5 $ 91,717 |
Financing Receivable, Modified [Table Text Block] | Nine Months Ended September 30, 2023 Term Extension % of Portfolio (dollars in thousands) Commercial $ 44 0.00 % Commercial real estate 211 0.00 % |
Financing Receivable, Modified, Past Due [Table Text Block] | September 30, 2023 Current Past Due 30-89 Days Past Due 90 Days or More (dollars in thousands) Commercial $ 44 $ - $ - Commercial real estate 211 - - |
Schedule of Allowance for Credit Losses on Unfunded Commitments [Table Text Block] | Three Months Ended Three Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Balance at beginning of period $ 2,819 $ 2,324 (Reversal of) provision for credit losses - unfunded commitments (4 ) 662 Balance at end of period $ 2,815 $ 2,986 Nine Months Ended Nine Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Balance at beginning of period $ 3,036 $ 2,352 (Reversal of) provision for credit losses - unfunded commitments (221 ) 634 Balance at end of period $ 2,815 $ 2,986 |
Schedule of Provision for (Reversal of) Credit Losses [Table Text Block] | Three Months Ended Three Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Provision for credit losses – loans $ 1,504 $ 9,338 (Reversal of) provision for credit losses - unfunded commitments (4 ) 662 Provision for credit losses $ 1,500 $ 10,000 Nine Months Ended Nine Months Ended September 30, September 30, 2023 2022 (dollars in thousands) Provision for credit losses – loans $ 5,721 $ 13,816 (Reversal of) provision for credit losses - unfunded commitments (221 ) 634 Provision for credit losses $ 5,500 $ 14,450 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2023 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 43,969 $ - $ 43,969 $ - Residential mortgage pass-through securities 389,427 - 389,427 - Commercial mortgage pass-through securities 19,927 - 19,927 - Obligations of U.S. states and political subdivision 122,899 - 115,882 7,017 Corporate bonds and notes 2,961 - 2,961 - Asset-backed securities 1,322 - 1,322 - Other securities 1,362 1,362 - - Total available-for-sale 581,867 1,362 573,488 7,017 Equity securities 17,677 9,394 8,283 - Derivatives 61,972 - 61,972 - Total assets $ 661,516 $ 10,756 $ 643,743 $ 7,017 December 31, 2022 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 44,450 $ - $ 44,450 $ - Residential mortgage pass- through securities 417,578 - 417,578 - Commercial mortgage pass-through securities 21,104 - 21,104 - Obligations of U.S. states and political subdivision 142,896 - 135,547 7,349 Corporate bonds and notes 6,974 - 6,974 - Asset-backed securities 1,640 - 1,640 - Other securities 242 242 - - Total available-for-sale $ 634,884 $ 242 $ 627,293 $ 7,349 Equity securities 15,811 9,733 6,078 - Derivatives 56,797 - 56,797 - Total assets $ 707,492 $ 9,975 $ 690,168 $ 7,349 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 10,659 $ - $ - $ 10,659 Commercial real estate 7,330 - - 7,330 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans: (dollars in thousands) Commercial $ 14,550 $ - $ - $ 14,550 Commercial real estate 17,264 - - 17,264 Residential real estate 1,392 - - 1,392 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Municipal Securities (dollars in thousands) Beginning balance, December 31, 2022 $ 7,349 Principal paydowns (221 ) Change in unrealized gain (111 ) Ending balance, September 30, 2023 $ 7,017 Municipal Securities (dollars in thousands) Beginning balance, December 31, 2021 $ 8,565 Principal paydowns (287 ) Changes in unrealized loss (929 ) Ending balance, December 31, 2022 $ 7,349 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | September 30, 2023 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,017 Discounted cash flows Discount rate 4.4 % December 31, 2022 Fair Value Valuation Techniques Unobservable Input Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 7,349 Discounted cash flows Discount rate 4.3 % |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | September 30, 2023 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial $ 10,205 Market approach (100%) Average transfer price as a price to unpaid principal balance 65% –92% (68%) Commercial 454 Appraisals of collateral value Adjustment for comparable sales -7.5% to +25% (+0.1%) Commercial real estate 7,330 Appraisals of collateral value Adjustment for comparable sales -15% to +5% (+4%) December 31, 2022 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighted average) Commercial loans $ 14,028 Market approach (100%) Average transfer price as a price to unpaid principal balance 65% to 96% (67%) Commercial loans 522 Appraisals of collateral value Adjustment for comparable sales -10% to +13% (+3%) Commercial real estate loans 17,264 Appraisals of collateral value Adjustment for comparable sales -20% to +0% (-15%) Residential real estate loans 1,392 Appraisals of collateral value Adjustment for comparable sales +21% to +39% (22%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) September 30, 2023 Financial assets: Cash and due from banks $ 253,298 $ 253,298 $ 253,298 $ - $ - Securities available-for-sale 581,867 581,867 1,362 573,488 7,017 Restricted investments in bank stocks 49,387 n/a n/a n/a n/a Equity securities 17,677 17,677 9,394 8,283 - Net loans 8,092,879 7,725,439 - - 7,725,439 Derivatives - interest rate contracts 61,972 61,972 - 61,972 - Accrued interest receivable 46,795 46,795 - 5,160 41,635 Financial liabilities: Noninterest-bearing deposits 1,224,125 1,224,125 1,224,125 - - Interest-bearing deposits 6,214,370 6,181,082 3,692,159 2,488,923 - Borrowings 887,590 884,745 - 884,745 - Subordinated debentures 79,313 77,588 - 77,588 - Accrued interest payable 9,800 9,800 - 9,800 - December 31, 2022 Financial assets: Cash and due from banks $ 268,315 $ 268,315 $ 268,315 $ - $ - Investment securities available-for-sale 634,884 634,884 242 627,293 7,349 Restricted investment in bank stocks 46,604 n/a n/a n/a n/a Equity securities 15,811 15,811 9,733 6,078 - Net loans 8,009,176 7,723,378 - - 7,723,378 Derivatives - interest rate contracts 56,797 56,797 - 56,797 - Accrued interest receivable 46,062 46,062 - 4,685 41,377 Financial liabilities: Noninterest-bearing deposits 1,501,614 1,501,614 1,501,614 - - Interest-bearing deposits 5,855,008 5,811,291 3,460,818 2,350,473 - Borrowings 857,622 854,698 . 854,698 - Subordinated debentures 153,255 153,581 - 153,581 - Accrued interest payable 6,925 6,925 - 6,925 - |
Note 7 - Comprehensive (Loss)_2
Note 7 - Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income (expense) on cash flow hedges $ 4,793 $ 1,178 $ 13,013 $ 524 Borrowings and deposits expense (1,442 ) (343 ) (3,915 ) (159 ) Income tax (expense) benefit $ 3,351 $ 835 $ 9,098 $ 365 Amortization of pension plan net actuarial losses $ (74 ) $ (17 ) $ (222 ) $ (49 ) Other components of net periodic pension expense 22 5 67 14 Income tax benefit $ (52 ) $ (12 ) $ (155 ) $ (35 ) Total reclassification $ 3,299 $ 823 $ 8,943 $ 330 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, 2023 December 31, 2022 (dollars in thousands) Investment securities available-for-sale, net of tax $ (87,748 ) $ (61,775 ) Cash flow hedge, net of tax 37,128 32,360 Defined benefit pension and post-retirement plans, net of tax (2,794 ) (2,949 ) Total $ (53,414 ) $ (32,364 ) |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Stock Options Weighted-Average Exercise Price Outstanding as of December 31, 2022 8,680 $ 12.95 Exercised (7,388 ) 12.73 Forfeited/cancelled/expired (1,292 ) 14.24 Outstanding as of September 30, 2023 - - Exercisable as of September 30, 2023 - $ - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Nonvested Shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2022 85,931 $ 26.20 Granted 93,147 16.19 Vested (47,067 ) 27.59 Forfeited/cancelled/expired (9,090 ) 21.76 Nonvested as of September 30, 2023 122,921 $ 18.41 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2022 195,265 $ 17.98 Awarded 85,158 17.93 Vested shares (116,192 ) 10.77 Unearned as of September 30, 2023 164,231 233,087 $ 23.06 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Units (expected) Weighted Average Grant Date Fair Value Unearned as of December 31, 2022 120,035 $ 23.84 Awarded 146,857 18.97 Vested shares (78,544 ) 19.71 Unearned as of September 30, 2023 188,348 $ 21.77 |
Note 9 - Components of Net Pe_2
Note 9 - Components of Net Periodic Pension Cost (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2023 2022 (dollars in thousands) Service cost $ - $ - Interest cost 110 78 Other components of net periodic pension expense Expected return on plan assets (209 ) (237 ) Other components of net periodic pension expense Net amortization 74 17 Other components of net periodic pension expense Total periodic pension income $ (25 ) $ (142 ) Nine Months Ended Affected Line Item in the Consolidated September 30, Statements of Income 2023 2022 (dollars in thousands) Service cost $ - $ - Interest cost 330 233 Other components of net periodic pension expense Expected return on plan assets (628 ) (711 ) Other components of net periodic pension expense Net amortization 222 49 Other components of net periodic pension expense Total periodic pension income $ (76 ) $ (429 ) |
Note 10 - FHLB Borrowings (Tabl
Note 10 - FHLB Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | September 30, 2023 December 31, 2022 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 835,000 5.60 % $ 830,000 4.42 % 1 year through less than 2 years 25,000 1.00 - - 2 years through less than 3 years 2,050 2.23 25,000 1.00 3 years through less than 4 years - - 2,050 2.23 4 years through 5 years 25,301 4.16 326 2.85 After 5 years 302 2.96 326 2.96 FHLB borrowings - gross 887,653 5.42 % 857,702 4.32 % Fair value discount (63 ) (80 ) Total FHLB borrowings $ 887,590 $ 857,622 |
Note 11 - Subordinated Debent_2
Note 11 - Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of September 30, 2023 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points + 26.161 Basis Points 1/23/2034 1/23/2009 As of December 31, 2022 Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $5,000,000 $1,000 per Capital Security Floating 3-month CME Term SOFR + 285 Basis Points 1/23/2034 1/23/2009 |
Note 1a - Nature of Operation_2
Note 1a - Nature of Operations, Principles of Consolidation and Risk and Uncertainties (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Operating Segments | 1 |
Note 2 - Earnings Per Common _3
Note 2 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 2 - Earnings Per Common _4
Note 2 - Earnings Per Common Share - Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income available to common stockholders | $ 19,898 | $ 27,406 | $ 63,203 | $ 88,127 |
Earnings allocated to participating securities | (63) | (67) | (160) | (217) |
Income attributable to common stock | $ 19,835 | $ 27,339 | $ 63,043 | $ 87,910 |
Weighted average common shares outstanding, including participating securities (in shares) | 38,817 | 39,243 | 39,020 | 39,393 |
Weighted average participating securities (in shares) | (123) | (96) | (99) | (97) |
Weighted average common shares outstanding (in shares) | 38,694 | 39,147 | 38,921 | 39,296 |
Incremental shares from assumed conversions of options, performance units and restricted shares (in shares) | 135 | 192 | 135 | 214 |
Weighted average common and equivalent shares outstanding (in shares) | 38,829 | 39,339 | 39,056 | 39,510 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.51 | $ 0.7 | $ 1.62 | $ 2.24 |
Diluted (in dollars per share) | $ 0.51 | $ 0.7 | $ 1.61 | $ 2.23 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) Pure in Thousands, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-sale, Holding Greater than 10 Percent of Equity | 0 | 0 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | $ 0 | $ 0 | |
Accrued Investment Income Receivable | 2,100 | $ 2,400 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 | |
Asset Pledged as Collateral [Member] | |||
Debt Securities, Available-for-Sale, Restricted | $ 332,500 | $ 157,000 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Portfolio of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost | $ 704,842 | $ 721,799 |
Gross unrealized gains | 0 | 289 |
Gross unrealized losses | (122,975) | (87,204) |
Securities available-for-sale | 581,867 | 634,884 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 57,243 | 54,889 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (13,274) | (10,439) |
Securities available-for-sale | 43,969 | 44,450 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized cost | 466,362 | 475,263 |
Gross unrealized gains | 0 | 178 |
Gross unrealized losses | (76,935) | (57,863) |
Securities available-for-sale | 389,427 | 417,578 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized cost | 25,303 | 25,485 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (5,376) | (4,381) |
Securities available-for-sale | 19,927 | 21,104 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 150,218 | 157,247 |
Gross unrealized gains | 0 | 111 |
Gross unrealized losses | (27,319) | (14,462) |
Securities available-for-sale | 122,899 | 142,896 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Corporate Debt Securities [Member] | ||
Amortized cost | 3,000 | 7,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (39) | (26) |
Securities available-for-sale | 2,961 | 6,974 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Asset-Backed Securities [Member] | ||
Amortized cost | 1,354 | 1,673 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (32) | (33) |
Securities available-for-sale | 1,322 | 1,640 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 |
Other Debt Obligations [Member] | ||
Amortized cost | 1,362 | 242 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Securities available-for-sale | 1,362 | 242 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Scheduled Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Due in one year or less, amortized cost | $ 2,000 | |
Due in one year or less, fair value | 1,967 | |
Due after one year through five years, amortized cost | 4,389 | |
Due after one year through five years, fair value | 4,331 | |
Due after five years through ten years, amortized cost | 1,856 | |
Due after five years through ten years, fair value | 1,783 | |
Due after ten years, amortized cost | 203,570 | |
Due after ten years, fair value | 163,070 | |
Total investment securities available-for-sale, amortized cost | 704,842 | $ 721,799 |
Investment securities | 581,867 | 634,884 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 466,362 | |
Securities available-for-sale, without single maturity date, fair value | 389,427 | |
Total investment securities available-for-sale, amortized cost | 466,362 | 475,263 |
Investment securities | 389,427 | 417,578 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 25,303 | |
Securities available-for-sale, without single maturity date, fair value | 19,927 | |
Total investment securities available-for-sale, amortized cost | 25,303 | 25,485 |
Investment securities | 19,927 | 21,104 |
Other Debt Obligations [Member] | ||
Securities available-for-sale, without single maturity date, amortized cost | 1,362 | |
Securities available-for-sale, without single maturity date, fair value | 1,362 | |
Total investment securities available-for-sale, amortized cost | 1,362 | 242 |
Investment securities | $ 1,362 | $ 242 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Temporarily impaired securities, fair value | $ 580,505 | $ 608,473 |
Temporarily impaired securities, unrealized losses | (122,975) | (87,204) |
Temporarily impaired securities, fair value, less than 12 months | 58,344 | 307,425 |
Temporarily impaired securities, unrealized losses, less than 12 months | (2,883) | (21,450) |
Temporarily impaired securities, fair value, 12 months or longer | 522,161 | 301,048 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (120,092) | (65,754) |
US Government Agencies Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 43,969 | 44,451 |
Temporarily impaired securities, unrealized losses | (13,274) | (10,439) |
Temporarily impaired securities, fair value, less than 12 months | 6,056 | 20,517 |
Temporarily impaired securities, unrealized losses, less than 12 months | (194) | (1,831) |
Temporarily impaired securities, fair value, 12 months or longer | 37,913 | 23,934 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (13,080) | (8,608) |
Residential Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 389,427 | 403,039 |
Temporarily impaired securities, unrealized losses | (76,935) | (57,863) |
Temporarily impaired securities, fair value, less than 12 months | 28,555 | 218,918 |
Temporarily impaired securities, unrealized losses, less than 12 months | (858) | (13,869) |
Temporarily impaired securities, fair value, 12 months or longer | 360,872 | 184,121 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (76,077) | (43,994) |
Commercial Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 19,927 | 21,105 |
Temporarily impaired securities, unrealized losses | (5,376) | (4,381) |
Temporarily impaired securities, fair value, less than 12 months | 0 | 14,523 |
Temporarily impaired securities, unrealized losses, less than 12 months | 0 | (2,304) |
Temporarily impaired securities, fair value, 12 months or longer | 19,927 | 6,582 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (5,376) | (2,077) |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 122,899 | 133,265 |
Temporarily impaired securities, unrealized losses | (27,319) | (14,462) |
Temporarily impaired securities, fair value, less than 12 months | 22,739 | 47,446 |
Temporarily impaired securities, unrealized losses, less than 12 months | (1,825) | (3,404) |
Temporarily impaired securities, fair value, 12 months or longer | 100,160 | 85,819 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (25,494) | (11,058) |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, fair value | 2,961 | 4,973 |
Temporarily impaired securities, unrealized losses | (39) | (26) |
Temporarily impaired securities, fair value, less than 12 months | 994 | 4,973 |
Temporarily impaired securities, unrealized losses, less than 12 months | (6) | (26) |
Temporarily impaired securities, fair value, 12 months or longer | 1,967 | 0 |
Temporarily impaired securities, unrealized losses, 12 months or longer | (33) | 0 |
Asset-Backed Securities [Member] | ||
Temporarily impaired securities, fair value | 1,322 | 1,640 |
Temporarily impaired securities, unrealized losses | (32) | (33) |
Temporarily impaired securities, fair value, less than 12 months | 0 | 1,048 |
Temporarily impaired securities, unrealized losses, less than 12 months | 0 | (16) |
Temporarily impaired securities, fair value, 12 months or longer | 1,322 | 592 |
Temporarily impaired securities, unrealized losses, 12 months or longer | $ (32) | $ (17) |
Note 4 - Derivatives (Details T
Note 4 - Derivatives (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2022 USD ($) | Oct. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Interest Income (Expense), Net | $ 62,357 | $ 78,161 | $ 193,284 | $ 224,110 | ||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||
Derivative, Number of Instruments Held | 11 | 2 | 11 | |||||
Derivative Liability, Notional Amount | $ 500,000 | $ 500,000 | ||||||
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | ||||||||
Derivative, Fixed Interest Rate | 0.63% | |||||||
Commenced Fixed Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | ||||||||
Derivative, Fixed Interest Rate | 3.41% | |||||||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||||
Derivative Liability, Notional Amount | $ 75,000 | $ 150,000 | ||||||
Interest Income (Expense), Net | $ 5,500 | $ 1,200 | $ 14,600 | $ 500 | ||||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Long [Member] | ||||||||
Derivative Liability, Notional Amount | $ 225,000 |
Note 4 - Derivatives - Net Loss
Note 4 - Derivatives - Net Losses Recorded in Other Comprehensive Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative, amount of gain (loss) recognized in OCI | $ 19,832 | $ 44,253 |
Derivative, amount of gain (loss) reclassified from OCI to interest income | (13,013) | (524) |
Derivative, Amount of gain recognized in other Noninterest income | $ 0 | $ 0 |
Note 4 - Derivatives - Cash Flo
Note 4 - Derivatives - Cash Flow Hedges Included in Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative, notional amount | $ 950,000 | $ 950,000 |
Derivative, fair value | $ 61,972 | $ 56,797 |
Note 5 - Loans and the Allowa_3
Note 5 - Loans and the Allowance for Credit Losses (Details Textual) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, after Allowance for Credit Loss | $ 8,092,879,000 | $ 8,009,176,000 | |
Financing Receivable, Modified, Subsequent Default, Number of Contracts | 0 | ||
Financing Receivable, Trouble Debt Restructuring, Number of Contracts | 5 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring, One Time Principal Payment | $ 500,000 | ||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | |||
Financing Receivable, after Allowance for Credit Loss | $ 5,700,000,000 | $ 2,700,000,000 |
Note 5 - Loans and the Allowa_4
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gross loans | $ 8,188,210 | $ 8,109,161 |
Net deferred loan fees | (7,101) | (9,472) |
Total loans receivable | 8,181,109 | 8,099,689 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 1,475,571 | 1,472,734 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 5,837,539 | 5,795,228 |
Commercial Construction Portfolio Segment [Member] | ||
Gross loans | 622,748 | 574,139 |
Residential Portfolio Segment [Member] | ||
Gross loans | 251,416 | 264,748 |
Consumer Portfolio Segment [Member] | ||
Gross loans | $ 936 | $ 2,312 |
Note 5 - Loans and the Allowa_5
Note 5 - Loans and the Allowance for Credit Losses - Composition of Loans Held-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans held-for-sale | $ 0 | $ 13,772 |
Commercial Portfolio Segment [Member] | ||
Loans held-for-sale | 0 | 13,473 |
Residential Mortgage [Member] | ||
Loans held-for-sale | $ 0 | $ 299 |
Note 5 - Loans and the Allowa_6
Note 5 - Loans and the Allowance for Credit Losses - Loans Receivable on Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Nonaccrual loans with ACL | $ 22,480 | $ 34,336 |
Nonaccrual loans without ACL | 33,579 | 10,118 |
Total Nonaccrual loans | 56,059 | 44,454 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 21,604 | 23,512 |
Nonaccrual loans without ACL | 555 | 1,745 |
Total Nonaccrual loans | 22,159 | 25,257 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 70 | 10,220 |
Nonaccrual loans without ACL | 29,754 | 6,597 |
Total Nonaccrual loans | 29,824 | 16,817 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans with ACL | 806 | 604 |
Nonaccrual loans without ACL | 3,270 | 1,776 |
Total Nonaccrual loans | $ 4,076 | $ 2,380 |
Note 5 - Loans and the Allowa_7
Note 5 - Loans and the Allowance for Credit Losses - Loans by Origination and Risk Designation (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Originated Current Fiscal Year | $ 326,424 | $ 1,940,802 |
Originated One Year Prior | 1,882,973 | 1,948,742 |
Originated Two Years Prior | 1,894,432 | 462,092 |
Originated Three Years Prior | 426,257 | 417,698 |
Originated Four Years Prior | 394,216 | 479,498 |
Originated Five or More Years Prior | 1,555,800 | 1,289,624 |
Revolving Loans | 1,708,108 | 1,570,705 |
Gross loans | 8,188,210 | 8,109,161 |
Pass [Member] | ||
Originated Current Fiscal Year | 326,120 | 1,930,147 |
Originated One Year Prior | 1,881,320 | 1,946,667 |
Originated Two Years Prior | 1,891,721 | 462,077 |
Originated Three Years Prior | 425,815 | 408,820 |
Originated Four Years Prior | 389,473 | 449,120 |
Originated Five or More Years Prior | 1,482,236 | 1,194,037 |
Revolving Loans | 1,673,845 | 1,535,858 |
Gross loans | 8,070,530 | 7,926,726 |
Special Mention [Member] | ||
Originated Current Fiscal Year | 0 | 3,040 |
Originated One Year Prior | 337 | 0 |
Originated Two Years Prior | 86 | 0 |
Originated Three Years Prior | 0 | 583 |
Originated Four Years Prior | 567 | 26 |
Originated Five or More Years Prior | 30,521 | 46,325 |
Revolving Loans | 6,819 | 12,131 |
Gross loans | 38,330 | 62,105 |
Substandard [Member] | ||
Originated Current Fiscal Year | 304 | 7,615 |
Originated One Year Prior | 1,316 | 2,075 |
Originated Two Years Prior | 2,625 | 15 |
Originated Three Years Prior | 442 | 8,295 |
Originated Four Years Prior | 4,176 | 30,352 |
Originated Five or More Years Prior | 43,043 | 49,262 |
Revolving Loans | 27,444 | 22,716 |
Gross loans | 79,350 | 120,330 |
Doubtful [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Originated Current Fiscal Year | 146,545 | 309,251 |
Originated One Year Prior | 261,256 | 305,867 |
Originated Two Years Prior | 271,829 | 47,967 |
Originated Three Years Prior | 41,463 | 30,529 |
Originated Four Years Prior | 15,867 | 64,190 |
Originated Five or More Years Prior | 142,596 | 158,886 |
Revolving Loans | 596,015 | 556,044 |
Gross loans | 1,475,571 | 1,472,734 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Originated Current Fiscal Year | 146,241 | 301,636 |
Originated One Year Prior | 259,603 | 305,721 |
Originated Two Years Prior | 271,580 | 47,952 |
Originated Three Years Prior | 41,459 | 28,177 |
Originated Four Years Prior | 13,749 | 52,950 |
Originated Five or More Years Prior | 119,592 | 127,739 |
Revolving Loans | 590,667 | 550,483 |
Gross loans | 1,442,891 | 1,414,658 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 337 | 0 |
Originated Two Years Prior | 86 | 0 |
Originated Three Years Prior | 0 | 583 |
Originated Four Years Prior | 567 | 26 |
Originated Five or More Years Prior | 3,445 | 8,551 |
Revolving Loans | 3,989 | 3,292 |
Gross loans | 8,424 | 12,452 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Originated Current Fiscal Year | 304 | 7,615 |
Originated One Year Prior | 1,316 | 146 |
Originated Two Years Prior | 163 | 15 |
Originated Three Years Prior | 4 | 1,769 |
Originated Four Years Prior | 1,551 | 11,214 |
Originated Five or More Years Prior | 19,559 | 22,596 |
Revolving Loans | 1,359 | 2,269 |
Gross loans | 24,256 | 45,624 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Originated Current Fiscal Year | 170,541 | 1,574,791 |
Originated One Year Prior | 1,572,880 | 1,609,952 |
Originated Two Years Prior | 1,583,111 | 382,987 |
Originated Three Years Prior | 356,251 | 365,104 |
Originated Four Years Prior | 358,290 | 395,024 |
Originated Five or More Years Prior | 1,317,063 | 1,049,043 |
Revolving Loans | 479,403 | 418,327 |
Gross loans | 5,837,539 | 5,795,228 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Originated Current Fiscal Year | 170,541 | 1,571,751 |
Originated One Year Prior | 1,572,880 | 1,608,023 |
Originated Two Years Prior | 1,581,212 | 382,987 |
Originated Three Years Prior | 356,251 | 358,578 |
Originated Four Years Prior | 355,665 | 375,886 |
Originated Five or More Years Prior | 1,269,678 | 987,982 |
Revolving Loans | 462,573 | 401,365 |
Gross loans | 5,768,800 | 5,686,572 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Originated Current Fiscal Year | 0 | 3,040 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 26,421 | 37,774 |
Revolving Loans | 0 | 8,839 |
Gross loans | 26,421 | 49,653 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 1,929 |
Originated Two Years Prior | 1,899 | 0 |
Originated Three Years Prior | 0 | 6,526 |
Originated Four Years Prior | 2,625 | 19,138 |
Originated Five or More Years Prior | 20,964 | 23,287 |
Revolving Loans | 16,830 | 8,123 |
Gross loans | 42,318 | 59,003 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | ||
Originated Current Fiscal Year | 582 | 8,615 |
Originated One Year Prior | 5,693 | 7,605 |
Originated Two Years Prior | 15,682 | 6,720 |
Originated Three Years Prior | 6,236 | 508 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 594,555 | 550,691 |
Gross loans | 622,748 | 574,139 |
Commercial Construction Portfolio Segment [Member] | Pass [Member] | ||
Originated Current Fiscal Year | 582 | 8,615 |
Originated One Year Prior | 5,693 | 7,605 |
Originated Two Years Prior | 15,682 | 6,720 |
Originated Three Years Prior | 6,236 | 508 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 585,855 | 542,460 |
Gross loans | 614,048 | 565,908 |
Commercial Construction Portfolio Segment [Member] | Special Mention [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Substandard [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 8,700 | 8,231 |
Gross loans | 8,700 | 8,231 |
Commercial Construction Portfolio Segment [Member] | Doubtful [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Originated Current Fiscal Year | 8,009 | 45,926 |
Originated One Year Prior | 43,048 | 25,318 |
Originated Two Years Prior | 23,810 | 24,409 |
Originated Three Years Prior | 22,301 | 21,557 |
Originated Four Years Prior | 20,059 | 20,284 |
Originated Five or More Years Prior | 96,141 | 81,693 |
Revolving Loans | 38,048 | 45,561 |
Gross loans | 251,416 | 264,748 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Originated Current Fiscal Year | 8,009 | 45,926 |
Originated One Year Prior | 43,048 | 25,318 |
Originated Two Years Prior | 23,247 | 24,409 |
Originated Three Years Prior | 21,863 | 21,557 |
Originated Four Years Prior | 20,059 | 20,284 |
Originated Five or More Years Prior | 92,966 | 78,314 |
Revolving Loans | 34,663 | 41,468 |
Gross loans | 243,855 | 257,276 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 655 | 0 |
Revolving Loans | 2,830 | 0 |
Gross loans | 3,485 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 563 | 0 |
Originated Three Years Prior | 438 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 2,520 | 3,379 |
Revolving Loans | 555 | 4,093 |
Gross loans | 4,076 | 7,472 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Originated Current Fiscal Year | 747 | 2,219 |
Originated One Year Prior | 96 | 0 |
Originated Two Years Prior | 0 | 9 |
Originated Three Years Prior | 6 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 2 |
Revolving Loans | 87 | 82 |
Gross loans | 936 | 2,312 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Originated Current Fiscal Year | 747 | 2,219 |
Originated One Year Prior | 96 | 0 |
Originated Two Years Prior | 0 | 9 |
Originated Three Years Prior | 6 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 2 |
Revolving Loans | 87 | 82 |
Gross loans | 936 | 2,312 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Originated Current Fiscal Year | 0 | 0 |
Originated One Year Prior | 0 | 0 |
Originated Two Years Prior | 0 | 0 |
Originated Three Years Prior | 0 | 0 |
Originated Four Years Prior | 0 | 0 |
Originated Five or More Years Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Gross loans | $ 0 | $ 0 |
Note 5 - Loans and the Allowa_8
Note 5 - Loans and the Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gross loans | $ 8,188,210 | $ 8,109,161 |
Real Estate [Member] | ||
Gross loans | 61,982 | 71,925 |
Other Collateral Pledged [Member] | ||
Gross loans | 14,719 | 22,517 |
Collateral Pledged [Member] | ||
Gross loans | 76,701 | 94,442 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 1,475,571 | 1,472,734 |
Commercial Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 4,891 | 5,352 |
Commercial Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 14,719 | 22,517 |
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | 19,610 | 27,869 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 5,837,539 | 5,795,228 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 41,636 | 52,477 |
Commercial Real Estate Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | 41,636 | 52,477 |
Commercial Construction Portfolio Segment [Member] | ||
Gross loans | 622,748 | 574,139 |
Commercial Construction Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 8,700 | 8,232 |
Commercial Construction Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | 8,700 | 8,232 |
Residential Portfolio Segment [Member] | ||
Gross loans | 251,416 | 264,748 |
Residential Portfolio Segment [Member] | Real Estate [Member] | ||
Gross loans | 6,755 | 5,864 |
Residential Portfolio Segment [Member] | Other Collateral Pledged [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Gross loans | $ 6,755 | $ 5,864 |
Note 5 - Loans and the Allowa_9
Note 5 - Loans and the Allowance for Credit Losses - Analysis of Aging of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gross loans | $ 8,188,210 | $ 8,109,161 |
Nonaccrual | 56,059 | 44,454 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 660 | 1,965 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 2,830 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 5,591 |
Financial Asset, Past Due [Member] | ||
Gross loans | 59,549 | 52,010 |
Financial Asset, Not Past Due [Member] | ||
Gross loans | 8,128,661 | 8,057,151 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 1,475,571 | 1,472,734 |
Nonaccrual | 22,159 | 25,257 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 433 | 306 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 1,979 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 24,571 | 25,563 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 1,451,000 | 1,447,171 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 5,837,539 | 5,795,228 |
Nonaccrual | 29,824 | 16,817 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 0 | 90 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 597 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 5,591 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 30,421 | 22,498 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 5,807,118 | 5,772,730 |
Commercial Construction Portfolio Segment [Member] | ||
Gross loans | 622,748 | 574,139 |
Nonaccrual | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 622,748 | 574,139 |
Residential Portfolio Segment [Member] | ||
Gross loans | 251,416 | 264,748 |
Nonaccrual | 4,076 | 2,380 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 227 | 1,569 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 4,303 | 3,949 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 247,113 | 260,799 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 936 | 2,312 |
Nonaccrual | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 254 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 254 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | $ 682 | $ 2,312 |
Note 5 - Loans and the Allow_10
Note 5 - Loans and the Allowance for Credit Losses - Impairment Evaluation on Loans and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Individually evaluated impairment | $ 8,346 | $ 8,479 |
Collectively evaluated impairment | 79,151 | 77,955 |
Total | 88,230 | 90,513 |
Individually evaluated impairment | 81,767 | 91,976 |
Collectively evaluated impairment | 8,105,953 | 8,006,720 |
Total | 8,188,210 | 8,109,161 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Individually evaluated impairment | 733 | 4,079 |
Individually evaluated impairment | 490 | 10,465 |
Commercial Portfolio Segment [Member] | ||
Individually evaluated impairment | 7,685 | 7,426 |
Collectively evaluated impairment | 19,433 | 19,319 |
Total | 27,851 | 28,903 |
Individually evaluated impairment | 24,676 | 30,994 |
Collectively evaluated impairment | 1,450,405 | 1,436,866 |
Total | 1,475,571 | 1,472,734 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Individually evaluated impairment | 733 | 2,158 |
Individually evaluated impairment | 490 | 4,874 |
Commercial Real Estate Portfolio Segment [Member] | ||
Individually evaluated impairment | 661 | 1,003 |
Collectively evaluated impairment | 52,072 | 50,818 |
Total | 52,733 | 53,742 |
Individually evaluated impairment | 41,636 | 46,886 |
Collectively evaluated impairment | 5,795,903 | 5,742,751 |
Total | 5,837,539 | 5,795,228 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Individually evaluated impairment | 0 | 1,921 |
Individually evaluated impairment | 0 | 5,591 |
Commercial Construction Portfolio Segment [Member] | ||
Individually evaluated impairment | 0 | 0 |
Collectively evaluated impairment | 3,909 | 3,718 |
Total | 3,909 | 3,718 |
Individually evaluated impairment | 8,700 | 8,232 |
Collectively evaluated impairment | 614,048 | 565,907 |
Total | 622,748 | 574,139 |
Commercial Construction Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Individually evaluated impairment | 0 | 0 |
Individually evaluated impairment | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Individually evaluated impairment | 0 | 50 |
Collectively evaluated impairment | 3,732 | 4,093 |
Total | 3,732 | 4,143 |
Individually evaluated impairment | 6,755 | 5,864 |
Collectively evaluated impairment | 244,661 | 258,884 |
Total | 251,416 | 264,748 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Individually evaluated impairment | 0 | 0 |
Individually evaluated impairment | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Individually evaluated impairment | 0 | 0 |
Collectively evaluated impairment | 5 | 7 |
Total | 5 | 7 |
Individually evaluated impairment | 0 | 0 |
Collectively evaluated impairment | 936 | 2,312 |
Total | 936 | 2,312 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Individually evaluated impairment | 0 | 0 |
Individually evaluated impairment | $ 0 | $ 0 |
Note 5 - Loans and the Allow_11
Note 5 - Loans and the Allowance for Credit Losses - Activity in the ACL for Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Provision for (reversal of) credit losses - loans | $ 1,504 | $ 9,338 | $ 5,721 | $ 13,816 |
Commercial Portfolio Segment [Member] | ||||
Balance | 29,326 | 28,135 | 28,903 | 25,969 |
Charge-offs | (2,250) | (410) | (6,117) | (751) |
Recoveries | 0 | 53 | 9 | 54 |
Provision for (reversal of) credit losses - loans | 775 | 1,911 | 5,056 | 4,417 |
Balance | 27,851 | 29,689 | 27,851 | 29,689 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance | 52,509 | 47,562 | 53,742 | 45,589 |
Charge-offs | (237) | 0 | (1,954) | (226) |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (reversal of) credit losses - loans | 461 | 6,964 | 945 | 9,163 |
Balance | 52,733 | 54,526 | 52,733 | 54,526 |
Commercial Construction Portfolio Segment [Member] | ||||
Balance | 3,546 | 3,413 | 3,718 | 3,580 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (reversal of) credit losses - loans | 363 | 31 | 191 | (136) |
Balance | 3,909 | 3,444 | 3,909 | 3,444 |
Residential Portfolio Segment [Member] | ||||
Balance | 3,819 | 3,625 | 4,143 | 3,628 |
Charge-offs | 0 | 0 | (18) | (9) |
Recoveries | 1 | 0 | 69 | 63 |
Provision for (reversal of) credit losses - loans | (88) | 428 | (462) | 371 |
Balance | 3,732 | 4,053 | 3,732 | 4,053 |
Consumer Portfolio Segment [Member] | ||||
Balance | 5 | 4 | 7 | 7 |
Charge-offs | 0 | (3) | 0 | (3) |
Recoveries | 7 | 0 | 7 | 0 |
Provision for (reversal of) credit losses - loans | (7) | 4 | (9) | 1 |
Balance | 5 | 5 | 5 | 5 |
Unallocated Financing Receivables [Member] | ||||
Balance | 89,205 | 82,739 | 90,513 | 78,773 |
Charge-offs | (2,487) | (413) | (8,089) | (989) |
Recoveries | 8 | 53 | 85 | 117 |
Provision for (reversal of) credit losses - loans | 1,504 | 9,338 | 5,721 | 13,816 |
Balance | $ 88,230 | $ 91,717 | $ 88,230 | $ 91,717 |
Note 5 - Loans and the Allow_12
Note 5 - Loans and the Allowance for Credit Losses - Amortized Cost of of the Modified Loans (Details) Pure in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Commercial Portfolio Segment [Member] | |
Commercial | $ 44 |
Commercial | 0% |
Commercial Real Estate Portfolio Segment [Member] | |
Commercial | $ 211 |
Commercial | 0% |
Note 5 - Loans and the Allow_13
Note 5 - Loans and the Allowance for Credit Losses - Aging of Modified Loans (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Commercial Portfolio Segment [Member] | |
Commercial | $ 44 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |
Commercial | 44 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |
Commercial | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Commercial | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Commercial | 211 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |
Commercial | 211 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |
Commercial | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Commercial | $ 0 |
Note 5 - Loans and the Allow_14
Note 5 - Loans and the Allowance for Credit Losses - Rollforward of Allowance for Credit Losses for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
(Reversal of) provision for credit losses - unfunded commitments | $ (221) | $ 634 | ||
Unfunded Loan Commitment [Member] | ||||
Balance at beginning of period | $ 2,819 | $ 2,324 | 3,036 | 2,352 |
(Reversal of) provision for credit losses - unfunded commitments | (4) | 662 | (221) | 634 |
Balance at end of period | $ 2,815 | $ 2,986 | $ 2,815 | $ 2,986 |
Note 5 - Loans and the Allow_15
Note 5 - Loans and the Allowance for Credit Losses - Summary of (Reversal of) Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Provision for credit losses – loans | $ 1,504 | $ 9,338 | $ 5,721 | $ 13,816 |
(Reversal of) provision for credit losses - unfunded commitments | (221) | 634 | ||
Provision for credit losses | 1,500 | 10,000 | 5,500 | 14,450 |
Unfunded Loan Commitment [Member] | ||||
(Reversal of) provision for credit losses - unfunded commitments | $ (4) | $ 662 | $ (221) | $ 634 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - Collateral Pledged [Member] - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 23.8 | $ 43.8 |
Impaired Financing Receivable, Related Allowance | $ 5.8 | $ 10.5 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available-for-sale | $ 581,867 | $ 634,884 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 581,867 | 634,884 |
Equity securities | 17,677 | 15,811 |
Derivatives - interest rate contracts | 61,972 | 56,797 |
Total assets | 661,516 | 707,492 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 1,362 | 242 |
Equity securities | 9,394 | 9,733 |
Derivatives - interest rate contracts | 0 | 0 |
Total assets | 10,756 | 9,975 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 573,488 | 627,293 |
Equity securities | 8,283 | 6,078 |
Derivatives - interest rate contracts | 61,972 | 56,797 |
Total assets | 643,743 | 690,168 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 7,017 | 7,349 |
Equity securities | 0 | 0 |
Derivatives - interest rate contracts | 0 | 0 |
Total assets | 7,017 | 7,349 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 43,969 | 44,450 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 43,969 | 44,450 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 43,969 | 44,450 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 389,427 | 417,578 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 389,427 | 417,578 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 389,427 | 417,578 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 19,927 | 21,104 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 19,927 | 21,104 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 19,927 | 21,104 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 122,899 | 142,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 122,899 | 142,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 115,882 | 135,547 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 7,017 | 7,349 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 2,961 | 6,974 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 2,961 | 6,974 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 2,961 | 6,974 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Asset-Backed Securities [Member] | ||
Securities available-for-sale | 1,322 | 1,640 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 1,322 | 1,640 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 1,322 | 1,640 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Other Debt Obligations [Member] | ||
Securities available-for-sale | 1,362 | 242 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 1,362 | 242 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 1,362 | 242 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | $ 0 | $ 0 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans | $ 10,659 | $ 14,550 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | 10,659 | 14,550 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 7,330 | 17,264 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | $ 7,330 | 17,264 |
Residential Portfolio Segment [Member] | ||
Collateral dependent loans | 1,392 | |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral dependent loans | 0 | |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral dependent loans | 0 | |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral dependent loans | $ 1,392 |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Details) - US States and Political Subdivisions Debt Securities [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Beginning | $ 7,349 | $ 8,565 |
Principal paydowns | (221) | (287) |
Change in unrealized gain | (111) | (929) |
Beginning | $ 7,017 | $ 7,349 |
Note 6 - Fair Value Measureme_7
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Securities available-for-sale | $ 581,867 | $ 634,884 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 581,867 | 634,884 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 7,017 | 7,349 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 122,899 | 142,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 122,899 | 142,896 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | $ 7,017 | $ 7,349 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Securities available-for-sale, rate | 0.044 | 0.043 |
Note 6 - Fair Value Measureme_8
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Significant Unobservable Inputs for Assets Measured on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 10,659 | $ 14,550 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 7,330 | 17,264 |
Residential Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 1,392 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | 10,659 | 14,550 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Valuation, Market Approach [Member] | ||
Collateral dependent loans, fair value | $ 10,205 | $ 14,028 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Valuation, Market Approach [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 92 | 96 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Valuation, Market Approach [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 68 | 67 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Average Transfer Price as Price to Unpaid Principal Balance [Member] | Valuation, Market Approach [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | 65 | 65 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | ||
Collateral dependent loans, fair value | $ 454 | $ 522 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 25 | 13 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 0.1 | 3 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | (7.5) | (10) |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 7,330 | $ 17,264 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | ||
Collateral dependent loans, fair value | $ 7,330 | $ 17,264 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 5 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 4 | 15 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | (15) | (20) |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | ||
Collateral dependent loans, fair value | $ 1,392 | |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | ||
Collateral dependent loans, fair value | $ 1,392 | |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Maximum [Member] | ||
Collateral dependent loans, rate | 39 | |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Weighted Average [Member] | ||
Collateral dependent loans, rate | 22 | |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Appraisals of Collateral Value [Member] | Minimum [Member] | ||
Collateral dependent loans, rate | 21 |
Note 6 - Fair Value Measureme_9
Note 6 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available-for-sale | $ 581,867 | $ 634,884 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 253,298 | 268,315 |
Securities available-for-sale | 581,867 | 634,884 |
Restricted investments in bank stocks | 49,387 | 46,604 |
Equity securities | 17,677 | 15,811 |
Net loans | 8,092,879 | 8,009,176 |
Derivatives - interest rate contracts | 61,972 | 56,797 |
Accrued interest receivable | 46,795 | 46,062 |
Noninterest-bearing deposits | 1,224,125 | 1,501,614 |
Interest-bearing deposits | 6,214,370 | 5,855,008 |
Borrowings | 887,590 | 857,622 |
Subordinated debentures | 79,313 | 153,255 |
Accrued interest payable | 9,800 | 6,925 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 253,298 | 268,315 |
Securities available-for-sale | 581,867 | 634,884 |
Equity securities | 17,677 | 15,811 |
Net loans | 7,725,439 | 7,723,378 |
Derivatives - interest rate contracts | 61,972 | 56,797 |
Accrued interest receivable | 46,795 | 46,062 |
Noninterest-bearing deposits | 1,224,125 | 1,501,614 |
Interest-bearing deposits | 6,181,082 | 5,811,291 |
Borrowings | 884,745 | 854,698 |
Subordinated debentures | 77,588 | 153,581 |
Accrued interest payable | 9,800 | 6,925 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 253,298 | 268,315 |
Securities available-for-sale | 1,362 | 242 |
Equity securities | 9,394 | 9,733 |
Net loans | 0 | 0 |
Derivatives - interest rate contracts | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Noninterest-bearing deposits | 1,224,125 | 1,501,614 |
Interest-bearing deposits | 3,692,159 | 3,460,818 |
Borrowings | 0 | |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Securities available-for-sale | 573,488 | 627,293 |
Equity securities | 8,283 | 6,078 |
Net loans | 0 | 0 |
Derivatives - interest rate contracts | 61,972 | 56,797 |
Accrued interest receivable | 5,160 | 4,685 |
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 2,488,923 | 2,350,473 |
Borrowings | 884,745 | 854,698 |
Subordinated debentures | 77,588 | 153,581 |
Accrued interest payable | 9,800 | 6,925 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Securities available-for-sale | 7,017 | 7,349 |
Equity securities | 0 | 0 |
Net loans | 7,725,439 | 7,723,378 |
Derivatives - interest rate contracts | 0 | 0 |
Accrued interest receivable | 41,635 | 41,377 |
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 7 - Comprehensive (Loss)_3
Note 7 - Comprehensive (Loss) Income - Reclassification out of Accumulated Other Comprehensive (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income (expense) on cash flow hedges | $ 62,357 | $ 78,161 | $ 193,284 | $ 224,110 |
Income tax expense | 7,228 | 10,425 | 23,742 | 33,665 |
Net income | 21,407 | 28,915 | 67,730 | 92,654 |
Other components of net periodic pension expense | (25) | (143) | (76) | (429) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net income | 3,299 | 823 | 8,943 | 330 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Interest income (expense) on cash flow hedges | 4,793 | 1,178 | 13,013 | 524 |
Income tax expense | 22 | 5 | 67 | 14 |
Net income | (52) | (12) | (155) | (35) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Income tax expense | (1,442) | (343) | (3,915) | (159) |
Net income | 3,351 | 835 | 9,098 | 365 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Other components of net periodic pension expense | $ (74) | $ (17) | $ (222) | $ (49) |
Note 7 - Comprehensive (Loss)_4
Note 7 - Comprehensive (Loss) Income - Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Balance | $ 1,188,154 | $ 1,199,397 | $ 1,178,751 | $ 1,148,295 | $ 1,143,147 | $ 1,124,212 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||||
Balance | (87,748) | (61,775) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Balance | 37,128 | 32,360 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Balance | (2,794) | (2,949) | ||||
AOCI Attributable to Parent [Member] | ||||||
Balance | $ (53,414) | $ (33,837) | $ (32,364) | $ (36,492) | $ (19,103) | $ (1,404) |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May 30, 2023 | May 23, 2017 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 1.3 | $ 1.2 | $ 3.6 | $ 3.5 | ||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 3,938 | 36,006 | 31,383 | |||
Performance Shares [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.8 | $ 1.8 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected toVested (in shares) | 164,231 | 164,231 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Performance Obligations Exceeded (in shares) | 233,087 | 233,087 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 116,192 | |||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 63,839 | |||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 52,353 | 22,350 | ||||
Restricted Stock [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.1 | $ 1.1 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 47,067 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2.3 | $ 2.3 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 78,544 | |||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 42,538 | |||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture (in shares) | 36,006 | |||||
The 2017 Equity Compensation Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 450,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,200,000 | 1,200,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 469,501 | 469,501 | ||||
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
The 2017 Equity Compensation Plan [Member] | Restricted Stock, Options and Restricted Stock Units [Member] | Vesting Each Year [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
The 2017 Equity Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
The 2017 Equity Compensation Plan [Member] | Performance Shares [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Activity in Options (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Outstanding, number of stock options (in shares) | 8,680 | ||
Outstanding, weighted-average exercise price (in dollars per share) | $ 12.95 | ||
Exercised, number of stock options (in shares) | (646) | (7,388) | (15,086) |
Exercised, weighted-average exercise price (in dollars per share) | $ 12.73 | ||
Forfeited/cancelled/expired, number of stock options (in shares) | (1,292) | ||
Forfeited/cancelled/expired, weighted-average exercise price (in dollars per share) | $ 14.24 | ||
Outstanding, number of stock options (in shares) | 0 | 0 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ 0 | $ 0 | |
Exercisable, number of stock options (in shares) | 0 | 0 | |
Exercisable, weighted-average exercise price (in dollars per share) | $ 0 | $ 0 |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation - Activity in Restricted Shares (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Nonvested, shares (in shares) | shares | 85,931 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.2 |
Granted, shares (in shares) | shares | 93,147 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.19 |
Vested, shares (in shares) | shares | (47,067) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 27.59 |
Forfeited/cancelled/expired, shares (in shares) | shares | (9,090) |
Forfeited/cancelled/expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.76 |
Nonvested, shares (in shares) | shares | 122,921 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.41 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Unearned Performance Unit Awards (Details) - Performance Shares [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Nonvested, shares (in shares) | 195,265 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.98 |
Awarded, units (in shares) | 85,158 |
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.93 |
Vested shares, units (in shares) | (116,192) |
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.77 |
Nonvested, shares (in shares) | 164,231 |
Unearned, units (maximum) (in shares) | 233,087 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.06 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Summary of Unearned Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Nonvested, shares (in shares) | shares | 120,035 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.84 |
Awarded, units (in shares) | shares | 146,857 |
Awarded, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.97 |
Vested shares, units (in shares) | shares | (78,544) |
Vested shares, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.71 |
Nonvested, shares (in shares) | shares | 188,348 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.77 |
Note 9 - Components of Net Pe_3
Note 9 - Components of Net Periodic Pension Cost - Net Periodic Pension Cost (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 110 | 78 | 330 | 233 |
Expected return on plan assets | (209) | (237) | (628) | (711) |
Net amortization | 74 | 17 | 222 | 49 |
Total periodic pension income | $ (25) | $ (142) | $ (76) | $ (429) |
Note 10 - FHLB Borrowings (Deta
Note 10 - FHLB Borrowings (Details Textual) $ in Billions | Sep. 30, 2023 USD ($) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 2.8 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 1.4 |
Note 10 - FHLB Borrowings - FHL
Note 10 - FHLB Borrowings - FHLB Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Less than 1 year, amount | $ 835,000 | $ 830,000 |
Less than 1 year, rate | 5.60% | 4.42% |
1 year through less than 2 years, amount | $ 25,000 | $ 0 |
1 year through less than 2 years, rate | 1% | 0% |
2 years through less than 3 years, amount | $ 2,050 | $ 25,000 |
2 years through less than 3 years, rate | 2.23% | 1% |
3 years through less than 4 years, amount | $ 0 | $ 2,050 |
3 years through less than 4 years, rate | 0% | 2.23% |
4 years through 5 years, amount | $ 25,301 | $ 326 |
4 years through 5 years, rate | 4.16% | 2.85% |
After 5 years, amount | $ 302 | $ 326 |
After 5 years, rate | 2.96% | 2.96% |
FHLB borrowings - gross | $ 887,653 | $ 857,702 |
FHLB borrowings - gross | 5.42% | 4.32% |
Fair value discount | $ (63) | $ (80) |
Borrowings | $ 887,590 | $ 857,622 |
Note 11 - Subordinated Debent_3
Note 11 - Subordinated Debentures (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 10, 2020 | Jan. 11, 2018 | Dec. 31, 2003 | Sep. 30, 2023 | Dec. 31, 2022 | May 01, 2023 | Dec. 19, 2003 | |
Subordinated Debt [Member] | The 2020 Notes [Member] | |||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||
Subordinated Debt [Member] | The Notes [Member] | |||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||
Subordinated Debt [Member] | LIBOR - London Interbank Offered Rate [Member] | The Notes [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.84% | ||||||
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | The 2020 Notes [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 5.605% | ||||||
Center Bancorp Statutory Trust II [Member] | |||||||
Debt Instrument, Face Amount | $ 5,000,000 | ||||||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 5,000,000,000 | $ 5,000,000 | $ 5,000,000 | ||||
Proceeds from Issuance of Debt | $ 5,200,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | 2.85% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 8.48% | ||||||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | LIBOR - London Interbank Offered Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||||||
Center Bancorp Statutory Trust II [Member] | Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.85% | 0.26161% |
Note 11 - Subordinated Debent_4
Note 11 - Subordinated Debentures - Summary of Mandatory Redeemable Trust Preferred Securities (Details) - Center Bancorp Statutory Trust II [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 19, 2003 | |
Securities issued | $ 5,000,000 | ||
Subordinated Debt [Member] | |||
Securities issued | $ 5,000,000,000 | $ 5,000,000 | $ 5,000,000 |
Liquidation value (in dollars per share) | $ 1,000 | $ 1,000 | |
Coupon rate | 2.85% | 2.85% | |
Maturity | Jan. 23, 2034 | Jan. 23, 2034 | |
Redeemable by issuer beginning | Jan. 23, 2009 | Jan. 23, 2009 |